“Tidbits From TNT” Friday Morning 8-30-2024

TNT:

Tishwash:  What are the challenges of selling Iraqi oil in “petro dinars” and will the dollar falter?

 After 2003, Iraq was able to significantly increase its oil production level thanks to its openness to international companies specializing in energy, through the new contracting system called licensing rounds. Production increased from three million barrels per day in 2003 to more than 4.22 million barrels in the last quarter of 2023.

Iraq's oil and gas sector is the country's lifeblood, contributing more than 95% of GDP.

Caution Caution

In addition, warnings are escalating about the impact of the decline in oil on the general budget in Iraq and the extent of its impact on increasing the budget deficit, which is estimated at the time of approving the budget at about (47) billion dollars, especially since the budget depends primarily on oil prices, at a rate exceeding (95%) as its source.

And to Basra, where its crude oil is witnessing weekly losses of $5, or 2%, as a result of the global decline in oil prices, while observers see: “The interesting thing about the latest confusing matter is the acceleration of oil prices, which have witnessed some declines, but as long as oil prices are above (70) dollars, Iraq is safe and the planned deficit is (47) billion dollars, but they confirmed that if it falls below (70) dollars, even by one dollar, this will increase the deficit by a large percentage of up to $1.2 billion if the decline continues for one year, and this will put great pressure on the budget.

The data also indicates that prices will remain at $70 and will rise again to around $80 based on the OPEC and OPEC Plus action plan, and Iraq will benefit. As for Iraq’s current weekly losses, they are due to fluctuations or declines in Asian demand, especially in India and China.

Strategic expert Alaa Al-Azzawi said: “This measure will enhance the value of the local currency, which is suffering from confusion due to the fluctuation of the dollar exchange rate in the Iraqi markets.

Al-Azzawi told the “Iraq Observer” agency that the most important thing in this procedure is selling oil in dinars. “The petro-dinar will enable the Iraqi currency to enter the global markets, as Russia did before and sold its oil in local currency.”

The strategic expert pointed out that the most important thing is that the Iraqi dinar will enter a new phase in global trade relations, and the position of the dollar may weaken within Iraq.

Where is the series of losses going?

Basra Heavy and Medium crude recorded weekly losses, with global oil prices recording losses of more than 2%. Basra Heavy crude closed in its last session up $1.8 to reach $72.47.

It recorded weekly losses of $3.25, while Basra Medium crude closed in its last session with an increase of $1.8 to reach $75.47, and it also recorded weekly losses of $3.39, or the equivalent of 3.92%, while Brent crude recorded weekly losses of 1.2%, and West Texas Intermediate crude recorded weekly losses of 2.1%.

Both crudes hit their lowest levels since early January this week, after the U.S. government sharply cut its estimate of jobs added by employers in the country this year through next March.

For his part, Al-Sudani’s financial advisor, Mazhar Muhammad Salih, said: “Any deviation between oil prices (petrodollars) and the exchange rate (petrodinars) according to international market data will be considered a cost that requires compensation by paying fewer dinars or collecting a higher dinar in the opposite case,” indicating that “international reserve currencies are foreign currencies held by central banks and global financial institutions as part of their monetary reserves.”

These currencies are used in international transactions and debt settlement between countries, and are a standard for international payments and facilitating global trade.”

“Russia suffered a lot when it priced its exported oil in rubles (petrorubles), and the ruble is a non-reserve currency, and committed to a value for the ruble that was initially denominated in gold to ensure the stability of oil revenues. Here, the petroruble underwent two asset cycles at the same time (which complicated the scene of selling oil in local currency and stabilizing the value of the petroruble),” Saleh said.

According to Saleh, international market data indicate that “the first cycle: is the result of the impact of what is called the gold asset cycle and its impact on the value of the (petroruble) or the local currency denominated in exported oil.

The second, and the talk is in favor of: it is the oil assets cycle, and its effect on the value of a barrel of oil outside the global price and the reflection of that on oil revenues priced in that currency, and that “the two cycles are asset cycles that are linked and contradict each other at the same time on the value (of the currency priced in the exported oil, such as the petroruble), which made pricing Russian oil in rubles as a local currency and according to the data of the global oil market a very complex issue.”

He pointed out that “the principle of using the dinar as a local currency in international oil exchanges (petrodinar) is not without many challenges, which is why those potential challenges must be carefully considered, especially the issue of the flexibility or stability of the value of the (petrodinar) itself to change and fluctuation, especially since we in the oil market are not price makers in it, but rather price takers.”

He noted that “the global oil market will control the fluctuation of the local currency (petrodinar), in addition to the importance of international recognition of it, and the financial infrastructure necessary to support such operations from (petrodinar).

“In other words, the strategy of basing the value of the currency on oil exports directly may make the value of the local currency vulnerable to fluctuations in the global market,” he continued. “The proposal to sell oil in dinars as a local currency must take into account an important theory in global trade called the Law of One Price, which is an economic concept that assumes that the same commodity should be sold at the same prices in all markets when the price is expressed in the same currency.”

Explaining: “This is on condition that there are no transportation costs or trade barriers such as customs tariffs and others, as the single price theory here is the basis for many economic and commercial models and the theory is based on the assumption that markets operate efficiently, according to the official agency.”

A new collapse
and oil prices fell by about 2 percent today, due to fears of the impact of the slowdown in economic growth in the United States and China on energy demand, especially after prices rose by more than 7 percent during the previous three days.

Brent crude futures fell 1.6 percent, or $1.31, to $80.12 a barrel, while U.S. West Texas Intermediate crude fell 1.7 percent, or $1.30, to $76.12.

Prices have risen sharply in the past few days as analysts point to a potential shutdown of Libya's Nagat fields, which could limit the OPEC member's output of around 1.2 million barrels per day.

Analysts pointed to tensions in the Middle East following a large-scale exchange of fire between Israel and Iran-allied Hezbollah in Lebanon in recent days, according to Reuters.

Crude oil prices have recently been affected by growing expectations that the Federal Reserve will cut interest rates next month, which could boost economic growth and thus demand for oil.

U.S. data is expected to show that energy companies last week pulled crude oil from inventories for the eighth week out of nine.

Analysts expected US energy companies to withdraw about three million barrels of crude from inventories during the week ending August 23.

The American Petroleum Institute is scheduled to release weekly U.S. oil inventory data today, as is the U.S. Energy Information Administration.  link

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Tishwash:  Al-Sudani to OPEC Secretary General: Iraq is committed to the organization's production policies

Prime Minister Mohammed Shia Al-Sudani received today, Thursday, the Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al-Ghais.

According to a statement by the Prime Minister's Office, a copy of which was received by {Euphrates News}, the meeting addressed "issues related to the oil market, with what the region is witnessing, which represents the main source of oil to the world, and the importance of coordinating joint efforts between all member states of the organization, in a way that maintains the sustainability and stability of oil prices, and does not harm exporters and consumers."

The Prime Minister stressed that "Iraq, as one of the largest oil exporting countries in the organization, always declares its commitment to the general policies of the plans adopted by OPEC countries regarding production, or what is determined within the framework of the OPEC Plus agreement." link

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Tishwash:  Why doesn't Iraq rely on the World Bank to overcome the "dollar crisis"? An expert answers

Today, Friday (August 30, 2024), the expert in economic and financial affairs, Nabil Jabbar Al-Tamimi, commented on the possibility of the World Bank helping Iraq develop its economic and financial situation and solve the remittance crisis.

Al-Tamimi said in an interview with Baghdad Today, "The World Bank is an international banking financial institution affiliated with the United Nations, but it is subject to special management related to the influence of some countries according to their banking contributions, as its tasks are limited to investment financing for countries, providing international loans, and managing projects according to its international banking conditions."

He pointed out that "Iraq is currently working extensively with one of the World Bank institutions with the International Finance Corporation (IFC) to develop a group of sectors, including the transportation and airports sectors," explaining that "the World Bank, as an important international and financial institution and a UN institution at the same time, works with Iraq and other countries in the fields of lending and providing technical consultations, as well as providing Iraq with economic data and analyses within the limits of its work."

The expert in economic and financial affairs stressed that "it is not within the World Bank's jurisdiction to intervene in the issues facing Iraq, especially with regard to the remittance crisis, local banking failures, or weak procedures to protect funds from suspicions of money laundering and financing terrorism."

According to specialists, Iraq has more than (70) banks, approximately five of which are governmental and the remaining number are private banks, but Iraq relies heavily on financial transfers, especially with regard to the dollar, to various foreign banks, due to the failure of Iraqi private banks to arrange their legal and technical situations in the issue of financial correspondence.

Earlier, Alia Nassif, a member of the Parliamentary Integrity Committee, revealed that the Iraqi-Jordanian National Bank had obtained $3.6 billion from the currency auction during the first three months of the current year, which enabled it to obtain a profit of about 40 billion dinars. link

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Mot: . Happy Friday everyone,

Mot: Do You Have any Idea what a ""Jabberwalky"" Is!!!??? 

Seeds of Wisdom RV and Economic Updates Thursday Evening 8-29-24

Good Evening Dinar Recaps,

BRICS News: 126 Nations Discuss Moving Away from US Dollar, Explore Crypto Payments

BRICS hosted its sixth International Municipal Forum this week, with over 5,000 participants representing 126 countries attending the event in Moscow, Russia.

De-dollarisation will be high on the priority list for the countries as more countries beyond North America and Europe seek to break the US stranglehold on global finance.

BRICS is becoming stronger by the day and continues to attract more developing nations who are fed up with the continued dominance of a few economies at the expense of the majority. This made this week’s summit in Moscow even more significant, with de-dollarisation topping the list of priorities.

The sixth BRICS International Municipal Forum was held on August 27-28 this week in Moscow, Russia. According to local media, leaders from 80 Russian regions were joined by over 5,000 leaders from 120 countries globally.

Commenting on the event, Moscow’s International Relations head Sergey Cheremin said the event allowed the attendees to align their priorities in their fight for global equality.

“This forum will allow us to strengthen relations not only between the BRICS capitals and Moscow but also between our partners on all continents. Today, more than 60 official delegations are represented at the event. <…> For us, this presence is evidence of our colleagues’ interest in the technologies that Moscow is implementing in the municipal sphere,” he stated.

The forum allowed the attendees to discuss some of the challenges they face in their home countries and figure out solutions and synergies together. It touched on healthcare, transport, science and technology, education and more.

The attendees also discussed emerging trends such as AI, smart cities, IoT, climate change, and more. However, the global movement of money was one of the biggest themes.

BRICS De-dollarisation—Is Crypto Next?

As we’ve reported, BRICS has been the biggest critic of the US dollar-based global financial systems. The bloc’s founding members, especially Russia and China, have been at odds with the US for decades, competing on the tech, military, and economic front. America has continued to rely on the position of its currency to suppress these countries, and they are now fighting back.

Russia is the prime driver of the BRICS de-dollarisation movement. The Eastern European nation has been kicked out of most global funds transfer systems, including SWIFT, through the 5,000+ sanctions imposed by the US and its allies. As we recently reported, it’s working on a crypto-based system to circumvent this blockade.

When it started, BRICS was just an economic bloc of five nations with a vision of a post-USD world. However, earlier this year, five others, including Egypt and the UAE, joined, and it’s now turning into an unstoppable movement. Some reports have revealed that nearly 50 nations have expressed an interest in joining BRICS and that over half of them have formally sent their applications.

Another thing BRICS nations have in common is their affinity for crypto. Russia is set to fully legalize crypto for cross-border payments and open two new state-owned exchanges, and reports say China could follow suit.

@ Newshounds News™

Source:  Crypto News Flash

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HOUSE COMMITTEE PLANS for Heap of Crypto Hearings in September

The House Financial Services Committee is expected to look at DeFi, U.S. enforcement and "pig butchering" in a series of hearings the panel is set to schedule for next month.

▪️The U.S. House of Representatives' financial-services committee is said to be tackling a ton of crypto issues next month, including DeFi and Securities and Exchange Commission matters.

▪️Digital assets will likely be a hot topic for SEC Chair Gary Gensler, who is said to be scheduled to face the entire committee later in September.

The U.S. House Financial Services Committee is poised to launch a series of crypto hearings digging into several aspects of the industry, according to a person briefed on the planning, including decentralized finance (DeFi), the Securities and Exchange Commission's oversight of digital assets businesses and the implications of "pig butchering" scams.

The congressional panel, which has oversight over U.S. securities and most financial products, will set a September hearing calendar jammed with crypto-relevant topics, the person said. The committee chairman, Rep. Patrick McHenry (R-N.C.), is retiring at the end of the year and has said one of his top remaining priorities is finishing one of the bills to begin establishing tailored federal rules for crypto.

The first of the hearings on Sept. 10 will be a long-awaited subcommittee examination of DeFi, an aspect of the crypto industry that's received mostly negative attention from regulators to date.

A number of proposed rules at various federal agencies could have existential consequences for DeFi projects, including at the SEC and Internal Revenue Service.

A busy day on Sept. 18 will feature two hearings – one in the morning on the enforcement practices of the SEC and one later on the implications of so-called pig butchering, the practice of posing as a romantic partner to scam people out of their assets.

But a full-committee hearing on Sept. 23 could carry the most crypto weight, with the SEC set to testify. The House panel is said to be seeking testimony from Chair Gary Gensler and the rest of the five-member commission in the same hearing – a highly unusual approach.

They'd appear just as the lawmakers are also negotiating legislation that could seek to hem in the agency's digital assets jurisdiction in favor of casting the Commodity Futures Trading Commission in a more prominent role.

The possibility of crypto legislation remains dicey this year, though the calendar includes time for work on bills, and prominent lawmakers – including Senate Majority Leader Chuck Schumer (D-N.Y.) – keep saying they intend to get something done.

A spokesperson for the committee chairman didn't immediately respond to a request for comment on the schedule planning.

@ Newshounds News™

Source:  CoinDesk

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"Two conditions to achieve it" .. Al-Sudani's advisor rules out removing 3 zeros from the currency

KTFA:

Frank26:  "BIT'S & PIECES OF THE MONETARY REFORM ARE NOT THE TRUTH"...........F26

Clare:  FRANK WILL TALK ABOUT THIS ARTICLE ON FRIDAY'S YOUTUBE.

"Two conditions to achieve it" .. Al-Sudani's advisor rules out removing 3 zeros from the currency

8/29/2024

The Iraqi Prime Minister's advisor for economic affairs, Mazhar Mohammed Salih, ruled out the government removing three zeros from the Iraqi currency at present, noting that achieving this requires two basic conditions.

Mazhar Mohammed Saleh told Rudaw Media Network: "I rule out that the government will remove zeros now," indicating that "removing three zeros from the currency has nothing to do with the value of the currency, but rather improving cash payment systems."

The Iraqi Prime Minister's advisor for economic affairs explained that "the three zeros added price and monetary inflation to the currency, starting with the Iran-Iraq war and passing through the time of the economic blockade (the nineties of the last century), and the conflicts generated inflation in the value of the currency."

He pointed out that "when prices rise, we need larger denominations of money to maintain the equivalence between price and money. For example, due to price inflation, 25 Iraqi dinars have become 25,000 dinars."

Mazhar Mohammed Saleh pointed out the importance of "reducing the calculations that have reached trillions in recent years, and this has become a tiring matter," adding that "the process of raising three zeros does not only mean the value of the currency, but also the calculations and statistics, and in order for the method of managing it to be easy."

The Iraqi Prime Minister's advisor for economic affairs also said, "The process of issuing large denominations reduces the currency in terms of quantities, and is a process of reforming the cash payments system, especially since this modern and advanced time requires smaller numbers." 

Mazhar Muhammad Salih believed that removing three zeros from the currency, globally, requires two conditions: “political stability and economic stability. When these two factors are available, countries resort to removing zeros from their currency,” adding that “the value is fixed and not affected. Rather, it is a relative change.”

He stated that the project to remove three zeros “we worked on between 2011 and 2012, but there was a delay in the matter, because it requires a change in the accounts of the Republic of Iraq and statistics, and requires cooperation between monetary policy and all government policies.”

It is noteworthy that a number of economists and experts recently called for deleting three zeros from the Iraqi currency, considering that this would reduce monetary inflation in Iraq and strengthen the dinar currency.   LINK

“Tidbits From TNT” Thursday 8-29-2024

TNT:

Tishwash:  Industrial Bank warns citizens against carrying amounts exceeding the permitted limit

The Industrial Bank warned citizens, today, Thursday, against carrying amounts exceeding the permitted limit.

The bank's media office said in a statement received by the Iraqi News Agency (INA): "Citizens should be careful not to carry amounts exceeding the permitted limit," indicating that "they can use official methods to transfer large sums of money."

He added, "Citizens should avoid carrying cash to avoid legal accountability in the event that the permitted limits for bringing in and taking out money to and from Iraq are exceeded."  link

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Rafidain announces the implementation of the comprehensive banking system in three new branches

 Rafidain Bank announced, today, Thursday, the implementation of the comprehensive banking system in the branches of Al-Amel neighborhood in Baghdad, Al-Farouq in Diyala, and Al-Khalidiya in Anbar.

The media office of Rafidain Bank said in a statement received by "Al-Eqtisad News", "In implementation of the government program to move from paper transactions to electronic transactions to provide the best services to citizens, Rafidain Bank announces the implementation of the comprehensive banking system in the branches of Al-Amel neighborhood in Baghdad, Al-Farouq in Diyala, and Al-Khalidiya in Anbar to join the branches that have activated the comprehensive system in Baghdad and the governorates in addition to the branches of the border crossings (Zurbatiya - Safwan - Arar - Trebil) so that the number of branches that have implemented and completed the system becomes (40) branches," indicating that "this came in an important step to strengthen the banking system and achieve its requirements and leave paper work and move completely to electronic systems." 

The two banks confirmed that "the digital transformation plan and the adoption of the comprehensive banking system are proceeding according to the set timetables to include all bank branches in the implementation of the system, especially since the priorities and adoptions of the government program include electronic transformation in financial transactions, reducing the circles of routine for citizens, shortening time, simplifying procedures, overcoming obstacles, and intensifying efforts to improve the level of services provided to customers and completing their transactions   link

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Tishwash:  Taif Sami and the World Bank discuss supporting the economic and financial reform program

On Thursday, Minister of Finance, Ms. Taif Sami, received the World Bank’s Regional Director for the Middle East, Jean-Christophe Carret, and the Bank’s Special Representative in Iraq, Richard Abdelnour.

During the meeting, the World Bank's loans and grants, development project priorities, and ways of supporting the World Bank to enhance the financial and business sectors and improve the investment environment were followed up. The meeting emphasized the continuation of bilateral coordination to enhance sustainable development, in addition to discussing the bank's support for the government program regarding economic reform in Iraq.

Minister Sami pointed out the government's interest in strengthening partnership with international financial institutions, within the framework of accelerating the pace of financial and banking reforms in line with the Iraqi government's vision aimed at consolidating the foundations of the national economy, achieving economic balance, and correcting the course of financial policy in Iraq. link

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Tishwash:  Parliamentary satisfaction" on managing the investment file: Al-Sudani's foreign visits will attract international companies - Urgent

The Parliamentary Investment Committee confirmed, today, Thursday (August 29, 2024), the success of Prime Minister Mohammed Shia Al-Sudani in attracting investments during his various foreign visits.

Committee member Mohammed Al-Ziyadi said in an interview with Baghdad Today, "There is certainly a clear success for Prime Minister Mohammed Shia Al-Sudani in attracting various foreign investments, especially during his various foreign visits as well as during his meetings with foreign officials in the capital, Baghdad. There is great government interest in the investment file."

He pointed out that "Iraq will be a large and important field of work for various foreign investments during the coming period, and there will be a competition for international companies to work in Iraq, and this is certainly due to the political and security stability, as well as the government's interest in this file, due to its great economic and urban importance for the country."

Last Tuesday, Prime Minister Mohammed Shia Al-Sudani began an official visit to the Arab Republic of Egypt and the Republic of Tunisia, to discuss overall bilateral relations and the latest international developments in the region. He will also hold extensive discussions on enhancing joint cooperation in various fields and sectors.   link

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Mot: . more ""Marital Insight"" frum the ole Net 

Mot: Pickles and the twinkies

Seeds of Wisdom RV and Economics Updates Thursday Morning 8-29-24

Good Morning Dinar Recaps,

Nigeria’s SEC issues first license to local crypto exchange

As the regulatory environment continues to evolve, other local exchanges will likely follow Quidax’s lead and seek to meet the SEC’s requirements.

The Nigerian Securities and Exchange Commission has issued Quidax, an Africa-based crypto exchange, its first provisional operating license.

The development signals the beginning of formal recognition and regulatory oversight for the country’s digital asset industry.

According to a press release shared with Cointelegraph, the SEC’s license permits Quidax to operate as a registered crypto exchange in Nigeria.

Quidax said the SEC’s approval is a “shot of adrenaline” for the Nigerian crypto community, encouraging further innovation and expansion.

Regulatory milestone

Buchi Okoro, the co-founder and CEO of Quidax, praised the SEC — particularly under the new leadership of Emomotimi Agama — for its decisive action to bring order, confidence and investor protection to the Nigerian crypto industry.

The regulatory approval now enables Quidax to collaborate with banks and other financial institutions, pending the Central Bank of Nigeria’s approval. The SEC’s licensing follows a comprehensive amendment to its rules on June 21, which covered digital asset issuance, offering platforms, exchange and custody.

A notable part of the regulatory overhaul is the introduction of the Accelerated Regulatory Incubation Programme designed to help virtual assets service providers align with new regulatory requirements.

Despite these advancements, there was initial concern that the stringent licensing requirements might significantly reduce the number of local crypto exchanges.

The Nigerian SEC mandates a minimum upfront capital requirement of 500 million naira ($556,620) and a current Fidelity Insurance Bond covering at least 25% of the stipulated minimum paid-up capital for both digital asset exchanges and digital assets offering platforms.

Nigeria’s crypto landscape

Nigeria — Africa’s largest economy — has consistently ranked high in global cryptocurrency adoption. According to a recent survey of 15 countries, Nigeria boasts the world’s most cryptocurrency-aware population.

Chainalysis’ “2023 Cryptocurrency Geography Report” placed Nigeria second in crypto adoption among 154 countries, underscoring its critical role in the global digital asset ecosystem.

However, despite the high adoption rate, the anticipated influx of foreign crypto investment has not materialized as expected. The new regulatory framework and Quidax’s licensing could potentially alter this trajectory by providing a more stable and secure environment for both local and international investors.

@Newshounds

Source  :  Coin Telegraph

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Hong Kong announces sandbox to accelerate RWA tokenization adoption

Hong Kong’s financial regulator launched a new sandbox initiative at testing tokenization use cases across asset classes and real-world applications in the financial sector.

The Hong Kong Monetary Authority has launched its new initiative dubbed “Project Ensemble Sandbox” in a bid to double down on its tokenization efforts of real-world assets.

In an Aug. 28 press release, the HKMA said the initiative aims to test and refine the use of tokenized money for interbank settlements and transactions involving tokenized assets.

The sandbox is said to focus on four main themes for its initial round of experimentation: fixed income and investment funds, liquidity management, green and sustainable finance, and trade and supply chain finance.

The HKMA says banks have already connected their tokenized deposit platforms to the sandbox, allowing for real-time testing of payment-versus-payment and delivery-versus-payment settlement mechanisms. 

The initiative includes Standard Chartered (Hong Kong), HSBC, Bank of China (Hong Kong), Hang Seng Bank, and HashKey Group, among others.

In a separate development, Ant International, a tech firm headquartered in Singapore, revealed its participation in the sandbox with a focus on liquidity management. The company will work with Hong Kong branches of Standard Chartered Bank and HSBC to develop a global liquidity management solution that supports real-time, cross-border payments.

HKMA Chief Executive Eddie Yue commenting on the initiative said the sandbox marks a “significant step forward for the HKMA and the industry to explore the application of tokenization in real-life business scenarios,” adding that with the latest development it wants to further drive innovation and progress in the Hong Kong tokenization market.

@Newshounds

Source:  Crypto News

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Iraq Dinar-#Iraqidinar-Iraq-International Water-No Disclosure of Costs-to World-MoF-Ernst & Young

Iraq Dinar-#Iraqidinar-Iraq-International Water-No Disclosure of Costs-to World-MoF-Ernst & Young

MilitiaMan and Crew:  8-28-2024

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

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

https://www.youtube.com/watch?v=GdSMEUw4bu8

Seeds of Wisdom RV and Economics Updates Wednesday Evening 8-28-24

Good Evening Dinar Recaps,

NASDAQ UNVEILS PLANS FOR SPOT BITCOIN OPTIONS

Today Nasdaq announced it has filed an application with the Securities and Exchange Commission to launch Nasdaq Bitcoin Index Options (XBTX). Its partner is CF Benchmarks, the creator of the CME CF Bitcoin Real-Time Index (BRTI). The offering is subject to SEC approval.

The index represents current trades on cryptocurrency exchanges and these will be spot options. This complements the existing CME Options which are linked to bitcoin futures.

“Spot options settling to BRRNY (CME CF Bitcoin Reference Rate – New York Variant) will build upon the hugely successful BTC futures and options contracts offered by CME,” said aid Sui Chung, CEO of CF Benchmarks.

“Together these regulated crypto derivatives will give investors the confidence to deploy more nuanced ways to gain exposure to the largest digital asset and will complement the spot ETFs that have already proved so popular with investors.”

On that point, there have been several filings for the approval of options linked to the Spot Bitcoin ETFs. This month four proposals were withdrawn by Cboe, NYSE, Nasdaq and BOX. A Bloomberg commentator expects to see re-filings and approval for ETF options in Q4.

Meanwhile, the New York Stock Exchange (NYSE) made a filing in May for spot Bitcoin options similar to the Nadaq’s, although those are based on the Coindesk index.

@Newshounds

SOURCE:  LEDGER INSIGHTS

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IOTA’s EVM, REAL WORL ASSETS, and DUBAI’s CRYPTO BOOM: Shaping the Future of DeFi

IOTA’s EVM, RWAs, and Dubai’s thriving crypto nature are poised to revolutionize decentralized finance.

Additionally, Dubai’s friendly regulatory framework and forward-thinking approach could transform Dubai into a key player in the crypto economy.

The growth of the blockchain ecosystem is fueling the development of cutting-edge technologies that have the potential to revolutionize decentralized finance.

In particular, IOTA’s Ethereum Virtual Machine (EVM), Real World Assets, and the thriving crypto environment in Dubai. By converging these three elements, the future of Decentralized Finance is poised to flourish.

The launch of IOTA’s EVM, which happened mid-May this year, was a significant milestone in bridging the gap between its unique Tangle technology ( an innovative type of distributed ledger technology) and the Ethereum ecosystem- the king of smart contracts.

This integration means that developers can leverage Ethereum’s off-the-edge tools and Dapps, also making IOTA a force to be reckoned with in the smart contract landscape. Making this a dynamic duo, the IOTA network is acclaimed for feeless transactions and scalable network.

Going unheeded is the growing trend in the tokenizing of real-world assets such as real estate, commodities, and more. Bringing assets like this onto the Blockchain means easy trading, transparency, and security. As this real-world asset digitization, regions like Dubai, where the real estate market is blooming and has a strong appetite for innovation, could be a step in the right direction.

IOTA’s EVM and RWA lead the way in Dubai’s Blockchain Revolution

Since 2021, Dubai has emerged as a dubayy for blockchain and cryptocurrency innovation. Dubai boasts a crypto-friendly regulatory framework that has often attracted blockchains from across the globe.

Its forward-thinking approach has made the city the leader in real estate business, technology and innovation, Finance and banking, and the E-commerce sector.

Dubai’s ambition to become a leading crypto-friendly city aligns perfectly with the developments surrounding IOTA’s EVM and RWAs. The city dreads to integrate the thriving blockchain technology into various sectors from finance to real estate.

By amalgamating the finest attributes of both realms: IOTA’s secure data, feeless transactions, and minimal resource demands This, is a perfect recipe to foster innovative business models in Dubai.

Additionally, In doing so, Dubai requires a platform that will offer security, transparency, and efficiency especially when it comes to RWAs.

The synergy between these elements could unlock new opportunities for asset tokenization in Dubai. This would see real estate in the city being tokenized on IOTA, allowing fractional ownership and easier access to international investors.

This would not only boost Dubai’s real estate market but also contribute to the growth of the local crypto ecosystem.

Meanwhile, IOTA is swapping hands for $0.1353, marking a 3.70% and 20.04% decline in the last 24 hours and past month, respectively.

@Newshounds

SOURCE:  Crypto News Flash

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UPDATE💡 Due to an unexpected event the Isaac Call has been delayed and To Be Announced. 💡Stay Tuned for the SURPRISE. 💡 Isaac used the word surprise. Call will be in the Podcast Room. Replay on YouTube 💡If you have a question for Isaac, please post in the living room, 💡 Please Subscribe ~ Enjoy ~ Share. Get ready to learn and grow!

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Iraq Economic News and Points To Ponder Wednesday Evening 8-28-24

Parliamentary Finance: The Path Of Development Will Achieve A Shift In The Course Of Trade Exchange Between Iraq And The World

Chairman of the Parliamentary Finance Committee Atwan Al-Atwani Money and business  Economy News – Baghdad   The Parliamentary Finance Committee confirmed, on Wednesday, that the development path will achieve a qualitative shift in the course of trade exchange between Iraq and the world.

The media office of the head of the parliamentary finance committee stated in a statement, which was reviewed by "Al-Eqtisad News", that "the head of the parliamentary finance committee, Atwan Al-Atwani, received the Chargé d'Affaires of the German Embassy, ​​Roland Vestbe, and his accompanying delegation; to discuss ways to enhance bilateral cooperation between the two friendly countries."

He added, "The meeting discussed political and security developments in the region and their impact on the Iraqi economy," indicating that "the two sides stressed the need to enhance bilateral cooperation between Baghdad and Berlin at all levels and in various fields, especially in developing the energy sector and financial and banking systems, in a way that achieves sustainable development."

Al-Atwani said - according to the statement: "Iraq looks forward to strengthening its relations with everyone on the basis of mutual respect, common interests, and non-interference in its internal affairs," adding that "the political and security stability that Iraq is currently witnessing has made it an attractive environment for investment."

He continued, "The entry of major international companies into Iraq is a clear indicator of stability and security, and we look forward to the participation of German companies in developing the energy sector and helping Iraq invest its wealth," noting that "the development path will achieve a qualitative shift in the course of trade exchange between Iraq and the world as it shortens time and provides security."

Al-Atwani pointed out that "many European countries have expressed their desire to join the development path, and Germany must have a presence in this strategic project, and the industrial and commercial projects scheduled to be established along the development path will drive the economy and provide thousands of job opportunities." - https://economy-news.net/content.php?id=46875

96% Increase In Iraqi Currency Auction Remittance Sales

Time: 2024/08/28 16:27:04 Read: 468 times  {Economic: Al Furat News} Foreign remittance sales rose in the Central Bank auction on Wednesday by 96% over cash sales, reaching more than $268 million.

The bank sold in today’s currency auction 280 million, 775 thousand, and 565 dollars, covering it at a basic exchange rate of 1310 dinars per dollar for documentary credits and international settlements for electronic cards, at a rate of 1310 dinars per dollar for foreign transfers, and at a rate of 1305 dinars per dollar in cash.

Most of the dollar sales went to boost balances abroad in the form of transfers and credits, which amounted to $268,125,565, up 96% from cash sales of $12,650,000.

The number of banks that purchased cash dollars was one bank, while the number of banks that met requests to enhance balances abroad was 15 banks, and the total number of exchange companies participating in the auction was 16 companies.  LINK

OPEC Secretary General Arrives In Baghdad

Economy  - 08/28/2024  Mawazine News – Baghdad  OPEC Secretary-General Haitham Al-Ghais arrived in Baghdad on a two-day visit.

The ministry's spokesman, Mr. Asim Jihad, said: "The visit comes within the framework of bilateral communication on developments in the oil market, in addition to strengthening and expanding the horizons of cooperation in OPEC and OPEC Plus." Jihad pointed out that Al-Ghais's visit schedule includes meeting the Minister of Oil and a number of officials  https://www.mawazin.net/Details.aspx?jimare=254052

Oil Rises, Brent At $79

Economy  | 08/28/2024  Mawazine News – Baghdad  Oil prices rose on Wednesday, after a sharp drop in the previous session that snapped a three-day winning streak, as investors were left in a state of confusion amid concerns about a possible decline in output from Libya and the Middle East on the one hand, and worries about global fuel demand on the other.

Brent crude futures were up 25 cents, or 0.31 percent, at $79.80 a barrel by 0209 GMT.

U.S. West Texas Intermediate (WTI) crude futures were up 17 cents, or 0.23 percent, at $75.70, according to Reuters.

This follows a decline of more than 2 percent on Tuesday that snapped a three-day winning streak of more than 7 percent, as concerns about weaker refining profits weighed on the outlook for fuel demand amid data suggesting global consumption growth is below expectations this year. https://www.mawazin.net/Details.aspx?jimare=254050  

Dollar Exchange Rate Today

 08/28/2024  Mawazine News – Baghdad  Mawazine News publishes today, Wednesday, the exchange rates of the dollar against the Iraqi dinar in local markets. The prices are as follows: - Selling 149,750 dinars for every 100 dollars.   Buy 147750 dinars for every 100 dollars. https://www.mawazin.net/Details.aspx?jimare=254061

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

Iraq News Highlights and Points To Ponder Wednesday Morning 8-28-24

White Derivatives

 Economic  08/28/2024  Walid Khalid Al-Zaidi   Since the oil sector is the main artery of the Iraqi economy, any growth in it will cast a shadow on the development of national development plans that the government aims to implement and the people seek, especially in light of the accumulation of current global crises in several areas, including energy, food, and lack of services.

Given the deterioration and backwardness of the infrastructure of this sector in Iraq due to its neglect in the last two decades of the last century and what happened to it due to successive wars and the tendency to improvise in managing the exploitation of this wealth and not dealing positively with foreign investment in it, its efficiency has decreased and its developmental role has weakened, especially in the field of oil industries,

which necessitated the necessity of reconsidering it and including it in developing and promising plans and through multiple licensing rounds for oil and gas fields, which is what the current government, represented by the Ministry of Oil, has implemented.

The purpose that the government has currently adopted from the oil sector development projects based on investing all elements of national wealth leads to building an integrated Iraqi economy by increasing resources and building real capital,

whether human or material, to ultimately lead to creating a multi-use production such as extracting oil derivatives to develop the rest of the economic sectors and sufficient to compensate society for losses and the loss of opportunities for progress during previous periods that caused the disruption of the ability to achieve comprehensive economic and social plans in the country,

which made the ministry currently seek to reach the stage of completing promising projects after announcing the near completion of the project to produce what is called (white derivatives) by converting black oil and other waste into secondary materials refined in a technical and scientific manner with an achievement rate of (85%),

which is hoped to see the light soon and increase the production of fuel in the south refineries to one million and (300) thousand barrels per day and work to improve the quality of gasoline with high quality and efficiency,

which confirms the remarkable development of the refining field during the present time, which is positively reflected in the provision of oil derivatives for local consumption in a sustainable manner.

In light of the government’s efforts to achieve self-sufficiency in petroleum derivatives and its efforts on the basis of which it implemented multiple technical programs, the stage of achieving self-sufficiency in the national product and reducing the import of petroleum derivatives from abroad before the middle of next year (2025) has become almost certain, as a set of technical procedures have been determined,

including entering into stages of the petroleum industry and using advanced equipment and technologies by benefiting from advanced technology in this field and considering this a large part of the world of the economy and an important tributary in strengthening financial resources and developing important industries and promising means to expand the frameworks of serving citizens in the field of energy and fuel for daily uses.

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The technical measures that the Ministry of Oil seeks to implement embody the optimistic view of those in charge of the national economy of what could establish major plans in this field, the purpose of which is to increase the benefits expected from investing in the oil sector and producing other highly developed and growing industries,

especially after the increase in fuel production from the southern refineries in remarkable quantities, indicating that the oil sector and refining projects are witnessing great development at the present time, which could be positively reflected in the availability of petroleum derivatives for various purposes.   https://alsabaah.iq/101790-.html

Why does Iraq import gasoline and gas despite exporting oil? An economist answers

Posted On 2024-08-27 By Sotaliraq   Economic researcher, Duraid Al-Shaker Al-Ghazi, revealed the reason behind the country’s import of petroleum derivatives such as gasoline and gas despite its export of oil outside the country, while he pointed out that there are mafias controlling this file to continue the import of these derivatives.

Al-Ghazi pointed out that “over the past 20 years, the issue of importing petroleum derivatives has lacked a political and economic decision, despite the fact that there are many countries that have become rich due to their experiences and investment in these derivatives.” He noted that “the appointees, not the concerned ones, have not reached the point of being decision makers in this important issue.”

Al-Ghazi stated that “any country in the world has several refineries, while the production of these refineries is divided between domestic consumption and export, except in Iraq.”

He pointed out that “it is funny that the state has established a refinery with a specific capacity in each governorate, and has not taken into account the oil production capacities, while they have not obtained the approvals of international organizations, as we in the country are aiming to establish a large refinery, but there is no noticeable result due to the mafias that control the import of derivatives.”

Al-Ghazi continued, “Despite the start of production at the Karbala refinery, in addition to some of the old refineries that have been restarted, they are operating poorly, which has made the government’s plans inconsistent with the expansion of domestic consumption, as there are many contradictory statements about meeting local needs and the abundance of various products that we hear from time to time.”

The economic researcher added, “The availability of derivatives can be easily achieved by renting a refinery or two with high refining capacities in any country, where the government sends crude oil to it within the limits of our agreement with OPEC Plus, where the returns will be at least five times the establishment of a refinery or by importing oil derivatives.”

 He stressed, “Thus, we will save billions of dollars that will develop the productive sectors or be used to extinguish the problems that all government policies have failed to extinguish by investing in gas and ending its burning in the atmosphere to reach the stage of self-sufficiency and export,

in addition to getting rid of the process of using water wells to extract oil, which causes thirst in agriculture and wastes water that we are in dire need of.”

According to televised statements by Oil Minister Hayan Abdul Ghani, Iraq is on track to achieve self-sufficiency in gasoline next year, with the increase in production from refineries, both existing ones and those to which new units have been added with the aim of increasing the country’s production of this widely used fuel.  LINK

A New Decline In The Dollar Exchange Rate In Iraq.. This Is The List

Economy  2024-08-28 808 views  Alsumaria News – Economy   Alsumaria News publishes the exchange rates of the dollar against the Iraqi dinar in the local Iraqi markets for Wednesday, August 28, 2024.

The dollar prices recorded a slight increase with the opening of the Al-Kifah and Al-Harithiya stock exchanges, recording 148,850 dinars for every 100 dollars. As for the selling prices in the exchange shops in the local markets in Baghdad, the selling price reached 149,750 dinars, while the purchase price reached 147,750 dinars for every 100 dollars.

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

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

Plastic Bags: A Danger Threatening Life And The Environment In Iraq

Posted On 2024-08-28 By Sotaliraq   Plastic bags are one of the most prominent environmental problems facing Iraq today, as their use has become a major threat to life and the environment. Plastic bags accumulate in the streets and water, leading to pollution of natural resources and deterioration of the ecosystem.

It also causes the death of many living organisms as a result of swallowing it or stumbling into it. Environmental studies indicate that plastic materials take hundreds of years to decompose, which further exacerbates the problem and increasingly threatens public health and the environment in Iraq.

This environmental crisis requires urgent action to reduce the use of plastic bags and raise awareness of their environmental and health damage.

The head of the Strategic Center for Human Rights, Fadhel Al-Gharawi, confirmed in a statement that “the use of plastic bags has become a danger to life and the environment in Iraq, in addition to animals,” calling on the government to “ban the import or manufacture of plastic bags intended for daily use.”

He added, "More than (700) species of wild and marine animals are seriously harmed by these bags."

He explained that “using plastic bags to buy bread or wrap hot foods in Iraq leads to harmful substances seeping into the loaves of bread, where they melt and disintegrate due to the heat.”

In addition to other pollution that affects humans with chemicals added to plastic, it comes from the meat of animals such as cows and sheep, which sometimes eat plastic bags, which enter their stomachs, then those materials dissolve and concentrate in their meat, bones and milk.

When they are eaten, they penetrate the human body and those materials infiltrate the fetuses, when a pregnant woman eats those products, the pollutants reach the fetus through the placenta.

He explained that “most Iraqi homes burn plastic bags in front of their homes or random landfills, which leads to the emission of gases such as phenols, chlorine, and others, which are toxic substances that are released into the atmosphere and inhaled by humans.

One gram of phenol can kill a human being in addition to causing respiratory and digestive diseases, cancer, thyroid diseases, and birth defects in fetuses.”

Al-Gharawi confirmed that “the decomposition of a plastic bag in the soil takes 10-20 years.”

The head of the Strategic Center for Human Rights called on the government to “ban the import or manufacture of plastic bags for daily use for food and oblige all shops, bakeries and restaurants to use paper bags instead, in addition to announcing investment opportunities to establish paper bag factories according to health specifications, and launching a national campaign entitled “Your Health Matters to Us” to raise awareness of the dangers of plastic bags.”  LINK

Seeds of Wisdom RV and Economic Updates Wednesday Morning 8-28-24

Good Morning Dinar Recaps,

IS BRICS ABOUT TO ANNOUNCE A GOLD-BACKED CURRENCY?

Back in July, BRICS announced the intention to create a new payment system to rival SWIFT and further the bloc’s stated goal of de-dollarization.

While the exact details of how the system works are not yet confirmed, Former Russian Ambassador to the USA Yury Ushakov made public statements confirming it would use cutting-edge digital technology, including blockchain. He called this an “important goal for the future.”

The system is set to facilitate both cross-border payments and settlements and will not require U.S. Dollars. Further comments made by Russian central banker Elvira Nabiullina suggest that as many as 159 countries have expressed interest in using it, signaling strong international interest in ways to trade that don’t depend on the USD.

In a potentially related move, Russian President Vladimir Putin signed a bill allowing digital currencies to be used for export payments. Evidently, Putin is trying to find ways to trade internationally while under U.S. sanctions due to the war in Ukraine.

Could the BRICS payment system use a gold-backed digital currency?

Anyone familiar with the digital currency industry knows that rumors and speculation circulate widely on little more than suggestive evidence and loosely connected dots.

So, it should come as no surprise that there’s been much debate about a potential link between Putin’s bill and the BRICS payment system and whether the “chosen” blockchain’s native token stands to gain in value.

What many seem to be missing is this: if the rumors are true and BRICS released a gold-backed digital currency, what does it mean for the digital gold narrative peddled by BTC proponents?

While BTC does have a fixed supply for now and users can take custody of their own coins, there isn’t much real liquidity supporting it, and there are well-known long-term problems with the economics of the system.

Could a gold-backed BRICS currency that is actually useful for trade be more appealing to speculators and those who still believe in both hard money and electronic cash? Time will tell, but as usual, BTC maximalists are intent on asking questions to confirm their biases and only tell one side of the story.

De-dollarization won’t be so easy

Whatever form the new BRICS payment system and currency takes, de-dollarizing won’t be easy, and it won’t happen quickly. Just look at some stats showcasing how entrenched the USD is in global trade:


▪️59% of all global reserves are held in USD, according to the IMF.

▪️ 80-90% of global trade is conducted in USD, and oil is priced in it.

▪️ 85% of all FOREX trades involve the USD.

▪️ 60% of all global debt issuances are priced in U.S. dollars.

U.S. Treasuries are still the go-to safe haven asset.

On top of the immense power that USD gives Washington, there’s also the issue of sanctions. The U.S. government can also tell any party doing business with entities it has sanctioned (e.g., Russia) that they aren’t welcome in the U.S. markets, restricting access to capital and more. These secondary sanctions are a powerful weapon in Washington’s arsenal.

While some will choose BRICS over the United States for political reasons, it’s unlikely that many will choose to lock themselves out of the world’s largest economy by nominal GDP, especially if other large markets like the EU are aligned with it.

Nonetheless, the BRICS system and currency will pose a meaningful challenge to U.S. financial dominance. Brazil, Russia, India, China, South Africa, and the other members are not to be underestimated and will play an increasingly important role in the future as their economies grow.

What the BRICS system will look like in the future is anyone’s guess, but with its annual summit ahead in Kazan on October 22-24, we may get our first glimpse soon enough.

@ Newshounds News™

Source:  CoinGeek

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IOTA completes EU blockchain pre-commercial phase

Iota completes the final phase of the European Blockchain PCP, setting the stage for scalable, sustainable and secure blockchain infrastructure across the European Union.

The European Commission has been working with leading blockchain developers to set the stage for a future of scalability, sustainability and security across the European Union.

The Iota Foundation announced its successful completion of the final stage of the EU’s blockchain Pre-Commercial Procurement (PCP), along with seven other participants.

Blockchain advances in the EU

The developers have been working on “cutting-edge” prototypes using distributed ledger technology solutions that focus on specific touchpoints, such as intellectual property rights management and digital product passports.

Initiated in 2020, the European Blockchain PCP was part of a broader strategy to enhance the European Blockchain Services Infrastructure (EBSI), a network designed to support cross-border digital services.

Iota’s recent completion of the third phase puts the foundation in a position to be able to contribute to the next generation of blockchain infrastructure under the forthcoming European Digital Infrastructure Consortium for Blockchain (EUROPEUM-EDIC).

This phase included collaborations with local partners, such as Software AG and the Universidad Politécnica de Cataluña, to develop solutions on its blockchain that incorporate decentralized identities, smart contracts and advanced data sharding techniques.

The end goal is to enable scalable and energy-efficient blockchain applications running across infrastructure in the EU.

Dominik Schiener, chairman of the Iota Foundation, said:

“EBSI is a crucial step towards a cohesive digital future for Europe, providing the necessary framework for innovation and collaboration across various sectors.”

EU’s tech initiatives

As the European blockchain landscape transitions into EUROPEUM-EDIC, Iota said that it plans to solidify its partnerships with commercial entities and governmental bodies in the region to bring its prototypes to market.

Potential applications it highlighted range from automotive battery tracking to secure intellectual property management.

This development comes as the EU advances its policies and available innovations in the emerging technology sector.

In July, the EU confirmed its collaboration with ChromaWay to develop blockchain-based sustainability solutions.

The team from ChromaWay, along with other participants in the blockchain space, will join the EU at a follow-up workshop in Brussels this September to outline the next steps for Q4 2024 and into 2025.

Although Europe has taken a progressive stance in collaborating with developers and creating laws to regulate crypto and artificial intelligence, critics have become increasingly vocal that Europe’s progress may be set back by too much red tape.

@ Newshounds News™

Source:   CoinTelegraph  

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Listen and learn from this man. He has facts and shares with us as we all wait. Share with others!

August 28, 2024 12:00 Central Noon, 1 PM ET

Listen Here - Podcast Room https://t.me/+VAm-AlWWqWPzyK8G

Replays - YouTube Currency Facts - YouTube

Ask your questions in the Living Room: Link Directly from Isaac when ask for a bio

“But understand I do not have contacts. Isaac

"I have buyers the us treasury , DOD , Admiral , HSBC several big platforms that I have signed contracts with all and they paid already for the inspection several times" Isaac

Take a look at Isaac's Photos of His Currency  LINK

@ Newshounds News™

Source:  Isaac's Call

~~~~~~~~~

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“Tidbits From TNT” Wednesday Morning 8-28-2024

TNT:

Tishwash:  Iraq spends half of its budget on imports, and these countries are at the forefront of suppliers

The Ministry of Planning revealed "the volume of Iraq's annual imports."

The Ministry's spokesman, Abdul Zahra Al-Hindawi, said in a statement to the official media, that: “Iraq imports many goods and merchandise from various countries of the world, including foodstuffs of various kinds and shapes, including electrical, construction, engineering, chemical, agricultural, medical, health supplies, and cars.”

He added, "The volume of annual imports reaches no less than 50 billion dollars."

He continued, “Iraq imports from the countries: Jordan, Turkey, Iran, Saudi Arabia, the Emirates, China, India, Japan, Brazil, the United States, and a number of European countries   link

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Tishwash:  Billion Dollar Ambition.. Iraq Provides Facilities to Egyptian Companies and a Delegation from Them to Visit Baghdad Next Month

Egypt aims to increase the volume of trade exchange with Iraq by about 41% to one billion dollars during the coming year, compared to 707 million dollars annually, according to an Egyptian government official, at a time when major Egyptian companies expressed interest in investing in several sectors there in a meeting with Prime Minister Mohammed Shia al-Sudani.

The official's statements came hours after Prime Minister Mohammed Shia'a's visit to Egypt, where he met with a group of businessmen representing major Egyptian companies, who expressed their readiness to work in Iraq in various fields, especially the development road project, pharmaceutical industries, hospitals, infrastructure, and construction industries, according to a statement issued by the Prime Minister's Office.

Al-Sudani pointed out during the meeting that “the doors are open to Egyptian businessmen and companies, whose presence in Iraq is important to us, due to their successful experiences, and within a political direction to lead the two countries towards more cooperation and integration,” according to the statement.

The government official added that according to the latest statistics, the value of Egyptian exports to Iraq amounts to about $700 million annually, while the value of imports from Iraq does not exceed $7 million.

In contrast, an Egyptian delegation headed by Deputy Prime Minister and Minister of Industry and Transport Kamel El-Wazir intends to visit Iraq on September 9, with the aim of completing procedures for strategic partnerships between Egyptian and Iraqi companies, and with the Iraqi government, according to what was revealed by Alaa Ezz, Secretary-General of the Federation of Egyptian Chambers of Commerce.

Ezz added that the meeting with Al-Sudani, which included representatives of several companies including Hisham Talaat Moustafa, Hassan Allam, Orascom and El-Sewedy, witnessed the presentation of “the contribution of Egyptian companies to the infrastructure in the field of housing and construction in Iraq,” adding: “We asked the Prime Minister to deal with Iraq as a partnership and not as a labor market, meaning that Egyptian factories will manufacture production requirements in Iraq, either by acquiring their troubled factories or partnering with them to operate them.”

Pharmaceutical Partnership

Ezz explained that they also asked the Iraqi Council of Ministers to establish a partnership between the two countries in the field of medicines in stages, by establishing Egyptian factories to produce medicines, adding that Iraq imports 90% of its medicine needs, worth 3 billion dollars, revealing that the Iraqi side promised to issue government guarantees to Egyptian companies that will operate in Iraq.

This is not the first time that Egyptian companies have expressed a desire to work in Iraq. Last June, two Egyptian sources said that the Iraqi Ministry of Health was holding talks with Egyptian contracting companies to participate in the implementation and rehabilitation of 12 hospitals in the country with a total investment of $480 million.

Role of contracting companies

In addition to the pharmaceutical sector, Egyptian contracting companies are moving towards expanding their business abroad and seizing business in countries that are allocating billions in investments for reconstruction and development, especially Iraq and Libya.

Iraq needs $88.2 billion to implement reconstruction projects inside the country, which witnessed great destruction during the war against ISIS, according to previous statements by the Iraqi Ministry of Planning.

Tarek Shukry, head of the Real Estate Development Chamber at the Federation of Egyptian Industries, said that the Iraqi Prime Minister addressed his country’s need to build 2.5 million housing units, and implement other projects in the fields of infrastructure, water, roads and utilities.

Shoukry added that the Egyptian Minister of Investment and Industry will be a link between Iraq and Egyptian businessmen, especially with regard to the details of the required investment projects, land locations, offering systems, methods of granting them, financial transfers, granting visas, and other important matters for investors.

Shoukry said that the Iraqi Prime Minister promised to send all the details of the projects within two weeks.  link

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Tishwash:  OPEC Secretary General arrives in Baghdad

The Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al-Ghais, arrived in Baghdad on Wednesday.

The official spokesman for the Iraqi Ministry of Oil said in a statement today, August 28, 2024, "The Secretary-General of the Organization of the Petroleum Exporting Countries, Haitham Al-Ghais, arrived in Baghdad on a two-day visit."

He added, "The visit comes within the framework of bilateral communication on developments in the oil market, in addition to enhancing and expanding the horizons of cooperation in the Organization of the Petroleum Exporting Countries (OPEC) and OPEC Plus."

The ministry spokesman said, "Al-Ghais's visit schedule includes meeting with the Iraqi Oil Minister and a number of Iraqi officials."

Sabah Subhi, a member of the Oil and Gas Committee in the Iraqi Parliament, had previously told Kurdistan 24, “Iraq has exceeded its share of oil exports in OPEC, and must reduce its exports next year. Therefore, Iraq is obstructing all attempts to resume the export of oil from the Kurdistan Region.”

Sabah Subhi added, "The Iraqi Ministry of Oil is obstructing all attempts to resume the export of oil from the Kurdistan Region."

He explained that "Iraq exceeded its share of oil exports in OPEC by 1.4 million barrels out of the 3.6 million barrels allocated to it," adding that "OPEC has repeatedly warned Iraq against exceeding its share of oil exports."

As of March 25, 2023, crude oil exports from Kurdistan fields and Kirkuk province to Turkey via the Turkish port of Ceyhan have been halted.

In addition to suspending all oil activities of foreign companies operating in Kurdistan fields, after the decision of the International Arbitration Court in Paris that these exports are illegal.

This decision comes as a result of a lawsuit filed by the federal government against Turkey at the International Court of Arbitration in Paris in 2014, due to its allowing the flow of Kurdistan oil into its territory and its export without Baghdad’s approval.

According to an agreement concluded between Baghdad and Ankara in 2010, the State Oil Marketing Organization (SOMO) is the only entity authorized to export, market and sell Iraqi oil in global markets.

Kurdistan used to export 450 thousand barrels daily to Turkey, to secure the salaries of its employees and its financial revenues, due to the absence of an oil and gas law regulating the management of oil wealth in Iraq.

On April 4, 2023, Erbil and Baghdad reached an interim agreement until the Iraqi parliament passes the oil and gas law.

This agreement stipulated that the Kurdistan government would hand over 400,000 barrels per day to SOMO, form a joint four-party committee to oversee the sale of oil in global markets, open an independent account at the Central Bank to deposit financial revenues, and appoint a representative from the regional government as Deputy Director General of SOMO.  link

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Mot: ... It sure is 

Mot .... Just Saying !!!! 

Iraq News Highlights and Points To Ponder Tuesday Evening 8-27-24

Revealing The Main Currency Used In Iran's Trade With Iraq

Economy  2024-08-27 |1,414 views  Alsumaria News – Economy  Shaaban Forotan, a member of the Board of Directors of the Joint Iranian-Iraqi Chamber of Commerce, revealed today, Tuesday, that the largest part of trade between Iraq and Iran, at the level of traders and exporters, is carried out through the Iranian riyal.

"Most Iranian exporters now work in riyals in trade with Iraq, and financial transactions between the two countries will continue without using the Iranian riyal, i.e. also in dollars. This does not mean the complete elimination of the dollar, but a large portion of traders conduct their transactions without the dollar," Forotan said in statements to Iranian media.

He explained that "the commitment to trade in dollars does not include all product groups, but the exchange of riyals into dollars cannot be implemented due to sanctions imposed on banks, and riyal traders earn from selling goods in the Iraqi market through their contacts with the stock exchanges of Iraq and Iran or a third country such as the United Arab Emirates, and they do not have the possibility of direct settlement."

He pointed out that "the supply of Iranian goods faced a problem in the Iraqi market, which is the multiple increase in the prices of goods in Iran during the year, while prices are expected to increase only once a year."  LINK

1329 People Arrested For Manipulating Food Prices And The Dollar

Iraq  2024/08/27  The number of those arrested by the Ministry of Interior who manipulated food prices and the dollar reached 1,329 suspects during the first quarter of 2024.

This was reported by the official spokesman for the ministry, Brigadier General Muqdad Miri, explaining to “Al-Sabah” that the arrest operation was carried out by teams from the Organized Crime Directorate, which launched campaigns since the beginning of 2024 to limit the rise in food prices and those who manipulate them, due to its great impact on people with limited income, stressing the continuation of the campaigns in Baghdad and the governorates.

He explained that among the activities carried out by the Organized Crime Directorate is the detection of unlicensed medical clinics and laboratories, especially since recently, a large spread of these clinics has been observed, noting that the Directorate's teams were able to arrest 628 suspects working in unlicensed medical clinics, pharmacies and laboratories, while the number of those arrested for working illegally in beauty and tattoo centers reached 237 suspects during the first half of 2024.

Miri stressed that protecting the national product is the responsibility of the ministry, noting that the Organized Crime teams are carrying out continuous campaigns to ensure that the national product does not violate health and environmental instructions, and that the number of those arrested for violating these instructions is 505 suspects during the current year.   https://alsabaah.iq/101703-.html

1329 Price Manipulators Arrested

First  2024/08/27  The number of those arrested by the Ministry of Interior who manipulated food prices and the dollar reached 1,329 suspects during the first quarter of 2024.

This was reported by the official spokesman for the ministry, Brigadier General Muqdad Miri, explaining to “Sabah” that the arrest was carried out by teams from the Organized Crime Directorate, which launched campaigns since the beginning of 2024 to limit the rise in food prices and those who manipulate them.   https://alsabaah.iq/101722-.html

Former MP: Black Money Is The Most Important Factor In The Rise Of Real Estate In Iraq

Economy    Information / Baghdad   MP Ayoub Al-Rubaie confirmed on Tuesday that what he called “black money” is the most important factor that led to the rise in real estate prices in Iraq.

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Al-Rubaie told Al-Maalouma Agency, "Corruption is eating away at Iraq's institutions, and has made some influential people enjoy obscene wealth by consuming public money."

He added, "A not insignificant portion of the black money went to buy real estate in city centers, including Baghdad, which led to a crazy rise in real estate prices."

He explained that "real estate prices in some areas of Baghdad are the highest in the Middle East."

He pointed out that "the implementation of the 'Where did you get this from' law must receive attention because it is the beginning of exposing the corrupt and protecting public money." LINK

Economist: Iraq Stock Exchange Suffers From Lack Of Liquidity

Stock Exchange      Economy News – Baghdad  Economic expert, Saif Al-Halfi, confirmed that the Iraqi Stock Exchange is currently suffering from a lack of liquidity, due to the weak confidence of foreign investors in the Iraqi market.

Al-Halfi told Al-Eqtisad News that the Iraqi stock market suffers from a lack of liquidity, as trading rates are still relatively low compared to other markets in the region, noting that the daily trading volume may reach 3 billion dinars per day in the best case.

He stressed that the market value of the companies listed on the market exceeds 12 trillion dinars.

Most listed companies are seeing their shares decline as a result of lower demand and the exit of a number of foreign investors from the market.

Al-Halfi pointed out that foreign investors' confidence in the Iraqi market is still low due to unstable political and economic factors, as well as the lack of legal and procedural facilities for opening accounts for foreign investors, in addition to the weakness of the infrastructure in electronic trading.

  He pointed out that the lack of technology and modern financial infrastructure, including digital banking services and advanced electronic trading platforms, affects the efficiency of the market and its ability to attract investors, and that the development of the banking system will be positively and directly reflected in the development of the performance of market indicators.

Al-Halfi stressed the government's role in promoting the stock market through economic reforms, supporting small and medium enterprises, and encouraging foreign investments.

Al-Halfi concluded his speech by saying that the Iraqi stock market reflects a complex reality that can be described as a mixture of pain and sadness as a result of the great challenges it faces, with some opportunities for joy and profits if the economic and political conditions improve. 90 views 08/27/2024 - https://economy-news.net/content.php?id=46789

Seeds of Wisdom RV and Economic Updates Tuesday Afternoon 8-27-24 Part 2

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RIPPLE NEWS: Russia to Begin Trials of Crypto Payments and Exchanges on September 1—Will They Use XRP?

▪️Russia is set to start a trial for cross-border payments in digital tokens in September to ease the pain of crippling sanctions, sources tell Bloomberg.

▪️Only a scalable blockchain network with low fees and real-time transactions can serve the country, which has over 144 million residents, making XRP one of the best candidates for the role.

Since the conflict with Ukraine started, Russia has become the world’s most sanctioned nation. For months, the government has relied on short-term fixes, which have helped prop up the ruble and keep the financial system afloat.

However, the weight of global isolation is catching up with Russia, and sources now say that the government is exploring crypto.

According to sources who spoke to Bloomberg, Russia intends to start the trial on Sunday. It will rely on its National Payment Card System to facilitate the swap between the country’s ruble and crypto tokens.

The system was created in 2014 to provide faster and cheaper payments for Russians. Today, it underpins the country’s interbank payment systems and the Mir, the national card payment network.

According to the two sources, the government picked the system as it already contains instant payments and features like interbank clearing, making it easier to integrate with all existing financial rails. The system is also operated and regulated by the central bank, giving the government added confidence.

The move, which hasn’t been made official or public at press time, is no surprise. President Vladimir Putin’s administration has been softening its stance on crypto in recent months. 

Last month, legislators legalized crypto mining in the country, as we reported. The lawmakers also laid the groundwork for the testing of digital tokens for payments.

Two weeks ago, Finance Minister Anton Siluanov revealed that the government was working on legalizing crypto exchanges. However, he clarified that suitable regulations had yet to be formulated to make this possible.

“We haven’t found a solution yet on how to do this,” he said.

Crypto to Evade Crippling Sanctions—Does XRP Offer the Best Alternative?

Crypto might be Russia’s best to evade sanctions. While these sanctions encompass every fabric of the country’s economy, Western nations have mainly targeted Russia’s money, seeking to limit the country’s ability to send or receive money.

According to the BBC, the sanctions have frozen around $350 billion of Russia’s foreign currency (which accounts for half the country’s total reserves). 70% of the country’s banks have been frozen from the global economy, including being restricted from SWIFT.

Crypto offers a decentralized option whose access can’t be restricted by centralized entities, and sanctioned countries, including China, Russia, Iran, and Venezuela, are increasingly exploring it as an option.

Of the 10,000+ cryptos that Russia can turn to, XRP offers the best alternative. For one, XRP is already a massive player in the global movement of money, with its products and networks being integrated by some of the world’s largest financial institutions.

In some countries like Japan, over 80% of the banks are working on integrating crypto. Its low fees, instant transactions, and robust ecosystem make it superior to its peers.

XRP trades at $0.5913, losing 0.6% in the past day.

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Source:  CRYPTO NEWS FLASH

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China considers sanctions against its companies due to ties with Russia illegal

According to the statement, such actions by Western countries "meet their egoistic interests, though [they] are not based on facts, with the international community not to accept them at any time"

BEIJING, August 27. /TASS/. Beijing considers unilateral sanctions imposed by the US and its allies against Chinese enterprises for suggested ties with Russia illegal, special envoy of the Chinese government Li Hui told a briefing following the fourth round of shuttle diplomacy on discussion of the conflict in Ukraine with Brazil, Indonesia and South Africa.

"Some countries take advantage of the crisis, winning their allies over to their side and continuing shifting responsibility [for the crisis]. Moreover, they are trying to throw around words on China’s responsibility," he said. "Using illegal unilateral sanctions, they threaten normal trade with Russia," Li Hui added.

Such actions by Western countries "meet their egoistic interests, though [they] are not based on facts, with the international community not to accept them at any time," he stressed.

After the beginning of the special military operation in Ukraine the US and the European Union imposed a number of sanctions against Chinese enterprises for allegedly supporting Russia’s defense industry. Beijing rejects those accusations, noting that they are unfounded.

Li Hui visited Brazil, Indonesia and South Africa from July 27 to August 8 for discussing the Ukrainian crisis.

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Source:  TASS

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BRICS NEWS: Payments in Chinese Yuan Overtake US Dollar by 2.5%, Crypto Payments Next?

▪️ The Chinese yuan’s profile in global payments and trade is rising, overtaking the US dollar as the most used currency in cross-border payments in China.

▪️ It’s also making a mark in other countries and was the most traded currency on Russia’s Moscow Exchange last year.

The US dollar has dominated global commerce for decades, and today, it accounts for around 60% of all global currency reserves. However, the tide could be slowly turning as more countries recognize the power that a currency wields and seek to prop up their own.

One of the leading contenders is China’s yuan, officially known as the renminbi. While China is the world’s second-largest economy and the nexus of global manufacturing, its currency has failed to keep up with the country’s ascent since the turn of the millennium.

The yuan has failed to rival the USD and has even fallen behind the euro, sterling pound, and the Japanese yen.

However, global political realignments are changing the currency landscape. China is now closer than ever to Russia and has even courted other major economies as members of BRICS, including Brazil, India, the UAE, Egypt, and South Africa. 

These nations are collectively against the USD’s domination and have been working on a blockchain-based alternative, as we have reported.

This solution could take a bit longer, as some of the BRICS leaders have admitted, and in the meantime, China’s yuan looks like the de facto currency of choice.

The Yuan Gains Ground—Is Crypto Next?

Last year, the yuan overtook the USD in cross-border commerce for the first time ever in China, accounting for 48%, while the dollar hit 46.7%. This was seen as a significant event that ushered in a new era of de-dollarisation for Asia’s largest economy.

It doesn’t end there. By the end of 2023, the yuan emerged as the most traded currency on the Moscow Exchange. It accounted for 42% of the trades, edging the dollar’s 39.5%, as reported by Reuters and other local Russian outlets. Yuan volume tripled to 34.15 trillion rubles ($385 billion), while that of the USD dipped.

This trend is bound to only get stronger. For one, Russia, China, Iran and several Middle-Eastern nations that are warming to BRICS are subject to sanctions from the US and its allies in Europe and Asia. Russia, in particular, is now the most sanctioned nation in history. This has denied its banks and payment systems access to the global payments grid.

Russia has been experimenting with crypto as a go-around, as we reported. However, in cross-border trading with allies like China, the yuan and ruble are more suited.

The USD isn’t going to be threatened overnight. America is still the world’s largest economy, and the country enjoys the support of Europe and some of Asia’s largest economies, including Japan and South Korea.

However, de-dollarisation is certainly on course. And once the greenback is out of the picture, the yuan could become one of the key players. Gradually, crypto could also play a much more significant role, especially if China changes its stance against crypto, as has been reported.

@ Newshounds News™

Source:  Crypto News Flash

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