Seeds of Wisdom RV and Economic Updates Wednesday Afternoon 7-24-24

Good Afternoon Dinar Recaps,

PUTIN WANTS RUSSIA TO EMBRACE THE DIGITAL RUBLE

"The digital ruble has proven its viability and it is time to move on to a wider use of the currency, Russian President Vladimir Putin said at a meeting about the economy."

"Digital currency works much the same way as national currencies used by central banks of various countries, making transactions more transparent and easier to track. 

Russia is not the first country to think about going digital; the leader in this sphere is China, which was among the first nations to widely introduce digital currency with the digital yuan, Natalya Milchakova, lead analyst at Freedom Finance Global, explained to Izvestia. Only a few countries have fully switched over to using digital currencies, mostly countries in the Caribbean, such as the Bahamas and Jamaica."

""Russia wants to be at the cutting edge of modern technologies, including financial services. The DFA (tokens) market is already taking off in the country, including those issued by major industrial enterprises in order to inject money into promising projects," Milchakova explained.

Putin wants to take this a step further: to move on to a wider large-scale implementation of the digital ruble in the economy, business and finance. This may help the government in terms of controlling the budget, cutting the cost of budget payments and easing trans-border transactions."

"The digital ruble has a chance to become a full-fledged payment instrument for individuals and companies but to make this a reality, the government has a lot of work to do, and it must learn from past mistakes made by other countries when implementing such currencies.

There, people saw certain risks for financial confidentiality or restrictions of financial freedom," the legislator noted in a conversation with Izvestia."

@ Newshounds News™

Read more:  TASS

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WHAT IS "JUNK SILVER?"

"United States 90% silver coins were minted to be used as money, were used as money, and could be used as money again.  Minted before 1965, they are called junk silver coins because they have no collector or numismatic value.  The coins are bought and sold for the value of their silver content."

"When minted, a bag of 90% junk silver coins contained 723 ounces of silver, but because of wear a smelted bag of dimes or quarters will net about 715 ounces. A bag of half-dollars will net a little more, maybe 718-720 ounces because half-dollars did not circulate as much as dimes and quarters, and, therefore, did not suffer as much wear."

"Because a “bag” ($1000 face) contains approximately 715 ounces of silver, it tracks the spot price of silver. If silver goes up ten cents, a bag of US silver coins rises $70 or so; however, when junk silver coins are in short supply their premiums can increase."

"Although many investors buy junk silver coins as bullion investments, other investors buy junk US silver coins for “survival purposes.” These buyers fear the worst for the dollar, that it will be printed until it becomes worthless. If this “worst-case scenario” were to become reality, US silver coins would be used for the purpose they were originally minted: as money."

@ Newshounds News™

Read more:  CMI Gold & Silver

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 STABLECOIN ACTIVITY IN ARGENTINA

"A graph of Bitso crypto exchange activity in Argentina demonstrates the high level interest in stablecoins. Stablecoins entirely dominate the daily volumes as opposed to other cryptocurrencies. It would be easy to assume that Argentinians are not interested in Bitcoin, but that’s not quite true."

"At first we thought there might be a mistake. However, there are several rationales for both these graphs to be accurate. 

Take the scenario of someone who lives in Argentina. When they receive their wages they convert them to dollar stablecoins. Then whenever they want to spend money, they draw down dollars. That would create a lot of stablecoin activity. The same person could still have their savings in Bitcoin. Hence. the daily transactions could be evidence of everyday spending."

@ Newshounds News™

Read more:  Ledger Insights

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What’s keeping silver down while gold hold above $2,400?

"(Kitco News) - Gold has been able to maintain a solid uptrend, building a new base with each rally; however, this momentum has not filtered through the entire sector as silver struggles to find its footing."

"While gold is fighting for support at higher lows around $2,400 an ounce, silver is struggling around $29 an ounce. Silver's underperformance compared to the yellow metal has pushed the gold/silver ratio to its highest level in two months, back above 82 points."

"Some analysts have said that gold is benefiting as a safe-haven asset because of rising geopolitical uncertainty, fueled by the U.S. elections in November."

“Silver usually follows the price movements of gold disproportionately. However, this has recently only applied to the downside. The previous upward movement in gold following the US inflation figures was more or less ignored by silver,” said Carsten Fritsch, Commodity Analyst at Commerzbank.

“The relative weakness in silver is likely due to the weakness in base metals. This is because industrial applications are expected to account for almost 60% of silver demand this year.”

"Although silver continues to struggle, many investors are still not ready to give up on the precious metal. In a recent interview with Kitco News, Robert Minter, Director Of Investment Strategy at abrdn, said that he expects silver to eventually outperform gold as the Federal Reserve starts to cut interest rates."

@ Newshounds News™

Read more:  Kitco

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SENATOR CYNTHIA LUMMIS RELEASES REPORT ATTACKING BIDEN'S MINING TAX

The pro-crypto senator claimed that Bitcoin mining consumes as much energy as household appliances such as tumble dryers.

On July 23, Senator Cynthia Lummis released a report arguing against the Biden administration’s proposed 30% excise tax on the energy consumed by Bitcoin miners.

The report, titled "Powering Down Progress: Why A Bitcoin Mining Tax Hurts America", put the Bitcoin
BTC mining industry into sharper focus, highlighting the benefits of the critical mining infrastructure to the United States' energy grid.

Lummis cited the Bitcoin Energy and Emissions Sustainability Tracker as evidence that Bitcoin mining is cleaner than is commonly imagined, noting that up to 52.6% of BTC mining might be emissions-free.

A breakdown of sustainable Bitcoin mining. Source: Batcoinz

The pro-crypto senator then turned her attention to the increasing role of Bitcoin mining facilities in securing the energy grid. Mining facilities represent large, dynamic electrical loads that can be used to balance and redistribute energy to electrical grids during times of need.

Perhaps no other example illustrates this more than the ongoing efforts between the Electrical Reliability Council of Texas (ERCOT) and Bitcoin miners to stabilize electrical grids. The GOP lawmaker explained that in 2022, Bitcoin miners were able to sell 1500 megawatts of energy back to the grid during peak demand. A similar pattern played out in 2024, with Bitcoin mining infrastructure acting as a Controllable Load Resource for Texas’ grid during winter storm Heather.

A 30% tax would hurt the environment that regulators claim to protect
The Wyoming senator explained that levying a 30% excise tax on Bitcoin miners would disincentivize them from seeking sustainable forms of energy and novel energy recycling techniques. Although Lummis gave the example of sequestering methane from trash dumps to mine Bitcoin, similar examples can be seen in El Salvador, where the government mined 474 Bitcoin using volcanic energy.

Another example of the energy efficiencies introduced by Bitcoin mining can be found in the Satakunta region of Finland, where an entire community of 11,000 individuals is warmed by excess heat produced by a Marathon Digital mining facility.

The mining giant also signed an agreement with Kenya’s government earlier this year to further develop the country’s renewable energy sector, a thriving industry already delivering up to 80% of the country’s energy needs.

The Laffer Curve will get the final laugh
Lummis concluded her report by arguing that increasing taxes on Bitcoin miners will lead to the industry leaving the United States, reducing the sought-after tax revenues. This inverse relationship between tax rates and tax revenue is known as the Laffer Curve.

A chart highlighting Bitcoin hashrate dominance between global powers from 2019-2022. Source: Powering Down Progress by Senator Cynthia Lummis

The senator pointed out that this has already happened in China, where the 2021 mining ban drove out the once-thriving mining industry.

Before the ban, Chinese miners controlled a majority of the Bitcoin network’s hashrate.

@ Newshounds News™

Read more:  Coin Telegraph

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What are the strongest currencies in the world? (2024)

Ever wondered which is the strongest currency in the world? There are lots of factors which can push a currency up the global rankings, from low inflation to a strong economy, to interest rates or oil and gas exports.

What is currency strength?
According to Nasdaq a strong currency is:

“A currency whose value compared to other currencies is improving, as indicated by a decrease in the direct >exchange rates for the currency”.

Put simply, the definition of a ‘strong currency’ is when a currency is worth more than another country's currency. ‘Currency strength’ refers to how strong or weak a currency is at any given time.

What are the top 10 strongest currencies?

1. Kuwaiti dinar
The Kuwaiti dinar (KWD) is the world’s strongest currency, and this is for a number of reasons. For starters, Kuwait has one of the largest oil reserves in the world.

It’s also a wealthy country, whose government has prioritised the growth of the country’s private sector, the diversification of the economy and responsible budgetary policies. All of these factors have contributed to the stability and resilience of the Kuwaiti dinar.

Today     1 USD = 0.305640 KWD     

2. Bahraini dinar
The second most valuable global currency is the Bahraini dinar (BHD). Oil and gas again play a part in the Bahraini dinar’s strength, as a major part of the country’s income derives from exports of gas and oil.

Bahrain has also become a regional financial hub, which has attracted international capital and helped to expand the country’s economy.

Today     1 USD = 0.377000 BHD   

3. Omani rial
The Omani rial (OMR) is another of the world’s strongest currencies, again thanks to exports of oil and gas. However, the government in Oman is working on lessening the country’s dependence on oil markets. It has taken steps to support other industries in order to diversify the economy, which should help to sustain the resilience of the rial.

Today    1 USD = 0.385015 OMR   

4. Jordanian dinar
The Jordanian dinar (JOD) is high up the list of the world’s strongest currencies for a combination of reasons. It is an oil and gas exporting nation, but is less dependent on this than some of its neighbours.

Other factors contributing to the dinar’s success include the actions of Jordan’s central bank, which has taken a cautious approach to monetary and fiscal policy. It is dedicated to price stability and exchange rate flexibility, as well as keeping ample foreign exchange reserves to protect against external shocks.

Today     1 USD = 0.708500 JOD

5. British pound
Now we come to a familiar currency - the British pound sterling or GBP. The pound is the fifth-strongest world currency in 2024, despite the turbulence of Brexit and uncertainty surrounding ties between the UK and the EU. The UK has also experienced political upheaval, such as the ‘mini budget’ by then-PM Liz Truss which triggered a major drop in the value of the pound.

While the pound may have experienced volatility over the last few years, it remains one of the most popularly traded currencies. Its strength and resilience is partly down to the UK’s reputation as one of the world’s biggest countries by Gross Domestic Product (GDP).

Today    1 USD = 0.773784 GBP

*️⃣NOTE:  Since this article was published the British pound has moved to 6th place and the Gibraltar pound has move up to the 5th position.

6. Gibraltar pound  
In the sixth spot on our list is the Gibraltar pound (GIP). The driving force behind its stability and strength is its relationship to the British pound (GBP). The GIP is pegged to the GBP, and the two countries maintain a close relationship.

Today    1 USD = 0.773754 GIP

7. Cayman Islands dollar    
The Cayman Islands dollar (KYD) derives its strength and stability due to the territory’s status as a leading global financial hub. The islands are home to a wide range of financial institutions, enterprises and investment funds, all attracted by a robust regulatory system, advanced banking infrastructure and advantageous tax policies.

Today    1 USD = 0.820000 KYD

8. Swiss franc
The 8th strongest global currency is the Swiss franc (CHF). The Swiss National Bank (SNB) ensures the stability of the currency with a range of crucial measures. This includes implementing monetary policy, maintaining price stability and supervising banks and the financial sector in Switzerland. All of this bolsters investor confidence in the Swiss franc.

Today    1 USD = 0.884350 CHF

9. Euro
The euro (EUR) is one of the world’s major reserve currencies, whose value is influenced by a large number of variable factors. This is because it is the currency of 20 EU member countries, all with their own economic policies.

However, monetary policy and price stability within the region is overseen by the European Central Bank (ECB). The bank has taken steps to maintain the stability and reliability of the euro, primarily by careful management of inflation.

Today    1 USD = 0.921700 EUR

10. US dollar
Last, we have the US dollar (USD) - the world’s 10th strongest currency. You might be surprised not to see the dollar higher up the list, as it is by far the most traded currency on the planet. Plus, the US economy is the biggest in the world in terms of GDP. The dollar is used to price commodities, and it’s also one of the world’s largest reserve currencies. Major US banks are also global leaders.

However, the strength of a currency is determined by complex factors, including supply and demand in the foreign exchange market.

What is the weakest currency in the world?
The Iranian rial (IRR) is the weakest currency in the world.5

What is the most traded currency in the world?
The US dollar is the world’s most traded currency.²

How is foreign currency priced?
There are two main ways that foreign currency is priced. The first uses a floating rate, which is determined by the open market through global supply and demand. If the currency is in demand, its value usually increases.

The second pricing method is a fixed rate, also known as a pegged rate. This is determined by the government through its central bank, and is set against another major global currency (such as USD or EUR, for example).

What is the most stable global currency?
The Swiss franc (CHF) is generally considered to be the most stable currency in the world in 2024.6

What is the strongest currency pair?
The strongest currency pair is the euro (EUR) and US dollar (USD),7 as it is one of the most commonly traded and both locations have large and strong economies.

How do I know which currency is stronger?
One of the easiest ways to work out which currency is stronger is to compare one currency to another, using exchange rates. A higher exchange rate suggests that a currency is stronger compared to the other.

In what country is GBP worth the most?
To determine where GBP is worth the most, you would typically look at exchange rates against other currencies. But remember that exchange rates fluctuate constantly based on factors such as economic conditions, interest rates and geopolitical events.

This means you’ll need to look at exchange rate data to see which country's currency offers the most favourable exchange rate against the British pound at any given time. When researching, watch out for hidden fees to make sure you’re getting the fairest price. At Wise, we’re transparent and upfront about the cost, we use the mid-market rate, and never hide fees*.

@ Newshounds News™

Read more:  Wise

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Chris Macintosh: We are Facing a 1 in 100-Year Financial Rebalancing

Chris Macintosh: We are Facing a 1 in 100-Year Financial Rebalancing

Palisades Gold Radio:  7-24-2024

Tom Bodrovics welcomes a new guest to the show Chris Macintosh. Chris is the founder of CapitalistExploits and a seasoned hedge fund manager with experience in seven countries.

They engage in a discussion revolving around ongoing recalibrations and rotations in capital markets, focusing primarily on the deindustrialization of the West and financialization as significant shifts over the last few decades.

Chris underlines the disconnect between Western nations' massive market caps and their actual production capabilities. He also discusses short-term changes such as the increasing dominance of few companies in the S&P 500, accounting for a substantial percentage of market capitalization, and passive capital flows from Western economies affecting investing, particularly smaller companies.

Chris expands on the potential consequences of a mere 10% rebalance in Western markets, emphasizing instability arising from massive sovereign debts, derivative markets, and potential debt cycle inflation. He highlights the anomaly of passive capital flows toward large cap stocks and the importance of asymmetry in investing for low downside risk with significant upside potential.

 Chris mentions automation selling during a downturn and seeking contrarian sectors as an alternative investment strategy. The conversation shifts to cover geopolitical risks, including the possibility of 'great taking' or conflict, having assets outside the financial system in counter-cyclical, counter-jurisdictional asset classes like food, shelter, agriculture, precious metals, and maintaining a long-term perspective.

Chris discusses the importance of education, problem-solving skills, diversification, and taking action to deal with fear. He prefers Latin and South America for living and investing.

 He advocates for banking in multiple jurisdictions and investing in cash-flowing businesses.

Time Stamp References:

0:00 – Introduction

 1:07 - Economic Overview & Trends

14:30 - Derivatives & Rebalancing

 24:14 - A Silent Bull Market

27:59 - Liquidity Analysis

31:30 - Great Taking & Risks

36:05 - Cloudstrike & Russia

39:08 - War & Capital Shifts

42:57 - Politics Stability & Capital

 49:07 - Interesting Jurisdictions

 54:19 - Banking & Diversification

58:24 - Fear, Volatility & Action

 1:04:13 - Wrap Up

Talking Points From This Episode

- The West's massive market caps vs production capabilities create instability due to debt and derivative risks.

- The impact of passive capital flows on investing, with unloved sectors offering potential protection.

 – Preparing for a rotation away from overvalued equities and towards undervalued sectors.

https://www.youtube.com/watch?v=YjrkdxSpVp8

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

Causing A Huge Financial Inflation.. Al-Saadi Identifies A Parliamentary "Point Of Contention" Regarding The Drug Law

Policy  2024-07-24 |404 views Alsumaria News - Special:  Today, Wednesday, the Deputy Chairman of the Parliamentary Legal Committee, Murtada Al-Saadi, revealed the most prominent differences with the Parliamentary Health Committee regarding the Drug Law, while he pointed out the position of the Ministry of Interior regarding the naming of the law.

Al-Saadi told Sumaria News: "I submitted the drug law proposal at the beginning of the session and we worked on it for more than a year. There were many hostings and its first reading was completed after our efforts with the parliamentary health committee"

He added that "there is a point of disagreement about naming the site and whether it will be an agency, a commission or a directorate," indicating that "the legal committee stresses that it should remain a general directorate for drugs and this is an important part."

He pointed out that "parties in the Ministry of Interior are working hard to make it a body, and we objected to it because it will cause significant inflation and save huge sums of money, which will result in flabbiness like the rest of the bodies."

He explained that "the committee is now with the Ministry of Health and the vision is one to proceed with preparing the report and working to complete this important law and withdraw all the observations submitted by the representatives."

Earlier this month, the head of the Parliamentary Health Committee,    Majid Shankali, said that "the committee will work during the current legislative session on the first amendment   to the Narcotics Law of 2017." LINK

President Of The Republic: Iraq Is Politically, Security-Wise And Economically Stable And Supports Human Rights

Time: 2024/07/23 Reading: 169 times

President of the Republic: Iraq is politically, security-wise and economically stable and supports h Screenshot-gallery-97 

{Politics: Al Furat News} President of the Republic Abdul Latif Jamal Rashid confirmed today, Tuesday, that Iraq seeks to develop its relations positively with various countries of the world, based on the stability it is witnessing on the security, political and economic levels.

The Presidency of the Republic stated in a statement received by {Al Furat News}, that "Rashid received at the Baghdad Palace, the German Federal Ambassador Christine Hohmann, the Chargé d'Affairs of the Kingdom of the Netherlands Laetitia Van Asch, the Canadian Chargé d'Affairs Marie Therese Hilal, in addition to the Political Advisor to the Embassy of the United Kingdom Angus Clarkson."

The President of the Republic pointed out that "the Iraqi government is working on developing comprehensive plans to rehabilitate and operate factories and plants, and attract investors due to the existence of equal and promising opportunities for companies to invest in Iraq through vital and developmental projects, especially since Iraq today enjoys political, security and economic stability."

He stressed, "Iraq's efforts in combating violence against women and children, finding solutions to the issues of displaced persons, supporting human rights in general, and the means to activate joint international cooperation in this field,"

noting that "Iraq cares about and supports human rights in a distinctive way, and supports its principles and adopts them as a basis for legislating its laws and organizing community work, as all complaints in this regard receive attention and follow-up from the Presidency of the Republic and the relevant authorities."

In turn, representatives of diplomatic missions expressed their happiness with the "development taking place in Iraq," stressing "their countries' keenness to support Iraq's stability and expand the horizons of cooperation with it in various fields."  LINK

Parliamentary Investment: Approval Of The Arbitration Law Will Protect Foreign Capital From Sanction

Economy  Information / Baghdad ..   Member of the Parliamentary Economic and Investment Committee, MP Mohammed Al-Ziyadi, confirmed today, Tuesday, that the approval of the arbitration law will protect foreign capital from international financial sanctions.

Al-Ziyadi said in a statement to / Al-Maalouma / agency, "Tomorrow's session will witness the first reading of the arbitration law, which is a step towards activating commercial investment in Iraq."

He pointed out that "Iraq is in dire need of approving this law because it will open up horizons for commercial cooperation and investment of funds, in addition to thinking about ways that help attract investors and capital."

Al-Ziyadi stressed the "necessity of not touching the foundations of the state and the integration of government institutions."

It is noteworthy that the Presidency of the Iraqi Council of Representatives included the first reading paragraph of the draft arbitration law in its session that will be held tomorrow, Wednesday. LINK

The Government Approves A Package Of New Decisions

Economy  ,  07/24/2024 10:23  , Number of readings: 162 Baghdad - Iraq Today:  The Iraqi Council of Ministers approved a package of decisions in various economic and service sectors, most notably the construction of dozens of schools in a number of governorates.

The Prime Minister's Media Office stated in a statement that the Council held its thirtieth regular session chaired by Muhammad Shiaa Al-Sudani, during which the general situation in the country was discussed, and the implementation of the government program priorities was followed up. The session reviewed the most important files related to development and economic aspects, as well as considering the topics on the agenda, and making decisions about it.

Al-Sudani stressed that the ministries and security agencies must rely on what is available at the Military Industrialization Authority, especially since the equipment and products it produces conform to standards and at an appropriate cost, which represents an essential factor in achieving autonomy.

He stressed that these industries could be a base for developing multiple civil industries, because part of the factories serve civil ministries, including the electrical transformer rehabilitation factory.

1- Increasing the total cost of the project (acquisition of the plot of land numbered (5686/1) m 43, Yaramjah al-Sharqiya/Mosul, Nineveh Governorate)/Ministry of Justice.

2- Approval of the amount of the increase due on undisbursed dues, within Cabinet Resolution 301 of 2021, in (Contract 1 Direct Invitation/2012), a project to build (251) school buildings, using the prefabricated concrete construction method, in the governorates except Baghdad.

In the project contract (4/assignment/2012), which includes the construction of (73) schools using the prefabricated concrete construction method in the governorates of Baghdad and Babylon, with (60) schools in Baghdad and (13) in Babylon. In the draft contract (1/assignment/2012), the construction of (65) schools in place of those in danger of collapse, of various capacities, using the prefabricated concrete construction method, with (20) in Babylon, (41) in Muthanna, and (4) in Diwaniyah.

3- Approving the amount of the increase in the total costs and the reserve percentage for the projects recorded in the letter of the Ministry of Planning, dated July 8, 2024, which includes the previously executed spare orders, which are required to be implemented ( the second phase), and the spare orders resulting from the amount of uncompleted works in accordance with the decision of the Council of Ministers (301 For the year 2021).

4- Increasing the amount of reserve for the contract (construction of the North Tikrit Bridge) and its approaches (first phase) within the project (construction of the Tikrit Concrete Bridge (North Tikrit Bridge) and its approaches).

8- Increasing the amount of reserve and the total cost of the main project (paving streets in the center of Basra Governorate with sidewalks, number 7).

In the course of treatments for the electric power sector, the Council of Ministers approved the recommendation of the Central Committee for Review and Approval of Referral in the Ministry of Electricity, regarding the signing of a contract addendum with BFT Company within the investment plan, which Includes the design, equipping and implementation of electric power transmission lines by the concerned company, according to the following: 1-

Adopting the prevailing standard costs that serve the interest of the Ministry of Electricity.

2- Determine the lines that will be implemented within the contract, after obtaining the necessary approvals, provided that they do not exceed the contractual financial ceiling specified in the contract annex, and only mention the total lengths of the lines.

3- BFT Company shall bear the previous bank commissions, while the General Company for Electricity Transmission/Central Region shall bear the integrity and accuracy of contractual procedures, in accordance with laws, regulations and instructions.

Within the framework of developing and supporting the national industry, the Council approved the recommendations of the minutes of the meeting of the Dry Gas Committee for Investment Projects, regarding (Khor Al-Zubair Fertilizer Factory/ Southern Fertilizers General Company, Abu Al-Khaseeb Fertilizer Project/ Under Referral Procedures, and New Projects), taking into account the comments of the Minister of Industry and Minerals at the minutes, including:

1- Determining the price of dry gas supplied to the Southern Fertilizers Factory: 50 dinars/mqm, for the General Company line, and the partnership line with the private sector, and the price of gas for the attached projects shall be 75 dinars/mqm, and the new projects that are announced shall be according to a price equation agreed upon between the Ministries of Oil and Industry, and with the approval of the Ministerial Council for the Economy.

2- The Ministry of Oil is committed to allocating and equipping new industrial projects planned to be established in partnership with the private sector, by public companies in the Ministry of Industry and Minerals, with quantities of dry gas, according to the need of those projects for quantities, and according to a timetable for equipping, and at prices that achieve the economic feasibility of establishing those projects, and the quantities and prices are regulated through an agreement between the Ministries of Oil and Industry, and with the approval of the Ministerial Council for the Economy.

3- The Ministry of Industry and Minerals shall restore the economic balance of the partnership contracts that have been concluded, or that are under contract to establish new industrial projects, by renegotiating with the companies participating with it, to reach an economically feasible formula that ensures the continuation and continuation of implementation, in a manner that does not harm the interests of both parties.

The Council of Ministers approved the recommendations of the competent authority in the Ministry of Industry and Minerals (Industrial Development and Organization Department), based on the Iraqi Products Protection Law (11 of 2010) amended, as follows:

1- Extending the imposition of an additional customs duty of 65% of the unit of measurement of the product (plastic ampoules), imported to Iraq from all countries of origin, for a period of 4 years and without reduction.

2- Imposing an additional customs duty of 30% of the unit of measurement of a product (aluminum cans for soft drinks, juices and energy drinks).

3- The Ministry of Finance/General Authority of Customs shall apply the customs duty on the aforementioned products and notify the Ministry of Industry and Minerals/Department of Industrial Development and Organization, with a periodic notification about the imported quantities, the value of the additional duties on the imported foreign product, the exporting countries and the importing entities.

In the oil sector file, the Council of Ministers approved the recommendation of the Ministerial Council for Energy (24062 T) for the year 2024 regarding the authority to purchase and implement, which includes raising the authority to purchase and implement the Oil Projects Company for the project (the connecting pipeline network for the unit/FCC, in the Basra refinery), from 100 million dinars to 500 million dinars, based on the instructions to facilitate the implementation of the Federal General Budget Law of the Republic of Iraq (1 of 2023 ).

The Council approved the recommendation of the Ministerial Council for the Economy (24225 Q), regarding the approval of the report of the committee formed in accordance with the Diwani Order (24573 of 2024), issued by the Office of the Prime Minister, regarding studying the economics of the oil and gas sector in Iraq, leading to approving and showing the real costs along the way. The value chain, according to economic principles.

In the process of developing the infrastructure of border crossings to receive visitors and expatriates, the Council of Ministers approved the Ministry of Finance allocating an amount of (5) billion dinars to Wasit Governorate from the emergency reserve, based on the provisions of the Federal General Budget Law (13 of 2023), for the rehabilitation and establishment of a “transport square.”

 Visitors at the Zurbatiyah border crossing with its annexes, in a regular, geometric manner befitting the status of Iraq and the reception of visitors.

The Council also approved the Ministry of Finance allocating an amount of (7) billion dinars to Maysan Governorate from the emergency reserve, in accordance with the provisions of the General Budget Law, for the purpose of urgent rehabilitation of the Al-Shayb border crossing, Including the establishment of 3 squares, in preparation for the influx of visitors to the holy shrines on the fortieth anniversary of Imam Hussein. ‘

Maysan Governorate should follow the direct invitation method, as an exception to the instructions for implementing government contracts (2 of 2014) for the purpose of implementation, and assigning Maysan Governorate to implement the project (establishing the new Al-Shayb border crossing) in a turnkey format, as an exception to the controls attached to the instructions for implementing government contracts.

The Council also approved the Ministry of Finance allocating an amount of (3.5) billion dinars to Diyala Governorate from the emergency reserve, based on the Federal General Budget Law, for the purpose of rehabilitating the Al-Mundhiriya border crossing, in preparation for receiving visitors , and authorizing Diyala Governorate to have direct implementation authority for the purpose of implementing the project, and it includes (Project Establishment of the new Al-Mundhiriya border crossing) within Diyala Governorate's allocations from the Liberated Governorates Reconstruction Fund.

In this regard, and in order to benefit from the experience of the Supreme Authority for Hajj and Umrah in the processes of delegation and reverse delegation; The Council approved the following:

1. Authorizing the Authority to contract with private transport companies for the purpose of renting (2000) buses, as an exception to the Government Contracts Implementation Instructions No. (2) of 2014, and the controls attached there for the purpose of transporting visitors to Imam Hussein (peace be upon him) during the fortieth visit. The Ministry of Finance allocates the required amount from the budget of the Prime Minister's Office.

2. Reducing the percentage of tax withheld from contracted transport companies on contracts concluded from (3%) to (1%), according to the authority vested in the Ministry of Finance.

3. Approval of the guarantees submitted to the Supreme Authority for Hajj and Umrah by the companies to be contracted with, in accordance with the fundamental mechanisms and procedures followed by the Authority for contracting purposes.

4. Approval of subscription receipts for companies to be contracted with in the Department of Labor and Social Security.

5. The Supreme Authority for Hajj and Umrah is responsible for the validity and safety of contractual procedures, and the Prime Minister’s Office forms committees to follow up and monitor the work mechanism.

In order to develop the work of the Iraqi air system and raise its level of efficiency, the Council agreed to exempt the General Company for Airport and Air Navigation Management from contracting methods and instructions for implementing government contracts (2 of 2014), in implementing projects related to developing the infrastructure for special devices and equipment for air traffic management systems.

Navigation, radars, air guidance and automated landing systems, communications for air navigation and cybersecurity systems, as well as what is related to restructuring Iraqi air routes,

 linking them to the global network of neighboring countries, transforming the navigation system in Iraq, and reducing the longitudinal separation between aircraft, which contributes to increasing the density of aircraft movement. In the Iraqi airspace, it maximizes the company's resources.

It was approved to authorize the Ministry of Education to contract, in a direct referral manner, with the Iraqi Media Network and the House of Cultural Affairs in the Ministry of Culture, to complete the printing of school curricula.

The Council authorized the Ministry of Construction, Housing, Municipalities and Public Works to choose the appropriate agreement method, as an exception to Government Contracts Implementation Instructions No. (2 of 2014) for the purpose of repairing the minaret of the Al-Khalifa Mosque.

It was also approved to exempt the Central Agency for Standardization and Quality Control from the provisions of Article Seven of Instructions No. (1 of 2023), the provisions to facilitate the implementation of the Federal General Budget Law, with regard to purchasing and equipping laboratories with the devices, equipment, and laboratory supplies necessary for the work of the device, based on the aforementioned instructions. .   LINK

“Tidbits From TNT” Wednesday Morning 7-24-2024

TNT:

Tishwash:  American procrastination and Iraqi insistence.. Parliament announces: Foreign forces cannot remain - Urgent

Today, Wednesday (July 24, 2024), the representative of the Al-Fatah Alliance, Mukhtar Al-Moussawi, praised the government’s insistence and seriousness in resolving the issue of expelling foreign forces from Iraq.

Al-Moussawi said in an interview with "Baghdad Today", "The Iraqi government headed by Mohammed Shia al-Sudani is serious and determined to end the file of removing foreign forces from all Iraqi territories as soon as possible, and for this reason it is negotiating with the American side at a very high pace."

He added, "Certainly, the American side is seeking to procrastinate and delay, but in return there is an Iraqi government will to resolve the issue, supported politically and popularly, and it is not acceptable in any way for any foreign force to remain under any name."

Although it was announced that ending the mission of the international coalition in Iraq was one of the most important topics of Al-Sudani’s visit to Washington, which took place in mid-April, the bulk of the talks, discussions and signed memoranda of understanding focused on creating or moving the relationship from the security aspect to other development aspects, but it did not include ending security cooperation completely, while American statements deny any talk or intention to withdraw completely from Iraq.  link

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Tishwash:  Iraqi banking system.. A significant increase in the number of bank accounts and the volume of deposits for citizens

The banking system in Iraq is gradually regaining citizens’ confidence with the increase in the number of bank accounts in the country.

Banking systems around the world are facing increasing challenges in light of rapid economic and financial changes. To ensure the stability of these systems and protect depositors’ funds, many countries are moving towards joining the International Association of Deposit Insurers. This membership is not just a formality, but a strategic step that carries significant benefits for member countries and their banking systems.

In Iraq, economic and political challenges over the decades have provided a strong justification for keeping money at home rather than in banks. However, the accession of the Iraqi Deposit Insurance Corporation (ICDI) to the International Association of Deposit Insurers was a decisive step in improving confidence in the banking system. Since its accession, Iraq has witnessed a significant increase in the number of bank accounts and the volume of deposits, reflecting a significant improvement in citizens’ confidence in banks. This development enhances Iraq’s ability to attract investment and support economic growth by converting savings into productive investments.

In a world characterized by increasing economic and financial interdependence, countries cannot operate in isolation from each other. Membership in international deposit insurance bodies reflects countries’ commitment to international cooperation and exchange of expertise, and confirms their relentless pursuit of financial stability and the protection of depositors’ funds. This membership is not just a formality, but a strategic investment in the future of the banking system and the national economy as a whole.

International cooperation: the cornerstone of deposit insurance
International bodies provide a unique platform for the exchange of expertise and knowledge between member states. National financial institutions can benefit from the successful experiences of other countries in the field of deposit insurance, and avoid the mistakes made by some countries. This ongoing exchange contributes to the development and modernization of deposit insurance policies and procedures in line with international best practices.

Joining the International Association of Deposit Insurers (IADI) enhances the transparency and credibility of the national banking system. A country’s commitment to strict international standards in the field of deposit insurance sends a positive message to citizens and investors, stating that their deposits with banks that are members of the deposit insurance system are in safe hands and that the banking system is subject to effective local monitoring and supervision. International bodies do not only provide a platform for the exchange of expertise, but also provide technical and advisory support to their members.

National institutions can benefit from the expertise of international specialists in developing and implementing effective deposit insurance policies, assessing potential risks, and preparing for financial crises.

By adhering to international standards and implementing best practices, national institutions can reduce the risk of financial crises and enhance the stability of the banking system. This stability is not an end in itself, but rather a means to achieve broader economic and social goals, such as increasing economic growth rates and creating job opportunities. When citizens and investors trust the banking system, they are more willing to deposit their money in banks.

 This increased confidence leads to an increase in the volume of deposits available for investment, which supports economic activity and contributes to achieving sustainable development. The impact of membership in international bodies is not limited to enhancing financial stability and confidence in the banking system, but extends to supporting economic development. Increasing the volume of deposits available for investment can contribute to financing development projects, providing loans to small and medium enterprises, and creating new job opportunities.

Malaysia:
Malaysia joined the International Association of Deposit Insurers, which helped improve deposit insurance policies and increase confidence in the banking system. This accession led to an increase in the volume of bank deposits and greater financial stability, which contributed to supporting economic growth in the country.

South Korea:
After the Asian financial crisis in the late 1990s, South Korea joined the International Association of Deposit Insurers. International membership helped restore confidence in the banking system and stabilise the national economy, allowing South Korea to achieve a rapid economic recovery.  link

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The role of the Iraq Stock Exchange in supporting monetary policy in Iraq

Lawyer and banking expert Saif Al-Halfi

The world is now moving with rapid steps racing with the wind in the role of stocks supporting monetary policies, especially since the old classical theories considered that stock markets are not among the tools of monetary policy. This concept reflected a traditional understanding where monetary policy focused on tools such as interest rates, monetary facilities, and banks’ cash reserves.

The development of theories and the difference in models of economic studies differ with the development of research, studies and the financial market from one country to another. It is difficult to make a theory applicable to all countries and different economies, from emerging economies to more complex economies. Because of this dialectic based on trying to understand and establish the nature of the relationship between financial markets and monetary policy, which has become more evident in many countries.

Stock markets have become part of the general economic strategy of governments and central banks, especially after the introduction of the idea of ​​cryptocurrencies and digital banks, as they directly affect consumption, investment and economic confidence.

Iraqi market

In the case of the Iraqi model and long years of economic stagnation as a rentier economy that relies primarily on oil to finance its annual budgets and the state of price speculation on the stability of the dollar exchange rate in local markets or what is known as the parallel dollar situation, we can 🤔 look at the Iraqi Stock Exchange as a tool supporting monetary policy and influencing the state of the rentier economy. This is done through:

1- Encouraging local and foreign investment. The stock market can be a quick and important means of attracting local capital, especially cash in circulation, and trying to return it to banking incubators and investing it in short-term investments through price maneuvers on the shares of emerging companies listed on the Iraq Stock Exchange or long-term investments by pumping these cash blocks into the shares of profit generating companies, which are companies that regularly achieve rewarding annual financial profits, thus enhancing the idea of ​​ withdrawing the accumulated cash liquidity and returning it to banking incubators in a way that reduces immediate and temporary speculation on the parallel dollar in the local market.

It also creates real opportunities for foreign capital moving between emerging markets to enter, which provides them with the opportunity for quick entry, profitable investment and safe exit.

2- Diversifying the economy from excessive dependence on oil. The stock market can be used to encourage local and international investments in sectors that create greater economic diversity than usual and a state of rapid sales and price maneuvers for shares of promising companies in Iraq.

3- Absorbing liquidity The stock market can play an important role in absorbing excess liquidity in the economy, which helps control inflation. This depends on the ability of the Iraqi market to be quick in price transactions from buying and selling through the shares of the companies listed in it and pressuring brokerage firms to apply and activate the latest smart systems and phone applications for daily sales and contracts executed in it, as well as encouraging the publication of financial data for Iraqi companies on international platforms that encourage understanding the culture of Iraqi company shares.

One of the most important economic theories that support that financial markets can be an effective tool in monetary policy is the Wealth Effec theory, which is summarized and almost consistent with understanding the dialectic of the Iraqi economy and the stock market economy.

 More consistent with the Iraqi model is the Wealth Effect Theory, written by Gregory Mankiw. Its summary is that the rise in the value of financial assets among individuals gives them an incentive to withdraw money and re-inject it into purchasing new assets and stocks in order to increase wealth and gives them a feeling of wealth, which prompts them to spend on consumption and develop the national economy.

 In conclusion, all these theories and studies support the idea that financial markets can be an effective and successful tool in achieving economic stability and enhancing growth, especially in emerging markets such as Iraq. If the Iraqi stock market is exploited in the right way that attracts local and international investments, it can help diversify the Iraqi economy and create new opportunities that drive economic integration in Iraq, making the Iraqi Stock Exchange a valuable tool for monetary policies.  link

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Mot: ..... Yahoooooooooooooo - Dad!! --- I dids It!!!!

Mot: . Bet Ya Didn't Knows This un!!!  Buddy Holly Song

Iraq Economic News and Points To Ponder Tuesday Evening 7-23-24

Two Reasons Behind The Rise In The Dollar Exchange Rates In Iraq.. What Are The Expectations About Its Fate? 
 
Economy/Localities | Today, 16:42 |Baghdad today – Baghdad  Today, Tuesday (July 23, 2024), economic expert Alaa Al-Fahd revealed that
 
there are two reasons behind the return of the dollar exchange rates against the Iraqi dinar in the local market, while
 
he expected it to gradually decline.  Al-Fahd told "Baghdad Today",
 
"The rise in the price of the dollar in the parallel market came due to the
 
     Central Bank of Iraq implementing a new mechanism, selling dollars to travelers, in addition to the presence of a crisis in
 
     checking remittances in the Chinese yuan, and
 
this matter was quickly resolved by the Central Bank of Iraq."".

 Al-Fahd stated,  "We expect that there will be a gradual decline in the dollar exchange rate in the coming days.
 
This rise is common with the implementation of any new policy by the Central Bank of Iraq, as speculators try to exploit this in order to increase their profits."  He added,
 
"The Central Bank of Iraq has discussions and procedures with the US Federal Bank in order to control the exchange rate in the parallel market, and
 
this rise is due to the rise in illicit trade, but the
 
Central Bank of Iraq emphasized control over the dollar file and
 
there are positive discussions with the American side."".
 
Since Eid al-Adha, the exchange rate of the dollar has risen to more than 152 thousand dinars in the parallel market and money exchangers, after hovering around 145 thousand dinars for every 100 dollars.
 
Prices returned to decline last week, with the dollar now hovering around 149 thousand dinars for every 100 dollars.
 
The Central Bank imposed a mechanism that prevents the delivery of dollars to travelers except at airports, which increased the demand for dollars in the parallel market after illicit trade was financed through the parallel market via travelers’ dollars.   
 
https://baghdadtoday.news/254073-سببان-وراء-ارتفاع-أسعار-صرف-الدولار-في-العراق.-ما-التوقعات-حول-مصيره؟.html   

The Role Of The Iraq Stock Exchange In Supporting Monetary Policy In Iraq
 
July 23, 2024 Last updated: July 23, 2024  Lawyer and banking expert Saif Al-Halafi
 
The world is now moving with rapid steps, racing with the wind, in the role of stocks supporting monetary policies, especially since the old classical theories considered that stock markets were not among the tools of monetary policy.
 
This concept reflected a traditional understanding, where monetary policy was focused on tools such as interest rates, monetary facilities, and monetary reserves. For banks
 
The development of theories and the different models of economic studies vary with the development of research, studies, and the financial market from one country to another.
 
It is difficult to make a theory apply to all different countries and economies, from emerging economies to more complex economies, and because of this dialectic based on trying to understand and establish the nature of the relationship between financial markets and politics.
 
Cash is becoming more evident in many countries
 
Stock markets have become part of the general economic strategy of governments and central banks, especially after the introduction of the idea of ​​cryptocurrencies and digital banks, as they directly affect consumption, investment, and economic confidence.
 
Iraqi market
 
In the case of the Iraqi model and the long years of economic stagnation in that it is a rentier economy that relies mainly on oil to finance its annual budgets and the case of price speculation on the stability of the dollar exchange rate in local markets or what is known as the parallel dollar situation, we can look at the Iraqi market Securities as a supportive tool for monetary policy and influential in the case of a rentier economy.
 
This is done through:
 
1- Encouraging local and foreign investment.
 
The stock market can be a quick and important means of bringing in local capital, especially cash in circulation, and trying to return it to banking incubators and putting it into short-term investments through price maneuvers on the shares of emerging companies listed on the Iraq Stock Exchange for securities or investments. Long-term by pumping these cash blocks into the shares of profit generating companies, which are companies that regularly achieve lucrative annual financial profits,
 
thus reinforcing the idea of ​​withdrawing the hoarded liquidity and returning it to bank incubators in a way that reduces immediate and temporary speculation on the parallel dollar in the local market.
 
It also creates real opportunities for the entry of foreign capital that moves between emerging markets, which provides them with the opportunity for quick entry, profitable investment, and safe exit.
 
2- Diversification of the economy indicates severe over-reliance on oil.
 
The stock market can be used to encourage local and international investments in sectors that create greater economic diversification than usual and a state of rapid price sales and maneuvers for shares of promising companies in Iraq
 
3- Absorption of liquidity
 
The stock market can play an important role in absorbing excess liquidity in the economy, which helps in controlling inflation, and
 
this depends on the ability of the Iraqi market to be quick in price deliberations of buying and selling through the shares of companies listed in it and putting pressure on companies.
 
Mediation in applying and activating the latest smart systems and phone applications for the daily operations of sales and contracts executed therein, and also encouraging the publication of financial statements of Iraqi companies in international platforms that encourage understanding of the culture of shares of Iraqi companies.
 
One of the most important economic theories that supports that financial markets can be an effective tool in monetary policy is the Wealth Effec[t] theory, which is summarized and almost consistent...in understanding the dialectic of the Iraqi economy and the stock market economy, and is more consistent with the Iraqi model called the theory.
 
Wealth effect theory, written by Gregory Mankiw.
 
Its summary is that the rise in the value of individuals’ financial assets gives them an incentive to withdraw money and re-inject it into purchasing new assets and stocks in order to increase wealth and gives them a feeling of wealth, which prompts them to spend on consumption and develop the national economy.
 
The bottom line is that all of these theories and studies support the idea that financial markets can be an effective and successful tool in achieving economic stability and promoting growth, especially in emerging markets such as Iraq
 
If the Iraqi stock market is exploited in the correct way that brings local and international investments, it can help in diversifying The Iraqi economy and creating new opportunities driving economic integration in Iraq, which makes the Iraqi stock market a valuable tool for monetary policies    https://mustaqila.com/دور-سوق-العراق-لأوراق-المالية-في  

Completion Bonds (Second Issue)

July 23, 2024   :diamonds: demand for trading in national bonds ( Enjaz Bonds / First Issuance the request of the Ministry of Finance, this bank will offer ( Enjaz Bonds / Second Issuance ) on behalf of the aforementioned Ministry for an amount 1,500,000,000,000. (of) high Due to the and at) dinars Iraqi (one trillion and five hundred billion Iraqi dinars) ... For more, click here :

https://cbi.iq/static/uploads/up/file-172172636358958.pdf   

https://cbi.iq/news/view/2620

Next Year: The Opening Of 3 International Airports

 The first 07/21/2024  Baghdad: Batoul Al-Hassani

 Next year, the Ministry of Transport will open three new international airports within the southern and northern regions of the country.

Director of the Ministry's Media Office, Maytham Al-Safi, explained to Al-Sabah that the ongoing work through local and international companies within the international airports of Holy Karbala, Nasiriyah and Mosul is continuing at an increasing pace and according to the prepared and predetermined timetable for completion.

He revealed coordination with the Imam Hussein Shrine to implement and complete the Karbala International Airport project, which is considered one of the vital projects important to strengthen the aviation infrastructure in the country, as a British company is responsible for its construction at a total cost of $500 million.

 The airport is expected to receive six million visitors annually, making it the largest. in the country.

Al-Safi stated that work is underway at Nasiriyah Airport in Dhi Qar Governorate, by two companies, the

 first of which is Chinese and is carrying out its construction according to international standards, and the

second of Turkey is supervising the implementation, while the designs of Mosul Airport are being completed by a consulting party, in addition to the continuation of contracting, manufacturing and factory inspections. And training for navigational systems, devices and specialized equipment Consecutively.

He stressed that the three airports will be opened next year, which is expected to contribute significantly to

improving the air transport infrastructure in Iraq, in addition to

strengthening economic and tourism ties with various countries of the world and

opening new international destinations through them.   https://alsabaah.iq/99674-.html

Seeds of Wisdom RV and Economic Updates Tuesday Evening 7-23-24

Good Evening Dinar Recaps,

BRICS IS MAKING PREPARATIONS FOR A US DOLLAR COLLAPSE

"According to a Russian IMF representative, BRICS is ready to offer an alternative to the US Dollar amid the currency’s collapse, and the bloc must prepare for such an instance. The alliance, consisting of Russia; India, China; Brazil; South Africa; and supporting nations, has been working to abandon the US Dollar for some time."

"The BRICS bloc is working to develop a new BRICS currency to replace the US dollar, alongside local currencies between nations. In an interview with RIA Novosti published on Friday, Russian IMF rep Alexey Mozhin noted that the shortcomings of the current financial system are becoming more apparent.

Furthermore, he points out that many publications have started to mention BRICS as a group that will offer a successful alternative to the greenback."

“Such a proposal is being discussed,” the director told RIA Novosti. “In the event of the collapse of the dollar and the international monetary system, it will be necessary to turn the said BRICS accounting unit into a real currency, backed by exchange goods.”

BRICS CURRENCY TO SERVE AS SUBSTITUTE IF US DOLLAR COLLAPSES

"The BRICS bloc has turned to blockchain technology for its brand-new payment system, according to reports. Indeed, its efforts have sought to build a competing currency built on digital assets."

"The US Dollar is still a ways away from crashing altogether, however, the path is there for BRICS to do damage. The greenback is still the global reserve, but a mounting US Debt has ensured that it won’t remain a fact forever.

"Furthermore, support around the BRICS bloc has grown over the past few years, with more countries likely to receive invites to join in 2024.
With more support in numbers and finances, BRICS could develop a strong contending currency to fight the US dollar."

@ Newshounds News™

Read more:  The Republicans Voice

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GOLD, SILVER: India's TAX CUT to Offer a Bullish Boost for the Metals?

"Today, India slashed its import tax on gold and silver, a move that could further boost demand for both precious metals in the world’s second-biggest gold market and support higher prices globally. The move will cut taxes on gold and silver imports by more than half, lowering duties from 15 percent to 6 percent."

"India will also lower the import tax on platinum to 6.4 percent."

"World Gold Council Indian operations CEO Sachin Jain told Reuters the tax cut is “a massive step in the right direction.”

“It will reduce the incentives for smuggling of gold. It will create a level playing field for honest industry stakeholders.”

"Gold was up about $14 in overseas trading after officials announced the tax cut. Even with the high import taxes, Indian gold demand has been strong. Through the first five months of 2024, gold imports into India increased by 26 percent year-on-year, with 230 tons of gold flowing into the country. This is despite record-high prices."

"Indians have historically had an affinity for gold. Indian households own an estimated 25,000 tons of gold, and that likely understates the amount given the large black market in the country. Gold is deeply interwoven into the country’s marriage ceremonies and cultural rituals. Indians have long valued the yellow metal as a store of wealth, especially in poorer rural regions."

"Gold isn't considered a luxury in India. Even poor Indians buy gold. According to a 2018 ICE 360 survey, one in every two households in India had purchased gold within the last five years. Overall, 87 percent of Indian households own some gold. Even households at the lowest income levels in India hold some of the yellow metal. According to the survey, more than 75 percent of families in the bottom 10 percent of income managed to buy some gold."

@ Newshounds News™

Read more:  Investing

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146 TRILLION

@ Newshounds News™

Read more:  https://x.com/SMQKEDQG/status/1780670320522747961

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Warren Buffett Dumps $1.5 Billion Worth Bank of America Shares

Ace investor Warren Buffett’s investment arm Berkshire Hathaway has dumped $1.5 billion worth of Bank of America (BAC) shares. The recent regulatory filings show that the billionaire offloaded 33.9 million Bank of America shares. The BAC stocks were sold at an average price of $43.56 per share. After the sale from Berkshire Hathaway, BAC stocks fell to $42.30 with a decline of 1.40%.

The reduction is significant and has come as a surprise to the US stock market. Warren Buffett is known to hold stocks for the long term and not offload them mid-way. However, despite the sell-off, Warren Buffett is still the second-biggest holder of Bank of America stocks. Berkshire Hathaway holds a 10.8% stake in BAC after falling from the top position to the second due to the sell-off

@ Newshounds News™

Read more:  Watcher Guru

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IS TRUMP RIGHT TO WORRY THAT CHINA COULD TAKE OVER CRYPTO?

Does China regret banning Bitcoin mining in 2021? Could it opt back in? Can a single nation even control decentralized assets like BTC?

It’s only recently that Donald Trump has paid any attention to crypto. But now he wants to be the “crypto president,” and he’s raising digital assets as a geopolitical issue.

Asked on July 16 why he’s suddenly embracing the crypto community, he told Bloomberg:

“If we don’t do it, China is going to pick it up and China’s going to have it—or somebody else, but most likely China.”

In the interview, Trump explained how the recent experience with his “Mugshot” NFT Collection “opened my eyes” to cryptocurrencies, saying, “80% of the money [from the NFT sale] was paid in crypto. It was incredible.”

“So we have a good foundation [i.e., crypto]. It’s a baby. It’s an infant right now. But I don’t want to be responsible for allowing another country to take over this sphere,” he added.

His remarks raised several interesting questions — and not just whether China, which banned crypto trading and Bitcoin mining in 2021, is even interested in reentering the crypto trading and mining markets.

It touches on the relationship between governments and the crypto/blockchain sector generally.

To what extent can any single sovereign nation control decentralized and diversified digital assets like Bitcoin and Ethereum.

Is it even possible?

Why China?
China was once a major crypto player. The largest crypto exchanges, such as Binance, were located in China, and as much as 75% of Bitcoin mining took place on the Chinese mainland, according to estimates.

But in 2021, China cracked down on crypto trading and mining, and by July of that year, Bitcoin mining had essentially vanished on the mainland.

Recent developments, however, have raised speculation “that the Chinese government may be warming to cryptocurrency and that Hong Kong may be a testing ground for these efforts,” noted Chainalysis in October.

Indeed, in April 2024, the central government approved the launch of several Bitcoin exchange-traded funds (ETFs) in Hong Kong. Some observers think China wants to make Hong Kong a crypto hub — despite a continued trading ban on the mainland.

China’s Bitcoin ban a “strategic blunder”

“Absolutely,” Daniel Lacalle, chief economist of Tressis, told Cointelegraph.

“Beijing’s 2021 mining crackdown was a strategic blunder,” Emiliano Pagnotta, associate professor of finance at Singapore Management University, told Cointelegraph.

China wants to maintain tight control of capital outflows on the mainland, Wang, assistant professor in the economics department at the University of Essex, told Cointelegraph, which is why it banned crypto trading

But Hong Kong, while controlled by China, has a different economy. It has always had open market policies and free capital flow, and crypto might find a natural home in the former British colony. Wang added:

“Hong Kong serves as the hub to allow some capital flow in and out of mainland China, which is important for Hong Kong and also for mainland China.”

“The digital asset ETF market in Hong Kong has indeed seen substantial growth since its launch in April 2024,” Patrick Pan, chairman and CEO of OSL — a crypto-exchange now operating in Hong Kong — told Cointelegraph.

Pan added that mainland China “has maintained a stringent stance against cryptocurrency trading and speculations.”

Pan points out, however, that China has largely accepted the importance of cryptocurrencies’ underlying blockchain technology.

“China’s development and gradual rollout of the digital yuan showcase an interest and capacity to embrace blockchain technologies, which bring long-term benefits to the country’s financial infrastructure through enhanced efficiency and security of its financial systems,” said Pan.

China may be softening its stance on crypto
Chinese government decision-making is opaque, so one may never know if China truly regrets its 2021 crypto ban. But what is clear is that “the country is reassessing its approach, especially as it sees the strategic value in digital assets,” Zennon Kapron, founder and director of consulting firm Kapronasia, told Cointelegraph, adding:

“The softening stance in Hong Kong could be a strategic move to remain competitive in the fintech and digital finance space without fully reversing its mainland policy.”

But is it too late?

“China still has advantages, such as access to cheap hardware and electricity in certain regions,” Kapron allowed. “If the government were to provide incentives or loosen restrictions, it’s conceivable that some level of dominance could be reestablished.”

It wouldn’t be easy, though. “The global mining landscape has become more diversified, making it harder for any single country to dominate,” observed Kapron.

“Bitcoin mining is not like making CPUs, but more similar to producing solar panels, building railways, etc. China has the capacity and even the comparative advantage in this type of mass production.”

Crypto trading may be a different matter, though. China is unlikely to change its trading ban on the mainland unless it first changes its capital markets policy, said Wang.

Pagnotta, by comparison, said China could still be a force within the crypto sector, particularly if it demonstrates more pragmatism and regulatory clarity.

“China now seems more open to the crypto industry and has allowed the launch of Bitcoin and ETH ETFs in Hong Kong,” said Moreno.

“Despite China’s ban on Bitcoin mining, Chinese mining pools still hold nearly 54% market share,” CryptoQuant founder Ki Young Ju posted on July 1. “While not all participants in these pools are Chinese, some mining farms might still be operating covertly in China, with authorities possibly concealing data.”

China’s central government also remains a Bitcoin “whale” as a result of its past activities — holding 190,000 BTC, or about 1% of the Bitcoin currently in existence. This is not a trivial amount.

Could China dominate crypto again?
Wang, for his part, believes that if China really sets its mind to it, it could still “play a super important, if not dominating, role” in the global crypto sector.

Not only does it have natural advantages, but there is a huge demand for using cryptocurrencies to send Chinese assets abroad, Wang added, especially given China’s tight capital market controls.

The biggest cryptocurrency exchange platform in the world in terms of trade volume is still Binance, “which is a company started in China by a Chinese but later moved abroad, and still 20% of Binance’s trade comes from China,” noted Wang.

As per Trump’s remarks, is crypto really emerging as a new theater of competition between the great powers? According to Pagnotta:

“Trump wants votes, and he understands that tens of millions of Americans hold digital assets and see it as an important electoral issue. Drawing a contrast to Biden or China in this regard is politically astute.”

“At a more profound level, Trump does not want a Chinese/BRICS [i.e, Brazil, Russia, India, China, South Africa]-led central bank digital currency [CBDC] to become dominant. Even if he did not suddenly become a genuine Bitcoiner, he surely comprehends enough game theory to realize that Bitcoin is the politically neutral global property rights system in the 21st century,” added Pagnotta

In doing so, the former US president could simply be applying the ancient wisdom that “the enemy of my enemy is my friend.”                                                                                                                                                                                                                                      Still, others believe the suggestion that China may once again try to gain dominance in the global crypto market is just plain wrong. Leading cryptocurrencies like Bitcoin and Ether are too diversified and decentralized now to allow control by any one sovereign state.

“China’s influence in the crypto market may grow, particularly through initiatives like the digital yuan,” said Kapron, “but achieving dominance over decentralized cryptocurrencies is a different challenge altogether.”

Trump’s recent utterances may reflect a strategic concern, continued Kapron, “but the reality is that the decentralized and diversified nature of these digital assets acts as a significant barrier to dominance by any single nation.”

Added economist Lacalle:
“There is no such thing as nationalist crypto. The beauty of the crypto market is that it is completely diversified and decentralized. The concept of government control of crypto makes no sense to anyone that understands independent currencies.”

@ Newshounds News™

Read more:  COIN TELEGRAPH

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Economist’s “News and Views” Tuesday 7-23-2024

As U.S. Debt Hits Historic Levels, How Close Are We to a Complete System Failure?

Daniela Cambone: 7-23-2024

The U.S. deficit will become worrisome if tax revenue collected by the government falls far short of, or gets too close to, the debt service, claims Joel Litman, President and CEO of Valens Research.

 However, he remains optimistic about the overall U.S. economy. “U.S. assets are easily 50 trillion at the lowest end, probably closer to 100 trillion.

 The U.S. government is still the biggest landowner of U.S. land in the United States,” he states.

Furthermore, Litman provides a clear and informed perspective on why the U.S. remains financially resilient and what measures could ensure continued economic stability.

Don't miss this insightful analysis that challenges common alarmist views and offers a deeper understanding of national debt dynamics.

CHAPTERS:

00:00 US debt

 5:52 The breaking point of US debt

7:53 Servicing the debt

11:04 Warren Buffet ends deficit in 5 minutes

 16:01 Diminishing purchasing power

 17:52 Real estate

https://www.youtube.com/watch?v=2PO01EuI_ik

China Sell 68% of its US Treasury: What's next?

Fastepo:  7-23-2024

The general U.S. perspective of US treasury emphasizes the security and reliability of Treasury securities. Critics, however, point to different aspects.

 They often argue that the massive issuance of U.S. Treasuries is a reflection of the significant national debt, which stood at approximately $34.9 trillion as of July 2024.

They argue that this growing debt could pose long-term economic risks, including potential inflation and increased borrowing costs.

Additionally, they highlight the dependency of the U.S. on foreign investment, particularly from countries like China and Japan, which hold large amounts of U.S. debt—around $1.15 trillion and $1.1 trillion, respectively, as of early 2024.

https://www.youtube.com/watch?v=GcSk0AtWu2w

As Washington Threatens To Shutdown China Banks, Beijing Sells Record $79.7B In US Debt & Stocks

Sean Foo:  7-23-2024

Jake Sullivan, the US NSA advisor, just warned Chinese banks. This threat is a dangerous one and risks upsetting the global economy.

Trade could be severely disrupted and supply chains broken. Meanwhile, China understands the risk and a recent report confirms they are exiting dollar assets in a big way.

They sold $79.7 Billion of US assets from January to May this year, a new record.

Timestamps & Chapters:

0:00 Sullivan Targets China Banks

 2:43 China Fleeing US Assets

5:55 Feeding Into Further De-Dollarization

7:51 Sponsor: Indigo Precious Metals

9:15 Risking China Anti-USD Trade

10:27 Disastrous China Tariff Risk

 13:29 China Has No Choice

https://www.youtube.com/watch?v=pX3SDYSRNLY

“Tidbits From TNT” Tuesday 7-23-2024

TNT:

Tishwash:  IMF: Iraq, Qatar increase their gold holdings

Data from the International Monetary Fund showed an increase in gold reserves in Iraq and Qatar.

According to these data, in May 2024, Iraq increased its gold reserves by 2,644 tons to 148,305 tons.

The data showed that Qatar increased its gold reserves by 3,112 tonnes to 106,423 tonnes in June 2024, according to Reuters.   link

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Tishwash:  Iraq eyes drawdown of US-led forces starting September, sources say

 Iraq wants troops from a U.S.-led military coalition to begin withdrawing in September and to formally end the coalition's work by September 2025, four Iraqi sources said, with some U.S. forces likely to remain in a newly negotiated advisory capacity.

The Iraqi position is being discussed with U.S. officials in Washington this week at a security summit and there is no formal agreement on ending the coalition or any associated timetable yet, the Iraqi sources and U.S officials said.

U.S. State Department spokesperson Mathew Miller told a news briefing that both sides were meeting in Washington this week to determine how to transition the U.S.-led coalition's mission based on the threat posed by Islamic State, adding he had no further details.

U.S.-led forces invaded Iraq in 2003, toppled former leader Saddam Hussein and then withdrew in 2011, only to return in 2014 to fight Islamic State at the head of the coalition.

The U.S. currently has around 2,500 troops in Iraq at the head of a more than 80-member coalition that was formed in 2014 to repel Islamic State as it rampaged across Iraq and Syria.

They are housed at three main bases, one in Baghdad, one in western Anbar province and another in the northern Kurdistan region.

It is unclear how many troops would leave under a deal, with Iraqi sources saying they expected most to eventually depart but U.S. officials saying many may remain under a newly negotiated advise and assist mission.

U.S. officials are keen to have some military footprint in Iraq on a bilateral basis, in part to help support its presence across the border in Syria, where it has around 900 troops.

The issue is highly politicized, with mainly Iran-aligned Iraqi political factions looking to show that they are pushing out the country's one-time occupier again, while U.S. officials want to avoid giving Iran and its allies a win.

There are also concerns about Islamic State's ability to regroup.

The jihadist group was declared territorially defeated in Iraq in 2017 and in Syria in 2019 but still carries out attacks in both countries and is on track to double its attacks in Syria this year compared to 2023, the U.S. military said.

The group and its affiliates have also in recent months carried out attacks in Iran and Russia, as well as in Oman last week for the first time.

While the coalition's mission is to advise and assist Iraqi forces in the fight against the Islamic State, Western officials say the U.S. and its allies also see its presence in Iraq as a check on Iranian influence.

Washington and Baghdad initiated talks on the future of the coalition in January amid tit-for-tat attacks between Iran-backed Shi'ite Muslim armed groups and U.S. forces that were sparked by the Israel-Hamas war.

An agreement to draw down the coalition could be a political win for Prime Minister Mohammed Shia al-Sudani, who has been under pressure from Iran-aligned factions to push out U.S. forces but has sought to do so in a way that balances Iraq's delicate position as an ally of both Washington and Tehran. link

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Tishwash:  The Oil and Gas Law has been imprisoned in Parliament for 19 years and is threatened with deportation to the next session

The secret lies in the consensus of political forces

Political disagreements and a lack of consensus since the first session of the House of Representatives made the draft oil and gas law a victim and locked in parliament's drawers.

In each session, conflicts prevent its approval in its final form, as five parliamentary sessions have passed and the law has not been released until today.

The Parliamentary Oil, Gas and Natural Resources Committee expects that the law will be transferred to the next parliamentary session, despite the visit of the head of the Kurdistan Democratic Party, Masoud Barzani, early this month, to the capital, Baghdad, and his meeting with political leaders.

A member of the Parliamentary Oil and Gas Committee, Ali Al-Lami, said in an interview with Al-Mada, “One of the reasons for obstructing the approval of the oil and gas law is the continuing disputes between the governments of Baghdad and Erbil “

He added that his committee "sent the law at the beginning of the current parliamentary session to the government, and we met with the Prime Minister, the President of the Republic, and all the heads of blocs and parties, and we explained the importance of this law."
The member of the House of Representatives points out, “The law is unlikely to be approved during the current session, as it requires study and reading,” suggesting that “the law will be transferred to the next parliamentary session.”

The draft Iraqi oil and gas law regulates Iraq's vital sector and the management of the country's oil fields through one national company, with imports being deposited in one account.

Iraq exports an average of 3.3 million barrels of crude oil per day, and black gold constitutes more than 90 percent of the Iraqi treasure's resources.

For her part, a member of the Parliamentary Oil and Gas Committee, Zainab Al-Moussawi, said in an interview with Al-Mada, “The law is almost complete, and to a high degree, but there are some objections about some points, which are summed up in the delivery of oil imports and exploited and unexploited natural resources to Baghdad.”

Al-Mousawi adds, “The Oil and Gas Law is concerned with regulating the country’s natural resources and exploiting the largest possible amount of undiscovered oil fields.”

She points out that "the law will also contribute to achieving self-sufficiency in oil derivatives and optimal exploitation of wasted natural resources, valued at hundreds of billions of dollars, which contribute to diversifying the state's financial resources."

The draft oil and gas law in Iraq available to Parliament stipulates that responsibility for managing the country's oil fields must be entrusted to and supervised by a national oil company.

In August 2023, the Prime Minister, Muhammad Shiaa Al-Sudani, confirmed that “the draft oil and gas law is one of the basic and important laws, representing a factor of strength and unity for Iraq, and it has been stuck for years, At a time when the country today is in dire need of its legislation and to benefit from this natural wealth, in every way.” Fields and sectors, as well as the contribution of the legislation to solve many outstanding problems.”

He explained, “There are governorates that have not invested their wealth, which is considered negative for development endeavors in all their paths.”

In February 2022, the Federal Court in Baghdad ordered the region to deliver the oil produced on its lands to Baghdad, and to cancel contracts the region had signed with foreign companies.
The matter reached the point where the judiciary in Baghdad invalidated contracts with many foreign companies, especially American and Canadian companies.  link

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Mot: .... Why Didn't it Happen???? - Why!!!????  

Mot:  Beee Careful as Ya Become more Seasoned! - Slow down there, buddy! 

Iraq News Highlights and Points To Ponder Tuesday AM 7-23-24

An Expert Warns Of A Return To Rising Inflation Rates Globally.. What Is The Connection To The Iraqi Markets?

Money  and business   Economy News – Baghdad  Economist Ziad Al-Hashemi warned on Monday of the possibility of inflation rates rising again globally with the continuation of Houthi attacks on commercial shipping vessels in the Red Sea region.

Al-Hashemi said in a post on the Ax website that there are "fears of inflation rates rising again globally with the continuation of Houthi attacks on commercial shipping vessels in the Red Sea region for the sixth consecutive month, and Iraqi markets are on the list of those affected!"

He added, "The global economy has begun to feel the pressures of rising costs and prices as a result of the continued disruption of transport chains between Asia and Europe, with the Houthi attacks continuing for the sixth month and the diversion of shipping routes away from the Red Sea.

Shipping prices have quadrupled on a monthly basis from $1,890 in the first month of 2024 to more than $8,000 during the seventh month, per FEU container."

He stated that "during the past period, many international economic and financial experts have downplayed the effects of the disruption of maritime transport routes due to Houthi attacks, and their negative repercussions on the prices of goods and services in Western economies, especially the consumer price index (one of the most important indicators for assessing the path of inflation),

 but with the continuation of security risks and threats in the Red Sea region, the continued rise in transport prices, and the imminent expiration of many long-term contracts with fixed freight rates, many convictions and analyses have changed."

Al-Hashemi stressed, "We have growing concern that the large increases in shipping prices will lead to significant increases in the prices of goods and products in Western markets, which will put pressure on inflation rates that have gradually begun to decline and reach the targeted levels."

He added, "These price pressures may lead to inflation rates rising again, which means that the efforts and endeavours of central banks to curb inflation in the West have faltered, and this will greatly hinder and delay the start of the process of reducing interest rates, which global markets are eagerly awaiting."

He pointed out that "concerns in the markets continue and are increasing with the continuation of military operations, the disruption of transportation routes, and the rise in transportation prices to significant levels, especially with the absence of light at the end of the tunnel of this crisis, and eyes will focus more on inflation rates, and waiting to see how things will develop."

Regarding the impact on the Iraqi markets, Al-Hashemi confirmed that they are “highly affected by changes in shipping prices coming from Asia, and increases in shipping prices can directly and quickly affect the prices of imported goods, and this may be one of the reasons for the rise in commodity prices in the Iraqi markets during the first half of 2024.”

189 views 07/22/2024 - https://economy-news.net/content.php?id=45479

Oil And Gas Law Stuck In Parliament's Drawers

Iraq   08:07 - 2024-07-23   Political differences and the absence of consensus since the first session of the House of Representatives have kept the draft oil and gas law stuck in the parliament’s drawers.

In each session, conflicts have prevented its approval in its final form. Five parliamentary sessions have passed and the law has not been released to this day.

The parliamentary Oil, Gas and Natural Resources Committee expects the law to be postponed to the next parliamentary session due to ongoing disagreements.

Ali Al-Lami, a member of the parliamentary Oil and Gas Committee, says that one of the reasons for obstructing the approval of the Oil and Gas Law is the ongoing disagreements between the governments of Baghdad and Erbil.

He adds that his committee sent the law to the government at the beginning of the current parliamentary session, but we do not expect it to be approved during the current session, as it requires study and reading, suggesting that the law will be postponed to the next parliamentary session.

For her part, Zainab Al-Moussawi, a member of the parliamentary oil and gas committee, says that the law is almost complete, and to a high degree, but there are some objections regarding some points, which are summarized in the delivery of oil revenues and exploited and unexploited natural resources to Baghdad.

Al-Moussawi adds that the oil and gas law is concerned with organizing the country's natural resources and exploiting the largest possible amount of undiscovered oil fields.

She points out that the law will also contribute to achieving self-sufficiency in oil derivatives and optimal exploitation of wasted natural resources, estimated at hundreds of billions of dollars, which contribute to diversifying the state's financial resources.

The draft of the oil and gas law in Iraq available to parliament stipulates that the responsibility for managing the country's oil fields should be entrusted to a national oil company.

Prime Minister Mohammed Shia al-Sudani had previously confirmed that the draft oil and gas law is one of the basic and important laws, and represents a factor of strength and unity for Iraq. It has been pending for years, at a time when the country is in dire need of its legislation and to benefit from this natural wealth in all fields and sectors, in addition to the contribution of the legislation of the law in solving many of the outstanding problems.

He explained that there are governorates that have not invested their wealth, which is a negative thing for development efforts in all their paths.  https://kirkuktv.net/AR/Details/21690

IMF: Iraq, Qatar Increase Their Gold Holdings

Money  and business  Economy News – Baghdad  Data from the International Monetary Fund showed an increase in gold reserves in Iraq and Qatar.

According to these data, in May 2024, Iraq increased its gold reserves by 2,644 tons to 148,305 tons.

The data showed that Qatar increased its gold reserves by 3,112 tonnes to 106,423 tonnes in June 2024, according to Reuters.  93 views   07/23/2024 - https://economy-news.net/content.php?id=45500

3 Years Without Achievement.. Iraq Wastes Its Renewable Energies And There Is No "Seriousness" In Exploiting Them

Economy News – Baghdad   In 2021, the Iraqi government launched the Solar Energy and Emissions Reduction Initiative, and in 2022 confirmed its support, but it does not appear to be effective or fully completed to date.

The initiative stipulates the installation of solar energy systems on the roofs of state institutions, and the amount allocated for it is 90 billion Iraqi dinars for five years to support the national grid.

The Iraqi government sought to solve the electricity problem by contracting with major countries and companies in the field of renewable energy, including signing agreements with Arab and foreign companies to establish solar power projects in Iraq, but its efforts faltered, which keeps the wealth of solar energy under-exploited.

Energy expert Murtadha Hatem says, “Launching an initiative to support energy and reduce emissions through solar energy in Iraq is an important step towards achieving sustainable development and preserving the environment.”               

He added, "Relying on solar energy contributes to reducing dependence on fossil fuels, which ensures greater sustainability of energy sources, and reduces price fluctuations associated with oil prices."

He explains that "solar energy is a clean source of energy that helps reduce greenhouse gas emissions and improve air quality, which is important in confronting climate change," indicating that "reducing dependence on energy imports from abroad and increasing local production enhances the country's energy security."

He added, "Developing solar energy projects can provide many job opportunities in the fields of design, installation, and maintenance, in addition to stimulating innovation and investment in clean technology."

 Hatem confirms that “Iraq has abundant solar resources that can be exploited to provide sustainable and cheap energy, which contributes to improving the energy infrastructure.”

 He explained that “launching solar energy initiatives reflects the government’s commitment to shifting towards a green and sustainable economy, which enhances Iraq’s position in the international community as an environmentally responsible country.”

 Journalist and renewable energy expert Ali Naji says, “All the systems that were built in all their forms on the roofs of state institutions before this initiative were not successful and almost failed, including those installed on departments related to renewable energy.”

 He added, "There are instructions from the Civil Defense that specify the hours of use of renewable energy during official working hours only, which means there are losses in operating solar systems from the moment of sunrise until the moment of the start of official working hours and connecting the system to the national grid," explaining, "Generation losses from the end of working hours until sunset, due to the national grid being cut off after the end of working hours, in addition to holidays and occasions when it is out of service."

 He added, "Installing these systems on the roofs of buildings will hinder the process of roof maintenance in the event of damage," stressing that "these departments do not have sufficient personnel to manage and maintain these solar systems, and even if they are trained, partial training is not sufficient and does not cover the requirements of these systems."

 Regarding the obstacles that hinder the success of the initiative, Ali Naji explains that “these systems should be placed on the outskirts of cities in the form of farms (solar energy farms) divided into five regions, for example, between the northern, central and southern regions, as is the case in Egypt, the Emirates and others,” noting that “the number of employees to maintain them will be less and easier to control, in addition to these farms being planted with trees, which will increase afforestation operations.”

 He added, "The systems are connected in two ways: to the national grid, and also to charge batteries to support areas in the event of a lack of electricity or a lack of electricity supply."

Iraq, whose infrastructure is in shambles after decades of conflict and chronic corruption in public administrations, needs more than 32,000 megawatts to cover its needs, but the country's power plants produce only about 24,000 megawatts.

 On March 12 of last year 2023, Oil Minister Hayan Abdul-Ghani announced that preparations were underway to launch the first solar energy project in Iraq, with a capacity of about 1,000 megawatts, which coincided with the state’s efforts to enhance its investments in the renewable energy and natural gas sector.

Despite this need, renewable energy remains underutilized, with Iraq enjoying just over 3,000 hours of sunshine out of 8,700 hours per year. Meanwhile, more than 98 percent of Iraq’s electricity is generated by fossil fuels, according to a World Bank report.

 To encourage residents to install solar energy systems, the Central Bank of Iraq announced in 2022 the allocation of one trillion dinars (about $750 million) to secure subsidized loans for the private sector, including homes and private companies. But according to renewable energy specialists, this project is faltering due to the lack of cooperation from banks.

 Over the past years, Iraq has relied on Iran for electricity supplies, importing 1,200 megawatts, as well as gas fuel to feed local power plants.

 This year, the Iraqi News Agency quoted the authority’s advisor, Rahim al-Jaafari, as saying, “There are serious and practical steps to produce electricity from solar energy, as a plan has been developed to produce about 12,000 megawatts by the end of 2030,” adding that “it has been approved by the Council of Ministers.”

 The Ministry of Environment has identified 3 types of pollution, including waste, that represent a challenge during the current stage in Iraq, calling for the adoption of modern technologies and renewable and clean energy as an alternative to fossil fuels. 

85 views 07/23/2024 - https://economy-news.net/content.php?id=45489

Iraq Economic News and Points To Ponder Monday Evening 7-22-24

 Is The Central Bank Leading Iraq Towards An Economic Crisis?
 
July 22, 2024 Last updated: July 22, 2024

A Financial Report Reveals And Reality Confirms... Is The Central Bank Leading Iraq Towards An Economic Crisis?
 
Al-Independent/- Informed sources said that the financial policy of the Central Bank of Iraq faces sharp criticism from financial experts and economic observers, amid a continuous rise in operational costs and a noticeable increase in expenditures.
 
According to the financial situation tables as of 6/30/2024 published on the Central Bank’s website, the financial statements show that there is a clear imbalance.
 
The financial report revealed a slight increase in total assets, which reflects an apparent stability in the bank’s financial performance.
 
However, the financial statements showed some points that call for criticism and questioning the effectiveness of the financial management of the Central Bank of Iraq.
 
The report indicated that gold reserves rose to 14,672,164,921 thousand Iraqi dinars from 14,475,189,559 thousand Iraqi dinars.
 
Although this strengthens the bank's position, the question remains about the adequacy of these reserves in the face of potential economic crises.
 
As for the bank’s balances with banks outside Iraq, they increased to 2,011,145,122 thousand Iraqi dinars from 1,827,075,442 thousand Iraqi dinars, which reflects a diversification of assets, but the question remains about the risks associated with relying on foreign banks.
 
Foreign currencies witnessed a noticeable increase to 24,688,182,816 thousand Iraqi dinars from 23,838,913,348 thousand Iraqi dinars, which enhances foreign exchange reserves, but how these reserves are managed effectively must be monitored.
 
In terms of expenses, currency issuance expenses increased to 10,588,686 thousand Iraqi dinars from 9,897,229 thousand Iraqi dinars, raising questions about the effectiveness of managing issuance costs.
 
Foreign currency valuation differences also increased significantly to 188,168,707 thousand Iraqi dinars from 151,874,481 thousand Iraqi dinars, which indicates fluctuations in the value of foreign currencies that may negatively affect financial stability.
 
Also, general administrative expenses increased to 52,643,698 thousand Iraqi dinars from 39,692,228 thousand Iraqi dinars, which reflects an increase in operational costs that need to be carefully reviewed to ensure that resources are not wasted.
 
In terms of profits and losses, interest and commission income increased to 2,968,280,621 thousand Iraqi dinars from 2,495,021,601 thousand Iraqi dinars, which reflects a good performance,
 
but the question remains about the sustainability of these revenues in light of the economic challenges.
 
Total interest expenses increased to 2,684,950,171 thousand Iraqi dinars from 2,271,995,595 thousand Iraqi dinars, which indicates an increase in interest costs that need better management.
 
As for the final budget, the exported currency rose to 102,311,666,715 thousand Iraqi dinars from 100,791,930,154 thousand Iraqi dinars, which may indicate inflationary pressures if not properly monitored.
 
Bank deposits increased to 54,434,578,910 thousand Iraqi dinars from 47,851,676,798 thousand Iraqi dinars, which reflects an increase in deposits,
 
but the stability of these deposits in the long term must be verified.
 
strength point:
 
The report showed an increase in total assets, reflecting the central bank's apparent financial stability.
 
Gold reserves and external bank balances also increased, which significantly strengthens the bank's monetary position. In addition,
 
interest and commission income witnessed a significant increase, reflecting a good performance in the bank's financial returns.
 
Weaknesses and doubts:
 
Despite the apparent stability, outstanding outstanding debts amounting to 530,499,124 thousand Iraqi dinars did not change, indicating challenges in debt collection.
 
Administrative expenses also increased to 52,643,698 thousand Iraqi dinars, which may indicate poor management of operational costs.
 
In addition, Central Bank transfers decreased to 0 from 5,110,240,000 thousand Iraqi dinars, raising questions about the efficiency of liquidity management.
 
Finally, the balances of government institutions decreased to 10,750,719,726 thousand Iraqi dinars from 13,353,688,408 thousand Iraqi dinars, indicating challenges in government financing.

Recommendations:
 
To improve the financial position of the central bank, it is important to develop effective plans to collect outstanding debts to reduce financial risks.
 
Operational costs must also be reviewed and controlled to avoid any unjustified increase in expenses.
 
It is necessary to establish policies to monitor currency issuance to ensure that unwanted inflation does not occur.
 
Finally, the reasons behind the decline in the balances of government institutions must be studied and the necessary measures taken to strengthen government financing.
 
Based on this analysis, it is clear that the central bank needs improvements in several aspects to ensure actual financial stability and effectiveness in resource management.
 
To view the financial situation table, click here: Central Bank of Iraq       
                 https://mustaqila.com/wp-content/uploads/2024/07/البنك-المركزي-العراق.pdf
 
https://mustaqila.com/تقرير-مالي-يكشف-والواقع-يؤكد-هل-يقود-ا/   

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

Seeds of Wisdom RV and Economics Updates Monday Afternoon 7-22-24

Good Afternoon Dinar Recaps,

Seven-State Coalition Opposes SEC’s Cryptocurrency Regulation

The Office of the Attorney General of Iowa announced earlier this month that Iowa Attorney General Brenna Bird led a seven-state coalition in filing an amicus brief opposing the U.S. Securities and Exchange Commission’s (SEC) attempt to regulate cryptocurrencies. The amicus brief, supported by Arkansas, Indiana, Kansas, Montana, Nebraska, and Oklahoma, was filed on July 10 to challenge the SEC’s overreach.

“SEC’s power grab may stop states from protecting their citizens from scams, and it hurts the free market,” the announcement details, adding:

SEC’s policing of cryptocurrency will stifle innovation and devastate the cryptocurrency industry.

States like Iowa, which have been at the forefront of protecting scam victims and prosecuting scammers, view the SEC’s actions as a significant overreach.

“The Biden SEC is trying to prevent states like Iowa from doing their job to hold robbers to the law and protect families from the dangers of cryptocurrency scams. This power grab will also hurt the free market and allow the SEC to take the regulatory reins over the cryptocurrency industry with no accountability,” the announcement continues.

Noting that the SEC’s “bypassing Congress to give itself new power is illegal, stifles innovation, and will let scammers off the hook,” the Iowa Attorney General’s Office noted, emphasizing:

The Biden SEC is attempting to abuse its power and put itself in charge of regulating cryptocurrency, bypassing state consumer-protection laws.

“Congress never gave the SEC power to regulate cryptocurrency, and there is no accountability to ensure the actions the SEC takes are legitimate and necessary,” the Iowa Attorney General’s Office stressed.

The amicus brief explains that the SEC is violating the Administrative Procedure Act and the Major Questions Doctrine by bypassing Congress. The states argue that typical cryptocurrencies are not investment contracts under the Securities Act of 1934, urging the court to prevent the SEC from exceeding its authority.

@ Newshounds News™

Read more:  Bitcoin 

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Japan’s Fast And Early Approach To Crypto Regulation Is Paying Off

Japan was a rare exception when it came to regulating crypto. Following the catastrophic collapse of Mt.Gox in 2014 – a Japan-based company – the government moved fast and early to clamp down on what was seen as an excessively risky industry. It introduced strict rules for operators, putting them under the oversight of the country’s financial regulator.

That decision means that ten years on, Web3 in Japan is evolving quite differently compared to the startup culture that’s characterized the sector in other countries. Instead, we’re seeing a more prevalent trend of large corporations levering their way into Web3 via strategic M&A and investment activities.

To date, banking giant Softbank has been one of the
most active players, acquiring a controlling stake in crypto trading platform BITPoint in 2022 and becoming a key investor in a dedicated Web3 venture fund initially set up by Deutsche Bank.

However, the latest news, that Sony is gearing up to launch a rebranded crypto exchange called. S.BLOX, as a result of a 2023 acquisition of local platform Whalefin, has created a froth in the crypto community.

I recently spoke to Mai Fujimoto, co-founder of INTMAX, who was fresh from the Japan Blockchain Week Summit which she hosted in early July. She confirmed that, based on the lineup of this year’s event, the corporate move into Web3 is becoming a trend:

“This [Sony] is just one such example. We just hosted many speakers from large corporations [at Japan Blockchain Week], which stood out on the Web3 conference circuit. I believe this is unique to Japan. In the United States, Coinbase and Base

Chain have significantly contributed to the penetration of Web3 in the country, so we can expect similar synergies to occur in Japan as well.”

@ Newshounds News™

Read more:  Forbes

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IOTA’s Product Passport Could Be Used by Tesla, Audi, Porsche, BMW, and VW After Eviden Partnership

—IOTA’s Product Passport with Eviden enhances transparency for Tesla, Audi, Porsche, BMW, and VW, letting consumers track vehicle history and build trust.

—IOTA’s Digital Product Passports optimize production, maintenance, and recycling, improving supply chains for major automotive brands.

When it comes to cutting-edge data solutions while securing privacy to the highest level, IOTA is at the forefront as highlighted in one of our previous coverages. 

According to the latest update from IOTA on the newly established partnership, the IOTA Foundation and Eviden, a subsidiary of Atos, are collaborating on the Eviden Digital Passport Solution (EDPS), which is “Powered by IOTA.”

EDPS is one of the first ready-to-use, DLT-based Digital Product Passports (DPPs) on the market and the first at this scale to utilize IOTA technology.  

This upgrade provides detailed lifecycle information about products, enhancing transparency, traceability, and sustainability. Dominik Schiener, Co-Founder and Chair of the IOTA Foundation, stated:

This partnership leverages our unique joint benefits and creates a strong combination of capabilities, ready for the market to use. This is a long-term collaboration between Eviden and the IOTA Foundation, and we will work closely together to explore further use cases in domains such as construction materials, textiles, and consumer electronics, amongst others. We expect millions of passports to be registered on the IOTA network by the end of the decade.

IOTA and Eviden Enhancing Transparency and Traceability for Major Automakers

Eviden, with leading positions in computing, security, AI, and digital platforms, provides expertise across various industries in more than 47 countries. Importantly, the collaboration with the IOTA Foundation is expected to significantly impact major automakers, including Tesla, Audi, Porsche, BMW, and Volkswagen.

This partnership will enhance transparency and traceability throughout their supply chains, allowing consumers to track the origin and history of their vehicles, building trust in these brands. At the same time, manufacturers can optimize production processes, streamline maintenance, and improve recycling efforts.

At the time of writing, IOTA is trading at $0.1769, with a decrease of 0.43% and a surge of 7.48% in the past week.

@ Newshounds News™

Read more:  Crypto News Flash

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WHAT IS A CURRENCY RE-DENOMINATION?

"Redenomination is the recalibration of a country's currency, typically due to hyperinflation and currency devaluation, whereby an old currency is exchanged for a new one at a fixed rate. "

"While significant inflation is the main reason for a country to redenominate its currency, other reasons include decimalization or joining a currency union. When redenomination occurs, old banknotes and coins are typically taken out of circulation and a new currency is issued. Sometimes, the old currency continues to circulate at a fixed value against the new notes. "

"When redenomination occurs, a new value is established for the new banknotes and coins. For example, in 2006, Zimbabwe redenominated its currency at a rate of 1,000 old Zimbabwe dollars to one new Zimbabwe dollar."

"When hyperinflation is involved, redenomination becomes necessary because it requires too many old notes to facilitate commerce. Small bills essentially become useless if you need a wheel barrel of them to buy a loaf of bread. "

" Probably the most famous redenomination has been the Zimbabwean dollar, which circulated in Z$100 trillion bills—the largest denomination of currency ever issued—thanks to an annual inflation rate of more than 231 million percent.

The Zimbabwe government redenominated its currency several times starting in 2006. In that year, the country's first currency reform was launched in an effort to contain inflation. The Zimbabwean dollar was redenominated at a rate of 1,000 to one."

" In August 2008, the government launched another redenomination. Old notes could be exchanged for new ones at a rate of 10 billion to one. Inflation continued unabated, and new issues of currency with staggering face amounts continued to appear. In January 2009, Z$10 trillion, Z$20 trillion, Z$50 trillion, and Z$100 trillion notes were issued.

In February 2009, the government redenominated a third time. Old currency could be exchanged for new currency at a rate of one trillion to one. By then, most people had quit the Zimbabwe dollar in favor of the U.S. dollar and South African rand."

@ Newshounds News™

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Iraq Economic News and Points To Ponder Monday Afternoon 7-22-24

Al-Sudani's Advisor: Auditing Foreign Transfers Enhances Dollar Stability And Strengthens Monetary Policy

Economy |07/22/2024  Mawazine News – Baghdad  The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Monday, that the approval of an auditing company for foreign transfers is an important step to enhance the stability of the dollar and achieve the objectives of monetary policy.

Saleh explained, in a statement to the official agency, that "the accreditation of an auditing company for foreign transfers will provide additional guarantees for the integrity of compliance processes and the speed of functional performance in market transactions, especially foreign transfers."

He added that this will enhance the efficiency of the money market thanks to the clear information it provides, which contributes to the stability of transactions and raises the level of certainty in the market.

Saleh pointed out that this step will achieve two main objectives of monetary policy: first, improving control over local liquidity and controlling money supply growth rates; and second, stabilizing the exchange market by strengthening the role of the official market and outweighing its positive effects on the parallel market.

He added that the two objectives are linked to the role of monetary policy in stabilizing prices and containing inflationary expectations, which ensures stable real flows through the stability of the external value of money and its compatibility with the stability of the velocity of money circulation internally and the general function of the demand for money in the national economy.

https://www.mawazin.net/Details.aspx?jimare=251709

Al-Nusairi: Implementing Banking Reform Strategies Is The Main Pillar For Reforming The National Economy

Banks  Economy News – Baghdad  The advisor to the Iraqi Private Banks Association, Samir Al-Nusairi, confirmed today, Monday, that the banking reform and development strategy is the main pillar for reforming the comprehensive national economy.

Al-Nusairi said in a special interview with “Al-Eqtisad News” that “the strategy of banking reform and development is the basic pillar for comprehensive and radical reform of the national economy in line with what is stated in Article Twelve, Paragraph (7) of the government program, which clearly and accurately stated that (banking reform, with what it provides of a real and effective basis for the advancement of the Iraqi economy and the activation of investment through the restructuring and mechanization of government banks, reviewing their work, and stimulating and enabling private banks to be able to support investment and development in a real way).”

Al-Nusairi touched on the "importance of the banking sector, as it occupies a vital position within the financial structure of the economy in mobilizing savings and financing development through its ability to flow money between the categories of the national economy, which is the basic step for economic reform."

He pointed out "the measures currently taken by the Central Bank with the support of the government to launch its new third strategy for reforming and developing the banking sector for the years 2024-2026 according to seven main objectives, 24 sub-objectives and 75 initiatives to implement the objectives focusing on achieving monetary and financial stability, strengthening the banking sector, enhancing digital transformation, activating electronic payment, enhancing financial inclusion, maintaining a sound financial system, developing the organizational structure and human resources, strengthening the internal and external relations of the Central Bank, and the banking sector's compliance with international standards."

Al-Nusairi pointed out that "a national strategy for bank lending in Iraq for the years 2024-2029 was launched, aiming to increase credit granted to the private sector by 4% of the non-oil GDP, which is equivalent to approximately 7 trillion dinars, and the second goal is to increase credit to small and medium enterprises by 3% of the non-oil GDP, which is equivalent to approximately 5 trillion dinars."

He stressed that "the new mechanisms depend on organizing the granting of loans to develop small, medium and micro enterprises by relying on and relying on a new approach to determine the basic objectives of economic development, evaluating the current situation of private sector financing, and benefiting from international experiences in this field, as well as continuing the procedures and using monetary policy applications to control the exchange rate and reduce the gap between the official rate and the parallel rate towards reaching the targeted and balanced exchange rate."

Al-Nusairi explained that, "If it were not for the many services provided by the banking system in developed countries, these countries would not have been able to achieve the progress and economic growth they have achieved."

He explained that "the strength of the banking structure has become a necessity for building a prosperous economy that adopts modern systems and sound sustainable development. The development of banking habits and awareness of the importance of developing banking institutions in a way that ensures the building of a national savings base and develops the financial resources necessary to build the economy have become priorities for decision-makers."

The advisor to the Private Banks Association continued: “The soundness of the banking system and the mobilization of sound decisions in the field of economic policies towards developing and modernizing banking systems ensures the achievement of momentum in the world of real and financial investment, which stimulates financial and monetary markets, which leads to attracting foreign capital seeking profit.

Therefore, the decision-maker should take the necessary measures to fortify and strengthen local banking systems in a way that makes them capable of facing the challenges of transferring capital to and from abroad without causing money laundering or smuggling foreign currency, and then increasing the profitability of financial and banking institutions and strengthening the structure of the gross domestic product, which is what the government and the Central Bank are currently active in.”

254 views 07/22/2024 https://economy-news.net/content.php?id=45452

Iraq, US Discuss Future Of International Coalition Mission In Washington

July 22, 2024  Baghdad - Al-Zaman  US Ambassador to Baghdad Alina Romanowski announced on Monday the start of discussions between Iraq and America regarding the future of the international coalition mission.

“Today, the US-Iraq Joint Security Dialogue begins in Washington, DC,” Romanowski wrote in a post on the X platform.

She added, "Security officials from the United States and Iraq will discuss the future of the international coalition mission and strengthening security cooperation between our two countries."  LINK

Prices Have Risen 95% In The Past 16 Years.. Iraq Rethinks The “Poverty Line” Standard

Economy  2024-07-22 | 2,090 views  Alsumaria News – Economy  The Ministry of Planning is looking into reconsidering the poverty line in Iraq, based on the poverty line survey that began a year ago and is supposed to end at the end of this month, at a time when the prices of all types of goods, services and real estate in Iraq have differed from 2007 until now by about 95%.

The spokesman for the Ministry of Planning, Abdul Zahra Al-Hindawi, said, "The survey that the ministry began in July of last year is expected to end by the end of this month, so that we will have new results to update the poverty line annually in light of inflation indicators and the results of the ongoing annual surveys of the social and economic status of the family."

He pointed to "preparing a national map that highlights the geographical pockets of poverty at the level of the smallest administrative unit and updating it," noting that "the ministry is preparing to prepare a new five-year strategy 2024-2028, in addition to awaiting the results of the survey to be a vision based on realistic principles," according to Al-Sabah newspaper.

Data and annual reports indicate that overall prices in Iraq have increased by about 95% from 2007 to 2023, as food prices increased by about 84%, and rents by 78%, according to the Iraq Future Foundation for Strategic Studies.  LINK

More Than $279 Million.. Central Bank Sales Today

Monday 22 July 2024 | Economic Number of readings: 172 Baghdad / NINA / The Central Bank of Iraq announced, on Monday, the total sales of foreign currency through the electronic window.

The window recorded the total amounts of transfers abroad (remittances, credits) of $ 266,511,934, while the total cash sales amounted to $ 13,300,000, and the total sales amounted to $ 279,811,934.

The sale was assigned to transfers and cash at a price of 1310 dinars per dollar, while the price for bond credits and international settlements for the electronic card was 1305 dinars.https://ninanews.com/Website/News/Details?key=1142838

Stock Exchange: 341 Million Shares Traded In Monday's Session0

Market  Economy News – Baghdad Monday's session at the stock exchange witnessed the trading of 341.7 million shares, worth 773.3 million dinars.

The stock exchange index decreased by 0.65% after the shares of 19 traded companies decreased.

On the other hand, the shares of 5 companies rose and 647 deals were executed.

45 views  07/22/2024 -https://economy-news.net/content.php?id=45468

Al-Sudani Directs To Focus On Supporting The Iraqi Olympic Mission In The Paris Olympics

Local | 07/22/2024  Mawazine News – Baghdad  Prime Minister Mohammed Shia al-Sudani directed, on Monday, to follow up on the needs of the Iraqi mission to the Paris Olympics and support the national team in the World Cup qualifiers.

His media office stated in a statement received by / Mawazine News /, that "al-Sudani followed up on the procedures related to the three sports initiatives that he launched last June, during his reception of his advisors for sports affairs, Khaled Abdul Wahid Kabyan and Iyad Binian."

He stressed "continuing to follow up on the needs of the Iraqi Olympic mission participating in the Paris Olympics, and providing all facilities and care for it, especially the Olympic football team. As well as supporting the national team in its upcoming entitlements, related to the decisive qualifiers for the World Cup."

Last June, Al-Sudani launched three foundational projects in the sports sector, in order to develop the sports reality. These are the (Olympic Champion) project, which includes preparing champion players qualified to participate in the 2028 and 2032 Olympics, to achieve the goal of obtaining Olympic medals. The second project is to support hosting the (West Asian Youth Olympics for individual games).

 The third project includes allocating a budget to the Olympic federations to complete the infrastructure facilities within the current investment plan for the coming year.

https://www.mawazin.net/Details.aspx?jimare=251698

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

US Pressure on Latin America to Avoid BRICS: Lost America's Backyard?

US Pressure on Latin America to Avoid BRICS: Lost America's Backyard?

Fastepo:  7-22-2024

Despite the BRICS group's recent pause on accepting new full members, particularly emphasized by the Russian Foreign Minister, Brazil has actively advocated for the bloc's continued expansion.

Brazilian Ambassador to Russia, Rodrigo de Lima Baena Soares, revealed Brazil's proposal of Colombia as a potential new BRICS member, as reported by the Russian News Agency TASS.

This strategic recommendation was underscored by Brazilian President Luiz Inacio Lula da Silva during discussions with Colombian President Gustavo Petro, highlighting Colombia's significance in the expansion plan.

In addition, Bolivia, under the leadership of President Luis Arce, has formally sought BRICS membership. Bolivia's vast lithium reserves, essential for sustainable energy solutions, make it an attractive candidate for the bloc.

Similarly, Venezuela, led by President Nicolás Maduro, has expressed a strong desire to join BRICS, emphasizing its substantial oil reserves. Venezuela's application has garnered support from China, Russia, and Brazil, underscoring its strategic importance.

The expansion of BRICS into Latin America represents a significant geopolitical shift, diminishing the influence of the United States, which has traditionally viewed the region as its geopolitical "backyard."

By incorporating more Latin American countries, BRICS aims to create a counterbalance to U.S. economic and political dominance. This move is expected to enhance regional integration, reduce dependence on U.S. markets, and promote a more diversified economic base.

In this video, we analyze the significance of Colombia, Bolivia, and Venezuela's potential inclusion in BRICS and its implications for both BRICS and the United States.

This development could potentially reshape the global order, altering economic alliances and geopolitical strategies.

We will explore how this move could challenge U.S. dominance in Latin America and enhance BRICS' influence on the world stage, thereby creating a new dynamic in international relations.

https://www.youtube.com/watch?v=KgF9vnlykU4&t=14s