Iraq Economic News and Points To Ponder Thursday AM 8-15-25

With "Corruption And Fraud" Operations... The Secrets Of Smuggling The Dollar And Withdrawing It From Dubai Via Electronic Cards
 
Source:  Alsumaria News   3,394 views   Alsumaria News – Economy  Today, Wednesday, August 14, 2024, political analyst Rafid Al-Atwani criticized the banks in Iraq, especially the private ones, as a result of the indicators of corruption and the operations of dollar smuggling abroad that are taking place around them, while he stressed that the Iraqi banks are “unsound” and trade in dollars and do not provide services to the Iraqi citizen.
 
Al-Atwani said in an interview with Al-Sumaria News that the bank’s general reputation in Iraq, especially the civil society, is “very bad” and it is accused of corruption.
 
Indeed, there are indications of the existence of real corruption, as evidenced by the sanctions imposed on more than 15 banks.

It is revealed that the dollar issued by the Central Bank of Iraq is under the command of Jordanian and Qatari banks, according to the testimony of many members of the House of Representatives.
 
The evidence for this is that when the government of Muhammad Shiaa al-Sudani was formed, the two sides (the Federal and Iraqi Central Bank) agreed that the process of exporting or purchasing goods (most of them) would be Money laundering) via the SWIFT platform, which all countries operate on, and
 
it is a solid and sound organization that monitors the movement of the dollar and prevents the money laundering process that harms global trade,
 
but after more than a year it became clear that these banks do not practice these procedures and intend to launder money in agreement with merchants and also smuggle currency. Via the direct dollar selling window.
 
He points out that 90% of the dollar that leaves the Central Bank of Iraq goes to the export process,
 
but the amount of import does not equal more than 30% actually inside the market, meaning that there is more than 60% of this money being smuggled or returned by money laundering.
 
These indicators, according to Al-Atwani, indicate that the Iraqi banks and the management of the Central Bank are “unsound” and did not benefit the Iraqi state.
 
On the contrary, we did not control the exchange of the dollar against the Iraqi dinar, indicating that it is more than a bank affiliated with political figures or those on their behalf..
 The political analyst explains that this scene gives an indication that Iraqi banks are unsound and trade in dollars, and there are no banks that provide services to the Iraqi citizen such as advances and commercial loans.
 
There is also nepotism in dealing with loans and favoritism for influential political figures, and  
the biggest victim is the Iraqi people, the value of the Iraqi dinar, and also Iraq’s foreign reputation.
 
He added that, according to a statement by a member of the Finance Committee, the profit of Jordanian banks as a result of this corruption from the process of recycling the dollar is more than a million dollars per day.

While an informed source told Al-Sumaria News, “One of the banks that is operating and is not being punished withdraws the dollar via electronic devices at the official price in Dubai, and it is transferred to Iraq to be sold in the market at the parallel price.”     https://www.alsumaria.tv/news/economy/497061/بعمليات-فساد-وتحايل-خفايا-تهريب-الدولار-وسحبه-من-دبي-عبر-البطاقات-الال

An Electronic Platform For Managing Customer Complaints Of Financial Institutions  
Economical 08/15/2024  Baghdad: Al-Sabah  Yesterday, Wednesday, the Central Bank of Iraq (Financial Inclusion Department) announced the establishment of an electronic platform to manage complaints from customers of financial institutions.
 
The bank said in a statement that it “seeks to automate the work of the financial sector, reduce reputational risks, and enhance trust between all financial institutions and the public.
 
In this regard, it has created an electronic complaints management platform whose work is to automate financial institutions’ receipt of public complaints via the complaint form link, and manage their treatment under the supervision of the bank.” “Central.”  

 He explained that “the response time for a complaint filed against financial institutions on the platform takes between one and five working days, determined by the Central Bank of Iraq through the system for each complaint based on its nature and the importance of addressing it,

 and in the event that the financial institutions do not respond to the complaint addressed to them through the system in At the specified time, a fine of (100,000 Iraqi dinars) will be imposed for each complaint for every single day of delay.” 

He explained,  “This came in order to develop the performance of institutional work and simplify government procedures by shifting to digital transactions, and for regulatory objectives that are consistent with the Central Bank of Iraq Law No. (56) of (2004) as the sectoral body supervising the work of all licensed financial institutions, and in view of the continuous development that

“This is being witnessed by the electronic financial industry, and because of its great importance in achieving economic growth, financial stability, and enhancing levels of financial inclusion.”    https://alsabaah.iq/101133-.html  

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

“Tidbits From TNT” Thursday Morning 8-15-2024

TNT:

Tishwash:  With an increase in recent months.. Iraq's internal debt exceeds 78 trillion dinars - Urgent

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Wednesday, that Iraq's internal debt exceeds 78 trillion dinars, with an increase in recent months.

Saleh said in a statement to (Al-Rabia) that "Iraq's move towards borrowing from the domestic banking market to finance two waves of the general budget deficit came under the influence of the decline in the oil assets cycle and in two different periods during the current decade. The first wave of borrowing, which amounted to nearly 27 trillion dinars, was financed by the government banking system through purchasing treasury transfers during the intensification of the security crisis (the entry of the terrorist ISIS) between the years 2014-2017."

He added that "the International Monetary Fund estimated at that time the current account deficit gap of the balance of payments due to the decline in oil prices to be no less than 18 billion dollars cumulatively during those years, and the second wave occurred between the years 2020 and 2021, that is, during the health crisis with the spread of Corona and the closure of the global economy, which was accompanied by a decline in oil prices and a decline in budget revenues and the loss of more than 40% of the value of the oil barrel

While the legislation of the general budget law for the fiscal year 2020 was absent and was replaced by three legislations to finance the deficit, two of which were for direct domestic borrowing and two separate laws issued by the House of Representatives, that by heading towards the domestic borrowing market and the other is the Food Security and Development Law, and an important aspect of it was based on domestic borrowing as well, which raised the level of domestic debt to exceed the barrier of 78 trillion dinars."  link

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Harambe:  Telegram: A major cyberattack has targeted the Central Bank of Iran (CBI) and several other banks …

Telegram Link

A major cyberattack has targeted the Central Bank of Iran (CBI) and several other banks, leading to widespread disruptions in the country’s banking system. Initial assessments indicate this could be one of the largest cyberattacks ever against Iranian state infrastructure.

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Harambe:  Cyberattack targets Central Bank of Iran 

#BREAKING A major cyberattack has targeted the Central Bank of Iran (CBI) and several other banks, leading to widespread disruptions in the country’s banking system, @IranIntl has learned. Initial assessments indicate this could be one of the largest cyberattacks ever against… Show more

https://m.jpost.com/breaking-news/article-814715

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Masoud Barzani calls for national wealth and wants to preserve it, but what is the story of the “committees of commitment”?

Today, Wednesday (August 14, 2024), the leader of the Coordination Framework, Saad Al-Saadi, revealed the results of the agreement between the framework and the leader of the Kurdistan Democratic Party, Masoud Barzani, regarding the oil smuggling file.

Al-Saadi told Baghdad Today, "Smuggling natural resources, including oil, in any country represents a drain on the economy, destruction of infrastructure, and loss of the rights of the people of all stripes. Therefore, the smuggling file must be stopped." 

He added, "During the visit of the President of the Kurdistan Democratic Party, Masoud Barzani, to the capital, Baghdad, and his meeting with the leaders of the framework, the issue of natural resources was actually raised within a broad agreement to preserve them as a national wealth."

He continued: "It was agreed to form committees whose mission is to oblige all parties to abide by the decisions of the Federal Court on the oil and gas file, in addition to the rest of the other agreements with Baghdad," adding: "We hope at the same time that there will be seriousness and credibility on the part of our brothers in the region in implementing the terms of the agreement." 

He pointed out that "the management of oil and other wealth by the central government and its institutions is within the context of the Iraqi constitution, and this will must be respected and adhered to because it will address many problems and provide greater protection for the national wealth."

The visit of the leader of the Kurdistan Democratic Party, Massoud Barzani, to Baghdad attracted attention because it came after six years of "estrangement" with the ruling political class in Iraq, which suggests that a remarkable development has occurred in the relationship between the Kurdistan Region and the central government.

Political circles believe that the aim of the visit is to crown the partial understandings that occurred recently and covered several files with a comprehensive settlement between the region and the centre.

Barzani's presence as a prominent Kurdish figure aims to lend legitimacy to the settlement and raise its value so that it appears to be an important event and not just a passing meeting, which is what the central government needs to confirm its ability to bring the region's leaders to its square, while the settlement reduces internal pressures on the region's officials, especially if he succeeds in ensuring smooth and continuous payment of salaries.  link

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Tishwash:  Parliamentary Finance Committee discusses with US Embassy the financial and banking system and the lack of dollars in the market

The Parliamentary Finance Committee confirmed, today, Tuesday, discussing the financial and banking system and the lack of the dollar in the Iraqi market with a delegation from the US Embassy in Baghdad.

A statement by the Parliament's media department received by / Today's News / stated that "the head of the Parliamentary Finance Committee, Atwan Al-Atwani, received at the committee headquarters, in the presence of Representative Khalil Al-Dawski, today, Wednesday, a delegation from the US Embassy in Baghdad, Minister Counselor for Economic and Trade Affairs Julie Jules, Deputy Counselor for Economic and Trade Affairs Angel Fintling, Macroeconomic Officer, Economic and Financial Section Michael Pinnell, and Economic Assistant/Economic Section, to discuss the financial and banking system in the country, Ammar Al-Ammar."

The statement continued, "The meeting discussed the financial and economic situation in the country and the repercussions of the parallel market issue and its negative impact on the government economically, in addition to the lack of the dollar currency in the market, and the sanctions imposed on some banks, as well as the issue of the electronic platform for exporting the currency."

The head of the committee stressed "the importance of high coordination between the two sides in order to solve the pending financial problems, in addition to the importance of transparent dealing to benefit from the capabilities, and not resorting to dealing in another currency," noting "the need to create an atmosphere of understanding and invest in building bilateral relations on this basis."

Al-Atwani stressed "the committee's keenness to commit to combating financial corruption and confronting money laundering, as they are the basis for building societies, in addition to coordination in order to make correct decisions in this regard."

For her part, the Minister Advisor for Economic and Trade Affairs said that "there is a real opportunity for cooperation and reform of the economic and financial system between the two sides," stressing "working together to find appropriate solutions to all problems for the stability of Iraq as a basic ally of the United States."

The statement noted "providing clarification on the three-year general budget and plans for banking regulation and reform of the spending process, and how to finance projects, in addition to the importance of supporting the private sector and involving it with the public sector, which confirms the importance of investing the revenues achieved and the possibility of providing the service."
According to the statement, Al-Atwani pointed out the "ambition to legislate a law on partnership between the public and private sectors and involve the private sector in the market, in addition to working to amend the tax law and shift from the paper system to the electronic system."  link

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Mot: . All Too Soooon 

Mot:  Just Letting Yous Know!!!! 

Iraq Economic News and Points To Ponder Wednesday Evening 8-14-24

Parliamentary Finance Committee Discusses With US Embassy The Financial And Banking System And The Lack Of Dollars In The Market

Local | 06:19 - 08/14/2024  Mawazine News – Baghdad  The Parliamentary Finance Committee confirmed, on Tuesday, discussing the financial and banking system and the lack of the dollar in the Iraqi market with a delegation from the US Embassy in Baghdad.

A statement by the Parliament's media department received by Mawazine News stated that "the head of the Parliamentary Finance Committee, Atwan Al-Atwani, received at the committee headquarters, in the presence of Representative Khalil Al-Dawski, today, Wednesday, a delegation from the US Embassy in Baghdad, Minister Counselor for Economic and Trade Affairs Julie Jules, Deputy Counselor for Economic and Trade Affairs Angel Fintling, Macroeconomic Officer, Economic and Financial Section Michael Pinnell, and Economic Assistant/Economic Section, to discuss the financial and banking system in the country, Ammar Al-Ammar."

The statement continued, "The meeting discussed the financial and economic situation in the country and the repercussions of the parallel market issue and its negative impact on the government economically, in addition to the lack of the dollar currency in the market, and the sanctions imposed on some banks, as well as the issue of the electronic platform for exporting the currency."

The head of the committee stressed "the importance of high coordination between the two sides in order to solve the pending financial problems, in addition to the importance of transparent dealing to benefit from the capabilities, and not resorting to dealing in another currency," noting "the need to create an atmosphere of understanding and invest in building bilateral relations on this basis."

Al-Atwani stressed "the committee's keenness to commit to combating financial corruption and confronting money laundering, as they are the basis for building societies, in addition to coordination in order to make correct decisions in this regard."

For her part, the Minister Advisor for Economic and Trade Affairs said that "there is a real opportunity for cooperation and reform of the economic and financial system between the two sides," stressing "working together to find appropriate solutions to all problems for the stability of Iraq as a basic ally of the United States."

The statement noted "providing clarification on the three-year general budget and plans for banking regulation and reform of the spending process, and how to finance projects, in addition to the importance of supporting the private sector and involving it with the public sector, which confirms the importance of investing the revenues achieved and the possibility of providing the service."

According to the statement, Al-Atwani pointed out the "ambition to legislate a law on partnership between the public and private sectors and involve the private sector in the market, in addition to working to amend the tax law and shift from the paper system to the electronic system." https://www.mawazin.net/Details.aspx?jimare=253273

Banks Are Working To Keep The Exchange Rate High.. The Secrets Of The Dollar Crisis Against The Dinar

Buratha News Agency142 2024-08-13  Economic expert Omar Al-Halbousi confirmed that the crisis of the dinar exchange rate against the US dollar is due to many factors.

Al-Halbousi said in a press statement: “It is well known that the rise in the dollar exchange rate and the decline in the value of the Iraqi dinar have been ongoing for more than two years, and here we confirm that the value of the dollar is stable, but the value of the Iraqi dinar fluctuates between rise and fall, and most of the time it is a fall.”

He continued, "The rise and fall of the Iraqi dinar exchange rate against the dollar from time to time is due to several reasons, including the continuation of trade with the sanctioned countries, which requires financing from outside the platform by relying on the parallel market, which is the real controller of the exchange rate.

Until now, the Central Bank has no authority over it," noting that "there are countries that live on the dollar in Iraq in the absence of the role of the Central Bank to regulate the exchange rate and stop the currency bleeding, with the penetration of these countries through private banks that dominate the currency selling window."

He explained that "private banks also push for the exchange rate to remain high, as it benefits them. They have exploited the law of delivering dollar remittances to individuals and companies coming from abroad and delivering them to their owners in Iraqi dinars and at the official price, and then they sell the dollar at the parallel market price, which increases their profits.

Therefore, they are a stumbling block to the stability of the exchange rate and stopping the bleeding of the value of the Iraqi dinar."

He explained that "remittances and the currency sales window are monopolized by a few banks that control the exchange rate and manipulate it as they wish, which explains their achievement of imaginary profits from dollar remittances, which has begun to drain Iraqi oil revenues that finance the window, knowing that the volume of daily dollar sales is very suspicious and contradicts the volume of goods entering, which means the continued smuggling of dollars abroad, carried out by the banks controlling the window and remittances and with international collusion,

" noting that "the American sanctions and the continued threat of them are another reason for the continued decline in the value of the Iraqi dinar against the dollar with the inability of the Central Bank to solve the problem of sanctions with the American side,

as well as the inability to control the work of banks and control their fraudulent work that has caused Iraq problems with the Americans, in light of the continued smuggling of dollars in various ways practiced by banks owned by foreign countries."

The economic expert pointed out that "the government is still counting on the Central Bank and its management to control the exchange rate, which the Central Bank has not succeeded in, but rather has failed in all its steps with the arrogance of private banks and their control over the Central Bank with external support,

in addition to the influence of these banks within the Central Bank, which means that until now it has not found a solution to stop the decline in the value of the Iraqi dinar against the dollar, which will lead us into major problems in the coming days, especially if new American sanctions are imposed on Iraq,

 in addition to the rise in the geopolitical conflict in the region that casts its shadow on Iraq in a multi-faceted manner."   https://burathanews.com/arabic/economic/449618

Oil Prices Rise Amid Expectations Of A Decline In US Crude Inventories

Economy  08/14/2024  Mawazine News – Baghdad  Oil prices rose on expectations of a decline in US crude and gasoline inventories, as the market monitored the possibility of widening tensions in the Middle East that could limit global oil supplies.

Brent crude futures rose 30 cents on Wednesday (August 14, 2024) to $80.99 a barrel, while US West Texas Intermediate (WTI) crude futures rose 38 cents to $78.73.

Market sources, citing data from the American Petroleum Institute (API) on Tuesday, expected US crude and gasoline stocks to fall last week and distillate inventories to rise.

The API figures showed crude inventories fell by 5.21 million barrels in the week to Aug. 9, the sources said, speaking on condition of anonymity.

Gasoline stocks fell by 3.69 million barrels and distillate inventories rose by 612,000 barrels.

The lower inventories could signal stronger demand in the United States, the world’s biggest oil consumer. Official government data from the Energy Information Administration is due later on Wednesday.

Markets are awaiting clues on Iran’s next steps after it vowed a harsh response to the assassination of Hamas leader Ismail Haniyeh late last month in Tehran, which it accused Israel of carrying out the assassination. The

US Navy has also deployed warships and a submarine to the Middle East to bolster Israel’s defences.

Analysts have warned that a widening conflict in the region could affect crude supplies from Iran and neighbouring producers, reducing inventories and supporting prices.

Meanwhile, the International Energy Agency left its forecast for global oil demand growth in 2024 unchanged on Tuesday, but trimmed its estimate for 2025, citing the impact of a weak Chinese economy on consumption, which has further limited price gains. https://www.mawazin.net/Details.aspx?jimare=253228

The Central Bank Sponsors A Meeting To Establish A National Company To Manage Electronic Payment In Iraq

Banks  Economy News – Baghdad  The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, chaired the first preparatory meeting to establish a national company to manage central electronic payment systems in Iraq.

The Central Bank's media office stated in a statement received by "Al-Eqtisad News" that "the meeting discussed the importance of regulating electronic payment operations, keeping pace with rapid technological developments, and creating a competitive payment industry that provides safe, reliable, easy-to-access, widely interoperable payment services, and rapid response and high flexibility to technical and regulatory changes."

The meeting reviewed the company’s “main objectives and special requirements for initiating the establishment, as it will undertake the tasks of managing, operating and developing some of the central and basic electronic payment systems at the national level.”

The statement indicated that, "This step came in line with the strategic plan of this bank, which goes hand in hand with the government program in the field of electronic payment and its development in Iraq."  270 views  Added 2024/08/14 -https://economy-news.net/content.php?id=46300

Nearly 200 Billion Dinars In "Fines" From The Central Bank Of Iraq On Banks And Exchange Companies

Economy  | - 08/13/2024  Mawazine News – Baghdad  The Central Bank of Iraq announced on Tuesday that fines imposed on banks and non-banking institutions (exchange companies) amounted to more than 181 billion Iraqi dinars during the past six months.

A table from the bank showed that "the fines imposed on banks and financial companies during the past six months, starting from January until the end of last June, amounted to 181 billion, 842 million, 854 thousand, and 458 dinars," indicating that "the fines also included 151 administrative penalties for these banks and non-banking institutions, distributed between warnings, alerts, and grace periods."

The table showed that "January witnessed the highest fines on banks and non-financial institutions, as these fines reached 98 billion, 277 million, 722 thousand, and 62 dinars, with 17 administrative penalties, while June witnessed the lowest fines, reaching 2 billion, 829 million, 157 thousand, and 288 dinars, with 30 administrative penalties."

The table did not show the names of the banks that were fined and the administrative penalties.

The Investors Association in the Iraq Stock Exchange had criticized the Central Bank of Iraq for increasing fines on banks, indicating that it would affect the profitability of investors in the shares of these banks.

https://www.mawazin.net/Details.aspx?jimare=253179

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

MilitiaMan: IQD Update - Iraq Dinar News - Central Bank - Corruption - Automation - Change is coming

IQD Update - Iraq Dinar News - Central Bank - Corruption - Automation - Change is coming

MilitiaMan and Crew:  8-14-2024

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=k7yH1SKtou4

Economist’s “News and Views” Wednesday 8-14-2024

US Debt Collapse Will Destroy Dollar | Craig Hemke

Liberty and Finance:  8-13-2024

Craig Hemke emphasizes the growing national debt, noting a recent $243.7 billion deficit in July alone and a projected $1.9 trillion deficit for the fiscal year.

 He highlights the risk of worsening inflation due to increasing debt and monetary policies. Hemke recommends precious metals, such as gold, as a reliable hedge against these financial pressures and inflation. He stresses that owning physical gold can preserve purchasing power and provide safety amid rising debt and economic uncertainty.

INTERVIEW TIMELINE:

0:00 Intro

1:40 Gold update

 4:03 COT Report

 6:20 Silver update

9:51 Acquisitions

 13:19 Recession concerns

16:46 Keynsian experiment

https://www.youtube.com/watch?v=_LxuoOe4LgQ

The Yield Curve is Un-Inverting (Stocks Crash Every Time)

Heresy Financial:  8-14-2024

TIMECODES

0:00 Intro

0:34 the Yield Curve is Currently Inverted

 1:51 This Typically Indicates a Recession

4:13 There's 2 Types of UnInverting Yield Curves

6:38 Looking at All Treasury Bonds

8:24 Bull vs Bear Steepener

12:26 How Yield Curves Correlate to Stocks

 14:58 It Pays to Be Prepared

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

Matter Of Time Bubble Implodes; What The Next Financial Crisis Looks Like | Diego Parrilla

David Lin:  8-14-2024

Diego Parrilla, CIO of Quadriga Asset Managers, discusses how governments respond to crises, and the "anti-bubble" assets that would counteract the downside risks of the next financial bubble implosion.

0:00 - Intro

0:45 - Is the market top in?

2:35 - Recession risks

5:20 - Liquidity

8:15 - Fed rate cut

12:00 – Inflation

 19:25 - Money velocity

20:35 - Dollar strength

25:11 - Bubble and anti-bubbles

https://www.youtube.com/watch?v=Q1bMwbUDp9g

Seeds of Wisdom RV and Economic Updates Wednesday Afternoon 8-14-24

Good Afternoon Dinar Recaps,

NON-MARKET ECONOMY STATUS FOR VIETNAM:  'opportunities amid danger'

RECENTLY THE US COMMERCE DEPT REFUSED TO RECOGNIZE VIETNAM AS A "MARKET ECONOMY". THIS ARTICLE FROM A VIETNAMESE NEWSPAPER REVEALS THE REASONS BEHIND THIS STATUS

"The US Department of Commerce's decision to continue classifying Vietnam as a non-market economy was disappointing news. However, this gives Vietnam the chance to accelerate reform towards a market economy."

"This is the driving force for the Ministry of Industry and Trade (MOIT) to implement the commitment that it will research and analyze the US Department of Commerce’s (DOC) report about Vietnam’s economy, to supplement and complete arguments before submitting dossiers to DOC on granting market economy status, a step to concretize the Vietnam-US comprehensive strategic partnership."

"After doi moi (renovation), Vietnam has been consistent in carrying out a reform to turn the single-sectoral economy into multi-sectoral economy. The economy has been liberated from the state’s strict and rigid control, while people have freedom to trade and do business.

In addition, Vietnam has signed 16 new-generation FTAs (free trade agreements), becoming one of the most open economies in the world."

"Thanks to economic reform, Vietnam has become an example in hunger elimination and poverty reduction, with the hunger and poverty rate falling from nearly 60 percent in early 1990s to 3 percent now. Private domestic invested enterprises with official registrations have been growing steadfastly. "

"Vietnam has finished the underdevelopment period, becoming an average income country with a dynamic market economy which is integrating deeply into the global economy."

"There is no doubt that the reforms and considerable progress in recent years are why 73 economies have recognized Vietnam as a market economy."

"Economic Freedom of the World Index by Canadian Frazer Institute released late last year showed that Vietnam ranked 106th among 165 countries and territories. The position represented a four-grade promotion compared with the year before, a relatively big improvement compared with other regional countries."

"After 40 years of doi moi, Vietnam’s economy is still undergoing the transition with some shortcomings as follows:

1. First, the pricing mechanism of some products, such as petroleum, electricity, airfare and healthcare services still bears administrative intervention.

2. Second, the protection of ownership and property rights still cannot be carried out thoroughly. In some places, land is recovered by the state at non-market prices.

3. Third, the state-owned economic sector still accounts for a large proportion of the national economy.

"A report of the World Bank shows that the state still participates in many economic activities through SOEs, while the land and capital allocation bear the impact of administrative commands rather than market conditions."

Costa Rica recognizes Vietnam as market economy

@ Newshounds News™

Source:  Vietnam Net

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INDIA's CENTRAL BANK: the impact of tokenized deposits, CBDC on deposit insurance

Yesterday during a speech, Reserve Bank of India (RBI) Deputy Governor MD Patra discussed how tokenized deposits and central bank digital currency (CBDC) might impact deposit insurance.

Tokenized deposits are a digital version of bank deposits using blockchain infrastructure to process programmable payments 24/7. In a digital world, they compete with stablecoins and CBDCs, although the design is quite different.

From a deposit insurance perspective, most tokenized deposit infrastructures aim to maintain the same deposit insurance coverage as a conventional bank deposit. However, Mr Patra noted that tokenization potentially can amplify bank runs in times of stress.

Hence, the risks posed by tokenized deposits need to be modelled to determine the insurance fund size and premium rates.

If there’s a bank failure, compensating clients might be less straightforward. “With different banks using different technologies there’s also the possibility that tokenised deposits could be held by depositors who are not KYC compliant and not clients of issuing banks,” said Mar Patra. “Consequently, verification of the authenticity and genuineness of claims may prove to be a testing challenge.”

Like the United States, India has a recent history of failing banks. In 2020 YES Bank started experiencing a run and the central bank took it over for a while. It restructured the bank with several other Indian banks taking equity stakes. Subsequently, YES Bank raised additional capital and is still operational today.

CBDC impact on deposit insurance
In an economy with a retail CBDC, if a bank fails, those with uninsured deposits will quickly try to transfer the money elsewhere. 

The advantage of a CBDC its low risk because it is the liability of the central bank. On the one hand, depositors could just transfer the money to another commercial bank. Alternatively, they could switch to a CBDC.

Hence, the Deputy Governor observed that “particularly uninsured deposits, (would be) more prone to withdrawal and hence the risk of bank runs. Given the inherent links between such systems and the objectives and operations of deposit insurers, it is expected that the topic of CBDC will continue to grow in relevance for deposit insurers.”

In other words, if CBDCs encourage bank runs, that makes a bank more likely to fail and hence there’s a higher probability of drawing down the insurance fund.

“The impact of CBDC on deposits and hence deposit insurance is largely unknown as of today,” said Mr Patra. “The operating models and design features of each individual jurisdiction’s CBDC will be a crucial factor in expanding our understanding of the balance of risks.”

@ Newshounds News™

Source:  Ledger Insights

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Canada needs to overhaul crypto regulations — Coinbase exec

The Canadian government has previously come under fire for undermining the economic freedom of its citizens and freezing crypto donations.

Coinbase country director for Canada Lucas Matheson took the stage at the Blockchain Futurist Conference on Aug. 13 to discuss the state of Canadian digital asset regulation and promote the newly expanded Stand With Crypto initiative.

Matheson argued that although Canada’s regulatory framework is already robust, the country still needs to modernize crypto regulation.

The director noted that 85% of countries will be adopting comprehensive regulatory frameworks for digital assets over the next year and urged the importance of public dialogue in educating public officials about the importance of cryptocurrencies. Coinbase’s Canadian director summed up the long-term goal for Stand With Crypto’s advocacy:

“Canada frankly has a lot of work to do to change laws, and the goal is to change laws in Canada so that we can increase economic freedom and update the financial system in Canada.”

Matheson concluded his presentation by directing audience members to sign up for the advocacy group.

Coinbase launches Stand With Crypto in Canada

Coinbase launched the Stand With Crypto initiative in Canada in July of 2024, following the success of the political advocacy group in the United States.

When the advocacy group launched, Matheson said that Canadian regulators tended to be much more cooperative with the industry than American regulators but noted that input from elected politicians was lacking.

Binance cited changes in stablecoin policy and investor limits outlined in the 2023 regulation as the main drivers for the company’s exit from the country.

@ Newshounds News™

Source:  Coin Telegraph

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BRICS should focus on creating seamless economic environment — Indian expert

Apart from economic integration, BRICS should also address "critical global challenges with a collaborative and proactive approach," Vice Chairman of BRICS Chamber of Commerce and Industry Sameep Shastri said

NEW DELHI, August 14. /TASS/. BRICS nations should focus on creating a seamless economic environment to expand trade, industrial and investment cooperation, Vice Chairman of BRICS Chamber of Commerce and Industry Sameep Shastri told TASS when commenting on the upcoming meeting of BRICS industry ministers in Russia’s Nizhny Novgorod on August 16.

"The BRICS ministerial meeting is an invaluable opportunity to strengthen the bonds between our member nations further and address key global challenges with a unified approach," he said. "We must focus on creating a seamless economic environment that fosters growth and innovation. 

This might involve harmonizing trade policies, facilitating cross-border investments, and addressing any trade imbalances that may exist," Shastri added.

Technological disparities among BRICS nations can hinder collaborative progress, the expert noted. "The meeting should address ways to bridge these gaps through joint research initiatives, technology transfer, and innovation partnerships.

Prioritizing advancements in fields such as artificial intelligence, cybersecurity, and clean technologies will be critical," he said.

Apart from economic integration, BRICS should also address "critical global challenges with a collaborative and proactive approach," the expert said. "BRICS needs to lead by example in setting ambitious sustainability targets and implementing actionable plans.

The meeting should also focus on strengthening global health systems ensuring that we are better prepared for future public health crises," he said.

Shastri believes that peace and security should be central to BRICS discussions. "With rising geopolitical tensions and the persistent threat of terrorism, BRICS must work collaboratively to develop strategies that promote global stability.

This includes enhancing counterterrorism efforts, supporting peacekeeping missions, and fostering diplomatic dialogue to resolve conflicts," he stressed.

@ Newshounds News™

Source:  TASS

~~~~~~~~~

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Thank you Dinar Recaps

Ariel: Major Iraqi Dinar Update

Ariel:   Major Iraqi Dinar Update

(Somebody is about to be very rich) is that you? If so read on.

Translated directly from the CBI document:

Licensed banks all approved
Electronic payment companies all approved exchange companies from categories A and B

Procedures for the work of agents of external transfer service providers

Greetings

Based on the supervisory and supervisory role of this bank.

 “𝘼𝙣𝙙 𝙞𝙣 𝙤𝙧𝙙𝙚𝙧 𝙩𝙤 𝙧𝙚𝙜𝙪𝙡𝙖𝙩𝙚 𝙩𝙝𝙚 𝙬𝙞𝙩𝙝 𝙥𝙧𝙤𝙘𝙚𝙙𝙪𝙧𝙚𝙨 𝙤𝙛 𝙖𝙜𝙚𝙣𝙩𝙨 𝙥𝙧𝙤𝙫𝙞𝙙𝙞𝙣𝙜 𝙛𝙤𝙧𝙚𝙞𝙜𝙣 𝙧𝙚𝙢𝙞𝙩𝙩𝙖𝙣𝙘𝙚 𝙨𝙚𝙧𝙫𝙞𝙘𝙚𝙨 𝙞𝙣 𝙡𝙞𝙜𝙝𝙩 𝙤𝙛 𝙩𝙝𝙚 𝙧𝙖𝙥𝙞𝙙 𝙙𝙚𝙫𝙚𝙡𝙤𝙥𝙢𝙚𝙣𝙩𝙨 𝙤𝙛 𝙩𝙝𝙚 𝙛𝙞𝙣𝙖𝙣𝙘𝙞𝙖𝙡 𝙘𝙤𝙖𝙡 𝙩𝙧𝙖𝙣𝙨𝙛𝙚𝙧 𝙨𝙚𝙧𝙫𝙞𝙘𝙚 𝙖𝙣𝙙 𝙩𝙤 𝙡𝙞𝙢𝙞𝙩𝙨 𝙩𝙤 𝙞𝙣𝙨𝙪𝙧𝙚 𝙛𝙤𝙧 𝙨𝙥𝙚𝙘𝙪𝙡𝙖𝙩𝙞𝙤𝙣 𝙥𝙪𝙧𝙥𝙤𝙨𝙚𝙨 𝙖𝙣𝙙 “𝙗𝙚𝙣𝙚𝙛𝙞𝙩𝙞𝙣𝙜 𝙛𝙧𝙤𝙢 𝙩𝙝𝙚 𝙚𝙭𝙘𝙝𝙖𝙣𝙜𝙚 𝙧𝙖𝙩𝙚 𝙙𝙞𝙛𝙛𝙚𝙧𝙚𝙣𝙘𝙚”. 𝙄𝙩 𝙞𝙨 𝙙𝙚𝙘𝙞𝙙𝙚𝙙 𝙩𝙝𝙖𝙩 𝙮𝙤𝙪 𝙬𝙞𝙡𝙡 𝙤𝙗𝙩𝙖𝙞𝙣 𝙫𝙖𝙡𝙞𝙙 𝙧𝙚𝙨𝙞𝙙𝙚𝙣𝙘𝙮 𝙖𝙣𝙙 𝙥𝙖𝙨𝙨𝙥𝙤𝙧𝙩𝙨 𝙛𝙤𝙧 𝙣𝙤𝙣-𝙄𝙧𝙖𝙦𝙞𝙨 (F𝙤𝙧𝙚𝙞𝙜𝙣𝙚𝙧𝙨) 𝙛𝙤𝙧 𝙩𝙝𝙚 𝙥𝙪𝙧𝙥𝙤𝙨𝙚 𝙤𝙛 𝙘𝙤𝙢𝙥𝙡𝙚𝙩𝙞𝙣𝙜 𝙩𝙧𝙖𝙣𝙨𝙛𝙚𝙧, 𝙥𝙧𝙤𝙫𝙞𝙙𝙚𝙙 𝙩��𝙖𝙩 𝙩𝙝𝙚𝙨𝙚 𝙨𝙪𝙥𝙥𝙤𝙧𝙩𝙞𝙣𝙜 𝙙𝙤𝙘𝙪𝙢𝙚𝙣𝙩𝙨 𝙧𝙚𝙥𝙧𝙚𝙨𝙚𝙣𝙩 𝙩𝙝𝙚 𝙢𝙞𝙣𝙞𝙢𝙪𝙢 𝙧𝙚𝙦𝙪𝙞𝙧𝙚𝙢𝙚𝙣𝙩𝙨 𝙖𝙣𝙙 𝙮𝙤𝙪 𝙘𝙖𝙣 𝙧𝙚𝙦𝙪𝙚𝙨𝙩 𝙖𝙣𝙮 𝙖𝙙𝙙𝙞𝙩𝙞𝙤𝙣𝙖𝙡 𝙙𝙤𝙘𝙪𝙢𝙚𝙣𝙩 𝙞𝙛 𝙣𝙚𝙘𝙚𝙨𝙨𝙖𝙧𝙮 𝙩𝙤 𝙖𝙘𝙩 𝙖𝙘𝙘𝙤𝙧𝙙𝙞𝙣𝙜𝙡𝙮.”

Read this part one thousand times over & over. Why? Because they are directly talking to you.

With appreciation.

This is more from the CBI detailing procedures for A and B licensed exchange companies performing exchanges for 𝙣𝙤𝙣-𝙄𝙧𝙖𝙦𝙞 𝙞𝙣𝙙𝙞𝙫𝙞𝙙𝙪𝙖𝙡𝙨. This is ONLY in-country for Iraq. This does not correlate to any reclassifications of currencies (those don’t exist remember), or movement of rates. This is simply official notice from the CBI for procedures for bank personnel making the exchanges, they now require a 𝙋𝘼𝙎𝙎𝙋𝙊𝙍𝙏, and 𝙫𝙖𝙡𝙞𝙙 𝙧𝙚𝙨𝙞𝙙𝙚𝙣𝙘𝙮 𝙣𝙤𝙩𝙞𝙘𝙚.

What is an A B categorization?

Directly from the CBI starting in 2021 LINK and more LINK and more LINK

Bank Ratings or Classifications: In some countries, financial institutions or currencies might be categorized into different groups (A, B, etc.) based on their stability, creditworthiness, or risk level.

For example:

Category A: Could refer to higher-rated, more stable banks or financial products with lower risk.

Category B: Could denote institutions or products with a slightly higher risk but still acceptable within certain regulatory frameworks.

cbi.iq/news/view/2638

People, please pay attention.

So you have a state ID?

Do you have a driver’s license?

Are you an expat?

Are you a foreigner in Iraq?

Then you do not need a passport to exchange your currency in America. This part of the post was talking about non-Iraqi citizens who are already in Iraq who may be from another country or America who will be looking to exchange there if they want to benefit from the exchanges if they are not able to do so in their home country at the time the new exchange rate is released.

https://dinarchronicles.com/2024/08/13/ariel-prolotario1-major-iraqi-dinar-update-8-13-24/

Iraq News Highlights and Points To Ponder Wednesday AM 8-14-24

Parliamentary Wealth: Oil And Gas Law Stalled In Government Halls

Economy  Information / Baghdad..   Deputy Chairman of the Oil, Gas and Natural Resources Committee, Nehru Rawandozi, revealed today, Wednesday, the latest developments related to the legislation of the oil and gas law according to the political agreement between Baghdad and Erbil.

Rawandozi told / Al-Maalouma / agency, "The legislation of the law was part of the political agreement paper on the basis of which the current government was formed, but the issue of its legislation still faces many differences."

He added that "the committees formed by the government have not completed their work in full, which hinders sending the draft of the oil and gas law to the Council of Representatives."

He pointed out that "there are political differences over the draft of the oil and gas law between the center, the region and the oil-producing provinces, noting that there is a government committee formed by the Prime Minister consisting of representatives of the three main components in Iraq: Shiites, Sunnis and Kurds."

He pointed out that "the committee tasked with preparing the draft law has not completed its work in full so far, which hinders sending the draft law to the Council of Representatives." LINK

Finance Issues "Enjaz" Government Bonds (Second Issue)

Wednesday 14 August 2024 | Economic Number of readings: 110 

Baghdad / NINA / The Ministry of Finance announced the offering of government "Achievement" bonds (second issue) for public subscription, with a value of one trillion and 500 billion Iraqi dinars. https://ninanews.com/Website/News/Details?key=1147687

Iraq Stock Exchange Witnesses Active Trading With More Than 398 Million Shares

Banks     Economy News – Baghdad   The Iraq Stock Exchange witnessed an active trading session on Wednesday, with more than 398 million shares traded at a total value exceeding 626 billion Iraqi dinars.

The ISX60 rose 0.70% to close at 878.43 points, while the ISX15 rose 0.19% to 979.73 points.

 The banking sector led the trading activity in terms of the volume and value of traded shares, and the most traded share was the Bank of Baghdad share with more than 113 million traded shares.

Some stocks witnessed significant increases and decreases, with Kurdistan Islamic Bank leading the rise with 13.64%, while the National Home Furniture Industries stock recorded the largest decrease of 5.56%.   19 views 2024/08/14 https://economy-news.net/content.php?id=46296 

Masoud Barzani Calls For National Wealth And Wants To Preserve It, But What Is The Story Of The “Committees Of Commitment”?

Politics |Baghdad Today – Baghdad  Today, Wednesday (August 14, 2024), the leader of the Coordination Framework, Saad Al-Saadi, revealed the results of the agreement between the framework and the leader of the Kurdistan Democratic Party, Masoud Barzani, regarding the oil smuggling file.

Al-Saadi told Baghdad Today, "Smuggling natural resources, including oil, in any country represents a drain on the economy, destruction of infrastructure, and loss of the rights of the people of all stripes. Therefore, the smuggling file must be stopped."

He added, "During the visit of the President of the Kurdistan Democratic Party, Masoud Barzani, to the capital, Baghdad, and his meeting with the leaders of the framework, the issue of natural resources was actually raised within a broad agreement to preserve them as a national wealth."

He continued: "It was agreed to form committees whose mission is to oblige all parties to abide by the decisions of the Federal Court on the oil and gas file, in addition to the rest of the other agreements with Baghdad," adding: "We hope at the same time that there will be seriousness and credibility on the part of our brothers in the region in implementing the terms of the agreement."

He pointed out that "the management of oil and other wealth by the central government and its institutions is within the context of the Iraqi constitution, and this will must be respected and adhered to because it will address many problems and provide greater protection for the national wealth."

The visit of the leader of the Kurdistan Democratic Party, Massoud Barzani, to Baghdad attracted attention because it came after six years of "estrangement" with the ruling political class in Iraq, which suggests that a remarkable development has occurred in the relationship between the Kurdistan Region and the central government.

Political circles believe that the aim of the visit is to crown the partial understandings that occurred recently and covered several files with a comprehensive settlement between the region and the centre.

Barzani's presence as a prominent Kurdish figure aims to lend legitimacy to the settlement and raise its value so that it appears to be an important event and not just a passing meeting, which is what the central government needs to confirm its ability to bring the region's leaders to its square, while the settlement reduces internal pressures on the region's officials, especially if he succeeds in ensuring smooth and continuous payment of salaries.  LINK

Iraq Loses One Trillion Dinars Annually.. MP: Corruption In Ports Is "Dangerous"

Economy |Baghdad Today – Baghdad  Member of Parliament Yasser Al-Hussaini revealed, today, Wednesday (August 14, 2024), that Iraq is exposed to a loss of one trillion dinars annually due to corruption in the ports, while describing what is happening in the ports as "dangerous."

Al-Hussaini said in an interview with Baghdad Today, "The parliamentary investigation committee continues to collect documents and evidence that prove day after day the extent of the major violations of public funds, and the documented numbers confirm beyond doubt that they are higher than what we mentioned previously in terms of losses and financial violations in general."

He added, "What is happening in the ports is the mortgage of this large economic facility to companies affiliated with political forces for decades through contracts that oblige the government, noting that Iraq loses nearly a trillion dinars annually that goes into the accounts and pockets of companies."

Al-Hussaini pointed out that "what is happening in the ports is dangerous and what we have revealed so far raises many question marks, stressing that all investigations and documents will be submitted to the Iraqi judiciary."

On Friday (July 12, 2024), the head of the Parliamentary Order 160 Committee to investigate suspicions of corruption in Iraqi ports, Yasser Al-Hussaini, revealed 3 results that he described as “bitter” in the Basra ports file.

Al-Husseini told Baghdad Today, "What we are doing is perhaps the most important parliamentary investigation to preserve the wealth of Iraqis by addressing a sensitive and dangerous file due to the huge amount of money and the administrative and financial violations that have been detected."

He added, "Investigations are continuing into the file of suspicions of financial and administrative corruption in Iraqi ports, despite the existence of three-dimensional pressures from influential political and governmental parties in a single attempt, which is to undermine the work of the committee as much as possible and obstruct what it is doing."

The MP said, "Three bitter facts were revealed: the waste of 20 trillion dinars is not suspicion, but a fact. There is a lot of evidence accompanied by long decades that mortgage Iraq's wealth to corrupt political parties. In addition, the extent of the pressures revealed the identity of those who want to keep the scourge of corruption eating away at the ports to sustain their coffers with money, without caring about the harm it causes to the Iraqis."

He considered that "the investigation into the Basra ports file is the most dangerous and important and is a courageous step in confronting the scourge of corruption that has large arms," ​​stressing that "what we seek is to preserve public money and stop the draining of the country's wealth."

Member of the Parliamentary Integrity Committee, Ali Turki, had previously stated that the committee formed to investigate corruption files in the ports had failed in its mission.

On April 15, the acting Speaker of Parliament, Mohsen Al-Mandalawi, decided to form a parliamentary committee to investigate “violations” at Iraqi ports.

The committee is formed under the chairmanship of MP Yasser Hashem Al-Hussaini and the membership of MPs Faleh Al-Khazaali, Hassan Salem Abdul Rahim Al-Shammari, Mona Al-Sabil, Siban Aziz Soran Omar Muwaffaq Hussein Saud Al-Saadi Abdul Amir Al-Mayahhi Alaa Al-Haidari Ali Al-Maksousi, and Rafiq Al-Salihi. It is responsible for investigating violations in Iraqi ports, and the committee will be supported by employees from the ministry and the relevant bodies according to the committee’s needs, and the results of the investigation will be presented to the House of Representatives.”   LINK

“Tidbits From TNT” Wednesday Morning 8-14-2024

TNT:

Tishwash:  Al-Sudani visits London to sign agreements

The British Ambassador to Iraq, Stephen Hitchcock, revealed that Prime Minister Mohammed Shia al-Sudani will visit London to sign some agreements between the two countries.

We want to expand the relationship from the cornerstone, to trade, combating climate change and drugs, and I think Mohammed Shia al-Sudani wants the same thing, and God willing in the coming months he will visit London, and we will sign some agreements," Stephen Hitchens said in a press statement.

He added, "This period of the Iraqi Kingdom and the British Mandate, during which there were things we are proud of, including the infrastructure, laws, museum and bridges, and there were things that were investments in the country."

The British ambassador stressed: "We do not have the same values ​​as our predecessors on this issue, and now we have entered a new period in the bilateral relationship, an equal partnership based on mutual respect."  link

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Tishwash:  Iraq signs strategic agreement to modernize trading mechanisms in cooperation with an Egyptian company

The Iraq Stock Exchange announced today, Wednesday, the signing of a strategic agreement to modernize trading mechanisms in cooperation with an Egyptian company.

A statement by the Iraqi Stock Exchange received by the Iraqi News Agency (INA) stated, "In a step aimed at developing and improving the investment environment in Iraq, and under the auspices of the Iraqi Securities Commission, the Iraq Stock Exchange signed a cooperation agreement with the Egyptian Company for Information Dissemination, after intensive discussions that lasted for more than six months." 

He added, "The agreement includes licensing, use and maintenance of the remote trading system for investors ( OMS ), broker management ( Back Office ), and portfolio management for investors, for a period of five years."

He added that "signing this agreement represents a qualitative shift in the development of the Iraqi stock market," indicating that "Iraq is committed to providing the latest technologies to investors, which contributes to enhancing confidence and attracting more investments to the Iraqi market."

For his part, the CEO of the Iraq Stock Exchange, Faisal Al-Haimus, pointed out, “The importance of this step, as the remote trading system is a vital addition to our ongoing efforts towards developing the market’s infrastructure. The system’s experience in the Egyptian Stock Exchange has proven its efficiency over the past five years, and we are excited to see its positive impact on our market.”

He pointed out that "the new system includes smart applications that aim to facilitate trading operations and improve the investor experience, which reflects the commitment of the parties concerned to developing the financial sector in Iraq and achieving sustainable growth."  link

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Tishwash:  The President of the Republic receives a message from his Chinese counterpart

President of the Republic, Abdul Latif Jamal Rashid, received today, Tuesday, at the Baghdad Palace, the Ambassador of the People's Republic of China to Iraq, Cui Wei, and received from him a message from Chinese President Xi Jinping, congratulating him on his birthday, wishing him success and guidance.

The Chinese President also stressed, according to a presidential statement, his great interest in developing relations with Iraq and his readiness to make joint efforts with President Rashid to continue deepening friendly cooperation and raise the Sino-Iraqi strategic partnership relations to higher levels.

The President of the Republic conveyed his sincere thanks and greetings to President Jinping for his generous feelings, praising the historical relations and bilateral cooperation between the two friendly countries.

During the meeting, the available potential to consolidate the growing relations between the two countries was emphasized, as President Rashid pointed to the need to expand the horizons of joint cooperation in the economic, technological and investment fields, especially the development of infrastructure and services, stressing Iraq's welcome of the diverse Chinese expertise to contribute to the development and growth of the industrial, agricultural and education sectors.

In turn, the Chinese Ambassador, Cui Wei, affirmed his country's commitment to strengthening its relations with Iraq in all fields.

The ambassador also reviewed the political, economic and industrial conditions in China, stressing that the recently held Communist Party meeting focused on strengthening reforms, improving production in all fields and opening up to countries of the world.

Media Department of the Presidency of the Republic  link

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Tishwash:  From Iraq.. A missile attack targets an American base in eastern Syria

 On Tuesday evening (August 13, 2024), an American base in eastern Syria was subjected to a missile attack from western Iraq.

A field source told Russian media that "a missile attack targeted the vicinity of the American base in the Conoco gas field north of Deir Ezzor, eastern Syria."

He explained that "the bombing was carried out by a missile barrage from the desert in western Iraq, near the Syrian border."

This bombing comes about a week after the Ain al-Assad base, west of Anbar province, was subjected to a missile attack that resulted in the injury of a number of US forces working as advisors in the international coalition.  link

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

Mot: Me Too ""Earl"" -- Come on ole ""RV"" so we can!!!!

Mot: . Thanx Granny!! -- I'm with Ya!!!! 

Seeds of Wisdom RV and Economic Updates Late Tuesday Evening 8-13-24

Good Evening Dinar Recaps,

THESE QUOTES,RESEARCH, AND OPINIONS ARE FROM ASHELEY PROSPER ON X
DEFINITELY WORTH A READ!!

We keep telling you XRP is the one. But you just won't listen. Maybe some of these quotes will help you see the truth.
 
Brad Garlinghouse
"XRP is a bridge currency. We believe it has the potential to reduce liquidity costs and enable faster, lower-cost cross-border payments."

Christine Lagarde (President of the European Central Bank)
"Ripple is doing a lot of work in facilitating exchanges and making sure that there is no need for a central counterparty, but that we know exactly who is doing what and who is exchanging what."

JP Morgan
"If Ripple wins SEC lawsuit, XRP is poised for significant adoption."

Bank of America (2019 Report)
"Ripple’s technology is attractive for its ability to settle cross-border transactions almost instantly."

David Schwartz
"XRP was designed to be a better Bitcoin."

World Economic Forum
"Ripple’s XRP is one of the most scalable and efficient digital assets available for cross-border payments."

Jesse Lund (IBM)
"Ripple’s approach with XRP is interesting as it provides a digital asset that can settle in real-time across multiple networks."

SBI Holdings
"XRP has the potential to become the global standard in digital currencies for cross-border transactions."

Chris Larsen
"We’re working with regulators, we’re working with central banks. I think that’s an important part of our strategy."

Christine Lagarde
"Ripple has addressed many of the issues associated with cross-border payments, particularly around speed, transparency, and cost-efficiency."

American Express
"Ripple offers a compelling proposition in cross-border transactions, reducing settlement times from days to seconds."

Bank of America
"Ripple’s solution can potentially bring substantial cost efficiencies in our cross-border transactions."

Yoshitaka Kitao
"XRP is the most efficient, scalable digital asset for payments, and it plays a pivotal role in the development of new financial infrastructure."
 
Cathy Bessant (Bank of America)
"We’ve been in partnership with Ripple for a while. We’re testing and piloting the use of blockchain technology in different areas where we see the potential for immediate value."

Marc Andreessen (Andreessen Horowitz)
"Ripple’s approach to leveraging blockchain for the financial industry shows immense promise. The speed and efficiency gains are remarkable."

Digital Currency Group (DCG)
"Ripple’s innovative approach to cross-border payments is setting new standards in the financial industry, and XRP plays a crucial role in this evolution."

Amazon Web Services (AWS) - Ripple Case Study
"Ripple provides one frictionless experience to send money globally using the power of blockchain."

Ross Leckow (IMF)
"Ripple’s technology can help enhance financial inclusion and improve the efficiency of the global financial system."

Ripple and Apple’s Collaboration with Interledger Protocol (ILP)
"Apple’s integration of Interledger Protocol, which Ripple helped develop, shows the potential for broader adoption of blockchain technology in mainstream tech ecosystems."

Google Ventures
"Ripple’s vision of instant, secure, and low-cost global payments aligns with the future of financial services. XRP’s utility as a bridge currency is an integral part of that vision."

Santander Bank
"We are excited to leverage Ripple’s technology to provide our customers with faster, more secure international payments, allowing us to stay ahead in the rapidly evolving financial industry."

Microsoft’s Azure Blockchain Workbench
"Ripple’s integration with Microsoft’s Azure Blockchain Workbench enables businesses to send and receive cross-border payments with unprecedented speed and security."

Tom Jessop (President, Fidelity Digital Assets)
"We see Ripple and XRP as one of the more mature and viable digital assets in the market, with a clear use case in cross-border payments."

@ Newshounds News™

Source: Twitter

~~~~~~~~~

Big news from the Seeds of Wisdom team! We're expanding and reaching new heights, thanks to the incredible support of Nate (Mr Anonymous) to take this on to help our community. To share valuable insights with even more people, we're launching a YouTube series! 🎥

Our inaugural guest is the knowledgeable Bob Lock who will share his expertise on planning and currency. Get ready to learn and grow! 💡

Don't miss this opportunity to gain wisdom from the best!

📣 Listen: YouTube ----- Date and Time To Be Announced Soon

Please Like and Subscribe on YouTube

Bob Lock: Link 

Newshound's News Telegram Room Link

Q & A Classroom Link  

 All Rooms: Link 
 
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 Subscribe:Link

@ Newshounds News™

~~~~~~~~~

Superstate integrates Chainlink for tokenized treasury fund

Superstate, a blockchain-based asset management firm, has integrated Chainlink’s technology as it taps into the growing tokenization market.

The asset manager will leverage the Chainlink Data Feeds to bring net asset value data for its tokenized treasury fund on-chain. In the announcement Superstate stated it aims to enhance the composability of its Superstate Short Duration US Government Securities Fund by utilizing Chainlink’s technology.

The integration enables the firm to access crucial off-chain data, essential for market pricing, utility, and transparency.

@ Newshounds News™

Source:  Crypto News

~~~~~~~~~

IOTA launches blockchain tool to simplify music rights management

IOTA has introduced a new blockchain-based tool aimed at simplifying music rights management in the film industry.

IOTA (IOTA), a distributed ledger focused on the exchange of value and data, has unveiled a blockchain-driven tool designed to transform the management of music rights in films, addressing what the project describes as a traditionally time-consuming process.

The new solution, developed under the European Blockchain Pre-Commercial Procurement initiative and funded by the European Commission, leverages distributed ledger technology to streamline negotiations and secure intellectual property rights more efficiently, according to an Aug. 12 blog announcement.

The core of IOTA’s latest solution is the Smart Contracts for Media system, which automates contracts between film producers and rights holders. These smart contracts are self-executing digital agreements, intended to reduce the time traditionally required for negotiations and payment processes.

IOTA claims its solution promises to “revolutionize the way intellectual property rights are handled,” enabling producers to select predefined contract templates, make real-time adjustments, and finalize terms digitally. Once agreed upon, the smart contracts are deployed on the IOTA Smart Contract Chain, ensuring the agreements are immutable.

The tool also incorporates non-fungible tokens (NTFs) to represent rights and obligations. These NFTs contain unique identifiers that link to detailed data stored off-chain using the InterPlanetary File System (IPFS), a decentralized storage solution.

@ Newshounds News™

Source:  Crypro News

~~~~~~~~~

Coinbase Urges SEC to 'Abandon' Its 'Irrational' DeFi Exchange Rule

The SEC’s move to regulate DEXs would make it functionally impossible for DeFi projects to exist in the United States, Coinbase wrote Monday.

Coinbase once again came out swinging Monday against the U.S. Securities and Exchange Commission (SEC’s) yearslong attempt to expand a bureaucratic definition of the word “exchange,” which if successful would bring the DeFi ecosystem firmly under the regulator’s purview.

In an eight-page comment submitted to the SEC on Monday, Coinbase Chief Legal Office Paul Grewal chastised the potential rule change as “arbitrary” and “irrational” in several respects, and urged the agency to “abandon its effort” to apply the proposed rule to decentralized exchanges (DEXs).

Fundamental to Coinbase’s argument against the change is the SEC’s continued refusal to concede that DEXs—which are run by automated, on-chain software (aka smart contracts) with little to no human management—are by definition incapable of complying with rules and standards designed for traditional securities exchanges like the New York Stock Exchange.

“DEXs cannot comply with registration and disclosure requirements designed for legacy financial exchanges managed by centralized companies,” Grewal wrote.

“And even if DEXs could somehow comply with existing registration and disclosure rules, the Commission does not explain how SEC-registered DEXs could facilitate the trading of digital assets.”

Because of these apparent tensions, Coinbase implied in its letter to the SEC today, the agency may well be attempting to outlaw DEXs implicitly, without saying so.

“The SEC benefits from robust engagement from the public and will review all comments submitted during the open comment period. Generally, we respond to comments received as part of the final rulemaking and not beforehand," an agency spokesperson told Decrypt following the initial publication of this story.

Coinbase further accused the SEC of failing to complete a proper cost-benefit analysis of the proposed rule change. That’s due to the fact that the regulator has only stated in blanket terms that it would regulate exchanges that deal in “crypto asset securities,” without defining which sorts of digital assets constitute securities and which do not.

The SEC’s longstanding refusal to draw such a line—between which cryptocurrencies it views as securities, and which it does not—remains one of the crypto industry’s greatest grievances with the agency. Insteading of putting forth such a framework, the SEC has opted to sue crypto projects it alleges constitute illegal securities offerings, one at a time.

The regulator has even, in recent months, appeared to flip-flop on its own views of certain crypto assets. For over a year, for example, the SEC reportedly secretly considered Ethereum to be a security. Then, in May, the agency abruptly changed course, approving the trade of spot Ethereum ETFs on Wall Street.

Because the SEC has not clearly defined which cryptocurrencies it considers to be securities, Coinbase wrote today, it cannot possibly have properly calculated an accurate cost-benefit analysis determining how much financial activity would fall under its purview if DEXs were regulated like securities exchanges.

“The SEC cannot rationally make these calculations without a single, stable view on which digital assets are subject to the securities laws,” Grewal wrote.

@ Newshounds News™

Read more:  Decrypt

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The SEC has been going after numerous crypto companies for billions of dollars.  There was an article yesterday with negative comments on CFTC rules too.  Congress needs to get some of those bills passed that define what entity regulates what so America can catch up to other countries  regulating our new financial system.  Taking companies to court and fining them billions of dollars is just hindering our progress. 

I found these two bills that were introduced in the Senate two years ago but never passed.

Senate Bill S. 4760
Digital Commodities Consumer Protection Act of 2022 (DCCPA)
Introduced in Senate (08/03/2022)

To amend the Commodity Exchange Act to provide the Commodity Futures Trading Commission jurisdiction to oversee the spot digital commodity market, and for other purposes.

https://www.congress.gov/bill/117th-congress/senate-bill/4760/text

Senate Bill  S.5030
Digital Trading Clarity Act of 2022 (DTCA)
Introduced in Senate (09/29/2022)

This bill establishes a safe harbor from securities regulation for certain digital asset exchanges and intermediaries. This safe harbor applies if (1) such digital asset is not classified as a security by the Securities and Exchange Commission (SEC) or by a U.S. court; and (2) the exchange or intermediary complies with requirements regarding listings, customer protection, and disclosures.

If a digital asset is determined to be a security and otherwise meets these requirements, the exchange or intermediary has a two year period during which the SEC may not pursue specified enforcement activity against the exchange or intermediary.

https://www.congress.gov/bill/117th-congress/senate-bill/5030

@ Newshounds News™

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Thank you Dinar Recaps

Death of the Fiat Currency Regime and the Rise of Gold & Silver as Sound Money

Death of the Fiat Currency Regime and the Rise of Gold & Silver as Sound Money

VRIC Media :  8-13-2024

Lynette Zang and Rafi Farber believe that a new sound money paradigm is approaching as out-of-control government debt worldwide, geopolitical uncertainty, and the devaluation of fiat currency rapidly accelerates.

The duo discuss how financial engineering and manipulation of the economy has distorted markets beyond recognition and how to prepare for the inevitable collapse of the illusion and return to reality.

00:00 Introduction

00:43 Gold's Strength in Market Selloff

10:22 Impact of Inflation

16:59 Era of Financial Manipulation

21:56 Distracting the Masses from Reality

25:46 Preparing for the Endgame

33:41 A New Monetary System?

 39:24 CBDCs and the Surveillance State

https://www.youtube.com/watch?v=fG2xjyMzqGI

Iraq Economic News and Points To Ponder Tuesday Afternoon 8-12-24

Banks Working To Keep The Exchange Rate High.. Secrets Of The Dollar Crisis Against The Dinar
 
Economy   2024-08-12 3,172 views  Alsumaria News – Economy  Economist Omar Al-Halbousi confirmed that the crisis in the dinar’s exchange rate against the US dollar is due to many factors.  Al-Halbousi said, in a press statement:
 
“It is well known that the rise in the dollar exchange rate and the decline in the value of the Iraqi dinar have been continuing for more than two years, and  here we confirm that the value of the dollar is stable, but the value of the Iraqi dinar fluctuates between rise and fall, and most often it is a decline.” 

He continued,  "The rise and fall that the exchange rate of the Iraqi dinar is experiencing against the dollar from time to time is due to several reasons, including the continuation of trade with the sanctioned countries, which requires financing it from outside the platform, relying on the parallel market,  which is the real controller of the exchange rate.
 
Until the moment, there is no The central bank has authority over it,” noting that  “there are countries that live on the dollar in Iraq in the absence of the role of the central bank to regulate the exchange rate and stop the currency bleeding, with the penetration of these countries through private banks that dominate the currency selling window.” 

He explained that "private banks also push for the exchange rate to remain high, because it benefits them.
 
They have taken advantage of the law of delivering dollar transfers to individuals and companies coming from abroad and handing them over to their owners in Iraqi dinars and at the official rate, and then they sell the dollar at the parallel market price, which increases the value of money."
 
Its profits are therefore a stumbling block in the way of stabilizing the exchange rate and stopping the bleeding of the value of the Iraqi dinar.” 

 He stated that   “remittances and the currency selling window are monopolized by a few banks that control the exchange rate and manipulate it as they please,
 
which explains why they achieve fantastic profits from dollar transfers, which have become depleting Iraqi oil imports that finance the window, knowing that the high volume of daily dollar sales is very suspicious.”
 
It contradicts the volume of goods entering, which means the continuation of smuggling the dollar abroad, which is carried out by the banks controlling the window and the remittances, with international complicity,” pointing out that
 
“the American sanctions and the continued threat of them, is another reason for the continuing decline in the value of the Iraqi dinar against the dollar with the inability to...

The Central Bank is working to solve the problem of sanctions with the American side, as well as the inability to control the work of banks and control their fraudulent work, which has caused Iraq to have problems with the Americans, in light of the continued smuggling of the dollar in multiple ways practiced by banks owned by foreign countries.” 

The economic expert pointed out that  “the government is still relying on the Central Bank and its management to control the exchange rate, which the Central Bank did not succeed in, but rather failed in all its steps, with the arrogance of private banks and their control over the Central Bank with external support, in addition to the influence of these banks within the Central Bank.”
 
Which means, up to this moment, that he has not found a solution to stop the decline in the value of the Iraqi dinar against the dollar, which will bring us into major problems in the coming days, especially if new American sanctions are imposed on Iraq, in addition to the rise in the geopolitical conflict in the region, which casts a multi-faceted shadow over Iraq.”.    
 
https://www.alsumaria.tv/news/economy/496912/مصارف-تعمل-على-بقاء-سعر-الصرف-مرتفعا-خفايا-ازمة-الدولار-امام-الدينار   

An Economist Warns Of “Danger” And Takes Aim At The Central Bank: Banks Are Rated At The 1970s Standard
 
Special Sumerian     2024-08-13 |1,313 views   Economic expert, Mustafa Hantoush, warned today, Tuesday, of a danger to the Iraqi economy caused by foreign banks inside the country, while noting that the  Central Bank evaluates local banks according to the “standard of the 1970s.”
 
Hantoush told Al-Sumaria News,  “Iraqi banks are evaluated by the Central Bank of Iraq using the Camels standard, which is the standard of the seventies of the last century.
 
Therefore, we find weakness in the banking operations of the Iraqi banking sector because the Central Bank’s standard does not give them importance in the evaluation,”
 
stressing that The necessity of “adopting a modern standard that focuses on (deposits - loans - investments - electronic payment).” 

He pointed out that "the Iraqi banking sector is almost at a standstill, and work and profits are limited to a number of banks (owned by foreign owners) supported by their countries and their central bank governors," considering that "these banks pose a threat to the Iraqi economy and their liquidity position is ambiguous."   

https://www.alsumaria.tv/news/alsumariaspecial/496992/اقتصادي-يحذر-من-خطر-ويصوب-نحو-البنك-المركزي-المصارف-تقيم-بمعيار-السبعي 

Procedures for the work of agents of external transfer service providers

August 13, 2024 :diamonds: Procedures for working as agents of external transfer service providers .. For more, click here  https://cbi.iq/static/uploads/up/file-172353315575666.pdf
 
https://cbi.iq/news/view/2638   
 
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[ approximate, incomplete translation of https://cbi.iq/static/uploads/up/file-172353315575666.pdf ]
 
DATE: 8/12/2024  (Arbaeen of Imam Hussein (PBUH) .. The Iraqi Day of Volunteer Work)
 
All licensed banks
All licensed electronic payment companies
License exchange companies of categories (1) and (13)
 
M/ Procedures for the work of agents providing foreign transfer service    
 
Based on the supervisory and regulatory role of this bank.
 
In order to facilitate the work procedures of agents providing foreign remittance services in light of the rapid developments in the money transfer service.
 
And to limit its misuse for speculative purposes and benefit from the exchange rate difference.
 
You are requested to obtain a valid residency and passport for non-Iraqi persons (foreigners) for the purpose of completing remittances.
 
These supporting documents represent the minimum requirements; and you can request any additional document if necessary.
 
To work accordingly..with appreciation.   https://cbi.iq/news/view/2638   

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

Economist’s “News and Views” Tuesday 8-13-2024

Banks Are Closing Branches Faster Than EVER!

Atlantis Report:  8-12-2024

The banking industry has changed significantly in recent years, affecting how we interact with financial institutions.

The familiar sight of bank branches in cities and suburban areas is quickly disappearing. Major banks like Wells Fargo, Bank of America, and JP Morgan Chase are closing their physical locations at an unprecedented rate.

This leaves many customers bewildered and concerned about the future of banking.

Major banks like Wells Fargo, Bank of America, and Chase have all announced significant closures. For instance, Wells Fargo recently closed 30 branches in just one week, contributing to the growing concern among customers who rely on these physical locations.

https://www.youtube.com/watch?v=Ri1gkQNjk3g

LIVE! The US ECONOMIC MELTDOWN IS WORSENING MUCH FASTER THAN WE THOUGHT.

Greg Mannarino:  8-12-2024

https://www.youtube.com/watch?v=zdW-DX1PcLU

UK Economy Declared “Broke & Broken” As Russian Airspace Ban Hits British Airlines Hard

Sean Foo:  8-13-2024

In a shocking admission, the new Labour government itself has declared the UK is broke and broken. This shows how dire the situation is and we must understand the difficult balancing act the UK is in.

We must also talk about the Russian airspace ban and how sanctions on Russia has backfired on British airline giants.

Timestamps & Chapters:

0:00 UK Financially Broke & Broken

 2:40 Britain's Big Debt Trap

 5:15 Escaping Economic Stagnation

 8:04 Painful Russian Airspace Ban

10:51 No BREXIT Reversal

https://www.youtube.com/watch?v=sUwdZOBB9Ws