Iraq Economic News and Points to Ponder Wednesday AM 12-4-24

Minister of Finance discusses joint cooperation with World Bank representative in Iraq

Tuesday 03 December 2024 | Economic Number of readings: 352  Baghdad / NINA / Minister of Finance Taif Sami Mohammed discussed today, Tuesday, with the World Bank Representative in Iraq, Jean-Christophe Carret, ways to enhance cooperation between Iraq and the World Bank to support development projects and economic reforms.

The Minister of Finance stressed to the Bank Representative: "The importance of partnership with the World Bank in financing programs aimed at achieving sustainable development, expressing at the same time her welcome to Emmanuel Salinas, who was appointed as the new representative of the Bank to Iraq instead of Richard Abdel Nour, whose duties in Iraq ended last November, wishing him success in his new tasks and supporting development relations between the two sides in a way that achieves the interests of Iraq and its people.

The Minister stressed: "The Iraqi government's keenness to implement financial and economic reforms to ensure the stability of the national economy. It is working to implement these reforms with the aim of enhancing sustainable growth, improving the management of financial resources, combating corruption, and strengthening transparency in government institutions.

For his part, the World Bank representative praised the Iraqi government's efforts to improve the economic environment and implement programs that enhance transparency and efficiency, expressing the bank's readiness to provide more technical and financial support in line with Iraq's development priorities.

The two sides agreed to continue coordination and joint work to achieve strategic goals and enhance economic stability in the country. /  https://ninanews.com/Website/News/Details?key=1172536

Iraq Stock Exchange Trades Shares Worth More Than 2.5 Billion Dinars

Stock Exchange  Economy News – Baghdad  Today, Tuesday, the Iraq Stock Exchange recorded an increase in the value of traded shares, while the number of listed deals reached 816 deals.

The Iraqi market traded more than 2.3 billion shares, with the value of traded shares reaching 2.5 billion dinars.

The number of deals listed during today’s trading session reached 816 deals, with a change rate of 1.50%.

Five banks were the most active companies in terms of the number of shares traded and the traded value, with the International Islamic Bank coming in first place with more than one billion shares traded, followed by Al-Mansour Bank with more than 385 million shares traded.

United Investment Bank ranked third with more than 182 million shares traded, while Gulf Commercial Bank ranked fourth with more than 171 million shares traded.

The Bank of Baghdad ranked fifth, after trading more than 102 million shares.  https://economy-news.net/content.php?id=50497

Oil Prices Fall Slightly Ahead Of OPEC+ Meeting.. Brent Below $72

Energy  Economy News - Follow-up  Oil prices fell slightly amid mixed signals in the market on Tuesday, as traders awaited the outcome of this week's OPEC+ meeting.

Brent crude futures were down 9 cents, or 0.13%, at $71.74 a barrel by 0205 GMT. U.S. West Texas Intermediate crude was down 14 cents, or 0.21%, at $67.96.

“Investors are in a wait-and-see mode ahead of the OPEC+ meeting,” analysts at ANZ said in a note.

OPEC+ sources said the alliance of OPEC countries and allies led by Russia will extend the latest round of output cuts until the end of the first quarter at its meeting on Dec. 5.

OPEC+ had aimed to roll back the cuts in the first quarter of 2025, but expectations of oversupply weighed on prices.

OPEC+ pumps about half of the world's oil.

Researchers and analysts say that demand for oil in China is expected to peak next year, widening the gap between demand and supply.

Concerns that the Federal Reserve will not cut interest rates at its December meeting kept oil prices in check, offsetting some positive signals from China where the purchasing managers' index rose to a seven-month high in November.

Oil prices on both sides of the Atlantic fell by more than three percent last week.

In the Middle East, violations of a U.S.-brokered ceasefire between Israel and the militant group Hezbollah continued, with nine people killed in strikes on two towns in southern Lebanon shortly after Hezbollah fired rockets at an Israeli military post in the disputed Shebaa Farms area on Monday. 154 views  https://economy-news.net/content.php?id=50479

The Minister Of Finance Discusses With The Representative Of The World Bank In Iraq Joint Cooperation
 
Tuesday 03, December 2024 | Economical  Number of readings: 512   
Baghdad / NINA / Minister of Finance, Taif Sami Muhammad, discussed, today, Tuesday, with the representative of the World Bank in Iraq, Jean-Christophe Carré, ways to enhance cooperation between Iraq and the World Bank to support development projects and economic reforms. The Minister of Finance stressed to the bank representative:
 
“The importance of the partnership with the World Bank in financing programs that aim to achieve sustainable development, while at the same time expressing her welcome to Emmanuel Salinas, who was appointed as the new representative of the bank to Iraq, replacing Richard Abdel Nour, whose duties in Iraq ended in November.” last year, wishing him success in his new duties and supporting development relations between the two sides in the interest of Iraq and its people. The Minister stressed:

“The Iraqi government is keen to implement financial and economic reforms to ensure the stability of the national economy.
 
It is working to implement these reforms with the aim of
 
     promoting sustainable growth,
     improving the management of financial resources and
     combating corruption, in addition to
     strengthening transparency in government institutions.”
 
For his part, the representative of the World Bank
 
     praised the efforts of the Iraqi government to improve the economic environment and
     implement programs that enhance transparency and efficiency,
     expressing the Bank’s readiness to provide more technical and financial support in line with Iraq’s development priorities.
 
The two sides agreed to continue coordination and joint work to achieve strategic goals and enhance economic stability in the country.    https://ninanews.com/Website/News/Details?key=1172536   

Iraq’s Central Bank strikes cooperation deal with Frankfurt School
 
    Amr Salem December 3, 2024 104 2 min
The Frankfurt School’s headquarters in Germany. Photo: Lupp
 
Baghdad (IraqiNews.com) – The Central Bank of Iraq (CBI) said on Tuesday that it signed a cooperation agreement with the Frankfurt School in coordination with the German Agency for International Cooperation (GIZ).
 
Under the agreement, CBI staff will get training and approved professional certifications as part of a program financed by the European Union and the German government to develop public finance and financial markets in Iraq, according to a statement released by the CBI.
 
The CBI became the first Iraqi institution to formalize a cooperation agreement with the Frankfurt School.
 
This partnership aims to bolster financial education and capacity building within Iraq’s banking sector, focusing on improving access to finance for small and medium enterprises.
 
The main goal of the partnership is to improve the abilities of Iraqi financial professionals.

This includes specific training courses that cover significant issues such as credit analysis and risk management.
 
One of the biggest development organizations in the world, GIZ is distinguished by its dedication to promoting sustainable development via cooperation with an extensive network of partners.
 
The GIZ’s encompassing strategy tackles difficult global issues while advancing a future that is beneficial for people everywhere. https://www.iraqinews.com/iraq/iraqs-central-bank-strikes-cooperation-deal-with-frankfurt-school/

The Central Bank Signs A Memorandum Of Cooperation With Frankfurt School
 
December 03, 2024   Based on the principles drawn up by this bank in developing and developing the skills of its employees,
 
a memorandum of cooperation was signed between the Central Bank of Iraq and (Frankfurt School) in coordination with the German Agency for International Cooperation (GIZ), a project to strengthen public finances and financial markets in Iraq (FFM), which is funded by the Union.
 
The European Union and the German government will train the cadres of the Central Bank of Iraq in various specializations, as well as work to obtain accredited professional certificates. Thus, the
 
Central Bank of Iraq will be the first Iraqi institution to sign a memorandum of cooperation with (Frankfurt School) The Director of Development and Training stressed the importance of this cooperation and what
 
it will contribute to the process of developing the Central Bank’s cadres and the extent to which this will reflect on the Iraqi banking sector in all its fields. Central Bank of Iraq  Media office  December 3, 2024   https://cbi.iq/news/view/2727  

For current and reliable Iraqi news please visit:  https://www.bondladyscorner.com/

Seeds of Wisdom RV and Economic Updates Wednesday Morning 12-04-24

Good Morning Dinar Recaps, 

CRYPTO COMPLIANCE ‘NO LONGER OPTIONAL’ UNDER AUSTRALIA’S NEW DRAFT GUIDELINES

Sweeping proposed changes would force most crypto firms in Australia to obtain financial licensing, which some worry could drive innovators offshore.

Crypto exchanges and firms dealing with digital assets in Australia would no longer be able to avoid costly licensing under proposed guidance from the country’s corporate regulator.

On Dec. 4, the Australian Securities and Investment Commission (ASIC) released a consultation paper on proposed guidance for crypto, placing many digital assets under the category of financial products requiring in no uncertain terms that most firms dealing in crypto must be licensed.

“It’s a bit of a wake-up call,” Kate Cooper, CEO of Australia and head of APAC at the Standard Chartered-backed crypto custodian Zodia Custody told Cointelegraph.

“Compliance really is no longer optional for the industry, and a lot of the players, both local and international [...] are going to have to really look at and take an audit of what they’re doing from a custody and compliance management perspective.”

In Australia, businesses offering financial services and dealing in financial products need an Australian Financial Services License (AFSL), while platforms facilitating the trading of financial products may also need an Australian Market License.

The new guidance would require crypto exchanges and many other crypto firms to get one or both licenses.

Some worry that ASIC’s draft guidance could hang crypto startups out to dry and cause an exodus of crypto firms from the country.

“Obviously, the bigger businesses will be better able to withstand all of that regulation, all of that legal cost, compliance cost that is associated with it. Smaller businesses may struggle,” Liam Hennessy, a partner at Clyde and Co law firm and adjunct professor at the University of Sydney, told Cointelegraph.

Joni Pirovich, a crypto lawyer, wrote on LinkedIn that the updated guidance will make launching in Australia “on par or more expensive than launching offshore.”

“From a timing perspective, Australian innovators that want to launch now will likely do so offshore. Those that are based here face a significant step up in compliance costs,” she wrote.

Block Earner co-founder and CEO Charlie Karaboga, who was sued by ASIC for offering an unlicensed crypto-yield product in 2022, said it was an “amazing direction around clarity” but shared concerns about his business, which has just 13 employees, according to Pitchbook.

“I think ASIC underestimates the requirements needed to be met for an AFSL,” Karaboga told Cointelegraph, adding that firms need to hold millions of dollars on their balance sheets.

“Asking us to hold that much money basically could kill all the startups like us.”

“What’s clear is that this guidance will have significant implications for pockets of the local crypto industry,” Swyftx CEO Jason Titman said in a statement sent to Cointelegraph. “We’re not aware of any other countries that regulate exchanges like bourses. Rightly or wrongly, Australia is going it alone.”

ASIC provides much-needed crypto clarity
The silver lining, according to the executives, is that the regulator has finally released much-needed clarity for crypto — even if it is harsh.

“It is a significant piece of regulatory guidance to the market,” said Hennessy. “Anything which gives regulatory clarity is a good thing for the market.”

ASIC is considering a significant expansion of what it considers a financial product or service, including stablecoins, native token staking services, exchange tokens and wrapped tokens.

On the other hand, memecoins, gaming-linked NFTs, Bitcoin  and Ether may be able to escape the classification.

“I think it is quite an expansive view that has been taken as to what constitutes a financial product in the market,” said Zodia’s Cooper.

ASIC has invited feedback on the proposed updates until Feb. 28, 2025.

“We want to promote the growth of responsible financial innovation while ensuring consumer protection,” ASIC Commissioner Alan Kirkland said in a statement. “A well-regulated financial system benefits everyone in the community as it supports consumer confidence, market integrity and facilitates competition and innovation.”

“We encourage all stakeholders to engage with the consultation process,” he added.

A final version of the guidance is expected to come in mid-2025 after considering the feedback.

@ Newshounds News™

Source:  CoinTelegraph

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XRP LAWSUIT NEWS: CAN GENSLER’S REPLACEMENT PAUL ATKINS DISMISS RIPPLE CASE?

▪️Paul Atkins Appointed SEC Chair: Trump selects pro-crypto figure Paul Atkins as SEC chair, sparking debate on his impact on crypto regulation.

▪️XRP Lawsuit Update: Ripple’s legal battle continues as the SEC appeals the ruling, while Paul Atkins' appointment raises questions on crypto policy.

President-elect Donald Trump has chosen Paul Atkins, a pro-crypto figure, to chair the Securities and Exchange Commission (SEC), according to reports by Unchained. 

Current SEC Chair Gary Gensler announced he will step down on January 20 when Trump is inaugurated. Atkins, who served as an SEC commissioner under President George W. Bush, is well-respected in conservative legal circles and among the Republican establishment.

One major case before the federal courts is the ongoing Ripple (XRP) lawsuit, in which the SEC claims Ripple violated securities laws by issuing XRP. 

In July 2023, Judge Analisa Torres ruled that XRP was not a security when sold to retail investors on exchanges but was a security in institutional sales.

The SEC initially sought a $2 billion fine against Ripple but was instead given a $125 million penalty. In October 2024, Judge Torres rejected the SEC’s request to appeal, saying they didn’t have strong enough reasons. Despite this, the SEC appealed to the Second Circuit Court, arguing the decision went against Supreme Court rulings.

‘Paul Atkins is not what Trump Needs’

John Deaton recently explained that Paul Atkins would be a very traditional choice, one that Wall Street would likely approve of. He stated that Atkins is someone who respects the SEC and its staff, but what is truly needed is someone who challenges the SEC’s actions.

Deaton believes the SEC has harmed investors, rather than protecting them, and that a change in attitude is necessary. While Deaton would support Atkins if chosen, he feels he’s not the right fit if President Trump aims to bring change to crypto regulation.

Attorney Jeremy Hogan mentioned the cons of Atkins’ appointment and wrote,

“He won’t be the bull in the china shop many in the crypto space want. He will make measured and deliberate changes. Overall, I give his appointment a B+ for the digital asset industry, and that was good enough to get me a law degree so, yeah!”

FAQs

Who is Paul Atkins and why is he important for crypto regulation?
Paul Atkins is a pro-crypto figure nominated as SEC chair by Trump, potentially influencing crypto policies and regulations.

What happened in the SEC vs Ripple case?
The SEC sought a $2 billion fine against Ripple but was given a $125 million penalty. The SEC continues appealing the decision in higher courts.

@ Newshounds News™

Source:  Coinpedia

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RIPPLE LABS IS ABOUT TO USE XRP TO TURN REAL ESTATE UPSIDE DOWN  |  Youtube

@ Newshounds News™

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IRAQI PARLIAMENT MEETING TURNS INSANE!  |  Youtube  

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

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“Tidbits From TNT” Wednesday Morning 12-4-2024

TNT:

Tishwash:  Al-Sudani in Parliament.. The economic file is on the agenda and the numbers "highlight" the reality

Prime Minister Mohammed Shia al-Sudani will be a guest of Parliament today, Wednesday, at his request, for the first time in two years, as he will be under the dome of Parliament for only the second time as Prime Minister after the first time his government won confidence in October 2022, and while this hosting comes at the request of al-Sudani specifically, this means that he has a lot to show before the House of Representatives.

Although the talk about the situation in Syria and security in the region is the most prominent, as official statements say, the statements also indicated that the talk will include the economy, services, and the Sudanese government program.

It is well known that the space of "political bidding" in Iraq, especially in the past few years, is very profitable in the fields of economy and services, because it shows the political forces keen on the interests of citizens and some groups, so it is very expected that the parliament will witness talk and discussion about economic and service issues related to Al-Sudani's government.

Contrary to the sustainable crisis, non-oil revenues compete with oil revenues

When talking about the economy during Al-Sudani’s era, it witnessed many fundamental changes. In fact, some economic indicators were a “permanent blot” on the face of the Iraqi economy for 20 years, specifically non-oil revenues and the percentage they constitute of total revenues.

During the current year and until last September, non-oil revenues constituted 11% of total revenues and amounted to more than 12.4 trillion dinars, while oil revenues constituted 89%.

This percentage is absolutely unprecedented in the past years, when non-oil revenues did not exceed 5% of total revenues at best. In 2023, the percentage of non-oil revenues reached 7%, and in 2022 it reached 5%.

The second most persistent crisis is shaking up... Flared gas is declining

As for the flared gas, which is also one of the biggest economic crises in Iraq, the government has achieved an increase in the percentage of gas invested and stopped the flared gas.

Previously, Iraq was producing 2,700 cubic meters of associated gas per day, investing 1,500 cubic meters of it, and burning 1,200 cubic meters per day. Now, Iraq produces 3,000 cubic meters of gas per day, investing more than 2,000 cubic meters of it per day, and burning only 1,000 cubic meters, which means that the gas investment rate is 66%, while the burned rate is 34%, while in previous years the invested gas rate was between 50 and 55%, and the burned rate was between 50 and 45%.

Iraq exports derivatives, not imports them

In addition, the issue of exporting crude oil and returning to importing fuel and derivatives is one of the most problematic issues that were considered “shameful” for Iraq, as the second largest oil producer in OPEC imports oil derivatives, as Iraq used to import derivatives worth more than $3 billion annually.

Iraq was importing about 15 million liters of gasoline per day, 10 liters of kerosene per day, and about two million liters of kerosene per day.

But within less than two years, Iraq's import of kerosene and kerosene has stopped completely, and Iraq has even started exporting kerosene, while gasoline imports have decreased by about 70% from 15 to only 5 million, and it is hoped that gasoline imports will stop completely starting next year, with the completion of the opening of isomerization units in ongoing projects in some Iraqi refineries.

Years of debts... reduced by half in two years

One of the indicators that also worried Iraq was the debt file, but despite the fact that current and mandatory operating expenses increased significantly during the past two years to reach about 120 trillion dinars annually, and recording an actual deficit rate, the government balanced the borrowing story, so that external debts decreased by half within two years.

While external debt was about $20 billion in 2022, it decreased to about $16 billion in 2023, and recently decreased in 2024 to less than $9 billion.

Unemployment and employment crisis

 The government has also taken pivotal steps regarding the unemployment crisis and the dual pressure on government employment. The legislation of the Social Security and Workers’ Retirement Law is one of the most important factors in the balance between the public and private sectors. From only 19,000 insured workers, the number of workers registered in Social Security and Workers’ Retirement has reached about half a million workers so far.

The measures related to employment and facilitating project support caused poverty rates to drop from 23% to 17.6%, and the unemployment rate dropped from 16.5% to 14.4%, according to the latest survey conducted by the Ministry of Planning, which lasted from mid-2023 to mid-2024. link

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Tishwah: Iraq's financial revenues exceed 114 trillion dinars in 9 months

The Federal Ministry of Finance revealed, on Wednesday, that the size of Iraqi revenues in the general budget during 9 months of the current year 2024 exceeded 114 trillion dinars, indicating that non-oil revenues amounted to 11%.

Shafaq News Agency followed up on the data and tables issued by the Ministry of Finance in December, for the accounts of January, February, March, April, May, June, July, August and September of the current fiscal year, which showed that oil is still the main resource for Iraq's general budget, reaching 89%, indicating that the rentier economy is the basis of the country's general budget.

The financial tables indicated that the total revenues for the nine months of the current year amounted to 114 trillion, 349 billion, 735 million, 335 thousand, and 311 dinars, indicating that the total advances amounted to 15 trillion, 796 billion, 51 million, 63 thousand, and 162 dinars.

According to the financial tables, oil revenues amounted to 101 trillion, 944 billion, 446 million, and 923 thousand dinars, which constitutes 89% of the general budget, while non-oil revenues amounted to 12 trillion, 405 billion, 292 million, and 412 thousand dinars, which constitutes 11% of Iraq’s general budget.

For his part, economic expert Mohammed Al-Hasani told Shafaq News Agency, "The defect of the Iraqi economy is that it is rentier and depends mainly on oil, and that Iraq has not activated the customs tariff that contributes to raising financial revenues properly."

He added that "attempts to support the agriculture, industry and tourism sectors in order to be a second tributary to oil were timid, and each sector did not contribute more than 4% of the gross domestic product," calling for "activating a number of laws that encourage the local and foreign private sector to enter the Iraqi market, including customs tariff laws, consumer protection and anti-monopoly laws."

In March 2021, the Prime Minister's advisor for financial affairs, Mazhar Muhammad Salih, confirmed to Shafaq News Agency that the reasons for the economy remaining rentier are due to the wars and the imposition of an economic blockade on Iraq during the past era, and the political conflicts we are witnessing today, which led to the dispersion of economic resources.

The continued reliance of the Iraqi state on oil as the sole source of the general budget puts Iraq at risk from global crises that occur from time to time due to the impact of oil on them, which makes the country turn every time to cover the deficit through borrowing from abroad or domestically, and thus indicates the inability to manage the state’s funds effectively, and the inability to find alternative financing solutions.  link

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Tishwah:  On the occasion of World Banking Day.. A call for a comprehensive review of the work of banks in Iraq

The Federal Ministry of Finance revealed, on Wednesday, that the size of Iraqi revenues in the general budget during 9 months of the current year 2024 exceeded 114 trillion dinars, indicating that non-oil revenues amounted to 11%.

Shafaq News Agency followed up on the data and tables issued by the Ministry of Finance in December, for the accounts of January, February, March, April, May, June, July, August and September of the current fiscal year, which showed that oil is still the main resource for Iraq's general budget, reaching 89%, indicating that the rentier economy is the basis of the country's general budget.

The financial tables indicated that the total revenues for the nine months of the current year amounted to 114 trillion, 349 billion, 735 million, 335 thousand, and 311 dinars, indicating that the total advances amounted to 15 trillion, 796 billion, 51 million, 63 thousand, and 162 dinars.

According to the financial tables, oil revenues amounted to 101 trillion, 944 billion, 446 million, and 923 thousand dinars, which constitutes 89% of the general budget, while non-oil revenues amounted to 12 trillion, 405 billion, 292 million, and 412 thousand dinars, which constitutes 11% of Iraq’s general budget.

For his part, economic expert Mohammed Al-Hasani told Shafaq News Agency, "The defect of the Iraqi economy is that it is rentier and depends mainly on oil, and that Iraq has not activated the customs tariff that contributes to raising financial revenues properly."

He added that "attempts to support the agriculture, industry and tourism sectors in order to be a second tributary to oil were timid, and each sector did not contribute more than 4% of the gross domestic product," calling for "activating a number of laws that encourage the local and foreign private sector to enter the Iraqi market, including customs tariff laws, consumer protection and anti-monopoly laws."

In March 2021, the Prime Minister's advisor for financial affairs, Mazhar Muhammad Salih, confirmed to Shafaq News Agency that the reasons for the economy remaining rentier are due to the wars and the imposition of an economic blockade on Iraq during the past era, and the political conflicts we are witnessing today, which led to the dispersion of economic resources.

The continued reliance of the Iraqi state on oil as the sole source of the general budget puts Iraq at risk from global crises that occur from time to time due to the impact of oil on them, which makes the country turn every time to cover the deficit through borrowing from abroad or domestically, and thus indicates the inability to manage the state’s funds effectively, and the inability to find alternative financing solutions.  link

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Mot: .. ooooh lordy!! --- the Kids these daze!!! 

Mot:  .. Siigggghhhhhh - Maybe Next Year!!!! 

Iraq News Highlights and Points to Ponder Tuesday Evening 12-3-24

Iraq Considers Its Future Away From The Dollar

December 3, 2024   Baghdad/Al-Masala: In light of the escalating tensions in the global financial system, former US President Donald Trump is exerting renewed pressure on countries to adhere to using the US dollar as the global reserve currency, which may create unexpected repercussions that may affect the dollar’s ​​position in global markets.

This pressure, which comes from Trump's well-known positions in using tariffs as a political tool, may reinforce trends seeking to move away from dependence on the dollar, and accelerate the steps of countries wishing to reduce their use of the American currency.

Although the dollar dominates more than 88% of foreign exchange trading, reflecting its exceptional power as a global lending and reserve instrument, experts say Trump’s attempts to boost the use of the dollar could backfire.

The mounting pressure could prompt some countries to look for alternatives to the dollar to avoid the risk of U.S. dominance, says Rodrigo Cattral of National Australia Bank. Cindy Lau of Avanda Investment Management says Trump’s moves are aimed at preserving the dollar’s ​​dominance as a safe store of value, which could make countries more determined to settle trade in their own currencies.

What highlights the impact of this policy on Iraq is that as a country dependent on an oil-based economy, it may come under increasing pressure as moves are made towards concluding trade agreements away from the dollar.

Iraq, which is closely linked to the global financial system through its oil exports, may find itself in a position that requires changing its financial and trade strategies to avoid excessive dependence on the dollar, which may reflect on its economic stability.

Countries such as China, Brazil and India have already begun to trade in their local currencies, a move that could mark the beginning of a new era in the international trading system. Meanwhile, Ulrich Leuchtmann of Commerzbank said the dollar’s ​​continued dominance will be challenged by increasingly self-serving US policy practices.

These developments may prompt Iraq to consider proactive steps to keep pace with future transformations, to secure its economic position in a world witnessing transformations that may threaten the stability of the current financial system.

Although Trump’s threats may not lead to an immediate collapse of the dollar’s ​​dominance, their long-term impact will be an incentive for other countries to seek ways to achieve greater economic independence, which may require Iraq to take measures to ensure the sustainability of its economy in this changing landscape.   https://almasalah.com/archives/107102

Finance Confirms The Government's Keenness To Implement Reforms To Ensure The Stability Of The National Economy

Money and business    Economy News – Baghdad  Finance Minister Taif Sami confirmed today, Tuesday, the government's keenness to implement reforms to ensure the stability of the national economy.

A statement by the Ministry of Finance, received by "Al-Eqtisad News", stated that "Minister of Finance Taif Sami Mohammed received in her official office in Baghdad, the representative of the World Bank in Iraq, Jean-Christophe Carré, where they discussed ways to enhance cooperation between Iraq and the World Bank to support development projects and economic reforms."

The Minister of Finance stressed to the Bank’s representative “the importance of partnership with the World Bank in financing programs that aim to achieve sustainable development,” expressing at the same time her welcome to the World Bank’s representative in Iraq, who was appointed as the Bank’s new representative in Iraq, replacing Richard Abdel Nour, whose duties in Iraq ended last November.

Minister Sami stressed the "Iraqi government's keenness to implement financial and economic reforms to ensure the stability of the national economy. It is working to implement these reforms with the aim of enhancing sustainable growth, improving the management of financial resources, combating corruption, and strengthening transparency in government institutions.

 For his part, the World Bank representative praised "the Iraqi government's efforts to improve the economic environment and implement programs that enhance transparency and efficiency, expressing the bank's readiness to provide more technical and financial support in line with Iraq's development priorities."

The statement added, "The two sides agreed to continue coordination and joint work to achieve strategic goals and enhance economic stability in the country." 21 views  Added 12/03/2024 - 1:42 PM  https://economy-news.net/content.php?id=50495

Government Communication To {Sabah}: Electronic Payment Contributes To Strengthening The Economy

Economic  12/03/2024   According to the confirmation of the government outreach team, and amidst the continuous support of Prime Minister Mohammed Shia al-Sudani.

Economic Benefits

According to the head of the government outreach team, Ammar Munim, to "Al-Sabah", "the government support for electronic payment comes from Prime Minister Mohammed Shia al-Sudani's belief in the economic benefits it brings to the national economy, revitalizing it and pushing it forward."

Munim explained that "the local market must adopt advanced financial transactions that make money paths clear, transparent and secure, and in this direction there are great benefits for the national economy and achieving revenues."

Government Decisions

As for the Executive Director of the Association of Private Banks, Ali Tariq, he told "Al-Sabah": "The development witnessed by Iraq in the electronic payment joint comes thanks to the government's understanding of the reality of electronic payment in financial performance, as government decisions had a great and influential echo in expanding the circle of its adoption."

He pointed out that "today there are about 800 government institutions that adopt electronic payment, as government instructions obligated its adoption with zero fees."

Financial Movements

He pointed out that "electronic payment works to achieve results that serve the national economy, as it reduces the rates of financial corruption and avoids dealing with counterfeit currencies, in addition to documenting financial movements and making them safer."

Confident Steps

 In turn, the director of the national awareness campaign to spread the culture of electronic payment "Esreflak" Ahmed Adel said: "The campaign is continuing with confident steps and in the field to reach the largest segment within Iraqi society and inform them of the importance of electronic payment, as we work to organize direct events within human gatherings."

He pointed out that "there are challenges facing the campaign and its movement, but cooperation with the relevant authorities enabled the campaign management to overcome them and it became possible to be present in public places and reach all segments of society.

Financial Transformation

As for the economic expert and consultant Alaa Fahd, he said: "The culture of electronic payment in Iraq is a recent spread as a result of the progress in global financial systems and the need for financial development of the engines of digital financial transformation, and this transformation requires changing the culture and belief of society, especially the simple popular classes who fear any financial procedure away from cash."

He pointed out that "this requires awareness media campaigns that promote this culture and market it to everyone, including the (Spend for You) campaign that was launched at the beginning of the digital transformation in Egypt, and was recently launched in Iraq as part of the first national campaign forum to spread culture," indicating that the campaign clarifies "the importance of electronic financial transformation."

Financial Security

Fahd continued: "There is a gradual change in the culture of electronic payment with the government's orientation towards this transformation and providing all facilities and facing all challenges in order to spread the culture and believe in it from the standpoint of benefit, as it is (Spend for You) in terms of financial security, eliminating corruption, saving time and effort, ease of carrying, and getting rid of counterfeiters Damaged and stolen items and other benefits provided by financial transformation, this requires doubling efforts to achieve full success.”   https://alsabaah.iq/106629-.html

Seeds of Wisdom RV and Economic Updates Tuesday Evening 12-03-24

Good Evening Dinar Recaps,

TRUMP TAPS PAUL ATKINS FOR NEXT SEC CHAIR, MAKING GOOD ON HIS CRYPTO PROMISES

Atkins has been vocal in his support of the industry and was the first libertarian to serve as an SEC commissioner under President George W. Bush.

President-elect Donald Trump has selected the pro-crypto Paul Atkins to chair the Securities and Exchange Commission (SEC), according to three sources familiar with the discussions. 

One source specified that Trump has reached out to Atkins but is waiting on him to accept. By selecting Atkins, Trump is delivering on a promise he made to the crypto community during his campaign.

Spokespeople for Atkins did not respond to immediate requests for comment.

“President-Elect Trump has made brilliant decisions on who will serve in his second Administration at lightning pace,” Trump-Vance Transition Spokeswoman Karoline Leavitt told Unchained. “Remaining decisions will continue to be announced by him when they are made.”

Current Chair Gary Gensler, who announced two weeks ago that he will resign on Jan. 20 when Trump is inaugurated, has made himself a pariah in the crypto industry for pursuing what’s been seen as a policy of regulation by enforcement. 

Atkins will now need to be confirmed by the Senate, unless Trump chooses to pursue a recess appointment while the Senate is out of session.

Atkins served as an SEC commissioner under President George W. Bush and is widely respected in conservative legal circles and amongst the establishment Republican party.

Since leaving the commission he’s become outspokenly supportive of the crypto industry, having co-chaired the Token Alliance at the industry group Digital Chamber of Commerce since 2017.

As founder and chief executive of the consultancy Potomak Global Partners, Atkins has advised digital finance companies on regulatory compliance topics since 2009.

“Senate Republicans really respect the tradition of Commissioner Paul Atkins,” explained George Mason University professor J.W. Verret, who previously served on the SEC Advisory Committee, in a call earlier this month. “He was the first time anyone had been a true libertarian and SEC commissioner, and that was a unique thing.”

The team vetting candidates for the chairperson position reached out to crypto industry leaders two weeks ago asking for their preferences, demonstrating how much Gensler’s unpopularity has figured in Trump’s latest nomination.

Gensler was criticized for not establishing clear rules and guidelines for the crypto industry. 

Under his leadership, the SEC instead pursued a plethora of enforcement actions against crypto companies and protocols, including exchanges, token issuers, and NFT creators, for failing to register with the agency or disclose their work with what the SEC claimed were unregistered securities offerings. 

For his part, Gensler only clarified that he saw Bitcoin as a commodity, insisting that existing securities laws could be applied to other crypto projects, even including ether until the SEC approved spot ether ETFs.

Gensler had also developed a reputation for being difficult to work with. Atkins, by contrast, is known to find a way to retain strong working relationships with people despite ideological disagreements. 

“There was never a commissioner at the history of the commission that was more respectful and thankful of the staff at the commission,” said John Reed Stark, who worked with Atkins at the SEC in 2008.

Seizing upon the industry’s hatred for Gensler, Trump began promising clearer rules for the industry this summer. Framing crypto innovation as a key point of competition between the United States and other countries, Trump promised to make the United States a “world capital” for crypto in part by replacing Gensler. 

He also said that he would appoint an “advisory council” focused on crypto to help him fine-tune policy, and potentially establish a national bitcoin strategic reserve, in part by not selling bitcoin that the government has seized in various financial crimes.

Because of his support for the industry, numerous crypto entrepreneurs donated both cash and crypto to Trump’s campaign. People interested in crypto who prioritized crypto policy in their voting decisions, from industry leaders to retail traders, had also tilted towards favoring Trump in the months leading up to the national election.

@ Newshounds News™

Source:  Unchained Crypto

~~~~~~~~~

FED RATE CUT IN DECEMBER? HERE’S HOW BITCOIN PRICE WILL REACT

▪️The market is anticipating a 0.25% interest rate cut by the US Federal Reserve in December.

▪️A rate cut could boost investor confidence, leading to increased investment in riskier assets like Bitcoin.

▪️The overall economic outlook, especially under a potential Trump presidency, could influence the Fed's decision.

The crypto market is buzzing with anticipation as investors bet that the US Federal Reserve will cut interest rates by 0.25% in December. According to the CME FedWatch tool, the chances of this happening have jumped to 74.5%, up from 66% just a few days ago. What’s driving this growing confidence? If the Fed cuts rates, it would mark the third reduction this year, and it could have major implications for the economy—and for Bitcoin.

What Could a Fed Rate Cut Mean for Crypto?

A rate cut lowers the cost of borrowing for individuals and businesses. When interest rates are lower, loans become cheaper, which can encourage spending and investment. For the stock market and riskier assets like Bitcoin, rate cuts are generally seen as a positive development.

Investors tend to feel more comfortable taking on risks when borrowing costs decrease, making them more likely to invest in assets with higher potential returns, like cryptocurrencies.

Currently, the Federal Reserve’s interest rate is between 4.5% and 4.75%, following two previous cuts this year. Another reduction would signal a more supportive economic environment, which could encourage investors to put their money into riskier assets like Bitcoin.

Experts Weigh In

Marko Papic, Chief Strategist at BCA Research, predicts the US Federal Reserve will cut interest rates in December. He also believes the US dollar may peak by mid-2025, driven by possible economic disappointments under Donald Trump.

At the same time, Federal Reserve officials are hinting at a rate cut. Governor Christopher Waller stated on December 2 that he leans toward supporting a cut, but the decision will depend on upcoming economic data, like inflation and job reports. New York Fed President John Williams has also mentioned that interest rates might be reduced gradually, though he hasn’t specified when this might happen.

Ultimately, the Fed’s decision will depend on the economic performance over the next few weeks.

Could the Rate Cut Fuel Bitcoin?

Bitcoin has already seen impressive growth this year, more than doubling in value. Many analysts are optimistic that Bitcoin could break the $100,000 mark by the end of 2024. With a possible rate cut from the Fed, Bitcoin’s price could continue to rise, benefiting from the increased investor interest in riskier assets.

With Bitcoin on the rise, the stage is set for a thrilling end to 2024, with the Fed’s actions playing a central role.

@ Newshounds News™

Source: Coinpedia 

~~~~~~~~~

CRYPTO EXPERT SHARES TOP BOND INVESTING STRATEGIES | Youtube

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Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

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$36 Trillion Debt Crisis and New Trade Wars

$36 Trillion Debt Crisis and New Trade Wars

David Lin:  12-3-2024

In a world where economic indicators are often painted with a broad brush, the recent discussion between Matthew Piepenburg of Von Greyerz AG and David Lin has brought to light the perils that arise from massive national debts and the looming threat of trade wars.

With the U.S. debt surpassing a staggering $36 trillion, experts like Piepenburg are sounding alarms about potential economic collapse and the cascading effects of tariffs on inflation and growth.

The enormity of the U.S. national debt is hard to fathom. With fiscal policies driven by ongoing governmental spending, social programs, and responses to crises such as the Covid-19 pandemic, this figure continues to climb.

Piepenburg highlights that the sheer size of this debt is unsustainable, potentially leading to adverse consequences for the economy. As the government borrows more to cover its obligations, the risk of default—or inflation as a means to reduce the real value of that debt—grows.

An economy burdened by such debt also accumulates risks associated with higher interest rates, which could become necessary to attract investors to buy more government bonds. Higher interest rates would, in turn, increase borrowing costs for businesses and consumers, adversely affecting spending, investment, and overall economic growth.

In conjunction with soaring debt levels, escalating trade tensions further compound these economic challenges. The U.S. administration’s recent imposition of tariffs on various imports is a focal point of Piepenburg’s discussion, evoking fears of a new trade war reminiscent of the one initiated in 2018. Trade wars often result in increased costs for goods, driving up inflation as prices are passed down to consumers.

Economists argue that tariffs can lead to disruptions in supply chains, decrease the efficiency of markets, and stifle global trade, which has historically fueled economic growth. Piepenburg emphasizes that the interplay between rising tariffs and inflation could create a challenging environment, not just for U.S. consumers but for the global economy as well.

Amidst these conflicting headwinds, the outlook for the dollar itself appears uncertain. As the largest economy grapples with historic levels of debt and potential trade conflicts, the strength of the dollar, long seen as a global safe haven, could be tested. Piepenburg articulates concerns about a potential loss of confidence in the currency as inflation rises and purchasing power diminishes.

Should the dollar weaken significantly, it could trigger a series of negative effects—from increased costs of imports to struggles in maintaining financial stability—potentially leading to a scenario where the U.S. economy suffers further contraction.

Piepenburg’s warning of “crazier times” reflects a sentiment that is increasingly echoed among analysts and economists. As monetary policy grapples with inflation management and attempts to stabilize the economy amidst geopolitical uncertainties, markets may see volatility like never before.

Investors are urged to consider hedging their wealth not just against inflation, but also against the destabilizing effects of potential trade wars. Gold and other commodities are often seen as safe-haven assets in uncertain economic climates, with many market participants exploring diversification strategies in anticipation of turbulent times ahead.

As the United States navigates a debt crisis and examines the implications of new trade wars, the questions of inflation, economic growth, and the future of the dollar loom larger than ever. Matthew Piepenburg’s insights into these matters serve as a clarion call for vigilance amid a complex and evolving economic landscape.

As consumers, investors, and policymakers grapple with these issues, the conversation about sustainability, resilience, and structural reform becomes more critical than ever. A cautious approach may be warranted as the global economy stands at a precipice, ready to either soar or stumble in response to the extraordinary challenges ahead.

https://youtu.be/pSe_vdILsXA

Seeds of Wisdom RV and Economic Updates Tuesday Afternoon 12-03-24

Good Afternoon Dinar Recaps,

COINBASE WILL DROP LAW FIRMS WHO HIRE ANTI-CRYPTO FORMER SEC STAFF — CEO

Coinbase CEO Brian Armstrong said the exchange stopped working with law firm Milbank after it hired former SEC official Gurbir Grewal.

Coinbase CEO Brian Armstrong said the cryptocurrency exchange will not work with law firms that hire individuals involved in what he described as anti-crypto actions during their tenure in government.

On Dec. 3, Armstrong said in an X post that Coinbase will avoid law firms that hire people who tried to “unlawfully kill” an industry without clarifying the rules. He urged the crypto community not to support individuals who had worked against the sector.

Armstrong claimed senior partners at law firms are often unaware of the crypto industry’s position on this issue. He encouraged community members to make their law firms aware that hiring anti-crypto officials could result in losing business.

Coinbase drops Milbank after law firm hires Gurbir Grewal
Armstrong said that Coinbase ended its relationship with Milbank after the law firm hired Gurbir Grewal, the former enforcement director at the United States Securities and Exchange Commission.

On Oct. 2, the SEC announced that Grewal would resign from his position at the agency. The securities regulator said that Grewal had recommended over 100 enforcement actions to address “widespread noncompliance” in the digital asset industry.

On Oct. 15, Milbank said it had onboarded the former SEC official to its litigation and arbitration group. Milbank chairman Scott Edelman praised Grewal’s “record of success” as a federal prosecutor and the SEC’s enforcement head.

Because of this, Armstrong said Coinbase decided to stop working with Milbank. He said:

“If you were senior there, you cannot say you were just following orders. They had the option to leave the SEC and many good people did. It was not a normal SEC tenure.”

Following Donald Trump’s victory in the 2024 US presidential election, members of the crypto community have expressed optimism about a more favorable regulatory environment in the US. This has contributed to bullish momentum in the market, with Bitcoin reaching an all-time high of $99,645 on Nov. 22.

@ Newshounds News™ Source: CoinTelegraph 

~~~~~~~~~

BRICS NEWS:  BRICS COUNTRIES REACT TO TRUMP’S 100% TARIFF THREATS

President-elect Donald Trump threatened BRICS countries with 100% tariff rates if they decide to ditch the US dollar for trade.

 Trump made it clear that de-dollarization or launching a new currency and payment system to bypass the US dollar will be met with a 100% tariff on goods entering the US markets. If the tariff is imposed, BRICS countries will find it hard as their imports and export sectors will be hit.

On the heels of the recent 100% tariff threats by Trump, BRICS countries have reacted to the development. While some members doubt the tariff can be put in place, others remain cautious to not irk the President-elect. The balancing act of diplomacy now comes into the picture and how they navigate the next four years will decide the success of the de-dollarization agenda.

100% Tariffs on Goods Entering the US: BRICS

BRICS member Russia said that Trump’s threats will backfire as the alliance is committed to uprooting the US dollar’s dominance. “More and more countries are switching to the use of national currencies in their trade and foreign economic activities,” said Kremlin spokesman Dmitry Peskov to Reuters.

The spokesperson said that BRICS countries will band together stronger if Trump adds further economic pressure on the alliance. “If the US uses force, as they say, economic force, to compel countries to use the dollar it will further strengthen the trend of switching to national currencies,” said Peskov.

On the other hand, BRICS member India also remains skeptical of Trump’s 100% tariff threats. The think tank GTRI said that imposing tariffs will inadvertently make consumer goods more expensive for US customers. While the export and import sectors will take heat, eventually the sellers will place the tax on the consumer’s shoulders.

@ Newshounds News™ Source:  Watcher Guru

~~~~~~~~~

WANT TO STAY AHEAD IN CRYPTO? WATCH THIS NOW  |  Youtube

The UK Introduces Regulations!

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

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Iraq Economic News and Points to Ponder Tuesday AM 12-3-24

Government Communication To {Al-Sabah}: Electronic Payment Contributes To Strengthening The  Economy
 
Economical 12/03/2024  Baghdad: Hussein Thaghab  According to confirmation by the government outreach team, and amid continued support from Prime Minister Muhammad Shiaa Al-Sudani.
 
Economic benefits
 
According to the head of the government communication team, Ammar Moneim, to “Al-Sabah,”   
“Government support for electronic payment comes from Prime Minister Muhammad Shiaa Al-Sudani’s belief in the economic benefits it brings to the national economy, reviving it and pushing it forward.”  Menem stated that "the local market must adopt advanced financial transactions that make the money paths clear, transparent and secure.

This approach has great benefits for the national economy and generates revenues."
 
Government decisions
 
As for the Executive Director of the Association of Private Banks, Ali Tariq, he told “Al-Sabah”:
 
“The development that Iraq witnessed in the field of electronic payment comes thanks to the government’s understanding of the reality of electronic payment in financial performance, as  
government decisions had a great and influential impact in expanding the circle of its adoption.”

 He pointed out that  "today there are about 800 government institutions that adopt electronic payment, as government instructions obligated it to be adopted with zero fees." He pointed out that
 
Financial movements
 
"electronic payment works to achieve results that serve the national economy, as it
 
     reduces the rates of financial corruption and
     avoids transactions in counterfeit currencies, in addition to
     documenting financial transactions and
     making them safer."
 
Confident steps
 
In turn, Ahmed Adel, director of the national awareness campaign to spread the culture of electronic payment, “Asfarlak,” said:
 
“The campaign is continuing with confident steps and on the ground to reach the largest segment within Iraqi society and inform them of the importance of electronic payment, as we work to organize direct events within human gatherings.”  He pointed out that
 
"there are challenges facing the campaign and its movement, but cooperation with the concerned authorities enabled the campaign management to overcome them and it became possible to be present in public places and reach all segments of society."
 

Financial transformation
 
As for the expert and economic consultant, Alaa Fahd, he said:  “The culture of electronic payment in Iraq is newly widespread as a result of the progress in global financial systems and the need for financial development of the engines of digital financial transformation.
 
This transformation requires changing the culture and belief of society, especially the simple popular classes who fear any measure.” “My money is far from cash.” He pointed out that "this requires awareness-raising media campaigns that promote this culture and market it to everyone, including the (Israfilak) campaign,
 
which was launched at the beginning of the digital transformation in Egypt, and recently was launched in Iraq within the first national campaign forum to spread culture," indicating that  the campaign explains "the importance of financial transformation." "electronic".  Fahd continued:
 
Financial security
 
“There is a gradual change in the culture of electronic payment with the government’s approach to this transformation, providing all facilities and confronting all challenges in order to spread the culture and believe in it from the point of view of benefit, as
 
it is (Isreflak) in terms of
 
     financial security,
     eliminating corruption,
     shortening time and efforts,
     ease of downloading, and
     getting rid of counterfeiting.” "And
 
this requires redoubling efforts to achieve full success."    https://alsabaah.iq/106629-.html   

The Central Bank Completes The Exam To Grant The Certified Branch Manager Certificate
 
December 02, 2024   The Center for Banking Studies, one of the formations of the Central Bank of Iraq, has completed an international examination, the first of its kind, to obtain the Certified Branch Manager (CBM) certificate from the Professional Development Institute (PDI), which is affiliated with the Institute of Accountants and Accounting Assistants (IAB).
 
64 branch managers from government and private banks participated as an initial stage to grant them this certificate after they completed a qualification course that would help them pass the exam.
 
This certificate is considered one of the professional certificates that supports the banking sector and enhances the efficiency of branch managers and develops their skills.

The Director General of the Studies Center said:
 
This qualifying course, followed by the exam, will
 
     help participants develop the basic concepts and principles of banking branch management and
 
prepare them to be equipped with the basic skills that branch managers must have through developing administrative, behavioral and professional skills,
 
     skills for dealing with customers, and
 
     understanding and developing sales skills.
 
     Banking and resolving problems with customers according to best practices, as well as
 
     building an effective complaints system.
 
It is worth noting that such international examinations give importance to the Iraqi banking sector and prepare it to keep pace with modernity and rely on the professional certificates of its staff.
 
The Center for Banking Studies also seeks to provide professional certificates in addition to this certificate to develop the banking and financial sector in Iraq within its training plans.
    
    Central Bank of Iraq      Media office      December 1, 2024   https://cbi.iq/news/view/2725   

It Does Not Remain “Just Attractive”... Iraq Wants To Invest Its Money “In Projects Abroad”
  2024-12-02 | 1,199 views  Alsumaria News-Economy  Today, Monday, a member of the Iraqi Parliament, Representative Ibtisam Al-Hilali, revealed  Iraqi plans to activate foreign investments, meaning that  Iraq will invest its surplus funds in projects abroad.

Al-Hilali said in an interview with Al-Sumaria News,  “Thanks to the good diplomatic relations established by the Sudanese government of Muhammad Shiaa with neighboring countries and the world,
economic relations have also improved,” noting that “there re large internal and external investments.”

She explained that  "internal investments serve the country by improving the environmental situation and infrastructure," indicating that "foreign investments have a financial and economic return for Iraq."

She confirmed that "we had a meeting with the French embassy to activate foreign investments," indicating that  "Iraq is a financially capable country that can invest its money in foreign investments to benefit the public benefit of Iraq and neighboring countries."
 
Questions have often been raised about the reason for Iraq investing its money in various sectors, including foreign sports sectors as well as technology, like other countries, which could lead to diverse financial returns with the lack of non-oil revenues in Iraq compared to oil revenues.   
 
https://www.alsumaria.tv/news/economy/508197/لا-يبقى-جاذبًا-فقط-العراق-يريد-استثمار-أمواله-بمشاريع-في-الخارج   

Central Bank Of Iraq Sells Over $285 Million In Currency Auction
02/12/2024  Mawazine News – Economy  The Central Bank of Iraq's dollar sales, on Monday, recorded more than $285 million during the currency auction.

The bank explained that the total sales amounted to $285 million, 603 thousand and 220, and were covered at a basic exchange rate of 1310 dinars per dollar for documentary credits and international settlements for electronic cards, and at the same rate for foreign transfers, while the cash exchange rate amounted to 1305 dinars per dollar.

Sales focused on strengthening balances abroad in the form of transfers and credits, which amounted to $280 million, 503 thousand and 220, which constitutes 98% of total sales, while cash sales amounted to only five million and 100 thousand dollars.

The bank indicated that one bank bought the dollar in cash, while 13 banks met requests to strengthen balances abroad, with the participation of 8 exchange companies in the auction.

https://www.mawazin.net/Details.aspx?jimare=257098

Iraq Stock Exchange Index To Lead Arab Stock Markets In October 2024

Economy  | 02/12/2024  Mawazine News – Baghdad  The Arab Monetary Fund announced in its monthly report for October 2024 the distinguished performance of Arab financial markets, as the Iraq Stock Exchange topped the list of best performing markets during the month, recording a growth of 12.39%, ahead of the rest of the markets in the region.

According to the report, a copy of which was received by Mawazine News, "The Damascus Stock Exchange came in second place with a growth of 6.99%, while the Dubai and Amman stock exchanges witnessed an improvement of 1.94% and 1.35%, respectively. The Muscat, Bahrain and Kuwait stock exchanges also recorded slight increases of less than 1%."

In this context, the Chairman of the Securities Commission, Faisal Al-Haimus, stated: "This distinguished performance of the Iraq Stock Exchange reflects the positive developments in the local economic environment and the regulatory reforms implemented by the Commission to enhance the attractiveness of investment in the Iraqi financial market.

We will continue to work to provide a stable and transparent investment environment that enhances investor confidence and contributes to supporting the national economy."

Al-Haimas stressed that this achievement is an additional incentive to continue efforts aimed at developing the Iraqi financial market and enhancing its role as an engine of economic growth in Iraq.

https://www.mawazin.net/Details.aspx?jimare=257114

For current and reliable Iraqi news please visit:  https://www.bondladyscorner.com/

Seeds of Wisdom RV and Economic Updates Tuesday Morning 12-03-24

Good Morning Dinar Recaps,

HOUSE LAWMAKERS PROPOSE STUDIES ON AI IN FINANCIAL SERVICES, HOUSING

Top lawmakers in the United States introduced a bill that would require federal regulators to conduct studies on how artificial intelligence (AI) impacts the financial services and housing industries.

Congresswoman Maxine Waters introduced a bill directing several federal financial regulators to study the present and potential benefits and risks of AI in the two industries. It was co-sponsored by House Financial Services Committee Chair Patrick McHenry.

The  pair have also supported each other in a resolution acknowledging the increasing use of AI in the finance and housing markets, according to a Dec. 2. statement from the House Financial Services Committee.

Under the Waters-sponsored AI Act of 2024, key regulators like the Federal Reserve and the Federal Deposit Insurance Corporation would have to report how banks implement AI to detect and deter money laundering, cybercrime and fraud.

AI is already impacting mortgage lending and credit scoring, among other things, Waters said, explaining the need for a more comprehensive AI reporting regulatory framework.

AI-powered research is also being used for market surveillance purposes and tenant screening, McHenry’s resolution said.

McHenry added: “These bills are a small, but critical, step forward to empower the financial system to realize the numerous benefits artificial intelligence can offer for consumers, firms, and regulators.”

His resolution suggested the House Financial Services Committee should consider whether to reform privacy laws as data use becomes more AI-driven.

McHenry said he wants the US to remain a leader in AI development and utilization.

Waters and McHenry’s measures build on the House Committee’s Bipartisan AI Working Group, which was established on Jan. 11.

Republican members include French Hill, Young Kim, Mike Flood, Zach Nunn and Erin Houchin, while the Democrat members include Stephen Lynch, Sylvia Garcia, Sean Casten, Ayanna Pressley and Brittany Pettersen.

The group’s formation followed US President Joe Biden’s executive order on Oct. 30 to establish a “Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence.”

@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

TRUMP’S SEC CHAIR SELECTION: PREDICTION MARKETS SIGNAL MAJOR REGULATORY CHANGES

These prediction markets show trader speculation, not confirmed plans. Paul Atkins leads in trading as a possible Trump’s SEC chair pick, with markets showing a 70% probability. Any appointment would follow the 2024 election results, but traders expect significant changes in financial market oversight.

How Trump’s SEC Chair Appointment Could Impact Crypto Regulation and Market Oversight

The race for the next possible SEC chair shows clear patterns in prediction markets. Here’s what current trading reveals:

Paul Atkins Emerges as Leading SEC Chair Candidate
Traders strongly back Atkins for Trump’s SEC chair position. His SEC commissioner experience and pro-innovation views match his 70% rating in prediction markets. His selection could bring major changes to crypto regulation approaches.

New SEC Chair Appointment Could Reshape Markets

Paul Atkins Emerges as Leading SEC Chair Candidate
Traders strongly back Atkins for Trump’s SEC chair position. His SEC commissioner experience and pro-innovation views match his 70% rating in prediction markets. His selection could bring major changes to crypto regulation approaches.

New SEC Chair Appointment Could Reshape Markets

Prediction markets suggest big changes if Trump picks a new SEC chair. Current market odds favor:

▪️Paul Atkins: Former SEC commissioner (70% chance)
▪️Brian Brooks: Crypto industry expert (20% chance)
▪️Hester Peirce: Current SEC commissioner (2% chance)

Crypto Regulation 2024 Faces Potential Overhaul
Traders believe crypto regulation in 2024 could change significantly. Markets suggest Atkins as SEC chair might ease current restrictions. His past work shows he supports innovation with reasonable oversight.

Market Trading Shows Strong Confidence
Over $503,418 in trading volume reveals high interest in the SEC chair position. Atkins’ probability has jumped from 25% to 70% since November, though these remain speculative bets.

Regulatory Framework Faces Possible Changes
Markets suggest a new SEC chair might change:

▪️How crypto is overseen
▪️Market rules
▪️Support for new ideas
▪️How rules are enforced

Prediction markets offer insights but can’t guarantee outcomes. Any SEC chair needs proper nomination and approval. Current trading shows what markets expect while acknowledging many factors could affect the final choice.

Trading patterns point to possible regulatory shifts, but all predictions remain speculative. The high trading volume shows strong market interest in potential SEC leadership changes, even as the actual appointment process awaits future developments.

@ Newshounds News™

Source:  Watcher Guru

~~~~~~~~~

What's Driving XLM Price to OVERTAKE XRP - The Economic Ninja  |  Youtube

The Ninja compares XLM and XRP.

@ Newshounds News™

~~~~~~~~~

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Tuesday Morning “Tidbits From TNT” 12-3-2024

TNT:

Tishwash:  CBL to print 30 billion dinars in order to withdraw old banknotes

The Central Bank of Libya (CBL) has announced signing contracts to print 30 billion dinars to replace the old currency, saying the old banknotes will be withdrawn "smoothly" at a later-set date. 

This came during a meeting held by the Governor of the Central Bank, Naji Issa, to review the plan of the Central Bank of Libya to solve the problem of cash shortages.

During the meeting, it was agreed to raise the ceilings for immediate payment at the level of individuals and merchants to 20,000 dinars for a single transfer for individuals, and 100,000 for a single purchase transaction.

The Central Bank also revealed in the statement the launching of a new service for transfers between companies with a ceiling of one million dinars for a single transfer.

According to the statement, Issa ordered the directors of the departments concerned with the Central Bank of Libya, the liquidity team, and banks suffering from a liquidity shortage, to manage according to the plan approved by the Board of Directors to solve this problem gradually and radically starting from January 2025.

The Governor also stressed the need to improve and develop the infrastructure of banks in order to achieve the expansion of electronic payment services according to the prepared plan. link

************

Tishwash:  Securities Commission: Iraq Stock Exchange Leads Arab Stock Markets

The Securities Commission announced, today, Monday, the rise in the Iraq Stock Exchange index, while indicating that it topped the Arab financial markets in October 2024.

The Authority said in a statement received by the Iraqi News Agency (INA): "The Arab Monetary Fund mentioned in its monthly report for October 2024 the distinguished performance of Arab financial markets, as the Iraq Stock Exchange topped the list of best performing markets during the month, recording a growth of 12.39%, ahead of the rest of the markets in the region."

According to the report, the Damascus Stock Exchange came in second place with a growth of 6.99%, while the Dubai and Amman stock exchanges witnessed an improvement of 1.94% and 1.35%, respectively, while the Muscat, Bahrain and Kuwait stock exchanges recorded slight increases of less than 1%.

According to the statement, the Chairman of the Authority, Faisal Al-Haimus, confirmed that "this distinguished performance of the Iraq Stock Exchange reflects the positive developments in the local economic environment and the regulatory reforms implemented by the Authority to enhance the attractiveness of investment in the Iraqi financial market," noting that "we will continue to work to provide a stable and transparent investment environment that enhances confidence among investors and contributes to supporting the national economy." 
Al-Haimas stressed that "this achievement is an additional incentive to continue efforts aimed at developing the Iraqi financial market and enhancing its role as an engine of economic growth in Iraq."ink

************

Tishwsh:  Ways you never thought of.. Judges reveal methods of smuggling hard currency

Several judges and legal experts spoke about the latest methods of smuggling dollars out of the country, pointing out that currency smugglers have developed their means and methods of smuggling money.

They explained in statements covered by (Al-Masry - Monday) that one of the latest methods that have been presented, in practical reality, is smuggling currency through prepaid electronic payment cards, where the accused agrees with ordinary citizens to issue payment cards in their names in exchange for small amounts that he gives them, then he fills the cards, carries them and takes them out of the country through airports and then withdraws the amounts in cash through ATMs in the countries to which he travels.

They continued, currency smugglers collect a large number of Key Cards and Visa Cards after filling them with national currencies and traveling with them outside Iraq.  link

************

Tishwash:  Visa Launches Tap to Phone Technology in Iraq

In cooperation with the Moroccan Electronic Monetary Association

 Visa, a global leader in digital payments, has launched  “Tap   to Phone” technology in partnership with the Maghreb Electronic Money Association (S2M) to empower small and medium-sized businesses in Iraq with solutions to accept digital payments at a low cost.

The Maghreb Electronic Money Association’s Mobile Tap solution, which uses Visa’s Tap to Phone technology, enables merchants using Near Field Communication (NFC)-enabled Android devices to accept contactless payments simply by downloading a dedicated app. The collaboration aims to revolutionize the payments landscape by enabling merchants to seamlessly accept payments using their smartphones without the need for additional hardware investment.

“We are delighted to partner with the Maghreb Electronic Money Association to launch Tap to Phone in Iraq. This strategic collaboration is in line with our commitment to enhance financial inclusion for small businesses by providing digital payments capabilities at a lower cost,” said Leila Serhan , Vice Chairman and Regional Head of Corporate Business Leadership for North Africa, Levant and Pakistan at Visa.

This innovative solution enables retail outlets to develop and improve the payment experience for consumers. Service staff at store fronts can support consumers to make payments easily without having to stand in queues at the cashier, which means a better customer experience.”

Mobile Tap provides SMEs with the option to accept digital payments at a lower cost, paving the way for greater participation in the digital economy. This innovative approach eliminates the need for traditional POS terminals and can help facilitate a better consumer experience in payments. The solution provides merchants and customers with greater convenience and flexibility during transactions.

The Mobile Tap service empowerment reflects S2M ’s unwavering commitment to empowering merchants through innovative software and technology, significantly enhancing the commerce experience for all. “This strategic alliance presents a great opportunity to elevate the level of digital payment solutions available and promote financial inclusion across Iraq, ensuring that all consumers and merchants can participate and thrive. Over the past decade, we have witnessed the incredible potential for innovation and growth within the Iraqi market, and we are committed to supporting its dynamic payments ecosystem,” said Mohamed Amarti Rifi, S2M Executive Vice President.

As a network that works for everyone, everywhere, Visa’s mission is to advance digital commerce for the benefit of consumers, businesses and economies across Iraq. This strategic collaboration aligns with Visa’s goal of enabling more payment acceptance points using cutting-edge technologies such as Tap to Phone to support small businesses with digital payments capabilities at a lower cost. link

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Mot:  .. Not Something You See Every Day!!!! 

"Dad gassing up in Eureka Roadhouse, Alaska. Only in Alaska." -- Briana Brumley

Mot:  Losing car in parking lot 

MilitiaMan & Crew-Iraq Dinar News-CBI Gov Monetary Position Excellent-Stop Gov Loans-Private Sector Stage is Set

MilitiaMan & Crew-Iraq Dinar News-CBI Gov Monetary Position Excellent-Stop Gov Loans-Private Sector Stage is Set

12-2-2024

The Crew:  Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man

Be sure to listen to full video for all the news……..

https://www.youtube.com/watch?v=vxpMQR4bSzc

A Few More Tidbits From TNT Monday Night 12-2-2024

TNT:

Tishwash:  TikTok under scrutiny.. Central Bank suspends financial transactions with its agents in Iraq

 The Central Bank announced, today, Sunday (December 1, 2024), the suspension of financial transactions with TikTok agents in Iraq.

The Central Bank stated in a document received by "Baghdad Today" that "it was decided to stop incoming and outgoing financial transactions for TikTok agents inside Iraq.  link

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Tishwash:  Parliamentary Finance Committee sets a “national path” to end oil disputes between Baghdad and Erbil

The head of the Parliamentary Finance Committee, Atwan Al-Atwani, announced on Sunday the determination of a "national path" to resolve the oil disputes between Baghdad and Erbil, noting that the committee is preparing a report on amending one of the articles in the General Budget Law.

A statement by the committee received by Shafaq News Agency stated that Al-Atwani chaired an expanded meeting with the senior staff of the Ministry of Oil, in the presence of the committee members and a number of members of the Oil, Gas and Natural Resources Committee. The meeting discussed the files of managing the country's oil wealth and the future of oil prices, as the country's budget is formed by 90% of these revenues.

According to the statement, the meeting discussed developments in resolving outstanding issues with the Kurdistan Region regarding resolving disputes over calculating production costs and adapting foreign companies’ contracts to the Iraqi constitution, with the aim of resuming exports via the Turkish Ceyhan pipeline.

Al-Atwani pointed out that his committee is in the process of preparing its report on amending Article 12 of the General Budget Law, and submitting it to the House of Representatives for the second reading.

He stressed that the Finance Committee held a series of continuous meetings with officials in the federal government and the regional government, and "defined a national path to find a radical solution to this problem on a constitutional and legal basis and in a way that achieves justice in the distribution of wealth among Iraqis."

Al-Atwani stressed the need to set a timetable for implementing the provisions of the oil agreement between the center and the region, in accordance with what was stipulated in the draft law amending the Federal General Budget Law, which the Council of Ministers voted on and sent to Parliament.

In turn, the Undersecretary of the Ministry of Oil for Extraction Affairs, Basem Muhammad Khadir, reviewed the mechanisms for calculating the cost of oil production and transportation, and the most prominent understandings reached with the region in this regard.

The Undersecretary of the Ministry of Oil stressed the necessity for the Federal Ministry of Oil to be responsible for the reservoir management of the region’s oil fields, noting that his ministry has fixed standards for calculating the cost of producing a barrel of oil, whether at the level of fields managed by national effort or those managed by foreign companies. link

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Tishwash:  Association of Banks: 75% of the money supply is outside the banking system

The Private Banks Association said on Sunday, December 1, 2024, that three-quarters of the monetary mass in Iraq is outside the banking system.

The Executive Director of the Private Banks Association, Ali Tariq, said in a statement followed by "Ultra Iraq", "About 75 percent of the monetary mass is outside the banking system and requires a great effort to encourage citizens, companies and institutions to use the banking system more, which is currently happening, but this type of work needs to be accelerated to control financial operations in Iraq."

Despite what the director said in this regard, the World Bank claimed last February that the infrastructure for electronic payment systems in Iraq is “among the best in the region,” according to a statement issued by  the Central Bank of Iraq . 

“During the last two years, deposits in the banking sector have increased, but there is still a large amount of cash outside the banking system. This requires increasing confidence in the banking sector, whether governmental or private, and strengthening this confidence through the Central Bank of Iraq and the Iraqi government, in addition to offering investment programs for deposits that reflect on citizens’ deposits, which could generate returns for depositors in these banks, and thus there is an incentive and motivation to increase these deposits,” Tariq added.

The Iraqi authorities have taken steps towards activating the  electronic payment system , starting with localizing employees’ salaries, and then installing  electronic payment devices  in different places, including gas stations. However, many experts and specialists still believe that the culture of electronic payment is not at the required level, for many reasons, including those related to economic and electronic culture, in addition to the fact that  the widespread corruption  in the country hinders its full implementation. 

According to experts  , the Iraqi government, through attempts to implement electronic payment, aims to withdraw the cash mass in circulation in Iraq, which amounts to 84 trillion dinars. link

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Mot: Here is photographic evidence that Rudolph was not allowed to play in any reindeer games.

Mot: . ole "'Earl"" is mighty Handy He is!! 

Seeds of Wisdom RV and Economic Updates Monday Afternoon 12-02-24

Good Afternoon Dinar Recaps,

BRAZIL PROPOSES TO BAN STABLECOIN WITHDRAWALS TO SELF-CUSTODIAL WALLETS

A public consultation notice from the Central Bank of Brazil intends to prohibit stablecoin withdrawals to self-custody wallets.

The Central Bank of Brazil (BCB) has unveiled a regulatory proposal prohibiting centralized exchanges from allowing users to withdraw stablecoins to self-custodial wallets.

According to the public consultation notice, the transfer of stablecoins — called “tokens denominated in foreign currencies” — between residents would be restricted in cases where Brazilian law already allows payments in foreign currencies.

The BCB shared in a statement:

“The initiative reflects our commitment to adapting the financial system to the realities of digital assets while safeguarding the integrity of international capital flows.”

The move is part of the crypto regulation bill approved in Brazil in December 2022, which determined that the BCB is responsible for creating the rules for the crypto industry in the country.

The public consultation will be open until Feb. 28, 2025, and market participants can share their opinions with the regulator. However, the BCB can override the inputs and do as described in the document.

Balancing regulations
According to the Brazilian central bank, the proposed rules aim to enhance legal certainty for businesses and individuals while fostering competition and efficiency in the foreign exchange market.  

The proposed regulation outlines three core activities for virtual asset services providers operating in the foreign exchange market: facilitating international payments and transfers via crypto, providing exchange or custody services for tokens denominated in Brazilian reais for non-residents, and managing transactions involving tokens pegged to foreign currencies.  

In addition, crypto investments, whether inbound or outbound, would be subject to the same regulatory standards as traditional investments. External credit, direct foreign investment, and Brazilian capital abroad involving crypto would require compliance with existing international capital regulations.

Under the public consultation, centralized exchanges must also get a foreign exchange license to offer stablecoin-related services.

A significant market
According to data from Brazil’s Internal Revenue Service (RFB) published on Nov. 13, nearly 4.4 million Brazilians transferred $4.2 billion in crypto in September.

Stablecoins represented 71.4% of all the value transferred during the month, with roughly $3 billion transacted. Tether USD (USDT) dominated with $2.77 billion moved by Brazilian crypto investors.

@ Newshounds News™

Source:  CoinTelegraph

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COINBASE ANNOUNCES APPLE PAY FOR FIAT-TO-CRYPTO PURCHASES

“Coinbase Onramp takes the hassle out of fiat-to-crypto conversions with lightweight KYC for eligible purchases, free USDC on and offramping, and access to the most popular payment methods,” Coinbase said in a statement. 

Apple Pay will allow users to get onchain in seconds granting quick access to some of the world’s leading cryptocurrencies. Users can access Moonshot, an app using Onramp to get Onchain quickly.

For eligible purchases, Coinbase provides lightweight KYC to make the process of getting Onchain even simpler while still protected. The addition of Apple Pay also allows users to access free USDC on and offramping on Coinbase.

According to Coinbase, if you’re an existing app using Coinbase Onramp, there’s nothing you need to do. Users will automatically see Apple Pay appear as an option when making an eligible purchase. Eligible users can sign up for Onramp quickstart to get started and access Apple Pay as an option on Coinbase. Users can also use one-click-buy for an even faster experience.

Coinbase investors gained confidence in the company following the announcement, with COIN stock climbing 3% Monday.

@ Newshounds News™

Source:  Watcher Guru

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XRP BECOMES THE TOP TRADED TOKEN ON BINANCE AND COINBASE, HITS ALMOST 7-YEAR HIGH

XRP, which saw its fourth ETF filing Monday, also now has the third-largest market cap among all cryptocurrencies, after it shot past Tether’s USDT and Solana’s SOL.

XRP has been the most popular token by trading volume in the last 24 hours on several centralized exchanges, such as Binance and Coinbase

XRP’s virality on centralized exchanges comes as the token climbed on Monday to a nearly seven-year high of $2.77, a 40% jump in the last 24 hours and a 433% increase over the past 30 days. 

The token native to the Ripple ledger currently has a market cap of about $158 billion, surpassing both Tether’s USDT and Solana’s SOL, making XRP the third largest cryptocurrency by market cap.

On Binance, the dominant non-U.S. centralized exchange, XRP’s 24-hour volume of $7 billion makes up 13.3% of total trading activity. For the U.S.’s biggest exchange, Coinbase, XRP has a 24-hour volume of $3 billion, comprising almost 30% of the total volume.

XRP tops trading volume on OKX, Kraken, and KuCoin as well, market data from CoinGecko shows. XRP trading on Upbit, a prominent centralized exchange in South Korea, makes up 38.6% of the entire venue’s 24-hour trading volume of $19.8 billion.

Wall Street titans are also preparing to launch spot XRP exchange-traded funds as ETF provider WisdomTree submitted a Monday filing for a spot XRP ETF with the U.S. Securities and Exchange Commission, joining Bitwise, Canary Capital, and 21shares.

Small Retail FOMO
“The 6-year (nearly 7-year) high comes as wallets with 1M-10M XRP have accumulated 679.1M tokens (currently worth $1.66B) in just 3 weeks,” the team behind market intelligence platform Santiment wrote on X early Monday. At current prices, one million XRP tokens are worth almost $2.8 million.

 Maksim Tkachuk, who works on product at Santiment, further told Unchained over Telegram that the team is observing high levels of FOMO, short for “fear of missing out,” from small retail holders, defined as addresses with 100 to 10,000 XRP tokens.

“Overall when those retail darlings take the spotlight, the whole market becomes dangerous as the main drivers of the price at this point are greed and FOMO,” Tkachuk wrote. 

“Per [Santiment’s] internal agreement – the top is near… at least a very sizeable correction is what we agree on like 20-25 percent in majors.”

Stablecoin, RWA and DeFi Plans
Meanwhile, Ripple is gearing up to roll out a new USD stablecoin on its blockchain, as the New York Department of Financial Services is expected to approve the product, according to Fox Business last week.

Sally Zhu, who is part of the venture capital arm of crypto market-making firm Amber Group, messaged Unchained on Telegram saying, “I think XRP’s recent price surge is about the buzz around tokenizing [real-world assets]…” They’re teaming up with players like Archax to bring things like equities and global debts onto the XRP Ledger.”

Archax, a digital asset exchange, broker, and custodian, announced on Nov. 25 that it has provided access to a money market fund in a tokenized form on the XRP Ledger. “With such a huge opportunity to reshape how financial instruments are traded and managed, XRP is riding the wave of optimism now.”

Decentralized finance (DeFi), a subsector of the crypto space that enables users to conduct financial activities without intermediaries, has strong roots in Bitcoin, Ethereum, and Solana. Some crypto users are now exploring DeFi on the XRP Ledger.

For example, Robert Leshner, the CEO of asset management firm Superstate, said he was in the “trenches,” testing the infrastructure of automated market markets and inspecting the memecoins on the network, per an X post on Sunday.

Despite the recent upward price movement of XRP, people in the crypto space have long criticized the XRP Ledger for its lack of decentralization. Justin Bon, founder and chief investment officer of Cyber Capital, specifically pointed to the consensus mechanism for the XRP Ledger. “XRP’s consensus is based on UNLs (Unique Node Lists), literal centralized lists of trusted nodes released by single parties, including the foundation,” Bons wrote on X.

@ Newshounds News™

Source:  Unchained Crypto   

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XRP WORLD RESERVE CURRENCY  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

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