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SocalDinar

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Everything posted by SocalDinar

  1. Iraq removed from EU list of high-risk money laundering countries The European Union's ambassador to Iraq said the move would 'pave the way for deepening financial cooperation and investment' Six years ago Iraq was added to the EU's list of high-risk countries for money laundering (AFP/File photo) By MEE staff Published date: 11 January 2022 18:59 UTC | Last update: 2 hours 23 mins ago Iraq has been dropped from Europe's list of countries at high risk for money laundering and terror financing, a move that could help boost the country's foreign investment. The European Union's ambassador to Iraq, Ville Varjola, held talks with Iraqi Prime Minister Mustafa al-Kadhimi on Sunday and informed him of the "good news", saying the move would "pave the way for deepening financial cooperation and investment". The European diplomat did not specify any reasons for the changes, but the bloc's criteria for being a high-risk jurisdiction include failing to criminalise money laundering, the failing of banks to report suspicious transactions and failing to implement targeted sanctions. Kadhimi welcomed the decision, saying on Twitter that it was "an important step in dedicating effective Iraqi diplomacy to serving the interests of the country". "Governmental and diplomatic efforts are continuing at various levels to serve our national interest and achieve Iraq's deserved status," he said. Iraq was added to the list six years ago and since then officials in Baghdad have urged the EU to reverse the decision. In 2019, Baghdad's anti-money laundering and counterterrorism financing laws were described by the EU as having "strategic deficiencies". Iraq's foreign ministry said the move would pave the way for "economic partnerships that push the wheel of reconstruction and investment". "Iraq's exit from the list of high-risk countries represents an important success for Iraqi diplomacy, especially for state institutions that are concerned with Iraq's compliance with the standards of international law," Ahmed al- Sahaf, a foreign ministry spokesman, told The National. "Terrorism and the financing of terrorism is an international challenge, and for Iraq to succeed in complying with the criteria of this regulation reflects the confidence of the international community in the Iraqi government." Foreign investment Officials in the northern Kurdish region also said the move would help attract more economic cooperation between Iraq and the rest of the world. "In recent years, the KRG [Kurdistan Regional Government] and the federal government in Baghdad have worked together with our partners in the international community to target the financing of terrorism and criminal networks, including illegal currency auctions and informal money service businesses," Masrour Barzani, prime minister of Iraq's Kurdish regional government, said in a statement. "The success we have achieved together with the contribution of Europe should encourage cooperation in order to provide a bright economic future for our generations." In recent months, the country has attracted a number of foreign investments, including in September 2021 when it signed four contracts worth $27bn with French multinational TotalEnergies for oil, natural gas, solar energy, and water projects in the southern Basra governorate. Iraq has also opened an account with the China-backed Asian Infrastructure Investment Bank and has deposited around $100m in the account for possible future payments for infrastructure projects. Iraq has begun the process to form a new government, following an early election held in October 2021 that saw influential Shia cleric Muqtada al-Sadr win a majority of seats in the country's parliament. On Monday, the new parliament elected Sunni lawmaker Mohammed al-Halbousi as speaker in the legislative body's first session, paving the way for the election of the country's new president and government. https://www.middleeasteye.net/news/iraq-removed-eu-list-high-risk-money-laundering-countries
  2. Sure are right that people don't want to work. I am extremely busy with work. I could hire 4 people right now, but I'm tired of looking. Had a guy apply for a material handler position and he wanted $35.00 an hour. Not gonna do it. I'm done looking. Just gonna feed my crew all the overtime they want and use a labor resource. I heard the illegals seeking work in front of Home Depot want $30.00 an hour. HAHA Thats cash money! Thats insane
  3. So you think the most important function of the FED is to print money? You don't think controlling inflation is just as important if not more? The Fed is the worlds largest Ponzi scheme. Unlike you, I don't think any inflation is a good thing. Its a tax on our savings. Nothing less. Those idiots tell us its at 6.8 % HAHAHAHA My materials have gone up nearly 100% in the last year. Seriously! I just pass these costs onto my customers who then pass them on to consumers. But on a good note I mark my materials up 15-20% so the more it costs the more I make. Inflation hurts the poor the most. And Brandon said he would not tax the poor. HAHAHA ya right.... You get what you pay for and i guess the majority wanted to be bent over. Aftercall that's what they voted for. I usually get a kiss first
  4. But why wouldn't the CBI want IQD to leave the country especially the higher valued notes. Many will just sit in a shoebox somewhere becoming worth less and less and the Central has USDS in hand. Its a win win trading a 25K note for dollars. Sure it shows up on their M-1 but its not a liability if people cant easily get into Iraq to cash them . Costs us about 5.4 cents to print a dollar bill.
  5. Here's what the U.S. Customs and Border Protection website writes: “It is legal to transport any amount of currency or monetary instruments into or out of the United States,” But anyone carrying more than $10,000 must declare the amount by filing a Report of International Transportation of Currency or Monetary .. So if you declare $50,000 USDS when leaving US and entering Iraq you can then leave with that equal amount in dinars?? Not sure. I cant find any CBI law stating you cant leave Iraq with dinar. Maybe im misreading this.
  6. Iraq Customs, Currency & Airport Tax regulations details Iraq country information overviewPrint Customs Import regulations: Free import for: 1. Nationals of Iraq: a. 200 cigarettes or 200 cigars or 10 cigarillos or 250 grams of tobacco; b. 1 liter of alcohol or 2 liters of wine or 8 liters of beer. 2. Other nationals: a reasonable quantity of goods for personal use. Pets: Must be accompanied by: - a pet passport, and - a health certificate issued by the competent veterinarian authorities at point of origin, and - a permit from the Ministry of Agriculture & Water Resources. Currency Currency Import regulations: Local currency (Iraqi Dinar-IQD) and foreign currencies: must be declared on arrival. Currency Export regulations: 1. Nationals or residents of Iraq being older than 18 years of age: a. local currency (Iraqi Dinar-IQD): up to a maximum of IQD 100,000.-; b. foreign currencies: up to a maximum of USD 10,000.- or equivalent. 2. All other passengers: up to the amount imported and declared. Airport Tax No information available. https://www.iatatravelcentre.com/IQ-Iraq-customs-currency-airport-tax-regulations-details.htm Pretty sure its not illegal Rock
  7. I have some pretty bright cargo lights that I share with Those that put aftermarket 5000K headlights on their vehicles and never take the time to adjust the beams.
  8. My cousin is a non union truck driver in WI and he does pretty well. Nice home family of 4 and the wife does not need to work. great pension and benefits. Its the independents that are getting screwed here in CA because of Sacramento idiots.
  9. Thanks LGD. Some funny and scary stuff. I work at some pretty huge warehousing and distribution centers. We get to watch some pretty comical stuff. The guys driving the yard goats are amazing to watch. They move those 53s around like they are toys. Some of the outside drivers.... well they seem overwhelmed at times. These buildings are busy to say the least with most having over 200 dock doors. Some obviously picked the wrong profession as we watch them its easy to spot the pros and the amateurs. We do get a quite a bit of work from these drivers as they take down light poles and electrical equipment in the yards. 6 inch steel bollards and K rail help some but they still take them down HAHA. Be safe and have a great New year LGD..
  10. Import reliance and devaluation contributed to the growing inflation rate in Iraq, official says 2021-12-29 04:12 https://shafaq.com/en/Economy/Import-reliance-and-devaluation-contributed-to-the-growing-inflation-rate-in-Iraq-official-says Shafaq News/ Spokesperson to the Iraqi Ministry of Planning Abdul-Zahra al-Hindawi attributed the hiking inflation rates in the country to import reliance and the high exchange rate of the U.S. dollar against the domestic currency. In a statement to Shafaq News Agency, Abdul-Zahra said that both "internal and external factors" contribute to the growing inflation rates in Iraq. "Shortage of some commodities and the rarity of others, like foodstuff and construction material, brought their prices higher. This, in addition to supply chains strains, led to a surge in inflation indices worldwide. The United States, Russia, and even the countries of the region are coping with the same struggle because their economies are linked to the international market." "The high demand on those commodities and the huge monetary cluster commuting inside the market, in addition to the already devaluated dinar, are pushing the inflation rates upwards." The economic expert, Dergham Mohammad Ali, told Shafaq News Agency, "the inflation rate's surge last month was fueled by the rise of the consumer's exchange rate, which is in turn influenced by the global rise of basic commodities prices." "The cumulative impact of the delay of the budget and government formation, and the consequent hesitation of suppliers, creates a state of stagnation, sending the consumer's exchange rate to further heights." Earlier this month, Iraq's Ministry of Planning said that the monthly inflation rate rose by 0.5% in November, compared to the previous month. "November 2021's report demonstrated an 8.4% rise in the inflation rates compared to the same period in 2020," the Ministry said. The Ministry's Central Bureau of Statistics said in a statement that it continuously monitors the price movement of basic commodities, which accounts for 88% of the Iraqi family's expenditures, via its monthly reports. Miscellaneous commodities were the top boost of the regular family expenditures in November by 3.7%, according to the report. Clothes (19%) and shoes (2.6%) grossed a 2% rise altogether. Household material prices rose by 1.1% in total; furniture and appliances prices went up by 0.9% and 1.1%, respectively.
  11. Iraq foreign reserves rise on currency devaluation, oil prices - cbank governor By John Davison and Ahmed Rasheed 2 minute read Iraq’s Central Bank Governor Mustafa Ghalib, speaks during an interview with Reuters in Baghdad, Iraq December 14, 2021. REUTERS/John Davison BAGHDAD, Dec 14 (Reuters) - Iraq's foreign currency reserves have risen to $64 billion from $48 billion since Iraq devalued its currency almost a year ago, Iraqi Central Bank Governor Mustafa Ghalib said on Tuesday. Ghalib said the devaluation had helped bring the reserves up, and that Iraq's economy was much healthier than during the middle of the coronavirus pandemic, when oil prices plummeted and Baghdad was in preliminary talks with the International Monetary Fund for a possible loan. "We were meeting sometimes twice a day with the IMF and the World Bank, but the Iraqi government's financial situation is much better now," Ghalib told Reuters in an interview at his office in Baghdad. "Reserves might have decreased in the 30s of billions of dollars without the devaluation ... the rise in oil prices has also helped," he added. Ghalib said he expected Iraq's 2022 budget to be based on an oil price of roughly $45 per barrel. Iraq, OPEC's second-largest producer, draws around 95 percent of its state revenue from oil sales. Iraq currently owes its neighbor Iran around $5 billion for energy imports that are crucial for keeping the lights on, but Baghdad is abiding by U.S. sanctions that prohibit it from paying any cash to Iran, Ghalib said.Iraq has paid some of those power debts in commodities and supplies, for example buying some $250 million worth of Russian-made Sputnik COVID-19 vaccines for Iran, as well as making wheat purchases for Tehran, he said. Ghalib confirmed reports that Iraq has opened an account with the China-backed Asian Infrastructure Investment Bank, saying it has deposited around $100 million in the account for possible future payment for infrastructure projects. https://www.reuters.com/markets/currencies/iraq-foreign-reserves-rise-currency-devaluation-oil-prices-cbank-governor-2021-12-14/?rpc=401&
  12. The United States confirms its commitment to Iraq 2021-12-10 12:40 Shafaq News/ The US Embassy in Iraq expressed the American commitment to a strategic partnership with Iraq. The Embassy said in a statement, “Today we commemorate the solemn anniversary of the territorial defeat of Da’esh four years ago, on December 10, which resulted in the liberation of more than 8 million Iraqis and Syrians who had previously lived under its control. On this day, we remember the lives lost under Da’esh occupation and honor the sacrifices of all those who have struggled to free Iraq from its grip.” “We congratulate the Iraqi Security Forces, including the Peshmerga, on the extraordinary progress made in the fight against ISIS remnants. As our Iraqi friends and partners look towards building a stable, prosperous, democratic, and unified Iraq, the United States remains deeply committed to our multifaceted strategic partnership.” The statement added. https://shafaq.com/en/Iraq-News/The-United-States-confirms-its-commitment-to-Iraq
  13. IMF: Iraq's Non-Oil Real GDP expected to Rebound 7th December 2021 in Iraq Industry & Trade News, Politics The economy is recovering from last year's sharp contraction, helped by higher oil prices and easing of the containment measures. Non-oil real GDP is expected to rebound by 12 percent in 2021 while the fiscal and current account balances are expected to improve significantly. Higher oil revenues present the opportunity to tackle Iraq's significant vulnerabilities, strengthen resilience, and achieve durable and more inclusive growth. The IMF stands ready to support Iraq toward these ends. A staff team of the International Monetary Fund (IMF) led by Tokhir Mirzoev held a virtual mission with the Iraqi authorities during November 28 - December 2 to discuss recent economic developments and outlook as well as policy priorities in the period ahead. At the end of the mission, Mr. Mirzoev issued the following statement: "The Iraqi economy is recovering from last year's sharp contraction, helped by the increase in oil revenues and easing of the COVID-19 containment measures. In recent weeks, new COVID-19 infections have declined significantly, and the vaccination rate has been gradually improving. Real non-oil GDP is expected to expand by 12 percent in 2021 and oil output is projected to gradually increase in line with the OPEC+ agreements. "Inflation has reached 7.2 percent in September and is projected to ease in the coming months. The fiscal and external current account balances are expected to improve significantly in 2021 from double-digit deficits in 2020, mainly due to higher oil prices. The recovery is expected to continue in the medium term albeit subject to considerable downside risks, most notably related to the oil market volatility and the COVID-19 pandemic. "Higher oil revenues present an important opportunity to tackle Iraq's significant underlying vulnerabilities, strengthen resilience to future climate and other challenges, and advance key socio-economic priorities. Achieving these goals will require strengthening public finances, while creating the fiscal space for much-needed investment and social safety nets and promoting private sector development. "To this end, key priorities include a civil service reform aimed at increasing public sector's efficiency and containing the wage bill, reducing inefficient energy subsidies, diversifying fiscal revenues, stemming losses in the electricity sector, strengthening governance. Improving the coverage and targeting of social assistance will help better protect the most vulnerable. And restructuring large state-owned banks and strengthening their governance will be critical to revitalizing the financial sector and ensuring private sector's access to finance. The IMF stands ready to support Iraq in these endeavors. "The IMF staff team would like to thank the authorities for candid and productive discussions during this mission." https://www.iraq-businessnews.com/2021/12/07/imf-iraqs-non-oil-real-gdp-expected-to-rebound/
  14. IMF Staff Concludes Virtual Visit to Iraq December 3, 2021 End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. The economy is recovering from last year’s sharp contraction, helped by higher oil prices and easing of the containment measures. Non-oil real GDP is expected to rebound by 12 percent in 2021 while the fiscal and current account balances are expected to improve significantly. Higher oil revenues present the opportunity to tackle Iraq’s significant vulnerabilities, strengthen resilience, and achieve durable and more inclusive growth. The IMF stands ready to support Iraq toward these ends. Washington, DC: A staff team of the International Monetary Fund (IMF) led by Tokhir Mirzoev held a virtual mission with the Iraqi authorities during November 28 - December 2 to discuss recent economic developments and outlook as well as policy priorities in the period ahead. At the end of the mission, Mr. Mirzoev issued the following statement: “The Iraqi economy is recovering from last year’s sharp contraction, helped by the increase in oil revenues and easing of the COVID-19 containment measures. In recent weeks, new COVID-19 infections have declined significantly, and the vaccination rate has been gradually improving. Real non-oil GDP is expected to expand by 12 percent in 2021 and oil output is projected to gradually increase in line with the OPEC+ agreements. Inflation has reached 7.2 percent in September and is projected to ease in the coming months. The fiscal and external current account balances are expected to improve significantly in 2021 from double-digit deficits in 2020, mainly due to higher oil prices. The recovery is expected to continue in the medium term albeit subject to considerable downside risks, most notably related to the oil market volatility and the COVID-19 pandemic. “Higher oil revenues present an important opportunity to tackle Iraq’s significant underlying vulnerabilities, strengthen resilience to future climate and other challenges, and advance key socio-economic priorities. Achieving these goals will require strengthening public finances, while creating the fiscal space for much-needed investment and social safety nets and promoting private sector development. To this end, key priorities include a civil service reform aimed at increasing public sector’s efficiency and containing the wage bill, reducing inefficient energy subsidies, diversifying fiscal revenues, stemming losses in the electricity sector, strengthening governance. Improving the coverage and targeting of social assistance will help better protect the most vulnerable. And restructuring large state-owned banks and strengthening their governance will be critical to revitalizing the financial sector and ensuring private sector’s access to finance. The IMF stands ready to support Iraq in these endeavors. “The IMF staff team would like to thank the authorities for candid and productive discussions during this mission.” https://www.imf.org/en/News/Articles/2021/12/03/pr21357-iraq-imf-staff-concludes-virtual-staff-visit
  15. Iraq's Finance Ministry: dinar devaluation was the right choice EconomyDinar 2021-11-14 02:11 Shafaq News/ The devaluation of the Iraqi dinar was opted to boost the domestic product, protect the Central Bank's reserves of hard currency, and bolster the budget, Iraq's Ministry of Finance said in a statement on Sunday. The statements said that the stifling financial crisis that struck the country impeded the state's capacity to accommodate the inflated expenditure rate and growing salary invoice amid a stagnant oil market and perilous public health situation. The Ministry said that the budget mediates the need for a rational financial administration and a safety net for the vulnerable groups. "The Ministry's policy was endorsed by the International Monetary Fund and the World Bank, who both admitted the hardships of current financial situation," the statement said. Earlier in October, the Ministry said that the devaluation halted the freefall of the national reserve of foreign currency and boosted the importation capacity. In December, 2020, Iraq's central bank increased the sale price of U.S. dollars to banks and currency exchanges to 1,460 dinars, from 1,182 dinars, seeking to compensate for a decline in oil revenue due to low crude prices. The central bank of Iraq said the key reason behind the dinar's devaluation was to close the gap of widened 2021 budget inflation after a collapse in global oil prices, a major source of Iraq's financial resources. The devaluation decision came as a preemptive move to prevent "draining Iraq's foreign reserves" and help government to secure public servants' salaries. But in Iraq's largely dollar-denominated economy, lowering the value of its dinar by a significant rate, which was the highest devaluation rate since 2003, immediately raised the price of goods, hitting living standards. https://shafaq.com/en/Economy/Iraq-s-Finance-Ministry-dinar-devaluation-was-the-right-choice
  16. .023 today https://finance.yahoo.com/quote/tggi/
  17. IRAQI DINAR EXCHANGE RATES (NOVEMBER 11) PM:12:00:11/11/2021 624 View Share Tweet + - SULAIMANI — The US dollars to the Iraqi dinar (IQD) exchange rates was up on the Kurdistan Region’s currency markets on Thursday (November 11). $100 was at 148,550 Iraqi dinars, 200 IQD higher than previous day. 100 British pounds was stable at 201,000 Iraqi dinars, and 100 euros was stable at 171,000 Iraqi dinars. https://nrttv.com/En/detail6/1601
  18. SocalDinar

    XRP

    I bought some a year ago. No complaints except that i did not buy enough HAHA
  19. That jar of change everyone hangs on to loses value every day.
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