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Everything posted by SocalDinar

  1. Iraq records highest economic growth rate in history Amr Salem October 13, 2022 189 2 min The Iraqi capital, Baghdad. Photo: Shutterstock Baghdad ( – The financial advisor to the Iraqi Prime Minister, Mazhar Muhammad Salih, explained the reasons behind Iraq’s highest growth rate among Arab countries in 2022. Salih explained that Iraq’s growth rate exceeded nine percent, according to a report issued by the International Monetary Fund (IMF), describing this percentage as the highest in the history of Iraq. “The growth rate reached 9.4 percent in one year because Iraq’s oil exports increased by about one million barrels compared to the period of the Covid-19 pandemic, oil prices increased by 40 percent, and several large reconstruction projects are taking place in cities liberated from ISIS,” Salih said. Additionally, the activity of the communications sector and the initiative of the Central Bank of Iraq (CBI) that reached 19 trillion dinars (more than 13 billion USD) to provide housing loans contributed to the country’s rising growth rate, according to Salih. Regarding how to maintain this high growth rate, Salih explained that the funds represented the CBI’s cash reserves support economic stability, and should be invested in a budget legislation for the next year. Salih added that the budget will include an investment aspect that supports the development sector in the country and maintains high growth rates.
  2. This is an article from yesterday. Haven't seen it posted and sorry Mods if it has Iraq Stock Exchange achieves gains through cooperation with CBI Amr Salem October 9, 2022 Iraq Stock Exchange. Photo: The Tontine Coffee-House Baghdad ( – Director of Iraq Stock Exchange, Taha Ahmad Al-Rubaie, confirmed on Saturday that the cooperation between Iraq Stock Exchange, the Central Bank of Iraq (CBI) and the Iraqi Securities Commission achieved significant gains, according to the Iraqi news Agency (INA). Al-Rubaie explained that the cooperation of Iraq Stock Exchange with these two parties obliged brokerage offices owned by banks to convert to brokerage companies starting from 2008-2009, to be financially independent in accordance with the Iraqi Companies Law and to comply with the rules of the Iraqi Securities Commission. Al-Rubaie elaborated that the cooperation between the three entities resulted in obligating currency exchange companies and money transfer companies to be included in Iraq Stock Exchange based on the decision of the Ministerial Economic Committee in 2013, and to meet the standards of the Iraqi Securities Commission for listing. Al-Rubaie added that this decision made the banking sector the largest sector listed in Iraq Stock Exchange. The regular meetings held between committees from the three parties would develop the securities sector on an ongoing basis, Al-Rubaie mentioned.
  3. Hired a new CPA and In short the answer is no. I cant expense a purchase. Just trading one asset for another. So better buying a fixer upper for cheap and pay the taxes ( 50% ) on that money but we can write off 100% of the improvements and when we sell pay capitol gains. Most likely put in a trust and then the kids will get when i take a dirt nap with no taxes until they sell it and then only the amount it has appreciated.
  4. Just trying to figure out a few things before meeting with a new CPA My electrical contracting business is having a banner year. Actually the best year ever in my career. Done over $2 Million this year to date at year at over 50% profit.. My wife daughter and I are on payroll and have given ourselves raises as high as we dare to go to stay under stupid high tax rates. I've actually stopped billing customers at this point and holding off till next year to defer payments. Cant hold checks because everyone uses ACH these days. Jobs are primarily done and customers are using these electrical systems but leaving a few loose ends so i don't have to invoice legally. My POs state that jobs must be 100% complete to invoice. Bought all new trucks and lots of new equipment. Might start stocking my shelves and expensing to jobs but these are all commodities and not sure what copper and steel are going to do in the next few months My plans are to buy a property cash before years end. I started a new LLC and will distribute funds to it and then rent back to my contracting business. I know i can expense out all improvements but my question is can i expense out the property purchase itself. If I cant Ill buy one on the cheap and then upgrade myself but prefer to do as little work as possible if i can expense out a higher valued property. Anyone know the tax codes for an S corp and if this is allowed. Some tax codes changed in 2020 but have yet to get a confirmed answer from what my accountant has told me. Gonna pay a CPA to get some advise and trying to see how to spend this money in the next 3 months Thanks in advance
  5. NOW WHY ON EARTH WOULD THEY DO THAT? When I tell my son the same thing he always asks" Who is they?"
  6. $18B Deposited in Lebanese Banks by Iraqi Politicians, Gov’t Agencies Has ‘Evaporated’ HUDHAIFA EBRAHIM 09/26/2022 The funds mostly come from corrupt politicians and those seeking to avoid US sanctions An informed source in Banque du Liban, Lebanon’s central bank, told The Media Line that more than $18 billion belonging to Iraqi politicians, the Iraqi government, and the Kurdistan Regional Government of Iraq have “evaporated” due to the banking crisis in Lebanon. The source, who declined to be named, said, “This is what can be counted, and is officially registered in the names of Iraqi personalities, companies, or government agencies. There are many personalities whose balances are registered under other names and with other nationalities.” He explained, “The numbers are much higher. There are politicians who are afraid of sanctions, so they have opened bank accounts in the names of Lebanese personalities who follow the same trend, and they are often followers of [Hizbullah and Amal movement], loyal to Iran, or even Sunni personalities.” The source also said that, so far, the Iraqis have not asked to withdraw their funds, and that if they did, Lebanon’s central bank would not be able to honor the request because it does not have sufficient liquidity, and “until liquidity is available, these funds remain just numbers in the banks.” He said that more than $1.3 billion belongs to the Iraqi government and more than $650 million belongs to the Kurdistan regional government. “As for the rest of the sums, they belong to political figures, businessmen, and others who hold Iraqi citizenship, and their money has been deposited in Lebanese banks in their names and nationalities. As for those who hold other nationalities, such as European, Iranian, Asian, or American nationalities, we will not be able to count them.” The value of the Lebanese currency against the dollar was stable for more than a quarter of a century, at around 1,515 Lebanese pounds to the dollar. From 2019, it gradually deteriorated, affected by a severe economic crisis afflicting the country, and is now 39,000 Lebanese pounds to the dollar on the parallel market, though the official rate remains 1,517 Lebanese pounds to the dollar. Political corruption in Iraq contributed to the flight of funds abroad; Iraqi politicians who obtained funds illegally regularly deposited them in foreign banks. However, since the end of 2017, when the US government under former President Donald Trump began imposing sanctions on some of the politicians, depositing the money abroad became difficult, except in countries that did not implement US sanctions. Abdul Rahman al-Mashhadani, an Iraqi economic analyst, told The Media Line, “This money can be recovered if the government requests it, but the money of Iraqi politicians cannot be demanded.” He added that Lebanon could not pay the money now, but an agreement could be reached on recovering the money in installments. “Lebanon is one of the most popular countries for Iraqis to deposit their money in, because the government there is loyal to Hizbullah, which in turn is loyal to Iran, and this is in agreement with the orientation of many Iraqi politicians,” he said. In Lebanon, due to the influence of Hizbullah, US sanctions on pro-Iranian figures and parties can be circumvented “so they can deposit their money there without fear.” He continued: “What happened to the Lebanese banks plunged some Iraqi politicians into a financial crisis, but frankly, it is a small part of what the corrupt politicians own; their assets greatly exceed these sums.” Al-Mashhadani explained that Sunni Iraqi politicians could easily deposit their money in European and Turkish banks. But Shiite Iraqi politicians could only use banks in Iran, Syria, and Lebanon. And since economic situations in Iran and Syria were so precarious, Lebanese banks were the preferred solution before the economic collapse in that country.Mazhar Muhammad Salih, an adviser to the Iraqi prime minister, said in statements to the Iraqi media that “politicians who have money in Lebanese banks should forget it.” “They should forget it, it will not come back,” he told journalists while declining to answer questions about the Iraqi government’s money. Nabil Jaafar Al-Marsoumi, an economics professor at the University of Basrah, told The Media Line, “The numbers regarding Iraqi deposits in Lebanon’s banks are not accurate; the amounts are much larger.” “These funds belong to companies, some of which are registered in countries where tax evasion is possible,” he added. “Most of the money [deposited] in Lebanon is the result of corrupt operations that took place in Iraq. Lebanese banks have been facilitating deposit and transfer operations for Iraqis in the past years, and they have been a center [for financial corruption] for these officials,” Al-Marsoumi said. Ahmed A., a former employee of the Iraqi Embassy in Lebanon who spoke on condition that his full name not be used, told The Media Line, “In my work, I witnessed the transfer of many Iraqi funds to Lebanon.” “The sums were in the billions, and they were not withdrawn,” he said. “The Lebanese banks were paying more than 5% interest, which prompted Iraqi politicians to deposit their money in Lebanese banks, and now they cannot withdraw it.” He continued: “Specialized companies carried out this task. These companies were tacitly affiliated with Hizbullah. They supervised the transfers of funds and managed the bank accounts of Iraqi politicians in Lebanon.” He stressed that Lebanon was chosen to handle these funds due to Hizbullah’s control of the banks and said that some funds go to Iran as a form of support. “The politicians have billions of dollars in funds, some of which are the result of corrupt deals by foreign companies, which transfer these funds directly to the accounts of Iraqis in Lebanon,” he said. The former embassy employee added that he had “no idea” about the Iraqi government’s money in Lebanon.
  7. Monetary Sector - Currency - Currency Issued by CBI-Million IQD Data Range To Last 1 Year Last 2 Year Last 3 Year Last4 Year Last 5 Year Click anywhere on chart for a larger one Frequency: [Monthly] | Measure Unit: [Mill. of ID] AVERAGE: [35232445.70852018] | STD VAR: [19308546.1041407] | MIN: [6109336] | MAX: [83347950] | Median: [6109336] | Mean: [35232445.70852018] Source: [Central Bank of Iraq] Comments: [] Monetary Sector - Currency - Currency Outside Banks -Million IQD Data Range To Last 1 Year Last 2 Year Last 3 Year Last4 Year Last 5 Year Click anywhere on chart for a larger one Frequency: [Monthly] | Measure Unit: [Mill. of ID] AVERAGE: [31608973.887892377] | STD VAR: [17839140.2852638] | MIN: [5251388] | MAX: [76420351] | Median: [5251388] | Mean: [31608973.887892377] Source: [CBI & Commercial Banks] Comments: [Money in Circulation] Time Series Chart Monetary Sector - Currency - Currency with Commercial Banks(Million IQD) Data Range To Last 1 Year Last 2 Year Last 3 Year Last4 Year Last 5 Year Click anywhere on chart for a larger one Frequency: [Monthly] | Measure Unit: [Mill. of ID] AVERAGE: [3626033.147982063] | STD VAR: [1698125.33237799] | MIN: [491592] | MAX: [7283251] | Median: [491592] | Mean: [3626033.147982063] Source: [ Commercial Banks] Comments: []
  8. EU banks seeking to finance renewable energy projects in Iraq Amr Salem September 12, 2022 669 3 min The Governor of the Central Bank of Iraq Mustafa Ghaleb and the Ambassador of the European Union to the Republic of Iraq Ville Varjola. Photo: Iraqi news Agency Baghdad ( – The Ambassador of the European Union to the Republic of Iraq, Ville Varjola, during his meeting on Monday with the Governor of the Central Bank of Iraq (CBI), Mustafa Ghaleb, expressed the desire of European banks to finance renewable energy projects in Iraq, according to the CBI press statement cited by the Iraqi news Agency (INA). The statement mentioned that Ghaleb and Varjola discussed the bilateral economic and banking relations, especially in the field of training. Ghaleb confirmed that there are good relations with the countries of the European Union, and Iraq seeks to develop these relations, according to the statement. Ghaleb indicated that the CBI’s growing reserves of gold and foreign currencies during the last two years have a positive impact on achieving financial stability in Iraq, the statement elaborated. Ghaleb expressed his desire to enhance the cooperation between the CBI and the European Union in the field of training employees in the Iraqi banking sector, and to benefit from the expertise in European banking institutions. On the other hand, Varjola commended the efforts of the CBI to get Iraq out of the European list of high-risk countries. Varjola also indicated his desire to strengthen Iraqi-European relations in the economic fields, according to the statement. Varjola confirmed that large European banks would like to finance investment projects, particularly in the field of renewable energy, as Iraq has promising opportunities in this aspect. Varjola appreciated the stance of the CBI and its independence in terms of the political crisis in Iraq, and noted the wisdom and high professionalism of the CBI’s administration.
  9. IPBL announces increase of financial inclusion rate Amr Salem September 12, 2022 506 3 min A branch of the Trade Bank of Iraq. Baghdad ( – The Iraqi Private Banks League (IPBL) announced on Sunday that the rate of financial inclusion in Iraq rose to 33.5 percent as a result of the measures taken by the Central Bank of Iraq (CBI) in implementing the financial inclusion strategy. The financial inclusion is defined as the availability and equality of opportunities to access financial services. The financial inclusion also refers to a process by which individuals and businesses can access appropriate, affordable, and timely financial products and services such as banking, loan, equity, and insurance products. Director of the IPBL, Ali Tariq, said that the percentage of financial inclusion increased from 22.5 percent in 2020 to 33.5 percent, according to a press statement cited by the Iraqi News Agency (INA). This increase represents 49 percent compared to 2020, and it is due to the CBI’s policy that increases bank branches, digital transformation, electronic wallets and ATMs, Tariq explained. Tariq elaborated that the rise in the financial inclusion rate increased the confidence in the banking sector, thus, it would positively affect the economic growth in general. Tariq indicated that the number of employees receiving their salaries in bank accounts reached four million employees in 2021, and this increased the number of bank branches to 905. Tariq confirmed that the increase in the financial inclusion rate is related to the increased financial transactions for individuals or companies, and benefiting from various banking services. Tariq added that the volume of electronic wallets grew by 71 percent over the past year with a noticeable increase in the volume of deposits and credit provided to various sectors.
  10. Iraq’s Economy: Floating Over Oil and Turbulences Riham Darwish Published August 31st, 2022 - 02:30 GMT (Shutterstock: Iraq is one of the wealthiest countries in the world in terms of resources, but Iraq’s economy is nowhere as rich. If we were to look at the Iraqi economy, we need to examine the different phases the country has gone through over the last three or more decades. While Iraq is one of the richest countries in the world in terms of valuable natural resources, namely oil and gas, the country's potential remains unlocked due to decades of political storms, violent conflicts, and deep corruption. Over the past few weeks, Iraq lived through yet another major political hurdle, one that reignited fears of its economy facing a new set of challenges. Overview of Iraq’s Economy Iraq is a country of +40 million people, with literacy rates exceeding 85.60% and a GDP per capita approaching $5900 USD. Iraq's most valuable commodity is oil, making its economy overwhelmingly reliant on its oil wealth. Oil makes up 99% of oil exports, 85% of its government budget, and 42% of its GDP. On a global rank, Iraq has the world's 5th biggest reserve of oil and is the 6th largest producer, offering the world about 4% of its oil needs. Iraq is also rich in natural gas, being the 33rd-largest producer, and has the world's 12th-largest reserves. Iraq's non-oil economy is largely driven by the country's sectors of agriculture, food processing, chemicals, fertilizer, textile, leather goods, construction materials, tobacco, paper, and others. These figures sadly do not match Iraq's economic reality, as the country still lacks developed infrastructure, basic health services, or even oil-derived services such as consistent electricity. Challenges Facing Iraq's Economy As a matter of fact, Iraq's economy is suffering acute consequences of the different crises that rocked the country for decades, starting from years of Western-imposed sanctions during the 1990s, the US military intervention in 2003, the civil war during the 2000s, the global economic shock in 2008, the battle against ISIS in mid-2010s, and finally the economic meltdown caused by COVID19 in 2020. Prior to the COVID-19 pandemic in 2020, Iraq had lived through several months of mass protests by average Iraqis who had demanded better living conditions and an end to the country's, then, unemployment crisis among youth, which had reached (25%). However, protests that started in October 2019 were interrupted by the outbreak of COVID-19, the pandemic that aggravated the Iraqi economy's status. Being an oil-reliant economy, Iraq received a major blow in 2020, as oil prices dipped to historic lows, severely affecting the country's budget. During 2020, Iraq's GDP shrank by 11.3%, before being able to climb by 1.3% in 2021, as oil prices rebounded globally. Each of these crises has left its mark on the Iraqi economy, making it hard for its oil wealth to make up for the volatile economy. Currently, Iraq's unemployment rate among youth exceeds 35% and government revenues are experiencing slow growth, thanks to soaring oil prices throughout 2022. However, the country's economy will remain prone to instability and turbulence as long as political instability continues and as long as its wealth is still as dependent on the oil industry.’s-economy-floating-over-oil-and-turbulences-1489473
  11. Kuwait asks citizens to leave Iraq amid Baghdad unrest Protests are happening throughout Iraq following cleric Muqtada al-Sadr's announcement declaring he has given up on politics. A supporter of Iraqi Shiite cleric Muqtada al-Sadr carries the Iraqi flag as he walks down a road blocked by burning tires during a demonstration in Iraq's southern city of Basra on Aug. 29, 2022. - HUSSEIN FALEH/AFP via Getty Images Al-Monitor Staff August 29, 2022 Kuwait’s embassy in Baghdad asked citizens today to leave Iraq due to the political unrest in the country, the official Kuwait News Agency reported. What happened: The Iraqi capital, Baghdad, has been rocked by protests for days. Many of the protesters are supporters of the influential Shiite cleric Muqtada al-Sadr. The Sadrists are angry at the rival Coordination Framework’s actions vis-a-vis a new government formation and oppose the alliance’s nominee for prime minister. The Coordination Framework consists of Shiite parties that are opposed to Sadr. It includes former Prime Minister Nouri al-Maliki's State of Law Coalition and political parties affiliated with Iran-backed militias. Iraq held an election last October in which the Sadrist movement received the most votes. However, politicians have been unable to form a government since then. The situation escalated today when Sadr announced his resignation from politics. Though Sadr has claimed to retire before, his supporters protested in Baghdad and stormed the government palace. Clashes between them and security forces as well as rival militias led to 10 deaths by 11:00 pm local time, according to The Associated Press. There have been protests in other Iraqi cities as well, including Basra in the south. Know more: Gulf News reported that the Dubai-based airline Emirates suspended flights over Baghdad due to security concerns, though spokespeople for Emirates did not immediately reply to Al-Monitor's request for comment. The US Embassy in Baghdad denied rumors it evacuated its embassy in the city, according to Kurdistan 24. The Iraqi news outlet Shafaq reported that the Dutch Embassy in Baghdad's Green Zone evacuated and moved its personnel to the German Embassy. The embassy itself has not confirmed this. Read more:
  12. Protesters jump in Presidential Palace swimming pool to face Iraq’s hot weather Amr Salem August 29, 2022 537 3 min Protesters in the pool of the presidential palace in Baghdad. Photo: Alanba News Baghdad ( – Activists on social media posted videos showing dozens of protesters jumping in the swimming pool of the Presidential Palace in Baghdad. Protesters broke into the Presidential Palace in the heavily fortified Green Zone in the center of the capital, Baghdad, after leader of the Sadrist movement, Muqtada Al-Sadr, announced his withdrawal from the political work. The footage published on social media showed protesters jumping in the Presidential Palace’s swimming pool while temperatures in Baghdad reached 46 degrees Celsius. The Iraqi Joint Operations Command announced a complete curfew in the Iraqi capital, Baghdad, after protesters stormed the Green Zone. The Iraqi Joint Operations Command announced in a statement that the curfew includes all kinds of vehicles and pedestrians, starting from 3:30 p.m. on Monday. The Iraqi Prime Minister, Mustafa Al-Kadhimi directed the Council of Ministers to suspend its sessions as protesters broke into the headquarters of the Council of Ministers, according to the Iraqi News Agency (INA). The Joint Operations Command, in a statement, called on protesters to withdraw immediately from inside the Green Zone, and confirmed it adhered to the highest levels of self-restraint to prevent clashes and blood-shedding. The Joint Operations Command also affirmed its responsibility to protect government institutions, international missions, as well as public and private properties. Al-Sadr announcement to withdraw from the political work took place earlier on Monday after the 72-hour deadline he gave last Friday to the Supreme Court to dissolve the parliament expired, and after the head of the Sadrist parliamentary bloc submitted an official request in this regard. Embassy Statement on Reports of Unrest and Violence – August 29, 2022 Home | News & Events | Embassy Statement on Reports of Unrest and Violence – August 29, 2022 13 Reports of unrest throughout Iraq today are disturbing as Iraqi institutions are not being allowed to operate. The United States is concerned about escalating tensions and urges all parties to remain peaceful and refrain from acts that could lead to a cycle of violence. Iraq’s security, stability, and sovereignty should not be put at risk. Now is the time for dialogue to resolve differences, not through confrontation. The right to peaceful public protest is a fundamental element of all democracies, but demonstrators must also respect the institutions and property of the Iraqi government, which belong to and serve the Iraqi people and should be allowed to function. By U.S. Embassy in Baghdad | 29 August, 2022 | Topics: Press Releases, U.S. Embassy in Baghdad
  13. Might want to get down to 2000 calories a day
  14. My parents taught me to ALWAYS put my hands on the steering wheel when pulled over and to be polite. And if I did ever get in trouble to ALWAYS comply with officers. Never resist. So who's fault is this? The parents or lack of parents are partially responsible here.
  15. Same goes with every facet of life..... Everyone has an agenda. Best question is how do we capitalize on it. My customers are all going EV even with their Big Rigs they use to move trailers throughout their yards. Replacing fixtures with LED and and all electric forklift fleets. We are making a killing on this work. Having our best year ever and our profit is well above 60%. Nobody knows what things should cost anymore. Done over $ 2 million worth of work this year. Need to spend some big time money to avoid getting killed in taxes.
  16. Im pretty sure that glaciers are melting. What's causing this? Heck I don't know... Im an electrical contractor not a scientist. Went recently to the ice fields in Canada and the walk from the road was easily 1/2 a mile longer to the ice since the last time i visited 10 years ago. But if it is a man made problem its to late to stop it. We are already in a positive feedback loop. Its only going to melt faster.
  17. CBI evacuated following recent escalation 2022-08-23 07:58 Shafaq News / The Central bank of Iraq, as well as al-Rashid and al-Rafidain banks, have been evacuated following the recent developments in the country. A source told Shafaq News agency that this step was taken in anticipation of any escalation. The Iraqi Judicial authority decided to suspend its work on Tuesday following the Sadrist supporters' protests that began earlier today in front of the Supreme Judicial council building. The authority said in a statement that the council and the Federal Supreme court convened today morning following the protest, noting that it was decided to suspend all judicial activities in the country in protest against such "unconstitutional acts and violations of the law". The statement held the government and the political party standing behind the demonstration full responsibility for this protest's consequences. Earlier today, supporters of the Sadrist movement protested in front of the Supreme Judicial council building. The demonstrators called for implementing the demands of the powerful Shiite leader Muqtada al-Sadr, including dissolving the Parliament to hold an early parliamentary election.
  18. The United States sends 300 additional soldiers to Iraq Amr Salem August 11, 2022 423 2 min Two American soldier in Mosul in 2017. Photo: AP Baghdad ( – The United States reinforces its military forces participating in the international coalition fighting ISIS with additional 300 soldiers who will remain in Iraq for nine months and return to the United States in July 2023. These additional soldiers are from the 163rd Field Artillery Division of the Indiana National Guard, and this is the first time the United States sends this number of soldiers to Iraq since 2008. While about 85 countries participate in the international coalition to eliminate ISIS, US officials indicated that the 300 soldiers will support the security forces of the international coalition present in Iraq. US media indicated that American soldiers often volunteer to be sent to other countries, and at other times, military leaders choose experienced soldiers for this purpose. There are currently 2,500 American soldiers in Iraq, and these soldiers work with the international coalition and within the framework of NATO. They provide advice to the Iraqi forces, and it is not known whether their number will reach 2,800 soldiers with the arrival of the new force, or there will be a replacement of soldiers. In December 2021, the tasks of the US forces in Iraq and the Kurdistan Region were changed from combating tasks to merely advisory tasks, but US officials at that time quickly confirmed that Washington would not leave the Middle East.
  19. I can relate to the video. Back when life was good here in the US. Sad but its not this way anymore. I know Its been a while for you Umbertino since you visited the USA but its not the same. Its a sheethole and getting worse daily. Especially here in my once Golden state of California. The left has ruined it. And the brainwashed youth will never get to enjoy it like you and i did.
  20. Great memories. This was before this BS Woke society created the fake illusion of racism here in our once great country
  21. Paul Harvey predicted this in 1965
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