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Seeds of Wisdom RV and Economics Updates Thursday Afternoon 7-11-24
Good Afternoon Dinar Recaps,
BIOMETRIC PASSPORTS BY GOOGLE
"Google Wallet is rolling out support for American biometric passports. Users scan their passport with Google Wallet to add it as an ID pass, and can then perform identity verification by connecting their phone to an NFC scanner or scanning a QR code generated by the ID pass. They are still recommended to carry a physical copy of their passport, however."
"Google Wallet also added support for 29 more banks to its payment feature in June, and is up to 170 added this year alone, indicating the focus remains on payments, for now. Mobile driver’s licenses from several states are already available in Google Wallet."
Good Afternoon Dinar Recaps,
BIOMETRIC PASSPORTS BY GOOGLE
"Google Wallet is rolling out support for American biometric passports. Users scan their passport with Google Wallet to add it as an ID pass, and can then perform identity verification by connecting their phone to an NFC scanner or scanning a QR code generated by the ID pass. They are still recommended to carry a physical copy of their passport, however."
"Google Wallet also added support for 29 more banks to its payment feature in June, and is up to 170 added this year alone, indicating the focus remains on payments, for now. Mobile driver’s licenses from several states are already available in Google Wallet."
"In Europe, where member states are working towards launching interoperable digital wallets for all citizens, they will store national ID cards that function as travel IDs within the EU."
LIKE IT OR NOT THIS SEEMS TO BE THE DIRECTION THAT TECHNOLOGY IS TAKING US. ALL THE MORE REASON FOR LEGISLATION THAT PROTECTS THE PRIVACY AND SECURITY OF INDIVIDUALS.
@ Newshounds News™
Read more: Biometric Update
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DONALD TRUMP IS SCHEDULED TO SPEAK AT THE ANNUAL BITCOIN CONFERENCE IN NASHVILLE IN JULY
"President Donald Trump has been officially announced as a speaker at Bitcoin 2024, the world’s largest Bitcoin conference, taking place in Nashville, Tennessee, July 25-27. This announcement marks a significant milestone for the event, which has earned a reputation for historic news and major industry announcements."
"With two U.S. Presidential candidates, Robert F. Kennedy Jr. and Donald Trump, both slated to speak, Bitcoin 2024 is poised to be a pivotal event, potentially shaping the future of Bitcoin and cryptocurrency policy in the U.S."
"In May, Trump said he would ensure that the future of Bitcoin and crypto will be made in the USA, while also promising to protect the right to self-custody to the nation's 50 million crypto holders, if elected president."
WE'RE SEEING A DISTINCT DIVIDING LINE POLITICALLY IN THE STANCE OF REPUBLICAN VERSES DEMOCRAT IN REGARDS TO BITCOIN AND THE FUTURE OF CRYPTO LEGISLATION
@ Newshounds News™
Read more: Bitcoin Magazine
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BRAD GARLINGHOUSE COMMENTS REGARDING THE LAWSUIT AGAINST RIPPLE
"As many have noticed - and some have already pointed out - there have been numerous misleading and some factually inaccurate headlines describing the decision made by a California judge yesterday in the class action lawsuit about XRP. (I’m happy to see some correcting them - I wish I could tag / link them all here)
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To be absolutely clear, this is a big win – all class action claims in the suit were DISMISSED, and absolutely nothing in the decision negates or changes the fact that XRP is, in and of itself, not a security (per the NY Court decision). The CA ruling dismissed all allegations that Ripple had somehow violated federal securities law by selling XRP.
As for the single state law claim that will now be scheduled for trial: the sole plaintiff didn’t buy XRP directly from Ripple and can’t say if he even heard the statement before he traded and only owned a couple hundred XRP. This was a clear example of the trolls that unsuccessfully tried to take advantage of the US legal system and distort statements to seek 100’s of millions in class action settlements."
@ Newshounds News™
Read more: BGarlinghouse
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UNISWAP LABS PRESSES SEC TO DROP RULES REGARDING DECENTRALIZED EXCHANGES
"Since at least April 2023, the SEC has proposed expanding the definition of what qualifies as an exchange in the Exchange Act of 1934 — explicitly arguing that it should include crypto market participants in DeFi. Uniswap has been among those arguing against it. In a July 9 letter, Uniswap added further arguments following a comment letter it sent last month, calling for the SEC to drop its proposed amendments. "
"Its new argument is that with the Chevon decision — made during the Loper Bright Enterprises v. Raimondo Supreme Court case on June 28 — courts are no longer required to defer to federal agencies to interpret ambiguous laws. Uniswap said this means the SEC will be merely wasting “limited resources” trying to get the definition of “exchange” amended, which had already been “likely to draw, and unlikely to survive, a judicial challenge” even before the Chevron decision. "
"“For all of these reasons, the Commission should not adopt the proposed amendments,” said Uniswap. “The Commission drafted the proposed amendments against a legal backdrop that no longer exists.”
@ Newshounds News™
Read more: Coin Telegraph
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Fideum FI
Integration of traditional finance and the digital asset ecosystem
Introduction
Fideum is a fintech company focused on accelerating the digital transformation of financial institutions, banks, and small—to medium-sized enterprises (SMEs) through its eponymous blockchain infrastructure. With the strategic backing of Mastercard Europe and a recent win at the Mastercard Lighthouse program, Fideum aims to position itself as a reliable partner for entities seeking to delve into and capitalize on digital assets.
Founded in 2018, the project initially made waves with its non-custodial mobile wallets, amassing a user base of over 80,000.
In response to the 2022 bear market, Fideum pivoted towards serving institutional clients, developing white-label solutions that cater to high-net-worth individuals and larger entities. This shift, leveraging existing infrastructure, led to profitability by 2023 and cemented Fideum’s position as a fintech innovator, continually adapting to market needs and regulatory landscapes.
This report delves into Fideum’s market, technology, tokenomics, team, partnerships, audits, roadmap, and the risks and opportunities it faces.
Technical specifications:
Fideum’s technical stack is designed to provide security and scalability. The platform has a microservice architecture that ensures flexibility and modularity, allowing for various services to be incorporated seamlessly.
—Backend technologies: The core backend is developed using Java OpenJDK 17, with Spring Boot and Hibernate to streamline development and manage database interactions.
—Frontend technologies: The web and mobile user interfaces are built using React and Expo, with Firebase providing real-time database and authentication services. TypeScript enhances code quality and maintainability.
—Blockchain infrastructure: The platform supports ERC20, BEP20, and TRC20 standards, ensuring compatibility with major blockchain networks such as Ethereum, BNB Chain, and Tron.
—Smart contracts: The use of smart contracts automates transactions and agreements, reducing the need for intermediaries and enhancing efficiency.
—On-chain monitoring solutions: Fideum provides real-time insights into blockchain transactions and activities, allowing for proactive monitoring of suspicious activities.
—Database management: PostgreSQL is used for data storage and management.
—Additional technologies: Kafka is used for real-time data processing, and Minio provides scalable storage for unstructured data.
@ Newshounds News™
Read the full Report Here: Crypto Slate
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European stablecoin market declines under newly imposed MiCA rules.
Stablecoins trading momentum have slowed amid a broader crypto market downturn.
The market capitalization of European stablecoins declined in June due to the implementation of the Markets in Crypto-Assets (MiCA) regulation, according to CCData’s latest stablecoin report.
The market cap of Euro-based stablecoins fell by 2.51%, hitting a seven-month low of $307 million, the lowest since November 2023. During this period, Tether’s EURT stablecoin’s market cap dropped by 26%, mainly due to delistings from major exchanges like Bitstamp.
CCData noted that MiCA’s implementation spurred interest in stablecoins that comply with local laws. MiCA, the EU’s comprehensive crypto regulation package, was recently enacted. It allows firms licensed by one member state to operate throughout the EU.
However, stablecoin issuers like Tether have criticized the rules for their stringent requirements, such as limits on trading volumes for certain stablecoins.
Despite these challenges, several issuers and their stablecoins, including Circle’s USDC and EURC, Societe Generale’s EURCV, Monerium’s EURe, Membrane’s EUROe, and Quantoz’s EURD, are recognized under the law.
Stablecoins volume fall
In June, the global stablecoin market cap rose by 0.53% to $161 billion, marking a nine-month growth streak and the highest stablecoin market cap since April 2022.
CCData said:
“Stablecoin market dominance is currently at 6.83%, rising from 6.22% in May. The increase in the stablecoin dominance highlights the negative price action of digital assets, with Bitcoin and Ethereum retracing the gains made following the surprise approval of spot Ethereum ETFs in the US.”
Despite the growth, stablecoin trading momentum has slowed amid a downturn in the digital asset market.
Stablecoin trading volume on centralized exchanges fell by 18% to a seven-month low of $907 billion in June. Similarly, on-chain transfer volume decreased for the second consecutive month by 7.5% to $1.8 trillion, the lowest since February 2024. This decline aligns with ongoing bearish market sentiments.
The report also highlighted that USDC had the highest on-chain transfer volume in June, surpassing USDT and DAI.
CCData stated:
“Among the top five stablecoins on Ethereum, USDC leads with $786 billion in on-chain transfer volume, representing 43.6% of the market share. USDT and DAI follow with transfer volumes of $616 billion and $334 billion, accounting for 34.2% and 18.5% of the volumes.”
@ Newshounds News™
Read more: Crypto Slate
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CENTRAL BANK OF IRAQ (CBI) INTERESTED IN FURTHERING THEIR POSITION ON E-REGULATION
"Ali Mohsen Al-Alaq, Governor of the Central Bank of Iraq (CBI), chaired a meeting on the regulation of e-commerce in Iraq, with participation from relevant authorities.
The meeting discussed controls and consumer protection measures, focusing on registration procedures and obtaining licenses for e-commerce activities.
The committee defined service providers and established a licensing process through an electronic platform to be developed by the Ministry of Commerce. Committee members emphasized the importance of licensing regulations to safeguard all parties involved in e-commerce."
@ Newshounds News™
Read more: Iraq Business News
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FTC MAKES A STATEMENT ON CRYPTO AS ASSETS ENTER NEW PHASE
"The chairperson of the U.S. Commodity Futures Trading Commission (CFTC) Rostin Behnam is warning that the crypto industry is likely to face more headwinds from regulators over the coming months.
Speaking at the 2024 Milken Institute Global Conference, the CFTC chair says that the crypto industry will “probably see in the next six to 18 months or six to 24 months another cycle of enforcement actions” amid “asset appreciation and [renewed] interest by retail investors.”
"Without a regulatory framework, without that transparency, without those tools that we typically use as regulators, you are going to continue to see this fraud and manipulation.
And putting aside the legitimacy and where this technology may go and what role it might play in our economy and commerce, the internet, digital assets generally… we just have to think about things from a regulatory and consumer protection standpoint. And I think that needs to be our guiding light in terms of driving this conversation, filling these regulatory gaps and creating this framework that’s ultimately going to protect American investors.”
IF CRYPTOS ARE CLASSIFIED AS COMMODITIES INSTEAD OF SECURITIES, THEY WOULD FALL UNDER THE AUTHORITY OF THE CFTC INSTEAD OF THE SEC
@ Newshounds News™
Read more: Daily Hodl
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Thank you Dinar Recaps
KTFA Members “News and Views” Thursday 7-11-2024
KTFA:
RE: Wed. Night CC: https://youtu.be/arJ5wta8aHk
Buckeyetree: I appreciated the thought from the UB2B of who now controls the oil, and it is not Iran any longer!! That was a great UB2B.
The report that the IQD shows up on some of the major hotels as currency to use to purchase hotel stays as one guest shared in interview on UB2B was great news. That could be a sign of international recognition. (I am hoping that the Private Bankers in the USA are on the same page in great expectation if the world now knows. No more "it's a scam.")
Also, if I remember correctly, Eddie shared in a recent report that he and other Iraqis felt like they had a fancy car in Iraq, but it had no engine. I might use that metaphor in another similar application. Those new high tech ATM machines are like that fancy car in Iraq, but they do not have the engine to run them yet. Those ATMs are waiting for the new rate and lower notes! The Iraqis and ATMs may not have to wait much longer. IMO!! We hope and pray.
KTFA:
RE: Wed. Night CC: https://youtu.be/arJ5wta8aHk
Buckeyetree: I appreciated the thought from the UB2B of who now controls the oil, and it is not Iran any longer!! That was a great UB2B.
The report that the IQD shows up on some of the major hotels as currency to use to purchase hotel stays as one guest shared in interview on UB2B was great news. That could be a sign of international recognition. (I am hoping that the Private Bankers in the USA are on the same page in great expectation if the world now knows. No more "it's a scam.")
Also, if I remember correctly, Eddie shared in a recent report that he and other Iraqis felt like they had a fancy car in Iraq, but it had no engine. I might use that metaphor in another similar application. Those new high tech ATM machines are like that fancy car in Iraq, but they do not have the engine to run them yet. Those ATMs are waiting for the new rate and lower notes! The Iraqis and ATMs may not have to wait much longer. IMO!! We hope and pray.
Finally, if I understood correctly from recent articles and reports that the dinar will only be sold at the airport starting on the 14th. Also, that Sudani recently had a meeting with the Exchangers who were about to go on strike, and they suddenly changed their tune and reversed their plans, hopefully happily. Sudani is a mover and shaker in a good way. There could be something maybe significant about the 14th just before WTO on the 18th. IMO!!
IMO, not just soccer, those big screens around the country in Iraq may soon serve a dual purpose. For us, it seems past time.
Many banks here and abroad seem to be on the brink of collapse due to large debt.
IMO, the reinstatement of the IQD may bring liquidity and less debt to some of the banks, a banking stimulus. Good leadership and good reforms in Iraq will bring blessings from a once war torn country. Industrial cities, hospitals, railroad, ATMs, vast resources, miracles. Thanks to Dr. Shabibi, Sudani, and Alak. Most of all, Praise God.
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Clare: Iraq stops dealing with the Chinese yuan...and the currency basket is an alternative
7/11/2024
The Parliamentary Finance Committee revealed that Iraq has decided to stop dealing with the Chinese yuan in financial transfer
Committee member Moeen Al-Kazemi said in a press statement that "the US Federal Bank imposed on Iraq to stop dealing in the Chinese yuan, under the pretext that there was manipulation in some transfers or certain problems occurred."
He believed that "many decisions by the Central Bank are imposed by the US Federal Bank," according to him.
Al-Kazemi pointed out that "Iraq's money, as we know, is placed in the US Federal Bank as a result of the sale of oil at a rate of 3.5 million barrels per day, and this money enters the US Federal Bank and is not transferred to Iraq in cash, but is transferred to Iraq through transfers issued by the Central Bank and the Federal Bank is notified and then the Federal Bank is convinced of this transfer and commercial transaction and on the basis of it releases amounts to the relevant parties exporting to Iraq."
He noted that "many of the Central Bank's procedures are governed by the American will, and this will may be explained for administrative and financial reasons, non-financing of terrorism, and others," believing that "the reasons are political with the aim of pressuring the Iraqi government," according to his expression.
Regarding the impact of canceling dealing in the Chinese currency, Al-Kadhimi pointed out that "the merchant and the Central Bank have multiple options and not to deal only with the dollar, so this suspension is temporary and not permanent."
As for what the Parliamentary Finance Committee will do in this regard, a member of the committee explained, "We will ask the Central Bank to address the issue and for the currency basket to be diverse, so that the options are more for the Central Bank and Iraqi merchants."
It is noteworthy that Iraq has strengthened its assets denominated in yuan through the Singapore Development Bank to finance Iraqi trade and imports with China by about $ 12 billion annually.
Iraq has also moved to strengthen its assets in the Emirati dirham and negotiated an increase in its assets denominated in euros to finance trade with the European Union, and Iraq has also begun opening bank accounts in the Indian rupee for a number of Iraqi banks.
Since the beginning of 2023, the Central Bank of Iraq has issued several decisions aimed at maintaining the stability of the general monetary and economic situation and confronting the risks of fluctuations in the exchange rate of the Iraqi dinar against the US dollar, in addition to facilitating import and export operations by opening new horizons with international banks, including Chinese banks.
Among the decisions of the Central Bank of Iraq is to enhance the balances of Iraqi banks that have accounts with Chinese banks in Chinese yuan, as dealing in yuan directly without the mediation of the US dollar contributes to facilitating and accelerating financial transactions, and will reduce import costs and protect against the risks of fluctuating exchange rates within Iraq. LINK
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Clare: A representative of the framework: The 2024 budget will be returned to the House of Representatives and the reason is revealed
7/11/2024
Baqir Al Saadi, a representative of the Coordination Framework, confirmed today, Thursday, that the 2024 budget will be returned to Parliament if it resumes its work.
Al-Saadi told Al-Furat News Agency, "The 2024 budget tables will be returned to the House of Representatives to make minor amendments to them."
He added, "The matter will be completed once Parliament begins its work."
From.. Raghad LINK
Ryan1216: I don’t understand how the budget can be sent back to Parliament when the President signed and sent it to the Gazette for publishing.
Clare: THE AMENDMENTS NEVER GOT PUBLISHED IN THE GAZETTE YET... imo
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Clare: International Chamber of Commerce launches new office in Iraq
7/11/2024
The International Chamber of Commerce (ICC), headquartered in Paris, announced the expansion of its global presence with the official launch of a new office in Iraq.
ICC, founded in 1919 in Paris, has a network of offices in more than 170 countries, representing over 45 million businesses.
The ICC reported that the official launch of the ICC office in Iraq took place at the organization's global headquarters in Paris. The new office is expected to "advance the ICC's mission in Iraq and strengthen the voice of Iraqi businesspeople and chambers globally."
The report noted that ICC Iraq will add to the total number of ICC offices, bringing the count to 92 worldwide.
A delegation from ICC Iraq attended the official launch celebration in Paris, followed by a celebration at the Iraqi Embassy in the French capital.
ICC Secretary General John W.H. Denton was quoted as saying, "The context in which businesses operate today is marked by geo-economic and geo-political tensions giving rise to instability, uncertainty and new challenges in Iraq and beyond. Bringing our mission to Iraq will deliver real value for Iraqi business and the real economies in which they operate."
According to the report, "ICC Iraq will support ICC's institutional objectives for business to foster peace, prosperity, and opportunity for all through local commissions on arbitration and ADR, digital economy, intellectual property, and trade and investment."
The report highlighted that "ICC Iraq's founding members are Abdulrazaq Al-Zuheere, who serves as ICC Iraq Honorary Chair and President of the Federation of Iraqi Chambers of Commerce (FICC), Mohsin Al Hamed, Chair of ICC Iraq and Al-Asriya Group, and Ahmed Alyasiri, ICC Iraq Secretary General and International Organisation Consultant at FICC."
The report concluded by noting that ICC Iraq members, through their office in Iraq, will help shape ICC policies and alert governments to issues of interest to international business. LINK
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Clare: Activity Transactions on the FITR Platform
July 10, 2024
TRANSLATION:
Republic of Iraq
Central Bank of Iraq
Directorate of Supervision of Non-Banking Financial Institutions
Exchange Companies Control
Section, Audit and Inspection Division
Issue: 2/22/22 Date: 7/10/2022
Exchange companies / categories (A, B) and mediation companies in buying and selling foreign currencies, category C Activities transactions on the FITR platform /e
Kind regards....
Later, with our circulars numbered 20/3/33 and 35 dated 2/4 and 7/3/2024, and regarding your inquiries about the possibility of uploading data after completing each of the company's activities.
We would like to inform you that your companies can register activity transactions, buying and selling foreign currency outside the window, internal money transfers sent and received, external money transfers sent and received, available to the exchange companies Finti A, B via the companies (Western Union, Money Gram) on the FITR platform above by uploading documents. The data is at the end of the working day, with the exception of dollar sales transactions to traveling citizens, which require real-time recording
with respect.
Mr. Dr. Ammar Hamad Khalaf
Deputy Governor Agency
7/10/2024
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7/11/2024 Baghdad - WAA - Fatima Rahma
The Financial Supervision Bureau announced today, Thursday, that it has taken measures to develop and improve the accounting and auditing professions in Iraq. While it referred to the issuance of the internal control guide binding on all government agencies, it confirmed the preparation of a draft of the updated unified accounting system in accordance with international standards.
The Deputy Chairman of the Financial Supervision Bureau, Qaisar Al-Saadi, told the Iraqi News Agency (INA): "The Federal Financial Supervision Bureau seeks to achieve its objectives specified by its founding law, including developing the accounting and auditing professions in Iraq."
He explained that "one of the most prominent steps taken by the Bureau is issuing reports evaluating the internal control systems in ministries, entities not affiliated with a ministry, and governorates," indicating that "the aim of this is to raise the level of performance of these formations, enhance efforts to combat financial and administrative corruption, improve institutional performance, and work on the principle of preventive control to reduce this phenomenon."
He pointed out that "the Bureau issued the Internal Control Guide, which was circulated to all government agencies for mandatory adoption starting from 7/1/2024," noting that "this guide aims to help these agencies accomplish their work in a way that ensures tight control and oversight over financial transactions and the preservation of public money."
He added, "The Court has completed preparing a draft of the updated unified accounting system in accordance with international standards. This draft has been circulated to government agencies, unions and universities for the purpose of expressing their opinions and making appropriate amendments in preparation for its actual implementation in the near future."
He added: "The Bureau also contributed to holding the first session of the Audit and Accounting Standards Board in the Republic of Iraq for the year 2024 after an interruption of more than four years, during which the audit and accounting issues were discussed and appropriate decisions were taken regarding them, which contributes to developing the work of the profession in Iraq."
He pointed out that "these steps come within the framework of the Bureau's commitment to developing and improving the accounting and auditing professions in Iraq in line with international standards and contributing to enhancing integrity and transparency in government institutions."
He added, "The Bureau relies in its work on the international standards issued by the International Organization of Supreme Audit Institutions ( INTOSAI ). The Bureau is also a prominent member of the organization and has many contributions, including participation as a member of (5) working groups, attendance at seminars between INTOSAI and the United Nations, and cooperation with the INTOSAI Development Initiative in its various programs, in addition to the Bureau assuming the chairmanship of the Strategic Planning Committee in the organization."
Al-Saadi explained that “the Court cooperates with international and local organizations and similar oversight bodies such as the Dutch Court of Audit in the field of performance evaluation and peer review, the Court of Auditors in Morocco in the field of judicial oversight, and the Polish Oversight Body in the field of risk-based auditing, as well as the German Cooperation Agency ( GIZ ), the Korea International Cooperation Agency ( KOICA ), the Japan International Cooperation Agency ( Jika ), and the Indian Technical and Economic Cooperation Program ( ITEC ).”
He pointed out to the "multiple activities with oversight bodies in Arab and Islamic countries such as the General Auditing Bureau in the Kingdom of Saudi Arabia, the Audit Bureau in the State of Qatar, the Turkish Court of Accounts, the Supreme Audit Court in the Islamic Republic of Iran, the Accounting Council in the Algerian Republic, and many others," noting that "these standards and evidence contribute, along with international cooperation, to enhancing the effectiveness and efficiency of the Bureau in carrying out its oversight work in a way that ensures transparency and integrity in government institutions."
He stressed the "commitment of the Federal Audit Bureau to enhance transparency and integrity in all state institutions by working in accordance with international standards and effective cooperation with regulatory bodies and international organizations,"
Stressing "continuing efforts to develop the accounting and auditing professions and providing technical and accounting support to ensure optimal performance and preservation of public funds, in addition to giving great importance to supporting the role of youth in building the future by enhancing their capabilities to be real partners in combating corruption and evaluating government performance in order to achieve the desired goals." LINK
“Tidbits From TNT” Thursday 7-11-2024
TNT:
Tishwash: Al-Sudani reviews Rafidain Bank reform procedures with Ernst & Young
Prime Minister Mohammed Shia Al-Sudani held a special meeting on Wednesday to develop the work of government banks , in the presence of representatives of Ernst & Young for auditing and financial consulting.
Al-Sudani was briefed, according to a statement published by his media office, on the "technical and administrative procedures related to the Rafidain Bank development project, which were taken during the period following the signing of the contract with the company specialized in structuring and developing work in the banking sector."
Al-Sudani stressed, "The need to continue intensive meetings between the Supreme Committee concerned with the project, which includes the Central Bank of Iraq and government banks, and the consulting company, in order to resolve all matters related to developing the work of Rafidain Bank."
TNT:
Tishwash: Al-Sudani reviews Rafidain Bank reform procedures with Ernst & Young
Prime Minister Mohammed Shia Al-Sudani held a special meeting on Wednesday to develop the work of government banks , in the presence of representatives of Ernst & Young for auditing and financial consulting.
Al-Sudani was briefed, according to a statement published by his media office, on the "technical and administrative procedures related to the Rafidain Bank development project, which were taken during the period following the signing of the contract with the company specialized in structuring and developing work in the banking sector."
Al-Sudani stressed, "The need to continue intensive meetings between the Supreme Committee concerned with the project, which includes the Central Bank of Iraq and government banks, and the consulting company, in order to resolve all matters related to developing the work of Rafidain Bank."
The statement indicated that "the Rafidain Bank development plan includes a comprehensive review and evaluation of the bank's work, and implementing structural administrative reforms, aiming to provide a package of integrated banking services to citizens and companies, relying on advanced electronic programs, modern technology in all banking transactions, optimal use of human and technical resources, and transition to automated work, which helps the bank's ability to meet global banking requirements." link
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Tishwash: A representative accuses America of obstructing Iraq's economic openness to the countries of the world
Today, Wednesday, Deputy Chairman of the Parliamentary Economics Committee, Yasser Al-Husseini, accused the United States of America of obstructing Iraq's economic openness to the countries of the world.
Al-Husseini said in an interview with the Maalouma Agency, “The United States of America stands against Iraq's economic openness to the countries of the world, indicating that America has contributed greatly to preventing international companies from coming to Iraq.”
He added, "America stands as a stumbling block in the way of the growth of the Iraqi economy," noting that "what Iraq has reached is due to American interference in internal affairs."
He continued, "America does not want Iraq to be at the forefront of economically developed countries." link
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Tishwash: Economic: The ambiguity of the Central Bank's dealings serves the Americans
Today, Wednesday, economic expert Mustafa Hantoush revealed the existence of ambiguity in the Central Bank's dealings, behind which there are intentions that serve American interests.
Hantoush said in a statement to the Maalouma Agency, “The absence of weekly bulletins on the distribution of the dollar from the Central Bank has made the process of selling the dollar more ambiguous,” noting that “the ambiguity in the Central Bank’s recent dealings regarding the file of distributing the dollar.”
He continued, "The confusion in the work of the Central Bank enabled the American side to eliminate Iraqi banking by introducing foreign banks and granting them privileges in the country," pointing out that "80% of the dollar is distributed to foreign banks operating in Iraq in a step called presenting banking work on a platter." Who went to America and foreign banks?
It is noteworthy that the Central Bank authorized the work of three exchange companies inside airports, neglecting hundreds of companies in a decision that many considered a flop, which resulted in the decision increasing the US exchange rate against the Iraqi dinar to more than 150 thousand dinars . link
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Tishwash: For the first time, the Iraqi state's non-oil revenues record an increase of 11%
The "Iraq Al-Mustaqbal" Foundation for Economic Studies and Consultations announced on Thursday that for the first time, the non-oil revenues of the Iraqi state recorded 11% of the total revenues, with oil revenues falling below the 90% barrier.
A report issued by the institution today stated that non-oil revenues for the first five months of the current year amounted to 6.24 trillion Iraqi dinars, while oil revenues for the same period of the current year amounted to 48.4 trillion Iraqi dinars.
According to the report, tax revenues on income and wealth increased by 118%, while revenues from commodity taxes and production fees increased by 285%.
The institution's report indicated that fee revenues increased by 50%, while oil revenues increased by 6.4%.
The continued reliance of the Iraqi state on oil as the sole source of the general budget is a dangerous matter in the face of global crises that occur from time to time due to the impact of oil on them, which makes the country turn every time to cover the deficit through borrowing from abroad or domestically, which thus indicates the inability to manage the state’s funds effectively, and the inability to find alternative financing solutions. link
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Tishwash: Revealing the volume of trade exchange between Iraq and Saudi Arabia
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 head of the council, Mohammed Al-Khorayef.
The council stated in a report 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.
It indicated 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, at a time when the Kingdom’s ambassador at the time confirmed that there were many investment opportunities being studied.
Last November, Saudi Minister of Investment Khalid Al-Falih also announced that the Kingdom is studying the launch of the first free economic zone with Iraq, in the border area in 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 link
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Mot: ... Lets go Deep Sea Diving!! -- It will beeeee Fun they Said!!!!
Mot: .. the Patient Fisherman!!!
Iraq News Highlights and Points To Ponder Thursday AM 7-11-24
More Than 3 Billion Shares Traded In The Iraq Stock Exchange During The Week
Market Economy News – Baghdad The Iraq Stock Exchange witnessed remarkable activity during the second week of July 2024, as more than 3 billion shares were traded with a total value exceeding 3 billion Iraqi dinars.
The main trading index ISX60 rose by 2.84% to close at 904.16 points, while the ISX15 rose by 1.73% to close at 1016.57 points.
These indicators indicate the continued confidence of investors in the Iraqi market, and reflect the positive developments in the Iraqi economy in general.
Highlights from the weekly report:
More Than 3 Billion Shares Traded In The Iraq Stock Exchange During The Week
Market Economy News – Baghdad The Iraq Stock Exchange witnessed remarkable activity during the second week of July 2024, as more than 3 billion shares were traded with a total value exceeding 3 billion Iraqi dinars.
The main trading index ISX60 rose by 2.84% to close at 904.16 points, while the ISX15 rose by 1.73% to close at 1016.57 points.
These indicators indicate the continued confidence of investors in the Iraqi market, and reflect the positive developments in the Iraqi economy in general.
Highlights from the weekly report:
Significant rise in trading indicators: The ISX60 index rose by 2.84% to close at 904.16 points, while the ISX15 index rose by 1.73% to close at 1016.57 points.
High trading activity: More than 3 billion shares were traded with a total value exceeding 3 billion Iraqi dinars.
Investor Confidence: The rise in trading indicators reflects the continued confidence of investors in the Iraqi market. Views 29 2024/07/11 - https://economy-news.net/content.php?id=45124
Iraq Stops Dealing With The Chinese Yuan...And The Currency Basket Is An Alternative
Time: 2024/07/11 09:13:56 Read: 2,639 times {Economic: Al Furat News} The Parliamentary Finance Committee revealed that Iraq has decided to stop dealing with the Chinese yuan in financial transfers.
Committee member Moeen Al-Kazemi said in a press statement that "the US Federal Bank imposed on Iraq to stop dealing in the Chinese yuan, under the pretext that there was manipulation in some transfers or certain problems occurred."
He believed that "many decisions by the Central Bank are imposed by the US Federal Bank," according to him.
Al-Kazemi pointed out that "Iraq's money, as we know, is placed in the US Federal Bank as a result of the sale of oil at a rate of 3.5 million barrels per day, and this money enters the US Federal Bank and is not transferred to Iraq in cash, but is transferred to Iraq through transfers issued by the Central Bank and the Federal Bank is notified and then the Federal Bank is convinced of this transfer and commercial transaction and on the basis of it releases amounts to the relevant parties exporting to Iraq."
He noted that "many of the Central Bank's procedures are governed by the American will, and this will may be explained for administrative and financial reasons, non-financing of terrorism, and others," believing that "the reasons are political with the aim of pressuring the Iraqi government," according to his expression.
Regarding the impact of canceling dealing in the Chinese currency, Al-Kadhimi pointed out that "the merchant and the Central Bank have multiple options and not to deal only with the dollar, so this suspension is temporary and not permanent."
As for what the Parliamentary Finance Committee will do in this regard, a member of the committee explained, "We will ask the Central Bank to address the issue and for the currency basket to be diverse, so that the options are more for the Central Bank and Iraqi merchants."
It is noteworthy that Iraq has strengthened its assets denominated in yuan through the Singapore Development Bank to finance Iraqi trade and imports with China by about $ 12 billion annually.
Iraq has also moved to strengthen its assets in the Emirati dirham and negotiated an increase in its assets denominated in euros to finance trade with the European Union, and Iraq has also begun opening bank accounts in the Indian rupee for a number of Iraqi banks.
Since the beginning of 2023, the Central Bank of Iraq has issued several decisions aimed at maintaining the stability of the general monetary and economic situation and confronting the risks of fluctuations in the exchange rate of the Iraqi dinar against the US dollar, in addition to facilitating import and export operations by opening new horizons with international banks, including Chinese banks.
Among the decisions of the Central Bank of Iraq is to enhance the balances of Iraqi banks that have accounts with Chinese banks in Chinese yuan, as dealing in yuan directly without the mediation of the US dollar contributes to facilitating and accelerating financial transactions, and will reduce import costs and protect against the risks of fluctuating exchange rates within Iraq. LINK
For The First Time, Iraq's Non-Oil Revenues Record An 11% Increase
Economy 2024-07-11 | 404 views Alsumaria News – Economy Today, Thursday, the head of the "Iraq Al-Future" Foundation for Economic Studies and Consultations, Manar Al-Obaidi, revealed the total non-oil revenues for the year 2024, while he indicated that the non-oil revenues for the first five months of the year recorded an amount of 6.24 trillion Iraqi dinars.
Al-Obaidi said in a tweet followed by Sumaria News, "Non-oil revenues account for 11% of total revenues, and oil revenues are below the 90% barrier," indicating that "non-oil revenues for the first five months of the year amounted to 6.24 trillion Iraqi dinars."
He pointed out that "oil revenues for the first five months of the current year amounted to 48.4 trillion Iraqi dinars, and income and wealth tax revenues increased by 118%."
He added that "commodity tax revenues increased, production fees by 285%, and fee revenues increased by 50%, while oil revenues increased by 6.4%."
Al-Obaidi considered that "the increase in non-oil revenues is an achievement of economic reform policies and mechanisms for controlling taxes and customs tariffs, and it is expected that total non-oil revenues for the year 2024 will reach around 15 trillion Iraqi dinars, but they are far from the plan in the 24 budget tables, which amounts to 27 trillion dinars." LINK
Iraq Needs 5 Million Housing Units
Iraq 2024/07/11 Experts in sustainable development, real estate and economic development have estimated that Iraq needs nearly 5 million fully serviced, organized housing units to end the housing crisis that has been rampant for decades.
The researcher in private sector development and finance, Dr. Aqil Jabr Al-Muhammadawi, said in an interview with Al-Sabah: “Baghdad is at the forefront of the housing deficit indicators in relation to the population at 31 percent, and the housing deficit rate for the years 2023-2024 reached 26 percent of the total population of Iraq, which is 45 million people, according to statistics from the Ministry of Planning.”
He pointed out that "the housing deficit index has the highest priority in the challenges of the current executive government, and the challenges of the housing, housing and construction sector as a whole have cast a shadow over the importance of evaluating the strategic plans for housing and housing in successive governments, up to the age of the current government."
He explained that "Iraq has been witnessing a real and actual housing crisis for decades and successive governments, as a result of the lack of implementation of large housing projects that meet the current gap of about three million housing units, in addition to the exorbitant prices of real estate."
He stressed that "the worsening housing crisis requires adopting an approach and policy of joint effort between the state and the population, and integrating financing of the public and private housing sector, through comprehensive, effective and integrated solutions and collective efforts in which all state institutions, mixed government sectors and the private sector come together, in addition to allocating an appropriate independent budget within a strategic plan for housing and housing, commensurate with the size of the housing crisis."
Al-Muhammadi called for "finding investment allocations for housing in the federal budget, reprogramming the national housing project, evaluating the proposed projects in the strategic and development plans, enhancing the (residential complexes) strategy and highlighting the participation and role of the private sector, including an integrated infrastructure, supporting allocations and developing the activities of the (Housing Fund), and facilitating the work of local, Arab and international private real estate investment companies."
For his part, the head of the Osool Foundation for Economic Development and Sustainable Development, Khaled Al-Jaberi, told Al-Sabah: “The deficit rate in housing units in Iraq exceeds 5 million units, while local investment bodies were able to reach the threshold of approximately 200,000 units, which is a small number compared to the total deficit.”
He pointed out that, "In addition to what was mentioned above, the governorates, especially Baghdad, suffer from poor land distribution."
“This situation has led to traffic congestion and increased pressure on infrastructure, including sewage, water, sanitation and other municipal services, which has put pressure on the government to provide funds to be spent on solving the problems created by the chaos of land distribution through investment for local authorities,” Al-Jabri said, noting that “therefore, solutions to establish new cities come to cover a large part of the current deficit, and over time, these cities are expected to help confront the population growth rate, which is estimated at about 2.5 percent annually.”
Iraq Economic News and Points To Ponder Wednesday Evening 7-10-24
Prime Minister Chairs Meeting To Follow Up Efforts To Develop The Work Of Government Banks
Banks Economy News – Baghdad Prime Minister Mohammed Shia Al-Sudani chaired a meeting today, Wednesday, to follow up on efforts to develop the work of government banks.
The Prime Minister's Media Office said in a statement received by "Al-Eqtisad News", "Prime Minister Mohammed Shia Al-Sudani chaired a meeting to follow up on efforts to develop the work of government banks."
He added that "the meeting was attended by representatives of Ernst & Young for auditing and financial consulting."
Prime Minister Chairs Meeting To Follow Up Efforts To Develop The Work Of Government Banks
Banks Economy News – Baghdad Prime Minister Mohammed Shia Al-Sudani chaired a meeting today, Wednesday, to follow up on efforts to develop the work of government banks.
The Prime Minister's Media Office said in a statement received by "Al-Eqtisad News", "Prime Minister Mohammed Shia Al-Sudani chaired a meeting to follow up on efforts to develop the work of government banks."
He added that "the meeting was attended by representatives of Ernst & Young for auditing and financial consulting." 225 views 2024/07/10 - https://economy-news.net/content.php?id=45068
Al-Sudani Directs To Finalize Procedures For Developing Rafidain Bank's Work
Politics | 02:22 - 10/07/2024 Baghdad - Mawazine News Prime Minister Mohammed Shia Al-Sudani chaired a special meeting on Wednesday to develop the work of government banks, in the presence of representatives of Ernst & Young for auditing and financial consulting, while directing the finalization of procedures for developing the work of Rafidain Bank.
The Prime Minister's media office stated in a statement received by Mawazine News that "Al-Sudani was briefed on the technical and administrative procedures for the Rafidain Bank development project, which were taken during the period following the signing of the contract with the company specialized in structuring and developing work in the banking sector."
The Prime Minister stressed "the need to continue intensive meetings between the higher committee concerned with the project, which includes the Central Bank of Iraq and government banks, and the consulting company, in order to resolve all matters related to developing the work of Rafidain Bank."
It is noteworthy that the Rafidain Bank development plan includes a comprehensive review and evaluation of the bank’s work, and implementing structural administrative reforms, aiming to provide a package of integrated banking services to citizens and companies, relying on advanced electronic programs, modern technology in all banking transactions, optimal use of human and technical resources, and transition to automated work, which helps the bank’s ability to meet global banking requirements. https://www.mawazin.net/Details.aspx?jimare=251100
4 New Decisions From The Central Bank Of Iraq Regarding Government Banks
Banks Economy News – Baghdad The Central Bank of Iraq revealed a new plan regarding government banks, including Rafidain and Rashid.
According to a document issued by the Central Bank of Iraq and received by "Al-Eqtisad News", "the meetings that took place with the Prime Minister, in the presence of the Governor of the Central Bank and the Minister of Finance, regarding the decision of the Council of Ministers held on 1/2/2024 and the proposed idea of transforming the Industrial Bank into a public joint-stock company with the contribution of local and foreign investors, and that the second phase would include the Agricultural Cooperative Bank, we explain to you below the new plan regarding the bank and other government banks
1- Rafidain Bank is being restructured by dividing it into two banks (the old one for government accounts, and the new one as a commercial bank/public joint-stock company).
2- After that, Rashid Bank will be merged with the new Rafidain Bank.
3- The Industrial Bank will be transformed into a public joint-stock company, and then the Agricultural Cooperative Bank will be acquired.
4- At a later stage, the Real Estate Bank will be merged with the Housing Fund.
225 views 2024/07/10 - https://economy-news.net/content.php?id=45078
Oil price declines drag Gulf markets
Economy News - Follow-up Gulf stock markets closed lower on Wednesday ahead of quarterly earnings season as oil prices fell despite improved sentiment on rising bets on an imminent U.S. interest rate cut.
The US economy is "no longer overheating" as the labour market slows from its peak during the Covid-19 pandemic, Federal Reserve Chairman Jerome Powell said in remarks to Congress, suggesting that interest rate cuts are more likely.
Saudi Arabia's index closed flat after four sessions of gains, with Aramco shares down 0.2 percent.
The Saudi Stock Exchange saw limited movement today and remained relatively stable as the market continued on its uncertain path within the price range, said Joseph Dahrieh, Managing Director at TechMill.
The financial news website "IFR" reported that the Saudi oil giant Aramco began selling bonds in three stages.
A source familiar with the matter told Reuters earlier that the company could raise at least $3 billion.
Dubai's index rose 0.1 percent, supported by a 1.3 percent increase in Emirates Central Cooling Systems Corporation.
The Abu Dhabi index settled at the close.
Crude oil prices, a catalyst for financial markets in the Gulf region, stabilized as the Organization of the Petroleum Exporting Countries (OPEC) maintained its forecast for oil demand growth over the current and next years.
Meanwhile, U.S. crude and gasoline inventories likely fell last week.
Brent crude futures fell 11 cents, or 0.1 percent, to $84.55 a barrel, after falling 1.3 percent in the previous session.
Outside the Gulf, Egypt's blue-chip index fell 0.6 percent as Talaat Moustafa Holding fell 1 percent.
51 views 2024/07/10 - https://economy-news.net/content.php?id=45090
The Dollar Declines Relatively In Baghdad With The Closure Of The Stock Exchange
Economy | 06:25 - 10/07/2024 Baghdad - Mawazine News The exchange rate of the dollar against the dinar recorded a new relative decline today, Wednesday, compared to the exchange rate this morning.
The Baghdad Stock Exchange closed at 148.900 dinars per hundred dollars, after opening at 149.100.
While the exchange rates in currency exchange offices reached 150,250 dinars for the selling price per hundred dollars, and 148,250 dinars for the purchase price.
https://www.mawazin.net/Details.aspx?jimare=251119
Find Out Today's Dollar Auction Sales
Economy | 02:52 - 10/07/2024 Baghdad - Mawazine News The Central Bank's dollar sales recorded a significant increase during today's auction, Wednesday, as they amounted to more than $273 million, compared to yesterday, Tuesday.
The Central Bank sold in its auction today an amount of $273 million, 691 thousand, and 666, which was covered by the basic exchange rate of 1310 dinars per dollar for documentary credits and international settlements for electronic cards, and 1310 dinars per dollar for foreign transfers, while the cash exchange rate reached 1305 dinars per dollar.
The largest part of today's dollar sales went to strengthening balances abroad in the form of transfers and credits, as they totaled $247 million, 701 thousand, and 666, representing an increase of 90% compared to cash sales, which amounted to $25 million and 990 thousand.
https://www.mawazin.net/Details.aspx?jimare=251104
To read more current and reliable Iraqi news please visit: https://www.bondladyscorner.com/
Seeds of Wisdom RV and Economics Updates Wednesday Afternoon 7-10-24
Good Afternoon Dinar Recaps,
IS THE US MILITARY CONSIDERING BLOCKCHAIN ADOPTION?
"The United States Senate Committee on Armed Services has taken a significant step towards integrating advanced technology into national defense. As part of the fiscal year 2025 National Defense Authorization Act (NDAA) report, the committee has directed Secretary of Defense Lloyd Austin to investigate potential applications of blockchain technology within the military. This directive, issued on July 9, focuses particularly on enhancing supply chain management and strengthening national security."
"Secretary Austin is required to provide a briefing by April 1, 2025, outlining plans for blockchain integration in national security applications. The briefing must address pilot programs, benefits and risks, current adoption in industry and by foreign countries, and implementation feasibility."
Good Afternoon Dinar Recaps,
IS THE US MILITARY CONSIDERING BLOCKCHAIN ADOPTION?
"The United States Senate Committee on Armed Services has taken a significant step towards integrating advanced technology into national defense. As part of the fiscal year 2025 National Defense Authorization Act (NDAA) report, the committee has directed Secretary of Defense Lloyd Austin to investigate potential applications of blockchain technology within the military. This directive, issued on July 9, focuses particularly on enhancing supply chain management and strengthening national security."
"Secretary Austin is required to provide a briefing by April 1, 2025, outlining plans for blockchain integration in national security applications. The briefing must address pilot programs, benefits and risks, current adoption in industry and by foreign countries, and implementation feasibility."
"This move coincides with growing political interest in cryptocurrencies. The Republican National Committee recently included support for Bitcoin mining and digital asset self-custody in its draft policy platform. This development signifies increasing recognition of blockchain and cryptocurrency technologies in U.S. government and military planning, potentially shaping future national security strategies."
@ Newshounds News™
Read more: CoinGape
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MICA REGULATIONS GAIN TRACTION IN ITALY
"The Bank of Italy is preparing to implement the European Union’s (EU) Markets in Crypto-Assets (MiCA) regulation. Notably, this significant move aims to preserve the smooth functioning of the payment system, according to recent reports. Besides, the upcoming guidelines by the bank will clarify how the new rules will apply, signaling a transformative phase for Italy’s crypto market."
"Besides, this strategic move by the Bank of Italy underscores its commitment to integrating crypto assets into the traditional financial system. By implementing MiCA, Italy aims to create a regulated and secure environment for crypto transactions. The guidelines will provide clarity and direction for market participants, fostering confidence in the evolving digital asset landscape."
WHERE DOES THE US STAND WITH CRYPTO REGULATION? There seems to be a lagging behind in the United States compared to the rest of the world.
@ Newshounds News™
May I go in
Read more: Coin Gape
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STABLECOINS GAINING ACCEPTANCE IN THE PHILIPPINES
"Gaming-centric sidechain Ronin announced Monday the launch of the first Philippine peso-pegged stablecoin on its network. "
“Over 80 million Filipinos transact online using the Philippine Peso, but the financial infrastructure available is often slow and expensive. That’s why Coins.PH is launching PHPC on Ronin,” Ronin said."
"PHPC’s launch comes as the Philippines prepares to introduce a crypto regime. The country’s Securities and Exchange Commission said in May that it would be ready by the second half of this year."
@ Newshounds News™
Read more: Daily Coin
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JANET YELLEN ADMITS TO DE-DOLLARIZATION
"When US Treasury Secretary Janet Yellen on Tuesday testified before the House Financial Services Committee, she said that one of her concerns is how best to protect the international status of the US dollar as US financial sanctions have pushed more countries seek alternative financial transaction methods that do not involve the US dollar, VOA reported."
"The remarks from Yellen have shed light on growing concerns regarding US dollar hegemony. Experts believe that the weaponization of the US dollar will reduce its dominance as the world moves toward local currency settlements and accelerate policies to facilitate de-dollarization. China and other countries are actively promoting local currency settlements and multilateral cooperation, offering more choices and possibilities for the global financial order."
"For a long time, the US has abused its dollar hegemony, shifting domestic crises and harvesting global wealth by damaging the economic and financial stability and well-being of other countries. It is also used as a tool to impose financial sanctions, isolating other countries from the dollar payment system."
"In June, Saudi Arabia joined a central bank digital currency initiative for international trade, which may set the stage for wider local currency payments for oil trade between China and Saudi Arabia and reduce the reliance on the US dollar."
@ Newshounds News™
Read more: Global Times
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WHOLESALE CBDC's ARE GAINING GROUND IN INTERNATIONAL TRADE
"Last week China’s President Xi Jinping visited Kazakhstan. The Chinese government reported that the country supports Kazakhstan becoming a member of BRICS and President Xi penned an article in a Kazak newspaper. The National Bank of Kazakhstan and the People’s Bank of China signed a memorandum of understanding to cooperate on digital currency"
"Last October China signed a similar agreement with the UAE and used the digital renminbi to settle a crude oil transaction later that month. The UAE is also a founding participant of mBridge the cross-border central bank digital currency (cross-border CBDC) project where China developed the technology. Additionally, the UAE was the first to execute a live transaction on mBridge, making a Dirham 50 million ($13.6m) payment to China in January."
"The National Bank of Kazakhstan is not a participant in mBridge but is an observer on the project, alongside another 22 central banks. The country has been working on CBDC, with plans to go live next year. When it released a status report last year it said the initial focus was retail CBDC for consumer transactions with a clear path to production. However, it said it was researching wholesale CBDC and its use for interbank settlements and cross border payments."
@ Newshounds News™
Read more: Currency Insider
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WILL THE US HAVE A CBDC AND IF SO WHAT WILL IT LOOK LIKE?
Newshounds News has been reporting on CBDC's and their implementation around the world but the United States has yet to introduce either a wholesale or retail version.
"A U.S. central bank digital currency (CBDC) would be a tokenized and blockchain-based version of the U.S. dollar, maintained and issued by the Federal Reserve. This form of digital fiat money would be similar to cryptocurrencies in that a blockchain would be used, but a CBDC would be regulated by the Federal Reserve, recognized as legal tender, and backed by the full faith and credit of the U.S. government."
"The United States doesn't yet have a CBDC as of 2024, but it's important to understand the concept with this option under discussion, as well as the benefits and risks attached and steps taken so far."
"Fiat currency is a government-issued currency that's not backed by a physical commodity such as gold or silver. It's backed by the government that issues it. This type of money is the dominant means of making transactions in most countries. People use it to facilitate the exchange of goods and services in an economy. Generally, a country's central bank issues fiat currency for the nation's use. The Federal Reserve plays this role in the U.S."
"A U.S. CBDC would serve as a complement to existing central bank reserve account balances and widely used fiat currency. As a bonus, it should provide a medium for executing instant and seamless cross-border transactions. "
WHAT US CITIZENS ARE LOOKING FOR IS A CBDC THAT'S BACKED BY GOLD AND NOT THE FIAT DOLLAR.
@ Newshounds News™
Read more: Investopedia
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JANET YELLEN SAYS TREASURY NOT RESPONSIBLE FOR 'QUARTERBACKING' BETWEEN SEC, CFTC OVER CRYPTO RULES
"Yellen also responded to questions about concentrated risk and Russia potentially bypassing US sanctions via crypto and stablecoins."
"US Secretary of the Treasury Janet Yellen said the Treasury is not responsible for ‘quarterbacking’ between the CFTC and the SEC regarding their opposing positions toward crypto regulation."
"Yellen made the statement during a July 9 hearing before the House Financial Services Committee."
Opposing positions
"House Financial Services Committee Chairman French Hill said that the SEC and CFTC have taken opposing legal positions in federal court on crypto and asked if the Treasury’s Financial Stability Oversight Council (FSOC) is working to unite the two regulators."
"Hill said the council is “supposed to quarterback for financial risk.” However, Yellen disagreed, stating:
“It’s not the job of the Financial Stability Oversight Council to adjudicate.”
She noted that the Treasury had published a report on crypto risks, partly addressing risks arising from a lack of agreement between regulators.
"Earlier in her testimony, Yellen told Hill she remains committed to achieving a regulatory framework for digital assets and hopes the efforts “reach a good conclusion.”"
Concentrated risk, Russian stablecoins
"Yellen also responded to other questions related to crypto. Congressman Mike Flood asked Yellen whether decentralized trading protocols require a different approach to regulation from centralized services."
Yellen answered that the SEC and CFTC are looking at the issue and added that some matters “may fall under the regulatory umbrella of the banking agencies as well.”
"Flood also questioned whether SEC rulemaking could reduce custodial options for crypto. He asked Yellen if a limited number of approved custodians available to registered investment advisors (RIAs) for Bitcoin ETFs would introduce concentrated risk."
"The Treasury secretary responded that the trend could pose a “potential” risk but declined to answer with certainty without more details."
"Congressman Brad Sherman commented on the Russian central bank’s plans to bypass Western sanctions with crypto. Yellen said that the Treasury is “very attentive” to the use of crypto and stablecoins but does not believe that Russia’s activities are substantial."
@ Newshounds News™
Read more: Crypto Slate
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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.
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.
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!
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."
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
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.
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
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."
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
~~~~~~~~~
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
~~~~~~~~~
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
~~~~~~~~~
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
~~~~~~~~~
"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
~~~~~~~~~
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
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
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.
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.
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.