Seeds of Wisdom RV and Economics Updates Sunday Afternoon 7-14-24

Good Afternoon Dinar Recaps,

ARE THE LARGEST BANKS IN THE WORLD STARTING TO INVEST IN CRYPTO?

"The largest investment banks in the world are rolling out crypto services and investing in crypto companies.
JP Morgan. BNY Mellon. Goldman Sachs. They all foresee global adoption in the IMMEDIATE FUTURE
From consumers to financial institutions the world is getting ready to use crypto as money."

@ Newshounds News™

Source:  Twitter

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XRP Climbs 10% In Bullish Trade

XRP was trading at $0.4968 by 00:26 (04:26 GMT) on the Investing.com Index on Saturday, up 10.07% on the day. It was the largest one-day percentage gain since March 11.

The move upwards pushed XRP's market cap up to $27.5901B, or 1.29% of the total cryptocurrency market cap. At its highest, XRP's market cap was $83.4407B.

XRP had traded in a range of $0.4738 to $0.4968 in the previous twenty-four hours.

Over the past seven days, XRP has seen a rise in value, as it gained 15.53%. The volume of XRP traded in the twenty-four hours to time of writing was $1.7086B or 3.08% of the total volume of all cryptocurrencies. It has traded in a range of $0.4036 to $0.4968 in the past 7 days.

At its current price, XRP is still down 84.90% from its all-time high of $3.29 set on January 4, 2018.

@ Newshounds News™

Read more:  Investing 

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Ripple Finds a Spot in a Very Prestigious List: Details

“The digital asset space was buoyed in 2024 by strong price movements in cryptocurrencies,” CNBC and Statista noted.

Ripple was named one of the top 250 fintech companies for 2024 in the “digital assets” category by CNBC and Statista.

The company has received multiple awards, including the PAY360 Award and recognition as a top workplace by Fortune Magazine.

Ripple’s Latest Recognition
The American business news channel – CNBC – and the global industry statistics database – Statista – conducted a mutual study to find out the top 250 fintech companies for 2024. One of the awarded firms in the “digital assets” section is Ripple. It is one of the three entities placed on that list last year, with Coinbase and OpenSea being the others.

CNBC and Statista explained that the “digital assets” category comprises firms that make it “easier to access and use” cryptocurrencies and blockchain-based applications. They also noted the industry’s success in 2024, reminding that Bitcoin (BTC) hit an all-time high price of over $70,000 in March.

The entities revealed that 116 of the top 250 fintech companies are located in the United States (including Ripple, which is headquartered in San Francisco). The United Kingdom follows next with 30 firms, while India is home to 11 entities on the list.

The Previous Awards
This is not the first time Ripple has found a place in such a category. In October last year, it won the payment prize in the UK – the PAY360 Awards. The company topped the ranking for being the leader in digital currencies/assets in financial services.

One of the people acknowledging the achievement was Sendi Young – Managing Director of Ripple’s European operations. “Such an honour to win in this UK’s most prestigious payments awards,” she said at the time.

Prior to that, Fortune Magazine placed Ripple in the 13th position (out of 50) as “the best workplace in technology” for 2023. According to the business magazine, 94% of the firm’s employees consider it “a great place to work.” 98% of the staff said they were warmly welcomed upon starting their journey at the company, while 96% were supportive of the management team.

Last but not least, People Magazine included Ripple in its list of “top 100 companies who care for employees and society.” Other well-known corporations that were part of that club were American Express, NVIDIA, Deloitte, MasterCard, and more.

@ Newshounds News™

Read more:  Crypto Potato

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Five Major Reversal Indicators for Crypto Market in July: Goldman Sachs, ETH ETF S-1 filings and More

U.Today - The crypto market is gearing up for a potential turnaround in July, which will be fueled by several crucial factors. Here are five major indicators to watch:

Federal Reserve's potential rate cuts
The Federal Reserve may cut interest rates as early as September, according to recent rumors, and again in December. The markets will gain liquidity from these cuts, according to analysts, and cryptocurrencies might benefit from another positive CPI print.

Progress on Ethereum ETF S-1 filings
The Ethereum ETF issuers received their S-1 forms back from the SEC recently, with a request for small changes. Before being approved, these issuers must respond to the criticisms and resubmit, passing at least one more review round. It is a result of drawing in more institutional investors.

CFTC chair's stance on crypto regulation
According to recent comments made by the CFTC chair, between 70% and 80% of cryptocurrencies are not securities, underscoring the necessity for the CFTC to regulate these assets in accordance with the Commodities Exchange Act. This position may end the protracted discussion about whether cryptocurrencies are better classified as commodities or securities, providing much-needed regulatory clarity and enhancing investor confidence.

Goldman Sachs' tokenization projects
By the end of the year, Goldman Sachs wants to introduce three tokenization initiatives, with an emphasis on U. S. as well as European markets. These initiatives, which are led by tokenization and cryptocurrency enthusiast Mathew McDermott, have the potential to attract major institutional interest and investment into the crypto business.

JPMorgan's optimistic Bitcoin outlook
In a report released today, JPMorgan forecasts a bullish bounce for Bitcoin in August. In spite of recent market downturns, the bank is still bullish about Bitcoin's prospects. The analysis emphasizes that less downward pressure is anticipated as the recent wave of cryptocurrency liquidations fades. To better reflect the current state of the market, JPMorgan has also lowered its estimate of the year-to-date crypto net flow from $12 billion to $8 billion.

@ Newshounds News™

Read more:  Investing

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Gold Prices Forecast: Bullish Momentum Builds on Rate Cut Expectations

Key Points:
—Gold surges above $2,400 as Fed rate cut expectations soar. Inflation data fuels rally, with markets now pricing 96% chance of September cut.

—Fed officials turn dovish, boosting gold's appeal. Daly and Goolsbee signal potential rate cuts as disinflation trend resumes. Third weekly gain for gold.

—Global uncertainties support gold's safe-haven status. Central banks continue buying spree. Traders eye potential new record highs amid dovish sentiment.

@ Newshounds News™

Read more:  FX Empire

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Economist’s “News and Views” Sunday 7-14-2024

Stocks At ‘1929’ Peak; 'Storm' About To Hit, Force Fed Capitulation | Tavi Costa

David Lin:  7-13-2024

Tavi Costa, Portfolio Manager at Crescat Capital, discusses the dangers of stock market valuations, the coming steepening of the yield curve, the deteriorating economy, and the Fed's response to current macroeconomic conditions.

0:00 - Intro

2:00 - Yield curve steepening

 10:45 - Currencies

12:20 - Bull vs. Bear steepener

 18:40 - Financial vs. “real” assets

20:57 - Fed cuts

24:00 - China’s “gold rush”

26:47 - Gold price outlook

 29:50 - Dollar outlook

32:30 - Which “real asset” will outperform?

37:00 - Mining industry

47:30 - Gold’s price “floor”

https://www.youtube.com/watch?v=eAFJTcmDZx4

Japan Dumps $22B USD In Desperate Currency Rescue, US Instructs EU To Cut Away China Investments

Sean Foo:  7-13-2024

Japan has had enough and begins its currency intervention. The Bank of Japan dumps $22 Billion dollars in order to prop up the Yen, but this is pointless.

Meanwhile, the economic war is escalating with the US telling Europe to cut investments into China. Here's what you must know!

Timestamps & Chapters:

0:00 Japan's Desperate Currency Rescue

2:45 BOJ Hiding From Janet Yellen

5:29 US Tells EU To Stop Investing In China

 8:31 America's True Agenda

 11:17 Economic War Escalate

https://www.youtube.com/watch?v=gyuGnSt405I&t=27s

US Pressure on Africa to Choose World Bank Over China: What is going on?

Fastepo:  7-14-2024

Over the past two decades, China has significantly expanded its infrastructure projects across nearly every African country. This involvement includes massive investments in roads, railways, ports, and other critical infrastructure, amounting to over $140 billion in loans for various projects.

As of 2020, around 49 African countries had signed agreements under China's Belt and Road Initiative (BRI), highlighting the extensive reach of these projects.

China-Africa trade surged from $11.67 billion in 2000 to $257.67 billion in 2022, making China the leading trading partner for many African countries, surpassing traditional partners like the UK and the US.

Chinese FDI flows to Africa rose from $75 million in 2003 to a peak of $5 billion in 2021. Western critics, popularized the term "debt-trap diplomacy" to describe China's strategy.

This term suggests that China provides loans for infrastructure projects that recipient countries cannot afford to repay, ultimately allowing China to exert strategic control over these nations. Examples often cited include Zambia and Uganda.

Zambia, for instance, is heavily indebted to China, with approximately $5.05 billion owed, which is about 30% of its total external debt and roughly 20% of its GDP. In Uganda, there are fears that the Entebbe International Airport could be taken over by China due to the terms of their loan agreements.

However, this perspective is contested. Proponents argue that China's investments have brought significant infrastructure improvements and economic benefits to Africa. They note that many Chinese projects have created jobs, enhanced business opportunities, and facilitated connectivity.

For instance, Chinese telecommunications company Huawei has expanded digital connectivity across 40 African countries. Furthermore, Chinese-built railways, like the one connecting Nairobi to Mombasa in Kenya, are seen as critical to boosting local economies.

Critics from the West argue that these benefits are overshadowed by the long-term economic risks and the lack of transparency in Chinese loan agreements. They assert that the opacity and potentially exploitative nature of these loans can undermine the sovereignty and financial stability of African nations. In contrast, defenders of China's involvement highlight the historical context of Western colonialism and the ongoing need for infrastructure in Africa, which Western countries have not adequately addressed.

They argue that labeling Chinese investments as "debt-trap diplomacy" oversimplifies the complex economic relationships and the mutual benefits derived from these projects. In this video, we delve into the heart of China's relationship with Africa, investigating why many African countries favor partnerships with China over those with Western nations.

Additionally, we discuss the initiatives by the European Union and the United States—Global Gateway and Build Back Better World (B3W)—and how these compare to China's efforts.

https://www.youtube.com/watch?v=tsDB-QJtm30

Iraq Economic News and Points to Ponder Sunday AM 7-14-24

Iraq Moves To Break Restrictions On The Dollar In Crucial Talks With Washington

 July 13, 2024 Last updated: July 13, 2024   Al-Independent / Follow-up / - Iraq has begun a round of talks in Washington with representatives of the US Treasury Department to address issues related to restrictions imposed on the dollar, as announced by Iraqi Foreign Minister Fuad Hussein during a press conference broadcast by the Iraqi government media channel.

 Hussein described the meetings as “very useful,” indicating that they would continue.

 Topics scheduled for future discussions include further talks on the list of Iraqi banks subject to US sanctions, and the status of Iran’s money accumulated in Iraq.

Hussein said:   “There are serious steps to resolve these issues.”

 Iraq witnessed a shortage in the availability of dollars last year, after the Federal Reserve Bank of New York began closely examining transfers to Iraqi banks.

 Iranian companies and individuals have long used banks in neighboring Iraq to access dollars and circumvent US sanctions.

 The Central Bank of Iraq pledged to restrict all internal commercial transactions starting this year, in an attempt to limit dollar transactions outside the Iraqi banking sector, and limit its smuggling abroad.  Hussein indicated that the

talks with the US Treasury Department aim to ease these restrictions and ensure the dollar flows more smoothly into the Iraqi economy.

 It is expected that these talks will contribute to developing sustainable solutions to the financial issues facing Iraq, and relieving pressure on the national economy.  In conclusion, Hussein stressed that  there are serious steps to resolve these issues, and that the  talks will continue to ensure tangible results in the near future.   https://mustaqila.com/العراق-يتحرك-لكسر-القيود-على-الدولار-ف/

Sources: The Governor Of The Central Bank Of Iraq Made An Unannounced Visit To Washington Regarding The Chinese Yuan

 Economy     Washington     breaking     Visit     Governor of the Central Bank  2024-07-12 23:06   Shafaq News/ Informed sources revealed, on Saturday, that the Governor of the Central Bank of Iraq, Ali Al-Alaq, is making an officially unannounced visit to the United States of America to discuss with officials in Washington regarding the US Federal Reserve’s decision to stop Baghdad’s dealings with the Chinese yuan.

 The sources told Shafaq News Agency that  Al-Alaq left for Washington last Tuesday to meet with officials at the Federal Reserve and the US Treasury.  She added that

Al-Alaq is discussing with American officials the decision to stop Iraq's dealings with the Chinese yuan, indicating that the

 Governor of the Central Bank is also discussing during his visit the required obligations regarding Iraqi banks that are deprived of dealing with the dollar.

The visit of the Governor of the Central Bank of Iraq, Ali Al-Alaq, to ​​Washington coincides with a significant jump in the exchange rate of the dollar against the dinar, and more than two months after the visit of Prime Minister Muhammad Shia Al-Sudani to the United States.    https://shafaq.com/ar/اقتصـاد/مصادر-محافظ-البنك-المركزي-العراقي-اجرى-زيارة-غير-معلنة-لواشنطن-بش-ن-اليوان-الصيني    

The Central Bank's Monetary Policy And Lack Of Transparency Threaten The Iraqi Economy

July 13, 2024 Last updated: July 13, 2024   Independent / Follow-up / - Economic and media sources revealed that the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, refused to publish the financial tables of the Central Bank for the year 2023, as the list published on the bank’s website showed that the last published table dates back to November of last year.

 The sources confirmed to the Independent that the reasons for the governor’s refusal to publish financial schedule data are due to the large volume of new currency issuance.

 The sources explain that a state of inflation in liquidity has reached enormous numbers due to the absence of oversight by the House of Representatives over the work of the Central Bank, in addition to clear corruption in the file of the dinar exchange rate against the dollar.

In this context, independent politician Hussein Al-Falluji warned against excessive issuance of new currency and its impact on the Iraqi economy.  In his article published by Al-Mustaqila, Al-Faluji said:

  “In light of the economic challenges facing Iraq, the importance of issuing new currency as a monetary policy tool to achieve economic growth and financial stability appears.

Unfortunately, these funds were ineffectively directed towards consumer sectors rather than productivity, leading to increased inflation and depletion of hard currency balance.”

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

Al-Falluji indicated that these funds were directed towards the salaries and subsidies sector instead of being directed towards sectors Productivity. He stressed that

if these funds had been directed wisely towards the industrial, agricultural, tourism and mining sectors, the economic situation in Iraq would be much better than it is now. Al-Falluji concluded by

 stressing the need to reconsider the use of new cash and adopt a strategy that focuses on directing funds towards productive sectors that generate income in hard currencies and supporting the private sector, to improve the economic situation in the country in a sustainable manner.

 Does inflation continue to threaten the Iraqi economy?

 This case highlights the urgent need to carry out radical reforms in the monetary and supervisory policy of the Central Bank, and to find effective mechanisms to reduce corruption and ensure transparency in the management of public funds to achieve real and sustainable economic development in Iraq.  

 https://mustaqila.com/السياسة-النقدية-للبنك-المركزي-وغياب-ا/     

The Financial Supervision Authority Announces The Preparation Of A Draft Of The Updated Unified Accounting System

 Office of Financial Supervision Building

money and business

Economy News - Baghdad

 On Thursday, the Financial Supervision Bureau announced that

 measures had been taken to develop and improve the accounting and auditing professions in Iraq, and 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 Assistant Head of the Financial Supervision Bureau, Qaiser Al-Saadi, said in a statement reported by the official news agency, and seen by Al-Iqtisad News, that

 “the Federal Financial Supervision Bureau seeks to achieve its goals specified in accordance with 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 internal control systems in ministries and entities not affiliated with a ministry and governorates," indicating that

 "the goal 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 oversight." To reduce this phenomenon.  He pointed out that

  “the Bureau has issued an internal control guide that has been 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 supervision and control.” on financial transactions and preservation of public money.”  He added,

 "The Bureau has finished preparing the 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 opinions and making appropriate amendments in preparation for its actual implementation in the near future."  He continued:

 "The Bureau also contributed to the holding of the first session of the Regulatory and Accounting Standards Council in the Republic of Iraq for the year 2024 after a break of more than four years.

 During this session, oversight 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,

 "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 continued,

 “The Bureau relies, in performing its work, on international standards issued by the International Organization of Supreme Audit Institutions (INTOSAI), and

the Bureau is also a

      prominent member of the organization and has many contributions, including participating as a

      member of (5) working groups and attending 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 presidency of the organization’s strategic planning committee.”  Al-Saadi stated that

 “the Bureau has cooperation with international and local organizations and counterpart supervisory bodies such as the

      Dutch Court of Audit, in the field of performance evaluation and peer review, the

      Court of Accounts in Morocco in the field of judicial oversight, the

      Polish Oversight Service in the field of auditing according to the risk method, as well as the

      German Cooperation Agency (German Cooperation Agency) Giz), the

      Korea International Cooperation Agency (Koica), the

      Japan International Cooperation Agency (Jika) and the

      Indian Technical and Economic Cooperation (ITEC) programme. 

He pointed out,

  “the numerous activities with the regulatory bodies in the Arab and Islamic countries, such as the

      General Accounting Bureau in the Kingdom of Saudi Arabia, the

      Audit Bureau in the State of Qatar, the

      Turkish Court of Accounts, the

      Supreme Court of Audit in the Islamic Republic of Iran, the

      Accounting Council in the Republic of Algeria, and many others,” pointing out that

 “these Standards and evidence, along with international cooperation, contribute to enhancing the effectiveness and efficiency of the Bureau in exercising its oversight work in a way that ensures transparency and integrity in government institutions.” He stressed

  “the commitment of the Federal Financial Supervision Bureau to enhance transparency and integrity in all state institutions by working in accordance with international standards and effective cooperation with regulatory authorities and international organizations,” stressing

 “continuing efforts in

     developing the accounting and auditing professions and

     providing technical and accounting support to ensure performance is achieved.” Optimization and preservation of public money, as well as attaching great importance to

     supporting the role of youth in building the future by enhancing their capabilities to be true partners in combating corruption and evaluating government performance in order to achieve the desired goals.”

 views 258    07/11/2024 - https://economy-news.net/content.php?id=45129    

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

“Tidbits From TNT” Sunday Morning 7-14-2024

TNT:

Tishwash:  Al-Sudani invites Saudi and Egyptian businessmen to invest in hotels and entertainment facilities

On Saturday, July 13, 2024, Prime Minister Mohammed Al-Sudani held a meeting with a delegation of Egyptian and Saudi businessmen, inviting them to invest in hotels and entertainment facilities.

Al-Sudani received, according to a statement from his office, which was reviewed by "Ultra Iraq", a delegation of Egyptian, Saudi and Iraqi businessmen, including; Chairman of the Board of Directors of TMG Company Hisham Talaat Moustafa, Chairman of the Board of Directors of Al-Muhaidib Group Suleiman Abdul Qader Al-Muhaidib, CEO of the group Essam Abdul Qader, Director of Development in the group Raed Ibrahim Al-Madhiem, Director of Al-Maysara Group Yasser Qasim Zagher, and businessman Ahmed Talaat Hani,

All of whom are specialized in real estate development and the establishment of integrated and smart residential cities, in the presence of the Saudi Ambassador to Iraq Abdulaziz bin Khalid Al-Shammari."

Hisham Talaat Moustafa is one of the most prominent businessmen and politicians in Egypt. He was sentenced to death for his conviction in the murder of Lebanese singer Suzanne Tamim. The Cairo Criminal Court then sentenced him to 15 years in prison instead of the death penalty , before Abdel Fattah el-Sisi's regime decided to pardon him and release him from prison.

Al-Sudani called on "Egyptian and Saudi company owners to invest in the field of tourist resorts, hotels and entertainment facilities, as Iraq has many diverse tourist destinations," indicating that "development and progress in Iraq serve the economic interests of the rest of the Arab countries."

He pointed out that "Iraq is witnessing rapid growth and a phase of recovery, and there are many promising investment opportunities, especially in the field of housing and new city projects, as the country needs about 3 million housing units," stressing that "the government is moving towards building integrated cities that include all sectors, services, entertainment and commercial facilities, and are linked to the capital, Baghdad, by an advanced network of transportation routes."

Al-Sudani explained that "the government has offered projects for 5 new cities for investment in Baghdad and some governorates, and it is moving towards launching 11 new cities, just as it supports successful investment experiences," noting that "what is important about modern cities is that they contribute to solving the housing crisis, especially for low-income groups."

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Tishwash:Chinese CETC Group expresses interest in Iraq's infrastructure and economic projects

The Chinese CETC Group, specializing in energy, construction technology, and infrastructure, expressed to PM Mohammed Shia Al-Sudani its desire to participate in Iraq's infrastructure and economic projects.

According to a statement from the Prime Minister's office, Al-Sudani received a delegation from the prominent Chinese group. He highlighted the government's economic approach of embracing "productive partnerships and enhancing Iraq's investment environment to attract global companies."

Moreover, the Iraqi Prime Minister stressed that the government aims to "attract investments and strengthen partnerships with the Iraqi private sector by providing supportive guarantees."

The Chinese delegation expressed their interest in expanding cooperation with both the Iraqi public and private sectors across various economic and investment fields.

Notably, Iraq and China are partners in many areas. Iraq is one of the top oil suppliers to China, and Chinese companies operate in various sectors in Iraq, including oil and gas extraction and school construction. Additionally, both countries are cooperating on the Belt and Road Initiative and the Development Road project.   link

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Tishwash: Iraq in Talks With US Treasury Over Banks, Dollar Restrictions (bloomberg)

Iraq has engaged in discussions in Washington with representatives from the US Treasury to address dollar restriction issues, Iraqi Foreign Minister Fuad Hussein said during a press conference aired on state-run media al-Iraqiya.

Describing the meetings as “very useful,” Hussein indicated that they would continue. Topics slated for upcoming discussions include further talks on the list of Iraqi banks under US sanctions and the status of accumulated Iranian funds in Iraq. “There are serious steps to resolve these issues,” Hussein said.

Iraq experienced dollar shortages last year after the New York Fed began scrutinizing transfers to Iraqi banks more closely. Iranian businesses and individuals have long used banks in neighboring Iraq to access the greenback and get around US sanctions.

Iraq’s central bank pledged to restrict all internal commercial transactions as of this year, in an apparent attempt to curb dealings of the dollar outside Iraq’s banking sector and limit its smuggling abroad.

Last week, the exchange rate for the dollar against the Iraqi dinar in the unofficial market rose from 1,450 to nearly 1,500 dinars per dollar. Local news agencies, citing a lawmaker, attributed this increase to measures by the Federal Reserve, which halted transactions from dollars to yuan aimed at supporting Iraq’s foreign trade.  link

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Tishwash: Why did Iraq stop dealing in the Chinese yuan?

The Parliamentary Finance Committee revealed the reasons behind Iraq’s suspension of dealing in the Chinese yuan, while indicating that many of the Central Bank’s procedures are governed by American will.

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, indicating that "Iraq's money, as we know, is included in the US Federal Bank as a result of the sale of oil at an amount of 3.5 million barrels per day, and this money enters the Federal Bank and is not transferred to Iraq in cash. It witnessed a transfer to Iraq through corruption transfers from the Central Bank and the Federal Declaration."

Al-Kadhimi continued, "Many of the central bank's measures for the government are governed by American will, and this will may be explained by administrative and financial reasons, not financing terrorism, and others," and he announced that "the reasons are political with the aim of pressuring the Iraqi government."

Is the Chinese currency canceled?

Al-Kadhimi stressed that "the merchant and the Central Bank must have multiple options and not only deal in dollars, so this suspension is temporary and not permanent," noting that "the committee will ask the Central Bank to address the issue and have a diverse price basket, so that the options are more for the Central Bank and Iraqi merchants."

Al-Kadhimi stated earlier that "China's remittances in yuan have been temporarily suspended until auditing mechanisms are found."

He continued, "During the past period, there have been major manipulations of China's affairs." link

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Mot.... Buying New FURniture in da Future - Tips!!!!  Dog colored furniture

Mot: He Tries - He Really Does!! –

Economist’s “News and Views” Saturday 7-13-2024

Financial Blow Up: Little Time Left Before Wheels Come Off System Warns David Morgan

Daniela Cambone: 7-12-2024

 "So now all they want is control, saying, 'I own you because you have to pay me interest. And when you can't pay interest, what happens? They take over the property,'" warns David Morgan, founder of The Morgan Report.

He emphasizes that we don’t have much time left to address these issues. However, he expresses his optimism about the silver market. "Silver's not at an all-time high, but it's at an 11-year high or close to it," says Morgan.

He explains to Daniela Cambone that strong monetary demand for silver, combined with steady or increasing industrial demand, could lead to a situation where both forces compete for the same supply, potentially driving prices higher.

 "Around 60% of the silver market is driven by industrial demand, especially in areas like solar energy and electric vehicles.

 As currency wars and financial instability continue, the monetary demand for silver could increase significantly."

https://www.youtube.com/watch?v=AungGWFAxB8

BRICS Launched Intra-bank Payment System, Crashing USD & SWIFT System!

We Love Africa:  7-12-2024

Has BRICS accidentally ended dollar dominance? BRICS has launched an intra-bank payment system, posing a significant challenge to the supremacy of the US dollar.

This development could lead to a decline from which the dollar may not recover. However, this shift is not unexpected; BRICS has been working for years to achieve this goal.

As the dollar's decline becomes more imminent and its value continues to drop, one must ask: Does the United States have any plans to revive its currency?

More importantly, is it even possible for the US to revive the dollar at this stage, even if it wants to? Let’s find out.

https://www.youtube.com/watch?v=ldBKUztNjS4

JPMorgan, Bank Of America & Citigroup Are in Big Trouble

Atlantis Report:  7-13-2024

The 2008 financial crisis significantly impacted the global economy, revealing vulnerabilities in the banking sector and leading to government intervention.

The collapse of Lehman Brothers and subsequent bailouts highlighted the need for strong regulatory frameworks to prevent similar crises.

 In response, major banks were required to create "living wills."

These living wills ensure that even the largest banks can be dismantled in an orderly manner, reducing risks to the broader economy. However, recent reports from the Fed and the FDIC have raised concerns about the adequacy of these plans for three major American banks. JPMorgan, Bank Of America & Citigroup Are in Big Trouble

https://www.youtube.com/watch?v=brtcunILwh4

“Tidbits From TNT Saturday 7-13-2024

TNT:

CandyKisses:  Sources: The Governor of the Central Bank of Iraq made an unannounced visit to Washington on the Chinese yuan

Informed sources revealed on Saturday that the Governor of the Central Bank of Iraq Ali Al-Alaq is making an unannounced visit to United States to discuss with officials in Washington about the US Federal Reserve's decision to stop Baghdad's dealings with the Chinese yuan.

The sources told Shafaq News that the relationship left for Washington last Tuesday to meet with officials of the Federal Bank and the US Treasury.

She added that Al-Alaq is discussing with US officials the decision to stop dealing Iraq in the Chinese yuan, indicating that the Governor of the Central Bank is also discussing during his visit the required obligations regarding Iraqi banks deprived of dealing with the dollar.

The visit of the Governor of the Central Bank of Iraq Ali Al-Alaq to Washington coincides with a significant jump in the exchange rate of the dollar against the dinar, and more than two months after the visit of Prime Minister Mohamed Shia Al-Sudani to the United States.

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Iraqi military delegation visits Washington regarding security agreement

Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein revealed today, Friday, that an Iraqi military delegation will soon visit Washington to hold security talks.

Hussein said in a press conference held in the US capital, Washington, that "our visit to Washington was to attend the NATO summit at the invitation of the American side, and on the sidelines of the summit we held intensive meetings with leaders of several countries, and we held a meeting with the US Treasury Department to discuss issues related to monetary policy and banking signs."

He added that "a military delegation will visit Washington to hold talks on the security agreement concluded between Iraq and the United States."

He continued: "We discussed the future of the international mission in NATO meetings in cooperation with the Iraqi Ministry of Defense."  link

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Tishwash:  Foreign Minister from Washington: US Treasury positively assessed Central Bank's efforts

Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein confirmed that the US Treasury Department evaluated the efforts of the Central Bank positively, while indicating that a military delegation will visit Washington to hold security talks.

"Our visit to Washington was to attend the NATO summit at the invitation of the US side, and on the sidelines of the summit we held intensive meetings with leaders of several countries, and we held a meeting with the US Treasury to discuss issues related to monetary policy and banking signs," Hussein said in a press conference held in the US capital Washington, attended by the Iraqi News Agency (INA).

He added that "the US Treasury positively evaluated the efforts of the Central Bank," indicating that "a military delegation will visit Washington to hold talks on the security agreement concluded between Iraq and the United States."

He continued: "We discussed the future of the international mission in NATO meetings in cooperation with the Iraqi Ministry of Defense."  lin

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

Tishwash:  Financial expert to Iraq Observer: Western Union has set a ceiling for its money transfers from Iraq and has not stopped them completely

Financial and banking expert Mustafa Hantoush believes that Western Union Banking Company has set a ceiling for sending money transfers from Iraq and has not suspended them permanently.

Hantoush told Iraq Observer, “Western Union has reduced the size of its money transfers. For example, instead of transferring an amount of $1,000, it will become $500.”

He added, "The Central Bank has not issued any official statement regarding the suspension of Western Union Company for money transfers from Iraq," noting that this information must be verified from its primary source, which is the Central Bank."

Local news agencies reported that the world's largest money transfer company, Western Union, has stopped its money transfers from Iraq without providing further details, at a time when the dollar is witnessing a continuous rise. Meanwhile, a prominent financial source who preferred to remain anonymous told Iraq Observer that the matter is related to setting a ceiling for money transfers issued by Western Union from Iraq, ruling out a final halt.

The financial markets in Iraq are witnessing a state of instability in the exchange rate of the dollar against the Iraqi dinar, as it has been approaching 150,000 for days, in anticipation of the visit of the Governor of the Central Bank of Iraq to the United States of America.

Economic researcher Ziad Al-Hashemi said in a tweet on the X platform: The governor of the Central Bank was sent to New York to discuss the issue of the failure of yuan transfers to China, which the Central Bank relied heavily on to sell dollars and provide the dinar needed to feed the government’s finances.

He added: The causes of the problem remaining unresolved and the strong parties hovering around the Central Bank and searching for the dollar, without accountability, neutrality or internal Iraqi restrictions, will make all the pledges that Al-Alaq will present without any real value, as the same person has previously presented the same pledges throughout the past ten years, and the same problem is still ongoing without a solution, according to him.  link

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

Mot: Stay Cooooool !!!!!

Mot:  .. Yes - Taking sum Time to Reflect   m

Seeds of Wisdom RV and Economics Updates Saturday Afternoon 7-13-24

Good Afternoon Dinar Recaps,

NIGERIAN MINISTER URGES SEC TO TACKLE CRYPTO REGULATION CHALLENGES

Nigeria’s cryptocurrency regulations are currently being updated.

The Nigerian Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has called on the newly inaugurated Securities and Exchange Commission (SEC) board to address the complexities of cryptocurrency regulation.

According to local media, Edun emphasized the need to ensure stringent oversight, especially in fast-moving and complex areas such as cryptocurrencies, to maintain market integrity in Nigeria’s capital market during the board’s inauguration in Abuja.

Minimal registration requirements
Edun warned that companies might exploit minimal registration requirements to falsely claim they are licensed, undermining market integrity. Highlighting the potential for regulatory arbitrage, he urged the SEC to implement top-notch corporate governance practices, swiftly identify and disclose conflicts and adhere to global best practices.

The minister also encouraged the newly inaugurated SEC board members to adopt innovative strategies to regulate the country’s capital market effectively. He stressed the importance of staying informed and proactive amid rapid developments in artificial intelligence, digital currency and overall digital transitions.

“Unlike basic industries with settled technologies, the financial sector is rapidly evolving with innovations in fintech, AI and crypto. To provide necessary approvals and guidance, the SEC must stay informed and adaptable.”

SEC pledges innovation and growth
In response, the Chairman of the SEC board, Mairiga Katuka, assured the minister that the board would leverage its collective expertise, innovation and passion to drive growth.

@ Newshounds News™

Read more:  CoinTelegraph 

~~~~~~~~~

RIPPLE's APPEAL TO CENTRAL BANKS:  SPEED, SECURITY, AND DIGITAL INNOVATION  

—Ripple’s appeal to central banks lies in its promise of speed, security, and digital innovation, challenging traditional banking methods with blockchain technology for instant global transfers.

—Ripple positions itself as a key player in CBDC solutions, offering infrastructure for governments to deploy their digital currencies.

For many decades, the global central banks have maintained unchallenged control of the global economy by following traditional banking methods. However, with blockchain seeing rising adoption, players like Ripple have come to the forefront offering instant settlement solutions for global transfers.

Last year, Ripple unveiled its own CBDC platform that serves as a one-stop solution allowing governments to deploy their CBDCs providing all the necessary infrastructure for deploying and maintaining the currencies.

Central banks are considering Ripple for its speed, security, and modern appeal. Traditional transfer methods, once slow and cumbersome, can now be transformed into swift, secure blockchain transactions. Moreover, Ripple enables transaction settlements in fractions of a second instead of days, with cryptographic security ensuring maximum protection. This innovation has even the most conservative bankers excited about the possibilities Ripple brings to the table.

By adopting Ripple solutions, central banks have the opportunity to transition into new-age technological platforms instead of being perceived as outdated institutions. This could bring a fundamental change in the way we conduct global transactions more efficiently and securely.

The adoption of CBDCs on Ripple’s platform has the potential to revolutionize the financial industry. Central banks now stand at a crossroads, with the opportunity to lead the digital transformation of finance.

@ Newshounds News™

Read more:  Currency Insider 

~~~~~~~~~

HEDRA HASHGRAPH LEADS BLOCKCHAIN INNOVATION WITH NEW SCALABILITY BREAKTHROUGH

—The Hedera Foundation has launched two pilot Request for Proposals (RFPs) aimed at addressing specific ecosystem needs, inviting global developers to apply for grants.

—The initiative aims to enhance transparency and collaboration, providing up to 10 million HBAR in support, to accelerate the growth and development of the Hedera ecosystem.

On Thursday, July 11, the HBAR Foundation announced its pilot Request for Proposal (RFP) to deliver a more transparent and community-supported element to grant giving. Hedera stated that they are piloting two separate RFPs for building solutions thereby meeting specific ecosystem needs. Besides, this development comes as Hedera has been leading in crypto development activity, per the CNF update.

The Hedera Foundation is launching two pilot RFPs aimed at addressing specific needs within the ecosystem. they have also invited developers from across the globe to apply for these grants, with the selection process incorporating open and public community input.

The goal of this pilot is to gather insights from the initial RFPs to enhance and formalize the foundation’s grant program. This would ultimately accelerate the growth and development of the Hedera ecosystem.

We’re excited to announce the launch of our pilot Request For Proposal (RFP) process to to deliver a more transparent, #Hedera community-supported element to grant giving 🤝 pic.twitter.com/VNnatTK5GY

— HBAR Foundation (@HBAR_foundation) July 11, 2024

Hedera Targets Lending Markets With RFP Pilots
The pilot initiative will include two distinct RFPs designed to meet specific requirements:

Credit Market Development: This grant will follow the structure of a standard THF development grant, with funding allocated based on the completion of well-defined development milestones.

Credit Market Liquidity: This grant will be modeled after a network utilization incentive pool. The incentive pool will be evergreen and may be replenished based on ecosystem needs.

The Foundation is initially committing up to 10 million HBAR in support, available to eligible teams. Given the evergreen nature of the pool, project teams can apply multiple times depending on their liquidity needs. Each proposal must align with specific growth objectives, and applicants are required to outline milestones and goal KPIs. The Hedera Foundation also mentioned some of the benefits of conducting the pilot which include:

Increased Transparency and Clarity: By clearly outlining funding intentions, the Hedera Foundation (THF) can provide more timely updates to the community about key priorities. This approach offers further clarity to teams who may not qualify for a grant, not due to inadequacy but because their proposals might not align with the network’s most pressing needs.

Enhanced Ecosystem Collaboration and Diversification of Ideas: By inviting broader participation, THF aims to foster greater collaboration between itself, applicants, and the community, all working together to find better solutions. Additionally, creating more opportunities for builders to share their visions, ideas, and educational insights directly with the community before launching products or platforms will add significant value throughout the development cycle.

Moreover, the Hedera blockchain has been part of some key projects. As reported by Crypto News Flash, Sweden’s central bank tested its retail banking solutions on the Hedera network. Additionally, consulting giant Deloitte also joined hands with Hedera to build next-generation blockchain solutions, per the CNF update.

@ Newshounds News™

Read more:  Crypto News Flash

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DWS MOVES TOWARD FIRST GERMAN-REGULATED EURO STABLECOIN

German asset management company DWS has launched a new company in a step towards creating the first German-regulated cryptocurrency.

Deutsche Bank-owned DWS announced the launch of the company as part of their wider plan to go live with the new euro stablecoin next year, marking a significant step for the European financial sector considering DWS manages assets worth €941 billion.

The cryptocurrency is set to be regulated by Germany’s Federal Financial Supervisory Authority (BaFin) as DWS looks to be the first company being granted a German e-money licence for a stablecoin.

The newly created company, AllUnity, is a collaboration between DWS, Flow Traders, and Galaxy Digital, working together to introduce the new stablecoin.

Stefan Hoops, CEO of DWS, commented that the stablecoin will gain interest from a broad range of clients, including digital asset investors and industrial applications.

“In the short term, we expect demand from investors in digital assets, but by the medium term we expect wider demand, for instance from industrial companies working with ‘internet of things’ continuous payments,” Hoops stated.

@ Newshounds News™

Read more:  Currency Insider

~~~~~~~~~

JAPAN'S CURRENCY HAS STEADILY LOST VALUE AGAINST THE USD OVER THE LAST 12 MONTHS

Japan likely conducted a $22 billion intervention yesterday to support its currency.

Japan spent a record $62 billion in May to prop up the yen.

@ Newshounds News™

Read more:  Twitter

~~~~~~~~~

Ripple’s Appeal to Central Banks: Speed, Security, and Digital Innovation

"Ripple positions itself as a key player in CBDC solutions, offering infrastructure for governments to deploy their digital currencies.

For many decades, the global central banks have maintained unchallenged control of the global economy by following traditional banking methods. However, with blockchain seeing rising adoption, players like Ripple have come to the forefront offering instant settlement solutions for global transfers."

"Last year, Ripple unveiled its own CBDC platform that serves as a one-stop solution allowing governments to deploy their CBDCs providing all the necessary infrastructure for deploying and maintaining the currencies."

@ Newshounds News™

Read more:  Crypto News Flash

~~~~~~~~~

CENTRAL BANKS ARE BUYING GOLD TO PREPARE FOR A NEW GOLD STANDARD

"Record buying of gold by central banks, which are matching their gold reserves relative to GDP with other countries, revived the debate about the possibility of a reboot of the current monetary system based on a new gold standard."

"Global central banks have been buying record amounts of gold since the beginning of 2022. The pace and regularity with which central banks accumulate gold is unprecedented, as they have been mostly sellers of the precious metal throughout history. This extraordinary demand for gold by central banks, the largest in 55 years, is attributed to a desire to diversify their reserves and reduce dependence on the dollar."

"But beyond the intrinsic capacity of physical gold to maintain its value in the face of economic uncertainty, some indicators suggest that this accumulation of gold by central banks is just the prelude to a restart of the international monetary system and a possible return to the gold standard."

"The bad monetary policies that caused the housing bubble and the way fiat currencies have been managed since the 2008 crisis, depreciating the dollar and exporting US domestic problems to the rest of the world, along with economic sanctions on countries not aligned with Western geopolitical and economic interests, have undermined the credibility of the international monetary system. An alternative based on a new, multipolar, more stable and less inflationary gold standard seems closer than ever, and global central banks want to be included."

@ Newshounds News™

Read more:  11onze

~~~~~~~~~

JPMorgan Chase, Wells Fargo Suffer $3,500,000,000 in Losses As US Banks Report Massive Surge in Bad Debt

Two of the largest banks in the US are declaring a loss on a staggering $3.5 billion in debts that customers can’t pay back.

JPMorgan Chase says its net charge-offs, which are delinquent debts that banks do not expect to receive, hit $2.2 billion in the second quarter of the year.

That’s a $200 million increase from the previous quarter and an $800 million increase from Q2 of 2023.

Meanwhile, Wells Fargo says its net charge-offs surged from $764 billion in Q2 of 2023 to $1.3 billion last quarter – a 70% increase.

Although the pace of inflation has reduced, Wells Fargo’s chief financial officer Michael Santomassimo tells the New York Times that many customers are clearly struggling as their credit card balances rise and savings dwindle.

“[Inflation is] still cumulatively having a bit impact. The folks on the lower end of the wealth or income spectrum are struggling more than folks that are on the higher end.”

In addition to its charge-offs, JPMorgan declared an additional $500 million in losses from failing mortgage investments.

US banks have been sounding the alarm on its customers’ growing credit card balances and issues in the commercial real estate industry since last year.

In its new report, Wells Fargo says it earned a Q2 profit of $4.9 billion, although the bank’s shares tumbled 6% on Friday after net interest income fell short of estimates.

JPMorgan Chase reported a quarterly profit of $13.1 billion as its stock hovers near its all-time high.

@ Newshounds News™

Read more:  DailyHodl

~~~~~~~~~

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Iraq Economic News and Points To Ponder Late Friday Night 7-12-24

Foreign Minister Discusses With Washington The Issue Of Frozen Iranian Funds In Iraq

Money  and business  Economy News – Baghdad  Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein held an important meeting with the US Under Secretary of State for Political and Administrative Affairs, John Bass, in Washington, DC, during which the issue of frozen Iranian funds in Iraq was discussed.

According to a statement by the Ministry of Foreign Affairs, Fuad Hussein stressed "the importance of strengthening US-Iraqi relations in various fields," noting "the common desire to expand political and economic cooperation between the two countries."

The Minister addressed the issue of frozen Iranian funds in Iraq, stressing the need to find a quick and fair solution that serves the interests of both parties and enhances financial stability in the region.

In the context of enhancing economic cooperation and bilateral relations, special emphasis was placed on enhancing economic cooperation between the United States and Iraq. Minister Hussein pointed out the importance of supporting the financial and banking sector in Iraq, with an emphasis on the challenges related to the use of the dollar in financial transactions.

He stressed the "need to find solutions that enhance the stability of the Iraqi economy and contribute to achieving sustainable growth." 2024/07/12 - https://economy-news.net/content.php?id=45145

Foreign Minister From Washington: The US Treasury Evaluated The Efforts Of The Central Bank Positively

 Political     Yesterday, 23:09  Washington – IA  Deputy Prime Minister and Foreign Minister Fouad Hussein confirmed that the  US Treasury Department evaluated the efforts of the Central Bank positively, while  indicating that a military delegation would visit Washington to hold security discussions.

 Hussein said in a press conference held in the American capital, Washington, attended by the Iraqi News Agency (INA), that  “our visit to Washington was to attend the NATO summit at the invitation of the American side, and  on the sidelines of the summit we held extensive meetings with leaders of several countries, and  we held a meeting with the US Treasury Department to discuss issues.” Related to monetary policy and banking signals. 

He added,  "The US Treasury Department positively evaluated the efforts of the Central Bank," noting that  "a military delegation will visit Washington to hold discussions about the security agreement concluded between Iraq and the United States."  He continued: "We discussed in the NATO meetings the future of the international mission, along with cooperation with the Iraqi Ministry of Defense."    https://www.ina.iq/212487--.html    

ICC Opens Office In Iraq: This Is What We Are Working On

Money and business  Economy News - Follow-up  The Paris-based International Chamber of Commerce (ICC) has announced the expansion of its global presence through the official launch of the chamber’s new headquarters in Iraq from the French capital, thus enhancing the spread of the chamber’s network of offices worldwide.

According to the official website of the International Chamber of Commerce, which was founded in 1919 in the French capital, it has a network of offices in more than 170 countries, and represents more than 45 million business companies.

The website stated that the official launch of the International Chamber of Commerce in Iraq was celebrated at the global headquarters of the Chamber in Paris, which will work to enhance the mission of the International Chamber of Commerce in Iraq, and strengthen the voice of Iraqi businessmen and chambers all over the world.

The report indicated that the International Chamber of Commerce of Iraq will constitute an addition to the total number of international chambers of commerce, reaching 92 around the world.

He added that a delegation from the International Chamber of Commerce of Iraq joined the official celebration in Paris, which was followed by a celebration at the Iraqi embassy in the French capital.

“The context in which companies operate today is one of geo-economic and geopolitical tensions that are causing instability, uncertainty and new challenges in Iraq and beyond,” ICC Secretary General John W. H. Denton was quoted as saying in the report. “Bringing our mission to Iraq will deliver real value to Iraqi companies and the real economies in which they operate.”

According to the report, the ICC Iraq will support the ICC’s institutional goals of promoting peace, prosperity and opportunities for all through local committees on arbitration, alternative dispute resolution, digital economy, intellectual property, trade and investment.

The report pointed out that the founding members of the International Chamber of Commerce of Iraq are Abdul Razzaq Al-Zuhairi, who holds the position of honorary president of the International Chamber of Commerce of Iraq and president of the Federation of Iraqi Chambers of Commerce, in addition to the president of the International Chamber of Commerce of Iraq, Mohsen Al-Hamid, who also heads the “Asriya Group”, along with Ahmed Al-Yasiri, Secretary-General of the International Chamber of Commerce of Iraq, who is also an advisor on international organizations.

The report concluded by pointing out that the members of the International Chamber of Commerce of Iraq, through their headquarters in Iraq, help formulate the policies of the International Chamber of Commerce and alert governments to what interests international business. 106 views 2024/07/12 - https://economy-news.net/content.php?id=45146

Rafidain: The Digital Transformation Plan Is Proceeding According To The Set Schedule

Posted On2024-07-12 By Sotaliraq  Rafidain Bank announced the implementation of the comprehensive banking system in the Baladruz branch in Diyala Governorate, stressing that the digital transformation plan is proceeding according to the scheduled timings.

The statement said, “In implementation of the government program to move from paper transactions to electronic transactions to provide the best services to citizens, Rafidain Bank announces the implementation of the comprehensive banking system in the Baladruz branch in Diyala.”

The statement added that the Baladruz branch “has thus joined the branches that have activated the comprehensive system in Baghdad and the governorates, in addition to the border crossing branches (Zurbatiyah - Safwan - Arar - Trebil), so that the number of branches that have implemented and completed the system has become 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.”

He stressed that “the digital transformation plan and the adoption of the comprehensive banking system are proceeding according to the set timetables to include all bank branches 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

The Iraqi Chambers Of Commerce Signs A Memorandum Of Understanding With Its European Counterparts

 Economy     European Union     Federation of Iraqi Chambers of Commerce     Memorandum of Understanding  

2024-07-12 08:22   Shafaq News/ The European Union Ambassador to the Republic of Iraq, Thomas Seiler, announced that Iraq had signed a memorandum of understanding with the European Chambers of Commerce.

Sayler said in a statement received by Shafaq News Agency:

“On my initiative, the Federation of Iraqi Chambers of Commerce and the European Chambers (its counterpart at the European Union level) signed today in Brussels a memorandum of understanding for mutual cooperation.”  

He added, "This understanding will give Iraqi companies access to better options for cooperation and trade with companies in a large market that includes more than 40 European countries, including the 27 member states of the European Union." He stressed that  "supporting small and medium-sized companies and developing the private sector is a major political goal of our cooperation with Iraq."   https://shafaq.com/ar/اقتصـاد/غرف-التجارة-العراقية-توق-ع-مذكرة-تفاهم-مع-نظيراتها-الاوروبية    

For The First Time...Non-Oil Revenues Recorded An Increase Of 11%

 July 11, 2024  Economy / Iraq Obzirfar  A report of economic studies and consultations revealed today, Thursday, that

it is the first time in the Iraqi state’s revenues that non-oil revenues have recorded an increase of 11% of total revenues, while oil revenues have fallen below the 90% barrier. The report, which was followed by “Iraq Observer,” said,

 “For the first time, Iraq’s non-oil revenues recorded an increase of approximately 11% of total revenues, and oil revenues fell below the 90% barrier.”

 He added,  "Non-oil revenues for the first five months of the year recorded an amount of 6.24 trillion Iraqi dinars, while oil revenues for the first five months of the current year recorded an amount of 48.4 trillion Iraqi dinars."

 He continued,   “Revenues from taxes on income and wealth rose by 118%, revenues from commodity taxes and production duties rose by 285%, revenues from duties rose by 50%, while oil revenues rose by 6.4%.”

He stated, “The increase in non-oil revenues is an achievement of economic reform policies and mechanisms for controlling taxes and customs tariffs.” He expected that   “the total non-oil revenues for the year 2024 will amount to 15 trillion Iraqi dinars,  but they are far from the plan in the 24 budget tables, amounting to 27 trillion dinars.”  https://observeriraq.net/لأول-مره-الإيرادات-غير-النفطية-تسجل-ا/   

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

MilitiaMan: IQD Updates - Iraqi Dinar - Internationalism - WTO - Mechanism - Stability - Major Economic Movement

IQD Updates - Iraqi Dinar - Internationalism - WTO - Mechanism - Stability - Major Economic Movement

MilitiaMan and Crew:  7-12-2024

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

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

https://www.youtube.com/watch?v=2WuJX9_VUaE

Seeds of Wisdom RV and Economics Updates Friday Afternoon 7-12-24

Good Afternoon Dinar Recaps,

CFTC CHAIRMAN TOLD AN ILLINOIS COURT THAT BITCOIN AND ETHEREUM ARE DIGITAL COMMODITIES

"CFTC Chair Rustin Behnam says 70-80% of cryptos are not securities."

"(Kitco News) – The battle over digital asset regulation appears to be heating up as Commodity Futures Trading Commission (CFTC) Chair Rustin Behnam told an Illinois court that Bitcoin (BTC) and Ethereum (ETH) are digital commodities under the Commodity Exchange Act and that 70-80% of tokens in the cryptocurrency market are not securities. "

"Behnam made the comments while testifying before the U.S. Senate Committee on Agriculture, Nutrition and Forestry’s hearing on the oversight of digital commodities."

"Given the risks that this unregulated market poses to U.S. investors, I have consistently and publicly called for new legislative authority for the CFTC, including before this Committee. Congress must act quickly in order for regulators, like the CFTC, to provide basic customer protections that are core to U.S. financial markets.”

"Federal legislation is urgently needed to create a pathway for a regulatory framework that will protect American investors and possibly the financial system from future risk.”

"Dr. Roger Marshall, the Republican Senator from Kansas, brought up the turf war between the SEC and the CFTC over who gets to regulate digital assets, and asked Behnam, “Wouldn’t it be simpler if we put this whole thing under the CFTC's jurisdiction?”

@ Newshounds News™

Read more:  Kitco

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PUTIN SAYS THAT BRICS WILL LIKELY CREATE THEIR OWN PARLIAMENT while speaking at the 10th BRICS  Parliamentary Forum

"Russia’s President Vladimir Putin, speaking Thursday at the tenth BRICS Parliamentary Forum in St. Petersburg, indicated his openness to the creation of a BRICS Parliament. "

"Present were guests from 18 countries, including non-BRICS CIS States. This is the first such forum since the UAE, Iran, Egypt, and Ethiopia joined the group in January."

“BRICS does not yet have its own parliamentary institution, however, I believe that the idea will definitely be implemented in the future,” Putin said.

@ Newshounds News™

Read more:  The American Conservative

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OIL PRICES RISE AGAINST THE BACKDROPOF DECLINING INVENTORIES

Oil prices rose today, Thursday, against the backdrop of a decline in gasoline stocks and a decline in crude stocks after American refineries intensified processing operations, reflecting strong demand.

Brent crude futures rose 35 cents, or 0.4 %, to $85.43 per barrel.

US West Texas Intermediate crude rose 36 cents, or 0.5 %, to reach $82.47 a barrel.

Source: National Iraqi News Agency

@ Newshounds News™

Read:  Iraq News Gazette

~~~~~~~~~

JP MORGAN EXPECTS BITCOIN AND THE CRYPTO MARKET TO REBOUND IN AUGUST

"Investment banking giant JPMorgan recently said that Bitcoin and the greater cryptocurrency market will see a massive rebound take place in August. Indeed, the bank also noted that ongoing liquidations taking place in the market are expected to last through the end of July."

“The reduction in the estimated net flow largely driven by the decline in Bitcoin reserves across exchanges over the past month,” JPMorgan’s Nikolaos Panigirtzoglous said. The bank said that the $12 billion mark was highly doubtful. This is likely due to BTC price relative to the production cost and price of assets like gold."

@ Newshounds News™

Read more:  Watcher Guru

~~~~~~~~~

SILVER PRICE OUTLOOK: Will Strong Demand and Tight Supply Keep Prices Shining?

—Silver prices have risen due to a supply and demand gap, with demand outstripping supply for the fifth consecutive year.

—Industrial demand, driven by green energy, AI, and EVs, now accounts for 64% of global silver demand.

—A potential slowdown in China’s economy and prolonged high interest rates could dampen silver prices.

—Bullish Pennant pattern breakout hints at further upside. Will inflation data halt the move?

Silver prices have seen a remarkable rise this year, and with six months still to go, many are wondering just how high they could climb. One key factor to watch is the supply and demand dynamics, as demand for silver continues to outstrip supply.

According to the World Silver Survey, 2024 is the fifth year in a row with a silver shortage. In 2023, silver demand was higher than supply, leading to a market deficit of over 142 million ounces. By the end of 2024, this shortfall is expected to nearly double to 265 million ounces because of increasing industrial demand.

PIC

Silver Supply (Orange Line) and Demand (Green Line), 2019-2024 
Historically, half of the demand for silver was for industrial use and the other half for investment. Recently, industrial demand has grown significantly, now making up 64% of global silver demand, up 19% from last year.

This trend shows no signs of slowing. The primary drivers of the silver supply squeeze are the Green Energy Transition, particularly solar energy, and the high demand from the Artificial Intelligence and electric vehicle (EV) sectors. These industries are among the fastest-growing in the world today.

The only worry has been a recent dip in demand from China and the possibility of a slowdown in the Chinese economy. This could help balance the demand and supply gap. Prolonged higher interest rates from Central Banks could also dampen silver prices and possibly stop the rally. The sooner the US Federal Reserve cuts rates, the better it would be for silver prices.

@ Newshounds News™

Read more:  Action Forex

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SATOSHI'S VISION STILL ALIVE.  BITCOIN IS SHIFTING TOWARDS MORE P2P PAYMENTS

On-chain data suggests Satoshi’s original vision is alive and kicking as the Bitcoin network has shifted towards smaller transactions.

Bitcoin P2P Payment Transfers Have Been Gaining Steam Recently
In a new post on X, CryptoQuant founder and CEO Ki Young Ju has talked about a pattern shift on the BTC network regarding transactions that may be classified as peer-to-peer (P2P) payments.

First, Ju has discussed the trend in the transaction fees on the Bitcoin network. The “transaction fees” here naturally refer to the fees that senders on the blockchain have to attach with their moves as compensation for the validators.

@ Newshounds News™

Read more:  Bitcoinist 

~~~~~~~~~

THIS ARTICLE IS A PERFECT EXAMPLE OF HOW 3 LETTER AGENCIES CAN LEGISLATE BY MAKING "RULES" THEN PROCEED TO "ENFORCE" THOSE RULES WITHOUT THEM EVER BECOMING LAW OR SOMETIMES SLIPPING THROUGH A REVIEW PROCESS BY LAWMAKERS

GAO Concludes SEC's SAB 121 Is Subject to Congressional Review Act

"The SEC’s staff accounting bulletin 121 says that when an entity has an obligation to safeguard crypto for its users, that entity ought to reflect a liability on its balance sheet to reflect its obligation to safeguard that crypto at the fair value of the crypto. SAB 121 also says that the entity should, in turn, recognize a corresponding asset on its balance sheet measured at the fair value of the crypto."

"SEC Chair Gensler has said he is “actually quite proud” of SAB 121."

So, bottom line, if a something is a “rule” for purposes of the CRA, Congress has to be given a chance to review and reject that rule under fast-track procedures.

The GAO Says SAB 121 Is a Rule

"In August 2022, Senator Cynthia Lummis asked the Government Accountability Office to determine whether SAB 121 is a “rule” for purposes of the Congressional Review Act.1"

"Today the GAO released an opinion concluding (over the objections of the SEC) that, yes, SAB 121 is a “rule” for Congressional Review Act purposes."

"SEC did not submit a CRA report to Congress or to the Comptroller General in regard to the Bulletin. In its response to us, SEC maintained that the Bulletin is not subject to CRA because it does not meet the APA definition of a rule as it is not an “agency statement” of “future effect.” Response Letter, at 2–4. For the reasons explained below, we disagree. We find that the Bulletin does meet the definition of a rule under APA and that no exception applies. Thus, the Bulletin is subject to CRA’s submission requirement."

"It is true that the fact that SAB 121 is a “rule” for Congressional Review Act purposes will, for a window of time,2 make this easier. As noted above, a resolution of disapproval brought under the Congressional Review Act cannot be filibustered, so Senator Lummis or another pro-crypto Senator could force a vote on it if they so choose. But legislatively overturning SAB 121 would still require a majority vote in the Senate and in the House, and then the President signing the resolution into law. That seems unlikely here, for obvious reasons."

THIS PARAGRAPH ABOVE IS WHAT TOOK PLACE YESTERDAY (7/11/24) WITH THE HOUSE TAKING A VOTE TO OVERTURN BIDEN'S VETO UNSUCCESSFULLY

"The bigger question though is, regardless of when SAB 121 becomes “effective,” what exactly does that mean? And, equally, what does it mean for SAB 121 to have been ineffective from the time it was issued until the time (presumably in the near future) that the SEC submits SAB 121 to Congress?"

"Here again, I am not sure. The SEC’s position, according to today’s GAO opinion, is that SAB 121 “at most” indicates “how the Office of the Chief Accountant and the Division of Corporation Finance would recommend that the agency act.” So, taking the SEC at face value, SAB 121 should not, on its own, and whether “effective” or otherwise, have been the basis for any action by the Commission."

THE ARTICLE REFERENCED WAS WRITTEN IN OCTOBER OF 2023. THIS SHOWS HOW LONG THE DEBATE OVER SAB 121 HAS BEEN GOING ON. FOR FURTHER CLARITY PLEASE READ THE FULL ATTACHED BLOG ARTICLE.

@ Newshounds News™

Read more:  BankRegBlog
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BRICS DEVELOPING A PAYMENT SYSTEM USING BLOCKCHAIN

"In March, we learned that BRICS is actively developing a payment system utilizing the blockchain.  Many countries are starting to link payment systems.
Russia and China have almost stopped using the dollar in their mutual trade."

'Trade between Russia and China surged by 26% to $240 billion in 2023, with over 90% of settlements conducted in their national currencies.

This is very significant as the blueprint has arrived.
China's trade with other BRICS members rose 11.3% year-on-year in the first quarter, underscoring the growing ties within the group."

"The result?
More and more countries are shifting to localize trade to become less dependent on the dollar.
They are starting to put their foot down.
This week, a Russian IMF rep said BRICS could offer an alternative currency in the event of the dollar's and the international monetary system's collapse."

"Gold reigns supreme on this reset's chessboard, serving as the most strategic piece in this intricate puzzle."

@ Newshounds News™

Read more:  Twitter - Gold Telegraph

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Economist’s “News and Views” Friday 7-12-2024

HOW to NOT Lose Everything (The Shocking Truth)

Taylor Kenny:  7-11-2024

Imagine waking up to find your savings and assets are suddenly worthless due to a currency reset.

A terrifying reality for millions worldwide.

Taylor Kenney investigates hyperinflation and national debts that can lead to such resets, devastating your personal finances.

With US record breaking debt and persistent inflation, the threat is closer than you think. Act now to ensure your financial security before it’s too late.

CHAPTERS:

00:00 Looming Reset

 01:09 Venezuela's Currency Reset

02:30 Argentina's Currency Reset

04:34 Are My Assets Diversified?

06:02 Money vs. Currency

07:48 True Diversification

https://www.youtube.com/watch?v=wu5_j0v-GAg

Customers Panic As $100 Million In Deposits Just Disappeared From Bank Accounts

Atlantis Report:  7-11-2024

In a time when most people use digital transactions and online banking, a recent financial disaster has caused a lot of trouble for banks. Millions are missing from customers' accounts, leaving depositors very worried about their money.

This unusual event has shown that there are problems with financial technology, fintech, and industry and has made people very concerned about the safety of the banking system.

The disappearance of so much money has made people scared that the whole system is about to fail, and trust in banks is diminishing.

https://www.youtube.com/watch?v=clp1cTv2kCg

*SILVER ALERT! Silver POPS on CPI News as the Silver Riggers are LOSING CONTROL!!

 (Bix Weir)  7-12-2024

There is an all out battle in the silver price suppression scheme! On one side is a Cabal of Western Bankers & Monetary Masters that have suppressed the price of silver for the part 175 years.

On the other side is the Industrial Demand for Physical Silver that is INSATIABLE and shows NO SIGN of weakening in the foreseeable future!

The outcome of this Epic Battle will CHANGE THE WORLD!

https://www.youtube.com/watch?v=g6byUskiFh8

Iraq News Highlights and Points To Ponder Friday AM 7-12-24

Why Did Iraq Stop Dealing In The Chinese Yuan?

Economy   Why did Iraq stop dealing in the Chinese yuan? Doc-P-493658-638563711944282995

1,919 views  Alsumaria News – Local   The Parliamentary Finance Committee revealed the reasons behind Iraq’s suspension of dealing in the Chinese yuan, while indicating that many of the Central Bank’s procedures are governed by American will.

Committee member Moeen Al-Kazemi said in a statement to Al-Sumaria News, "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, indicating that "Iraq's money, as we know, is included in the  US Federal Bank  as a result of the sale of oil at an amount of 3.5 million barrels per day, and this money enters the Federal Bank and is not transferred to Iraq in cash.

 It witnessed a transfer to Iraq through corruption transfers from the Central Bank and the Federal Declaration."

Al-Kadhimi continued, "Many of the central bank's measures are taken by the government with political will, and this will may be explained by administrative and financial reasons, not financing terrorism, and others," and he announced that "the reasons are political with the aim of pressuring the Iraqi government."

Is it possible to deal in Chinese currency?

Al-Kadhimi stressed that "the merchant and the Central Bank must have multiple options and not only deal in dollars, so this suspension is temporary and not permanent," noting that "the committee will ask the Central Bank to address the issue and have a diverse price basket, so that the options are more for the Central Bank and Iraqi merchants."

Al-Kadhimi stated earlier that "China's remittances in the yuan currency have been temporarily suspended until auditing mechanisms are found."   He continued, "During the past period, there has been a great deal of manipulation of China's affairs."   LINK

Rafidain: The Digital Transformation Plan Is Proceeding According To The Set Schedule

Posted On2024-07-12 By Sotaliraq   Rafidain Bank announced the implementation of the comprehensive banking system in the Baladruz branch in Diyala Governorate, stressing that the digital transformation plan is proceeding according to the scheduled timings.

The statement said, “In implementation of the government program to move from paper transactions to electronic transactions to provide the best services to citizens, Rafidain Bank announces the implementation of the comprehensive banking system in the Baladruz branch in Diyala.”[/size]

The statement added that the Baladruz branch “has thus joined the branches that have activated the comprehensive system in Baghdad and the governorates, in addition to the border crossing branches (Zurbatiyah - Safwan - Arar - Trebil), so that the number of branches that have implemented and completed the system has become 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.”

He stressed that “the digital transformation plan and the adoption of the comprehensive banking system are proceeding according to the set timetables to include all bank branches 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

The Budget Returns To The Halls Of Parliament For This Reason

Alsumaria Special   2024-07-11 | 3,335 views  MP Baqir Al-Saadi revealed today, Thursday, that the budget will return to the House of Representatives to make some simple amendments to it.

Al-Saadi said in a special interview with: Alsumaria News "There are some minor comments on the budget, so it was returned to Parliament," he said. He added, "After the tenth ofMuharramThe amendments to the budget will be made by a specialized committee and then submitted to Council of Ministers"   LINK

Foreign Minister Stresses To US Official The Importance Of Supporting The Financial And Banking Sector In Iraq

Friday 12 July 2024 10:51 | Politics Number of readings: 140

Foreign Minister stresses to US official the importance of supporting the financial and banking sect 1140965-f2e1a470-176e-40d6-9b92-d542cad3318c

[rtl]Baghdad / NINA / Foreign Minister Fuad Hussein met with US Under Secretary of State for Political and Administrative Affairs John Bass in Washington.

The Foreign Minister stressed the importance of supporting the financial and banking sector in Iraq, with a focus on the challenges related to the use of the dollar in financial transactions.

A statement by the Ministry of Foreign Affairs stated: "The Minister stressed the importance of strengthening US-Iraqi relations in various fields and the common desire to expand political and economic cooperation between the two countries."

The discussion, according to the statement, covered several main topics, including Iranian funds in Iraq. In this context, the Foreign Minister touched on the issue of frozen Iranian funds in Iraq, and the need to find a quick and fair solution that serves the interests of both parties and enhances financial stability in the region.

Regarding the situation in Gaza, the Foreign Minister expressed his concern about the deteriorating conditions in the Strip, and also expressed his concern about the extension of the conflict to southern Lebanon. He stressed the importance of intensifying international efforts to stop the escalation and achieve peace in the region.

During the meeting, special focus was placed on strengthening economic cooperation between the United States and Iraq.

The Minister pointed out the importance of supporting the financial and banking sector in Iraq, with a focus on the challenges related to the use of the dollar in financial transactions. He stressed the need to find solutions that enhance the stability of the Iraqi economy and contribute to achieving sustainable growth. He also stressed the importance of continuous dialogue and close cooperation to achieve common goals and enhance stability and development in the region.

https://ninanews.com/Website/News/Details?Key=1140965

Secrets Of Smuggling Kurdistan Oil.. Has Iran Become The Second Largest Exporter In OPEC Using It?

Alsumaria Special   2024-07-12 | 1,414 views   Alsumaria News – Special   Everyone is talking about the smuggling of oil from the Kurdistan Region, and this talk is not new and has been going on for years.

However, for more than a year, specifically since the suspension of the export of Kurdistan oil through the Turkish port of Ceyhan, the map of oil smuggling from the region has changed. Instead of exiting through Turkey, the oil is now exiting through Iran.

Also, the beneficiary now is foreign oil companies and "unknown" subcontractors, not the regional government, in a process that can be described as a "mysterious maze."

Social media sites are flooded with electronic groups for tanker drivers, and there is a wide demand for tanker drivers to transport oil fromKurdistanTo the port of Bandar Abbas in southern Iran, which is a very strange path.

Another indicator is that Iranian reports came out a few days ago, specifically in the city of Bushehr, conveying citizens’ dissatisfaction with the “suffocating congestion caused by Iraqi tankers loaded with oil and fuel,” in addition to major traffic accidents.

After all that, she cameReutersIn a lengthy investigation, she talks about oil smuggling routes.KurdistanAcross Iran, andTürkiyeAlso, but inTürkiye"In much smaller quantities and forms than Iran."

According to the information, foreign companies operating in the region produceKurdistan350 thousand barrels per day, and these companies sell the produced oil to "subcontractors", who distribute this oil or sell it to local refineries in a simple manner, and the other is smuggled at a rate of 200 thousand barrels per day, in a process that information indicates is carried out between foreign companies and contractors only, and has nothing to do with the government.KurdistanOr none of these revenues will enter the regional treasury, as it confirms.Reuters, as evidenced by data from foreign companies operating in the region.

But the selling price of a barrel from foreign companies inKurdistanIt is done at low prices, the price of a barrel of oil is sold for only $35, which means that foreign companies receive less than a quarter of a billion dollars per month, as subcontractors buy oil at these cheap prices, and in turn smuggle this oil.

This activity raises a lot of questions and question marks, the first of which is who are these subcontractors? How much do they sell the smuggled oil abroad for and how much do they profit from it? How do the tankers move from the oil-producing fields to the Iranian border? How do they enter?IranOfficially?

And where does this oil go? Since Iran is basically an oil producer, questions arise about whether Iran buys this oil at lower prices so that it can sell and export it to the world at the global price as Iranian oil, especially since Iran faces difficulties in developing oil production technologies.

Perhaps this matter clearly raises an explanation for how Iran became the second largest oil exporter inOPECAfter Saudi Arabia and removedIraqWithin a short period, Iran may have benefited from Kurdish oil for export and increased its share in the export market without the need to increase its oil production.

Another detail that can be taken into consideration is thatIraqHe has previously filed a lawsuit againstTürkiyeTo allow the passage of oilKurdistanAnd export it without approvalIraqHow can he deal with it?IraqWith Iran allowing the passage of the region's oil by tankers through its territory to the port of Bandar Abbas?   LINK

“Tidbits From TNT” Friday Morning 7-12-2024

TNT:

Tishwash:  The Central Bank explains the reasons for the rise in dollar prices

Today, Wednesday, a member of the Board of Directors of the Central Bank of Iraq, Ahmed Barihi, explained the reasons for the rise in dollar exchange rates in the local market.

Berihi said in a statement to the Maalouma Agency, “The issue of the rise in the exchange rate of the dollar against the Iraqi dinar in the local market is not related to the measures taken by the bank, but rather due to the American restrictions imposed on the Central Bank and related to the electronic platform.”

He added, "Another reason related to the rise in the exchange rate of the dollar is the connection to the electronic platform that controls the floating of the currency in the market where it is less than the demand. Therefore, the price of the dollar will be raised and the platform is controlled by the US Federal Reserve, which will cause a difference from the official price."

During the past few days, the exchange rates of the dollar against the dinar recorded a noticeable increase in the stock market and banking shops in the capital, Baghdad, and the provinces.

During the current period, America has worked to destroy the Iraqi currency by imposing sanctions on private banks, and banning the dollar under many pretexts, which in one way or another led to a severe financial crisis in the local markets.   link

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Tishwash:  Foreign Minister discusses with Washington the issue of frozen Iranian funds in Iraq

Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein held an important meeting with the US Under Secretary of State for Political and Administrative Affairs, John Bass, in Washington, DC, during which the issue of frozen Iranian funds in Iraq was discussed.

According to a statement by the Ministry of Foreign Affairs, Fuad Hussein stressed "the importance of strengthening US-Iraqi relations in various fields," noting "the common desire to expand political and economic cooperation between the two countries."

The Minister addressed the issue of frozen Iranian funds in Iraq, stressing the need to find a quick and fair solution that serves the interests of both parties and enhances financial stability in the region.

In the context of enhancing economic cooperation and bilateral relations, special emphasis was placed on enhancing economic cooperation between the United States and Iraq. Minister Hussein pointed out the importance of supporting the financial and banking sector in Iraq, with an emphasis on the challenges related to the use of the dollar in financial transactions. 

He stressed the "need to find solutions that enhance the stability of the Iraqi economy and contribute to achieving sustainable growth."  link

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Tishwash:  Financial Supervision announces the preparation of a draft of the updated unified accounting system

The Financial Supervision Bureau announced, on 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, said in a statement reported by the official news agency, and seen by "Al-Eqtisad News", that "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

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Mot .. Not Saying - I Could Use Da RV – Buuttttttt  

Mot: . Gunna beeeee un of Thos Daze!!!!