World Turns its Back on the Collective West - News from the 24th SCO Summit

World Turns its Back on the Collective West - News from the 24th SCO Summit

Think BRICS:  7-5-2024

Discover how the world is shifting towards a multipolar world order, prioritizing regional cooperation and economic integration.

 The Shanghai Cooperation Organization (SCO) emerges as a key Eurasian alliance driving this transformation. In this discussion with Clive Ettia and Anastasia of Think BRICS and Rhod Mackenzie of ‪@SCOBRICSInsight we delve into the SCO's significant impact on regional stability and global geopolitical dynamics, focusing on its member states: Russia, Kazakhstan, Kyrgyzstan, Tajikistan, Uzbekistan, Pakistan, India, Iran, and the new Belarus.

We explore the economic resilience fostered by the SCO amidst global challenges like fuel shortages and sanctions on Russia, and how alternative trade systems and financial innovations are being developed to counter Western economic pressures.

At the recent summit in Astana, Kazakhstan, Russian President Vladimir Putin underscored the SCO's role in shaping a more equitable international system.

 We examine the complex relationship between Russia and Kazakhstan, highlighting their strategic maneuvering within the SCO. Additionally, we discuss India's pioneering efforts to create an alternative to the SWIFT financial messaging system, promoting rupee trade settlements and enhancing economic sovereignty.

Join us as we analyze the SCO's proactive stance in global affairs, emphasizing its pivotal role in fostering regional cooperation and economic integration.

 This video provides a comprehensive understanding of how the SCO is positioned as a cornerstone of stability and development in Eurasia and beyond.

While this video offers an in-depth analysis of the Shanghai Cooperation Organization's (SCO) influence on regional cooperation, economic integration, and geopolitical tensions, it does not cover detailed individual profiles of the SCO member states or their internal political dynamics.

The focus is primarily on the collective actions and strategies of the SCO rather than specific national policies.

Additionally, this video does not delve into the historical formation of the SCO or its early years of development. For those interested in the origins and initial challenges of the SCO, further research and separate sources will be necessary.

By concentrating on the current and forward-looking aspects of the SCO's role in the multipolar world order, we aim to provide viewers with a clear and concise overview of its contemporary relevance and future potential.

https://www.youtube.com/watch?v=9smd7vdf3O0

Iraq Economic News and Points To Ponder Friday AM 7-5-24

Urgent| An Economic Expert Warns: We Are Close To The Moment The Dinar Collapses Against The Dollar

  July 4, 2024  Baghdad/Iraq Observer   Economic expert Ziad Al-Hashemi warned, today, Thursday, of the collapse of the Iraqi dinar against the US dollar in light of the presence of rising factors.

 Al-Hashemi said in a blog post on the (x) platform, followed by “Iraq Observer,” that

 “(dollar exchange rates) are on the threshold of 1,500 dinars and are likely to rise further, after the US Federal Reserve banned Iraqi remittances in Chinese yuan, due to suspicions of smuggling, money laundering, and financial fraud.”  

He added:   “It is expected that this ban will cause an increase in demand for the cash dollar within the parallel markets, and this may push the Iraqi Central Bank to return to implementing more stringent measures that will increase the state of anxiety and turmoil in the markets.” Al-Hashemi continued:

  “During this week, we witnessed the cessation of selling the dollar to travelers through approved banking companies and restricting it to sales outlets inside the airport only.

 This measure will cause more rapid demand for the dollar from the parallel market, especially with the start of the travel season.” He continued: “As I mentioned in previous attached tweets, the Iraqi Central Bank has not been able, more than 18 months after the exchange rate crisis, to dismantle and solve the exchange rate problem, as the factors of rising exchange rates are still effective and influential.”

He pointed out that   “what happened in the last period was merely a postponement of the moment of the collapse of the dinar against the dollar, by numbing the markets with an imaginary stability as a result of a huge sale of the dollar that could decline sharply with any decision from the Federal Reserve that turns the tables on the central bank’s actions, and this is what happened today.”    https://observeriraq.net/عاجل-خبير-اقتصادي-يحذر-اقتربنا-من-لحظة/    

The Central Bank Urges Reporting Cases Of Corruption

 July 03, 2024     The Central Bank of Iraq encourages witnesses, experts, and whistleblowers to report cases of corruption, in accordance with Article (9/second) of the Law on the Protection of Witnesses, Experts, Informants, and Victims No. (58) of 2017 related to rewarding whistleblowers for corruption cases.

 This bank indicates that the informant is rewarded for reporting cases of corruption if it leads to their disclosure, within the basis and amount of the reward according to a system issued by the Council of Ministers.   Central Bank of Iraq   information Office   3 - July – 2024   https://cbi.iq/news/view/2610    

A Government Source Announces The Size Of The Debts Collected For The Trade Bank Of Iraq

 Economy    Yesterday, 20:59  Baghdad – IA   A government source announced today, Thursday, the volume of debts collected for the Trade Bank of Iraq.

 Speaking to the Iraqi News Agency (INA), the source said,  “Within the framework of the effort made by the government in the field of financial and administrative reform of the government banking sector, and based on the directives and continuous follow-up of the Prime Minister to restructure the due debts (government and private sector), which benefits the Iraqi Bank.”

 For TBI Trade, the following results were achieved during the last period of the government’s life:

1. The total debts collected and owed by the government sector, including the balances of the Kurdistan region, and paid to the Iraqi Trade Bank until 6/30/2024 amounted to approximately one trillion and 630 billion Iraqi dinars.  He added,

 "2. The total debts collected and owed by the private sector and paid to the Iraqi Trade Bank until 6/30/2024 amounted to approximately three hundred and forty-eight billion Iraqi dinars,

 3. The total amounts collected to the Ministry of Finance IRAQ2 account, which represent expired and canceled credit balances, It amounted to approximately fifty-three million dollars.  He continued,

 "Work is continuing to settle other debts in this area, in coordination with the entities issuing those credits."    https://www.ina.iq/212001--630-.html   

Nassif: “Capital” Circumvents Iraqi Law And Drains Iraqi Funds Through The Currency Auction

 Policy     2024-07-03 | 2,923 views   A member of the Parliamentary Integrity Committee, Representative Alia Nassif, revealed today, Wednesday, that the  Capital Bank is circumventing Iraqi law, while indicating that  it is draining Iraqi funds through the currency auction.  Nassif said in a tweet on "X", "Capital Bank agreed with the National Bank to circumvent Iraqi law by opening an account for Iraqi clients at Capital and then making investment transfers."

She added, "Huge sums are deposited in Iraqi dinars and then transferred and received in Amman in dollars as part of an organized operation to smuggle money into Jordan," indicating that  "Iraqi funds are being drained through the currency auction."    https://www.alsumaria.tv/news/politics/492906/نصيف-الكابيتال-يتحايل-على-القانون-العراقي-ويستنزف-الأموال-العراقية-بمز    

Stopping Dealing In Chinese Remittances, Whether Temporary Or Permanent.. Al-Kazemi Reveals The Details To Al-Sumaria

 Special Sumerian     2024-07-04 | 3,920 views Member of the Parliamentary Finance Committee, MP Moeen Al-Kadhimi, revealed today, Wednesday, the  reason for stopping Chinese transfers in the “yuan” currency, while indicating that  the matter is temporary until investigation mechanisms are found.

Al-Kadhimi said in an exclusive interview with Al-Sumaria News that “China’s transfers in the yuan currency have been temporarily stopped Until audit mechanisms are found.”  Al-Kadhimi added, "During the past period, we have found significant manipulation of Chinese remittances."

 https://www.alsumaria.tv/news/alsumariaspecial/492972/إيقاف-التعامل-بالحوالات-الصينية-مؤقت-ام-دائمي-الكاظمي-يكشف-لـ-السومرية

To read more current and reliable Iraqi news please visit :  https://www.bondladyscorner.com/

Provoking Thoughts and Points To Ponder On Adversity:

I have always grown from my problems and challenges, from the things that don't work out. That's when I've really learned.  - Carol Burnett

Those things that hurt, instruct.  - Benjamin Franklin

Pain is the root of knowledge.  - Simone Weil

Life can be real tough ... you can either learn from your problems, or keep repeating them over and over.  - Marie Osmond

Bad times have a scientific value. These are occasions a good learner would not miss.  - Ralph Waldo Emerson

http://famousquotesandauthors.com/topics/adversity_quotes.html

http://famousquotesandauthors.com/quotes_by_topic.html

Seeds of Wisdom RV and Economics Updates Thursday Evening 7-4-24

Good Evening Dinar Recaps,

WHAT IS A TIER ONE BANK?

"Banking regulations known as the Basel Accords require banks to have different types of capital on hand. These liquid and cash assets balance out the risk-weighted assets that banks hold. This increases banks' stability, which increases the stability of the overall financial system. "

"Tier 1 capital is the primary funding source of the bank. Typically, it holds nearly all of the bank's accumulated funds. These funds are generated specifically to support banks when losses are absorbed so that regular business functions do not have to be shut down.  Under Basel III, the minimum tier 1 capital ratio is 10.5%."


"What Do the Basel Accords Do?"

"The Basel Accords are international banking regulations that ensure banks have enough capital on hand both to meet their obligations and absorb any unexpected losses. They are set by the Basel Committee on Bank Supervision (BCBS)."

© Newshounds News™

Read more:  Investopedia
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Crypto Industry Is About to Boom, Is Outperforming the Internet: Architect Partners

The digital asset industry added more than $750 billion in value in the first half of the year, the report said.

—The cryptocurrency industry is starting a major growth phase, the report said.

—Architect Partners said the industry added more than $750 billion in value in the first half of the year.

—Crypto, the stepchild of the internet, is outperforming its predecessor at the same part of their respective life cycles, the advisory firm said.

The digital asset industry is beginning a major growth phase and is in a far better place than it was two years ago, investment bank Architect Partners said in a quarterly report published last week.

© Newshounds News™

Read More:  Coin Desk

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"ISO 20022 is an ISO standard for electronic data interchange between financial institutions."

"Over the next four years, ISO will revolutionize the banking sector by improving efficiency, data quality and the ability for organizations to establish enhanced controls."

"Over 70 countries have already adopted ISO 20022 in their payment systems including Switzerland, China, India and Japan. SWIFT, which begins its own migration journey to ISO 20022 in November 2022, estimates 80% of global, high-value payments by volume will be processed through the standard by 2025."

© Newshounds News™

Read more:  The Global Treasurer, Wikipedia

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BRICS and XRP

"In its foundational documents, including summit declarations and joint communiqués, BRICS emphasizes key principles like respect for sovereignty, non-interference in the internal affairs of member states, and a commitment to a multipolar world. These documents typically revolve around topics such as trade, investment, technology, and sustainable development."

BRICS and XRPL: A Surprising Convergence
"Surprisingly, within the realm of these documents, a unique convergence with blockchain technology, particularly Ripple’s XRPL, becomes apparent. The mention of XRPL within BRICS documents reflects an acknowledgment of the potential of blockchain technology to reshape the global financial landscape. This recognition indicates that the member nations of BRICS perceive blockchain as a strategic enabler for enhancing financial systems, fostering transparency, and promoting efficient cross-border transactions."

"Ripple’s XRP Ledger (XRPL) stands out in the blockchain space due to its focus on facilitating real-time, cross-border transactions with minimal fees. Unlike traditional financial systems, which can be slow, costly, and subject to intermediaries, XRPL’s decentralized nature allows for seamless peer-to-peer transactions, enabling faster remittances and lower fees. So, the integration of XRPL technology could potentially streamline trade and investment between BRICS member states, promoting economic growth and collaboration."

© Newshounds News™

Read more:  All Coin Buzz

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Vietnam's Digital Payments Landscape: A Look at the Emerging Trends

Vietnam's digital payment ecosystem is undergoing a remarkable transformation, driven by a tech-savvy population, government initiatives, and innovative financial solutions. Over the past decade, the country has seen a surge in digital payment adoption, making cashless transactions a way of life for millions of Vietnamese people.

Vietnam's digital payment revolution is marked by a shift away from cash transactions toward convenient, secure, and efficient digital payment methods. E-wallets, QR code payments, contactless cards, and innovative fintech solutions have played a pivotal role in reshaping the country's payments landscape.

Read more:  FinExtra

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Japan Is on a Web 3.0 Hot Streak, and the World Should Take Notes

From its cultural heritage to cutting-edge technological advancements, Japan is where ancient customs and modern marvels converge.

The unique blend of tradition and innovation reflects Japan’s strategic positioning within crypto.

Putting regulatory clarity into practice

Despite crypto’s evolution from a speculative investment to an asset class contributing to a balanced portfolio, governments worldwide remain conflicted about how to regulate it.

While it’s not atypical for regulatory bodies to disagree on how to oversee financial instruments, the approach to crypto assets continues to be divisive.

India, for example, has no centralized authority handling crypto regulations and offers no guidelines for settling disputes when dealing with digital assets, leaving investors to trade at their own risk.

The absence of regulations allows unmonitored practices to flourish – and without appropriate safeguards, criminals can and do benefit from the lack of oversight, leaving law-abiding citizens to suffer.

Without laws, there are no legal ramifications, and crypto has magnified this issue before when people or organizations have gotten away with crimes due to legal shortcomings.

{{This is why putting the Regulations into place is so important.}}

Read more:  DailyHodl

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CRYPTOCURRENCY EXPLAINED WITH PROS AND CONS FOR INVESTMENT  
Learn what you need to know before you invest in a virtual currency | Investopedia

☝An excellent article if you are new to crypto

~~~~~~~~~

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Thank you Dinar Recaps

Iraq Economic News and Points To Ponder Thursday Afternoon 7-4-24

In An Economic Analysis.. Indicating The Most Prominent Reasons For The Variation In Dollar Prices In Iraq

Time: 2024/07/04 Read: 1,586 times  {Economic: Al Furat News} The economic expert, Salah Nouri, indicated that the American embargo is one of the most prominent reasons for the variation in the dollar price in Iraq.

Nouri explained via {Al Furat News} that: "Another reason that affects the disparity between the parallel market price of the US dollar and the official exchange rate is the US ban on each of {Russia, Iran, Syria}."

Nouri added, "Therefore, goods and merchandise cannot be imported from them through financial transfers via the electronic payment system of the Central Bank of Iraq, but rather by obtaining the dollar from the parallel market, i.e. increasing demand for it."

Stability of the price

In addition, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed the stability of the dollar exchange rate against the dinar despite its significant rise today, reaching 1,500 dinars.

Salih told {Al Furat News} that the fixed exchange rate system in Iraq is based on the rule of international reserves, which is the highest in the history of Iraq and its monetary policy, as foreign currency covers more than 100% of the total currency currently issued.

In view of the strength of the official central exchange market, the exchange rate of the dollar to the dinar in the parallel market today in our country does not constitute any relative importance in influencing the stability of the general price level, which has become stable in its components and trends due to the influence of the official exchange rate factor currently dominating the financing of foreign trade (imports) amounting to 1320 dinars per dollar.

The selling prices in the field of exchange in the local markets with the closing of the main stock exchange in Baghdad today, Thursday, recorded 149,750 Iraqi dinars for 100 dollars, while the purchase amounted to 147,750 dinars for 100 dollars.  LINK

Government Source Announces The Amount Of Debts Collected For The Benefit Of The Trade Bank Of Iraq

Trade Bank of Iraq  Banks  Economy News – Baghdad   A government source announced, on Thursday, the amount of debts collected on behalf of the Trade Bank of Iraq.

The source said in a statement reported by the official news agency, and reviewed by "Al-Eqtisad News", that "within the framework of the government's efforts in the field of financial and administrative reform of the government banking sector, and based on the directives and continuous follow-up of the Prime Minister to restructure the due diwan (government and private sector) that benefit the Trade Bank of Iraq (TBI),

the following results have been achieved during the past period of the government's life:

1. The total debts collected and owed by the government sector, including the balances of the Kurdistan Region and paid to the Trade Bank of Iraq until 6/30/2024, amounted to approximately one trillion and 630 billion Iraqi dinars."

He added, "2. The total debts collected and owed by the private sector and paid to the Trade Bank of Iraq until 6/30/2024 amounted to approximately three hundred and forty-eight billion Iraqi dinars. 3. The total amounts collected to the Ministry of Finance's account IRAQ2, which represent balances of expired and canceled credits, amounted to approximately fifty-three million dollars."

He added, "Work is ongoing to settle other debts in this area, in coordination with the entities issuing these credits."  76 views 07/04/2024 - https://economy-news.net/content.php?id=44903

Al-Sudani: Iraq is witnessing the highest growth rate in the region

Money  and business  Economy News – Baghdad  Prime Minister Mohammed Shia al-Sudani confirmed today, Thursday, that Iraq is witnessing the highest growth rate in the region.

The Prime Minister's media office stated in a statement received by "Al-Eqtisad News" that Al-Sudani "sponsored today, Thursday, the annual celebration of the National Job Day, which was held at the government palace in the capital, Baghdad, where 50 distinguished employees in various fields were honored, who were chosen by specialized committees; for their excellence in job performance."

Al-Sudani praised the "distinguished employees who worked hard and deserved distinction. This selection of male and female employees proves the strength of the Iraqi and the principles, confidence and positive energy he carries," stressing that "the martyr who sacrificed himself for Iraq and the Iraqis remains the first distinguished one."

He added, "We commend the initiative to honor distinguished employees, and appreciate the efforts of the relevant committee and everyone who contributed to this initiative, which confirms the ability of employees in the public sector, and negates the negative image of them, as it highlights the loyal, competent, productive and honest employee," noting that "there are other numbers of distinguished employees who perform their duties with dedication and high efficiency."

He pointed out that "the stories of distinguished employees are worthy of consideration and enhance confidence in government employees, especially since some of them were able to transform the difficult circumstances and challenges they are experiencing into success, distinction and dedication in the public service they provide to citizens,"

 indicating that "one of the people of determination achieved excellence over his colleagues in programming, as well as the insightful student in Shatra who excelled and overcame her health conditions, which is a case of creativity that we have the right to be proud of."

During the ceremony, Al-Sudani addressed the "pivotal and essential role of the public sector in building the country, and its undertaking of implementing the government's program and priorities, in addition to its importance in improving the country's situation in all fields, as Iraq is witnessing the highest growth rate in the region, and the government sector must perform its duties in this regard."

He stressed that "the government has, in less than two years, made significant progress in working and addressing challenges in all areas, as our country possesses natural and human resources, some of which have not been invested to this day."

105 views 07/04/2024 - https://economy-news.net/content.php?id=44888

The Central Bank Explains The New Mechanism For Delivering Dollars To Travelers

Economy | 04/07/2024   Baghdad - Mawazine News   The Central Bank of Iraq revealed, today, Thursday, the new mechanism for travelers to receive foreign currency (dollars), which will be exclusively through company and bank outlets at international airports.

The bank confirmed in a statement that "the goal of the new mechanism, which will come into effect on July 14, is to deliver the dollar to the real traveler and pass sound transactions, in addition to facilitating travelers' access to the dollar more quickly."

The Central Bank reviewed the "new mechanism for travelers to receive their share of foreign currency (dollars) by the traveling citizen going to the authorized exchange companies, spread across all cities, to hand over the amount in dinars equivalent to the citizen's share of the dollar according to the official exchange rate of the Central Bank of Iraq."

He pointed out that "the company will work on entering the data of the traveling citizen and uploading his name on the electronic platform of the Central Bank of Iraq and handing him a receipt confirming the process of depositing the dinar, to receive the cash dollar inside the airport exclusively," indicating that "upon completing the departure procedures, the amount will be handed to him in dollars through the outlets available at the airport, 24 hours a day, 7 days a week."

The statement noted that "the Central Bank decided to allow exchange companies to receive more than one share during the week, in order to achieve full response to travelers' requests." https://www.mawazin.net/Details.aspx?jimare=250764

To read more current and reliable Iraqi news please visit :  https://www.bondladyscorner.com/

Provoking Thoughts and Points To Ponder On Adversity:

Adversity comes with instruction in its hand.  - Anonymous

Mistakes are often the best teachers.  - James A. Froude

Pain, indolence, sterility, endless ennui have also their lesson for you.  - Ralph Waldo Emerson

Prosperity is a great teacher; adversity is a greater. Possession pampers the mind; privation trains and   strengthens it.  - William Hazlitt

Wisdom comes by disillusionment.  - George Santayana

You have learned something. That always feels at first as if you had lost something.  - George Bernard Shaw

 http://famousquotesandauthors.com/topics/adversity_quotes.html

http://famousquotesandauthors.com/quotes_by_topic.html

Willem Middelkoop: The Big Reset - How Power and Pricing is Shifting Away From the West

Willem Middelkoop: The Big Reset - How Power and Pricing is Shifting Away From the West

Palisades gold Radio:  7-3-2024

Tom Bodrovics welcomes back Willem Middelkoop, author of 'The Big Reset,' to delve into his insights on the anticipated transformation of the international monetary system and its effects on global finance and investment strategies.

Published in 2007, 'The Big Reset' garnered considerable attention after the financial crisis in 2008 due to Middelkoop's beliefs regarding the impending collapse of the dollar system as a result of mounting debt and economic instability.

In this conversation, he reflects on how his viewpoint has progressed since 'The Big Reset's debut and the emergence of Bretton Woods 3.0 from the eastern world, as well as the shift towards commodity-based currencies.

Middelkoop highlights the importance of gold in the context of evolving reserve currencies and its function as a hedge against currency devaluation. He underscores the significance of comprehending the process rather than fixating on timing when anticipating these financial transitions.

Discussing potential alternatives to the US dollar as the world's primary reserve currency, Middelkoop acknowledges China's expanding influence and burgeoning gold reserves. He asserts that the transition will unfold gradually with minimal impact on daily life for western residents but issues a warning of potential harm to Europe in the power struggle between the U.S. and China.

 Moreover, he voices concerns regarding economic and geopolitical risks, particularly escalating tensions among major world powers that could lead to significant military confrontations.

Middelkoop shares his investment portfolio strategy, dividing it equally among equities, real estate, liquid cash or Bitcoin, physical gold, and silver.

 He advocates for diversification and caution in response to the inflation of bond and equity valuations. Middelkoop believes that commodity-backed currencies and base metal producers present opportunities for underpriced investments. Middelkoop also addresses the difficulties faced by the silver mining industry due to jurisdictional risks, low silver prices, and a lack of incentives for exploration.

Time Stamp References:

0:00 - Introduction

0:45 - The OG Reset Book

 8:10 - Hindsight & Timing

13:05 - Pozsar & Dedollarization

17:47 - Gold Vs. Fiat History

20:45 - A New Gold Standard?

 23:30 - Global Debasement

29:38 - Dollar Replacements?

33:15 - BRICS 'Trade' Currency

36:39 - Hegemony & Conflict Risks

44:02 - Dollar Weaponization

46:08 - Silver & Physical Deficits

48:44 - Central Banks & Silver

 53:36 - No New Silver Finds??

56:45 - Jurisdictional Risks

 1:00:07 - Portfolio Weighting

 1:03:09 - Signposts Ahead?

 1:05:33 - Wrap Up

Talking Points From This Episode

- Middelkoop emphasizes gold as a hedge against currency devaluation in the context of evolving reserve currencies.

- He highlights China's expanding influence and growing gold reserves as potential alternatives to the US dollar.

 - Middelkoop advocates for diversification in investment portfolio, including commodity-backed currencies and underpriced base metal producers.

https://www.youtube.com/watch?v=_zSzVmAgZt0&t=14s

“Tidbits From TNT” Thursday 7-4-2024

TNT:

Tishwash:  Iraq is “crowded” with all kinds of holidays: Businesses are halted and employees “are not compensated” for official working hours

Hardly a week goes by in Iraq without one of its days being a holiday, paralyzing Iraqis and making some of them “happy” and others “grumpy,” especially with the cessation of work in official departments.

 According to the reading of specialists and researchers, Iraq is the country that witnesses the most disruption in official working hours. If the federal government does not declare a holiday, it authorizes the governorates and districts to make the day they want an official holiday.

 The official holidays in Iraq for the year 2024 are as follows:

January 1, New Year's Day

January 6, Iraqi Army Day

April 10th for three days, Eid al-Fitr

May 1, Labor Day

June 16-20, Eid al-Adha

June 26, Eid al-Ghadir

According to expectations, the Islamic New Year will fall on July 7.

July 14, Revolution 14 (public holiday)

According to expectations, July 16 will be the tenth of Muharram (an official holiday), and the birth of the Prophet Muhammad will be on September 15.

October 3, Iraqi National Day

December 10, Iraqi Victory Day.

All of these holidays are official, and are specified by an official law voted on by Parliament on May 22, 2024, for Iraqis to enjoy, excluding the weekend, which is designated as (Friday and Saturday).

Earlier, economic expert Nabil Al-Marsoumi said:

*Year = 48 weeks

*Total official holidays per year (Friday and Saturday) = 96 days

*Total official occasions in the year = 22 days

*Total number of official holidays per year = 118 days.

According to Al-Marshoumi, these holidays “are added to religious occasions and emergency holidays such as rain and high temperatures announced by the central government and local governments, which are estimated at about 22 days a year, the highest in the world, while there are 8 official holidays in England and Wales, which is considered one of the fewest number of holidays in the world.”

He continued: “The total number of official and unofficial holidays is 140 days, and the total number of annual working days is 225 days,” noting that “the total number of employees’ salaries, including self-financing and contracts, is 70 trillion dinars.”

Al-Marsoumi pointed out that “the average daily salary is 192 billion dinars, which represents the daily loss from the disruption of work, while the total financial losses from unofficial holidays, except for Friday and Saturday, may amount to 4.224 trillion dinars, and the total financial losses from official and unofficial holidays, except for Friday and Saturday, amount to 8.448 trillion dinars.”

Most Iraqi cities and districts contain shrines for the masters and infallibles, and if the anniversary of one of their martyrdoms falls, the governorate declares an official holiday that includes all its departments, or it is designated in a specific district or district, as happened with the Babylon Governorate Council.

The council said in a statement today, Wednesday, that it had “voted to suspend official work in Al-Hamza Al-Gharbi only for tomorrow, Thursday, on the occasion of the martyrdom of the grandson of Al-Abbas, peace be upon him.”

Unlike Al-Marsoumi, economic expert Dhurgham Muhammad Ali does not see any losses incurred by Iraq due to official holidays, while he pointed out the existence of “benefits.”

Ali said in an interview with “Eshan”: “Official holidays in Iraq do not constitute major losses for government departments because most government departments are service-oriented, not productive.”

He explained that “the increase in official holidays leads to a reduction in electricity consumption, traffic congestion and fuel. On the other hand, there are no major economic losses resulting from the holiday because the departments are only service departments, and most of the departments that are in contact with citizens’ lives, such as health, emergency services and others, continue their work.”

He pointed out that "the economic losses come only from the fact that the number of working hours for employees is less for the same salaries, and this is not considered a direct loss." link

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Tishwash: Carrying the Kurds' "dreams"... Barzani in Baghdad

 The office of the President of the Kurdistan Democratic Party, Masoud Barzani, announced that the party leader will visit Baghdad today, Wednesday (July 3, 2024), to hold a series of meetings with Iraqi officials and political leaders.

Barzani's office said in a statement received by Baghdad Today, "The party's leader will visit Baghdad today to hold a series of meetings with political parties and political leaders."

He added, "The budget, the formation of the local government in Kirkuk, the Sinjar issue, and the election of the Speaker of the Iraqi Parliament will be among the main topics in his meetings."

According to local reports and Kurdish sources, the visit was described as not to discuss pending files, but rather as a final culmination of the end of all technical and legal discussions on all current files, at least those related to salaries and political crises, while the major files related to the oil and gas law and the file of resuming the export of the region’s oil, which has become a vicious circle between Baghdad and foreign companies operating in the region, continue.

Barzani's visit also coincides with the Turkish incursion and ground operations it is carrying out in northern Dohuk within the Kurdistan Region, while these operations came in accordance with a prior agreement between Baghdad and Ankara during the visit of Turkish President Recep Tayyip Erdogan to Baghdad  link

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CandyKisses:  Al-Gizani: Barzani’s visit is the culmination of a positive movement between Baghdad and Erbil

{Politics:Euphrates News} A member of the General Assembly of the Hikma Movement, Sami Gizani, promised the visit of the head of the Kurdistan Democratic Party, Massoud Barzani, "coronation" of a positive movement between Baghdad and Erbil.

Al-Jizani, during his hosting of the program {Free Word} broadcast by the Euphrates satellite channel this evening, said:

- Barzani's visit came to consolidate relations and the state of clarity and transparency is present in Baghdad and is the culmination of a positive movement between Baghdad and Erbil.
- Baghdad remains the sponsor, and the country can for everyone under the constitution and laws to regulate the relationship with Erbil.

-The Sudanese government of Mohammed Shia has 3 elements of a force and is {a parliamentary arm, a coalition of state administration, and the personality of the prime minister}.

- Personal desires weaken the building of the homeland, and there are parties working to make crises and harmony and peace do not benefit them, and we need to make ranks and it is in Iraq's interest that Baghdad and Erbil are strong.

- Iraq emerged from a major crisis after the victory over the terrorist ISIS, and the sounds of starrel are working to create a repelling environment for the meeting, politics and the economy, and today we need a national voice that represents all Iraqis and the coalition of the state administration is a successful model of Iraqi unity.

- The size of the problems during the many 20 decades between Baghdad and Erbil and there are parties in the region talking about issues contrary to the constitution. We believe that the Constitution and the decisions of the Federal Court are enough to solve all crises. Therefore, there is a desire on the parties to whistle them and the conviction that dialogue is the only way to solve the problems.

- Dialogue is a health condition and the political player has every strength in dismantling the scene and Barzani's visit to the coordination framework and the state administration reflects the state of maturity in the political scene.

- The personal contract affected the political scene between Baghdad and Erbil, and the dialogue will end the crises, and internal stability will block the way for foreign interference in Iraqi affairs.

- The exit of the international coalition forces from the country must be an Iraqi non-political decision, and the localization of salaries for the region's employees is a force for Baghdad and Erbil.

The head of the Kurdistan Democratic Party, Massoud Barzani, arrived today, Wednesday, in the capital Baghdad on an official visit, where Prime Minister Mohammed Shia Al-Sudani, who in turn confirmed that he has come an important way in building trust between the federal governments and the region, while Barzani pointed out that the Sudanese is leading the state with intentions that have reached everyone to this comfortable situation.

It is noteworthy that after a break that lasted about 6 years, the President of the Kurdistan Democratic Party, Massoud Barzani, visits Baghdad, in a sign of the positivity of the current relations between the Kurdistan region and the federal government.

 **********

Mot: Red Skelton - Two Highway Patrolmen & Two Texans & Frogs.............

https://www.youtube.com/watch?v=NSFucXg-FzQ

Mot: Listen To Lee Greenwood’s New Rendition of ‘God Bless the U.S.A.’ ...................

https://www.youtube.com/watch?time_continue=194&v=SrMftm6Km3g&feature=emb_logo

Iraq News Highlights and Points To Ponder Thursday AM 7-4-24

"Short-Term".. Al-Sudani's Advisor Explains The Reasons For The Continued Rise In The Exchange Rate

Money  and business  Economy News – Baghdad  The financial advisor to the Prime Minister, Mazhar Mohammed Salih, revealed the reason for the continued rise in the dollar exchange rate in local markets, while stressing that this rise is short-term and does not constitute any relative importance in affecting the stability of the general price level.

Saleh said in an interview followed by "Al-Eqtisad News", "Despite the fluctuations in the parallel or irregular exchange market, whose short-term fluctuations are the result of noise from colored or confusing information originating from international or regional circumstances, or the issuance of some regulatory instructions adapted to foreign currency, which some speculators are trying to exploit to generate a trend of fateful profits in the exchange market, it can be said that the fixed exchange rate system in Iraq is still based on a strong foundation consisting of the country's international reserves." *

Noting that "it is the highest in Iraq's history through the management of its foreign reserves, resulting from a surplus in the current account of the balance of payments at a significant rate that may reach (positive 7% of the country's gross domestic product)." He indicated that "foreign currency covers a percentage of more than 130% of the total currency currently issued into circulation."

Saleh added, "In light of the strength of the official central exchange rate and its role in financing nearly 90% of the private sector's foreign transfer transactions, excluding the government sector, the dollar-to-dinar exchange rate in the parallel market does not constitute any relative importance in its fluctuations in influencing the stability of the general price level, which has become static in its components and trends due to the influence of the official exchange rate factor currently dominating the financing of foreign trade (imports), amounting to 1320 dinars per dollar."

 He stressed that "this lack of influence is embodied in the state of stability of the relative prices of goods and services to a large extent, as the average annual inflation in our country does not exceed 3%."

He continued, "Based on the above, and in light of the strength of the foreign reserves supporting the Iraqi dinar, the value of which as liquid foreign assets exceeds $100 billion, the official exchange market, as a general trend, will remain dominant in containing any colored noise or ambiguous information that affects the parallel exchange market in short periods, due to urgent international or regional political events here and there, or in adapting some of the instructions regulating the monetary market, as we noted above."

He added, "After the decline of the dollarization phenomenon in domestic transactions, especially in contracts, obligations and payments within the country since last year and its legal prohibition, the parallel exchange market has become such that its general effects today only form a narrow economic scope of prohibited transactions practiced by informal markets, and at a rate of 10% of the total supply and demand transactions for the currency."

He stressed that "the stability of the dinar to dollar exchange rate that the country is witnessing even in the secondary markets above is a real and solid stability, and is derived from the strength of the impact of the price and quantity factors of the monetary and financial policies and their integration in imposing overall price stability in the country, and containing inflationary expectations that were caused by the parallel exchange market forces during the past years."

 He added in his speech that "the irregular secondary market, due to the freedom of external transfer, falls under the influence of the official exchange market rate, whose operations are constantly expanding in favor of dealing with the fixed official exchange rate."134 views  07/04/2024 https://economy-news.net/content.php?id=44872

An Economist Explains The Reasons For The Dollar’s ​​Rise And Sets A Condition For Its Decline - Urgent

Economy |Baghdad Today – Baghdad  Financial expert Alaa Jaloub Al-Fahd revealed, today, Thursday (July 4, 2024), the reason for the rise in the dollar price again in the parallel market.

Al-Fahd said in an interview with Baghdad Today, "The dollar exchange rate in the parallel market is witnessing an increase, decrease and fluctuations as a result of the Central Bank of Iraq taking new measures regarding selling the currency to travelers and delivering the amounts exclusively from the airport," indicating that "there are also those who are trying to raise concerns with any new measures taken by the Central Bank for the benefit of some speculators."

He explained that "the Central Bank of Iraq has announced more than once that it will continue to sell the currency and cover all needs, whether for import or travel, and there are no concerns," adding, "But there are those who are trying to spread some negative concerns for the sake of profit."

He added that "the Central Bank of Iraq controls all monetary policy measures and the financial situation is reassuring," expecting that "the dollar exchange rate will decrease in the parallel market if all transactions are restricted to the electronic platform of the Central Bank of Iraq."

The exchange rate of the dollar against the Iraqi dinar witnessed a noticeable increase during the past few days, as the selling price reached 150 thousand for every 100 dollars.  LINK

Al-Sudani's Financial Advisor Reveals The Reason For The Continued Rise Of The Dollar And Confirms: Short-Term

Posted On 2024-07-04 By Sotaliraq  The financial advisor to the Prime Minister, Mazhar Mohammed Salih, revealed on Wednesday the reason for the continued rise in the dollar exchange rate in local markets, while stressing that this rise is short-term and does not constitute any relative importance in affecting the stability of the general price level.

Saleh said that “despite the fluctuations in the parallel or irregular exchange market, whose short-term fluctuations are the result of noise from colored or confusing information originating from international or regional circumstances, or the issuance of some regulatory instructions adapted to foreign currency, which some speculators are trying to exploit to generate a trend of fateful profits in the exchange market, it can be said that the fixed exchange rate system in Iraq is still based on a strong foundation consisting of the country’s international reserves.”

Noting that “it is the highest in Iraq’s history through the management of its foreign reserves, resulting from a surplus in the current account of the balance of payments at a significant rate that may reach (positive 7% of the country’s gross domestic product).” Indicating that “foreign currency covers a percentage of more than 130% of the total currency currently in circulation.”

Saleh added, “Given the strength of the official central exchange rate and its role in financing nearly 90% of the private sector’s foreign transfer transactions, excluding the government sector, the dollar-to-dinar exchange rate in the parallel market does not represent any relative importance in its fluctuations in influencing the stability of the general price level, which has become static in its components and trends due to the influence of the official exchange rate factor currently dominating the financing of foreign trade (imports), amounting to 1,320 dinars per dollar.”

 He stressed that “this lack of influence is embodied in the state of relative stability of prices of goods and services to a large extent, as the average annual inflation in our country does not exceed 3%.”

He continued, “Based on the above, and in light of the strength of the foreign reserves supporting the Iraqi dinar, the value of which as liquid foreign assets exceeds $100 billion, the official exchange market, as a general trend, will remain dominant in containing any colored noise or ambiguous information that affects the parallel exchange market in short periods, due to urgent international or regional political events here and there, or in adapting some of the instructions regulating the monetary market, as we noted above.”

He added, "After the decline of the dollarization phenomenon in domestic transactions, especially in contracts, obligations and payments within the country since last year and its legal prohibition, the parallel exchange market has become such that its general effects today only form a narrow economic scope of prohibited transactions practiced by informal markets, and at a rate of 10% of the total supply and demand transactions for the currency."

He stressed that “the stability of the dinar to dollar exchange rate that the country is witnessing even in the secondary markets above is a real and solid stability, and is derived from the strength of the impact of the price and quantity factors of the monetary and financial policies and their integration in imposing overall price stability in the country, and containing inflationary expectations that were caused by the parallel exchange market forces during the past years.”

He added in his statement that “the irregular secondary market, due to the freedom of external transfer, falls under the influence of the official exchange market rate, whose operations are constantly expanding in favor of dealing at the fixed official exchange rate.”

The dollar price recorded a rise today, Wednesday, with the closing of the Al-Kifah and Al-Harithiya stock exchanges, reaching 149,000 dinars for every 100 dollars, as the price recorded this morning 148,500 dinars.   LINK

Provoking Thoughts and Points To Ponder On Adversity:

By becoming more unhappy, we sometimes learn how to be less so.  - Madame Swetchine

Every experience, however bitter, has its lesson, and to focus one's attention on the lesson helps one overcome the bitterness.  - Edward Howard Griggs

A good scare is worth more to a man than good advice.  - Edgar Watson Howe

It is from the level of calamities ... that we learn impressive and useful lessons.  - William Makepeace Thackeray

When I have listened to my mistakes, I have grown.  - Hugh Prather

We only think when we are confronted with a problem.  - John Dewey

http://famousquotesandauthors.com/topics/adversity_quotes.html

http://famousquotesandauthors.com/quotes_by_topic.html

MilitiaMan Parts 1 and 2 Wed. Night 7-3-2024

IQD Updates - Iraqi Dinar - Relations w / Baghdad & Kurdistan - Good - Financial - Economic Reforms

MilitiaMan and Crew: 7-3-2024

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=J7WbmoX6NMI

IQD Update Part 2 -Iraqi Dinar -

MilitiaMan and Crew: 7-3-2024

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=ID9wXBUbKNU

Iraq Economic News and Points To Ponder Wednesday Evening 7-3-24

World Bank: Iraq Maintained Its Status Within The Upper Middle-Income Category

Wednesday 03 July 2024 | Economic Number of readings: 204  Baghdad / NINA / The World Bank Group announced today, Wednesday, that Iraq has maintained its level within the upper segment of middle-income countries.

According to the bank's report for July of the current year 2024, "Iraq has maintained its level within this segment since 2012."

The bank added that it classifies the world's economies into four income groups: low-income countries, lower-middle-income countries, upper-middle-income countries, and high-income countries, based on the per capita share of gross national income. The measures of gross national income are expressed in US dollars. It pointed out that "all the countries of the Arabian Gulf fall within the upper high-income segment. The bank indicated that "this year, three countries - Bulgaria and Belarus - moved from the upper-middle-income category to the high-income category."

Algeria, Iran, Mongolia, and Ukraine moved this year from the lower-middle-income category to the upper-middle-income category. /   https://ninanews.com/Website/News/Details?key=1139505

Securities Commission: The Government Has Successfully Completed The Sale Of Financial Bonds

Market  Economy News – Baghdad  The Securities Commission confirmed on Wednesday that the government had successfully completed the sale of financial bonds, while indicating that many foreign investors had purchased those bonds.

The head of the authority, Faisal Al-Haimus, said: “The government has successfully completed the sale of financial bonds,” indicating that “all financial bonds that were sold were subscribed to, and this reflects the strength and stability of the State of Iraq.”

He pointed out that "there are many foreign investors who bought financial bonds, and this reflects the stability of the Iraqi state."

Government bonds are a type of debt-based investment where you lend money to a government in exchange for an agreed-upon interest rate. Governments use them to raise money that can be spent on infrastructure or new projects, and investors can use them to earn set returns that are paid at regular intervals.172 views 07/03/2024 - https://economy-news.net/content.php?id=44856

Today.. The Central Bank Sells Only About 15 Million Dollars Domestically

Economy | - 03/07/2024  Baghdad - Mawazine News  The Central Bank of Iraq revealed, on Wednesday, its sales of US dollars to banks inside Iraq.

The bank's data showed that the total internal cash withdrawals amounted to $14,775,300, covered by a basic exchange rate of 1310 dinars per dollar.

Most of the dollar sales went to strengthen balances abroad in the form of transfers and credits, which amounted to $260 million, 135 thousand, and 797 dollars, an increase of 94% over cash sales of $14 million, 775 thousand, and 300 dollars.  https://www.mawazin.net/Details.aspx?jimare=250701

Al-Hakim: Iraq's Oil Rentier Economy Is A "Major Challenge"

Wednesday 03 July 2024  Politics Number of readings: 193  Baghdad / NINA / The head of the National State Forces Alliance, Ammar al-Hakim, considered the rentier oil economy in Iraq a "major challenge."

Al-Hakim said during his hosting at the Baghdad Forum for Young Leaders, which was held by the Ishtar Foundation, that "the rentier economy is a major challenge and oil prices will not last long, especially if the influences that led to the rise in prices are removed."

He added: "To help break the rentier economy equation and move to the five-point agriculture, industry, tourism, investment and technology, and that all these titles are capable of opening a window of work for young people and transforming them into an effective and productive segment."

He pointed out that "Al-Sudani succeeded in his performance, which was positively reflected on the forces supporting and enabling him, and that the focus was on popular satisfaction with the government, while there is another popular satisfaction with the political forces, as evidenced by the results of the recent elections," indicating: "

Al-Sudani's success in his previous tasks is what prompted the Coordination Framework to empower him in the prime minister's office and assign him to manage the government."

Al-Hakim pointed out that "youth are a vital pillar in our Iraqi reality, given their numbers and proportions in society, which requires care and empowerment for them, taking into account requirements, developments, technology, information technology, and the like."

He continued: "Youth face major intellectual and social challenges, the first of which is drugs," calling for empowerment that is commensurate with the capabilities of youth, trust in Iraqi youth, and attention to their successful experiences." /   https://ninanews.com/Website/News/Details?key=1139566

Oil Prices Fall To $85 Per Barrel

Economy |  03/07/2024  Baghdad – Mawazine News  Oil prices rose in early Asian trading on Wednesday after industry data showed a larger-than-expected draw in U.S. crude inventories, boosting hopes for strong fuel demand during the summer driving season in the world’s top oil consumer.

Brent crude futures rose 16 cents, or 0.2 percent, to $85.60 a barrel by 00:33 GMT. U.S. West Texas Intermediate (WTI) crude futures rose 14 cents, or 0.2 percent, to $82.95 a barrel.

Crude prices closed lower on Tuesday as concerns faded that Hurricane Beryl could disrupt production in the Gulf of Mexico.

U.S. crude inventories fell by 9.163 million barrels in the week to June 28, according to market sources citing figures from the American Petroleum Institute on Tuesday. However, gasoline stocks rose by 2.468 million barrels, and distillates fell by 740,000 barrels.

Gasoline demand in the United States is expected to rise as the summer travel season picks up with the Independence Day holiday this week.

OPEC oil output rose in June for a second straight month, a Reuters survey showed on Tuesday, as higher supplies from Nigeria and Iran offset voluntary supply cuts by other members and the broader OPEC+ alliance.    https://www.mawazin.net/Details.aspx?jimare=250677

A List Of Dollar Prices In The Markets Now

Economy |  03/07/2024 Baghdad - Mawazine News  The exchange rates of the US dollar against the Iraqi dinar in the markets witnessed a slight increase on Wednesday evening.   The list is as follows:

Baghdad   Selling prices: 148,500    Buying prices: 147,000

Erbil   Selling prices: 148,000           Buying prices: 146,500

Basra   Selling prices: 147,000        Buying prices: 146,000

https://www.mawazin.net/Details.aspx?jimare=250714

To read more current and reliable Iraqi news please visit :  https://www.bondladyscorner.com/

Provoking Thoughts and Points To Ponder On Adversity:

By becoming more unhappy, we sometimes learn how to be less so.  - Madame Swetchine

Every experience, however bitter, has its lesson, and to focus one's attention on the lesson helps one overcome the bitterness.  - Edward Howard Griggs

A good scare is worth more to a man than good advice.  - Edgar Watson Howe

It is from the level of calamities ... that we learn impressive and useful lessons.  - William Makepeace Thackeray

When I have listened to my mistakes, I have grown.  - Hugh Prather

We only think when we are confronted with a problem.  - John Dewey

http://famousquotesandauthors.com/topics/adversity_quotes.html

http://famousquotesandauthors.com/quotes_by_topic.html

Seeds of Wisdom RV and Economics Updates Wednesday Afternoon 7-3-24

Good Afternoon Dinar Recaps

Circle expects MiCA to squeeze other unregulated stablecoins

"Circle EU expects a transformative year ahead for the European crypto market. Key implementation dates for MiCA include June 30 for stablecoins and December 30 for crypto asset service providers."

"Circle’s USDC and EURC stablecoins are now fully compliant with the new regulations, alleviating concerns that investors would need to redeem their stablecoins or transfer funds to other digital assets to remain compliant."

© Newshounds News™

Read more:  Finance Feeds
~~~~~~~~~

“Will the US set standards for stablecoins, or would we continue down the path of uncertainty?"

"Pointing to clear-cut laws in centralized finance, the company advocated for pro-stablecoin laws giving the country an edge. Describing stablecoins as the foundation for modern commerce, Circle added that it can do for finance what email did for communication. Furthermore, the company noted that stablecoin laws in the United States can help preserve the dollar as the world reserve currency."

"Circle issues the USDC and highlights its pathway to regulations. Per the release, its stablecoin reserves are public on its website calling on authorities to make broader rules to protect investors. The company added that the country is a massive opportunity to lead finance to the next internet wave."

CIRCLE SEEMS TO BE LEADING THE CHARGE IN THE US CALLING FOR CLEAR STABLECOIN REGULATION.

© Newshounds News™

Read more:  Coin Gape

~~~~~~~~~

WILL DIGITAL CURRENCIES BECOME THE NORM?

"A CBDC is not a new currency. It is a digital representation of an existing national currency. So an Australian CBDC would have exactly the same value as an Australian dollar. It would be legal tender."

"Like the banknotes in our wallets, the CBDC we could spend using our phones would be issued by the Reserve Bank. But it would enable more sophisticated and innovative types of financial transactions, such as 'smart contracts'. The wholesale version, by contrast, would only be available to financial institutions."

"While the BIS report shows 94% of central banks are considering CBDCs, with about one third running pilot projects, most are being cautious and do not expect to issue their own digital currency in the next few years.'

© Newshounds News™

Read more:  Currency Insider

~~~~~~~~~

WHAT ARE SMART CONTRACTS?

"A smart contract involves an instant payment made simultaneously with, and conditional on, the transfer of ownership of an asset."

Why are we discussing smart contracts when we don't even know what they are? Because we WILL be using them in our very near future. TRANSFER OF OWNERSHIP at the same time money changes hands through a digital platform.

"Vending machines provide a good analogy. If you insert $2 and press B4, then the machine dispenses the cookies in the B4 slot. In other words, if (and only if) the vending machine receives the required item of value, then it instantly performs the requested action."

© Newshounds News™

Read more:  Currency Insider

~~~~~~~~~

30 TRILLION IN TOKENIZED ASSETS BY 2034?

"A new study released today by Standard Chartered and Synpulse, estimates that the demand for tokenised assets could soar to $30.1 trillion by 2034. Global trade is expected to reach $32.6 trillion by 2030."

"“We see the next three years as a critical junction for tokenisation, with trade finance assets coming to the fore as a new asset class,” said Kai Fehr, Global Head of Trade, Standard Chartered.  Banks need to increasingly take on the role of bridging the existing traditional financial markets with a newer and more open token-enabled market infrastructure."

© Newshounds News™

Read more:  Trade Finance Global

~~~~~~~~~

Newshound's Daily Breakdown Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

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Thank you Dinar Recaps

Economist’s “News and Views” Wednesday 7-3-2024

Gold Revaluation To Stomp Out Mounting Debt? | Andy Schectman

Liberty and Finance:  7-2-2024

Globally, central banks are preparing for a gold revaluation by amassing and repatriating physical gold at a record pace while their paper debts skyrocket, says Andy Schectman, CEO & president of Miles Franklin.

Schectman believes these nations are accumulating gold in order to revalue it and offset their debt.

Silver will likely not be left behind, he notes, and points to India’s latest massive silver imports.

In a recent interview with Liberty and Finance, Andy Schectman, CEO and president of Miles Franklin, made some striking observations about the current trends in global gold markets.

According to Schectman, central banks around the world are accumulating and repatriating physical gold at a record pace, even as their paper debts continue to skyrocket. This behavior suggests that these nations may be preparing for a gold revaluation, with the aim of offsetting their debt.

Schectman is not alone in his assessment.Many experts have noted the surge in central bank gold purchases and repatriation in recent years. According to the World Gold Council, central bank gold purchases in 2020 reached their highest level since 1967, with banks adding a net total of 272.9 tonnes to their reserves. This trend has continued into 2021, with countries like Turkey and Hungary adding significantly to their gold reserves.

At the same time, there has been a marked increase in gold repatriation, with countries seeking to bring their gold holdings back home. Germany, Austria, and the Netherlands are just a few examples of countries that have repatriated substantial portions of their gold reserves in recent years.

This movement suggests a lack of faith in the international financial system and a desire for greater control over national gold reserves.

But why are central banks so keen on accumulating and repatriating gold? Schectman believes that these nations are preparing for a gold revaluation, in which the price of gold would be significantly increased.

This move could help offset the massive debts that many countries have accumulated, particularly in the wake of the COVID-19 pandemic.

And it’s not just gold that’s seeing increased attention. Silver, too, is likely to be part of this trend. India, for instance, has recently reported massive silver imports, suggesting that the country may be looking to increase its silver holdings as well.

So what does this mean for investors? While it’s always difficult to predict market movements, the trend towards gold and silver accumulation and repatriation suggests that these precious metals could be poised for a significant revaluation. Investors who are looking to hedge against inflation or diversify their portfolios may want to consider adding physical gold and silver to their holdings.

It’s also worth noting that the trend towards gold and silver accumulation is not limited to central banks. Individual investors, too, have been increasingly turning to precious metals as a safe haven against economic uncertainty. In times of economic turmoil, gold and silver have long been seen as reliable stores of value, and this trend seems likely to continue.

In conclusion, the trend towards gold and silver accumulation and repatriation among central banks is a significant one, and suggests that these precious metals could be on the verge of a major revaluation.

While it’s impossible to predict market movements with certainty, investors who are looking to protect their portfolios against inflation and economic uncertainty may want to consider adding physical gold and silver to their holdings. As always, it’s important to do your own research and consult with a financial advisor before making any investment decisions.

https://youtu.be/7G31GW9NqKQ

16,000 Sanctions FAILED: World Bank UPGRADES Russia's Economy, Indicates Income Growth

Lena Petrova:  7-3-2024

https://www.youtube.com/watch?v=9-Jw5D9SR2k

Major Shift in Global Economy: Saudi Arabia Dumps US Dollar & BRICS Introduces New Currency

Cashegories:  7-3-2024

https://www.youtube.com/watch?v=h-ilsEeUY-s

Iraq Economic News and Points To Ponder Tuesday Evening 7-2-24

Again.. The Dollar Rises In Baghdad

Economy | 02/07/2024 Baghdad - Mawazine News  The US dollar exchange rate rose today, Tuesday, in Baghdad markets.

The dollar price rose with the opening of the Al-Kifah and Al-Harithiya stock exchanges, recording 147,850 dinars for every 100 dollars, while it recorded 147,650 dinars for every 100 dollars yesterday morning, Monday.

Meanwhile, selling prices stabilized in local markets in Baghdad, where the selling price reached 148,750 dinars, while the purchase price reached 146,750 dinars for every 100 dollars. https://www.mawazin.net/Details.aspx?jimare=250620

All Decisions Of The Cabinet Session Held Today

Politics | 07:03 - 02/07/2024  Baghdad - Mawazine News  The Iraqi Council of Ministers made several decisions today, Tuesday, during its regular session headed by Mohammed Shia Al-Sudani.

The Prime Minister's media office stated in a statement received by Mawazine News that "Al-Sudani held the twenty-seventh regular session of the Council of Ministers today, Tuesday, during which the most important service and economic files were discussed and followed up, especially those related to the implementation of the government program. The items on the agenda were also discussed, and the necessary directives and decisions were issued regarding them."

During the session, Al-Sudani praised "all educational staff on the occasion of the end of the ministerial exams for the final preparatory classes, appreciating their efforts in ensuring the success of the exam process. His Excellency also praised the governmental and private universities and colleges that hosted sixth grade students and provided the necessary facilities to take their exams."

The Council of Ministers continued to consider its agenda, approving what was stated in the letter of the Ministry of Interior, dated (June 30, 2024), regarding granting citizens of the Gulf Cooperation Council countries and Yemen a regular entry visa through official border crossings, for a period of two months, in exchange for paying $75, or its equivalent in Iraqi dinars, and that electronic or regular payment be adopted.

In the context of preparations to receive arrivals to participate in the Arbaeen pilgrimage, the Council approved what was stated in the letter of Wasit Governorate on July 2, 2024 regarding leasing an area of​​​​(50) dunums in the Zurbatiya district, as an exception to Article 39 of the Law on the Sale and Lease of State Property.

Based on Al-Sudani's directives during the second meeting of the Higher Committee for Coordination between the Council of Ministers, Federations and Unions, to periodically host unions and federations in the Cabinet sessions, the Council hosted the Head of the Geologists Syndicate, Mr. Saad Obaid, and approved the Syndicate's working paper and the submitted proposals, as follows:

1- Allocating an annual grant of (150) million Iraqi dinars to the Geologists Syndicate, to pay the salaries of employees and activities of the General Secretariat Office of the Arab Geologists Union.

2- The Ministry of Finance shall undertake to provide the aforementioned Syndicate with land for the purposes of its branches in all governorates, to build its headquarters, in accordance with the provisions of the Land Ownership Law (3 of 1960) amended.

3- Adding the Geologists Syndicate to the membership of the Iraqi Construction Council.

In this regard, Al-Sudani directed the formation of a committee between the Ministry of Oil and the Geologists Syndicate to study the procedures stipulated in the Syndicate Law (197 of 1968), which require the approval of the Ministry of Oil.

His Excellency also directed that the Ministry of Interior take the necessary measures to allow the acceptance of graduates of geological departments in the courses of the Security and Administrative Development Institute, and that municipalities in all governorates allocate lands to geological employees in coordination with the Syndicate, in accordance with Legislative Order 12 of 2004,

as well as that all ministries and entities not affiliated with a ministry involve geological consulting offices when conducting tests for compliance with specifications and geological and geoengineering examinations, and when selecting sites for building housing, residential towers and infrastructure.

In the field of following up on stalled projects and infrastructure projects, the Council of Ministers approved the following:

1- Increasing the total cost of the project (construction of two bridges) in Baghdad, and including it in Cabinet Resolution No. 23017 of 2023, to address the conflicts facing implementation through a committee of the relevant ministries, the Baghdad Municipality, and the Baghdad Operations Command.

2- Increase the total cost and reserve amount for the project (establishing a 100-bed general hospital in Al-Karma district/Anbar, (construction, equipment and furnishing).

3- Increase the total cost of the component (general population and housing census), increase the total cost of the project (statistical surveys), and secure the annual allocations for the project from the allocations of the Ministry of Planning for the year 2024.

In the field of following up on energy and electricity sector projects, the Council approved increasing the financial allocations for the Ministry of Electricity, on account of the operating budget by (300) billion dinars, to cover the work as follows:

1- (125) billion dinars for the emergency plan bottleneck projects, which were launched based on the directives of the Prime Minister, to resolve the bottlenecks in the distribution sector, and include (critical projects, feeders, and rehabilitation of stations), and the Ministry bears the integrity of the procedures.

2- (100) billion dinars to purchase transformers (self-powered, capacity, distribution), for the transmission and distribution sectors, from the Ministry of Industry and Minerals.

3- (75) billion dinars to purchase specialized mechanisms for the distribution sector, According to the controls.

In the roads sector, it was approved to direct a direct invitation to specialized solid companies, as an exception to the contracting methods stipulated in the instructions for implementing government contracts (2 of 2014), and no less than five to seven international companies to implement the project (the ring road in Basra Governorate), and the governorate has the authority to divide the first phase into more than one contract and destination; due to its large size and to find an important means of competition for completion.

In order to organize the work of construction laboratories, the Council of Ministers approved the recommendations of the committee to set controls and mechanisms for granting licenses to establish construction laboratories, accrediting and monitoring them, with the identification of the parties responsible for that, according to the following:

1. Adopting the mechanism for granting licenses and the monitoring mechanism mentioned in paragraphs (fifth and sixth) of the amended report of the aforementioned committee, and the Iraqi Engineers Syndicate is authorized to grant laboratory licenses.

2. Obligating all state institutions not to direct project administrations under their administrations to conduct testing in specific laboratories (governmental and private) without others, especially if they meet the conditions of establishment, practice and accreditation certificate and do not have anything that hinders their work, in accordance with the Competition and Anti-Monopoly Law (14 of 2010).

3. Obligating all resident engineer departments, laboratories and implementing agencies to carry out joint modeling.

4. The Ministry of Construction, Housing and Municipalities shall prepare a study to establish a mechanism for quality control work on construction projects implemented in the country.

5. Relevant agencies shall assume their responsibilities in protecting the consumer by controlling all construction material quarries, and obligating construction material factories and quarry owners to market products that comply with specifications, by providing the consumer with what ensures that the prepared material conforms to the specifications of the construction material, with the necessity of enhancing the capabilities of the Central Agency for Standardization and Quality Control to carry out its tasks in this field.

The Council of Ministers approved increasing the capital of the Iraqi Banking Services Company by an amount of (10,036,750,000) dinars, calculated on the account of the expansion reserve, based on the Public Companies Law (22 of 1997) as amended, and that the Ministry of Finance take the necessary measures to implement this.

In the agricultural sector, the recommendation of the Ministerial Council for the Economy (24172 Q) was approved, which includes approval of the minutes of the Coordination Committee meeting regarding the exemption of fertilizer contracts from the contracting methods stipulated in the instructions for implementing government contracts (2 of 2014),

and from the instructions for facilitating the implementation of the federal general budget for the years (2023-2024-2025), regarding the contracting mechanism between the General Company for Agricultural Equipment and the General Company for the Southern Fertilizer Industry to supply urea fertilizer.

In the same context, the Ministry of Agriculture's letter dated July 1, 2024 was approved regarding the preparation of pesticides for dusting wheat seeds, and approval of the preparation through the contracts to be concluded, and shipping and preparation before opening the documentary credit, as an exception to the controls attached to the instructions for implementing government contracts,

in addition to granting the Minister of Agriculture the authority to follow the same method for preparation contracts related to agricultural seasons and campaigns of the Department of Crop Protection.

The Council of Ministers approved the General Company for Airports and Air Navigation to bear the expenses of feeding workers and living, technical and medical supplies for K9 teams, and the costs of maintenance materials related to sonar devices and baggage inspection for a period of one month, as an exception to the contracting methods in the instructions for implementing government contracts regarding the security company (Business Intel) staff.

The Cabinet discussed other topics on its agenda, and approved the following:

First: Approval of the recommendation of the Ministerial Council for Human Development (24010 of 2024), which includes allocating the properties mentioned in the Council’s recommendation (7 of 2021) to the universities of the Ministry of Higher Education and Scientific Research (usufruct),

while keeping the ownership in the name of the owning party, provided that the properties are occupied exclusively for the purpose for which they were allocated, and amending Cabinet Resolutions (239 of 2020) and (54 of 2022), by allocating the lands to the occupying government agencies, to exploit them according to the purpose for which they were allocated, while keeping their ownership in the owner’s name.

Second: Approval of what was stated in the letter of the Ministry of Culture on (July 1, 2024) regarding the Opera House project, and its exception with regard to unifying the title deeds of the project, and from the conditions of advertising according to the standard document, and from the instructions for implementing government contracts (2 of 2014) as amended.

Third: Issuing the (Wages and Fines System for the Iraqi Supreme Maritime Authority), which was audited by the Council of State, based on the provisions of the Constitution and the provisions of the Iraqi Maritime Authority Law (18 of 2019).

Fourth: Approval for the Ministry of Foreign Affairs to deposit the ratification and accession documents to the Maternity Protection Convention and the 2014 Protocol supplementing the Forced Labour Convention (2 of 1930) to the International Labour Organization, in accordance with the provisions of the Treaty Conclusion Law (15 of 2015).

The Ministry shall prepare two memoranda including the inclusion of the aforementioned text in the letter of the Permanent Mission of Iraq to the United Nations, in line with the provisions of the Treaty Conclusion Law, and authorize the Minister of Labor and Social Affairs to sign the determination of the minimum period of time for maternity leave, in accordance with what is stated in the letter of our representation to the United Nations, in coordination with the Ministry of Foreign Affairs.   https://www.mawazin.net/Details.aspx?jimare=250663

To read more current and reliable Iraqi news please visit :  https://www.bondladyscorner.com/

Provoking Thoughts and Points To Ponder On Adversity:

Forget the times of your distress, but never forget what they taught you.  - Herbert Gasser

You can learn little from victory. You can learn everything from defeat.  - Christy Mathewson

A smooth sea never made a skillful mariner.  - English proverb

When a man is pushed, tormented, defeated, he has a chance to learn something; he has been put on his wits ... he has gained facts, learned his ignorance, is cured of the insanity of conceit, has got moderation and real skill.  - Ralph Waldo Emerson

From their errors and mistakes, the wise and good learn wisdom for the future.  - Plutarch

http://famousquotesandauthors.com/topics/adversity_quotes.html

http://famousquotesandauthors.com/quotes_by_topic.html

“Tidbits From TNT” Wednesday Morning 7-3-2024

TNT:

Tishwash:  Including Iraq. US State Department warns citizens against traveling to 19 countries

The US State Department renewed its travel warning to 19 countries, including six Arab countries, led by Iraq.

The US State Department published on its account on the "X" platform and viewed it a reminder of the list of countries that warn American citizens against traveling to them, and classifies them as level four.

The list includes 19 countries, including 6 Arab countries: Iraq, Sudan, Syria, Yemen, Libya and Somalia.

The United States issues travel warnings on 4 levels, the fourth being the most dangerous due to life-threatening risks.

Afghanistan, Belarus, Burkina Faso, Burma (Myanmar), Central African Republic, Haiti, Iran, Mali, North Korea, Russia, South Sudan, Ukraine and Venezuela are also on the list.

The US State Department's publication of the reminder coincides with the summer holiday season, when foreign travel is increasingly popular.  link

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Tishwash:  Al-Sudani and Saleh discuss the country's situation and economic and financial reforms

Prime Minister Mohammed Shia al-Sudani discussed, on Tuesday, with former President Barham Salih, the general conditions throughout the country.

The Prime Minister's media office said in a statement received by / Al-Maalouma /, "Prime Minister Mohammed Shia Al-Sudani received former President of the Republic Barham Salih.

The statement added, "The meeting discussed the general conditions in the country as a whole and the government's measures to implement the priorities of its executive program, which aims to provide services to citizens and implement economic and financial reforms, the results of which are reflected in general development projects."

He pointed out that "the meeting touched on supporting the holding of legislative elections in the Kurdistan Region of Iraq, scheduled to be held on the twentieth of next October."   link

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Tishwash:  Amni: America will not leave Iraq unless its economic goals are achieved

Security expert Safaa Al-Aasam said on Tuesday that America will not leave Iraq before fulfilling all its economic interests, while stressing that the political blocs are accused of remaining in Iraq. 

Al-Aasam said in a statement to Al-Maalouma Agency, “The American occupation does not intend to leave Iraq until it achieves its economic gains through selling military equipment to the Iraqi security forces,” noting that “there are political blocs that do not "want the Americans to leave Iraq due to the convergence of interests." 

He added, “There are regional and internal pressures to prevent the Iraqi government from implementing the decision to expel the Americans,” noting that America is remaining in Iraq to protect its interests inside the country and is supported by more than ten countries in the world. . 

The arms contracts concluded for Iraq since 2003 amounted to more than 150 billion dollars, most of them with the United States of America, and according to diplomatic statements, not all of them reached Iraq and a quarter of them arrived despite Iraq fulfilling its obligations regarding those deals  link

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Chairman of the Securities Commission: The value of traded shares during the first half of 2024 amounted to 321 billion dollars

The Chairman of the Securities Commission, Faisal Al-Haimas, announced today, Tuesday, the stock trading indicators on the Iraq Stock Exchange during the first half of 2024, as the value of traded shares amounted to 321,951,474,384 Iraqi dinars.

Al-Haimas said in a statement followed by "Al-Eqtisad News": "The number of shares traded during the first half of the current year amounted to 281,150,586,973 shares," noting that "the number of listed companies and companies registered in the market amounted to 109 joint-stock companies, distributed between regular and secondary trading platforms and unlisted companies."

Al-Haimas added: “The government bonds that were traded are construction bonds with two issues, and reconstruction bonds with three issues,” stressing that “the number of companies registered on the ISX-OTC platform for unlisted companies increased to 6 companies after accepting three new companies at the end of June 2024.”

The Chairman of the Securities Commission explained that “the number of companies whose shares were traded during the first half of this year amounted to 87 companies.” 

The number of traded shares reached 281,150,586,973 shares, and the value of traded shares reached 321,951,474,384 dinars.

Al-Haimas pointed out that “the ISX60 index closed in the last session of June at 882.03, recording a decrease of 1.25% from the closing of 2023, while the ISX15 index closed at 1005.49 points, achieving an increase of 0.5% from its starting value in the base session.”

Al-Haimas concluded his statement by saying: “The number of contracts executed during the first half of the year reached 86,268 contracts, which reflects continuous activity and dynamic movement in the Iraq Stock Exchange.”  link

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Mot: .. what is this Morning Thingy - anyways!!!???

Mot:  . Great Job ""Earl"" .......