“Tidbits From TNT” Friday Morning 8-2-2024

TNT:

Tishwash:  Pentagon: Within 72 hours, Iran and its allies will launch a large-scale attack on Israel

CNN, citing the Pentagon, reported on Thursday that Iran and its allies will launch a large-scale attack on Israel within the next 72 hours.

Senior American officials say they expect the upcoming Iranian attack to be very similar to the Iranian attack last April 13 - but on a larger scale - because it is likely to also include the intervention of Lebanese Hezbollah, which did not participate in the previous attack.

Senior officials in President Joe Biden's administration fear that since the context this time is the assassination of a Hamas leader in Tehran and not an Iranian general in Damascus, it may be difficult for them to mobilize the same international and regional coalition of countries that stopped the previous Iranian attack.

Last Wednesday, US intelligence services began receiving clear indications that Iran will respond, according to an American official.

Iran had held an emergency meeting of the Supreme National Security Council following the assassination of Haniyeh in Tehran, accusing Israel of the assassination and threatening a harsh response. This coincided with the assassination of Hezbollah leader Fouad Shukr in an Israeli raid hours before Haniyeh's assassination.  link

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Investment reveals the location of the first economic city in Iraq

The National Investment Commission revealed, today, Friday, the location of the first economic city in Iraq, while indicating that economic cities represent investment portfolios capable of attracting and bringing in local and foreign capital.

Hanan Jassim, spokeswoman for the National Investment Commission, told the Iraqi News Agency (INA): "The head of the National Investment Commission, Haider Mohammed Makiya, during his meeting in the presence of committee members and representatives of the ministries and relevant sectoral bodies in Maysan Governorate

Called for the importance of intensifying efforts and coordinating them in a detailed and precise manner that contributes to creating a realistic vision and a successful announcement for investors, businessmen and companies wishing to undertake this type of investment."

She added that "the attendees were informed of the full borders of the regions distributed according to the projects to be established and the ownership of the lands with the possibility of expanding some of them," indicating that "it was agreed on the importance of preparing a clear map of road networks, water and electricity sources and other requirements for granting investment licenses for these projects, which will be among the topics and discussions of the upcoming meetings."

Jassim pointed out that "the committee's work witnessed the presentation of a number of proposals and ideas that support the implementation of such projects, based on the Prime Minister's approval of the minutes and recommendations of the Diwani Order Committee (23674), which decided to form the Higher Committee for the Economic Development and Advancement of the Al-Tayeb Area in Maysan Governorate and its Neighboring Areas

Headed by the Chairman of the National Investment Commission and the membership of various state bodies, including the Governor of Maysan, the Chairman of the Maysan Investment Commission, the Chairman of the Industrial Cities Authority in the Ministry of Industry and Minerals, in addition to a number of general managers in the Ministries of Finance, Planning, Oil and Education and a representative of the Prime Minister's Office."

Jassim explained that "the Higher Committee for the Development and Advancement of the Al-Tayeb Area in Maysan Governorate and its Neighboring Areas has actually begun its work, headed by the Chairman of the National Investment Commission, Haider Mohammed Makiya."

She stressed that "the development and Advancement of the Al-Tayeb Area, southeast of Maysan Governorate, will be the first economic city in Iraq and will represent a successful model and an economic resource for the state that can be applied in other governorates of the country," explaining that "this model will represent diverse and ready investment portfolios capable of attracting and bringing in local and foreign capital."

She continued, "Al-Tayeb City will include a group of diverse projects in various economic specializations, including projects specialized in the residential sector, others in the industrial sector, and other economic projects, in addition to recreational and academic projects," noting that "developing the region will achieve a great economic return that will contribute to stimulating the economic base in the governorate, and providing job opportunities for the governorate's people."  link

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Tishwash:  Despite their large numbers, a shocking percentage of government and private banking services in Iraq

A government advisor revealed a shocking percentage and number of banking services in the public and private sectors provided to the public in Iraq.

Mazhar Mohammed Saleh told {Al Furat News} agency, "The point of stability in the banking market in particular and the financial market in general is not the large number of private banks and financial companies, but rather the point of achieving (financial depth), which means how much banking and financial activities and services contribute to the growth of the country's annual gross domestic product, i.e. through the breadth of services provided by these banking companies to the public in terms of quality and quantity to maximize the added value in economic activity."

He added that these banking services "in the gross domestic product revolve around a growth rate that does not exceed 1.5% in most cases, which is a low percentage compared to developed countries where this percentage rises to more than 20%."

Saleh explained that "based on this, the solidity and stability of the financial and banking market in particular is measured by the number of services provided to the public, and the number of its services still does not exceed 12 services at best, while it should rise to 45 banking services as a minimum."

"As for banking density, which is measured by the population's share of bank branch services, despite the huge number of government and private banks, the share of their branches in providing banking services to the population is still low," he continued. "

It is noted that the services of a single branch of these banks are still not commensurate with the population, and the banking density in our country is about 40,000 people per branch on average, while it should not exceed ten thousand people per branch unless it is less, as is the case in developed countries, where a single branch provides its services to an average of no more than six thousand people per bank branch."  link

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Tishwash:  The Ministry of Commerce announces the launch of the electronic reservation system for participation in the 48th session of the Baghdad International Fair, starting from

The Iraqi General Company for Exhibitions and Commercial Services at the Ministry of Trade announced the launch of the electronic reservation system for participation in the 48th session of the Baghdad International Fair, starting from today, Thursday, the first of August, and through the company's official website (www.expo.gov.iq).

The company's general manager, Mustafa Al-Maani, said in a statement: "In implementation of the directives of the Minister of Trade, Athir Al-Ghariri, the electronic reservation system was launched for the seventh consecutive year to reserve space, location and other technical matters for participation in the 48th session of the Baghdad International Fair, which will be launched under the patronage of the Prime Minister and under the slogan (Investment, Development, Prosperity) for the period from the first to the seventh of next November.

The statement explained that "the company, within its plans, has adopted the electronic reservation system to keep pace with developments and communication to reduce routine, time, effort and reviews in this aspect."

Pointing out that "this system aims to create an integrated database on the nature and size of participation in the Baghdad International Fair, through the electronic map through which it is possible to know the participating countries and entities and the locations of their pavilions with all related information as well as the charts." link

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Mot: .. LOL - I Thought of Who Immediately 

Mot: . soooo the WIFI is Down - Boo Hoo 

Some “Iraq News” Posted by Clare at KTFA 8-1-2024

KTFA:

Clare: Mazhar Saleh: A trend towards reforming the government banking sector

8/1/2024

 Baghdad: Imad Al-Emara

The financial advisor to the Prime Minister, Dr. Mazhar Mohammed Salih, considered the reform of the banking system as one of the most prominent priorities of the government program, due to its positive effects on all aspects of the economy.

Salih explained to Al-Sabah that "the government's vision for economic reform focused to a large extent on banking reform, which is one of the priorities of the government program, and the first steps began through Rafidain Bank," noting that "the government banking sector currently dominates more than 85 percent of the banking system's assets, and its banking operations and activities account for almost the same percentage of total deposits and bank credit."   LINK

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Clare: Prime Minister's Advisor: We are moving towards reforming the government banking sector

8/1/2024  Baghdad: The pillar of the emirate

The financial advisor to the Prime Minister, Dr. Mazhar Mohammed Salih, stated that reforming the banking system is one of the most prominent priorities of the government program, due to its positive impact on all aspects of the economy, indicating that the first steps of this reform began through the government banking sector, which currently dominates more than 85 percent of the banking system's assets, and its banking operations and activities account for almost the same percentage of total deposits and credit.

Earlier, Prime Minister Mohammed Shia al-Sudani chaired a special meeting to develop the work of government banks, and directed the finalization of procedures for developing the work of Rafidain Bank.

The Prime Minister's media office said that during the meeting, which was attended by representatives of Ernst & Young for auditing and financial consulting, Al-Sudani was briefed on the technical and administrative procedures for the Rafidain Bank development project, which were taken during the period following the signing of the contract with the company specialized in structuring and developing work in the banking sector.

It is noteworthy that the Rafidain Bank development plan includes a comprehensive review and evaluation of the bank's work, and structural administrative reforms, aiming to provide a package of integrated banking services to citizens and companies, relying on advanced electronic programs, modern technology in all banking transactions, optimal use of human and technical resources, and transitioning to automated work, which helps the bank's ability to meet
global banking requirements.

Advisor Saleh told Al-Sabah: "The government's vision for economic reform focused largely on banking reform, which is one of the priorities of the government's program, and the first steps began through Rafidain Bank," noting that "the reform principles established by the government program, which was approved by the House of Representatives, are based on regular executive priorities, foremost of which is reforming the banking sector, as the Prime Minister's vision for economic reform focused on reforming the government banking sector, which currently dominates more than 85 percent of the banking system's assets, and its banking operations and activities account for almost the same percentage of total deposits and bank credit."

Saleh pointed out that this beginning came because these banks are large and important, but they are burdened with the legacy left by the conflicts of the past half century and their repercussions on the efficiency of this large banking system, whose capital base still constitutes only a low percentage not exceeding 22 percent of the total capital of the banking system

 Indicating that "in light of this banking dominance burdened by inherited problems, our country suffers from limited growth in the activity of the banking market and its division between private banks, the number of which exceeds 50 banks, but they are limited in activity in deposits and credit, but they do not have a unified and homogeneous competitive banking market with government banks, as government banks monopolize market shares and banking activity and they are suffering greatly and their activity lives on sovereign banking liquidity as they are banks of a purely rentier nature that deal with large government deposits that affect their liquidity."

The government advisor explained that "in order to advance the Iraqi banking market, the first steps of reform have inevitably begun with government banks, especially major commercial banks such as Rafidain Bank. Based on the above, and with the aim of making government banks operate according to capital efficiency standards and lead the financing and development activity in the country on competitive foundations that provide financial inclusion at the same time, the study being prepared by the global auditing and accounting firm Ernst Young is based on the principle of creating a highly efficient government commercial banking sector that takes the initiative with the rest of the banking market in financing market activity on digital foundations and financial and accounting technologies in accordance with modern financial engineering.

He pointed out that this leads to the birth of a government bank specialized in managing government banking operations exclusively and is a fundamental pillar in organizing the treasury account and stabilizing government cash flow budgets, i.e. at the same time being the arm of public finance in government banking organization."

Saleh believes that these steps can achieve the goals that lead to “the birth of a homogeneous banking market that operates according to competitive principles and can integrate with the local and international financial and banking system with high credit and banking efficiency required by the goals of sustainable development and the requirements of the availability of market institutions and their integration between financing services on the one hand and real investment and production growth on the other hand.”    LINK

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Clare: One of the most prominent defendants in the tax deposit theft case was extradited

8/1/2024   Baghdad

The head of the Integrity Commission, Judge Haider Hanoun, announced the extradition of one of the most prominent defendants in the tax deposit theft case.

Hanoun said in a press conference attended by "Al-Eqtisad News", "The issue of the theft of the century will not die no matter how much the corrupt try to hide it from the oversight agencies and the people's eyes," indicating that "fighting corruption is one of the government's priorities."

Hanoun added, "Qasim Mohammed was recovered from the Kurdistan Region and the managing director of the Humpbacked Whale Company after he had fled to Turkey. He is one of the major defendants in the case of stealing tax deposits and the theft recorded against the defendant is 988 billion Iraqi dinars, which are not final numbers," noting that "Nour Zuhair is a defendant who is on bail and will be tried."

He stressed that "the Prime Minister is following up on the issue of tax deposits on a daily basis," stressing that "another accused person, Mohammed Falah Al-Janabi, the managing director of Al-Qant Company, has been arrested. He is accused of stealing more than a trillion dinars through 79 forged checks."  LINK

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By names and addresses.. Details of the arrest of 8 main suspects in the theft case of the century

8/1/2024

The Federal Integrity Commission announced, today, Thursday, an official list of the details of the arrest of 8 main defendants in the case of theft of tax deposits "the theft of the century". They are:

1- Qasim Muhammad Muhammad
was arrested.
Position / Managing Director of Al-Hut Al-Haddab Company
Charge / Receiving 55 checks and 11 eleven appearances
Total stolen amounts
nine hundred and eighty-two billion dinars from the tax deposit account

2- The fugitive accused Abdul Mahdi Tawfiq Mahdi
Location Lebanon
Stolen amounts two trillion two hundred and eighty-three billion Iraqi dinars
Receiving 155 checks for an amount from the tax deposit account

3- The accused Muhammad Falah Abdullah Al-Janabi
Location / United Arab Emirates
Position Managing Director of Al-Qant Company
Receiving 79 checks for
stolen funds / one trillion one hundred and eighty-five billion two hundred and twenty million

4- The fugitive accused Hussein Kawa Abdul Qader Abdul Aziz
Location / Erbil
Position / Managing Director of Baghdad Winds Company
Stolen funds / six hundred and seven billion Iraqi dinars by receiving 40 checks

5- The fugitive accused Abdul Rahman Muhammad Ibrahim
Location / Erbil
Position Managing Director of Badia Al-Masaa Company
Stolen funds / six hundred Twenty-four billion Iraqi dinars through 37 checks

6- The fugitive accused Alaa Khalaf Maran Al-Omar
Location: Lebanon
Position: Office of the former Prime Minister
Stolen funds: Four hundred and ninety-seven billion Iraqi dinars

7- The fugitive accused Abdul Amir Hassoun Ali Taha
Location: State of Kuwait
Position: Managing Director of Al-Fawaris Company
Stolen funds: Receiving an amount of one hundred and twenty-four million US dollars in exchange for facilitating procedures at the Ministry of Finance

8- The fugitive accused Muhammad Hassoun Ali Taha
Location: State of Kuwait Position
: Deputy Managing Director of Al-Fawaris Company. LINK

Clare: Judge Hanoun: The final amount of the theft of tax deposits exceeds what is announced

8/1/2024

Judge Haider Hanoun, head of the Integrity Commission, confirmed: "The final amount of the theft of tax deposits exceeds what is announced, because the Tax Authority has not yet informed us of the actual amount of stolen money.

Hanoun called on the Ministry of Finance and the Tax Authority to provide the Integrity Commission with the names and accounts of the companies from which those funds were stolen and have now become Iraqi money owned by the people. Otherwise, after 15 days, the head of the Tax Authority will be asked to hand over those documents or proceed with all legal measures.

He pointed out: "The amount offered today belongs to the former Director General of the Railway Directorate, which is more than two million dollars and another amount in Iraqi dinars in addition to 9 properties, 5 of which are worth more than 8 billion Iraqi dinars."

He continued: "We are coordinating with the State of Kuwait to extradite two other accused, who are two brothers who were working with the main accused, Nour Zuhair.   LINK

Seeds of Wisdom RV and Economic Updates Thursday Afternoon 8-1-24

Good Afternoon Dinar Recaps,

TOKENIZED US TREASURY BILLS ON XRP LEDGER

"Tokenization platform OpenEden has announced that it will bring tokenized US Treasury bills (T-bills), a short-term US government debt obligation backed by the US Department of the Treasury, to the XRP Ledger (XRPL) and its users for the first time."

"The tokenization of T-bills onto the XRPL is a demonstration of how institutional access to decentralized finance (DeFi) is being driven by the tokenization of traditional real-world assets (RWAs).

The assets backing OpenEden’s TBILL tokens are invested in short-dated US T-bills and reverse repurchase agreements collateralized by US Treasuries. Minters are subject to stringent KYC and AML screening to ensure the highest security and regulatory compliance standards."

"Markus Infanger, Senior Vice President, RippleX. "Institutions are increasingly looking at where to tokenize their real-world assets and the arrival of T-bills on the XRPL powered by OpenEden reinforces the decentralized Layer 1 blockchain as one of the leading blockchains for real-world asset tokenization.”

"“Bringing tokenized T-bills to the XRP Ledger is the next step in our exciting journey. Purchasers will be able to mint our TBILL tokens via STABLECOINS, including Ripple USD (RLUSD) when it launches later this year.”

@ Newshounds News™

Read more:  Ripple
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USDC TRADING VOLUME SOARS 48% in July, driven by MiCA

"Circle’s stablecoin trading volume spiked in July thanks to a surge in market inflows and new European (MICA) rules for digital assets.

 According to a July 31 report by CCData, the trading volume for USD Coin pairs on centralized exchanges reached $135 billion as of July 25, while its market capitalization rose 5.4% to $33.6 billion."

"With the implementation of the European Union’s Markets in Crypto-Assets (MiCA) regulatory framework, Circle became the first stablecoin issuer to be approved by regulators in the region on July 1."

"According to DefiLlama, USDT retains the largest market share of any stablecoin at nearly 70%. In addition, on July 31, Tether reported record profits of $5.2 billion in the first half of 2024."

"Several crypto exchanges in Europe delisted stablecoins ahead of the implementation of new rules on June 30."

@ Newshounds News™

Read more:  Coin Telegraph

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"In a July 2024 CBDC report, it is documented that Russia’s CBDC pilot program has been successful and will extend the number of participants from 34 to 1200 banks/merchants in the second half of 2024."

There’s only 396 operating banks in Russia meaning that the 1200 participants that the CBDC will extend to EVERY BANK IN RUSSIA.

"Therefore, Russia is conveniently passing legislation to allow “international cross border cryptocurrencies” right before they ramp up CBDC usage in 2024"

@ Newshounds News™

Read more:  https://x.com/SMQKEDQG/status/1818676859527184787

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Russia's top senator announces progress on BRICS digital payment system

Amid endless sanctions and Russia’s disconnection from SWIFT, the Bank of Russia has developed its own payment system, which many countries have already joined, Valentina Matviyenko noted

MOSCOW, August 1. /TASS/. Plans to create a BRICS digital payment platform are moving steadily forward, Russia’s Federation Council Speaker Valentina Matviyenko told a press conference.

"The creation of the independent financial payment platform BRICS Bridge, a standalone mutual payment system on a firm joint platform, is now being discussed within BRICS. I have spoken both with the Central Bank and the Finance Ministry, things are moving along nicely," she said. 

"It is being discussed with colleagues from central banks, finance ministries of all BRICS countries, including new members," Matviyenko said, adding that Russia, as the BRICS chair, is in charge of all this.

"If it works it will be a bombshell globally, in the best sense," the upper chamber head noted. She expressed hope that this issue would be considered at the summit of BRICS heads of states in Kazan in October. 

"Perhaps it will be approved then, or at least the discussions will lead to a decision on when and in which format it should be finalized, meaning this is no longer just an idea, it is moving forward in practice," she stressed.

Amid endless sanctions and Russia’s disconnection from SWIFT, the Bank of Russia has developed its own payment system, which many countries have already joined, Matviyenko noted. "This shows that there is a light at the end of every tunnel," she added.

The Federation Council Speaker pointed out that the dollar is becoming weaker globally amid an overflowing US national debt, while the system of mutual settlements in national currencies is expanding.

"I hope that the system that has been created by BRICS, will become a trend, an example that not only BRICS nations, but many other countries as well will join later," she said, adding that the issue is being discussed by the Shanghai Cooperation Organization (SCO) as well.

@ Newshounds News™

Read more:  TASS

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MF'S GLOBAL RESERVE ASSET- SDR'S- PAY ATTENTION TO THIS ONE

"Congratulations to members, staff, and leadership on the 80th anniversary of the IMF’s foundation at Bretton Woods, New Hampshire.

The Fund is the crown jewel of the post–World War II international architecture. It was designed by idealists determined to construct a set of institutions to deter aggression among the major powers and prevent resumption of the interwar economic and financial unilateralism."

"The IMF’s principal purpose, according to its Articles of Agreement, is to promote international monetary cooperation by providing “the machinery for consultation and collaboration on international monetary problems.” In the turbulent period following the end of US dollar convertibility to gold in August 1971, members demonstrated that principle and quickly completed the Smithsonian Agreement by December. 

The agreement’s new par values for fixing currencies to the US dollar did not hold, though, and within two years, the Bretton Woods exchange rate regime dissolved into a system of managed floating exchange rates."

"The most enticing opportunity is the IMF’s global reserve asset, SPECIAL DRAWING RIGHTS (SDRs)."

"More than 50 years ago, members approved the first amendment to the Articles of Agreement authorizing the IMF to allocate special drawing rights. The negotiations lasted the better part of the 1960s. "

"SDRs are allocated in proportion to IMF members’ quotas. Each member receives an interest-bearing reserve asset and corresponding long-term liability on which it pays the same rate. The SDR’s value is based on a BASKET OF CURRENCIES with weights adjusted periodically by the IMF board. 

Its interest rate is a weighted average of the short-term government interest rates for the constituent currencies.An  SDR allocation adds to a member’s unconditional liquidity.

Unlike unconditional liquidity derived from borrowing or current account surpluses, the liquidity is costless until the SDRs are transferred to another holder."

"The initial allocation of SDRs annually over a three-year period starting in 1969 proved to be too little too late to save the Bretton Woods exchange rate regime, but nevertheless it was a pathbreaking and historic example of international monetary cooperation.

The second amendment to the articles, in 1978, not only preserved the IMF’s authority to allocate SDRs but also established a two-part obligation for members to collaborate on “better international surveillance of international liquidity” and “making the special drawing right the PRINCIPAL RESERVE ASSET of the international monetary system."

"SDRs are not a magic bullet that alone will solve today’s pressing global economic and financial challenges, but they are one of many instruments that can contribute."

@ Newshounds News™

Read more:  IMF

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Iraq Economic News and Points To Ponder Thursday Afternoon 8-1-24

During July, The Iraqi Market Trades Shares Worth More Than 60 Billion Dinars

Banks  Economy News – Baghdad  The Iraq Stock Exchange announced on Thursday that it will hold 21 trading sessions in July 2024, at a rate of five sessions per week. The sessions will not be held on the first and tenth of Muharram, which falls during the month.

According to the trading indicators for the month of July, the number of traded shares reached (61,327,427,127) shares, an increase of (80%) over the month of June, with a financial value of (60,199,416,955) dinars, an increase of (76%) over the month of June.

According to the index, the number of executed contracts reached (11,309) contracts, an increase of (26%) over the month of June.

The ISX60 index closed at 896.25 points in the last session of July 2024, up 1.6% from its June closing of 882.03 points.

The ISX15 free float index closed at (1008.30) points in the last session of July 2024, achieving an increase of (0.2%) from its closing in June (1005.49) last. 218 views  Added 2024/08/01 - 11:31 AM   https://economy-news.net/content.php?id=45822

Iraqi Central Bank Sales Rise To Nearly $300 Million In Today's Auction

Economy | 03:05 - 01/08/2024   Mawazine News – Baghdad  The Central Bank of Iraq's sales recorded an increase in today's auction, Thursday, amounting to nearly 300 million dollars.  https://www.mawazin.net/Details.aspx?jimare=252509

The Paper Is Above 150 Thousand Dinars.. The Dollar Exchange Rate Rises Against The Iraqi Dinar

Economy | 01/08/2024  Mawazine News – Baghdad  Mawazine News publishes today, Thursday, the exchange rates of the dollar against the Iraqi dinar in exchange shops in local markets in Baghdad.

- Selling 150250 dinars for every 100 dollars.   - Buying 148250 dinars for every 100 dollars.

https://www.mawazin.net/Details.aspx?jimare=252518

Oil Jumps Nearly 3 Percent As US Inventories Fall

Thursday 01 August 2024 07:28 | Economic Number of readings: 315  Baghdad / NINA / Oil futures jumped about three percent amid investor concerns about the expansion of the conflict in the Middle East, and after a sharp decline in US crude inventories.

Brent crude futures for September delivery rose $2.09 per barrel, or 2.66 percent, to $80.72 per barrel at settlement, while the more active October contracts rose $2.77 to $80.84.

US West Texas Intermediate (WTI) crude futures rose $3.18 per barrel, or 4.26 percent, to $77.91 per barrel at settlement, in their biggest daily gain since October 2023.

However, Brent crude ended July with a monthly decline of seven percent, while WTI crude fell by about four percent during the month. "

Government data showed that US crude inventories fell by about 3.4 million barrels last week."

Stocks fell for the fifth week in a row, the longest streak of declines since January 2021./End2

https://ninanews.com/Website/News/Details?key=1144886

Iraq Signs Mou With British Company To Develop Kirkuk Fields

Money  and business  Economy News – Baghdad  Prime Minister Mohammed Shia al-Sudani sponsored, today, Thursday, the signing ceremony of a comprehensive petroleum memorandum of understanding between the Ministry of Oil and the British Petroleum Company (BP) to develop Kirkuk fields for oil and gas production.

According to a statement, the Iraqi side was signed by Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul-Ghani, while the BP CEO Murray Auchincloss signed on behalf of the company.

The statement added, “The memorandum includes the rehabilitation and development of the four fields of the North Oil Company in Kirkuk, which are the Kirkuk field with its two domes (Baba and Avana), the Bai Hassan field, the Jambur field and the Khabbaz field,

as well as the possibility of agreeing on other fields or exploration areas by agreement of the two parties, in light of the government’s efforts to optimally invest in promising opportunities in the energy sector, with the aim of increasing and enhancing oil production and gas and solar energy investments in this region.”

118 views   08/01/2024 - https://economy-news.net/content.php?id=45818

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

Economist’s “News and Views” Thursday 8-1-2024

U.S. Banks Report Unprecedented 23% Surge in Delinquencies As Losses Increase

Atlantis Report:  8-1-2024

The U.S. banking sector is currently facing challenges as it deals with a significant surge in delinquency rates, leading to mounting losses.

Recent reports have revealed a shocking 23% increase in delinquencies, causing concern for both banks and borrowers nationwide.

This sharp rise in borrowers falling behind on their payments has increased bank losses, impacting their profitability and stability.

https://www.youtube.com/watch?v=4-ro9iJPJ3k

Jim Willie: ¨Rate Cuts & BRICS 'Unit' Will Drive Gold Higher¨

Arcadia Economics:  8-1-2024

In the midst of a chaotic election season, a Fed meeting, and more progress by the BRICS on their 40% gold backed 'Unit,' who better to check in with than Dr. Jim Willie.

Jim talks about the the policies that Trump is going to implement if elected, how that will affect the gold market, and the latest he's hearing about the BRICS plan for their 'Unit' payment currency.

Especially at such a volatile time in the financial and political markets, you'll want to hear the latest from Jim. So click to watch the video now!

https://www.youtube.com/watch?v=9JGuBsC8C5U

BRICS Trade 23.9% UP Amid US and EU Decline: What next?

Fastepo:  8-1-2024

The growth of trade volume between China and BRICS member states has seen a remarkable upward trajectory, significantly reshaping global trade dynamics.

 In 2022, trade between China and the BRICS countries reached unprecedented levels, reflecting robust economic partnerships and strategic collaborations. China’s trade with the existing BRICS nations has been characterized by substantial increases across various sectors.

For instance, trade with Russia alone hit $190 billion in 2022, while bilateral trade with Brazil reached $165.6 billion. Trade with India and South Africa also showed significant growth, indicating deepening economic ties despite political and geographical challenges.

 Collectively, China’s trade with BRICS members totaled 2.38 trillion yuan (about $325.7 billion), up 19.1% year-on-year. Exports reached 1.23 trillion yuan, up 23.9%, while imports were 1.15 trillion yuan, up 14.3%.

 The inclusion of new BRICS members, each bringing unique economic strengths, is expected to further diversify and expand trade volumes.

Saudi Arabia and the UAE, as major oil producers, will enhance energy trade. Ethiopia and Egypt will add to Africa’s representation, potentially increasing infrastructure investments and economic development projects across the continent.

Conversely, trade between China and Western economies has shown signs of decline. In the first half of 2023, trade between China and the EU fell for the first time in four years, reflecting increasing geopolitical tensions and economic sanctions.

 Similarly, trade with the United States experienced a downturn, with bilateral trade declining by 11.6% in 2022 compared to the previous year. These declines highlight the shifting trade dynamics as China pivots towards stronger economic relationships with BRICS countries and other emerging markets.

 In this video, we delve into the transformative shift in global trade patterns, moving away from the traditional East-West axis towards a burgeoning South-South framework.

This emerging trend is reshaping not only trade routes but also the broader global order. The increasing trade and economic cooperation between countries in the Global South is heralding a new era of geopolitical influence, challenging the longstanding dominance of Western powers.

This shift signifies a profound change in the global economic landscape, with significant implications for international relations and economic policies worldwide

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

Iraq News Highlights and Points To Ponder Thursday AM 8-1-24

{Theft Of The Century} Returns To The Forefront... And The Integrity Commission Reveals Shocking Information

Time: 2024/08/01 Read: 2,405 times  {Local: Al Furat News} The head of the Integrity Commission, Judge Haider Hanoun, announced today, Thursday, the extradition of one of the major defendants in the tax deposit theft case.

Hanoun said in a press conference, followed by {Euphrates News}, that "the accused Nour Zuhair is bailed and will be tried. The theft of tax deposits is deposited with the judiciary, and the Integrity Commission is only responsible for implementing the laws. This case will not die and the government gives it full priority."

He added, "The accused Qasim Muhammad Muhammad was extradited from the Kurdistan Region after he had been a fugitive in Turkey. He holds the position of Managing Director of the Humpbacked Whale Company. The theft recorded against the accused is 988 billion Iraqi dinars, and these are not final figures."

He added, "Another accused was arrested, namely Mohammed Falah Al-Janabi, the managing director of Al-Qant Company. He is accused of stealing more than a trillion dinars through 79 forged checks. The third accused of stealing tax deposits is detained in the Emirates and we will recover him soon."

"Abdul Mahdi Tawfiq, who is accused of stealing more than two trillion, was arrested. He is also the managing director of the Humpbacked Whale Company. The fourth accused of stealing tax deposits is Alaa Khalaf Maran, who is now a fugitive in Lebanon or Turkey.

He was affiliated with Al-Kadhimi's office and had 890 billion dinars in his pocket," he explained, adding that "two dual nationals were arrested by the Kuwaiti authorities and the amounts owed to them amounted to 124 million dollars and will be returned to Iraq."

He concluded his speech by saying, "The final amount of the theft of tax deposits exceeds what was announced, and the recovery of more than two million dollars and 155 million that had been buried underground in Babylon, in addition to 9 properties of a former general manager in the General Directorate of Railways, and we are in the process of investigating him regarding the inflation of funds." LINK

Judge Hanoun: The Final Amount Of The Theft Of Tax Deposits Exceeds What Is Announced

Thursday 01 August 2024 13:53 | Politics Number of readings: 73

Judge Hanoun: The final amount of the theft of tax deposits exceeds what is announced 1144975-9b3b2da0-be23-4f5b-9b11-6249dcb26a3e

Baghdad / NINA / Judge Haider Hanoun, head of the Integrity Commission, confirmed: "The final amount of the theft of tax deposits exceeds what is announced, because the Tax Authority has not yet informed us of the actual amount of stolen money.

Hanoun called on the Ministry of Finance and the Tax Authority to provide the Integrity Commission with the names and accounts of the companies from which those funds were stolen and have now become Iraqi money owned by the people. Otherwise, after 15 days, the head of the Tax Authority will be asked to hand over those documents or proceed with all legal measures.

He pointed out: "The amount offered today belongs to the former Director General of the Railway Directorate, which is more than two million dollars and another amount in Iraqi dinars in addition to 9 properties, 5 of which are worth more than 8 billion Iraqi dinars."

He continued: "We are coordinating with the State of Kuwait to extradite two other accused, who are two brothers who were working with the main accused, Nour Zuhair. https://ninanews.com/Website/News/Details?key=1144975

Will America Resort To Tightening The Economic Noose On Baghdad?

2024-08-01 | 1,515 views   Following repeated security breaches, observers: Washington may resort to tightening the economic noose on Iraq

Observers expect that it will resort toWashingtonTo tighten the economic stranglehold onIraqAfter the deadline with the factions expired and the targeting of military headquarters resumed, others hold the government responsible for the delay in liberating the Iraqi economy from American control. Follow the full details in this report from Alsumaria   LINK

Urgent Study To Localize Gold In Iraq

Time: 2024/08/01 Reading: 377 times  {Economic: Al Furat News} Minister of Trade Athir Dawood Al Ghurairi discussed this morning, Thursday, with a number of gold traders the obstacles they face in their work inside Iraq and working to provide the necessary facilities to localize the gold industry in the country.

During the meeting, the Minister of Trade confirmed, according to a statement by the ministry, a copy of which was received by {Al-Furat News}, that “the Ministry of Trade, within its ministerial program and concerned with formulating trade and foreign policy, is working to support and organize the work of commercial sectors, including the gold trade sector, due to its great weight in the country’s economy.”

Al-Ghariri said, “Through this meeting, we want to identify the work mechanisms and obstacles in order to provide the appropriate environment for economic growth and develop policies that contribute to strengthening the position of the gold sector in the local and international market.”

The Minister of Trade pointed out that "the Ministry is ready to cooperate with traders and begin taking steps to overcome obstacles and provide the appropriate environment to achieve the localization of the gold industry within Iraq according to the needs of the market and the consumer, so that this industry returns as it was before, and even stronger, in light of the government's direction to support the commercial and industrial sector in the country."

Minister Al-Ghariri announced, "While speaking about regulating commercial sectors, instructions will soon be issued to regulate e-commerce in Iraq. This is a step towards updating commercial policies and keeping pace with developments in this area to provide a safe and prosperous commercial environment that contributes to driving the national economy."

For their part, the gold traders thanked the Minister for his interest and support, and raised a number of problems and challenges facing their work, expressing their hope that these meetings would contribute to improving and developing this sector.

According to the statement, the meeting resulted in “an agreement to submit a comprehensive study to localize this industry, following the example of developed countries that have been famous for this industry in recent decades.

A period of fifteen days was set to prepare the study, and another meeting will be held to explain the study, its basic aspects, and its returns, in order to come up with recommendations to be presented to the relevant government agencies and take the appropriate decision.”  LINK 

With The Document.. The Central Bank Prohibits The Sale Of Dollars To Travelers Through Sanctioned Travel Companies Locally Or Internationally

Time: 2024/08/01 Read: 1,664 times  {Economic: Al Furat News} The Central Bank of Iraq informed government and private banks and exchange companies not to accept travel tickets issued by airlines and travel and tourism companies included on local or international sanctions lists in the sale of cash dollars for travelers.  LINK

“Tidbits From TNT” Thursday Morning 8-1-2024

TNT:

Tishwash:  Parliamentary Committee: Parliament will host the Central Bank Governor for this reason

The Presidency of the Council of Representatives agreed to host the Governor of the Central Bank of Iraq, Ali Al-Alaq, during the upcoming sessions of the Council of Representatives.

Member of the Parliamentary Integrity Committee Hadi Al-Salami confirmed, in a statement to the National Iraqi News Agency / NINA /, that "the Presidency of the Council of Representatives approved hosting the Governor of the Central Bank in the session of the Council of Representatives, the date of which will be determined later, within the framework of the supervisory role of the work of the Central Bank and its Governor, and in accordance with the Council of Representatives Law No. 13 of 2018, Articles 27-29 thereof."

He added, "Hosting the Governor of the Central Bank will be to answer the oral question before the Council of Representatives regarding the exchange rate in the parallel market, and the large financial difference from the official exchange rate, as well as what is related to the application of the standards of transparency and confidentiality and not announcing the daily bulletin of the Central Bank."  link

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Tishwash: US State Department: We will take all measures to protect our interests in the Middle East

 The US State Department announced today, Wednesday, July 31, 2024, that Washington will take every possible measure to protect American individuals and interests in the Middle East.

The US State Department said in a statement, "We have seen Hamas' statement regarding Haniyeh, but we do not want to speculate on any repercussions or reactions to the incident," referring to the assassination of Ismail Haniyeh.

She pointed out that "the US commitment to Israel's security and its defense against any reckless attacks that Iran may launch is firm and unwavering."

She noted that "her efforts to reach a deal and bridge the gaps are still ongoing and represent a priority for us and for the region."  link

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Tishwash:  Official to Reuters: US carried out strike in Iraq

 The United States carried out a strike in Iraq on Tuesday in self-defense, a U.S. official told Reuters, hours after Israel struck Iranian-backed Hezbollah in Lebanon and as tensions escalated in the Middle East.

The official, who spoke on condition of anonymity, said the strike was caused by a threat to US-led coalition forces.

Explosions took place on Tuesday inside a base used by Iraq's Popular Mobilization Forces south of Baghdad, killing four of its members and wounding four others, police and medical sources told Reuters.

The Popular Mobilization Forces is an official security agency that includes several armed groups allied with Iran.

Hospital sources said the initial death toll was one, but two people who were seriously injured in the blasts later died, and another body was recovered from the blast site.

The explosions came after several missiles were fired at Iraq's Ain al-Asad air base, which houses US-led forces, late Thursday, causing no damage or injuries, US and Iraqi sources said.

In a statement issued after the explosions, the Popular Mobilization Forces did not make any accusations, referring to an explosion of unknown origin.

Later, another statement by the Popular Mobilization Forces said that missiles launched by drones targeted two Popular Mobilization Forces patrols in the town of Jurf al-Sakhar, south of Baghdad.

An Iraqi military official said the cause of the explosion was still unclear and authorities would begin investigating the incident.

Two local leaders of Iraq's Popular Mobilization Forces accused the United States of carrying out airstrikes targeting the Popular Mobilization Forces base. There was no immediate comment from the US military.

Witnesses said ambulances rushed to the area where the camp is located, 50 kilometres south of Baghdad.

Iraq has seen a surge in tit-for-tat attacks since the war between Israel and Hamas broke out in October. It is a rare ally of both Tehran and Washington, hosts 2,500 US troops and has Iranian-backed militias linked to its security forces.  link

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Tishwash:  Iraqi Army receives seven Bell 505 helicopters from US

The Iraqi Army Aviation Command announced Tuesday that it has received seven Bell 505 helicopters from the United States.

The Bell 505 Jet Ranger X is an American/Canadian light helicopter developed and manufactured by Bell Helicopter.

In a statement, the Iraqi Ministry of Defense said the delivery is part of "pre-arranged contracts aimed at advancing the country's military training programs. The handover ceremony was attended by the representative of the Commander-in-Chief of the Armed Forces, the Air Force Commander, senior officers from the Ministry of Defense, the US Military Attaché, and a representative from Bell Helicopter."

"This batch will significantly update and improve our training system with modern aircraft," said Major General Mohammed Abdul Karim Awfi, Commander of Army Aviation. "It will also help in preparing skilled pilots capable of protecting Iraq's airspace and executing missions with high efficiency."

In turn, the US Military Attaché described this step as "a pioneering to enhance the command's capabilities and train pilots under ambitious and advanced plans."  link

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

Mot: .. Bye! - Bye!

Mot:  They Say with NESARA - Things Will Be Going Back to the 1950s - What Ya Think???

Seeds of Wisdom RV and Economic Updates Wednesday Afternoon 7-31-24

Good Afternoon Dinar Recaps,

RUSSIA LEGALIZES BITCOIN AND CRYPTO TRANSACTIONS FOR GOVERNMENT AND BUSINESSES

"In a significant legislative move, Russian lawmakers have passed a bill permitting businesses to use Bitcoin and other cryptocurrencies in international trade, according to a report by Retuers.

 This development is part of Russia's strategy to circumvent Western sanctions imposed following the invasion of Ukraine. The new law, expected to take effect in September, aims to address delays in international payments, particularly with key trading partners like China, India, and the UAE."

"Central bank Governor Elvira Nabiullina, a proponent of the law, announced that the first cryptocurrency transactions will occur before the year's end. The central bank will establish an "experimental" infrastructure for these payments, with further details pending."

"The legislation also includes regulations on cryptocurrency mining and the circulation of other digital assets but maintains the ban on cryptocurrency payments within Russia. The central bank highlighted that payment delays have caused an 8% drop in Russian imports in the second quarter of 2024.

"Despite efforts to shift to trading partners' currencies and develop an alternative BRICS payment system, many transactions still rely on dollars and euros via the SWIFT system, risking secondary sanctions. Nabiullina emphasized that these sanctions have complicated import payments, extending supply chains and increasing costs."

" Anatoly Aksakov, the head of the Duma lower house of parliament, reportedly told lawmakers, "We are taking a historic decision in the financial sphere" by passing this legislation. "

@ Newshounds News™

Read more:  Bitcoin Magazine

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DIGITAL RUSSIAN RUBLE SET FOR MASS DISTRIBUTION JULY 2025

"MOSCOW, July 30. /TASS/. If the digital ruble is successfully tested its mass introduction is possible starting July 2025, Russian Central Bank Governor Elvira Nabiullina said addressing the Federation Council (upper house of the parliament)."

"Now I can say that if everything goes as we plan further on, with pilots implemented successfully, we will be able to shift from tests to massively introducing the digital ruble from July 2025. We target those dates, though it will be a gradual process, a gradual process of using digital rubles," she said.

"Russian President Vladimir Putin said earlier that the platform of digital ruble showed efficiency and reliability as it was tested."

"The Bank of Russia has been implementing a pilot project with real digital rubles since August 15, 2023. At the first stage, active operations are tested, such as opening wallets in digital rubles for banks and clients (individuals and legal entities), transferring digital rubles between clients, and payments at trade and service enterprises."

@ Newshounds News™

Read more:  TASS

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Statement of Commissioner Caroline D. Pham in Support of Foreign Boards of Trade Final Rule
July 29, 2024

I support the Foreign Boards of Trade (FBOT) Final Rule because it promotes access to markets for U.S. participants, competition, and liquidity.  I would like to thank Maura Dundon, Roger Smith, and Alexandros Stamoulis in the CFTC’s Division of Market Oversight for their work on this rulemaking.

I will reiterate key points from my statement on the FBOT proposed rule. [1] As a CFTC Commissioner, I have made it clear that I believe in good policy that enables growth, progress, and access to markets.[2]  

Accordingly, I am pleased to support Commission efforts that take a pragmatic approach to issues that hinder market access and cross-border activity.  I continue to believe that this rulemaking exemplifies policy that ensures a level playing field, and I applaud this step in the right direction for market structure.

FBOTs have been a critical piece of the CFTC’s markets for decades and provide access for U.S. market participants to non-U.S. markets in realization of the global economy and international business.[3]  

The main substantive amendment in the FBOT Final Rule is to Regulation 48.4, which will now include

1. introducing brokers (IBs)[4] as a permissible intermediary,  in addition to
2. futures commission merchants (FCMs),
3. commodity pool operators (CPOs), and
4. commodity trading advisors (CTAs),

to enter orders on behalf of customers or commodity pools via direct access on a registered FBOT.[5]  

I believe that the FBOT Final Rule will provide more choice in brokers and broker arrangements for U.S. market participants that trade foreign futures and ensure that appropriate customer protections are in place.

As sponsor of the CFTC’s Global Markets Advisory Committee (GMAC),[6] I have devoted a significant part of my Commissionership to supporting solutions that will enhance the resiliency and efficiency of global markets.[7]  The FBOT Final Rule is policy that mitigates market fragmentation and the associated impact on liquidity, and promotes the overall competitiveness of our derivatives markets.  I am pleased to support the FBOT Final Rule.

@ Newshounds News™

Read more:  CFTC

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GOLD ON THE MOVE with Fed Rate Cut Speculation

"The latest economic data has sparked renewed optimism in the gold market, with prices climbing over $20 as investors digested signs of cooling inflation and robust economic growth"

"The central bank’s actions in the coming months could have far-reaching implications for gold prices and the broader financial landscape."

@ Newshounds News™

Read more:  Dedollarize News

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Bank of England seeks feedback for wholesale CBDC trials

Today the Bank of England published a discussion paper on innovation in money and payments. While it covers payments across the board, it aims to gather feedback for planned wholesale central bank money trials. This will include both a wholesale central bank digital currency (wCBDC) and a synchronization solution enabling DLT transactions to settle using the real-time gross settlement (RTGS) system.

The report states, “We judge that these risks are an  order of magnitude greater than the risks posed by retail use cases.”

At a retail level, the UK is now testing tokenized deposits through the Regulated Liability Network initiative. However, the paper warns of the need for progress. “Commercial bank money needs to keep pace with the needs of consumers and so carry functionalities to deliver safe and sustainable innovation in payments,” wrote the authors. “Absent such innovation, central banks may be left as the only game in town insofar as retail payments innovation is concerned.”

Regarding the wholesale CBDC trials,
in conjunction with the BIS Innovation Hub, the Bank already ran Project Meridian, which enabled a digital real estate transaction to settle via connectivity with the RTGS. Currently it’s running Project Meridien FX with the European Central Bank.

The paper outlines a series of planned wholesale tests for both the wCBDC and the synchronization solution. It envisages the latter as being a third system that integrates between the RTGS and various DLTs. It wants to run the tests side-by-side so it can make comparisons between the wCBDC and synchronization risks and complexity.

The tests encompass delivery versus payment (DvP).  Other uses cases will involve payment versus payment (PvP). Synchronization is already being trialed as part of Project Meridian FX, but it also wants to explore wCBDC.

Finally, it will test interoperability with global initiatives such as the BIS Project Agorá for cross-border payments in which the Bank is a participant.

@ Newshounds News™

Read more:  Ledger Insights

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UAE residents can now trade crypto directly with their bank accounts

The new integration enables the direct conversion of UAE dirhams into Bitcoin and Ether using M2’s spot market.

Crypto exchange M2 announced that it will allow residents in the United Arab Emirates to buy and sell Bitcoin and Ether directly using their bank accounts.

In an announcement shared with Cointelegraph, the digital asset custodian said that the new integration allows UAE residents to directly convert their dirhams into Bitcoin and Ether. Through trading pairs listed on M2’s spot markets, users can trade BTC and ETH for dirhams and vice versa. In addition, users can also deposit and withdraw dirhams.

The M2 team believes that the new integration enables users to “swiftly adapt to market changes,” allowing them to easily convert their local currency into crypto.

Wider accessibility of virtual assets in the UAE
According to M2, the new integration allows the exchange to expand its offerings amid a rapidly evolving landscape. The team also believes the new integration is a milestone for the “wider accessibility of virtual assets in the region.”

Kimmel told Cointelegraph that the new integration could also help everyday investors, especially those who are not “fully entrenched” in the nuances of the trading environment.

UAE is one of the world’s “strictest” in consumer protection.  In addition, the executive highlighted that this move is also regulated by the UAE government, which he described as one of the world’s “strictest regulatory frameworks” that prioritizes consumer protection.

@ Newshounds News™

Read more:  Coin Telegraph

~~~~~~~~~

HOW MUCH MONEY IS IN CRYPTO?
HAVE YOU EVER CONSIDERED THE MARKET CAP ON THE LARGEST CRYPTOCURRENCIES?

IT MIGHT SURPRISE YOU

1. BITCOIN               1.3 Trillion
2. ETHEREUM         398 Billion
3. TETHER-USDT    114 Billion
4. BNB                        86 Billion
5. SOLANA                 84 Billion
6. XRP                      35 Billion
7. USDC                    33 Billion
8. DOGE                     18 Billion
9. TON                       17 Billion
10. CARDANO ADA   18 Billion        

@ Newshounds News™

Read more:  Coin Market Cap

~~~~~~~~~

What Is Market Capitalization?

"Market capitalization, or "market cap," represents the total dollar market value of a company's outstanding shares of stock. Investors use this figure to determine a company's size instead of sales or total asset value."

"Market capitalization estimates a company's value by extrapolating what the market thinks it is worth for publicly traded companies and multiplying the share price by the number of available shares. After a company goes public and begins trading on an exchange, its share price is determined by supply and demand. As market prices move, the market cap becomes a real-time estimate of the company's value. "

Market Cap and Digital Currency
Because new digital currency offerings theoretically thin the value of existing coins, tokens, or shares, a different market cap formula can be used to calculate the market cap for all authorized shares or tokens. Analysts use diluted market cap to understand potential changes to a security, token, or coin's price."

@ Newshounds News™

Read more:  Investopedia

~~~~~~~~~

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BRICS to Leave World Bank: What are alternatives?

BRICS to Leave World Bank: What are alternatives?

Fastepo:  7-30-2024

Are the World Bank and IMF Truly Serving the Global South, or Is It Time for Change? The effectiveness of the World Bank and the International Monetary Fund (IMF) has come under increasing scrutiny from BRICS nations, which argue that these institutions are dominated by Western interests and fail to address the needs of developing countries.

Critics highlight the stringent loan conditions imposed by the World Bank and IMF, which often do not align with local priorities and can exacerbate economic and social challenges.

Indian Prime Minister Narendra Modi has publicly criticized the World Bank's governance structure, describing it as outdated and disproportionately favoring Western nations. Modi has called for a more equitable system that provides greater representation and decision-making power to developing countries.

This stance reflects India's broader push for reforms in international financial institutions to ensure fairer treatment of emerging economies.

South Africa's experiences with the World Bank have also been contentious. The country has faced significant challenges due to the stringent conditions attached to World Bank loans, particularly those affecting its economic policies and social programs.

In the 1980s and 1990s, South Africa was subject to structural adjustment programs mandated by the World Bank and IMF, which included austerity measures, privatization of state-owned enterprises, and trade liberalization. These policies are widely believed to have undermined South Africa's economic sovereignty and increased social inequalities.

 Nobel laureate economist Joseph Stiglitz has been a vocal critic of the IMF and World Bank, particularly in the context of Russia. Stiglitz argues that the rapid privatization and market liberalization policies advocated by these institutions in the 1990s led to severe economic and social turmoil.

These policies resulted in a significant decline in GDP, increased poverty rates, and greater economic inequality, with a dramatic fall in life expectancy and rising unemployment.

 Critics argue that the World Bank's policies perpetuate Western influence, marginalizing the unique economic contexts of Global South nations.

 In response, BRICS has established the New Development Bank (NDB) to support infrastructure and sustainable development projects, providing an alternative to traditional financial institutions.

Geopolitical considerations also play a crucial role in BRICS' stance. The bloc's resistance to Western sanctions and efforts to trade in non-dollar currencies illustrate its push for a more equitable global financial system.

These actions underscore the growing desire among BRICS nations to reduce dependency on the US dollar and create a more inclusive economic order.

This video explores the criticisms of the World Bank, examining its historical Western control and the contentious programs that have had mixed impacts on global development.

 It delves into the reasons behind the Global South's shift towards alternatives like the NDB, emphasizing the need for financial systems that support more sustainable and equitable growth.

https://www.youtube.com/watch?v=XWBcZ1FkQdY

MilitiaMan: IQD Update - Iraq Dinar News - Time to Move - US FED - Not able to Wait - A Moments Notice #2

IQD Update - Iraq Dinar News - Time to Move - US FED - Not able to Wait - A Moments Notice #2

MilitiaMan and Crew:  7-31-2024

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

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

https://www.youtube.com/watch?v=EcHMhxdHg3I

Iraq Economic News and Points To Ponder Wednesday AM 7-31-24

Experts: The Stability Of The Dollar Depends On The Creation Of A “New Platform” With Iran And Syria

Economical 07/31/2024  Baghdad: Ahmed Al-Janabi   Financial and economic specialists believe that the stability of the dollar exchange rate depends on creating a new platform for trade with Syria and Iran, and dealing with countries banned from the dollar in another currency. Euro or Chinese yuan.

 Yesterday, the exchange rate in the parallel market recorded 149 thousand dinars for 100 dollars, although the official price in the Central Bank is 132 thousand dinars for every 100 dollars. Economic affairs researcher Mustafa Al-Faraj said in a statement to Al-Sabah that  “the parallel market for the dollar is facing great pressure.”

By merchants and travelers to Iran, Syria, and other countries banned from the dollar,” noting that  “this increases the demand for the dollar and thus prices rise.” 

He pointed out that  “the solution to this problem lies in finding a new platform with those countries and   dealing with them in a currency other than the dollar, such as the euro and the yuan,   with the importance of finding an appropriate formula for the US Treasury  that removes sanctions from our banking sector.” 

Al-Faraj explained that  “Iraq lacks economic diversification and depends entirely on oil, which has weakened other economic sectors,” explaining that supporting the productive sector can limit the depletion of hard currency imports.

 For his part, the official spokesman for the currency market in Sulaymaniyah, Jabbar, explained  Curran said,  “The rise in the dollar this time is not linked to a political or economic crisis or external factors, but rather  it is linked to the actions of the Central Bank of Iraq, and it is possible that the bank will control this.” Height".

He called on the Central Bank to “take sufficient measures that can reduce the scarcity of the dollar in local markets.”

 In addition, economic affairs researcher Alaa Al-Fahd expected a gradual decline in the dollar exchange rate in the coming days, explaining that

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 gains.  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 we hope that these discussions will produce positive results."     https://alsabaah.iq/100272-.html

  At An American Request, The Iraqi Central Bank Is Moving To Merge Banks Prohibited From Dealing In Dollars

 Economy     breaking     US Department of the Treasury     Central Bank of Iraq     US sanctions     Iraqi banks   2024-07-30   Twilight News/ Informed sources revealed, on Tuesday, the existence of a new American request to the Central Bank The Iraqi bank includes merging banks banned from dealing in dollars in the currency auction.  She said Sources told Shafaq News Agency,

 “The US Treasury and the Federal Reserve A request from the Central Bank of Iraq to merge and close banks restricted from using the dollar Some distressed banks.

She added Sources said,   “The Central Bank of Iraq is required today to take rapid measures to merge And closing troubled banks in order to return to banking, which reflects positively on The exchange rate, and for this reason the

Central Bank contracted with an international company to present a plan for the sector Banking, which will include merging banks and closing some of them.”  And revealed Informed sources said,

 “This company, on the recommendation of the Americans, is similar to the work of K2 Company, without revealing its name or disclosure more details".   https://shafaq.com/ar/اقتصـاد/بطلب-مريكي-المركزي-العراقي-يتجه-لدمج-المصارف-الممنوعة-من-التعامل-بالدولار    

Nassif: The Banking Sector Is Being Punished For Mistakes Made In Previous Years

Member of Parliament Alia Nassif commented on Tuesday after granting a license to the Arab Jordanian Bank and the Emirates Federation to work in Iraq, stressing that this method is killing Iraqi banks.

Nassif said in a tweet on the (x) platform, this method is killing Iraqi banks. A license was granted to the Arab Jordanian Bank and the Emirates Federation to work in Iraq and they will start their work at the beginning of next September, along with the National Bank.

The license will also be granted to two banks (Kuwaiti and Qatari), while many Iraqi banks continue to stop and more of them are stopped due to the management of the Central Bank of Iraq, which did not address the problem during the past period.

She added: Paying them money without results. The banking sector is being punished for mistakes for previous years in which it was under the supervision of the same current management of the Central Bank, so why was this management not punished for failing to fulfill its duty to supervise the work of those banks?!   https://www.radionawa.com/all-detail.aspx?jimare=39029

Iraq’s Reserves Of Liquefied Gas Rise To More Than 133,000 Tons

    Amr Salem July 30, 2024 An employee turns a valve at the Nahr Bin Omar natural gas field, north of the southern Iraqi port of Basra. Photo: AFP

Baghdad (IraqiNews.com) – The Iraqi Ministry of Oil revealed on Tuesday that its output of liquefied gas had increased to over 7,000 tons and that its reserves had reached over 133,000 tons.

 The Oil Ministry’s Undersecretary for Gas Affairs, Izzat Saber, mentioned in a statement that the daily production rate of liquefied gas in Iraq reached 7,370 tons.

 The Iraqi Prime Minister and the Oil Minister both support the gas industry, Saber said, adding that

 the government’s gas utilization projects are the reason behind the increase in liquefied gas output.

The Director of Iraq’s Gas Filling and Services Company, Anmar Ali Hussein, said that the company succeeded in meeting the needs of citizens and service sectors in the capital, Baghdad, and the rest of the Iraqi governorates.

 Compared to the daily rate of gas consumption in Iraq, which is 5,700 tons, there is a surplus in the quantity of gas generated nationwide, according to Hussein.

According to the government plans, Hussein said, there will be several initiatives in the upcoming stage that will aid in the expansion and development of the gas industry.  

https://www.iraqinews.com/iraq/iraqs-reserves-of-liquefied-gas-rise-to-more-than-133000-tons/    

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

MilitiaMan: IQD Update - Iraq Dinar News - Iraq Dinar News - Time to Move - US FED - At Moments Notice

IQD Update - Iraq Dinar News - Iraq Dinar News - Time to Move - US FED - At Moments Notice

MilitiaMan and Crew: 7-30-2024

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

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

https://www.youtube.com/watch?v=Dx6gVI9LfXA

Iraq News Highlights and Points To Ponder Tuesday Evening 7-30-24

Hasty Implementation... Who Bears The Responsibility For The Mistakes Of Government Projects?

Tuesday, 07-30-2024, Karar Al-Asadi   Since Prime Minister Mohammed Shia al-Sudani announced the implementation of projects, including plans to relieve traffic congestion in the capital, Baghdad, the construction, building of bridges and overpasses, and widening of streets have been marred by many shortcomings and errors, which led to some of them being repaired shortly after their opening, or details being added to them, which raised several questions about the priority of speed of completion at the expense of quality.

However, observers considered the matter, despite that, a step forward in the reconstruction process. Regarding these errors, economic researcher Mustafa Akram Hantoush points out that “the occurrence of some errors does not affect the good service construction and development movement of Baghdad Governorate, and if errors occur, they can be addressed and what the government has done regarding the bridges issue can be considered an achievement because if it were not for the current trend, the Baghdad Municipality would not have built any of these bridges.”

Hantoush believes that “the Iraqi government is very good with regard to bridges and some issues related to infrastructure. In fact, we have never seen anything similar from previous governments. The Baghdad Municipality often received money to transfer it to replacing sidewalks on an ongoing basis, so no bridges or gates were built.”

It is noteworthy that the Prime Minister announced at the beginning of 2023 the commencement of a package of projects, starting with supplying residential areas on the outskirts of Baghdad and slums with infrastructure, including sewage, water, electricity and road paving networks, while launching a plan to relieve traffic congestion, which includes the construction of a number of bridges and overpasses and the expansion of many streets.

For his part, political analyst Hassan Fadel says, “Some of the failures that occur in completing the projects implemented by Al-Sudani’s government are not directly borne by the government, nor by Mr. Al-Sudani himself, but rather are primarily borne by the Ministry of Construction and Housing, because it is necessary to evaluate the companies implementing the project according to standards set by the ministry before approving the bids of the implementing companies.”

“Among these criteria, this company must have implemented similar projects and possess the capabilities, tools, experts and engineers.

 This means that the company submitting the bid has previous experience in similar projects, is it a company that has been working in this field for years, does it have sufficient experience or is it a new company, and what is the nationality of this company?        These criteria and others must be taken into consideration to avoid these mistakes in the future,” Fadel added.

“The Prime Minister is trying to fix what was spoiled by years of government failures, but all the projects undertaken by the current government fall within its duties and cannot be considered achievements, because the achievement is the realization of huge strategic goals such as the development road and the Grand Faw Port, which can be classified among the huge strategic achievements and projects if they are completed,” he added.

“As for building bridges and factories, these are routine procedures that every government in the world undertakes, and they cannot be classified as achievements. Rather, building bridges and overpasses is the duty of the Baghdad Municipality and the Ministry of Reconstruction and is within their powers, and sometimes there may be a simple intervention from the Prime Minister, not a large-scale intervention,” he added,

“but because of the situation in Iraq and the nature of the circumstances it has suffered, the government was forced to intervene in such small projects that are of lower responsibilities in order to speed up completion and achieve a solution to the problem of traffic congestion and bottlenecks, and therefore these projects are not considered achievements.”

The General Traffic Directorate had previously announced the closure of the Cordoba Bridge in central Baghdad for maintenance purposes, four months after its opening, in addition to the completion of the Rustumiyah Bridge in Baghdad without channels to drain rainwater.

The Federal Integrity Commission had previously announced the failure of most of the electronic gates in parking garages in Baghdad and the governorates, after costing the state about eight and a half billion dinars.

Regarding the malfunction of these electronic gates, legal expert Adnan Al-Sharifi comments, “What is related to the malfunction of the electronic gates is either due to poor equipment or exposure to electronic hacking or sabotage by an agent.

 If it is a sudden malfunction, this is a normal thing that may happen anywhere, provided that the materials of these gates are equipped and implemented according to good controls, contracts and specifications. However, if it is due to an agent, the investigation will reveal his identity and he will be referred to the competent authorities.”

He continued, “As for the poor quality of the projects, it is divided into two parts. The first is the poor quality of the plans, quantity schedules, and engineering specifications, which is the responsibility of the party that carried them out.

The second is the poor quality of the implementation, which is due to the collusion of the resident engineer, the supervisory authorities, and the receiving committees. All of these bear full responsibility for the intentional damages and will be held accountable in accordance with Articles 341 and 340 of the Penal Code, and as the results of the investigation show.” https://non14.net/public/168799

Alsumaria Publishes The Dollar Exchange Rates In The Iraqi Stock Exchanges Today

Economy  2024-07-30 |  Alsumaria News – Economy  Alsumaria News publishes the exchange rates of the dollar against the Iraqi dinar in the local Iraqi markets for Tuesday, July 30, 2024.

The dollar prices decreased with the opening of the Al-Kifah and Al-Harithiya stock exchanges, recording 149,000 dinars for every 100 dollars. As for the selling prices in the exchange shops in the local markets in Baghdad, they decreased, as the selling price reached 150,000 dinars, while the purchase price reached 148,000 dinars for every 100 dollars.

On February 7, 2022, the Council of Ministers  announced its approval to amend the dollar exchange rate to 1,320 dinars per dollar.

For about a year, specifically since the Central Bank began operating the electronic platform and the international financial transfer system "SWIFT", the dollar exchange rate in Iraq has not witnessed stability despite the government and the Central Bank's attempts to control the exchange rate in parallel markets.   LINK

Al-Sadr Calls For Boycotting American Products And Those Supporting The Israeli Entity: Peacefully, Not Through Violence

Politics | 07/29/2024  Mawazine News – Baghdad  The leader of the Shiite National Movement, Muqtada al-Sadr, called today, Monday, for boycotting American products and goods that support the Israeli entity, while stressing the need not to use violence as some parties that want to destroy Iraq are doing.

In response to a question directed to the leader of the Shiite National Movement, which read: “What is your advice to all Muslims and Iraqis in particular regarding boycotting American goods and goods that support the usurping Zionist entity, in support of the people of Gaza in particular and Islam and humanity in general?”

Al-Sadr said the following text: “Yes, all believers in the Palestinian cause, all lovers of humanity, and all those who reject the mass massacres taking place in Gaza, and all those who reject the terrorist Zionist entity, its actions, crimes, and terrorism, and its master, America, the great evil occupier who hates peoples, should boycott all products that support Israel, America, colonialism, and the unjust global arrogance that is trying to make the world a village in its hands like a toy...

Boycotting them inside and outside Iraq is an act that pleases God Almighty and even pleases our consciences as Muslims and lovers of humanity and peace...

All of this is done through a peaceful boycott by not selling, not buying, or even using them... and not using violence as some parties do that want to destroy our beloved Iraq and benefit personally and partisanly from that in: #We are all boycotting.”   https://www.mawazin.net/Details.aspx?jimare=252290

Government Advisor: Adopting Budget Schedules Has Become A Reality And Does Not Affect Financial Obligations

Money  and business  Economy News – Baghdad  The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Tuesday, that the budget schedules have become a reality, and issuing instructions is a procedural matter that does not affect financial obligations.

Saleh said, in an interview with the Iraqi News Agency, followed by "Al-Eqtisad News", that "the legal basis for the current fiscal year 2024 is a matter that has been legislated and approved primarily, based on the provisions of the federal general budget for the years 2023, 2025, 2024 issued by Law No. 13 of 2023, which was published on June 26, 2023 in the Official Gazette."

He explained that "what is stipulated in Article Two / 77 of the law includes the executive authority submitting the financial tables for the two fiscal years 2024, 2025 to enable the House of Representatives to approve them sequentially," noting that "this was achieved in the fiscal year 2024."

He pointed out that "the three-year federal general budget was applied for the first time in the country, which was based in its approval on one of the articles included in the provisions of the Federal Financial Management Law No. 6 of 2019, as amended, which authorized the work of a financial plan consisting of a general budget for three fiscal years."

He added that "the legal options available to implement the provisions of the federal general budget have become more flexible for the federal financial authority, in addition to the availability of the federal financial management law itself, which allows financial transactions even if any approval of the general budget formalities is delayed in principle, especially allowing continued spending or disbursement on investment projects approved in the three-year general budget as ongoing projects, as well as operational spending, or any financial transactions stipulated in the three-year general budget law."

He added, "Despite this, the adoption of the financial tables for the current fiscal year 2024, which were approved by the House of Representatives earlier this year, has become a reality, and issuing instructions for their implementation is a procedural matter that does not affect the obligations of the fiscal year itself, as these instructions are in all cases consistent with the emerging financial transactions when issued."

He added that "the Ministry of Finance announced earlier this month the issuance of financial bonds (achievement bond) as a source of financing for the budget by borrowing from the local financial market worth 1.5 trillion dinars,"

stressing that "spending on operating expenses such as salaries, pensions, social care, debt services, and others is ongoing, in addition to the continued financing of ongoing investment projects and those under implementation."

He pointed out that "all of these activities are financial activities in which spending has not stopped, which is consistent with the legal work rules that came with the three-year federal general budget, with high flexibility, transparency, and governance."

He noted that "the instructions for implementing the general budget schedules for the fiscal year 2024 will touch upon some of the developments and partial financial transactions that have been created or adapted, and not the faculties of public finance,

and that the financial activity in the country with its three pillars: revenues, expenditures, and deficit management is proceeding in a consistent and harmonious manner and in accordance with the objectives of the three-year general budget law, and that the executive and legislative authorities are in continuous communication and high coordination to ensure the achievement of public interests without interruption."

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