Monday, June 28, 2021

WOTS MON JUN 28 21 A Kurdish deputy is likely to pass the oil and gas law during the next Iraqi parliamentary session

 WOTS MON JUN 28 21 


These are the articles I discussed on The My FX Buddies Podcast

AL-RAFIDAIN: OUR DESIGNATED BRANCHES ARE OPEN ON SATURDAYS TO PAY DUES

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another bank advertising we're open come in!

Al-Rafidain Bank announced the opening of its dedicated branches on Saturday, to pay the dues.

The bank stated, to the "National News Center", that its "dedicated branches are open on Saturday, to pay the dues of the owners of private outlets."

He added: "And also to receive the amounts of oil products."

Capital Bank launches the first integrated digital bank in Jordan and Iraq

link   this is this bank's first branch  IRaq already has 2 or 3 "digital banks"  now here is another   and I bet there will be more hahaha 

Amman, June 26 (Petra)--Capital Bank Group signed today, Saturday, a cooperation agreement with Codebase Technologies to launch the first integrated digital bank to serve companies and institutions as well as individuals in Jordan and Iraq.

Through its advanced digital platform, which is based on the latest technologies, the bank aims to provide the necessary digital and financial tools for customers to enable them to fully control their financial decisions.

The Bank’s Chairman of the Board, Basem Al-Salem, confirmed that this strategic partnership, with Code Pass Technologies, comes in response to the Capital Bank Group’s plans to strengthen its competitive position and expand its regional and local reach in Jordan and Iraq, stressing the group’s commitment to providing digital banking services. Innovative and highly efficient for customers.

The Capital Bank Group occupies an ideal competitive position to establish an integrated digital bank, due to its strong presence in Jordan and Iraq, which is Jordan's largest trading partner, in addition to the group's current licenses in both countries, making it the ideal gateway to launch integrated digital banking services for companies and individuals alike.


The Cabinet Secretariat reveals to (Al-Sabah) the most prominent projects between Iraq, Jordan and Egypt.. Baghdad is adding today the summit of economic integration

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Today, attention turns to Baghdad, where it will host the tripartite summit between Iraq, Jordan and Egypt.
This summit will be qualitative and different from its predecessors. After the political and security success achieved by Iraq, the economic file will dominate the discussions and results, especially with the Al-Kazemi government’s endeavor to open up prospects for cooperation with the countries of the region and the world, in order to achieve economic integration and move the wheel of construction and reconstruction.
crowning efforts
In this regard, the official spokesman for the General Secretariat of the Council of Ministers, Haider Majid, told Al-Sabah: “The tripartite summit that will be held between Prime Minister Mustafa Al-Kazemi, Jordanian King Abdullah II and Egyptian President Abdel Fattah Al-Sisi comes as a continuation of what was stated in the outcomes of the summit that was held In Amman, the meetings of the Iraqi-Jordanian-Egyptian Coordination Council, and the culmination of the mutual visits between the three parties, as well as the ministerial delegations that visited Iraq from Egypt and Jordan, and the large Iraqi delegation that visited Jordan and Egypt.
Majid explained that "these visits witnessed the signing of a number of memoranda of understanding in various fields, the aim of which is to contribute to spinning the wheel of the economy in Iraq, opening up prospects for joint tripartite cooperation, as well as strengthening and deepening relations between the governments of these three countries."
He added, "This summit and the partnership between the three countries will witness the development of economic cooperation and trade exchange, especially after signing memoranda of understanding in the health, educational, cultural and agricultural fields, and in other fields."
He stressed that "the summit came as an affirmation of the Iraqi government's position and commitment to open horizons for relations with the international community in general and neighboring countries in particular, and this policy of openness has been set by the Iraqi government among its priorities in its program."
 
Electricity connection and industrial city
The official spokesman indicated that “Iraq is linked by a common area and borders with the Hashemite Kingdom of Jordan, and there is a proposal to establish an industrial-commercial city for the trade exchange between Iraq and Jordan, as well as the joint tripartite linkage project for electricity between Iraq, Jordan and Egypt, and this occupied advanced stages, and the Iraqi side He is now working to extend these networks from the Trebil area to the Anbar Governorate in coordination with one of the sober international companies. There are also projects between Iraq and Egypt for reconstruction, through the establishment of residential complexes, road and bridge networks, given the success of the Egyptian experience in the recent period through Solid working companies.
He added: "This agreement will be between the Iraqi and Egyptian ministries of reconstruction, and there is cooperation at the level of pharmaceutical industries between Iraq and Egypt, as well as the exchange of medical expertise and study fellowships between Iraq and Jordan, as well as a special project within the development of livestock and agricultural wealth with Egypt and Jordan." Noting that "all these joint files will be present at the summit, as they were discussed during our visit as a ministerial delegation to Jordan and Egypt, and were discussed in detail at the first summit, and the tripartite summit will put points on everything that has been done during the previous period."
 
positive message
A member of the Baghdad Economic Forum, Jassem Al-Aradi, stated that “holding the tripartite summit in Baghdad is a positive message to all global, regional and Arab countries that Baghdad is safe.”
and stable.”
Al-Aradi stressed that “the presence of Arab leaders in Baghdad represents a gesture of goodness and it can be benefited from by transferring the experience of Arab countries in construction and economic advancement, and Egypt’s experience in building new, pioneering and distinguished modern cities and discussing the economic and investment nature.”
He added that "the summit is exceptional, and is based on understandings and common economic interests between the three countries by benefiting from the huge human mass in Egypt, in exchange for the huge oil wealth of Iraq, in addition to Jordan due to its geographical location that links Iraq with Egypt."
He pointed out that "Baghdad is working hard to be present at the international, regional and Arab political levels again, and this has earned Iraq at the political and security level great confidence in hosting the summits and ensuring the presence of large delegations in Iraq."
And he indicated that "Iraq has great economic weight at the level of the region and the world, which is recognized by all countries, which results in bilateral partnerships that serve the national economy and bring benefit to the partner from the countries of the world."
 
Joint implementation of projects
The consultant in industrial development and investment, Amer Al-Jawahiri, said on his part: “Arab economic cooperation and the joint Arab integrated market are an ambition that has been thought for decades because of the integration of Arab countries in natural resources.”
Al-Jawahiri considered that “this integration stimulates the development of a serious and integrated mechanism for cooperation in all fields, with time programs that include increasing investments in joint giant projects that can attract Arab investments from outside the tripartite alliance within a methodology to enhance inter-Arab investments.” 
He continued: «The tripartite summit comes to lay the foundation for this inevitable strategic direction, by adopting the principle of profit - profit for all parties, and this alliance can be in the economic, scientific, research, tourism, transport and communications fields, as Iraq suffers from a decline in the business environment, which led to The industrial and production reality has declined, including the growing need for pharmaceutical products.”
He stressed that this “indicates the difficulty of a fair budget in the trade exchange of products of sister countries with Iraq,” suggesting that “each country is adopted to build an industrial city with integrated services at home, located within the approaches of the Nineveh and Anbar governorates within the plans of the Industrial Cities Authority in the Ministry of Industry and Minerals, which contributes to Improving the capacity of the Iraqi product and increasing the diversity of products that can then be exported to the fraternal markets.”
Al-Jawahiri called for “adopting the joint implementation of large productive projects that give a brilliant echo to this alliance through a joint Arab company for each project to which the three countries contribute with their technical, executive, administrative and marketing capabilities.” 
He went on to say: “As for the financing, it can be through a package that attracts Gulf investments or others, and among the proposed and studied projects in different degrees: a petrochemical project in the Al-Faw region, a new chemical fertilizers in Khor Al-Zubair, a new project for iron and steel in the Khor Al-Zubair area, a new project for phosphate fertilizers.” In Al-Qaim / Al-Anbar, a new integrated railway project connects the ports of Al-Faw, Umm Qasr and Basra with the Fishkhabur area on the Turkish border towards
Europe". He pointed to the possibility of «tourist cooperation in taking care of the Iraqi archaeological sites and then in balancing the exchange of tourist programs and groups, which contributes to increasing creative relations towards strengthening and developing them towards the Arab countries.
and regional.”
 
economic integration
For his part, economist Thamer Al-Azzawi considered the tripartite summit "very important." 
He told "Al-Sabah": "The results of the summit will advance economic and trade integration between the three countries, and will create a tripartite union that will complement Iraq's relations and cooperation with other countries in the region and the world." 
Al-Azzawi added that "Egypt has experience in construction projects, reconstruction, roads and bridges, as well as agriculture and industry, and these last two fields are also donated by Jordan, which will contribute and help in the governmental construction, reconstruction and reform campaign."
 
urban renaissance
In turn, the real estate specialist Saad Al-Zaidan expected that the coming period will witness an urban renaissance, as soon as the agreements and memoranda of understanding between the three countries enter into force.
Al-Zaidan told Al-Sabah: "The tripartite summit will be a good beginning for the citizens of these countries in particular and the peoples of the region in general, as each of the three countries is characterized by special capabilities, which makes cooperation between them complementary and contributing to the development of these countries, especially as Iraq is moving towards A major campaign to support investments, correct paths, and achieve
reforms.”
And Prime Minister Mustafa Al-Kazemi said during his visit to Washington: that he intends to enter into a strategic project called "The New Levant", as he made it clear that it is an economic project on the European model that brings Baghdad to Cairo, and Amman joined it later.
The project is not limited to these three countries, but rather a candidate for the inclusion of other Arab countries, and the “new Levant,” according to strategic experts, depends on the enormous oil wealth owned by Iraq, in exchange for the huge human mass of Egypt, and Jordan joins them due to its geographical location that links Iraq with Egypt.
 
Ensuring economic stability
The researcher in economic affairs, Aqil Jaber Ali Al-Mohammadawi, said that: “In view of the positive expectations of the summit, we propose a strategy of approach based on sustainable development and economic and social stability - a path of a new model for economic and social growth in Iraq, Jordan and Egypt.”
He pointed to the importance of implementing (the strategy of stability, economic and social development as a new development model for the three countries, as well as forming a cooperative development council between them to accelerate development areas and remove restrictions, barriers and bureaucratic procedures, in addition to ensuring the transfer of technology and advanced technologies and the optimal use of available resources
for countries.”
Al-Mohammadawi stressed the need to “agree on building a commercial and service railway between the three countries, developing ports, roads and bridges, and renewing water and electricity networks,” calling for “benefiting from renewable, clean and alternative energy development systems and developing oil investments in achieving sustainable development and development paths.” 
innovative.”
He believed that “ensuring macroeconomic and social stability, will require the new model of optimal use and utilization of resources and labor productivity reserves, mobilizing the business environment, creating infrastructure, benefiting from available resources and capabilities, and transferring successful experiences, especially in the sectors of transportation, finance, banking development, tax system development, and service sector development. 
And others.”
The expert continued: “As a basis for the coming years, we can consider the scenario of uneven growth during the subsequent years with an increase in the cost of raising capital, in order to reduce the risks associated with innovative breakthroughs in the field of raw energy resources, and innovation in this area can lead to a decrease in the equilibrium price the term 
the long". 
 
Competitiveness of the three countries
He explained, "The competitiveness of the economy in the three countries and the potential for economic growth will be determined by a number of positive factors, namely the size of the market, the relatively high quality of human capital, the availability of raw materials (which constitute financial reserves), as well as the relatively low labor costs on the positive side." 
He pointed out that «among the challenges facing the economies of these countries, the intermediate position between countries with cheap labor and countries with good institutions (competitive scissors), low efficiency and limited development experiences in using the advantages of human capital, increased burden of social spending, and high dependence on the conditions of The foreign market.

It is noteworthy that the Jordanian Ministry of Energy and Mineral Resources expected that the electrical interconnection project with Iraq would start operating in 2022, noting that the energy exchange contract for 2020 with Egypt was renewed and the agreement of the electrical power supply contract was signed from the Jordanian side to the Iraqi side, and the project was started in The first stage.

IRAQ HOLDS A CONFERENCE TO INVEST HUMAN RESOURCES AND MOVE THE LABOR MARKET TO MOVE THE ECONOMY TO A NEW STAGE

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Today, Monday, Minister of Finance, Ali Abdul-Amir Allawi, clarified the positives of the decision to devalue the national currency on the national economy, while the head of the National Prestige for Investment, Suha Al-Najjar, confirmed that she is supportive of investment efforts that want to enter the Iraqi labor market.

This came during an influential event organized by Frontier Exchange International, followed by the "National News Center", where the conference was opened by Deputy Prime Minister and Minister of Finance Ali Abdul-Amir Allawi, who spoke about "the Iraqi economy and the kinks that the country suffers from that have been rooted for some time, and the importance of moving towards the right directions." He referred to the “positives of the decision to devalue the national currency on the national economy.”

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He stated, "The importance of the white paper and the mechanisms that came with it, which can be considered a prescription for the diseases of the national economy."

For her part, head of the National Investment Prestige, Suha Al-Najjar, said that "investment is an absolute necessity to develop the reality of the national economy and move it to a better stage," noting that "the commission is supportive of investment efforts that want to enter the Iraqi labor market."

While the head of the board of directors of the International Development Bank, Ziad Khalaf, said, “The issue of the reconstruction of Iraq began to be planned immediately after the end of the war, as the first preparatory meeting was held in New York, during which the United Nations, the World Bank, the International Monetary Fund and the Iraqi side identified the main sectors involved in reconstruction, including education. Health, transportation, transportation and electricity, in addition to many other international conferences devoted to reconstruction, which were held in Japan, China, Spain, Belgium, Egypt, Kuwait and other Arab countries, leading to the white paper recently approved by the Iraqi Council of Ministers, in its first parts. And the second, which constitutes an ambitious economic reform program for a period of 3-5 years, as this white paper was officially supported by the (International Iraq Contact Group IECG), which includes the seven countries 7G, ​​the European Union, the World Bank and the International Monetary Fund.”

Khalaf cautioned that "this international group will have a direct role in the institutional governance of this white paper and the implementation of its 64 strategic projects, as the white paper identified with unprecedented clarity the roots of structural problems in the Iraqi economy, and recognized that the most important of these problems is the expansion of the state's role in managing the Iraqi economy. Which caused great damage to the private sector and reduced a cycle in the development process, in addition to other structural problems, including the rentier economy methodology, almost free services for electricity and water, population pressures and the state employee’s salary bill.”

He added, "According to estimates issued by the joint report of the World Bank and the United Nations and a number of independent Iraqi experts, Iraq needs between 88 and 100 billion dollars to implement reconstruction projects, and in our opinion, representatives of part of the national economy, whatever the cost we are able to bear, because we have Huge potentials of financial, material and human resources, but we failed to invest or exploit these capabilities properly. We believe that Iraq is able to finance development if there is a conscious management of the economy.”

Khalaf explained that "the responsibility for rebuilding the state is the responsibility of both the public and private sectors," noting, "I am interested here to address the banking aspect and its role in the process of rebuilding Iraq, as you know that the Iraqi banking sector always constitutes one of the main levers to support the Iraqi economy."

He extended his greetings to the Central Bank of Iraq and Governor Mustafa Ghaleb, and to all Iraqi banking leaders, who efficiently faced local challenges, and contributed to strengthening and supporting the national economy and sustainable development.

He pointed out that "the International Development Bank, which had an active and positive contribution to the process of rebuilding Iraq by financing a wide range of huge projects in various economic sectors, as the volume of monetary and non-cash credit financing provided by the Iraqi public and private banking sector for major projects and companies and to The housing sector and small and medium-sized companies exceeded $30 billion, of which the share of private banks was about 28%, and we in the International Development Bank had an active role in these financing operations, playing a prominent role in launching the principles of financial inclusion to achieve one of the goals of sustainable development and work to transform Iraq To a country less dependent on cash and the transition to electronic payment operations, which contributed to raising the efficiency of the performance of the banking sector, and in achieving the optimal monetary policy in Iraq.”

Khalaf stressed that "our sponsorship of this conference confirms our interest in the reconstruction process of Iraq and a sense of our national responsibility and duty in this context, as we were keen to continue investing in human capital and infrastructure, applying the best available banking industry techniques, and providing the latest electronic banking services to individuals and Companies with high quality and widely. Our interest was not only limited to the banking aspect, but we had a broad strategic vision for the future, as we worked to establish a group of different institutions such as insurance, contracting, industry, investment, real estate development and information technology.”

As part of the (duty) of national responsibility, he continued, “I address all distinguished Iraqi businessmen at home and abroad to participate in the development of the private sector to enable it to assume an important role in the responsibility of reconstruction and to play a greater role in the economic arena and to supply the necessary supplies for everything the country needs, to reflect The real potential in Iraqi society and the attraction of national immigrant capabilities to rebuild the country.

For his part, the representative of Frontier Exchange, Ahmed Al-Jader, stressed that "the volume of international participation in the conference by major international companies reflects the importance of the Iraqi market for international companies, as it is keen to be present in the economic forums organized inside Iraq."


Al-Zarfi: Iraqis' homes have turned into ovens

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On Monday, the deputy and former official in charge of forming the government, Adnan Al-Zorfi, criticized the deteriorating electricity reality in Iraq.

Al-Zorfi said in a tweet via Twitter: "If you used part of your ingenuity to justify the work over the past two decades, the Iraqis' homes would not have turned into ovens, and we would have saved all the money you asked for."

He added, "Do justice to the people on whose shoulders you climbed. The electricity on your hands has turned into a means of extermination. Prove that you are Iraqis once."


A Kurdish deputy is likely to pass the oil and gas law during the next parliamentary session

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Kurdistan Democratic Party MP Dana Muhammad suggested on Sunday the approval of the oil and gas law during the electoral parliamentary session, returning it to "a solution to the oil disputes between the federal government and the Kurdistan Regional Government."

Muhammad told Shafaq News Agency, "The disruption of the approval of the oil and gas law since 2007 until now is due to differences between all political forces, not certain forces or components," noting that "it was not put on the parliament's agenda over the past years because of the political disputes and disagreements over its provisions." ".

Muhammad suggested, "the approval of the oil and gas law during the next parliamentary session for its importance in resolving the oil disputes between Baghdad and Erbil and determining the powers of the federal government and the powers of the region," and considered it "an end to the long political debate between the federal government and the Kurdistan Regional Government."

He added, "The adoption of the law will put the Iraqi parliament in permanent knowledge of the powers of the federal government and the regional government," stressing that "the Kurds and the Kurdistan Democratic Party with the approval of the oil and gas law in a manner that suits the interest of the region and the federal government with regard to its details and provisions."

The differences between the blocs and the parties over the past years have resulted in more than three formulations of the oil and gas law. The first has existed since 2007 and was rejected after the Kurdistan Alliance’s objection. As for the second version, it was developed in 2010, but the National Alliance expressed its objection to the law and withdrew from the voting session on the project. The third is a proposed law drawn up by the Parliamentary Oil and Energy Committee in 2011, but it was also rejected by various political parties.


Blinken: US strikes on pro-Iranian groups in Iraq represent a "strong" deterrent

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On Monday, US Secretary of State Anthony Blinken stressed that US strikes targeting pro-Iranian fighters in Syria and Iraq should represent a "strong" message to deter them from continuing to target US forces.
"This self-defense step, which is necessary to prevent further attacks, sends an important and powerful message" to the targeted factions, Blinken told reporters in Rome, according to what was reported by Agence France-Presse.
The Iraqi " Sayyid al-Shuhada Brigades " militia announced , at dawn on Sunday, the killing of four of its members in an American air strike on the border with Syria, noting that one of the dead was holding the position of a company commander in the "Sayyid al-Shuhada Brigades" affiliated with the "Popular Mobilization" in the name of "Brigade 14". "

The Sabreen News channel on Telegram, which is specialized in reporting the news of the armed factions in Iraq, quoted the Sayyid Al-Shuhada Brigades as saying in a separate statement: "From now on, we will go with the American occupation to an open war, the first of which is targeting their enemy planes in the sky of our beloved Iraq." .
And the US Department of Defense (the Pentagon) announced, on the night of Sunday-Monday, that it had launched air strikes targeting "facilities used by Iranian-backed militias" on the Syrian-Iraqi border, noting that these strikes were authorized by President Joe Biden in the wake of the ongoing attacks on US interests.

Pentagon spokesman John Kirby said in a statement, "At the direction of President Biden, the US military launched precision defensive air strikes earlier on Sunday evening on facilities used by Iranian-backed militias in the Iraqi-Syrian border area."

He described the air strikes as "defensive," saying they were launched in response to "the ongoing series of attacks by Iranian-backed groups targeting US interests in Iraq."


Below here is the daily WOTS "Word on the Street" Report:

The dollar exchange rates in the local markets for Monday (June 28, 2021), according to the monitoring of specialists.   

  

Baghdad - Stock Exchange of struggle الكف   

147,100  

In exchange (approximate)  

Purchase 146,750  

Sell 147,500  

The exchange rates were for yesterday, Sunday  

Baghdad - Stock Exchange of struggle الكف     

147,400    

In exchange (approximate)    

Buy 147,000    

Sell 148,000   


The Markets:
The Asian markets closed down NIK  by .06% HSI  by .07% SHANG down by .03%
The UK markets are currently trading in the red from .08% to .61% 
Our futures are currently trading mixed  DOW at 34281 down  by .15% SNP at 4269 down  by .04% NDX at 14361 up by .15%

Precious Metals:
Gold is red at 1778 Silver is green  at 26.22 Copper is red at 427 Platinum is red at 1106 
Brent 76 WTI  73   Bitcoin: 34,114 10 yr yield: 1.51

Favorite Currencies Forex Quotes

SymbolBidAskHighLowOpenChangeTime
 USD/IQD  1435.4000  1485.7000 1456.0000 1434.5000 1456.0000  -22.5000 03:35
 USD/VND  22713.5600  23383.9500 22801.8000 22571.0800 22571.0800  241.0400 23:27
 USD/CNY  6.4544  6.4564 6.4634 6.4466 6.4556  -0.0008 05:18
 USD/KWD  0.3006  0.3016 0.3009 0.3008 0.3009  -0.0001 05:11
 GBP/USD  1.3916  1.3918 1.3939 1.3876 1.3888  0.0040 05:23
 USD/IRR  42000.0000  42210.0000 42097.5000 42097.5000 42097.5000  0.0000 00:00
 USD/IDR  14481.0000  14509.0000 14516.0000 14422.0000 14455.0000  22.0000 05:22
Things in the News:


Iraqi Articles:

The Central Bank participates in the exhibition “Made in Iraq”

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The Central Bank participates in the exhibition “Made in Iraq”

The Central Bank of Iraq participated in a pavilion in the first “Made in Iraq” exhibition on the land of the province of Mosul, with a wide participation from the parties of the public and private industrial sectors
. .
 
Central Bank of Iraq
    information Office
June 28, 2021

Ziad Khalaf: The white paper clearly illustrated the roots of the structural problems in the Iraqi economy

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28058.jpg

The Chairman of the Board of Directors of the International Development Bank, Ziad Khalaf, said that the white paper identified with unprecedented clarity the roots of structural problems in the Iraqi economy, and recognized that the most important of these problems is to expand the role of the state in managing the Iraqi economy.

Khalaf added in a speech on the sidelines of his participation in the Iraq Reconstruction Conference, organized by the International "Frontier Exchange" Foundation, that "the issue of the reconstruction of Iraq started planning immediately after the end of the war, as the first preparatory meeting was held in New York, during which the United Nations, the World Bank and the International Monetary Fund determined On the Iraqi side, the main sectors concerned with reconstruction, including education, health, transportation, and electricity.

He explained that the white paper, in its first and second parts, is part of the comprehensive and final economic reform supported by the International Contact Group for Iraq (  IECG),  which includes the G7 , the European Union, the World Bank and the International Monetary Fund.

Khalaf pointed out that "this international group will have a direct role in the institutional governance of this white paper and the implementation of its 64 strategic projects."

He added: "According to estimates issued by the joint report of the World Bank, the United Nations and a number of independent Iraqi experts, Iraq needs between 88 and 100 billion dollars to implement reconstruction projects, and in our opinion, representatives of part of the national economy, whatever the cost we are able to bear, because we have enormous potential. Of financial, material and human resources, but we failed to invest or exploit these capabilities properly. We believe that Iraq is capable of financing development if there is a conscious management of the economy."

He stressed that "the responsibility for rebuilding the state is the responsibility of both the public and private sectors, and I am interested here to address the banking aspect and its role in the reconstruction process of Iraq, as you know, the Iraqi banking sector always constitutes one of the main levers to support the Iraqi economy, and I address here a special greeting to the Central Bank Al-Iraqi to His Excellency Governor Mustafa Ghaleb, and to all the Iraqi banking leaders, who efficiently faced local challenges, and contributed to strengthening and supporting the national economy and sustainable development.

He added, "Let me refer to the International Development Bank, which had an active and positive contribution to the process of rebuilding Iraq by financing a wide range of mega projects in various economic sectors, as the volume of cash and non-cash credit financing provided by the Iraqi public and private banking sector for major projects." And companies and to the housing sector and small and medium-sized companies exceeded 30 billion dollars, of which the share of private banks was about 28%, and we in the International Development Bank had an active role in these financing operations, playing a prominent role in launching the principles of financial inclusion to achieve one of the goals of sustainable development and work transforming Iraq into a country less dependent on cash and switching to electronic payment operations, which contributed to raising the efficiency of the banking sector’s performance, and achieving optimal monetary policy in Iraq.”

He stressed that "our sponsorship of this conference confirms our interest in the reconstruction process of Iraq and a sense of our national responsibility and duty in this context, as we were keen to continue investing in human capital and infrastructure, applying the best available banking industry techniques, and providing the latest electronic banking services to individuals and companies with high quality." And broadly, our interest was not only limited to the banking side, but we had a broad strategic vision for the future, as we worked on establishing a group of different institutions such as insurance, contracting, industry, investment, real estate development and information technology.

He continued, "As a matter of national responsibility, I go to all distinguished Iraqi businessmen at home and abroad to participate in the development of the private sector to enable it to assume an important role in the responsibility of reconstruction and to play a greater role in the economic arena and to supply the necessary supplies for everything the country needs, to reflect the real potential in Iraqi society." Attracting national immigrant capabilities to rebuild the country

 

The Cabinet Secretariat reveals to (Al-Sabah) the most prominent projects between Iraq, Jordan and Egypt.. Baghdad is adding today the summit of economic integration

 

link

Today, attention turns to Baghdad, where it will host the tripartite summit between Iraq, Jordan and Egypt.
This summit will be qualitative and different from its predecessors. After the political and security success achieved by Iraq, the economic file will dominate the discussions and results, especially with the Al-Kazemi government’s endeavor to open up prospects for cooperation with the countries of the region and the world, in order to achieve economic integration and move the wheel of construction and reconstruction.
crowning efforts
In this regard, the official spokesman for the General Secretariat of the Council of Ministers, Haider Majid, told Al-Sabah: “The tripartite summit that will be held between Prime Minister Mustafa Al-Kazemi, Jordanian King Abdullah II and Egyptian President Abdel Fattah Al-Sisi comes as a continuation of what was stated in the outcomes of the summit that was held In Amman, the meetings of the Iraqi-Jordanian-Egyptian Coordination Council, and the culmination of the mutual visits between the three parties, as well as the ministerial delegations that visited Iraq from Egypt and Jordan, and the large Iraqi delegation that visited Jordan and Egypt.
Majid explained that "these visits witnessed the signing of a number of memoranda of understanding in various fields, the aim of which is to contribute to spinning the wheel of the economy in Iraq, opening up prospects for joint tripartite cooperation, as well as strengthening and deepening relations between the governments of these three countries."
He added, "This summit and the partnership between the three countries will witness the development of economic cooperation and trade exchange, especially after signing memoranda of understanding in the health, educational, cultural and agricultural fields, and in other fields."
He stressed that "the summit came as an affirmation of the Iraqi government's position and commitment to open horizons for relations with the international community in general and neighboring countries in particular, and this policy of openness has been set by the Iraqi government among its priorities in its program."
 
Electricity connection and industrial city
The official spokesman indicated that “Iraq is linked by a common area and borders with the Hashemite Kingdom of Jordan, and there is a proposal to establish an industrial-commercial city for the trade exchange between Iraq and Jordan, as well as the joint tripartite linkage project for electricity between Iraq, Jordan and Egypt, and this occupied advanced stages, and the Iraqi side He is now working to extend these networks from the Trebil area to the Anbar Governorate in coordination with one of the sober international companies. There are also projects between Iraq and Egypt for reconstruction, through the establishment of residential complexes, road and bridge networks, given the success of the Egyptian experience in the recent period through Solid working companies.
He added: "This agreement will be between the Iraqi and Egyptian ministries of reconstruction, and there is cooperation at the level of pharmaceutical industries between Iraq and Egypt, as well as the exchange of medical expertise and study fellowships between Iraq and Jordan, as well as a special project within the development of livestock and agricultural wealth with Egypt and Jordan." Noting that "all these joint files will be present at the summit, as they were discussed during our visit as a ministerial delegation to Jordan and Egypt, and were discussed in detail at the first summit, and the tripartite summit will put points on everything that has been done during the previous period."
 
positive message
A member of the Baghdad Economic Forum, Jassem Al-Aradi, stated that “holding the tripartite summit in Baghdad is a positive message to all global, regional and Arab countries that Baghdad is safe.”
and stable.”
Al-Aradi stressed that “the presence of Arab leaders in Baghdad represents a gesture of goodness and it can be benefited from by transferring the experience of Arab countries in construction and economic advancement, and Egypt’s experience in building new, pioneering and distinguished modern cities and discussing the economic and investment nature.”
He added that "the summit is exceptional, and is based on understandings and common economic interests between the three countries by benefiting from the huge human mass in Egypt, in exchange for the huge oil wealth of Iraq, in addition to Jordan due to its geographical location that links Iraq with Egypt."
He pointed out that "Baghdad is working hard to be present at the international, regional and Arab political levels again, and this has earned Iraq at the political and security level great confidence in hosting the summits and ensuring the presence of large delegations in Iraq."
And he indicated that "Iraq has great economic weight at the level of the region and the world, which is recognized by all countries, which results in bilateral partnerships that serve the national economy and bring benefit to the partner from the countries of the world."
 
Joint implementation of projects
The consultant in industrial development and investment, Amer Al-Jawahiri, said on his part: “Arab economic cooperation and the joint Arab integrated market are an ambition that has been thought for decades because of the integration of Arab countries in natural resources.”
Al-Jawahiri considered that “this integration stimulates the development of a serious and integrated mechanism for cooperation in all fields, with time programs that include increasing investments in joint giant projects that can attract Arab investments from outside the tripartite alliance within a methodology to enhance inter-Arab investments.” 
He continued: «The tripartite summit comes to lay the foundation for this inevitable strategic direction, by adopting the principle of profit - profit for all parties, and this alliance can be in the economic, scientific, research, tourism, transport and communications fields, as Iraq suffers from a decline in the business environment, which led to The industrial and production reality has declined, including the growing need for pharmaceutical products.”
He stressed that this “indicates the difficulty of a fair budget in the trade exchange of products of sister countries with Iraq,” suggesting that “each country is adopted to build an industrial city with integrated services at home, located within the approaches of the Nineveh and Anbar governorates within the plans of the Industrial Cities Authority in the Ministry of Industry and Minerals, which contributes to Improving the capacity of the Iraqi product and increasing the diversity of products that can then be exported to the fraternal markets.”
Al-Jawahiri called for “adopting the joint implementation of large productive projects that give a brilliant echo to this alliance through a joint Arab company for each project to which the three countries contribute with their technical, executive, administrative and marketing capabilities.” 
He went on to say: “As for the financing, it can be through a package that attracts Gulf investments or others, and among the proposed and studied projects in different degrees: a petrochemical project in the Al-Faw region, a new chemical fertilizers in Khor Al-Zubair, a new project for iron and steel in the Khor Al-Zubair area, a new project for phosphate fertilizers.” In Al-Qaim / Al-Anbar, a new integrated railway project connects the ports of Al-Faw, Umm Qasr and Basra with the Fishkhabur area on the Turkish border towards
Europe". He pointed to the possibility of «tourist cooperation in taking care of the Iraqi archaeological sites and then in balancing the exchange of tourist programs and groups, which contributes to increasing creative relations towards strengthening and developing them towards the Arab countries.
and regional.”
 
economic integration
For his part, economist Thamer Al-Azzawi considered the tripartite summit "very important." 
He told "Al-Sabah": "The results of the summit will advance economic and trade integration between the three countries, and will create a tripartite union that will complement Iraq's relations and cooperation with other countries in the region and the world." 
Al-Azzawi added that "Egypt has experience in construction projects, reconstruction, roads and bridges, as well as agriculture and industry, and these last two fields are also donated by Jordan, which will contribute and help in the governmental construction, reconstruction and reform campaign."
 
urban renaissance
In turn, the real estate specialist Saad Al-Zaidan expected that the coming period will witness an urban renaissance, as soon as the agreements and memoranda of understanding between the three countries enter into force.
Al-Zaidan told Al-Sabah: "The tripartite summit will be a good beginning for the citizens of these countries in particular and the peoples of the region in general, as each of the three countries is characterized by special capabilities, which makes cooperation between them complementary and contributing to the development of these countries, especially as Iraq is moving towards A major campaign to support investments, correct paths, and achieve
reforms.”
And Prime Minister Mustafa Al-Kazemi said during his visit to Washington: that he intends to enter into a strategic project called "The New Levant", as he made it clear that it is an economic project on the European model that brings Baghdad to Cairo, and Amman joined it later.
The project is not limited to these three countries, but rather a candidate for the inclusion of other Arab countries, and the “new Levant,” according to strategic experts, depends on the enormous oil wealth owned by Iraq, in exchange for the huge human mass of Egypt, and Jordan joins them due to its geographical location that links Iraq with Egypt.
 
Ensuring economic stability
The researcher in economic affairs, Aqil Jaber Ali Al-Mohammadawi, said that: “In view of the positive expectations of the summit, we propose a strategy of approach based on sustainable development and economic and social stability - a path of a new model for economic and social growth in Iraq, Jordan and Egypt.”
He pointed to the importance of implementing (the strategy of stability, economic and social development as a new development model for the three countries, as well as forming a cooperative development council between them to accelerate development areas and remove restrictions, barriers and bureaucratic procedures, in addition to ensuring the transfer of technology and advanced technologies and the optimal use of available resources
for countries.”
Al-Mohammadawi stressed the need to “agree on building a commercial and service railway between the three countries, developing ports, roads and bridges, and renewing water and electricity networks,” calling for “benefiting from renewable, clean and alternative energy development systems and developing oil investments in achieving sustainable development and development paths.” 
innovative.”
He believed that “ensuring macroeconomic and social stability, will require the new model of optimal use and utilization of resources and labor productivity reserves, mobilizing the business environment, creating infrastructure, benefiting from available resources and capabilities, and transferring successful experiences, especially in the sectors of transportation, finance, banking development, tax system development, and service sector development. 
And others.”
The expert continued: “As a basis for the coming years, we can consider the scenario of uneven growth during the subsequent years with an increase in the cost of raising capital, in order to reduce the risks associated with innovative breakthroughs in the field of raw energy resources, and innovation in this area can lead to a decrease in the equilibrium price the term 
the long". 
 
Competitiveness of the three countries
He explained, "The competitiveness of the economy in the three countries and the potential for economic growth will be determined by a number of positive factors, namely the size of the market, the relatively high quality of human capital, the availability of raw materials (which constitute financial reserves), as well as the relatively low labor costs on the positive side." 
He pointed out that «among the challenges facing the economies of these countries, the intermediate position between countries with cheap labor and countries with good institutions (competitive scissors), low efficiency and limited development experiences in using the advantages of human capital, increased burden of social spending, and high dependence on the conditions of The foreign market.
It is noteworthy that the Jordanian Ministry of Energy and Mineral Resources expected that the electrical interconnection project with Iraq would start operating in 2022, noting that the energy exchange contract for 2020 with Egypt was renewed and the agreement of the electrical power supply contract was signed from the Jordanian side to the Iraqi side, and the project was started in The first stage.


CBI Update:  Just  a note:

They have been having auctions and the ISX has been trading regularly; the sites just don't update in time to put the information in this report, unless it is 
here.   

Click on the link above for the latest update.

The CBI for rate is 1460

The currency auction For June 28th, 2021 total sales amount $237,968,082 . 

including   $66,730,000. CASH 

ISX Update:   

www.isx-iq.net/

Shares Traded: not updated for today
Value Traded: not updated for today 

6-28-2021   Newshound/Intel Guru Mnt Goat  Article: "IS FLOATING THE CURRENCY A VIABLE OPTION? UNDER WHAT CONTEXT?"  The context they are talking about is the FLOATING the dinar exchange rate and I quote- “of the national currency against other foreign currencies”, which means to reinstate the dinar on FOREX and other currency exchanges. Right now it is solely pegged to the US dollar so they are not talking about floating the program rate. They know already they can not FLOAT the currency on a program rate inside Iraq. The dinar, in a way, is indirectly floating now via the speculators and money exchangers and we see the mess it is creating in Iraq. ...Yes, Iraq it is time you put on your BIG BOY PANTS and finally emerge to the global economy and get out of your closed economy and re-peg the dinar to other currencies in the basket the IMF has stated many times will happen.
6-27-2021   Intel Guru RayRen98   [via Vinterv]  RAP Notes 6/27/21:  *Bankers excited  *WM Saying, "This is it...it's done!"  *Definitely last week.  We'll see a difference by Tues.  *Iraqi sources saying this is definitely it. This week, and told Ray "why", but he could not share the why at this time.

6-27-2021   Newshound Guru Kaperoni   Over the weekend several articles have surfaced that basically state what I have been saying for several years that the success of the dinar will be based on the economic growth of Iraq that is not rentier, meaning not oil... several variant of the articles... confirm Iraq needs to create a private sector, and investment. Only then can the dinar rise in value...

6-27-2021   Newshound Guru Pimpy  Article:   "A government advisor bets the improvement of the value of the dinar on several conditions and determines the rate of high inflation"  Here we go again.  They continue to talk about the value of the dinar in the news.  Whether it's the exchange rate, what they could do, what's going on with it, why they did what they did, they sure are focused a lot on the dinar which is another reason why I can't help - I think they told us, give them 3 to 5 years or whatever it was.  I don't think it's going to take that long...

6-27-2021   Intel Guru Frank26  It's going to be be a managed controlled float...a float means that their currency is going international.  That's Article VIII...the CBI is on a massive campaign to tell the citizens to build confidence...

6-27-2021   Intel Guru Bluwolf   Yes, we were just informed a few minutes ago that the RV will no longer wait for all 209 countries to sign off the RV and that they will start with just 28 countries.  It’s true...Mexico just signed in. This has been confirmed by the top top trusted authorities.  We can be called anytime between tonight or early next week.  It is no longer if but when...

6-27-2021   Intel Guru Holly   Sunday Rv News:  The news I heard yesterday is we are on the cusp of this coming finally to a reality. It has been a long time waiting and we all are weary...The Adjudicated funds needs to be released. They do weekly risk assessments on the release to see if it is safe and there will never be a perfect time for the release. There are optimal times and we are in an optimal time right now. Expect big things tomorrow. The world is ready, we are ready and...from all my sources we are here! I expect notifications this week.

6-27-2021   Intel Guru Fleming   Saturday RV Report/Rumors:  It's a really important day today, a date to remember forever. Today, following meetings among RV GCR principals late last night, thru early this morning, decisions were made to launch everything this weekend. Tomorrow  [Sunday] the RV GCR starts in US...Our long wait has ended...Note: All intel should be considered as "Rumors" until we are making exchange appointments...


Catnip's Corner:
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ARTICLE 1 (from PM Kadhimi's website; posted only on Arabic side, not on English side)

Headlines dated 6-27-2021:

Prime Minister Mustafa Al-Kazemi bid farewell to the King of Jordan, His Majesty King Abdullah II bin Al-Hussein and His Excellency the Egyptian President Abdel Fattah Al-Sisi 

The final statement of the Leaders Summit within the Tripartite Cooperation Mechanism (Iraq, Jordan, Egypt) Baghdad 

Prime Minister Mustafa Al-Kazemi in his opening speech at the Tripartite Summit 

Bilateral discussions between Prime Minister Mustafa Al-Kazemi and His Majesty King Abdullah II bin Al-Hussein 

Prime Minister Mustafa Al-Kazemi conducts an official reception ceremony for Jordan's King Abdullah bin Al-Hussein 

Prime Minister Mustafa Al-Kadhimi and the Egyptian President hold bilateral talks 

Prime Minister Mustafa Al-Kazemi conducts an official reception ceremony for Egyptian President Abdel Fattah Al-Sisi in the capital, Baghdad

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ARTICLE 2 (from Government of Iraq twitter account)

PM @MAKadhimi: There are many memoranda of understanding signed in the past between the three countries, and there are memoranda and agreements that we will be signed in the near future and we are working to establish a permanent secretariat to coordinate the work.

PM @MAKadhimi: We will continue to coordinate in the main regional issues, such as the Syria, Libya, Yemen and Palestine.

PM @MAKadhimi: We hope to take advantage of all the potentials available through geographical communication between the three countries with regard to the economic fields.
PM @MAKadhimi: The summit took place at (an exceptional) time and at a dangerous historical turning point that the region and all countries of the world are going through, especially with the challenges of the Corona epidemic.

PM @MAKadhimi during his opening speech at the tripartite Baghdad summit: This visit is an important message to our peoples that we are mutually supportive and integrated in order to work to serve our peoples and the peoples of the region.
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ARTICLE 3

Egypt thanks Iraq: We seek to launch together towards broad horizons
2021-06-27 | 10:51

Today, Sunday, the Egyptian presidency announced the holding of a four-way meeting in Baghdad between Egyptian President Abdel Fattah Al-Sisi, Iraqi President Barham Salih, and Iraqi Prime Minister Mustafa Al-Kazemi, in addition to the King of the Hashemite Kingdom of Jordan, Abdullah II bin Al-Hussein.

The presidency said in a statement, received by Alsumaria News, that "Sisi thanked Iraq for the good reception and hospitality, expressing appreciation for the close and historical relations that bring together the two brotherly countries at the official and popular levels, as well as the extended civilizational and cultural intertwining, wishing all success and success to the executive authority in Iraq." in the administration of the state during this important turning point in the history of the brotherly Iraqi people.

Al-Sisi affirmed, “Egypt looks forward to launching a new phase of constructive cooperation, whether in the bilateral or the Egyptian-Iraqi-Jordanian tripartite framework, and to launch together towards broad horizons of the extended strategic partnership, aimed primarily at strengthening joint Arab action, within a sustainable framework of economic integration and strategic cooperation.” Especially in light of the common challenges facing the three countries.

The meeting witnessed, according to the statement of the Egyptian presidency, "discussing the developments of the various cooperation paths within the framework of the tripartite cooperation mechanism between Egypt, Iraq and Jordan, where it was agreed on the continuation of coordination and consultation on all issues and files of mutual interest, with the aim of unifying visions and movements, supporting joint Arab action and exerting efforts Efforts necessary to maintain Arab national security.

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ARTICLE 4

Finance Minister: We are moving towards a policy of maximizing non-oil revenues to support budgets
04:31 - 27/06/2021
Baghdad - Mawazine News

On Sunday, Finance Minister Ali Allawi affirmed the continuation of efforts and work towards maximizing non-oil revenues and moving towards reducing financial expenditures in budgets.

And the Ministry of Finance stated in a statement that Mawazine News received a copy of it, that "Allawi chaired a follow-up session on the implementation of the projects of the white paper, in the presence of the Prime Minister's advisor and the Executive Director of the Economic Reform Committee Alaa Al-Saadi, the Undersecretary, advisors to the Minister of Finance and a number of general managers, during which the implementation of the projects approved by them was followed up. The financial and economic reform plan, related to the axis of government expenditures, which includes the project to reduce the gap in the public budget deficit at safe levels.

She added, "The public spending project was also discussed and worked towards directing it to enhance the investment aspect with positive returns for the benefit of the overall national economy, studying government support for public companies and focusing support towards productive sectors and companies contributing to the gross domestic product."

During the session, Allawi stressed the continuation of efforts and work towards maximizing non-oil revenues and moving towards mitigating the financial expenses borne by the state budget as a result of the burdens of financial support for public companies with high rates, which cast a shadow of negative effects on the development and development of the rest of the productive sectors.

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