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Iraq News Highlights and Points To Ponder Friday AM 8-16-24
Parliamentary Meeting Soon To Follow Up On The Increase In Oil Revenues
Money and business Economy News – Baghdad Member of the Parliamentary Finance Committee Mustafa Al-Karawi said, “The last meeting held by the Finance Committee aimed to follow up on the government’s measures to increase non-oil measures, considering that they are important in light of the continuous fluctuation in oil prices, and seeking to increase them is the best solution to achieve stability for the Iraqi economy and the possibility of implementing the budget that was voted on in the House of Representatives.”
Al-Karawi said, "The details of the revenues were discussed and periodic meetings will be held almost every month in order to follow up on the progress made in increasing non-oil revenues."
He added, "The most important risks that threaten the financial and economic situation in Iraq are that the budget depends by ninety percent or eighty-five percent on oil revenues, and thus the instability or decline of the oil price causes a problem in implementing the budget."
Parliamentary Meeting Soon To Follow Up On The Increase In Oil Revenues
Money and business Economy News – Baghdad Member of the Parliamentary Finance Committee Mustafa Al-Karawi said, “The last meeting held by the Finance Committee aimed to follow up on the government’s measures to increase non-oil measures, considering that they are important in light of the continuous fluctuation in oil prices, and seeking to increase them is the best solution to achieve stability for the Iraqi economy and the possibility of implementing the budget that was voted on in the House of Representatives.”
Al-Karawi said, "The details of the revenues were discussed and periodic meetings will be held almost every month in order to follow up on the progress made in increasing non-oil revenues."
He added, "The most important risks that threaten the financial and economic situation in Iraq are that the budget depends by ninety percent or eighty-five percent on oil revenues, and thus the instability or decline of the oil price causes a problem in implementing the budget." 2024/08/16 - https://economy-news.net/content.php?id=46368
Nineveh Oil Fields Plan To Raise Production To 50 Thousand Barrels Per Day
2024-08-16 04:42 Shafaq News/ A source in the Iraqi North Oil Company reported on Friday that there is a trend to increase production by 50 thousand barrels per day to cover the needs of Baiji refineries.
The source told Shafaq News Agency, "The Minister of Oil, Hayan Abdul Ghani, directed the North Oil Company to raise its production to the highest levels, as it is currently limited to 350 thousand barrels per day from Kirkuk oil fields, and this quantity does not meet the needs of the Baiji refineries, whose production capacity exceeds 350 thousand barrels per day."
He added, "The company has completed the work of replacing the crude oil pipelines from Batma station to Ain Zala station in the Nineveh Oil Fields Authority, with exceptional efforts to increase production, develop our oil fields, and facilitate the flow of crude oil within the operating stations."
The source confirmed that "the company's upcoming plan is to add 50,000 barrels per day from Nineveh fields."
A source in the company reported last Monday that technical and engineering crews had restored life to an oil well in the Batma field in Nineveh, noting that they were working to raise the field’s production to 10,000 barrels per day.
The source pointed out that "an engineering and technical team has begun preparing a plan to develop and raise the capacities of oil fields throughout Nineveh Governorate in order to increase production, support the national economy, and provide the state treasury with funds."
In this context, oil expert Ali Khalil explained to Shafaq News Agency, "The Ain Zalah field was discovered in Nineveh in 1939, and in 1953 the Batma oil field was discovered, and after 2003, exploration was carried out in a number of oil sites in Nineveh within the oil licensing rounds."
He added, "Four oil fields are being developed by the Federal Ministry of Oil: Sasan near Badush, Alan near Al-Ayadhiya west of Nineveh, Qasab, and Jawn south of Mosul. The fields currently being worked on are Qayyarah, Najma, Ain Zalah, Batma, and Wasifa."
He stressed that "Mosul's oil fields were discovered in December 1932 by Iraqi, Italian, British, German, French, Dutch and Swiss companies, and their investment was made by these companies in exchange for mortgaging the oil at a rate exceeding 50%. At that time, 71 wells were discovered, and only 27 of them were exploited, 10 of which were giant and produced oil at different levels."
The oil expert pointed out that "doubling interest in Nineveh fields could raise production to more than 500 thousand barrels for the North Oil Company, meaning that Nineveh fields have the capacity to produce 150 thousand barrels per day." LINK
"Secret Procedures" And "Great Privileges"... What Is The Story Behind The Increase In Mps' Salaries In Iraq?
Money and business Economy News – Baghdad Over the past two days, the media and social networking sites have been buzzing with the story of the “secret procedures” that took place inside the Iraqi parliament in the session of last Wednesday, August 7, regarding adding “privileges and raising the salaries of members of the House of Representatives.”
The story was revealed by the Ishraqat Kanun bloc "partially", where it talked about the MPs not being informed of the tables that were intended to raise the MPs' salaries, and that this matter was confidential, while no information or clarifications were issued after that about the story.
According to following the context of the session and what was read during this session, the parliament presidency's presentation of this matter came in conjunction with "exploitation" of the first reading of the amendment to the House of Representatives Law, which was included for reading and amendment based on a decision by the Federal Court declaring the unconstitutionality of some phrases in Articles 48 and 50 related to the House of Representatives' appointment of advisors.
However, the parliament went further than that, amending several articles in the House of Representatives Law, including articles related to the privileges of MPs and adding personal guards for MPs, not just for the Speaker of Parliament and his two deputies, in addition to making these guards designated for the MP even after the end of his term and service in Parliament.
At the same time, and based on Article 64 of the House of Representatives Law, this article allows the Speaker of Parliament and his two deputies to issue instructions allocating their salaries and the salaries of the deputies and employees of the Council, meaning that they are not subject to a unified law, but rather instructions issued by the Speaker of Parliament and his two deputies to set the required figures for salaries.
In general, this amendment and move coincided with a response to a decision issued by the Federal Court separately from the decision of the unconstitutionality of Articles 48 and 50 of the House of Representatives Law, as the Federal Court issued a decision based on a lawsuit filed by one of the representatives, which led to reducing the salaries of the general managers in the House of Representatives in their capacity as employees, and their salaries were not reduced or the decision to reduce their salaries issued since 2017 in the Abadi government was not implemented.
Based on the decision of the Federal Supreme Court, the reduction even included the salaries of members of the House of Representatives who hold a preparatory certificate and a bachelor’s degree, while the salaries of those with a master’s degree remained stable or decreased slightly, with a slight increase in the salaries of those with a doctorate.
In general, the average salary of a representative decreased from 8 million and 200 thousand dinars to about 6 million dinars, which prompted the parliament presidency to implement paragraph 64 of the House of Representatives Law, which includes “issuing instructions on raising the salaries of representatives,” but no details were revealed about the size of the increase in these salaries and how much they will amount to, as the representatives have not yet seen any tables related to them.
Before the reduction, the salaries of the representatives ranged between 10 and 15 million dinars, but they currently range between 8 and 10 million, before the reduction to 6 million for the majority of the members of the council, meaning that there is a widening gap between the members of parliament so that the salaries may be between 6 and 10 million dinars. To view the latest news, follow us on Telegram https://t.me/Economynews2021
385 views 2024/08/16 - https://economy-news.net/content.php?id=46372
Al-Sudani announces readiness to launch the “largest” electricity production project in Iraq
Posted On2024-08-15 By Sotaliraq Prime Minister Mohammed Shia al-Sudani announced on Thursday that his government is ready to launch the “largest” electricity production in Iraq at a rate of 10,000 megawatts.
Al-Sudani said in a speech during the ceremony to launch the executive works of the projects of three power stations in Karbala Governorate, that this project is a strategic project in electrical energy, which will be implemented according to a new economic model and a new vision that will be announced to the private sector, after it has been studied by a team of consultants specializing in electricity.
He stressed that the stability of energy sources is an encouraging factor for investment and development, and pushes for the development of sources of income by activating all other economic sectors, in addition to the ongoing work to improve the transportation and distribution sector, to deliver electricity service in a sustainable manner to the citizen, without it being a burden on the state and its financial budget.
Al-Sudani also pointed out that the combined cycle projects and solar energy projects are part of the government's plans to reform the electricity system, indicating that the launch of the solar energy project in Karbala and Babylon will continue with the rest of the governorates, which is happening for the first time in Iraq.
He stressed the importance of supporting the private sector, which represents a support for the government in facing crises, emphasizing the special nature of Karbala Governorate, which is visited by millions of visitors throughout the year from inside and outside Iraq.
The three projects launched by Al-Sudani in Karbala are: the combined cycle of the Karbala gas station with a capacity of (132 megawatts), the Karbala investment solar energy station with a capacity of (300 megawatts), and the Karbala secondary transformer station, 400 KV, with a capacity of (1500 megawatts).
It is worth noting that the three station projects will achieve an increase in the production of electrical energy, as the combined cycle of the Karbala gas station contributes to adding (132) megawatts to the currently operating station, with a total design capacity of (250) megawatts, while the Karbala solar energy investment station project is one of several important contracts concluded by the government in the field of renewable energy projects with a number of specialized international companies, including signing a contract to implement a solar energy station with a private sector company with a capacity of (300) megawatts.
As for the Karbala Banks Secondary Station 400 KV, with a capacity of (1500) megawatts, it is being implemented within the second phase of the electrical energy transmission projects, under the contract with the German company Siemens, and is the first transformer station of its kind in Karbala, and will contribute to relieving bottlenecks in the network, thus raising the level of stability and meeting the needs of the various sectors in the Middle Euphrates region. LINK
“Tidbits From TNT” Friday Morning 8-16-2024
TNT:
Tishwash: Activating the joint strategic framework on the table of the foreign ministers of Iraq and Turkey
Foreign Minister Fuad Hussein confirmed, today, Thursday (August 15, 2024), that he discussed with his Turkish counterpart, Hakan Fidan, ways to activate the strategic framework agreement between the two countries.
Hussein said in a post on the "X" platform, which was followed by "Baghdad Today", "Today we held a fruitful meeting with our friend Hakan Fidan," indicating that "the meeting discussed frameworks for enhancing joint cooperation between our two countries."
TNT:
Tishwash: Activating the joint strategic framework on the table of the foreign ministers of Iraq and Turkey
Foreign Minister Fuad Hussein confirmed, today, Thursday (August 15, 2024), that he discussed with his Turkish counterpart, Hakan Fidan, ways to activate the strategic framework agreement between the two countries.
Hussein said in a post on the "X" platform, which was followed by "Baghdad Today", "Today we held a fruitful meeting with our friend Hakan Fidan," indicating that "the meeting discussed frameworks for enhancing joint cooperation between our two countries."
He added, "During the meeting, we discussed ways to activate the strategic framework agreement that was signed during President Erdogan's visit to Baghdad," noting that "the two parties stressed the importance of deepening bilateral relations in a way that serves common interests link
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Tishwash: The Ministry of Foreign Affairs reveals the postponement of the announcement of the end of the international coalition's military mission in Iraq
Today, Thursday, the Ministry of Foreign Affairs announced the postponement of the announcement of the end of the international coalition's military mission.
The Ministry stated, in a statement received by the “Al-Ma’louma” Agency, that “there are no American forces in Iraq except for the military advisors who are under the umbrella of the international coalition.” These advisors are included in the outcomes of the work of the Supreme Military Committee, and the two parties are committed to the established mechanisms and their outcomes.”
He added, "The work of the Supreme Military Committee focused during the past months on assessing the threat of ISIS with the aim of reaching a deadline to end the military mission of Operation Inherent Resolve, and on this basis, the presence of international coalition advisors of all nationalities on Iraqi soil will be ended."
The Iraqi Foreign Ministry pointed out that “these discussions included details that included the hierarchy of advisors' withdrawal from the sites, and all that remained agreement on the details and date of the announcement and some other logistical aspects,” noting that “we were very close to announcing this agreement, but due to recent developments, Postponing the announcement of the end of the international coalition’s military mission in Iraq.”
He pointed out that “the bilateral relationship with the United States in all fields, including the security relationship, is completely separate from the path of the relationship with the international coalition forces.” This relationship existed before the coalition and will continue after it, and the Iraqi delegation discussed the future of the security relationship in the areas of training, arming, equipping and cooperation.” Security, in light of what is permitted by the Iraqi Constitution and the framework of the strategic agreement between Iraq and the United States. link
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Tishwash: A deputy reveals the results of the war on “hard currency” smuggling
On Thursday, Representative Yasser Iskandar revealed the results of the war on the smuggling of hard currency from Iraq.
Iskandar said in an interview with Al-Maalouma, “The smuggling of hard currency is one of the tools that drain the economy and creates an anomaly in the balance of exchange rates and pushes the parallel market to rise, which leads to excessive prices in the markets, the price of which is paid by the simple people.”
He added, “The efforts of the Ministry of Interior with the Central Bank and supporting formations contributed to reducing the file of hard currency smuggling by 80%, while directing 11 specific strikes to companies and offices dealing in the file of selling currency illegally.”
He pointed out that "currency smuggling is part of corruption that requires exceptional efforts to dismantle it, and government committees are continuing to expose it day after day."
It is noteworthy that the smuggling of hard currency leads to an increase in exchange rates in Iraq, which puts pressure on the markets and leads to the emergence of excessive prices. link
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Tishwash: Parliamentary Oil Committee reveals details of oil smuggling from the region to Iranian ports
The Parliamentary Oil and Gas Committee revealed, on Thursday, the details of oil smuggling from the Kurdistan Region to Iranian ports, explaining that this operation caused a crisis in the transfer of crude oil between Iraqi refineries.
The committee’s deputy chairman, Adnan al-Jaberi, said in a press interview, “We have seen a document issued by the State Oil Marketing Organization (SOMO) regarding the smuggling of oil from the Kurdistan Region to Iranian ports,” noting that “this document states that oil is smuggled from Erbil and Sulaymaniyah via tankers through the Bashmakh and Pirouz Khan crossings.”
Al-Jabri added, "The document revealed that the price of transporting one ton of crude oil to Iran is $135," noting that "this issue caused an internal crisis in the land transport of oil, considering that most of the tankers are private and have turned towards loading these smuggled materials, and there has been a defect in the transport of official oil, because SOMO pays $33 per official ton, while the cost of transporting smuggled oil reaches $135 per ton, and thus most of the tankers have turned to transporting smuggled oil."
Al-Jaberi continued, "This crisis has caused the accumulation of crude oil in a number of refineries, which has affected the quantity of petroleum derivatives in these refineries," noting that "the Parliamentary Oil and Gas Committee is following up on this issue with importance, and we will host general managers in this regard." link
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Mot: ooooooooh the Games they Play!!!
Mot: Only ""Cat Owners"" can Relate!!!
Seeds of Wisdom RV and Economic Updates Thursday Evening 8-15-24
Good Evening Dinar Recaps,
XRP Adoption in Japan: A Comprehensive List of Banks Embracing Ripple’s Technology
▪️Leading banks in Japan are tirelessly working towards shifting how Cross-border transactions are handled by integrating the XRP ecosystem.
▪️Banks like SBI Holdings and Mizuho Bank, part of a 61-member consortium, are working towards worldwide cryptocurrency adoption, especially XRP.
Ripple is emerging as a dominant force in the crypto sphere. The token is rapidly gaining traction, and Japan is at the forefront of this trend by wholeheartedly embracing XRP. Additionally, Japan is also at the front line, particularly in the realm of cross-border payments.
Good Evening Dinar Recaps,
XRP Adoption in Japan: A Comprehensive List of Banks Embracing Ripple’s Technology
▪️Leading banks in Japan are tirelessly working towards shifting how Cross-border transactions are handled by integrating the XRP ecosystem.
▪️Banks like SBI Holdings and Mizuho Bank, part of a 61-member consortium, are working towards worldwide cryptocurrency adoption, especially XRP.
Ripple is emerging as a dominant force in the crypto sphere. The token is rapidly gaining traction, and Japan is at the forefront of this trend by wholeheartedly embracing XRP. Additionally, Japan is also at the front line, particularly in the realm of cross-border payments.
As per a recent CNF report, Ripple has formed strong alliances with leading financial institutions. Notably, 80% of Japanese banks have collaborated with this crypto titan.
List of Japanese Banks set to use #XRP.
1️⃣ SBI Holdings – Tokyo
2️⃣ Mizuho Bank – Tokyo
3️⃣ Sumitomo Mitsui Trust Bank – Tokyo
4️⃣ Resona Bank – Osaka
5️⃣ Bank of Yokohama – Yokohama
6️⃣ The Chugoku Bank – Okayama
7️⃣ The Tokyo Star Bank – Tokyo
8️⃣ The Toho Bank – Fukushima
9️⃣… pic.twitter.com/BCoK3Df41f
— Jack Straw (@JackStr42679640) August 12, 2024
@ Newshounds News™
Source: Crypto News
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Cardano’s Hoskinson Names AI-Blockchain Use Cases—Is ADA Ready to Seize the Moment?
▪️In his recent presentation at the Ai4 conference, Cardano co-founder Charles Hoskinson addressed the intricacies around the merging of blockchain technology and Artificial Intelligence (AI).
▪️According to him, AI’s reliance on huge computational resources could be offset by the existence of tokenomics.
The groundbreaking entry of Artificial Intelligence (AI) into the crypto or blockchain space was the focal point of the Ai4—Artificial Intelligence Conferences 2024, which featured Cardano’s (ADA) Charles Hoskinson as a speaker.
In his keynotes, Hoskinson delved into the ongoing situation of AI leveraging blockchain as an incentive and trust layer to create a decentralized marketplace for data, models, and inference.
Summarizing Hoskinson’s speech:
Merging blockchain and AI presents significant challenges but also opens up opportunities for innovation. From governance and data privacy to decentralized marketplaces and ethical concerns, the intersection of these technologies requires careful coordination and incentives alignment to unlock its full potential.
@ Newshounds News™
Read more: Crypto News Flash
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Member-countries of Eurasian banks council can agree upon common approaches in ESG sphere
Countries identified resolution of issues related to disclosure of reports in the sustainable development sphere and the expansion of the range of financial products in ESG among key tasks during the three next years
MOSCOW, August 15. /TASS/. All member-countries of the Eurasian Council of Central (National) Banks (ECB) informed about their involvement in the Environmental, Social and Governance (ESG) and climatic transition agenda, according to data of the poll held by the Bank of Russia.
Countries identified resolution of issues related to disclosure of reports in the sustainable development sphere and the expansion of the range of financial products in ESG among key tasks during the three next years.
"Several ECB countries issued regulatory legislative acts or documents of advisory nature, describing requirements/recommendations as regards the disclosure of information by public companies and financial institutions in the sustainable development sphere.
The next step can be agreement of unified approaches to disclosure of information in sustainable development sphere in ECB space, which can provide in particular for development of the common capital market to finance sustainable development," the Bank of Russia said.
Furthermore, harmonization of approaches to sustainable (including green) kinds of activity and joint analysis of practices of assigning ESG ratings and their methodologies are possible over time, which will contribute to further development of the sustainable development financing market.
ECB countries noted significance of arising climatic risks and recognized the need to assess these risks and roll out approaches towards their recording and regulation.
"The majority of countries considers over time the possibility of introducing regulation for banks in management of climatic risks within the framework of internal procedures of capital adequacy assessment and risk-sensitive stimulating regulation," the Bank of Russia said.
@ Newshounds News™
Read more: TASS
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IOTA Enhances Trust and Security in European Identity Wallets for E-Commerce
▪️The European Identity Wallet is set to transform identity verification by allowing users to log in to websites without the need for passwords, while sharing verified information with ease.
▪️The integration of Self-Sovereign Identity (SSI) and decentralized identifiers (DIDs) is seen as a key step in combating these issues, with organizations like IOTA and Impierce Technologies leading efforts.
The implementation of the European Identity Wallet is nearing 2026, with several organizations exploring its potential while focusing on user authentication.
This wallet will revolutionize identity verification by offering users a secure and seamless way to confirm their identity with greater certainty.
The IOTA Foundation is one of the key organizations working towards making the European Identity Wallet project a success.
Along with user authentication, Self-Sovereign Identity (SSI) has been gaining traction in the B2B sector, particularly in trade and finance. Furthermore, the European Identity Wallet currently lacks support for organizational identification. Thus, its correct usage can help restore trust in digital spaces by combating crypto scams and frauds.
With the upcoming eIDAS 2.0 regulations, users will be able to log in to any complaint website using the European Identity Wallet without having to create an account or password.
Furthermore, this Wallet will allow users to share verified information, including email, age, address, and contact numbers, just with a click of a button.
This helps reduce customer friction while streamlining the overall eCommerce experience. The mutual authentication enabled by this process benefits both the user and the website, helping to build trust on both sides.
A Proof-of-Concept project, UniMe, seeks to get certified as a European Identity Wallet after recently updating its login flow. The user has to do domain verification to validate the identity. Furthermore, UniMe employs other trust layers, giving the user confidence that they are logging into a secure website.
IOTA Helps to Build the Trust in Digital Identity
One of the biggest challenges today is establishing trust between users, websites, and businesses, especially in a B2B environment amid the rampant spread of scam emails, fraudulent invoices, fake social media accounts, and deceptive websites. With online space facing such threats, the concept of “don’t trust but verify” is becoming even more essential.
The upcoming eIDAS 2.0 regulation and the European Identity Wallet offer a promising solution to restore trust. This regulatory shift aims to provide companies with the necessary tools to protect users, customers, and clients from online fraud.
Impierce Technologies is at the forefront of this initiative, developing core technology components that allow businesses to participate in a trusted information exchange ecosystem.
The solution uses the decentralized identifiers (DIDs) of the World Wide Web Consortium (W3C) to create unique identifiers for companies.
This system can operate either without blockchain using did: web or be published to blockchain platforms such as EBSI or IOTA, enhancing trust in the verified identity, as reported by CNF.
Furthermore, according to the CNF report, the European Sandbox Initiative selected IOTA’s Web3 ID solution earlier in June.
@ Newshounds News™
Source: CryptoNews
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Telegram mini-app TON Turbo allegedly an exit scam
After many users raised concerns about withdrawals, a Telegram mini-app called TON Turbo began scrubbing its digital footprint.
TON Turbo, a project built atop The Open Network, offers users so-called Toncoin mining rigs to generate profits by depositing crypto via a Telegram chat box. The mining rigs promised nearly doubled returns on the initial capital, with an opportunity to earn TON and prominent memecoin Shiba Inu .
However, several aspiring miners using the platform reported withdrawal difficulties. Replies on the project’s Telegram channel suggested its deposit mechanism was a one-way corridor.
Additionally, TON is a proof-of-stake blockchain where validators are the key network contributors. Mining typically refers to proof-of-work networks like Bitcoin, which relies on participants called miners to validate transactions and discover new coins.
Once users sent crypto to the virtual mining rig, it seemingly churned profits over time, but withdrawing rewards was impossible. When users pointed out the issue, TON Turbo disabled customer support and locked its chat rooms.
The protocol closed replies between July 27 and Aug. 5, but the team continued to post promotional updates on X and Telegram.
TON Turbo ghosts customers
TON Turbo claimed to have secured several marquee partnerships, including with The Open Network, Tonkeeper, Telegram mini-game Dogs, and Shiba Inu.
These claims were unverified, and crypto.news could not find proof of said partnerships outside of TON Turbo’s announcements. Requests for comments sent to TON Turbo admins were unanswered at press time.
Project admins had deleted their Telegram accounts, and the private social network tagged updates on TON Turbo’s channel as a “scam.”
Social media and the project’s Telegram channel signaled that hundreds to thousands of investors tried using the supposed Telegram mining rig. How many users may have suffered losses is unknown, and how much was lost to this apparent exit scam remains to be seen.
@ Newshounds News™
Source: Crypto . News
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Iraq Economic News and Points to Ponder Thursday Evening 8-15-24
Among Them Is The Delay In Distributing Profits.. An Economic Diagnosis Of The Reasons For The Decline In Stock Prices On The Iraqi Stock Exchange
Stock Exchange Economy News – Baghdad Financial markets expert, Tamara Hussein, attributed the decline in stock prices on the Iraqi Stock Exchange today, Thursday, to the lack of demand from investors.
Most of the stocks in the Iraq Stock Exchange have witnessed a decline in their value since the tension in the region, as the leading stocks continue to decline.
Hussein said, in an interview with "Al-Eqtisad News", that "the decline in stock prices in the Iraqi Stock Exchange is due to many reasons, the most important of which is the weak demand due to the lack of liquidity available in the market, as well as the increase in banks' capital through subscriptions that were conducted in previous months, as they withdrew a lot of money from investors."
Among Them Is The Delay In Distributing Profits.. An Economic Diagnosis Of The Reasons For The Decline In Stock Prices On The Iraqi Stock Exchange
Stock Exchange Economy News – Baghdad Financial markets expert, Tamara Hussein, attributed the decline in stock prices on the Iraqi Stock Exchange today, Thursday, to the lack of demand from investors.
Most of the stocks in the Iraq Stock Exchange have witnessed a decline in their value since the tension in the region, as the leading stocks continue to decline.
Hussein said, in an interview with "Al-Eqtisad News", that "the decline in stock prices in the Iraqi Stock Exchange is due to many reasons, the most important of which is the weak demand due to the lack of liquidity available in the market, as well as the increase in banks' capital through subscriptions that were conducted in previous months, as they withdrew a lot of money from investors."
She added, "The other reason is the delay in distributing the profits that were approved by some banks," adding, "We hope that the market's performance will improve after they are distributed."
She pointed out that, "The third issue revolves around foreign investors' sales, in addition to inaccurate news that talks about the possibility of a global crisis in the financial markets, which caused a state of panic and withdrawal from trading, which is an expected and natural situation."
The financial markets expert expected that "leading companies will regain their usual positions in the coming months." To view the latest news, follow us on Telegram https://t.me/Economynews2021 - https://economy-news.net/content.php?id=46336
The Stock Market Ends The Week With Losses
Stock Exchange Economy News – Baghdad The stock market ended its week, Thursday, with losses of 0.20%. The session witnessed the trading of 3.4 billion shares, worth 1.8 billion dinars.
552 transactions were executed on the shares of 36 traded companies.
The value of shares of 15 traded companies decreased, while the value of shares of 5 other companies increased. 103 viewS 2024/08/15 - https://economy-news.net/content.php?id=46354
Central Bank Of Iraq Announces The Establishment Of A Complaints Management Platform
Banks Economy News – Baghdad The Central Bank of Iraq announced, on Thursday, the establishment of a platform to manage citizens’ complaints, while confirming that the period for processing the complaint will not take more than five days.
The Central Bank's media office said in a statement, seen by "Al-Eqtisad News", that "the platform was created in the context of work to develop institutional work performance 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."
He added, "The establishment of the platform also came in view of the continuous development witnessed by the electronic financial industry, and due to its great importance in achieving economic growth, financial stability and enhancing levels of financial inclusion, the Central Bank of Iraq has created an electronic platform for managing the complaints system."
He added, "The work of the platform is summarized in automating the receipt of all public complaints by financial institutions via the electronic complaint form link, and its processing is managed under the supervision of the Central Bank of Iraq and its financial institutions through this platform." He continued,
"The period of processing the complaint does not take more than five working days, by the financial institution concerned with the complaint, in addition to its importance and nature."
The bank indicated, according to the statement, that "the prepared platform is in the training phase for authorized banking and non-banking financial institutions, and it will be launched in real time after the training operations are completed."
The Central Bank published the platform link, which appears below:
https://cbi.iq/static/uploads/up/file-172371164075527.pdf
116 views Added 2024/08/15 - https://economy-news.net/content.php?id=46348
Al-Sudani's Advisor: Iraq's External Debt Does Not Exceed 9 Billion Dollars
Economy | 12:16 - 08/15/2024 Mawazine News – Baghdad The financial advisor to the Prime Minister, Mazhar Mohammed Salih, confirmed today, Thursday, that Iraq's external debts do not exceed 9 billion dollars.
Salih said that "Iraq's external debts due during the current decade do not exceed 9 billion dollars in all cases."
He added that "the general budget provides sufficient annual allocations to service all debts, which means paying installments and interest, according to the nature of the debt, which is called debt amortization."
He continued that "Iraq has not recorded any default in paying its external debt obligations over the past twenty years," noting that "payment mechanisms are carried out according to strict financial and banking rules that are highly coordinated between the Ministry of Finance and the Central Bank of Iraq."
He added that "this has shown sustainable stability in the creditworthiness indicators of global rating agencies, since the adoption of the first credit rating for Iraq in 2016 until the present time." https://www.mawazin.net/Details.aspx?jimare=253309
Dollar Exchange Rates Stabilize In Baghdad And Erbil
Thursday 15 August 2024 10:34 | Economic Number of readings: 175 Baghdad / NINA / The exchange rates of the US dollar stabilized, Thursday morning, in the markets of Baghdad and Erbil.
The price of the dollar stabilized with the opening of the Al-Kifah and Al-Harithiya stock exchanges, recording 150,000 Iraqi dinars for every 100 dollars, which is the same price as yesterday, Wednesday.
The selling price stabilized in exchange shops in the local markets in Baghdad at 151,000 dinars, and the purchase price was 149,000 dinars, for every 100 dollars.
In Erbil, the dollar also stabilized in exchange shops at a selling price of 150,000 dinars and a purchase of 149,900 dinars for every 100 dollars. / https://ninanews.com/Website/News/Details?key=1147871
For current and reliable Iraqi news please visit: https://www.bondladyscorner.com/
Some Thursday “Iraq News” Posted by Clare at KTFA 8-15-2024
KTFA:
Clare: The Central Bank of Iraq organizes an awareness workshop on illicit gains
August 15, 2024
The Central Bank of Iraq, Human Resources Directorate/Women's Affairs Division, organized an awareness workshop on illicit gains in cooperation with the Integrity Commission.
The workshop addressed the laws, legislation and penalties related to illicit gains and the importance of applying e-governance in state departments and institutions to reduce them.
KTFA:
Clare: The Central Bank of Iraq organizes an awareness workshop on illicit gains
August 15, 2024
The Central Bank of Iraq, Human Resources Directorate/Women's Affairs Division, organized an awareness workshop on illicit gains in cooperation with the Integrity Commission.
The workshop addressed the laws, legislation and penalties related to illicit gains and the importance of applying e-governance in state departments and institutions to reduce them.
The workshop reviewed the role and efforts of the Central Bank of Iraq in responding to the requirements of the Integrity Commission, especially in implementing the National Strategy for Integrity and Combating Corruption (2021-2024).
It is noteworthy that the Central Bank of Iraq has organized many seminars and workshops for its employees in the field of combating corruption during the past months.
Central Bank of Iraq
Media Office
August 15, 2024
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Clare: Parliamentary Finance Committee to US Delegation: The Triennial Budget Represents an Important Message to Foreign Companies
8/14/2024 Baghdad
The head of the parliamentary finance committee, Atwan Al-Atwani, confirmed to the delegation of the US embassy in Baghdad, on Wednesday, that the three-year budget represents an important message to foreign companies.
The media office of the head of the parliamentary finance committee said in a statement, seen by "Al-Eqtisad News", that "the head of the parliamentary finance committee, Atwan Al-Atwani, received a delegation from the US embassy in Baghdad, headed by the Minister Plenipotentiary for Economic and Commercial Affairs, Julie Jules."
The statement added that "Al-Atwani reviewed - during the meeting - the financial and monetary situation in the country, and the role of the finance committee in monitoring the implementation of the general budget law, especially the paragraphs related to maximizing non-oil revenues or those supporting the private sector and investment."
It pointed out that "Al-Atwani addressed the most important challenges facing financial policy in Iraq, most notably the restrictions and procedures of the US Treasury, which have had a significant impact on the work of the banking sector and caused the continued crisis of fluctuations in the dollar price."
The head of the finance committee - according to the statement - touched on "the importance of the private sector entering as a major partner with the government in implementing and financing projects and providing services," stressing "his committee's determination to approve the law on partnership between the public and private sectors, in addition to amending the tax law in a manner that keeps pace with the development taking place in the work of the tax system, whether in providing services or collection."
The statement added that "the meeting discussed ways to enhance joint bilateral cooperation between Iraq and the United States within the framework of the Strategic Framework Agreement, and to activate its economic contents related to developing capabilities and helping to reform the financial and banking system."
For its part, the US embassy delegation praised "the experience of the three-year budget for its tangible positive repercussions in terms of improving the living conditions of Iraqis and enabling the government to perform its duties," stressing "its readiness to cooperate and work together with the Finance Committee to solve the existing problems between the US Treasury and Iraqi banks."
Al-Atwani stressed - according to the statement - that "the three-year budget represents an important message to foreign countries and companies that Iraq's financial situation is good and there is no obstruction or halt in contracts and implementation," explaining that "Iraq is rich in its wealth and energies and all it needs is wise management of money."
He continued, "We suffer from the problem of unfair US Treasury sanctions against 14 Iraqi banks without prior warning," indicating that "obligating Iraq to cover its foreign transactions through the platform and punishing a large number of its local banks are among the most important reasons for the continuation of the dollar crisis and the creation of the parallel market."
Al-Atwani expressed his "hope that this meeting will be a starting point for a new phase of cooperation, understanding and assistance in addressing the problem of US Treasury restrictions and procedures on the financial and banking sector." LINK
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Clare: Italian company begins work on updating Mosul's basic design
8/15/2024
The cadres of the Italian company in charge of the project to develop and modernize the basic design of the city of Mosul began, today, Wednesday, the geographical survey work in the city.
Nineveh Deputy Governor for Reconstruction Affairs, Abdul Wahab Sultan, told Shafaq News Agency, "The cadres of the Italian company (SGI), which is responsible for the project to update the basic design of the city of Mosul, have started their work in the field geographical survey in the city, in the first steps aimed at implementing the project to develop the basic design of Mosul."
Sultan stressed that "the Nineveh Governorate administration is proceeding with all its energy and determination to develop Mosul and change its reality for the better, which can only be achieved through implementing the city's basic design expansion project."
Last March, the governor of Nineveh announced the signing of a contract to update and expand the basic design of the city of Mosul, after the last expansion of the city since the year 2000.
The expansion of Mosul includes a distance of 7 km in all directions from Mosul, and the new design is supposed to secure 160 thousand dunums of land that will be allocated to establish large projects and infrastructure that will serve the city and all components in Nineveh.
Over the past years, the project has been met with objections from some components in the Nineveh Plain, while political forces from the Shabak component that have an armed faction announced their refusal to allow the implementation of the expansion project towards eastern Mosul, under the pretext of fear of demographic change. LINK
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Clare: Al-Sudani concludes his visit to Karbala.. This is what it included
8/15/2024 Baghdad
Prime Minister Mohammed Shia Al-Sudani concluded his visit to the holy Karbala Governorate today, Thursday, which included the opening of several projects.
The Prime Minister's media office stated in a statement received by "Al-Eqtisad News" that "Al-Suwani returned to the capital, Baghdad, after concluding his visit to the holy Karbala Governorate, which included:
■ Follow up on work in the facilities and installations of Karbala International Airport.
■ Launching the implementation works for three power station projects:
● Combined cycle of Karbala gas station with a capacity of (132 megawatts).
●Karbala Solar Power Plant Investment Project with a capacity of (300 megawatts),
● Karbala Banks Secondary Transformation Station 400 kV, with a capacity of (1500 MVA), as part of a package of projects to resolve bottlenecks in the transmission of electrical energy.
■ Announcing the largest project to produce (10) thousand megawatts of electric power.
■ Inauguration of Karbala Industrial City, and launching of executive works for four industrial projects/first phase, in the city, which are:
● Industrial gases plant with a capacity of (1000 tons/day).
● White oil factory with a capacity of (1000 cubic meters/day).
●Vacuum distillation plant with a capacity of (2500 tons/day), and organic solvent plant with a capacity of (1000 cubic meters/day). LINK
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Clare: Al-Sudani announces readiness to launch the "largest" electricity production project in Iraq
8/15/2024
Prime Minister Mohammed Shia al-Sudani announced on Thursday that his government is ready to launch the "largest" electricity production in Iraq at a rate of 10,000 megawatts.
Al-Sudani said in a speech during the ceremony to launch the executive works of the projects of three power stations in Karbala Governorate, that this project is a strategic project in electrical energy, which will be implemented according to a new economic model and a new vision that will be announced to the private sector, after it has been studied by a team of consultants specializing in electricity.
He stressed that the stability of energy sources is an encouraging factor for investment and development, and pushes for the development of sources of income by activating all other economic sectors, in addition to the ongoing work to improve the transportation and distribution sector, to deliver electricity service in a sustainable manner to the citizen, without it being a burden on the state and its financial budget.
Al-Sudani also pointed out that the combined cycle projects and solar energy projects are part of the government's plans to reform the electricity system, indicating that the launch of the solar energy project in Karbala and Babylon will continue with the rest of the governorates, which is happening for the first time in Iraq.
He stressed the importance of supporting the private sector, which represents a support for the government in facing crises, emphasizing the special nature of Karbala Governorate, which is visited by millions of visitors throughout the year from inside and outside Iraq.
The three projects launched by Al-Sudani in Karbala are: the combined cycle of the Karbala gas station with a capacity of (132 megawatts), the Karbala investment solar energy station with a capacity of (300 megawatts), and the Karbala secondary transformer station, 400 KV, with a capacity of (1500 megawatts).
It is worth noting that the three station projects will achieve an increase in the production of electrical energy, as the combined cycle of the Karbala gas station contributes to adding (132) megawatts to the currently operating station, with a total design capacity of (250) megawatts, while the Karbala solar energy investment station project is one of several important contracts concluded by the government in the field of renewable energy projects with a number of specialized international companies, including signing a contract to implement a solar energy station with a private sector company with a capacity of (300) megawatts.
As for the Karbala Banks Secondary Station 400 KV, with a capacity of (1500) megawatts, it is being implemented within the second phase of the electrical energy transmission projects, under the contract with the German company Siemens, and is the first transformer station of its kind in Karbala, and will contribute to relieving bottlenecks in the network, thus raising the level of stability and meeting the needs of the various sectors in the Middle Euphrates region. LINK
Iraq News Highlights and Points To Ponder Thursday Afternoon 8-15-24
Parliamentary Oil Committee Reveals Details Of Oil Smuggling From The Region To Iranian Ports
Energy Economy News – Baghdad The Parliamentary Oil and Gas Committee revealed, on Thursday, the details of oil smuggling from the Kurdistan Region to Iranian ports, explaining that this operation caused a crisis in the transfer of crude oil between Iraqi refineries.
The deputy head of the committee, Adnan al-Jaberi, said in a press interview, "We have seen a document issued by the State Oil Marketing Organization (SOMO) regarding the smuggling of oil from the Kurdistan Region to Iranian ports," noting that "this document states that oil is smuggled from Erbil and Sulaymaniyah via tankers through the Bashmakh and Pirouz Khan crossings."
Al-Jabri added, "The document revealed that the price of transporting one ton of crude oil to Iran is $135," noting that "this issue caused an internal crisis in the land transport of oil, considering that most of the tankers are private and have turned towards loading these smuggled materials, and there has been a defect in the transport of official oil, because SOMO pays $33 per official ton, while the cost of transporting smuggled oil reaches $135 per ton, and thus most of the tankers have turned to transporting smuggled oil."
Parliamentary Oil Committee Reveals Details Of Oil Smuggling From The Region To Iranian Ports
Energy Economy News – Baghdad The Parliamentary Oil and Gas Committee revealed, on Thursday, the details of oil smuggling from the Kurdistan Region to Iranian ports, explaining that this operation caused a crisis in the transfer of crude oil between Iraqi refineries.
The deputy head of the committee, Adnan al-Jaberi, said in a press interview, "We have seen a document issued by the State Oil Marketing Organization (SOMO) regarding the smuggling of oil from the Kurdistan Region to Iranian ports," noting that "this document states that oil is smuggled from Erbil and Sulaymaniyah via tankers through the Bashmakh and Pirouz Khan crossings."
Al-Jabri added, "The document revealed that the price of transporting one ton of crude oil to Iran is $135," noting that "this issue caused an internal crisis in the land transport of oil, considering that most of the tankers are private and have turned towards loading these smuggled materials, and there has been a defect in the transport of official oil, because SOMO pays $33 per official ton, while the cost of transporting smuggled oil reaches $135 per ton, and thus most of the tankers have turned to transporting smuggled oil."
Al-Jaberi continued, "This crisis has caused the accumulation of crude oil in a number of refineries, which has affected the quantity of petroleum derivatives in these refineries," noting that "the Parliamentary Oil and Gas Committee is following up on this issue with importance, and we will host general managers in this regard."
121 views Added 2024/08/15 - https://economy-news.net/content.php?id=46337
As The Region Continues To Steal Oil...The Oil And Gas Law Is In The Parliament's Drawers
Economy As the region continues to steal oil...the oil and gas law is in the parliament's drawers[/size]
Information / Report.. The draft oil and gas law is one of the most controversial issues between the political blocs and the Kurdish national component.
Follow "Al-Maalouma" channel on Facebook.. News that does not need verification..
The Kurds continue to steal Iraqi oil and sell it on the black market for half its market value, which is a huge waste of the country's financial resources.
Independent politician Adnan Abdullah confirmed on Thursday that oil smuggled from the Kurdistan region is sold for less than half its value.
Abdullah told Al-Maalouma, "The region smuggles about 300,000 barrels per day, and this is no secret and the government and all political forces know about it."
He added, "The smuggled oil is sold for less than half its value, which is what drives some brokers in neighboring countries to deal with the smuggling file due to the large profits, noting that "mutual interests with some forces in Baghdad push for not opening this sensitive file."
He pointed out that "oil smuggling is illegal and represents a drain on the national wealth that everyone must preserve and its management must be federal."
It is noteworthy that oil smuggling operations from the Kurdistan Region have been ongoing for years by some of the ruling parties in the region.
Despite the government's moves to end the violations of the region's oil exports by passing the Oil and Gas Law, the obstacle of the Kurdish parties is what is pushing to suspend the law by objecting to the paragraphs and articles of the law that will end the region's violations in the operations of extracting and exporting oil through the Turkish port of Ceyhan.
The continuous objection and the placing of obstacles are due to preventing the approval of the law that may end the theft of contracts with foreign extraction companies in which the Barzani government is a major partner, in addition to ending the seizure of oil revenues and the positions they control as a result of exporting independently of the central government and the national SOMO company.
The Kurdish objection is centered on the paragraph of the control of the National Marketing Company (SOMO) over the operations of extracting, exporting and selling oil and gas.
Legal experts confirmed that all the articles that the Kurdish parties object to are not legal and constitutional, but rather in order to continue seizing the country's wealth.
The sources indicate that the Kurdish parties exploit the weakness of the governments in order to obtain high percentages of money and oil and gas revenues, and the approval of the law will end all these operations.
This is one of the reasons for not passing the oil and gas law from the House of Representatives, due to the major political differences that will keep the law in the drawers of the House of Representatives.
Member of the committee, MP Mohammed Anouz, ruled out today, Thursday, the ability of the political blocs to pass the oil and gas law and some other controversial laws.
Anouz told the / Al-Maalouma / agency, "The legal committee has a number of controversial laws that cannot be passed due to the political differences over them."
He added, "There are laws that cannot see the light during this session due to the deep differences, most notably the oil and gas law that has not been decided for four previous parliamentary sessions."
He confirmed that the law will be postponed to the next session in the hope that it will find consensus on it. LINK
Politician: Oil Smuggled From Kurdistan Region Is Sold For Less Than Half Its Value
Economy Information/Baghdad Independent politician Adnan Abdullah confirmed on Thursday that oil smuggled from the Kurdistan Region is sold for less than half its value.
Abdullah told Al-Maalouma, "The region smuggles about 300 thousand barrels per day, and this is no secret, and the government and all political forces know about it."
He added that "smuggled oil is sold for less than half its value, and this is what prompts some brokers in neighboring countries to deal with the smuggling file due to the large profits, noting that "mutual interests with some forces in Baghdad prompt not to open this sensitive file."
He pointed out that "oil smuggling is illegal and represents a drain on the national wealth, which must be preserved by everyone and managed by the federal government."
It is noteworthy that oil smuggling operations from the Kurdistan region have been ongoing for years by some of the ruling parties in the region. LINK
Parliamentary Legal Committee Rules Out Passing Oil And Gas Law
Economy Information / Baghdad.. Today, Thursday, the committee member, MP Mohammed Anouz, ruled out the ability of the political blocs to pass the oil and gas law and some other controversial laws.
Anouz told Al-Maalouma Agency, "The Legal Committee has a number of controversial laws that cannot be passed due to political differences over them."
He added, "There are laws that cannot see the light of day during this session due to deep differences, most notably the oil and gas law, which has not been decided for four previous parliamentary sessions."
He stressed that the law will be postponed to the next session, hoping that it will be agreed upon LINK
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."
Why Are These US STATES Buying GOLD? Just Like Central Banks
Why Are These US STATES Buying GOLD? Just Like Central Banks
VRIC Media: 8-15-2024
We are set up for a historic decade in the commodity sector, this show will be the central source of information and study for my portfolio strategy.
It will be a place where myself and other investors from the sector will stress test our ideas and discuss where we are allocating capital.
This week, I am joined by Jp Cortez, Executive Director of the Sound Money Defense League, who is here to make his case for the return of sound money.
Why Are These US STATES Buying GOLD? Just Like Central Banks
VRIC Media: 8-15-2024
We are set up for a historic decade in the commodity sector, this show will be the central source of information and study for my portfolio strategy.
It will be a place where myself and other investors from the sector will stress test our ideas and discuss where we are allocating capital.
This week, I am joined by Jp Cortez, Executive Director of the Sound Money Defense League, who is here to make his case for the return of sound money.
Jp dives deep into the resurgence of gold and silver as viable forms of money, the legislative victories across U.S. states removing barriers to using precious metals, and the growing trend of states and individuals adopting a personal gold standard.
We also explore the strategic importance of gold in protecting wealth, the challenges of counterparty risk, and the broader implications of these trends for the future of money in America.
0:00 Intro
1:18 The Case for Gold as Money
5:19 - Advantages of Gold & Silver Ownership
13:48 Counterparty Risk & Gold's Role
18:42 States Adopting Gold in Treasury
23:57 Global & National Trends in Gold Acquisition
39:22 - Sound Money as a Constitutional Right
44:50 - Sound Money Scholarship
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.
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."
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."
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……..
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……..
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.
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
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
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
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."
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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