Economist’s “News and Views” Wednesday 7-10-2024

The Fuse Is Lit: Dollar Hegemony Ending | Andy Schectman

Liberty and Finance:  7-10-2024

Andy Schectman joins Dunagun Kaiser at the Rule Symposium in Boca Raton, Florida.

Schectman discusses the continued dedollarization around the world and the growing influence of the BRICS alliance.

With financial and political chaos around the world, safeguarding your wealth is more important than ever, he notes.

INTERVIEW TIMELINE:

 0:00 Intro

2:04 Weekly market update

 6:45 BRICS+ & dedollarization

20:50 Safeguarding our wealth

https://www.youtube.com/watch?v=0u1qe1GP7XY&list=PLank8aMTYJBY1L49VT6P23msnwUJAHYHf

De-dollarization Shocked the US: BRICS End Dollar Hegemony

Fastepo:  7-9-2024

The term "de-dollarization" refers to the process of reducing reliance on the US dollar in international trade and finance.

While the concept has been discussed for several decades, its prominence has grown in recent years due to geopolitical shifts and economic strategies by various countries.

 The exact first use of the term is difficult to pinpoint, but it has gained significant attention particularly after the 2008 financial crisis.

 In recent years, countries like China and Russia have actively pursued de-dollarization to mitigate the impact of US economic sanctions and to diversify their foreign reserves.

This trend aims to reduce reliance on a single currency and enhance economic stability by using various local currencies. By focusing on their own currencies, nations aim to minimize geopolitical risks and bolster their domestic economies.

This shift is reshaping global trade and financial systems, potentially lessening the worldwide dominance of the US dollar.

In this video, we explore the growing movement of BRICS+ countries, decreasing their reliance on the US dollar for international transactions.

We examine the motivations behind these choices and provide insights into their economic tactics. Furthermore, we highlight the de-dollarization initiatives within the BRICS+ alliance, showcasing significant steps these nations have taken to diversify the currencies used in global trade.

https://www.youtube.com/watch?v=JeMRF_1XwMc

Vince Lanci: 'If West Wants To Trade With BRICS, They Need More Gold'

Arcadia Economics:  7-10-2024

Vince Lanci: 'If West Wants To Trade With BRICS, They Need More Gold'

As the BRICS nations continue to move their plans forward to a potential gold-backed trade settlement currency, you have to wonder how that will affect the west over time.

Because if an oil producer can sell their oil and receive currency with a partial gold-backing, will they still want to accept treasuries in the current environment?

So in this morning's show, Vince Lanci talks about how if the west is going to continue to trade with the resource rich BRICS nations, they're going to need more gold.

 To find out why, click to watch the video now!

https://www.youtube.com/watch?v=6aRWrviaRz0

Iraq News Highlights and Points To Ponder Wednesday AM 7-10-24

What Is The Relationship Between Customs And The Rise In Exchange Rates In Iraq?

Local  Economy News – Baghdad  Today, Wednesday, economic expert Ahmed Al-Hedhal identified the relationship between the rise in the dollar exchange rate and the customs file, while stressing the importance of controlling the northern and southern borders.

Al-Hathal said, in an interview followed by "Al-Eqtisad News", that "the problem of the high exchange rate of the dollar in Iraq is customs," stressing the importance of "controlling the northern and southern borders."

He pointed out the "necessity of controlling fictitious invoices and facilitating the task of small traders, and involving the Central Bank in auditing invoices from the borders," adding: "Electronic payment and forcing people to use it and to deal in the dinar has nothing to do with the rise of the dollar."

The economic expert said, "Electronic payment has become a tool that facilitates the process of reverse transfers and black transfers," indicating that "the hasty decisions that are taking place are due to escaping from reality."

 Al-Hathal confirmed that "the domestic dollar is being smuggled out in 'trucks'."

Views 37  2024/07/10 - https://www.economy-news.net/content.php?id=45077#hathalyoum

5 Billion Riyals Is The Volume Of Trade Exchange Between Saudi Arabia And Iraq

Money  and business  Economy News – Baghdad  The Saudi-Iraqi Business Council estimated the volume of trade exchange between the two countries at 5 billion riyals, with an annual growth of 12%, according to the council’s chairman, Mohammed Al-Kharif.

The Council stated in a report reviewed by "Al-Eqtisad News" that the Council is working to develop Saudi investments in Iraq, in conjunction with the interest of the private and governmental sectors in the Kingdom in investing in Baghdad.

He pointed out that Iraq is preparing to propose a law to protect Saudi-Iraqi investment and discuss it before Parliament in preparation for its approval in the coming few months, to enhance economic cooperation between the Kingdom and Iraq, according to a statement issued by the Federation of Saudi Chambers.

In December of last year, Saudi Arabia and Iraq signed a partnership agreement in the field of private sector industrial investments, while the Kingdom’s ambassador at the time confirmed that there were many investment opportunities being studied.

Last November, Saudi Investment Minister Khalid Al-Falih also announced that the Kingdom is studying the launch of the first free economic zone with Iraq, in the border area of ​​Arar, expressing his hopes that the zone would be the first free economic zone with a neighboring country without taxes, fees or entry visas to serve investors in both countries.

5 Billion Saudi Riyals Equals 1,333,082,700.00 US Dollars. 2024/07/10 https://economy-news.net/content.php?id=45074

An Economic Vision That Defines The Relationship Between Neighboring Countries And The Rise Of The Green Currency In Iraq

Money  and business   Economy News – Baghdad  Today, Tuesday, economic expert, Dhurgham Muhammad Ali, identified the relationship between neighboring countries and the rise in the dollar exchange rate in Iraqi markets, while confirming that these countries opened factories inside the country as a result of the ban on importing their goods.

Ali said in a televised interview followed by "Al-Eqtisad News", "There is a demand for the dollar from countries with which Iraq has trade relations, from countries economically sanctioned by America, and therefore it is forbidden to make any financial transfers to them."

He added: "Therefore, cash is withdrawn from the markets, and payments are made directly to merchants for the goods from which the goods are imported, which are Iran, Syria and Lebanon," indicating that "these countries do not obtain the dollar officially, but they sell using the cash sales system."

He pointed out that "Syrian, Iranian and Lebanese goods are cheap, medium-cost and of high quality, so they are in great demand in local markets and dominate the Iraqi market, especially in the fruit and vegetable sector and food industries."

Regarding the goods whose import is prohibited, he said, “These countries have opened factories in Iraq in order to manufacture the goods whose import is prohibited during the government of Adel Abdul Mahdi, inside the country and transfer the profits to them.”

[rtl]Exchange rates in the Iraqi markets have witnessed a significant increase recently, reaching 150,000 dinars for every 100 dollars. 78 views 07/09/2024 - https://economy-news.net/content.php?id=45034

Calls To Put A Limit On Exchange Rates In Erbil

In video  2024-07-10 | 07:20  Dollar exchange rate: Discontent with exchange rate fluctuations and demands to put a limit on pricing

Currency traders in Erbil province expressed their dissatisfaction with the fluctuation of the dollar exchange rate, amid calls for the federal government to put an end to controlling the pricing.

Details in this report with Riyad Aziz.     LINK

MP Points Out 5 Government “Failures” In The Dollar Issue.. And Threatens To Hold The “Highest Authority” Accountable

Baghdad Today - Baghdad   Member of the Parliamentary Legal Committee, Representative Raed Al-Maliki, reviewed today, Tuesday (July 9, 2024), 5 joints in which the government failed in the dollar exchange rate file, which led to the instability of exchange rates, while he threatened to hold accountable "the highest government agency."

Al-Maliki said in a statement received by "Baghdad Today", that "after more than 18 months since the beginning of the problem of the decline in the value of the Iraqi currency and the occurrence of a large gap between the official dollar exchange rate and the parallel rate, it has been confirmed beyond doubt that the procedures of the Central Bank and the "procedures of the government" and its advisors have failed to achieve stability for the dinar and reduce the gap between the two prices."

He added, "Therefore, we have no choice but to hold the relevant authorities accountable, especially the (Central Bank Administration) and the (government) for this failure that costs the state huge sums of money (trillions) that are wasted outside the budget, and billions that go into the pockets of the corrupt, whose addresses are many, and the people bear a great burden as a result of the dependence of the prices of most goods on the exchange rate in the parallel market, which is much higher than the official selling price."

He stressed that "the government will be questioned at its highest level due to the failure to achieve important points in the government programme and the waste of huge sums of money that our people are in great need of."

He explained that "in order not to be accused of speaking without knowledge and without understanding the nature of the problem and diagnosing the governmental failure and negligence, I will specifically identify the most prominent sources of failure that the procedures of the Central Bank and the government caused in the continuation of the problem and the waste of money, and they are:

1- The failure of the Central Bank and the government to determine Iraq’s position towards America in dealing with countries that the United States prohibits from using the dollar and restricts trade with, such as Iran and Syria, unlike other countries that succeeded in agreeing with America on a formula for dealing with Iran, Syria and Turkey without facing restrictions like those facing Iraq.

2- The government’s failure to control the ports and informal trade that depend on the parallel dollar. This is due to the government’s failure to unify customs policy and prevent informal ports, especially in Kurdistan, where there are more than 32 unofficial and uncontrolled ports or crossings.

3- The government’s failure to address the issue of (small traders), whose number exceeds, according to government information, (400,000) four hundred thousand traders and suppliers of goods in Iraq, who practice trade outside the official framework, and rely on the parallel dollar to cover their imports, as they evade using platforms and official transfer for tax reasons and to bypass the delay resulting from auditing transfers.

4- The failure of the Central Bank and the government to address the problem of speculation and commissions received by banks, as they buy the dollar at the official price of 132 and sell it at a price exceeding 140, without showing this in their records, and without deterrent legal accountability procedures.

5- The failure of the Central Bank and the government’s procedures to provide travelers with dollars, and this file turned into a corruption file, the cost of which was estimated at (600 billion dinars) according to oversight data, due to the collection of dollars for travel purposes without verifying the travel or the actual need (fictitious cases).

These five points represent the most prominent reasons for the problem of the gap in the dollar price and its instability, and because of them billions are lost and wasted. In addition to that, Arab and foreign banks entered and took over the currency auction under the pretext of facilitating the procedures for dealing with international banks, so their profits increased at the expense of Iraq.

He explained that "in light of this, our responsibility as representatives who are not participating in this government and who oppose the quota system, and who have sworn to protect the interests of the people, requires us to take all constitutional, legal and popular means to stand up to this failure and mismanagement that has wasted the people's money and harmed the Iraqi economy.

We will join hands with all those who stand with us from the honorable representatives from the other blocs, who we know are not satisfied with the situation and we hope they will rise up against it."  LINK

“Tidbits From TNT” Wednesday Morning 7-10-2024

TNT:

Tishwash:  91% of the Iraqi currency is outside the banking system

Economist Munar Al-Obaidi announced that the money supply rose to more than 102 trillion dinars until last June.

Al-Obaidi said, "The currency issued by the Central Bank of Iraq rose to reach 102.3 trillion Iraqi dinars at the end of June, with an annual growth rate of 2.4% and a monthly growth rate of 3%."

He added that the value of the currency outside the banking system rose to 93 trillion Iraqi dinars, after it was 90 trillion Iraqi dinars in March.

He pointed out that the percentage of cash outside the banking system reached 91%  link

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Tishwash:  A new branch of Rafidain Bank applies the comprehensive system.. this time in Diyala

Rafidain Bank announced today, Wednesday, the implementation of the comprehensive banking system in Diyala.  

The bank's media office stated in a statement that "in implementation of the government program to move from paper transactions to electronic transactions to provide the best services to citizens, the comprehensive banking system has been implemented in the Baladruz branch in Diyala, thus joining the branches that have activated the comprehensive system in Baghdad and the governorates in addition to the border crossing branches (Zurbatiya - Safwan - Arar - Trebil), so that the number of effective and completed branches of the system becomes (32) branches in an important step to strengthen the banking system and achieve its requirements and leave paper work and move completely to electronic systems."

 The bank confirmed that "the digital transformation plan and the adoption of the comprehensive banking system are proceeding according to the scheduled timings to include all branches of the bank in the implementation of the system, especially since the priorities and adoptions of the government program include electronic transformation in financial transactions, reducing the circles of routine for citizens, shortening time, simplifying procedures, overcoming obstacles, and intensifying efforts to improve the level of services provided to customers and completing their transactions."  link

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Tishwash:  Hot legislative session for parliament with amnesty, oil and property laws - Urgent

The Parliamentary Oil and Gas Committee revealed, on Wednesday, a number of draft laws that will be voted on during the second legislative term of the third legislative year of the House of Representatives.

“There are a number of draft laws that will be voted on during the second legislative term of the third legislative year, including the twenty-first amendment to the Personnel Law No. 25 of 1960, which includes a wide segment of employees of the ministries in the state, in addition to the general amnesty law that does not include terrorists and ISIS members, but there are oppressed people in prisons, as well as the law amending the Martyrs Foundation Law, and also among the important draft laws is the service and retirement law for the fighters of the Popular Mobilization Authority,” said committee member MP Alaa Al-Haidari in a statement to Al-Rabia.

He added that "there are also a number of proposals, including a draft law to include some victims of natural disasters, including the Ibn al-Khatib Hospital incident, the incident of teachers in one of the schools in the Safwan Cases Center in Basra Governorate, the incident of students in the al-Hartha district in Basra, and other incidents in Maysan Governorate," noting that "these proposals will be discussed and put forward for the purpose of voting on them and providing justice to their families."  link

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Tishwash:  Parliamentary effort to question the Central Bank: Costs Iraq trillions and threatens the economy

Member of the Legal Committee, Raed Al-Maliki, announced on Tuesday that he is seeking to hold the relevant authorities accountable, especially the Central Bank administration and the government, due to the failure of their procedures to address the crisis of the decline in the value of the Iraqi currency and the large gap between the official dollar exchange rate and the parallel rate.

Al-Maliki said, in a press statement received by Shafaq News Agency, that the continued failure of the Central Bank and the government to achieve stability of the dinar and reduce the gap between the two prices led to the waste of huge sums of money and exacerbated the suffering of citizens. 

He pointed out that these conditions resulted in the state incurring trillions of dinars and enriching the corrupt at the expense of the people, as the prices of most goods depend on the parallel price, which is much higher than the official price.

Al-Maliki also pointed out that the failure of the government and the Central Bank to deal with the exchange rate crisis was embodied in several main aspects, the first of which is the government’s inability to determine Iraq’s position on countries banned from using the dollar, as it failed to reach an agreement with the United States on how to deal with Iran and Syria, while other countries were able to find formulas of understanding in this regard.

The "second failure," according to Al-Maliki, is embodied in the government's inability to control the ports and informal trade. It has failed to unify customs policy and prevent informal ports in the Kurdistan Region, which includes more than 32 informal ports.

The third failure, MP Al-Maliki says, is the failure to address the issue of small traders, whose number exceeds 400,000 traders in Iraq, who rely on the parallel dollar to avoid official procedures and taxes.

Regarding the fourth failure, the government and the Central Bank, according to Maliki’s statement, failed to address the problem of speculation and commissions in banks, as banks buy the dollar at the official price and sell it at higher prices without any legal accountability.

Finally, the fifth failure, according to the statement, is embodied in turning the file of providing travelers with dollars into a corruption case that cost 600 billion dinars, as dollars are collected for fictitious travel purposes without verifying the actual need for travel.

Al-Maliki added that these points represent the most prominent reasons for the continuation of the exchange rate crisis and the waste of money, pointing out that Arab and foreign banks have entered the currency auction and increased their profits at the expense of Iraq.

The MP stressed that he will use all constitutional, legal and popular means to confront this failure and mismanagement, calling on MPs from other blocs to support these efforts in order to protect the interests of the Iraqi people.

For his part, MP Majid Shankali called on the Council of Ministers to take decisive and bold decisions related to the financial reality in Iraq.

In a statement received by Shafaq News Agency, Shankali stressed the necessity that these decisions be preceded by the process of building trust between the citizen and the banking system, which is currently suffering from a significant lack of this trust. 

In this context, Shankali called for banning dealing and trading in dollars in buying and selling operations, in a step aimed at enhancing the use of the Iraqi dinar and reducing dependence on foreign currency. He also called for not allowing citizens to hoard amounts exceeding ten thousand dollars or its equivalent outside banks, in order to limit financial evasion and enhance official banking practices.

Shankali also stressed the need to encourage and stimulate electronic dealing in financial transactions, pointing out the need to start implementing these decisions gradually to avoid creating new crises, stressing that these procedures must be well thought out and based on gradual steps to ensure achieving the desired financial goals without causing additional problems for citizens.   link

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Mot: Say - How Hot Was it there Today!!!! 

Mot: .. Maybe avoid Death Valley this week

Iraq Economic News and Points To Ponder Tuesday Evening 7-9-24

Sudanese Advisor: The Iraqi Central Bank Will Address The Rise In The Dollar.. What About The Inflation Rate?

 Money  and business  Economy News – Baghdad  Adviser to the Prime Minister for Economic Affairs, Mazhar Muhammad Saleh, said that the Central Bank of Iraq will address the recent rise in the dollar exchange rate, noting that  annual inflation in the country only exceeds 3%.

 In an attempt to control dollar smuggling, the Central Bank issued in previous times a number of measures with the aim of contributing to raising the value of the dinar or reducing the large demand for the dollar.

 The difference between the official exchange rate of 1,320 dinars per dollar and what is sold in the market still encourages dollar smuggling networks to increase their activity to achieve profits, in addition to the impact of this matter on the daily life of the Iraqi citizen.

Recently, the exchange rate of the US dollar against the Iraqi dinar rose to about 1,495 dinars.

 "Highest international reserve base"

 Mazhar Muhammad Salih said, “The fixed exchange rate system in Iraq is based on a base of international reserves that are the highest in the history of Iraq and its monetary policy, and the foreign currency covers a percentage of more than 100% of the total currency currently exported.”  He explained,

"In light 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 as a result of the influence of the exchange rate factor."

The official financing currently dominates foreign (import) trade financing, amounting to 1,320 dinars per dollar. Saleh pointed to

 “the stable trend of the exchange rate, centered around the stable external value of the dinar, which is embodied by the state of stability in the relative prices of goods and services to a large extent, as annual inflation in our country does not exceed only 3%.” The Prime Minister’s Advisor for Economic Affairs noted that,

  “In light of the strength of the foreign reserves supporting the Iraqi dinar, whose value as liquid foreign assets exceeds 100 billion dollars, the official exchange market, as a general trend, will remain dominant in containing any colored noise or ambiguous information that is affected by the parallel market.” For disbursement in short periods, due to urgent international or regional political events here and there, or in adapting some instructions regulating the monetary market.  Saleh stressed that

 "The decline of the phenomenon of dollarization"

 “after the decline of the phenomenon of dollarization in internal transactions, especially in contracts, obligations and payments inside the country since last year and its legal ban, the parallel exchange market has begun to have its general impact today only on a narrow economic scope of prohibited transactions, practiced by informal markets at a rate of 10%.” “Of the total transactions of supply and demand for the currency.” 

He explained that   “the stability of the dinar-to-dollar exchange rate that the country is witnessing, even in the secondary markets mentioned above, is a real and established stability.

 Rather, it is derived from the strength of the influence of the price and quantitative factors of the monetary and financial policies, and

 their integration in imposing overall price stability in the country, and containing the inflationary expectations that they were causing.” Parallel exchange market forces during the past years.

 The Prime Minister's Advisor for Economic Affairs pointed out that

 "the informal secondary market, due to the freedom of external transfer, is under the influence of the official exchange market rate, whose operations are constantly expanding in the interest of dealing at the fixed official exchange rate.  - https://economy-news.net/content.php?id=44995     

91% Of The Iraqi Currency Is Outside The Banking System

 Money  and business  Economy News – Baghdad   Economist Manar Al-Obaidi announced that the monetary supply had risen to more than 102 trillion dinars as of last June. Al-Obaidi said,

  “The cash currency issued by the Central Bank of Iraq increased to reach 102.3 trillion Iraqi dinars at the end of June, with an annual growth rate of 2.4% and a monthly growth of 3%.”  He added that the

 value of cash outside the banking system rose to 93 trillion Iraqi dinars after it was 90 trillion Iraqi dinars in March.  He pointed out that the percentage of cash outside the banking system reached 91%.

 observations 373     07/09/2024 - https://economy-news.net/content.php?id=45032   

Adviser To The Prime Minister: Iraq Is In The Process Of Repaying Long-Term Development Loans To The World Bank

 Economy    6-07-2024, 12:11  Baghdad - IA - Nassar Al-Hajj   The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Saturday, that the  zeroing of debts to the International Monetary Fund reflects the high and solid creditworthiness of Iraq, while he indicated that  Iraq is in the process of repaying long-term development loans to the World Bank.

Saleh said to the Iraqi News Agency (INA):  “Iraq entered into about 5 programs with the International Monetary Fund from the year 2004 until the end of the year 2018, including 3 credit preparedness programmes, and

 all of them were characterized by providing loans whose function was to support a state of stability and economic reform in Iraq and in two directions: the

First: Loan Programs: Iraq received loans from the International Monetary Fund to help it overcome economic crises, as  these loans included supporting the general budget and financing economic stability programs, especially during the war on ISIS terrorism. 

He added:  “As for the other trend: in the field of economic reforms, the International Monetary Fund usually requires countries that receive loans to implement certain economic reforms.

 In the case of Iraq, these reforms included improving the management of public finances and the banking sector, enhancing transparency, combating corruption, and reforming the financial sector.” energy". 

He pointed out that  "these loans did not exceed $5 billion per loan, and the actual withdrawal from them would not exceed $3 billion or more in each case, according to a repayment program that takes place every 6 months with grace periods for two years before repayment, with moderate annual interest, which usually does not exceed 4.5%, and the terms of these loans do not exceed five years.” 

He pointed out that   "Iraq has repaid the loans that were withdrawn during the last twenty years and according to regular payment mechanisms, and   stage of zeroing is approaching unless they are all zeroed today,

 which reflects the high and solid creditworthiness of the Republic of Iraq in repayment before the international financial community in particular and before international financial organizations." multilateralism in general. 

He continued:   “But certainly there are long-term development loans belonging to the World Bank that are still in place, which is another development financial organization, and for a number of billions, they are in the process of being repaid, and

 some of them are still in the process of committing to withdrawing them to be spent on completing the development projects contracted with the World Bank, and  they are long-term soft loans as well.”".

He stressed that  "cooperation relations continue between Iraq and the International Monetary Fund in various fields, including providing technical advice and supporting economic policies," noting that

 "the relationship between Iraq, the International Monetary Fund and the World Bank is important for achieving economic stability and sustainable development in the country."  He pointed out that

 "Iraq is a founding member of the International Monetary Fund and the World Bank since 1945."  

 https://www.ina.iq/212088--.html

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

Provoking Thoughts and Points to Ponder on Advice :

Be frank and explicit. That is the right line to take when you wish to conceal your own mind and to confuse the minds of others.  - Benjamin Disraeli

Put all thine eggs in one basket and - watch that basket.  - Mark Twain

It has seemed to be more necessary to have regard to the weight of words rather than to their number.  - Cicero

Don't offer me advice, give me money.  - Spanish proverb

If you aren't rich, you should always look useful.  - Louis-Ferdinand Celine

He who can lick can bite.  - French proverb

When a man comes to me for advice, I find out the kind of advice he wants, and I give it to him. - Josh Billings

We only make a dupe of the friend whose advice we ask, for we never tell him all; and it is usually what we have left unsaid that decides our conduct.  - Diane de Poitiers

I give myself, sometimes, admirable advice, but I am incapable of taking it.  - Mary Wortley Montagu

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

http://famousquotesandauthors.com/quotes_by_topic.html

Seeds of Wisdom RV and Economics Updates Tuesday Afternoon 7-9-24

Good Afternoon Dinar Recaps,

RUSSIA'S PROSPERITY INCREASES AFTER US SANCTIONS
DE-DOLLARIZATION CONTINUES

"Russia, one of the leading nations in the world, has now added one more feather to its cap. The nation’s GDP has reportedly exploded post-sanctions. Russia is now one of the most prosperous nations in the world, with its per capita income ranging from $14,250 annually. The nation is also spearheading efforts to derail the US Dollar by echoing the multipolar currency narrative."

"It is particularly interesting to note, considering that the US has sanctioned Russia by cutting its access to the SWIFT payment system. Despite encountering a major financial blow, the Russian economy is projecting an upward ascent, displaying its mettle against global nations."

"Russia is exclusively heading the de-dollarization agenda. Being an active part of the BRICS alliance, the nation, alongside China, India, Brazil, and South Africa, is currently planning to launch an independent currency system rivaling the USD’s prestige. At the same time, Russia is also conducting active trade proceedings with China in local currency, ditching USD usage in every possible way."

© Newshounds News™

Read more:  Watcher Guru

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BRICS duplicating THE BRETTON WOODS structure?

"Jim Rickards: Notice what the BRICS are doing, they COPIED the World bank AND the IMF…they are DUPLICATING the Bretton Woods structure.
They're also building underseas {fiber optics} telecom channels so they can BYPASS channels like SWIFT & others that are controlled by the West."

BRICS has been building this infrastructure for 15 years.

© Newshounds News™

Read more:  Twitter
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SAB 121 SET FOR VETO VOTE ON WEDNESDAY

"The US House of Representatives is scheduled to vote on significant crypto legislation on Wednesday, July 10. This vote might override President Joe Biden’s veto of the Securities and Exchange Commission’s (SEC) resolution to repeal Staff Accounting Bulletin 121 (SAB 121)"

"The SEC issued SAB 121 in 2022, which mandates that banks holding cryptocurrency must disclose these assets as liabilities on their balance sheets. Many in the crypto industry have questioned this accounting treatment, claiming that the additional regulatory burden deters banks and other institutional actors from dealing with digital assets."

"Ron Hammond of the Blockchain Association highlighted the unusual political dynamics at play, noting that “crypto has now found itself to be a campaign issue.”

© Newshounds News™

Read more:  Bitcoinist  

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BITCOIN ETF'S GAINING ACCEPTANCE IN AUSTRALIA

"Australia's leading stock exchange, the Australian Securities Exchange (ASX), has approved listing the second Bitcoin exchange-traded fund (ETF) on its platform. On July 9th, the ASX gave the green light to digital asset manager DigitalX to launch a spot Bitcoin ETF. The new ETF will begin trading on July 12th under the ticker BTXX."

"The flurry of new Bitcoin investment vehicles hitting the Australian market reflects the growing interest in Bitcoin exposure. Investors are increasingly looking to gain Bitcoin exposure through regulated fund structures rather than direct ownership."

"ETFs provide an easy avenue to invest in the asset class without needing to custody Bitcoin directly. Many expect more countries to approve Bitcoin ETFs as the instruments gain traction and regulatory acceptance expands.

"By greenlighting another Bitcoin ETF, Australia's main securities exchange demonstrates a favorable shift in attitudes toward Bitcoin assets within one of the world's top financial markets."

© Newshounds News™

Read more:  Bitcoin Magazine

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"Banque de France partners HKMA to explore interoperability between wholesale CBDC infrastructures"

WE'RE SEEING EUROPE JOINING IN WITH CHINA AND THE EAST LINKING WHOLESALE CBDC'S

"The Banque de France (BDF) has signed a memorandum of understanding with the Hong Kong Monetary Authority (HKMA) to explore how their differing infrastructures can support cross-border settlement using wholesale central bank digital currencies (wCBDCs), building on their mutual participation in the European Central Bank’s (ECB) Eurosystem CBDC exploratory project."

"The testing will focus on “real-time cross-border and cross-currency payments”, according to the central bank, and will explore the optimization of settlement efficiency by strengthening the compatibility of financial market infrastructures between different jurisdictions. From this month up until November, the group will be tasked with exploring the mock settlement of domestic payments, foreign exchange PvP transactions and “a wide set of securities-related use cases”, as per the ECB’s June announcement."

© Newshounds News™

Read more:  Currency Insider

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GLOBAL RACE FOR CRYPTO REGULATION SPEEDING UP

"HK maturing, Singapore cautious, Dubai pragmatic, EU comprehensive, US promising"

"There has been a marked recognition amongst global regulators that to build the guardrails to protect investors - we must collaborate. And policymakers have listened, supported and reacted."

Hong Kong advances crypto regulation with strategic developments
"Over the last 12 months, Hong Kong has pushed forward a raft of regulatory announcements in a bid to develop a tightly regulated home for the digital asset industry. From implementing a licensing regime for virtual asset trading platforms, to working on a framework for fiat-referenced stablecoins."
A major milestone was reached with the introduction of bitcoin and ether ETFs.

In December 2023, the Securities and Futures Commission, alongside Hong Kong’s Monetary Authority (HKMA) released a joint statement in which they detailed the requirements that must be met for the regulator to approve ETFs with more than 10% of holdings in crypto. Within four months of this circular, spot crypto investment products in Hong Kong received the green light."

Singapore strengthens crypto ecosystem with robust regulations
"Meanwhile, Singapore continues to enhance its regulatory framework for cryptocurrencies. While cryptocurrency trading and possession are legal, the Monetary Authority of Singapore (MAS) maintains a cautious approach, particularly concerning the public advertisement of crypto services. 

Against this regulatory backdrop, Singapore is spearheading forward-thinking initiatives like Project Guardian. This project, a distinct yet complementary approach to Hong Kong’s e-HKD program, also explores blockchain’s potential across different financial sectors and demonstrates how tokenization can significantly enhance market and transaction efficiencies."

Dubai attracts crypto firms with a defined regulatory framework
"The UAE has signalled its intent to become a global hub for the sector by outlining clear guidelines for firms looking to operate in the region. In 2022, Dubai established the world’s first independent regulator for virtual assets, the Virtual Assets Regulatory Authority (VARA), to serve as a transparent and trusted guiding authority for the emerging world of crypto. Firms operating in the cryptocurrency space in the UAE must obtain a licence from the Securities and Commodities Authority, ensuring they meet the required AML and know-your-customer standards."

Europe presents unified approach through MiCA
"Europe has taken a proactive stance with the introduction of the Markets in Crypto-Assets (MiCA) regulation.

This comprehensive framework is the first of its kind globally. The crypto measures aim to create a unified regulatory landscape across 27 countries in the EU, ensuring consumer protection, facilitating legal certainty for businesses and attracting more investment to the region."

Promise of progress in the United States
"In the United States, the recent passage of the Financial Innovation and Technology for the 21st Century Act (FIT21) by the US House of Representatives is a landmark development, after large industry players quit the country due to regulatory crackdown and uncertainties that have made investments in the US higher risk.

FIT21 aims to clarify the regulatory responsibilities of the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission over digital assets and update existing securities and commodity laws to accommodate blockchain technology applications, including decentralized protocols. It categorizes digital assets into restricted digital assets, digital commodities, and permitted payment stablecoins, each with distinct regulatory oversight."

@ Newshounds News™

Read more:  The Asset

~~~~~~~~~

WHY IS TOKENIZATION OF TRADE FINANCE TRANSFORMATIVE FOR INVESTORS? 

Standard Chartered and Synpulse paper explains why digital assets are critical to addressing financing requirements of companies

Institutional investors are always looking for new, fast-growing markets.  Trade finance tokenization provides exposure to emerging market assets.  For banks, "tokenization can help raise their net interest income and optimize their capital structure."

Standard Chartered Bank's new paper titled “Real-World Asset Tokenization: A Game Changer for Global Trade” written in collaboration with global consulting company Synpulse gives some insights into tokenization of trade finance.

"In its simplest form,

TOKENIZATION  --- is —   the process of issuing digital representations of real or traditional assets in the form of a token on a distributed ledger which can be fractionalized into smaller and transferable units. "

"This ability to produce bite-sized assets for ownership is a game changer for asset classes that are struggling to secure funding and liquidity."

"Tokenizaboutation could support companies in need of trade financing by opening a viable channel for institutional investors such as asset management companies and sovereign wealth funds to provide capital.  MMEs are especially active in fast-developing regions such as the Middle East, Asia, and Africa. They represent a vast and largely unaddressed market, offering an immense yet unrecognized opportunity for investors."

"Banks stand to gain from increased tokenization of trade finance assets as well. With the increased pressure to comply with Basel IV requirements by 2025 on the calculation of risk-weighted assets, banks need to be strategic with their balance sheets."

"Through tokenization, banks can adopt an originate-to-distribute model for trade finance by distributing trade finance instruments they have initially financed to the capital markets and the emerging digital asset markets, thereby providing companies in need of trade financing, access to a global pool of institutional investors seeking returns."

Learn more about the role of banks in the tokenization of trade finance and how the tokenization of trade finance is a win-win for both banks and institutional investors globally by reading the entire article and pdf below.

@ Newshounds News™

Read more:  The Asset

Read more:  Real-World Asset Tokenization: A Game Changer for Global Trade

~~~~~~~~~

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Iraq Economic News and Points To Ponder Tuesday 7-9-24

Parliamentary Effort To Hold The Central Bank Accountable: It Costs Iraq Trillions And Threatens The Economy

 Politics     breaking     Central Bank of Iraq     Dollar crisis  2024-07-09 09:03  Shafaq News/ Member of the Legal Committee, Raed Al-Maliki, announced on Tuesday that he was seeking to hold the concerned authorities accountable, in particular the management of the Central Bank and the government, due to the failure of their measures to address the crisis of the devaluation of the Iraqi currency and the large gap between the official dollar exchange rate and the parallel price.

 Al-Maliki said, in a press statement received by Shafaq News Agency, that the continued failure of the Central Bank and the government to stabilize the dinar and reduce the gap between the two prices led to the waste of huge amounts of money and exacerbated the suffering of citizens.

He pointed out that these conditions resulted in the state incurring trillions of dinars and enriching the corrupt at the expense of the people, as the prices of most goods depend on the parallel price, which is much higher than the official price.

 Al-Maliki also pointed out that the failure of the government and the central bank to deal with the exchange rate crisis was embodied in several main aspects.

 The first of these aspects is the government’s inability to determine Iraq’s position on countries banned from using the dollar, as it failed to reach an agreement with the United States on how to Dealing with Iran and Syria, while other countries were able to find formulas of understanding in this regard.

The "second failure," according to Al-Maliki, was embodied in the government's inability to control unofficial ports and trade.

 It was unable to unify customs policy and prevent unofficial ports in the Kurdistan region, which includes more than 32 unofficial ports.

 As for the third failure, Representative Al-Maliki says, it is the failure to address the issue of small merchants, as they number more than 400,000 merchants in Iraq, who depend on the parallel dollar to avoid official procedures and taxes.

 Regarding the fourth failure, according to Al-Maliki’s statement, the government and the Central Bank were unable to address the problem of speculation and commissions in banks, as banks buy the dollar at the official price and sell it at higher prices without any legal accountability.

 Finally, the fifth failure, according to the statement, is to turn the file of providing travelers with dollars into a corruption case amounting to 600 billion dinars, as the dollar is collected for fictitious travel purposes without verifying the actual need for travel.

 Al-Maliki added that these points represent the most prominent reasons for the continuation of the exchange rate crisis and the waste of money, pointing to the entry of Arab and foreign banks into the currency auction and the increase in their profits at the expense of Iraq.

The representative stressed that he will use all constitutional, legal and popular means to confront this failure and mismanagement, calling on representatives from other blocs to support these endeavors in order to protect the interests of the Iraqi people.

 For his part, Representative Majid Shankali called on the Council of Ministers to take decisive and bold decisions related to the financial reality in Iraq.  In a statement received by Shafaq News Agency,

 Shankali stressed the need for these decisions to precede the process of building trust between the citizen and the banking system, which is currently suffering from a significant lack of this trust.  In this context,

 Şengali called for prohibiting dealing and trading in the dollar in buying and selling operations, in a step aimed at enhancing the use of the Iraqi dinar and reducing dependence on foreign currency.

He also called for not allowing citizens to hoard amounts exceeding ten thousand dollars or its equivalent outside banks, in order to limit... Financial evasion and the promotion of formal banking practices.

 Şengali also stressed the encouragement and stimulation of electronic dealing in financial transactions, noting the

 necessity of starting to implement these decisions gradually to avoid creating new crises, stressing that

these measures must be thoughtful and based on gradual steps to ensure achieving the desired financial goals without causing additional problems for citizens.  

https://www.shafaq.com/ar/سیاسة/سعي-نيابي-لمسا-لة-البنك-المركزي-يكلف-العراق-تريليونات-ويهدد-الاقتصاد   

Economic: Stopping Trading In The Yuan Caused The Dollar To Rise

Today 19:59  Information/private..  Today, Tuesday, economic expert, Diaa Mohsen, explained the most important reasons for the rise in dollar prices in Iraq, while confirming that the exchange rate has not reached 160.

 Mohsen said in a statement to the Al-Ma’louma Agency,   “The Central Bank of Iraq’s blunders and its bad management in this file raised the price of the dollar against the Iraqi dinar,” noting that

“stopping remittances in the Chinese yuan, whose trade price amounts to 53 billion dollars, had a great impact.”  He continued, "The volume of trade with China is large, and dealing in dollars cannot be done according to American dictates," pointing out that  "limiting the sale of dollars inside Iraqi airports is a wrong decision and a major cause of the dollar crisis."

 It is noteworthy that dollar prices rose during the past week, after the Central Bank’s decisions to sell dollars at airports and stop transactions with Chinese remittances, until it reached 151 thousand dinars, compared to 100 dollars.

 https://almaalomah.me/news/69858/economy/اقتصادي:-إيقاف-التعامل-باليوان-تسبب-بارتفاع-الدولار

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

Provoking Thoughts and Points to Ponder on Advice :

But one must know where one stands, and where the others wish to go.  - Goethe

No man ever listened himself out of a job.  - Calvin Coolidge

Thanksgiving comes after Christmas.  - Peter Kreeft

The proverb warns that, "You should not bite the hand that feeds you." But maybe you should, if it prevents you from feeding yourself.  - Thomas Szasz

I remember my father telling me the story of the preacher delivering an exhortation to his flock, and as he reached the climax of his exhortation, a man in the front row got up and said, 'O Lord, use me. Use me, O Lord - in an advisory capacity!'  - Adlai Stevenson

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

http://famousquotesandauthors.com/quotes_by_topic.html

Some “BRICS News” Tuesday 7-9-2024

BRICS Launches Intra-bank Payment System: What's next?

Wealth Insights:  7-8-2024

Discover how Russia and Iran, both BRICS members, have achieved a major milestone in economic cooperation by integrating their national payment systems.

 Recently finalized, this integration links Iran's SEPAM system with Russia's SPFS, enabling trade and financial transactions in their national currencies—ruble and rial.

By bypassing the U.S. dollar and SWIFT system dominated by Western powers, this move aims to reduce reliance on international sanctions.

Witness how this integration not only strengthens economic ties between Russia and Iran but also underscores their efforts to build financial independence and counter Western economic pressures. Stay informed about the evolving landscape of global finance and geopolitical strategy with our latest update.

https://www.youtube.com/watch?v=mr3JMDbJDAo

Huge BRICS Power Play & A Global Trend Towards Physical Gold

Gold and Silver with Mike Maloney:  7-8-2024

In today’s video, Alan Hibbard dives deep into the accelerating expansion of BRICS and its significant implications for the US dollar and global economic power dynamics.

 We'll explore how countries are realigning their economic strategies, the impact of Western sanctions on Russia, and the growing movement towards de-dollarization.

Plus, we'll discuss the trend of gold repatriation and its importance in today's volatile geopolitical climate.

Stay tuned for an insightful analysis that connects the dots between economic decisions and military strategies on the world stage.

https://www.youtube.com/watch?v=f0nAfqFmN3w

“Tidbits From TNT” Tuesday 7-9-2024

TNT:

Tishwash:  Al-Sudani receives a delegation from the US Department of Defense

The Prime Minister's Media Office stated in a statement that "Prime Minister Mohammed Shia al-Sudani received the US Deputy Assistant Secretary of Defense for Middle Eastern Affairs, Daniel Shapiro, and his accompanying delegation, in the presence of the US Ambassador to Iraq."

He added, "During the meeting, the procedures for proceeding with ending the mission of the international coalition to fight ISIS and activating bilateral relations between Iraq and the United States were discussed," noting that "the meeting witnessed discussion of the situation in the region and the continued aggression on Gaza."

Al-Sudani pointed to "the suffering of the Palestinian people, the difficulty of accessing humanitarian aid and relief supplies under the stifling siege, and the failure of the international community to assume its responsibilities in pressuring the Netanyahu government to stop the genocide."

The Prime Minister stressed "the need for a firm stance against the aggression, and the necessity of preventing escalation that threatens to expand the scope of the conflict."

For his part, the American official pointed out "the importance of Iraq's role in reducing tensions in the region, and the inevitability of continuing the approach of communication and cooperation between the two countries in the areas of armament and security and raising the combat level of the Iraqi forces, in a way that supports Iraq's security and sovereignty, economic development and progress at all levels."  link

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Tishwash: Politician: America is continuing the dollar chaos scenario in Iraq

Today, Monday, the leader in the coordination framework, Jabbar Odeh, accused America of repeating the dollar chaos scenario in Iraq.

Odeh said in an interview with Al-Maalouma, “Since 2003, America has sought to make Iraq's economy hostage to the policies of the White House, and to use the dollar bill as a pressure tool to confront any movement outside the context of its interests in the region.”

He added, "The recent rise in the exchange rate is nothing but a scenario of chaos through pressure on the parallel market and raising exchange rates," stressing that "Iraq's economy will not be safe as long as Washington exploits oil revenues through the Federal Bank."

He pointed out that "the statements of the new American ambassador carried three clear agendas in Baghdad, which are using the economic card, selling oil supplies, and trying to escalate the security situation and interfering in the country's affairs," adding that "Baghdad's exit "From the pressure of the dollar will free the country from dangerous restrictions imposed by the White House administration." For more than 20 years.”

It is noteworthy that the dollar exchange rates witnessed a noticeable increase, raising many question marks amid accusations that an American agenda is behind what is happening.   link

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LouNDebNC: Stocks could fall 30% as US heads for a deep recession, analyst warns

Do you have a lot of your wealth tied in the stock market?

 A new analyst note from BCA Research suggests the S&P 500 could slide as much as 30% within the next year as the U.S. economy enters a deep recession.

There may be trouble looming on the horizon for the U.S. stock market, according to BCA Research.

In a note to clients last week, BCA Research chief global strategist Peter Berezin warned that, contrary to popular belief, the economy will fall into a recession either this year or in early 2025. 

Should that happen, the S&P 500 could tumble to 3,750, which marks a 30% drop from current levels.

Berezin's prediction hinges on the belief that the labor market will slow notably in coming months, which will weigh heavily on consumer spending – a major driver of economic growth. The relationship between inflation and unemployment is measured by something called the "Phillips curve."

"The reason the U.S. avoided a recession in 2022 and 2023 was because the economy was operating along the steep side of the Phillips curve," he wrote. "When the labor supply curve is nearly vertical, weaker labor demand will mainly lead to lower wage growth and falling job openings. In other words, an immaculate disinflation."

Berezin also foresees widespread economic pain, with growth slowing sharply in Europe and China. This scenario could further weaken global growth and weigh heavily on international stocks.

Stocks notched a new record in mid-May, with the Dow Jones Industrial Average topping 40,000 for the first time ever, but they have since fallen from those highs. 

The indexes opened slipped Monday morning as investors await key jobs data from the Labor Department. The S&P benchmark was down about 12 points as of mid-morning.

The forecast from BCA Research – one of the gloomiest on Wall Street – comes after a volatile year for the market.

All three indexes tumbled in mid-2023 amid fears the Federal Reserve would raise interest rates higher than previously expected – and hold them at peak levels for longer. However, they have recouped those losses and more, with the S&P 500 up more than 29% since it hit bottom at the end of October. 

Since the start of the year, the benchmark index is up about 15%, while the Dow Jones Industrial Average has climbed 3.7%. The tech-heavy Nasdaq Composite, meanwhile, has increased about 20% year to date.

https://www.foxbusiness.com/markets/stocks-could-fall-30-us-heads-painful-recession-analyst-warns

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Mot:  all that is needed is an Attitude Adjustment - Get a new Doctor!!

Mot . Today's Quote!!! Erma Bombeck

Iraq Economic News and Points To Ponder Late Monday Evening 7-8-24

Excessive Issuance Of New Currency: Will It Push The Iraqi Economy Towards The Abyss?

July 8, 2024 Last updated: July 8, 2024  Hussein Al-Falluji*    In light of the economic challenges facing Iraq, the importance of issuing new currency appears as an important tool of monetary policy that can be used to achieve economic growth and financial stability.

Unfortunately, these funds have been ineffectively directed over the past twenty years towards consumer sectors instead of productivity, in addition to using this tool to fill the budget deficit to cover salaries and the operational budget.

This ill-advised directive, coupled with the dominance of the public sector and neglect of the private sector, led to increased inflation and depletion of the hard currency balance.

 Hence, there is a need to reconsider the use of this important tool and adopt a new strategy that focuses on directing funds towards productive sectors that generate income in hard currencies and supporting the private sector.

 The economic situation in Iraq

 According to available statistics, the volume of cash issued at the end of 2017 amounted to more than 44 trillion Iraqi dinars, while the volume of the monetary mass exceeded 103 trillion Iraqi dinars at the end of 2023.

 All of this money was directed towards the salaries and subsidies sector instead of being directed towards productive sectors.

 If this money had been dealt with wisely and scientifically and pumped into the industrial, agricultural, tourism and mining sectors, the economic situation in Iraq would have been much better than it is now.

Focusing on productive sectors such as tourism, industry, and agriculture can contribute significantly to increasing GDP and improving living standards.

For example, investing in tourism infrastructure development and tourism promotion can attract foreign tourists and increase hard currency revenues.

 Likewise, supporting industry and agriculture to meet the needs of the local market contributes to increasing the gross domestic product and preventing the exit of hard currencies by adopting modern technologies and improving the quality of products, which enhances competitiveness in global markets.

 Reconsidering and scientifically dealing with the new monetary issuance instrument could help in restructuring the national economy effectively and sustainably.

 Improving the balance of payments and reducing inflation

 This strategy can contribute to improving the balance of payments by increasing exports and reducing dependence on imports.

 Supporting the agricultural sector to meet the needs of the local market and exporting the surplus using advanced technology and developing storage and transportation facilities can improve the quality of crops and increase the volume of exports.

 In addition, the development of local industries reduces the need to import goods, which preserves hard currency within the country.

 Directing funds towards productive rather than consumer sectors also helps reduce inflation resulting from increased demand without a corresponding increase in production.

 Increasing the flow of hard currencies into the economy enhances the stability of the local currency and reduces exchange rate fluctuations.

 In this way, sustainable economic stability can be achieved that strengthens the national economy and achieves tangible improvements in the standard of living.

 Implementation and monitoring

To ensure the success of this strategy, it is necessary to develop a comprehensive plan and economic feasibility studies to determine priorities and target projects.

 There must be a monitoring and evaluation system to ensure that funds are used effectively and that desired objectives are achieved.

 Cooperation with international financial institutions and strategic partnerships with the private sector can enhance the effectiveness of implementation.

 On this occasion, we demand stopping the issuance of cash for the purposes of filling the deficit in the operating budget, and emphasizing strict commitment to directing any new funds issued towards the productive sectors instead of pumping them into the consumer sectors.

 This wise channeling of funds will contribute to achieving sustainable economic development and improving the economic situation in Iraq.

 *Independent politician    

https://mustaqila.com/الإفراط-في-إصدار-النقد-الجديد-هل-سيدفع/     

Mazhar Muhammad Saleh: Our Cash Reserves Are The Highest And There Are No Fears Of The Dollar Rising

Economical 07/09/2024   Baghdad: Al-Sabah   Yesterday, Monday, the financial and economic advisor to the Prime Minister, Mazhar Muhammad Saleh, commented on the return of the rise in the exchange rates of the US dollar against the Iraqi dinar in local markets.

 Saleh explained,   “The fixed exchange rate system in Iraq is based on international reserves, which are the highest in the history of Iraq and its monetary policy, as the foreign currency covers a percentage of more than 100% of the total currency currently exported.”

He added,  "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 the country does not constitute any relative importance in influencing the stability of the general price level, as

 that general price level has become stable in its components and trends as a result of the influence of the official exchange rate factor."

Currently, the dominant factor in financing foreign (import) trade, amounting to 1,320 dinars per dollar, is a stable trend in the exchange rate and revolves around the stable external value of the dinar,

which is embodied by the state of stability in the relative prices of goods and services to a large extent, as annual inflation in the country does not exceed only 3%. According to Saleh,

based on the above, and in light of the strength of the foreign reserves supporting the Iraqi dinar, whose value 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 is affected by the parallel exchange market in periods.

Short periods due to urgent international or regional political events here and there or in adapting some instructions regulating the monetary market.

 The Sudanese advisor for financial affairs said that after the disappearance of the phenomenon of dollarization in internal transactions, especially in contracts, obligations and payments inside the country since last year and its legal ban, the parallel exchange market has begun to have its general effects today only on a narrow economic scope of prohibited transactions practiced by informal markets. At a rate of 10% of the total supply and demand transactions for the currency.  Saleh stressed that

“the stability of the exchange rate of the dinar to the dollar that the country is witnessing, even in the secondary markets mentioned above, is a real and established stability.

Rather, it is derived from the strength of the influence of the price and quantitative factors of the monetary and financial policies and their integration in imposing overall price stability in the country and containing the inflationary expectations that were caused by the forces of The parallel exchange market during the past years. 

The financial advisor concluded his speech by pointing out that “the secondary (irregular) market, due to the freedom of external transfer, is under the influence of the official exchange market rate, whose operations are constantly expanding in the interest of dealing with the fixed official exchange rate.”   https://alsabaah.iq/99176-.html    

Al-Sudani Directs To Reconsider Some Economic Decisions

Economy | 08/07/2024  Baghdad - Mawazine News  Prime Minister Mohammed Shia Al-Sudani confirmed today, Monday, that the government has provided the private sector with great supportive opportunities and worked to empower it, while directing a review of some unproductive economic decisions and policies. Al-

Sudani chaired the periodic meeting of the Ministerial Council for the Economy, in which the decisions related to the economic reality and the implementation of the reform aspects included in the government program were followed up, according to a statement received by Mawazine News Agency.

At the beginning of the session, Al-Sudani pointed out "the importance of reviewing the economic decisions and policies that were taken in previous stages, and that the time has come to stand up to a number of unproductive work contexts and practices, and that reform requires strong and correct decisions."

The Prime Minister explained that "the government has provided the private sector with great supportive opportunities, and worked to empower it and launch its projects, and it is closely following up on everything required to continue the pace of growth, and its supportive decisions will not be directed towards the benefit of groups that live on specific outlets, without providing a contribution or returns to the country."

The statement added that "the Council discussed the report of the Diwani Order Committee (24573), headed by the Deputy Prime Minister and Minister of Planning, to follow up on the volume of support directed to petroleum products and fuel supplied to factories and plants and to the Ministry of Electricity."

The statement explained that "the Council also followed up on the issue of taxes due on companies and ways to organize them, and approved the adoption of a clear mechanism for the tax, in addition to approving the work to separate the real operating factories from the fictitious factories and audit the numbers and tables presented in the report and adopt an economic vision that supports the export of factory products and expansion of production."

The statement continued that "on the organizational side, the Council approved the formation of a technical committee from the sectoral bodies in the Ministries of Oil and Trade, in addition to the Council of Ministers' advisors; in order to control roles and resolve loose ends," and directed "to set the next meeting within a week to make final decisions."  https://www.mawazin.net/Details.aspx?jimare=250986

Al-Sudani Receives A Delegation From The US Department Of Defense

Political | 08/07/2024  Baghdad - Mawazine News  Prime Minister Mohammed Shia al-Sudani stressed, on Monday, the need for a firm stance against the Zionist aggression on the Gaza Strip.

The Prime Minister's Media Office stated in a statement that "Prime Minister Mohammed Shia al-Sudani received the US Deputy Assistant Secretary of Defense for Middle Eastern Affairs, Daniel Shapiro, and his accompanying delegation, in the presence of the US Ambassador to Iraq."

He added, "During the meeting, the procedures for proceeding with ending the mission of the international coalition to fight ISIS and activating bilateral relations between Iraq and the United States were discussed," noting that "the meeting witnessed discussion of the situation in the region and the continued aggression on Gaza."

Al-Sudani pointed to "the suffering of the Palestinian people, the difficulty of accessing humanitarian aid and relief supplies under the stifling siege, and the failure of the international community to assume its responsibilities in pressuring the Netanyahu government to stop the genocide."

The Prime Minister stressed "the need for a firm stance against the aggression, and the necessity of preventing escalation that threatens to expand the scope of the conflict."

For his part, the American official pointed out "the importance of Iraq's role in reducing tensions in the region, and the inevitability of continuing the approach of communication and cooperation between the two countries in the areas of armament and security and raising the combat level of the Iraqi forces, in a way that supports Iraq's security and sovereignty, economic development and progress at all levels." https://www.mawazin.net/Details.aspx?jimare=250976

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

 Provoking Thoughts and Points To Ponder On Adversity:

The human race has had long experience and a fine tradition in surviving adversity. But we now face a task for which we have little experience, the task of surviving prosperity.  - Alan Gregg

Adversity reveals genius, prosperity conceals it.  - Horace

The virtue of prosperity is temperance; the virtue of adversity is fortitude.  - Francis Bacon

In the day of prosperity be joyful, but in the day of adversity consider.  - Bible

In victory even the cowardly like to boast, while in adverse times even the brave are discredited. - Sallust

Adversity is sometimes hard upon a man; but for one man who can stand prosperity, there are a hundred that will stand adversity.  - Thomas Carlyle

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

http://famousuotesandauthors.com/quotes_by_topic.htmlo,.

Iraq Economic News and Points To Ponder Monday Afternoon 7-8-24

Where Is The Official Position...And What Does The Dollar Hide In The Coming Days?

 July 8, 2024  Baghdad/Iraq Observer  Yesterday, the Central Bank of Iraq announced that it had submitted the “E-Commerce System Project” paper to the Council of Ministers for review and approval to proceed with work on it.

 According to a statement, the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, chaired the meeting of the Diwani Order Committee (24079) to regulate electronic commerce in Iraq with the participation of the concerned authorities.

 In detail, during the meeting, a draft system for e-commerce and consumer protection was discussed through the controls discussed by the attendees, through registration procedures and obtaining a license to practice this trade.

The committee contributed to identifying the service provider and granting it a license through an electronic platform established by the Ministry of Commerce, and the

members of the committee stressed establishing the controls for granting a license to those wishing to practice electronic commerce in a way that preserves the rights of all parties.

While the attendees agreed to submit the “regulation paper” to the Council of Ministers for review and approval to proceed with work on it.

Realistic reading

 Economists believe that the Central Bank does not have a realistic reading of the Iraqi financial situation, while   they point out that it is within the powers of Parliament to hold the Central Bank accountable and dismiss those who are negligent.

 An economist told the “Iraq Observer” agency,  “The Central Bank is living the situation of the Sultanate with itself and does not know about the reality, and  it also does not have a realistic reading of the Iraqi financial situation, and

it is required to solve the problem of trade with these two countries, and electronic payment has been stopped for 20 years.” In the drawers of the Central Bank and he did not do it, and

 it is within the powers of Parliament to hold the Central Bank accountable and dismiss those who are negligent.”

He said:  “The dollar in Iraqi markets is a basic currency like the dinar, and the Iraqi currency is 80% equivalent to the dollar, 10% to gold, and 10% to bonds.” 

He pointed out that  “Sudani’s visit to Washington previously alleviated the dollar crisis, and that  the lack of an agreement with Washington caused the banking sector to be annihilated by sanctions, and some reports against banks came from Facebook and led to sanctions.”

 According to the Central Bank’s instructions, “the travelers’ dollar is not sold to them at the present time, and it does not include land trips.”

Plug

 Observers considered that the Central Bank of Iraq’s sales, in a month, are sufficient to cover the deficit of delaying salaries and other public needs, from the hard currency auction for the US dollar, which amounted during the month of June to more than 4 billion dollars, while they revealed important statistics about government salaries.

They said:   “The allocations for salaries of employees working in the federal government occupy approximately 62 trillion dinars annually of total public spending, and

 they constitute a percentage of the total spending ceiling for the fiscal year 2024 of about 30%,” and that   “the issue of securing salaries is a top priority in financial and economic policy in the country.”

The country is responsible for securing its expenses.

They stated,   “According to the standard of support, which averages 6 people per family in our country, the monthly government salaries are responsible for the livelihood of 24 million Iraqi citizens out of 44 million citizens of the country’s population.”

 “Government salaries are considered one of the most important ways to ensure the social and economic well-being of the citizen, with the exception of the category of retirees and social welfare recipients of pensions.”

 According to the law, “Based on the provisions of Paragraph II/77 of the Federal General Budget Law No. 13 of 2023 (the tripartite budget), the executive authorities in general and the financial authorities in particular provide due diligence in applying the provisions of the aforementioned article, which concerns the submission of the federal general budget schedules for the year 2025.”.

 The file is that the “expenditures, revenues, and hypothetical deficit” tables are “in accordance with the technical and constitutional contexts approved by the table itself for the current fiscal year 2024.”

 Salaries Are Late!

 Regarding the impact of employee salaries and a possible liquidity crisis: “An observer said: “In all cases, salaries are insured even in the event of a liquidity crisis, but the date of financing and disbursement may be delayed.” He added:

  “According to the timings stated in Financial Management Law No. (6) of 2019, the Council of Ministers submits the draft budget before mid-October of each year to the House of Representatives.”

 He pointed out that the budget is approved by the House of Representatives in December of each year.

 4 Billion Dollars

 Yesterday, Sunday, the Central Bank of Iraq’s sales from the hard currency auction for the US dollar during the month of June amounted to more than 4 billion dollars.

During the month of June, during the days in which it opened its auction to buy and sell the US dollar, the Central Bank sold 4 billion and 438 million and 744 thousand and 273 dollars, at a daily rate of 295 million and 916 thousand and 284 dollars.

 Foreign remittances amounted to 4 billion 50 million 289 thousand and 273 dollars during the past month, an increase of 90% compared to cash sales that amounted to 388 million and 455 thousand dollars.

 The sales were distributed between transfers abroad to finance foreign trade, and cash sales to banks, while the selling price of documentary credits and international settlements for electronic cards reached 1,310 dinars per dollar, while the selling price of transfers abroad and the cash selling price reached 1,305 dinars per dollar.     https://observeriraq.net/ما-الموقف-الرسمي-وما-الذي-يخفيه-الدولا/    

The Dollar Will Reach 1,600 Dinars.” Exchange Companies Are Moving From Three Axes To Implement Their Demands

 Economy     2024-07-08 | 12:55  8,383 views  Alsumaria News – Exclusive  Today, Monday, the representative of Iraqi exchange companies, Dhia Al-Taie, announced a move on three axes to implement a number of their demands regarding selling the dollar to travelers, while  she expected the price of the dollar to reach 1,600 dinars.

Al-Taie told Al-Sumaria News ,    “The Central Bank approved a new mechanism that harmed exchange companies in general, after selecting only 4 exchange companies to work in Iraqi airports with the aim of selling dollars to travelers,” noting that  “the selected companies are the same as the existing categories.”

He added,   "More than a year ago, exchange companies proposed a mechanism to the Central Bank to protect them,

 but the Central Bank objected to that mechanism, describing it as intrusive, difficult, and causing confusion," pointing out that  "the mechanism included the possibility of the traveler obtaining the dollar electronically."

He stated,  "There are 1,200 exchange companies, but the Central Bank chose only 7 of them to sell dollars to travelers, 4 of which were at airports, leaving the 1,200 companies that could be outlets for selling dollars to travelers."

He stated,  "We have reached the stage of announcing a strike on the platform," pointing out that "this measure will raise the price of the dollar in the coming days to 1,600 dinars and more.

 The best evidence of this is that 7 days before the mechanism was implemented, the dollar rose to 1,510 dinars." 

He stressed that  "there will be a detailed meeting in the presence of a team from the Prime Minister to resolve this issue," pointing out that  "the exchange companies have several demands, and

 if they are not implemented, we will announce a strike and demonstrate in front of the Central Bank and submit a complaint to the Parliamentary Finance Committee."    

https://www.alsumaria.tv/news/economy/493268/الدولار-سيصل-الى-1600-دينار-شركات-الصرافة-تتحرك-من-ثلاثة-محاور-لتنفيذ    

Representatives Of Exchange Companies In Iraq Announce The Cancellation Of Their Strike

 Sweeteners     2024-07-08 | Source:   Alsumaria News   4,142 views   Representatives of exchange companies in Iraq announced, on Monday evening, the cancellation of their strike until further notice.  A statement said,

  “Representatives of exchange companies in Iraq announce the cancellation of their strike until further notice after meeting with the Prime Minister’s Office and advanced staff at the Central Bank of Iraq.” The statement added,

 "And agreeing to solve a group of problems related to exchange companies and find the necessary solutions that support the work of these companies, especially those related to organizing the work mechanism at the airport and border crossings and the administrative, organizational and technical procedures related to them."

 Today, Monday, the representative of the Iraqi exchange companies, Dhia Al-Tai, announced a move on three axes to implement a number of their demands regarding selling the dollar to travelers, while expecting the price of the dollar to reach 1,600 dinars. Al-Taie told Al-Sumaria News ,

  “The Central Bank approved a new mechanism that harmed exchange companies in general, after selecting only 4 exchange companies to work in Iraqi airports with the aim of selling dollars to travelers,” noting that  “the selected companies are the same as the existing categories.”  

 https://www.alsumaria.tv/news/localnews/493281/ممثلو-شركات-الصرافة-في-العراق-يعلنون-الغاء-اضرابهم    

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

 Provoking Thoughts and Points To Ponder On Adversity:

The human race has had long experience and a fine tradition in surviving adversity. But we now face a task for which we have little experience, the task of surviving prosperity.  - Alan Gregg

Adversity reveals genius, prosperity conceals it.  - Horace

The virtue of prosperity is temperance; the virtue of adversity is fortitude.  - Francis Bacon

In the day of prosperity be joyful, but in the day of adversity consider.  - Bible

In victory even the cowardly like to boast, while in adverse times even the brave are discredited. - Sallust

Adversity is sometimes hard upon a man; but for one man who can stand prosperity, there are a hundred that will stand adversity.  - Thomas Carlyle

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

http://famousuotesandauthors.com/quotes_by_topic.htmlo,.

Seeds of Wisdom RV and Economics Updates Monday Afternoon 7-8-24

Good Afternoon Dinar Recaps,

PRESIDENT TRUMP POSITIONING HIMSELF TO BE A STRONG PROPONENT OF BITCOIN AND TOKENIZED ASSETS

In a Forbes article several lawmakers are described as offering pro-crypto advice to President Trump.

“We want all the remaining Bitcoin to be made in the USA!”

"In a Truth Social post last month, Republican presidential candidate Donald Trump expressed strong support for bitcoin. In the same post, he recognized the geopolitical significance of the world’s largest cryptocurrency, warning that any policy that seeks to hamper bitcoin “only helps China and Russia.” Trump’s statement not only positioned him as the first pro-bitcoin nominee of a major political party—it also put a spotlight on discussions about classifying bitcoin as a strategic reserve asset. "

"Former presidential candidate Vivek Ramaswamy, for example, has been advising President Trump on bitcoin and digital assets since January. Ramaswamy staked a unique position in the final weeks of his campaign by proposing that the dollar be backed by a basket of commodities that, in time, could include bitcoin."

"Ramaswamy’s plan echoed a similar proposal from Independent presidential candidate Robert F. Kennedy, Jr., in which a small percentage of US Treasury bills 'would be backed by hard currency, by gold, silver, platinum, or bitcoin."

© Newshounds News™

Read more: Forbes

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AN EXCELLENT INTERVIEW ON "Unchained" WITH SENATOR LUMMIS ON WHY CRYPTO HAS BI-PARTISAN SUPPORT

"Show highlights:"

1. Why the SAB 121 approval was bipartisan
2. Whether President Biden will veto the resolution
3. How it’s a “mystery” to Sen. Lummis why the SEC had a change of heart about Ether ETFs
4. How the SEC’s approach to regulating the industry “is not the American way”
5. Whether there is a bipartisan majority in favor of crypto in Congress
6. How bitcoin has come a long way in terms of adoption
7. Sen. Lummis’ thoughts on how to regulate the stablecoin industry and avoid a Terra Luna situation
8. The differences between the Lummis-Gillibrand bill and FIT21
9. How Sen. Lummis feels about the denial of a master account for Custodia Bank
10. Whether there’s a move against Bitcoin mining companies in the US, given the recent ban of an operation in Wyoming
11. What Sen. Lummis would advise for the industry to accomplish its goals

© Newshounds News™

Read more:  Unchained Crypto

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1 VES TO USD
VENEZUELAN BOLIVAR showing a slight strengthening against the US Dollar

Read more:  Forbes

~~~~~~~~~

MAJOR DIFFERENCES BETWEEN BASEL CRYPTO RULES AND THE SEC ON BANKS BALANCE SHEETS

The House will seek to overturn the veto possibly later this week with a 2/3rds vote.

"At the end of May President Biden vetoed a bipartisan resolution in the House and Senate that aimed to cancel SEC accounting rule SAB 121, which prevents banks from providing digital asset custody. This week’s House schedule indicates another vote is on the cards.

 
If lawmakers successfully cancel SAB 121, then the SEC could not provide guidance on crypto custody in the future."

"SAB 121 requires listed firms to show digital assets held in custody as both an asset and liability on their balance sheet, contrary to accounting convention. It particularly impacts banks, because laws require them to set aside risk capital based on their balance sheet. This makes it prohibitively expensive for banks to provide crypto custody and is the reason none provide crypto custody for the Bitcoin ETFs. The SEC did not consult bank regulators before publishing SAB 121.

Firstly, there was the Basel rules for bank treatment of crypto. When the Basel Committee published final rules in late 2022, they did not require crypto held in custody to be shown on the balance sheet. This appeared to be a green light. However, in late March 2022 the SEC had published SAB 121 which meant that international banks could provide custody, but not U.S. ones. The SEC chose not to amend SAB 121 even though it conflicted with the Basel proposals."

Newshounds News will report back on any updates regarding this legislation.

© Newshounds News™

Read more:  Ledger Insights

~~~~~~~~~

TAIWAN BUILDS CBDC PROTOTYPE PLATFORM, PLANS HEARINGS FOR NEXT YEAR

"The Block has confirmed that Taiwan’s central bank governor will present a CBDC research report in parliament on Wednesday."

"The central bank started to research a potential central bank digital currency in 2019."

"Taiwan has built a prototype platform for a potential central bank digital currency (CBDC). It plans to hold multiple hearings and forums next year as its central bank continues to study and develop a CBDC."

Taiwan’s Central Bank Governor, Chin-Long Yang, said in a research report on Sunday that building a digital currency isn’t an international competition and that the central bank has yet to set a fixed timeline for CBDC issuance, according to a report from the semi-official Central News Agency.

"The report said the central bank had developed a CBDC prototype platform with a two-tier issuance structure.  Initially, the CBDC would be non-interest bearing, and CBDC wallets may come in both anonymous and registered types, according to the report."

"On the retail front, the central bank said that the prototype platform has increased its processing speed to 20,000 transactions per second. The central bank also plans to develop the CBDC at the wholesale level, which could be used as a clearing asset for asset tokenization."

"The central bank stated that cryptocurrency and stablecoins are not part of the CBDC research, as those assets are separate from the digital currency system. The crypto industry remains largely unregulated in Taiwan, with the financial regulator requiring crypto service providers to comply with anti-money laundering laws."

@ Newshounds News™

Source:  The Block

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Do US Consumers Underestimate the Potential Of Digital Wallets?

In the United States, digital wallets can be anywhere a smartphone is. In other words, everywhere. Many U.S. consumers are embracing digital wallets, particularly for online shopping. In fact, data shows consumers are 23% more likely to use them for online shopping than in-store purchases. Beyond shopping, PYMNTS Intelligence finds that digital wallets are popular for peer-to-peer payments.

Yet, despite a reputation for tech-savviness, most U.S. consumers are unfamiliar with all these tools could offer. For example, just 8.7% of consumers have used one to store nontransactional credentials. Even fewer have used one of the credentials they have stored.

@ Newshounds News™

Read more:  PYMNTS

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“Tidbits From TNT” Monday AM 7-8-2024

TNT:

Harambe:  Zimbabwe Has $370 Million in Reserves to Back Currency  - Bloomberg (7/7/24)

Cash and mineral reserves backing Zimbabwe’s new currency have risen to approximately $370 million from $285 million over the past three months, the state-run Sunday Mail reported citing central bank governor John Mushayavanhu.

The increase in currency and mineral reserves provides a strong “buffer” for the Zimbabwe Gold, or ZiG, against external forces, according to the report. 

Mushayavanhu said the central bank has been accumulating reserves from royalties of gold and conversion in kind of other minerals such as diamonds, lithium and platinum.

“As a result, the total reserves have progressively increased about 30% from $285 million as at ” to above $370 million as at the end of June, he said. 

The southern African country introduced the ZiG, which began trading  It replaced the Zimbabwe dollar, which had lost 80% of its value against the greenback this year.

In September 2022, Zimbabwe introduced regulations to compel mining firms to pay half of their royalties to the government in the commodities themselves, as part of measures to build up mineral reserves. Zimbabwe has the world’s third-largest reserves of platinum, and also mines nickel, chrome, lithium and coal.

https://www.bloomberg.com/news/articles/2024-07-07/zimbabwe-has-370-million-in-reserves-to-back-currency-mail

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For the first time, Google and Facebook pass their bandwidth through Iraq

The Ministry of Communications revealed, on Monday, that Google and Facebook are passing their capacities through Iraqi territory, confirming that this is happening for the first time, while indicating that the transit projects will provide financial returns to the country.

The ministry's spokesman, Omar Al-Amiri, told the Iraqi News Agency (INA): "The ministry has made great strides in strengthening Iraq's geographical position in the matter of transit and passing communications traffic and Internet capacities across Iraqi territory."

Al-Amiri explained that “the Ministry of Communications signed a new contract a few months ago on the transit level, not by sea but by land,” indicating that “this line passes through the south, then the center, reaching the Kurdistan region, and exits to Turkey and connects Asia to Europe via Iraq.”

He added that "the Ministry of Communications fulfilled its promises regarding transit and exploiting Iraq's location after it was disabled in previous sessions," noting that "Iraq's geographical location and its exploitation in international communications traffic and its return to the International Telecommunication Union in a prestigious manner will provide financial returns, in addition to the fact that many international companies will pass their capacities through Iraqi territory."

He referred to the "Road of Civilizations Transit Contract that was signed months ago," noting that "Google and Facebook passed their capacities through Iraqi territory, for the first time in Iraq."

It is worth noting that the Minister of Communications, Hiyam Al-Yasiri, announced on Friday that the threshold of “one tera” had been exceeded in passing international communications through Iraq, confirming that Iraq possesses a safe, attractive and reliable path for transit communications.  link

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 Parliamentary Finance clarifies.. Will selling dollars at the airport limit its smuggling?

 The Parliamentary Finance Committee stated that the Central Bank’s decision to restrict the sale of dollars to citizens at the airport aims to combat currency smuggling and reduce corruption, while it indicated that the increase in its prices in local markets is due to smuggling operations to neighboring countries.

Committee member Jamal Koujar said that the decision will prevent corrupt people from exploiting other sales outlets to smuggle currency, stressing that limiting sales to the airport will ensure that the money reaches the actual travelers.  

He pointed out that this decision will not negatively affect citizens, but will besiege smugglers and corrupt people, noting that we discovered that millions of dollars are being stolen due to corruption, and the new decision will create a crisis for thieves and corrupt people who were exploiting the currencies that were supposed to go to travelers. 

Koger stressed that the stability of the dollar price in the markets requires strong security action on the borders to pursue smugglers, in addition to facilitating the operations of the Central Bank in disbursing it and increasing the quantities available in the currency auction to meet the needs of the market.  link

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Parliamentary Finance Committee talks about a decision that "created a crisis" for the corrupt and thieves

Iraq is preparing to implement the latest decision of the Central Bank in about 6 days from now, which is to limit the delivery of dollars to travelers inside airports, a decision that the Parliamentary Finance Committee described as "a crisis for the corrupt and thieves."

"The decision will prevent corrupt people from exploiting other sales outlets to smuggle currency," said Jamal Koujar, a member of the Finance Committee, stressing that "limiting sales to the airport will ensure that the money reaches the actual travelers."

He pointed out that "this decision will not negatively affect citizens, but will besiege smugglers and corrupt people, as we discovered that millions of dollars are being stolen due to corruption, and the new decision will create a crisis for thieves and corrupt people who were exploiting the currencies that were supposed to go to travelers."

Koger stressed that stabilizing the dollar price in the markets requires strong security action on the borders to pursue smugglers, in addition to facilitating the Central Bank's exchange operations and increasing the quantities available in the currency auction to meet market needs.

Since Eid al-Adha until now, exchange rates have witnessed a "chronic" rise in dollar exchange rates until the selling prices in exchange offices reached 150,000 dinars for every 100 dollars.

The Financial Supervision Bureau revealed in a report that during the first half of 2023, there were more than 150,000 citizens who bought dollars for the purpose of traveling but did not travel, meaning they obtained 600 million dollars and sold them on the black market and benefited from the currency difference.  link

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Mot: .. Just Love the Internet.. Sumthun fur All occasions!!! 

Mot: .. It's World Chocolate Day

Iraq Economic News and Points To Ponder Sunday Evening 7-7-24

The Parliamentary Economy Reveals The Factors That “Thwart The Iraqi Industry”: Granting What Is Above And Below The Ground For The Benefit Of The Investor

 Economy  2024-07-07 | 1,958 views  Alsumaria News-Economy   Deputy Chairman of the Parliamentary Economy and Industry Committee, Representative Yasser Al-Husseini, considered today, Sunday, that  the government and the Ministry of Industry are acting according to the “erroneous belief” that there are no Iraqi competencies to advance the industrial sector in Iraq, which prompted them to offer production lines and factories, as well as underground mineral resources, to invest at high prices. meanness.

 Al-Husseini told Al-Sumaria News,  “The belief of the government and the Ministry of Industry that Iraqi competencies are unable to advance the industrial sector is completely false, and  there are Iraqi experiences and capabilities capable of advancing the sector with the best products and may compete with global industries.”

 He pointed out that   "successive mismanagement of the industrial sector led to these bad fateful results for this sensitive, vital and economic sector, and led to the issuance of notorious joint operating contracts, according to which many industrial production lines were sold as piles of scrap."

He stated that  "the government agreement not to buy local products from these government factories and not to supply them and to implement the Iraqi Product Protection Law are what led to these fateful and disastrous results for the Iraqi industry."

 He pointed out that "the Ministry did not limit itself to offering above-ground factories for investment in the hands of companies,

but rather went underground according to decisions that faced strong opposition in previous years by heading to grant underground resources of precious metals and chemicals, and granting them to Jordanian and American companies at the cheapest prices."

 He stated that   "one ton of sulfur amounts to $400, while   the government granted it to companies for $5 per ton, with quantities in Iraq amounting to more than 500 million tons as explored storage on only 16% of Iraqi territory."

He pointed out that this and other measures and trends cast a shadow over the failure of industry in Iraq and the lack of a true vision, to the point that they became losing companies built on a narrow partisan basis and these companies went on to obtain government contracts outside of what this ministry manufactures.  

 https://www.alsumaria.tv/news/economy/493135/الاقتصاد-النيابية-تكشف-عوامل-إفشال-الصناعة-العراقية-منح-ما-فوق-الأرض-و     

Parliament Indicates A “Single Way” To Eliminate 95 Percent Of Corruption In State Institutions - Urgent

Politics | Baghdad today - Baghdad    Today, Sunday (July 7, 2024), the Integrity Committee in the House of Representatives indicated the only way through which corruption can be eliminated in all state institutions.

 Committee member Hadi Al-Salami said in an interview with “Baghdad Today” that

 “there is one step that eliminates approximately 95% of the rampant corruption in state institutions, which is the transition towards electronic governance, and although this matter was emphasized in the ministerial curriculum, it was not implemented.” Until now". 

He stated,  "There is no ministry that has implemented electronic governance so far, despite the importance of this step in fighting corruption and eliminating it once and for all.

 This confirms the desire for corruption to continue, and  that is why all ministries have not implemented this system, which is the main step in eliminating corruption." Which has been eating away at the body of the Iraqi state for years without any real confrontation with it.

 Iraq is considered one of the countries with the highest rates of administrative and financial corruption, and  it is noticeably present in several administrative facilities.

Some politicians in Iraq are considered among the first to be besieged by corruption charges.

 Because of that, Iraq is considered, along with several countries such as Afghanistan, Somalia, Yemen, Sudan, and Libya, among the countries with the highest rates. Corruption according to the Corruption Barometer.

Because of the massive corruption in Iraq, there is a massive lack of services, deterioration of infrastructure, and deterioration of industrial and agricultural development, among examples of rampant corruption.

A total of $228 billion was wasted on construction and infrastructure projects, on paper only, a value that exceeds three times the national budget and the country's gross domestic product,

 despite the enormous funds generated from the sale of oil, as Iraq ranks second among oil-producing countries.

 But it remains completely dependent on imports, even for electricity and petroleum products.

 https://baghdadtoday.news/252979-البرلمان-يؤشر-طريقة-وحيدة-للقضاء-على-95-بالمئة-من-الفساد-في-مؤسسات-الدولة-عاجل.html

Investment Shows The Importance Of The Singapore Agreement.. What Are Its Details?

Money and business  Economy News – Baghdad  The National Investment Commission confirmed, today, Sunday, that the Singapore agreement will accelerate the increase in Iraq's international classification, while clarifying regarding financing projects of local, Arab and foreign investors in Iraq.

The head of the commission, Haider Makiya, said: “The investment classification of emerging countries in 2024, conducted by FDI Intelligence, ranked Iraq fourth, indicating the confidence provided by investment in Iraq, specifically the National Investment Commission, in providing a safe legislative environment for the investor to settle in Iraq and return large capital to implement infrastructure projects and achieve sustainable development.”

He added, "The Singapore Agreement will accelerate and speed up the increase in Iraq's international rating, which is a sovereign rating for the whole world, and thus Iraq's rating will be known when it is good."

He pointed out that "all investors in the world will come without any restrictions or conditions as long as the legislative environment exists and governs their work in Iraq, and thus the process of attracting money to enter it will proceed easily and smoothly."

He pointed out that "project financing may be internal or external. If Iraq joins the international agreements, the process regarding foreign investors will be governed by the agreements. However, if the investor is local or Arab and wants to take financing, he will be subject to Iraqi laws regarding financing."  47 views 07/07/2024 - https://economy-news.net/content.php?id=44973

Iraqi Oil Exports To America Decline 

Economy | 07/07/2024  Baghdad - Mawazine News  The US Energy Information Administration announced, today, Sunday, that Iraq's oil exports to America decreased during the past week.

The administration said in a table followed by Mawazine News, "The average US imports of crude oil during the past week from 9 major countries amounted to 5.400 million barrels per day, up by 4 thousand barrels per day from the previous week, which amounted to 5.396 million barrels per day."

It added that "Iraq's oil exports to America amounted to 195 thousand barrels per day last week, up by 4 thousand barrels per day from the previous week, which amounted to 191 thousand barrels per day."

The administration indicated that "the largest oil revenues for America during the past week came from Canada at a rate of 3.918 million barrels per day, followed by Mexico at an average of 332 thousand barrels per day, followed by Colombia at an average of 276 thousand barrels per day, and from Nigeria at an average of 222 thousand barrels per day."

According to the table, "the amount of US imports of crude oil from Ecuador was an average of 152 thousand barrels per day, from Saudi Arabia at an average of 146 thousand barrels per day, from Libya at an average of 98 thousand barrels per day, and from Brazil 74 thousand barrels per day." https://www.mawazin.net/Details.aspx?jimare=250893

Dollar Exchange Rate Against The Dinar After The Stock Exchange Closes

Economy | 04:30 - 07/07/2024  Baghdad - Mawazine News  The dollar price rose against the dinar, today, Sunday, in local markets and exchange shops in the capital, Baghdad.

The dollar exchange rate recorded 149,000 dinars for $100 at the close of the two main stock exchanges in Baghdad, Al-Kifah and Al-Harithiya, while this morning it recorded 148,850 dinars for $100.

Selling prices also rose in exchange shops in local markets in Baghdad to 150,000 dinars for $100, while the purchase price reached 148,000 dinars for $100.

https://www.mawazin.net/Details.aspx?jimare=250919

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