Rise in gold prices and the decline of the dollar

Twilight News – Gold prices rose on Friday, heading for the best weekly performance in the last 15 weeks, as the dollar fell on speculation the Federal Reserve’s intention to ease monetary tightening.

According to Reuters, markets are currently waiting for job data in US non-farm sectors expected to be published later in the day.

Meanwhile, gold futures rose 0.1% to $ 1238.37 an ounce, after hitting a five-month high of $ 1244.32 an ounce in the previous session.

With a 1.5 percent gain this week, gold seems to be heading for the best gains since August 24.

The yellow metal in US futures also rose to $ 1243.8 an ounce.

Meanwhile, the dollar on the bourses faces difficulties as it is under pressure from concerns over long-term Treasury yields.

For other precious metals, silver was little changed at $ 14.47 an ounce, while palladium declined 1% to $ 1197.76 an ounce.

Platinum rose slightly to $ 787.30 an ounce, continuing losses for the fifth week in a row and platinum fell about 1.3% this week.

Keywords: Shafaaq.com

The 2018 Annual Conference of the Central Bank of Iraq …. The development process for the year 2019

The central bank ends in 2018 to hold the fourth annual conference on 12.10.2018 under the slogan (the developmental role of the Central Bank), which will discuss the pivotal two main development dimension of monetary policy development and the role of the banking sector comes the conference at this time in which the Iraqi people are looking forward to the completion of ministerial cabin of the new government and to begin the process of economic reform and achieve economic stability, according to what you stated the government curriculum comes to take place and the Central Bank is exposed to the campaign of biased and unfair away from neutrality and fairness and the proper assessment of the obvious efforts made by the central bank in the J Rove, economic and security impact at a confirmation of its success in achieving its annual plan for 2018 in support of the national economy during the economic and financial crisis and the war on terrorism and was its procedures and policies adopted by which formed a bright spot and experience honorable success in a country that is going through harsh conditions and the stage of history is the most difficult in the face of economic challenges

The stability of the exchange rate of the Iraqi dinar against the US dollar and maintain the inflation rate of not more than 2% and the level of foreign reserves within the rates according to international standards, where the foreign reserves of Iraq amounted to 62 billion dollars and the third alternative Arab and the adequacy ratio exceeded 160% according to the latest international standard for measuring efficiency and stimulate the sector Regulatory, supervisory and supervisory banking and the establishment of new units within the regulatory structures of banks such as compliance and combating money laundering and financing of terrorism, credit and operational risk management and banking awareness and the issuance of the Money Laundering Law 39 for the year 2015 and the development of systems Payment and the application of all electronic payments by retail and mobile and the establishment of the national division and work on the application of international standards in financial reporting In line with the transparency and disclosure principle, the Bank’s efforts to stimulate financial inclusion and focus on the initiative to settle the salaries of employees in order to increase the financial coverage of the population who do not have accounts in the banking system, which amounted to 22.6 and activate the initiative to finance small and medium enterprises.

In order to restore confidence in the banking sector, the Central Bank re-evaluated and classified banks in accordance with international standards and standards in evaluating business results and measuring the efficiency of performance as well as establishing the deposit guarantee company in order to raise the savings rate at banks and reduce the percentage of housekeeping in the economy and thus activate the economy through activating investment, Organizational structure and development of the depository center in the Iraqi securities market and the establishment of a national credit center.

At the level of international banking relations, the Central Bank and the exceptional efforts of the Governor and his team have succeeded in restoring relations with Arab and foreign central banks and delivering the achievements of the past four years to the international financial institutions such as the Financial Action Group ( FATF ) (Gray) to normal follow-up. The visit of the Governor to the UN Security Council and his presentation of the achievements and organizational, structural and technical developments and compliance with international standards in financial reporting, Iraq‘s economy and Iraq ‘s ability to adhere to international credit benefits as the accolades of the World Bank and the IMF have had a clear impact in strengthening economic resilience and financial victory and move steadily towards financial sustainability.

That achieved in 2018 of the important achievements will make it start with the implementation of its plan for 2019 to re-evaluate banks and classification in line with international standards in measuring the efficiency of performance and activating the contribution of the banking sector in development and in community and humanitarian initiatives and to continue qualitative development procedures and build balanced relations with international and Arab banks and Consider the structure of the banking sector, which enhances the role of government and private banks in the transition from the role of banking to the developmental role.

Source: Economy-news.net

URGENT The agenda of the parliament session tomorrow

{Baghdad: Al Furat News} The House of Representatives resumed its regular session on Thursday.

A statement to the Presidency of the House of Representatives, received the agency {Euphrates News} a copy of it, “The agenda of the meeting No. {17} on Thursday includes the swearing-in of some of the deputies.”

“The table also includes the presentation of draft laws that did not start at the previous session, and the formation of an investigation committee on contracts concluded at the Ministry of Electricity.”

“Tomorrow’s meeting will be at 12 noon,” the statement said

Alforatnews.com

Iran using teams of hit squads to silence critics of its attempts to meddle in Iraqi politics, officials say

Iran is using teams of hit squads in Iraq to silence critics of Iranian attempts to meddle in Iraq’s new government, according to British security officials.

The hit squads are said to have been deployed on the orders of Qassem Suleimani, the commander of Iran’s Revolutionary Guards’ elite Quds Force, with the aim of intimidating Iraqi opponents of Iranian interference in Iraqi politics.

The hit squads were deployed after Iraqi general election in May, when Iranian attempts to establish a controlling influence over the new Iraqi government were stymied by the failure of Tehran-backed candidates to win sufficient votes.

During the election campaign Iran backed former Iraqi prime minister Nuri al-Maliki, whose close association with Tehran was a major factor in his removal from office.

The Iranians also hedged their bets by supporting another pro-Iran candidate, Hadi al-Amiri, although neither candidate mustered enough votes to form a government.

British security officials, who are providing military support and training for the Iraqi armed forces, say that Iran responded by sending a number of Quds Force hit squads to Iraq to silence Iraqi critics of Iranian attempts to determine Iraq’s political destiny.

Qassem Suleimani, the commander of the Quds force

The most high-profile victim to date of the Iranian hit squads was Adel Shaker El-Tamimi – a close ally of former Iraqi prime minister Haider al-Abadi – who was assassinated by the Quds force in September.

A Shia Muslim and joint Canadian-Iraqi national, Tamimi, 46, was involved in attempts in Baghdad to heal the schism between the country’s Shia and Sunni communities, and also worked as a low-key envoy to restore Iraq’s relations with neighbouring Arab states, such as Jordan and Saudi Arabia.

Security sources say the Iranian assassins have also targeted opponents across Iraq’s political spectrum.

Other victims of Iran’s hit squads include Shawki al-Haddad, a close ally of the Shia firebrand Muqtada Al-Sadr, a former protege of Tehran who recently has adopted a more nationalist agenda.

Haddad was murdered in July after accusing the Iranians of election fraud. Meanwhile Rady al-Tai, an advisor to Grand Ayatollah Ali Al-Sistani, Iraq’s leading Shia cleric, was the subject of a failed assassination attempt in August after he called for the reduction of Iranian influence in the new government.

“Iran in intensifying its campaign of intimidation against the Iraqi government by using assassination squads to silence critics of Tehran,” a senior British security official told The Daily Telegraph.

“This is a blatant attempt to thwart efforts by the new Iraqi government to end Iran’s meddling in Iraq.”

Iran, the region’s acknowledged Shia superpower, is committed to increasing its influence over the Shia populations of Arab countries, and neighbouring Iraq, where the majority of the population are Shia, has long been a target of Tehran’s ruling Islamic regime.

Iran is currently in the process of trying to construct a Shia crescent through the Arab heartlands of Iraq and Syria by linking up with tradtional Shia communities, an ambitious programme that Iran hopes will give it an arc of influence reaching from Tehran to the eastern shores of the Mediterranean.

The failure of Iran-backed candidates in May’s elections to win a majority has resulted in Prime Minister Abdul Mahdi, a pragmatist, taking control with a mandate to curb Iran’s interference.

General Mark Carleton-Smith, the head of the Army, told the Daily Telegraph in a recent interview that he regarded Iran’s “malign influence” as one of the major threats facing the world today.

Apart from sending hit squads to Iraq, security officials say the Quds Force is also seeking to consolidate its military position in the country.

Using established Shia militias such as Kataib Hizbollah, the Iranians are smuggling weapons into Iraq for use against US and other Western targets.

In September the militia was accused of launching two attacks against US targets – the US Embassy in Baghdad and the US consulate in Basra.

Source: Telegraph.co.uk

Prime Minister names his 8 New Ministers

Prime Minister Adil Abdul-Mahdi has reportedly named his final eight ministers, completing his cabinet after weeks of delay.

According to information received by Rudaw, the appointments are as follows:

• Falih Fayadh – Ministry of Interior
• Dara Nuradin – Ministry of Justice
• Faysal Jarba – Ministry of Defense
• Qusay Abdulwahab Suheil – Ministry of Higher Education
• Saba Khayradin Tani – Ministry of Education
• Abdulamir Hamdani – Ministry of Culture
• Nouri Natiq Dlemi – Ministry of Planning
• Hanna Immanuel Gorgis – Ministry of Immigrants and Immigration

Dara Nuradin, who took the justice brief, is an independent Kurdish politician.

(Source: Rudaw)

Source: Iraq-businessnews.com

Parliament adjourns voting on cabinet to Thursday for lack of quorum

The Iraqi House of Representatives has postponed its session to vote on the final lineup of Prime Minister Adil Abdul Mahdi’s government to the next Thursday for lack of quorum, which prevents from voting, while sources reported quarrels between MPs outside the voting hall on Tuesday.

Four political blocs have boycotted the parliament’s voting session objecting to the nominations of Abdul Mahdi for the left unoccupied eight ministerial portfolios, a source told The Baghdad Post.

The blocs announced their boycott are Sairoon Alliance, The Patriotic Union of Kurdistan (PUK), and the Victory Alliance, while the Patriotic Axis Alliance announced its boycott objecting to the nominee of the Defense Ministry.

The ministers chosen are Faleh al-Fayadh for minister of interior, Faisal al-Jarba for defense minister, and Saba al-Tai for minister of education.

The remaining nominations include Nouri al-Karbouli for minister of planning, Abdul Amir al-Hamdani for minister of culture, Qusay al-Suhail for minister of higher education, Dara Noureddine for minister of justice, and Hala Korkis for minister of migration and displaced.

This comes following weeks of disputes between the political blocs over the vacant ministerial posts. Fayadh has been one of the most controversial candidates, with Shiite cleric Muqtada al-Sadr and the Saairun Alliance having been adamantly opposed to his nomination.

Source: Thebaghdadpost.com

The Future of the Iraqi currency!!

Money, a source and document representing the state, is a symbol and expresses its political and religious system and its own philosophy. In comparison to date writing, documentation across currencies can not be questioned or challenged as a concrete fact and document for a certain period of time. Humanity has greatly benefited from the history of civilizations through the study of its currencies and their holdings

The discovery of currency is compared to the discovery of printing, as it facilitates the process of exchange between people and traders alike, and the currency is one of the main components of the market; without it, there can be no buying and selling

Before the entry of the British occupation forces in October 1914 was the currency traded among the people is the Ottoman lira, after which the British occupation authorities introduced the Indian rupee as the currency of circulation, and after independence was established the first council to issue the Iraqi currency in 1931, was linked to the Iraqi dinar in pounds sterling, The July 14, 1958 Revolution The dinar was pegged to the pound and pegged to the US dollar

The Central Bank of Iraq issued a new currency of paper and metal, bearing the slogan of the new Republic. New issues of paper currency were issued in 1971, 1973, and 1978. The Iraqi dinar suffered a continuous deterioration in its value after the Iran-Iraq war began, dropping from $ 3.3 per dinar in 1980 to about $ 4 in 1988.

As a result of the invasion of Kuwait and the issuance of resolutions of the Security Council to impose a blockade on him, and the deterioration of the value of the Iraqi dinar, forced the Central Bank of Iraq to issue currencies that were not traded before, issued banknotes of 50 and 100 dinars, followed in 1995 issued a paper of 250 dinars, The year 2000 issued a cash paper bearing the category of 10,000 dinars, and it is noted that all these categories were carrying the image of former President Saddam Hussein. The citizen carried large packages to buy his simple needs, which do not exceed eating and drinking

After the fall of the former regime, specialists began to think about how to restore the spirit of the Iraqi dinar, and remove the heavy legacy of the Iraqi economy, they began to put the idea of ​​removing three zeros from the current currency

The deletion of zero is defined as a process by which the nominal value of the currency is adjusted due to high inflation and devaluation. Countries such as Brazil, Argentina (South America), Yugoslavia and Poland (countries in the orbit of the Soviet Union) Ireland (for joining the European Monetary Unit), a process different from the devaluation process,

But can such action be implemented? What are the pros and cons of the economic movement in Iraq? Could it really help to reduce inflation rates? Finally, what is the right timing for it?

This process is still controversial in the government and monetary circles, businessmen and specialists. Some believe that doing such a process will lead to more corruption and tampering with public money, because of what is happening in the process of changing the currency, and it will create a state of chaos and confusion in contracts internally and externally, And that it will not change anything from the fact that the amount of the issued paper will remain the same

At a time when an optimistic team believes that this process will lead to the restoration of prestige of the Iraqi dinar, if accompanied by the improvement of the dinar exchange rate, and the process of calculations in various fields will be less complex and simply

We do not deny that the process of deleting zeros is a necessary and important step comes within the need for the country to the process of administrative reform of the currency contribute to reduce transaction costs and cash transactions in the economic process, and reduce the size of the country’s monetary mass and help to facilitate calculations and reduce the amplification of numbers, if applied Properly and at the right times. But there must be introductions to that process, including choosing the appropriate time in which the Iraqi economy in a state of stability, and then create the economic environment in a deliberate manner to implement the deletion, and this requires the procedures and financial and banking decisions taken by the financial authority in the country.

The process of replacing those “in the process” will cost the state budget of 172 billion dinars (150 million dollars), which is a large amount is significant, if we add the effort of the banking staff and the time that will be lost by the process of switching, and can not Forget the attempt of the weak souls who will try to profit from that process by all means and methods!

It is true that this process will not have an impact on the purchasing power of the citizen, since the exchange of currency will take place in another currency. There may be some shock in the market as a result of this switch, but it is a temporary shock. It is not bad to see the experiences of many countries replaced the currency, such as Turkey, which continued its currency exchange for four years, the Turks remained trading the old currency with the new currency until they were all withdrawn from the market without the market confused

The most important negatives that will accompany the process of deletion of zeros is the cash illusion, as the deletion of three zeros from the Iraqi currency will sign the citizen under the illusion of cash, which is the most prominent negative that can affect the Iraqi citizen in the event of deletion of three zeroes of the current currency is a significant effect, This will be the result of colliding with the value of the new currency after the deletion, leading him to believe that the value of its assets has decreased by dividing them on the three zeros.

The Iraqi citizen would like to see his currency strong, so the process of raising zeros will contribute to the revaluation of the currency, and reduce the proportion of demand for hard currency, which is characterized by force, and will lead to a balance between the value of domestic and foreign currency and will give them market power at home and abroad, It is possible that the value of the Iraqi currency against the US dollar, for example, that the employee who receives 1200 thousand dinars at the exchange rate 1200, the purchasing power of $ 1000 dollars and if the strengthening of the dinar equivalent to 500 dinars to the dollar will be purchasing power $ 2400 instead of $ 1000

Source: Telegram.me/buratha

Replacing the dollar with another currency for travelers to the Islamic Republic of Iran

Source: Cbi.iq/news

Iraq to remove Impediments to Infrastructure Investment

Iraqi President Barham Salih has told an international conference in Rome that Iraq will remove any impediments to Iraqi and foreign private sector companies, as well as international financial institutions, donor countries and sovereign wealth funds, to invest in major infrastructure projects in the country.

He added that these projects may include deep port facilities in Basra, a highway network, new railways, airports, industrial cities and dams, and irrigation projects in the Nineveh Plain, Garamian, Erbil, as well as land reclamation in the south.

The following is the full text of the speech delivered by His Excellency President Barham Salih at the Conference of the Mediterranean Dialogues on Thursday afternoon, November 22, 2018:

Excellencies,
Distinguished Guests,

First of all, I’d like to thank the Italian Ministry of Foreign Affairs and ISPI for organizing this conference and the opportunity to address this distinguished audience. I also want to thank His Excellency President Sergio Mattarella and His Excellency Prime Minister Giuseppe Conte for their kind invitation to Italy.

Many may say there is nothing unique about the present day Middle East — we are living through yet another phase of conflict— as we have been plagued by conflict and powers struggles for much of our contemporary history.

However, the military defeat of DAESH and the formation of a new government in Baghdad may well represent a turning point not only for Iraq, but also potentially for the wider Middle East. Iraq has been the epicenter for change in Middle East- for millennia, Iraq has often been the catalyst, the precursor regional order— or disorder!

I dare say that there is now an opportunity to reorient Iraq’s trajectory and propel the country towards prosperity and stability. This will require embarking on fundamental internal reforms, both political and economic.

As such, Iraq is in need of an internal dialogue to address the underlying structural flaws at the crux of the post-2003 political order. Iraqis are indignant at years of conflict and the failure to deliver services. Restoring basic services like water and electricity, reconstruction of the devastated communities by the war with DAESH and repatriation of our IDPs to their homes is an urgent challenge. Corruption and abuse of public funds undermine the viability of the Iraqi state and sustains the cycle of conflict and terrorism. It is imperative to dry up the swamp of corruption.

The defeat of ISIS was undeniably a monumental challenge and impressive success for Iraqi armed forces— the Army, Police, Hashd Al Shabi mobilized by the fatwa of Ayatollah Sistani and Peshmerga forces fought side by side and have become battle hardened. In this context, we are grateful for the help rendered by our allies in the international coalition, led by the United States and which comprised many nations including our generous host Italy. The task ahead is to enhance our defense and intelligence capabilities, integrate our armed forces within the framework of our national defense institution and affirming accountability of all armed forces to the state.

There remain issues of contention between the Kurdistan Region and federal government— time to resolve these issues in a fundamental way through adhering to the constitution. There is renewed hope as the our new PM Dr Adil Abdul Mahdi and the Kurdistan leadership have pledged to move on to resolve these outstanding issues. The recent agreement to resume oil exports from Kirkuk to Ceyhan is a welcomed gesture in this context.

However, ending the crises that plague Iraq also require a reconstruction of the current political order to restore citizen trust in the government. A reformed political order must be based on the protecting constitution, the civil state that strengthens civic values, supports the role of women and their rights, and ensures a commitment to human rights.

A most important and consequential challenge for Iraq today is economic reform and regeneration. Iraq is endowed with immense natural resources, water and fertile land— and an indispensable geopolitical position that can become the hub for regional trade and economic integration. Yet decades of war, sanctions, conflicts, economic mismanagement and corruption have tuned Iraq into an extreme rentier state. This is unsustainable— we are today a 38 million population, and increasing at a rate of one million each year— youth unemployment is rampant— this is a profound security, social and development challenge.

The new government, led by Adil Abdul Mahdi, a pragmatic reformer and economist, is pursuing an ambitious economic restructuring agenda based on empowering the private sector and promoting investment. The unity of Iraq and its security is crucially dependent on strengthening infrastructure links within Iraq and with the neighborhood. This is imperative to bind the country together and to promote common interests with the neighbors and to ensure job opportunities for our youth.

Iraq will be eliminating impediments to Iraqi and foreign private sector companies, as well as international financial institutions, donor countries and sovereign wealth to invest in major infrastructure projects. These projects may include deep port facilities in Basra, a highway network, new railways, airports, industrial cities and dams, and irrigation projects in the Nineveh Plain, Garamian, Erbil, as well as land reclamation in the south. Similar experiences can be seen in Thailand, Vietnam and India, which attracted investment funding from sovereign wealth funds in Japan, China and the Gulf.

In addition to local economic growth, these projects could also contribute to regional economic prosperity. Iraq is an important strategic hub that joins the Arab world with Iran and Turkey and connects the economies of the Gulf and Europe. These could connect the countries of the region so that Iraq could become the heart of a new Silk Road to the Mediterranean.

But for Iraq to succeed and stabilize, it requires a regional order that can embrace and nurture its stability. Iraq has been the domain for regional power struggles— the rivalry over Iraq, and within Iraq, among regional and global actors have sustained and deepened Iraqi crisis. For the last forty years, Iraq has been moving from a war to a war, sanctions and terrorist onslaught and condemned to en ever deepening cycle of crises. This is got to end. It is time Iraq’s stability and prosperity is turned into a common intertest in the neighborhood. Iraq is an important country in the Arab world— This Arab anchor for Iraq is vital economically and politically, and we are emphatic about fully developing our relations with our Arab and Gulf neighbors. Our relations with Iran is also important, we share a border of 1400 km, and much social and cultural bonds — and it is in our national interest to promote good relations with Iran and alike with our northern neighbor, Turkey, which is undeniably an important economic geopolitical actor.

I just come back from a tour to our neighbors in Kuwait, UAE, Jordan, Iran and Saudi Arabia— our message was that Iraq is adamant to protect its independence and sovereignty— our priority is economic regeneration and jobs for our youth— and that we want Iraq’s stability, sovereignty and prosperity to be shared interests for the neighborhood. I made the point that Iraq’s prospects for success is real, but remains precarious, so it should NOT be burdened with further tensions and escalations in the neighborhood. The Middle East needs a regional order based on shared security interests in the face of violent extremists and also rooted in economic collaboration and integration. As in the past, sovereign Iraq with its geopolitical, cultural and economic relevance can be a catalyst for such an order.

I am sure many of you will consider this as too ambitious— perhaps mere wishful thinking. Europe did it after two devastating World Wars— many other regions of the world have moved away from decades of conflict. We must pursue this agenda for our region with vigor and determination— it is primarily our responsibility in the region— and our people deserve better. However, legions of unemployed youth, millions of IDPs in camps— poverty and conflict are the incubators for terrorism, extremism and yes immigrants fleeing our fertile an rich lands to come to the shores of Europe— this should also be shared global interest— certainly a European interest.

This conference theme is about youth and women empowerment. The agenda of reform in Iraq, and the vision for a durable regional order in the Middle East, is what will defeat violent extremism through providing education, meaningful job opportunities for our youth and prioritizing human development as a core aim for our governments and for the global powers.

Thank you.

(Source: Office of the Iraqi President)

Source: Iraq-businessnews.com

A source reveals what has been agreed to pass in tomorrow’s session of the remaining ministerial posts

Baghdad / Al-Ghad Press: Revealed a political source familiar with Sunday, what has been agreed to pass in the parliament session for tomorrow, while he confirmed that the Speaker of the House of Representatives, Mohammed Halbusi, received a response from accountability and justice on four ministers in the current government.

The source told “Al-Ghad Press” that “my meetings on Monday and Tuesday will be dedicated to supplement the ministerial cabin of the government of Abdul-Mahdi.”

“He said that” Faleh Fayyad has been decided to nominate the Interior Ministry and will be voting on it, “explaining that” the mass of Asron will withdraw from the voting session. ”

He added that “the Sunni blocs submitted their candidates to the Ministry of Defense and they are three,” pointing out that “Faisal al-Jarba was excluded from the nomination.”

He explained that “the Ministry of Displacement and Migration resolved for the Kurdistan Democratic Party, and Nuzat Hadi their candidate and there is no objection to it.”

The source said that “the President of the House of Representatives Mohammed Halbousi, received the response from the accountability and justice and criminal research on four ministers in the current government.”

Read More: Alghadpress.com