US Is Really Shocked with This Decision: Is It the End of Their Presence in Middle East?

US Is Really Shocked with This Decision: Is It the End of Their Presence in Middle East?

Fastepo:  9-22-2024

The human cost of the U.S. involvement in Iraq has been staggering. Between 2003 and 2011, around 4,487 American soldiers were killed, and approximately 31,900 were wounded, many with life-changing injuries.

On the Iraqi side, estimates of civilian casualties vary significantly, but figures suggest between 200,000 and 300,000 civilians died during the conflict, with total deaths—including combatants—ranging between 500,000 and over a million.

The Iraq Body Count project, which tracks civilian deaths, estimated between 183,000 and 210,000 civilian fatalities as of 2019. The financial burden of the Iraq War is similarly immense, with estimates placing the total cost at between $1.7 trillion and $3 trillion.

When long-term costs, such as veterans' care and war-related debt, are included, some estimates push this figure as high as $6 trillion—far exceeding early projections of $50 billion to $60 billion.

In Iraq, the conflict also devastated infrastructure, including the healthcare system, which saw over half of the country's doctors flee. Despite the U.S. spending $60 billion on reconstruction, these efforts largely failed to rebuild essential infrastructure, exacerbating the instability and suffering felt by Iraq's population.

Recently, the Iraqi government has asked the US to leave the country.

The planned withdrawal of U.S. forces from Iraq, slated for 2024 to 2026, signals the end of a protracted engagement marked by setbacks and miscalculations. This departure, structured in two phases, highlights the challenges the U.S. has faced in maintaining a stable foothold in a nation it once invaded with overwhelming force.

The drawdown, particularly after 2024, will mark the closing chapter of U.S. military involvement, which began with the 2003 invasion aimed at toppling Saddam Hussein under the premise of dismantling weapons of mass destruction—an assertion later proven false.

At the height of the Iraq War in 2007, U.S. troop levels peaked at over 170,000, struggling to contain a civil war and insurgency sparked by the invasion. A surge in forces temporarily reduced violence but failed to bring lasting peace or stability.

Although the U.S. officially withdrew in 2011, the rise of ISIS in 2014 prompted a return under Operation Inherent Resolve, aimed at curbing the extremist group. However, this intervention further exposed the limitations of American military power, as U.S. forces found themselves navigating an increasingly hostile environment.

The U.S. appears determined to maintain its presence in Iraq and the broader Middle East.

Washington is actively pursuing a new agreement with Iraq that would extend the stationing of American troops, even though Baghdad has declared that the mission to defeat ISIS has been accomplished.

 U.S. officials are currently in talks with Prime Minister Mohammed Shia Al-Sudani's government to establish a broader bilateral partnership, with plans to announce the agreement as early as next week, according to two senior officials involved in the discussions.

This new agreement would replace the U.S.-led international coalition that has operated in Iraq since 2014.

https://www.youtube.com/watch?v=1Rg70BcPmDo

Iraq Economic News and Points To Ponder Sunday Afternoon 9-22-24

Kurdistan Deposits Nearly 100 Billion Dinars Of Non-Oil Revenues Into The Central State Treasury

Sunday 22 September 2024 | Economic Number of readings: 313   Baghdad / NINA / The Ministry of Finance and Economy in the Kurdistan Region announced today, Sunday, the deposit of nearly 100 billion dinars in financial revenues for non-oil revenues for last May.

The ministry stated in a statement today that it "deposited an amount of 91 billion, 151 million and 784 thousand dinars to the federal government as the federal treasury's share of the non-oil revenues of the Kurdistan Region for the month of May of this year." https://ninanews.com/Website/News/Details?key=1156473

Iraq's Oil Exports To America Fell Last Week

Sunday 22 September 2024 | Economic Number of readings: 172  Baghdad / NINA / The US Energy Information Administration announced today, Sunday, that Iraq's oil exports to America decreased during the past week.

The administration said in a table, "The average US imports of crude oil during the past week from 8 major countries amounted to 5.645 million barrels per day, down by 142 thousand barrels per day from the previous week, which amounted to 5.787 million barrels per day."

It added that "Iraq's oil exports to America amounted to 155 thousand barrels per day last week, down by 67 thousand barrels per day from the previous week, which amounted to 222 thousand barrels per day."

The administration indicated that "the largest oil revenues to America during the past week came from Canada at a rate of 4.155 million barrels per day, followed by Mexico at an average of 420 thousand barrels per day, followed by Brazil at an average of 306 thousand barrels per day, from Nigeria at an average of 264 thousand barrels per day, and from Saudi Arabia at an average of 210 thousand barrels per day."

According to the table, "the amount of US imports of crude oil from Colombia was at a rate of 121 thousand barrels per day, and from Ecuador at a rate of 54 thousand barrels per day." / https://ninanews.com/Website/News/Details?key=1156449

Iraqi Currency Auction Records A 97% Jump In Foreign Remittances

Time: 2024/09/22 Reading: 650 times   {Economic: Al Furat News} Sales of foreign remittances at the Central Bank auction on Sunday witnessed a 97% increase compared to cash sales, reaching more than $253 million.

The bank sold in its auction today 260 million, 796 thousand and 77 dollars, at a basic exchange rate of 1310 dinars per dollar for documentary credits and international settlements for electronic cards, 1310 dinars per dollar for foreign transfers, and 1305 dinars per dollar in cash.

Most of the dollar sales went to boost balances abroad in the form of remittances and credits, which amounted to $253,996,077, up 97% from cash sales of $6,800,000.

The number of banks that purchased cash dollars was one bank, while the number of banks that met requests to enhance balances abroad was 13 banks, and the total number of exchange companies participating in the auction was 11 companies.    LINK

Advisor To The Prime Minister: National Plans To Improve Digital Transformation In State Institutions And We Are Ready To Support The Development Of The IT Sector

Sunday 22 September 2024 | Economic Number of readings: 181  Baghdad / NINA / The capital, Baghdad, hosted the activities of the "Iraq International Information and Communications Technology Exhibition and Conference ITEX", the third session, which is organized by the Communications and Media Commission on the grounds of the Baghdad International Fair.

Saleh Mahoud, Advisor to the Prime Minister for Banking Affairs and his representative during the opening ceremony of the exhibition today, Sunday, said that "the conference provides an opportunity for cooperation between the public and private sectors, which encourages strategic companies that contribute to the development of a strong technological infrastructure.

Organizing and activating such a conference and the services it provides is an urgent necessity, as the Iraqi government and the Prime Minister look forward to the importance of this event being an appropriate opportunity for discussions and exchange of experiences and ideas to achieve sustainable development and prosperity for our great people, which enhances Iraq's position as a pioneer in the field of digital innovation."

He called on all institutions and the private sector organizing the conference to exploit the challenges as an opportunity to achieve success in future plans.

He added, "This conference comes at an important time as the Iraqi government seeks to achieve a clear vision on how to use technology to improve the quality of services and enhance transparency and community participation.

Therefore, the government has realized, since the start of its duties at the end of 2022, the importance of the information technology, communications and digital sectors, as it has worked in continuous coordination with relevant local and international sector bodies to develop and support this sector and establish a modern infrastructure and foundation."

He explained, "The Iraqi government has taken a number of important steps in the field of information and communications technology, including the establishment of regulatory laws and legislation that provide a suitable environment for investment in information and communications technology.

These laws aim to encourage innovation and protect the rights of investors. The Iraqi government also pays special attention to developing the communications infrastructure, which includes efforts to increase internet speed and expand networks to cover more areas in our beloved country."

He added, "The government supports encouraging local and foreign investment in the information technology sector by providing banking incentives, including financial support for emerging projects in this field, and encourages the establishment of partnerships with private companies to accelerate technological development."

Regarding the implementation of a national digitization plan, the advisor confirmed that, "The Iraqi government has developed national plans to improve digital transformation in government institutions, which includes digital platforms for providing government services to citizens such as registering documents, paying taxes, and submitting complaints, with the aim of facilitating procedures and reducing the time and effort expended, which facilitates services to citizens and increases the efficiency of government performance.

" Regarding training and qualification programs, Mahoud noted that "the government provides training programs with the aim of qualifying youth and professionals in various fields of information technology, and holds workshops and lectures to enhance digital skills."

In the field of supporting start-up companies, the advisor stressed that "the Iraqi government has paid special attention to supporting companies in the field of technology, as a number of platforms and efforts have been provided that provide financial support to encourage entrepreneurs to innovate and expand."

In the field of cooperation with international companies, he pointed out that the government is expanding its relations with leading international companies in the field of communications and information technology, which helps bring new expertise and technology to Iraq.

He continued by saying, "The steps taken by the government in the field of information and communications technology are important indicators of the trend towards sustainable economic and social development, as Iraq seeks, through these efforts, to confront the current challenges in this field while ensuring the enhancement of its competitive capabilities in the international arena,"

 stressing the Iraqi government's readiness to make every effort and provide support to all local and international entities, institutions and companies in order to develop the information and communications technology sector, and considers this an essential part of the strategic plan for economic growth and achieving financial stability in Iraq.  https://ninanews.com/Website/News/Details?key=1156511

PM's Advisor: Government Takes 8 Steps To Improve Technology Sector

Money and business   Economy News – Baghdad  The Prime Minister's Advisor for Banking Affairs, Saleh Mahoud, stressed on Sunday the importance of cooperation between the public and private sectors to develop the technological infrastructure in Iraq, while pointing out that the Iraqi government has taken 8 strategic steps to improve the technology sector in the country, stressing the existence of serious government efforts to achieve leadership in the field of digital innovation.

"We are pleased to represent the Prime Minister in attending the conference, and we convey his greetings and high appreciation, as he commends this conference and blesses its efforts," Mahoud said in his speech during the opening of the Iraq International Information and Communications Technology Exhibition and Conference (ITEX), which was followed by "Economy News."

He added that "the conference provides an opportunity for cooperation between the public and private sectors, which encourages the establishment of strategic companies that contribute to the development of a strong technological infrastructure."

He pointed out that "organizing and activating such conferences is an urgent necessity, as the Iraqi government, led by Prime Minister Mohammed Shia al-Sudani, looks forward to the importance of this event being an appropriate opportunity to discuss the exchange of experiences and ideas to achieve sustainable development and prosperity for our great people, which enhances Iraq's position as a leading country in the field of digital innovation."

He stressed that "digital transformation has become an inevitable necessity in recent years in the governmental and private sectors and even in our daily lives."

He added that "this conference comes at an important time, as the Iraqi government seeks to achieve a clear vision on how to use technology to improve the quality of services and enhance transparency and community participation."

He explained that "the current Iraqi government, since the start of its duties at the end of 2022, has worked to develop the information and communications technology sector, in coordination with relevant local and international sectors."

He pointed out that "the Iraqi government has taken a set of important steps in the field of developing information and communications technology, including:

1- Establishing laws and legislation to provide an appropriate environment for investment in information and communications technology, aiming to encourage innovation and protect the rights of investors.

2- Improving infrastructure, including supporting efforts to increase internet speed and expand networks in all regions of Iraq.

3- Achieving investment, as the Iraqi government encourages local and foreign investment in the information technology sector by providing banking incentives, including financial support for emerging projects in this field.

4- Partnerships with the private sector to accelerate technological development.

5- Implementing a national digitization plan to improve digital transformation in government institutions. This includes digital platforms for providing government services to citizens, such as registering documents, paying taxes, and submitting complaints, with the aim of facilitating procedures and reducing the time and effort expended, which facilitates the services provided to citizens and increases the efficiency of government performance.

6- Training and rehabilitation programs for youth and professionals in the fields of information technology, in addition to holding workshops and lectures to enhance digital skills.

7- Supporting emerging companies, by providing financial support to encourage entrepreneurs to innovate and expand.

8- Cooperating with international companies to bring new expertise and technology to Iraq.

Mahoud explained that "the above-mentioned steps are important indicators of the trend towards sustainable economic and social development."

He stressed "the government's readiness to make every effort to provide support to all local and international entities, institutions and companies in order to develop the information and communications technology sector."

He concluded by saying: “We urge all institutions and the private sector organizing the conference to exploit all challenges as an opportunity to achieve success in future plans.”

104 views 09/22/2024 - https://economy-news.net/content.php?id=47877

Seeds of Wisdom RV and Economic Updates Sunday Afternoon 9-22-24

Good Afternoon Dinar Recaps,

IMF STAFF PROPOSE REDI FRAMEWORK TO CATALYZE CBDC ADOPTION

IMF staff members have introduced a high-level four-stage framework emphasizing regulation, education, design and incentives to enhance CBDC adoption.

International Monetary Fund (IMF) staff members have issued a guide for policymakers and banking institutions on ways to increase the uptake of central bank digital currencies (CBDCs) globally.

The IMF issued the “Central Bank Digital Currency Adoption Inclusive Strategies for Intermediaries and Users” paper on Sept. 21. 

The paper recommended implementing inclusive strategies for intermediaries and end-users.

It introduced a high-level framework for regulation, education, design and deployment and incentives (REDI) to help spur CBDC adoption.

According to the IMF staff members, successful CBDC adoption will require proactive strategic policy and design choices that benefit end-users and intermediaries. Therefore, they urged central banks to focus on stakeholder engagement.

The REDI framework is curated by IMF staff members to help central banks improve CBDC adoption in their respective countries.

PIC

REDI framework for central banks to help CBDC adoption. Source: IMF

As shown in the above image, the REDI framework focuses on four key pillars. The first sub-section, regulation, involves policymakers exploring potential regulatory and legislative measures to nurture CBDC adoption.

The education sub-section recommends developing communication strategies to build CBDC awareness, with central banks acting as a central point of communication. Thirdly, the paper highlighted the need for strategies targeting specific user groups and creating an extensive network of intermediaries.

The final sub-section recommended the introduction of monetary and non-monetary incentives to encourage the mass adoption of CBDCs. Subsidizing setup costs, transaction fees and taxes for merchants are some of the recommendations made by the IMF staff.

The paper also encouraged further discussions around pre-existing concerns:

“Certain policy issues, including sustainability of the CBDC system, ensuring integrity of the system, and balancing adoption with financial stability, will need to be explored further.”

In August, two IMF executives said that increasing the average crypto-mining electricity costs globally by as much as 85% through taxes could significantly reduce carbon emissions.

According to IMF Fiscal Affairs Department’s deputy division chief Shafik Hebous and climate policy division economist Nate Vernon-Lin, a tax of $0.047 per kilowatt hour “would drive the crypto mining industry to curb its emissions in line with global goals.”

@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

ALGORAND FOUNDATION ANNOUNCES BUILD-A-BULL HACKATHON IN COLLABORATION WITH AWS
NOTE:  ALGORAND IS ISO 20022 COMPLIANT

September 20, 2023 – Singapore, Singapore

Registration is now open for global hackathon with $200,000 in prizes across five tracks.

The Algorand Foundation – the organization focused on growing the ecosystem for the world’s most advanced, secure and reliable layer-one blockchain – announces the opening of registration for Build-A-Bull, a global virtual hackathon with $200,000 in prizes.

The hackathon, powered by Algorand Ventures and in collaboration with AWS (Amazon Web Services), will run from October 18 through November 15, 2023. Registration is free and open to anyone.

Build-A-Bull is a hackathon to create consumer-friendly applications using the power and scalability of the Algorand blockchain.

Spanning four weeks, the hackathon offers an opportunity for committed developers and entrepreneurs to conceive a business concept, accelerate it though the development phase and to ultimately present a final product to a panel of expert judges.

Throughout the process, participants will receive matchmaking, tooling, support and mentorship to help bring their ideas to life.

Ryan Terribilini, EVP of Algorand Ventures, said,

“With Build-A-Bull, we expect to attract a new wave of promising builders to come into the Algorand ecosystem.

“We are looking for high-potential, investible startups and founders to bring innovative projects to the Algorand blockchain, and we are confident that the resources and exposure of participating in Build-A-Bull will catalyze this next generation of Algorand builders.”

The hackathon includes five tracks.

▪️DeFi, presented by Circle
▪️Gaming, presented by Unity
▪️Consumer, presented by AWS
▪️Interoperability, presented by Wormhole
▪️Impact, presented by Algorand Foundation

The winner of each track will receive $25,000 and will be invited to pitch to investors on a ‘demo day,’ with a public on-chain vote determining an additional $10,000 grand prize, as well as $25,000 in AWS credits.

The second and third-place winner of each track will receive $10,000 and $5,000 respectively. A bonus ‘university prize’ of $5,000 will be awarded by the judges.

The judging panel is comprised of industry leaders and investors including QCP Capital, DWF Ventures and Blockchain Capital.

Projects will be evaluated by the following criteria – the skillset and strength of the team, the design and interface of the project, the quality of the pitch and the viability of market adoption.

For more information, and to register, please visit here.

About Algorand Foundation
The Algorand Foundation is dedicated to helping fulfill the global promise of the Algorand blockchain by taking responsibility for its sound monetary supply economics, decentralized governance and healthy and prosperous open-source ecosystem.

Designed by MIT professor and Turing Award-winning cryptographer Silvio Micali, Algorand achieves transaction throughputs at the speed of traditional finance – but with immediate finality, near zero transaction costs and on a 24/7 basis.

@ Newshounds News™

Source:  DailyHodl

~~~~~~~~~

CONSUMERS PREFER CASH OVER CBDC: DEUTSCHE BANK SURVEY

Most respondents chose private crypto like BTC over government-backed digital currencies.

While several central banks across the globe are actively exploring the feasibility of launching a Central Bank Digital Currency (CBDC), a recent survey has revealed that cash will not be going away anytime soon as a majority of consumers are not enthusiastic about using those products.

The survey, conducted by Deutsche Bank, Germany’s leading investment bank, polled 4,850 respondents from Europe, the United Kingdom, and the United States. A majority of the respondents stated that they prefer conventional payment methods like cash and debit or credit cards.

Cash Reigns Supreme
According to the study, 59% of the respondents believe cash will always be useful, with 44% stating that they would prefer using cash for payments rather than CBDCs. Only a small percentage of respondents, 16%, expect CBDCs to become mainstream payment options.

Deutsche Bank analysts, Marion Laboure and Sai Ravindran, noted in the report, “While 59% of consumers believe that cash will always be relevant, the COVID-19 pandemic accelerated the shift toward digital payments, particularly among Gen Z.”

Although most of the respondents were hesitant about using a CBDC, about 31% said they would rather use a cryptocurrency managed by the government than one backed by private institutions.

Privacy Concerns Remain
The survey further revealed that privacy concerns significantly affect the adoption of CBDCs. Most of the participants, especially in the U.S., believe that general cryptocurrencies offer better privacy than government-backed digital currencies. About 21% of the respondents said they preferred a private cryptocurrency like Bitcoin.

On the other hand, most European respondents showed stronger preference for cash, due to the anonymity it offers, than those in the U.S. and the U.K.

Per the survey, central banks are increasing exploring wholesale CBDC use cases, however, user skepticism remains a major issue affecting mainstream adoption. A report by the Bank of Canada revealed that 86% of Canadians are opposed to CBDCs, with a whopping 92% preferring cash over a digital Canadian dollar (CAD).

@ Newshounds News™

Source:   Crypto Potato

  ~~~~~~~~~

MANAGING SUDDEN WEALTH THROUGH SMART TEAM BUILDING BOB LOCK  |  Youtube

@ Newshounds News™

Source: Seeds of Wisdom Team Currency Facts 

~~~~~~~~~

Newshound's Currency Facts Youtube and RumbleNewshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps

Some Iraq News Posted by Clare at KTFA 9-22-2024

KTFA:

Clare:  Central Bank of Iraq: We are studying removing zeros from the dinar and there are no restrictions on our balances in America

9/22/2024

The Central Bank of Iraq reduced, on Sunday, its reliance on the US dollar in commercial transactions, adding that the project to remove zeros in Iraq is under continuous review and study.

Countries remove zeros from their currency to revalue their national currency and simplify financial transactions. This is done by removing a specific number of zeros from the nominal value of the currency, making it appear less inflationary and more stable.

In this context, the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, confirmed that the Central Bank responded to global economic challenges such as rising energy and raw material prices, by amending some monetary policies in line with the international situation and to enhance confidence in the Iraqi dinar and prevent a sharp decline in its value.

Al-Alaq added that the Central Bank of Iraq increased its holdings of foreign exchange and gold reserves to enhance the country's financial position and stability, in order to enhance its ability to confront potential economic crises.  LINK

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

Clare:Erbil transfers 91 billion dinars to Baghdad

9/22/2024  Baghdad

The Ministry of Finance and Economy in the Kurdistan Regional Government announced today, Sunday, the transfer of more than 91 billion dinars to the account of its federal counterpart.

The ministry said in a statement that it had deposited an amount of 91 billion, 151 million, and 784 thousand dinars into the bank account of the Federal Ministry of Finance at the Central Bank of Iraq/Erbil branch.

She explained that this amount represents the federal treasury's share of non-oil revenues in the region for the month of May 2024.   LINK

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

Clare:  Iraq participates in the "Future" summit at the United Nations in New York

9/22/2024

The Chairman of the Communications and Media Commission, Ali Al-Muayyad, represents the Republic of Iraq in the "Future" Summit, which is being held over four days at the United Nations headquarters in New York City, before the start of the General Assembly.

The Communications and Media Commission said in a statement today that Iraq's participation in this important international event comes to enhance its role in discussing major global issues and contributing to formulating the Charter of the Future.

The Future Summit is one of the most prominent events hosted by the United Nations, focusing on five main tracks including sustainable development and finance, peace and security, the digital future for all, youth and future generations, and global governance.

The summit also includes pivotal issues that intersect with all the work of the United Nations, such as human rights and the climate crisis.

The Authority's delegation also held a number of side events and dialogues related to the summit topics, the formulation of the Charter of the Future, and working to play a pivotal role in its implementation, according to the Authority's statement.  LINK

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

Clare: Al-Sudani attends the opening of the Future Summit on facing future challenges

The Future Summit on facing future challenges began in New York on the sidelines of the 79th session of the United Nations General Assembly.

The government statement, a copy of which was received by {Euphrates News}, stated: “Prime Minister Mohammed Shia Al-Sudani is attending the opening of the Future Summit on Confronting Future Challenges, which is currently being held on the sidelines of the 79th session of the United Nations General Assembly in New York.”

"The Prime Minister will deliver Iraq's speech at the summit," he added.   LINK

***********

Clare:  Kuwaiti Decree to Avoid Double Taxation and Prevent Financial Evasion with Iraq

 9/22/2024

Kuwait announced the issuance of a decree approving an agreement with Iraq aimed at avoiding double taxation and preventing financial evasion with regard to taxes on income and capital.

The Saudi "Argaam" Agency reported that the explanatory memorandum came out of a desire to strengthen mutual economic relations between the governments of Kuwait and Iraq, as the agreement was signed to avoid double taxation and prevent financial evasion.

Article (1) of the agreement indicated that it applies to persons residing in one or both of the contracting states, while Article (2) stipulated the taxes covered by this agreement.

The agreement includes a definition of dividends, which means income from shares, beneficial ownership, founders' shares or other rights not representing debt claims, as well as participation in profits. It also includes income from other corporate rights, such as income from shares, according to the laws of the Contracting State of which the company distributing the income is a resident.

The agreement stipulated the necessity of exchanging confidential information between the competent authorities in the two countries, related to the implementation of the provisions of this agreement.

In addition, the agreement excluded income derived by a resident of a Contracting State as a theatre, cinema, radio, television, or musical artist, or as a sportsperson, as these categories may be subject to tax in the other Contracting State.  LINK

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

Clare:  Will Parliament resort to the courts to dismiss Al-Alaq?

 Baghdad

Member of the Parliamentary Integrity Committee, MP Hadi Al-Salami, revealed today, Friday, that the Governor of the Central Bank, Ali Al-Alaq, refused the request to host him in Parliament, while threatening to resort to the courts to file a complaint against the negligent.

Al-Salami said in a statement, "We previously approached the Parliament Presidency and approval was obtained to host the Governor of the Central Bank to direct a parliamentary question."

He added, "The Governor of the Central Bank refuses to attend, and we will resort to the competent courts to file a complaint against anyone proven to be negligent regarding the difference between the official and parallel dollar rates."

He explained that "the difference between the official and parallel rates reaches 35 million dollars per day."  LINK

“Tidbits From TNT” Sunday 9-22-2024

TNT:

Tishwash: Kurdistan deposits about 100 billion dinars of non-oil revenues into the Iraqi state treasury

The Ministry of Finance and Economy in the Kurdistan Region announced on Sunday the deposit of an amount of money amounting to about 100 billion dinars in financial revenues for non-oil revenues for last May.

The ministry said in a statement today that it deposited an amount of 91 billion, 151 million, and 784 thousand Iraqi dinars to the federal government as the federal treasury's share of the non-oil revenues of the Kurdistan Region for the month of May of this year.  link

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

Tishwash:  yet another article about removing the 3 zeros? hmm

What does it mean to reduce dependence on the dollar and remove zeros from the dinar?

Countries remove zeros from their currency to revalue the national currency and simplify financial transactions. This is done by removing a specific number of zeros from the nominal value of the currency, making it appear less inflationary and more stable. This is how the Governor of the Central Bank of Iraq, Ali Al-Alaq, summarized the issue.

Al-Alaq confirmed yesterday the reduction of reliance on the US dollar in commercial transactions, adding that the project to delete zeros in Iraq is subject to continuous review and study at the bank.

Al-Alaq said, in a statement followed by the “Iraq Observer” agency, that “the Central Bank responded to global economic challenges such as rising energy and raw material prices, by amending some monetary policies in line with the international situation and to enhance confidence in the Iraqi dinar and prevent a sharp decline in its value.”

He added, "The Central Bank of Iraq has increased its holdings of foreign exchange and gold reserves to strengthen the country's financial position and financial stability in order to enhance its ability to confront potential economic crises."

Local bank accounts

Regarding the steps taken to address the dollar’s ​​rising crisis, Al-Alaq said, “The Central Bank of Iraq has created new mechanisms to cover local banks’ accounts with their senders in other currencies (Chinese yuan, Indian rupee, euro, and UAE dirham) in addition to the dollar, which has reduced reliance on the US currency in commercial transactions for these banks’ clients, while the Central Bank seeks to withdraw excess liquidity in the economy that puts pressure on the exchange rate and to prevent the exported currency from growing in an undesirable manner.”

Regarding the country's foreign reserves, the Central Bank Governor explained that "foreign exchange reserves are the tool used by all central banks to maintain the stability of the local currency exchange rate against foreign currencies, as well as to reduce exposure to external crises by maintaining liquidity in foreign currency to absorb shocks in times of crisis."

“According to the latest data on the level of foreign reserves adequacy, the Central Bank of Iraq’s foreign reserves cover 83.62% of the broad money supply, i.e. covering the cost of importing 15 months, while the global standard rate is 20%, covering 6 months of importing,” according to Al-Alaq.

He pointed out that "the sanctions imposed on banks are related to the decision to ban dealing in dollars, as the banks were not included in the sanctions list issued by the Office of Foreign Assets Control, and therefore the banks' activities continue, according to the applicable procedures and in all currencies except the dollar."

Regarding the situation of the Iraqi banking sector, Al-Alaq said that it “is experiencing a state of stability, as government banks still control approximately 79% of the assets of the total banking sector, compared to 21% for private banks.”

Private sector

While observers believe that the development road project needs 5 years to complete, they pointed out that Iraq will end the unemployment problem and provide jobs for graduates and the unemployed alike.

They said: “The most important thing is for Iraq to move away from the rentier economy that has frozen other sectors despite the abundance of local production and the wheel of reconstruction turning in all of Iraq, which means that the government is taking the right step in diversifying sources of income.”

Economic expert Abdul Rahman Al-Shaikhli said: “Our economy will not see the light of day as long as its two components, “oil and monetary,” are held hostage by the US Treasury and the Federal Reserve Bank. He considered that in order not to jump over the reality, we must look at things as they are, without hanging them on any scapegoat of truth.”

Al-Sheikhly told the “Iraq Observer” agency: “In order to get rid of this dominance, we must work on diversifying the sources of funding for the budget, giving free rein to the “clean” private sector, and limiting economic activities “financial and monetary” to honest hands under strict supervision, especially Iraq’s revenues from customs, taxes and fees, and preventing their exploitation by the corrupt.”

The financial and economic expert explained: “All of this is possible and it is possible to reform our economic system naturally if we can get rid of foreign hegemony.”

Keeping up with developments

On the sidelines of the electronic payment conference in the middle of this month: “The Governor of the Central Bank, Ali Al-Alaq, confirmed that the number of applicants to establish digital banks “exceeded 70 banks,” noting that “digital banks are widely spread in the world and the volume of financial transactions in them is around 5 trillion dollars annually.”

Al-Alaq said: “Digital banks are widespread in the world, and their volume of funds ranges from 5 to 7 trillion annually.”

He added: “We conducted in-depth studies until we reached the point of setting rules for licensing these digital banks.”

He pointed out: “We were surprised by the number of applicants to digital banks, which reached 60 to 70 banks, and we are in the process of studying the applicants’ requests.”

He continued: “We are keeping up with developments and moving towards progress, and there is communication with many external and internal parties, and it is on two levels that depend on the banking sector and the capabilities of the Central Bank to keep up with development and contribute to developing various programs and applications,” stressing that “the Iraqi cadre is distinguished by its ability to adapt and develop.”

He pointed out that “the Central Bank has important contracts with specialized companies, and chooses international companies to develop and set up programs, in addition to international cooperation,” noting that “the Central Bank has effective relations with international and global banks, in addition to electronic payment companies, as well as its relationship with central banks, and it has continuous movement in cooperation with important banks.”  link

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

Tishwash:  Prime Minister arrives in New York

Prime Minister Mohammed Shia Al-Sudani arrived in New York.

The Prime Minister's Media Office stated in a statement received by the Iraqi News Agency (INA), that "Prime Minister Mohammed Shia al-Sudani arrived in New York to participate in the meetings of the 79th session of the United Nations General Assembly."

The Prime Minister's Media Office stated in a statement issued earlier that the Prime Minister will deliver Iraq's speech before the General Assembly, and will also deliver a speech at the Future Summit, in which many heads of state and presidents will participate, and which is concerned with enhancing cooperation, facing challenges, and affirming commitments.

He continued, "He will also hold a series of meetings and dialogues with a number of leaders and presidents of sisterly and friendly countries, and heads of participating delegations, in addition to meeting with the Secretary-General of the United Nations, and a number of officials of international and UN organizations and bodies."  link

***********

Tishwash:  On the eve of his departure to New York, Al-Sudani de-escalates tensionswith 3 meetings with the leaders of the “Framework ”

 The Prime Minister will hold meetings with world leaders and present his government's  achievements.

It seems that Mohammed Al-Sudani, the Prime Minister, has greatly eased the tensions at home after holding meetings with the leaders of the “Coordination Framework” on the eve of his departure from New York to attend the United Nations meetings for the second time since he assumed power about two years ago.

The "framework" media opposing Al-Sudani, which was active during the past month, has clearly declined, attacking the Prime Minister against the backdrop of the alleged wiretapping case, according to the government's description, and the escape of Nour Zuhair, the main accused in what is known as the "theft of the century."

The Prime Minister's media office stated in a statement yesterday that "Prime Minister Mohammed Shia Al-Sudani left the capital, Baghdad, heading to New York, to participate in the meetings of the 79th session of the United Nations General Assembly."

The media office stated in an earlier statement, the day before yesterday, that "the Prime Minister will deliver Iraq's speech before the General Assembly, and will also deliver a speech at the Future Summit, in which many heads of state and presidents participate, and which is concerned with enhancing cooperation, confronting challenges, and affirming commitments.”

He continued, “Al-Sudani will hold a series of meetings and dialogues with a number of leaders and presidents of brotherly and friendly countries, and heads of participating delegations, in addition to a meeting with the Secretary-General of the United Nations, and a number of officials of international and UN organizations and bodies."

The region has been experiencing tension for about a year due to the war in Gaza, and the expansion of mutual strikes between factions and Western interests in Iraq, Syria and Lebanon.

The day before yesterday, Abu Alaa al-Walaei pledged to send 100,000 fighters to the Lebanese border, coinciding with the killing of a leader in one of the Iraqi factions in Syria.

Al-Walaei, a leader in the “Framework” and the head of the “Sayyid al-Shuhada Brigades” faction, said in a message published by the media, “A flood of Iraqi human beings will come, crowding the borders and trenches of Lebanon. If Hezbollah loses a thousand martyrs, we will supply it with a hundred thousand heroes.”

On Friday, leaders from Hezbollah were killed in an Israeli raid in Beirut, while before that, a series of small explosions hit the party's communications devices in Lebanon.

Yesterday, the Hezbollah Brigades announced the killing of Abu Haidar al-Khafaji “in an Israeli attack while performing his duties as a security advisor in Damascus,” according to a statement by the Brigades reported by media outlets close to the Lebanese Hezbollah.

According to some information, al-Sudani's visit to New York is expected to witness Baghdad's confirmation of its firm position on "protecting American diplomats," as the government has so far succeeded in maintaining the truth between the factions and Washington since last February.

Baghdad is preparing next year, according to Iraqi Defense Minister Thabet al-Abbasi, to begin the US withdrawal from Iraq, over two years and in two phases.
In contrast, American media outlets are talking about the possibility of a “small advisory force” remaining after 2026 to assist US forces in Syria, while there is no confirmation from the Pentagon yet on the withdrawal plan. Internal de-escalation:

Al-Sudani sent reassuring messages to his allies in the “Coordination Framework,” according to political affairs researcher Ali Al-Baydar.

On the eve of his departure to New York, Al-Sudani held meetings with Qais Khazali, Haider al-Abadi, and Hadi al-Amiri.

Over the past month, the government has faced severe Shiite criticism due to the “wiretapping” and “Nour Zuhair” crises.

Al-Baydar said in a phone call with (Al-Mada) that “the meetings in a tense climate regionally and internally are important to resolve crises.”

Speaking about the recent meetings, he added: “The prime minister did not want to leave the country while it is in crisis, or he wanted to prevent the problems from worsening before leaving for New York.”
Official statements after Al-Sudani’s three meetings with the leaders of the “Coordination Framework” confirmed the completion of the government’s programs.

Leaks had spoken of “strictness” from Nouri al-Maliki, the leader of the State of Law, due to the “wiretapping” case, regarding removing Al-Sudani from his position or holding early elections.

Regarding the timing of those meetings, Al-Baydar said: “It may be because the prime minister informed the leaders of the framework of the program for the visit to New York, or the leaders asked him for some recommendations.”

The political researcher believes that some leaders may have had “private messages or views on foreign relations that they shared with Al-Sudani.”

Al-Baydar considered that the situation inside the country is now “moving towards calm,” indicating that Al-Sudani “has the ability to transform any crisis into a rapprochement plan.”

Efforts to reduce tension within the Shiite alliance appeared clear, as the intensity of the rhetoric of some news platforms affiliated with the “framework” decreased during the last two days.
In New York,

Ghazi Faisal, a former diplomat, believes that Al-Sudani will present the fundamental positions of Iraqi foreign policy at the annual UN General Assembly meetings, especially with regard to the war that has been going on since last October.
He added in an interview with Al-Mada that "Al-Sudani will emphasize Iraq's firm position on stopping the war in Gaza, and moving to guarantee the right of the Palestinian people to self-determination, to build a stable state, and to return to the 1967 borders."

"He will certainly talk about the importance of building security and peace in the Middle East and enhancing regional cooperation and economic integration, which Iraq emphasized at the Baghdad International Regional Conference 1 and 2, which formed the basis for security and political cooperation between Iraq and Its geographical neighbors, in addition to Egypt, Jordan and the Gulf, and the relationship with Turkey in the field of water, environment, desertification and the path of strategic development,” Faisal added.

Faisal, who runs the Iraqi Center for Strategic Studies, also expected that Al-Sudani would explain in the New York meetings "the nature of what the government has achieved in confronting financial corruption and organized crime and stabilizing the currency, and the government's measures to confront a wide range of internal security and political challenges.” link

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

Mot: ... So Frustrating It Is Too!!!! 

Mot: . Have a Very ~~~~~

Iraq Economic News and Points To Ponder Sunday AM 9-22-24

The First Of Its Kind.. The Iraq Development Fund Announces The Adoption Of New Governance

Economy  |  09/21/2024  Mawazine News – Baghdad  The Iraq Development Fund announced today, Saturday, the approval of a new governance, the first of its kind, and while explaining the details of the "rent from investor service", it set a date to start building 400 schools after completing their designs.

The Fund's Executive Director, Mohammed Al-Najjar, said: "The Board of Directors of the Iraq Development Fund holds regular meetings, and the last meeting was exceptional as it included the approval of what is called the new governance that has not been previously discussed in Iraq and the possibility of the fund working in line with other funds around the world,"  indicating that "governance is required as most projects are investment projects and governance in them will create a transparency issue in the entry and exit of funds."

He added that "the second axis discussed the activation of the Dubin Schools Project and the guarantees required from investors in schools to the government or the fund; with the aim of starting the project within a month."

Regarding purchasing services from investors, Al-Najjar stated that "the fund is on its way to activating the rent from investor service, as the school that is built is rented from the investor for ten years and then returns to the state," noting that "the basic idea of ​​this work is that it will enable us to build 10 schools compared to one previously."

He stated, "We started purchasing the cost, which is divided over ten years, in the form of a lease, and this allows the construction of 10 schools at the same time instead of one," noting, "the importance of mobilizing capital from investors and the private sector to achieve profits through leases."

He explained, "This leads to the creation of a large movement of schools that are built at the same time and creates large job opportunities and demand for raw materials and makes the private sector an essential part with the government in implementing strategic projects," noting,

"When the fund was first established, the conversion of dilapidated mud schools and caravans was discussed to be implemented using this system, as their total number, according to available statistics, is 1,750 schools."

He stressed, "The fund will start with the first 400 schools within a month or less because the designs have been completed and the contracts with the consulting companies have been completed, and what remains is to choose the investors capable of implementing the first 400 schools according to international standards."

He stated, "These schools will be environmentally friendly and will be built in areas with little afforestation," noting, "No money will be granted until the school is received, after which the first lease will be granted."

He said, "If we succeed in this service, there are countries and organizations whose funding will be used."

Regarding the presidential palaces in Basra, he pointed out that, "The palaces are located in a very important location and will allow for the presence of structures that greatly serve tourism in Iraq, in addition to the fact that they generate very large resources." https://www.mawazin.net/Details.aspx?jimare=255211

Al-Alaq: We Are Constantly Reviewing The Deletion Of Zeros From The Dinar, And There Are No Restrictions On Our Balances In America

Central Bank Governor Ali Al-Alaq  Banks   Economy News – Baghdad   The Central Bank of Iraq has reduced reliance on the US dollar in commercial transactions, according to the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, adding that the project to remove zeros in Iraq is under continuous review and study at the bank.

Countries remove zeros from their currency to revalue their national currency and simplify financial transactions. This is done by removing a specific number of zeros from the nominal value of the currency, making it appear less inflationary and more stable.

Al-Alaq confirmed, in an extensive interview with Al Jazeera Net, which was reviewed by "Al-Eqtisad News", that the Central Bank responded to global economic challenges, such as rising energy and raw material prices, by amending some monetary policies in line with the international situation and to enhance confidence in the Iraqi dinar and prevent a sharp decline in its value.

He also stressed that the Central Bank of Iraq increased its holdings of foreign exchange and gold reserves to strengthen the country's financial position and financial stability in order to enhance its ability to confront potential economic crises. These are the details of the dialogue:

What steps have you taken to address the crisis of the dollar’s ​​rise against the Iraqi dinar and reduce the gap between the official price and the black market price?

The Central Bank of Iraq has created new mechanisms to cover the accounts of local banks with their senders in other currencies (Chinese yuan, Indian rupee, euro and UAE dirham) in addition to the dollar, which has reduced reliance on the US currency in commercial transactions for the clients of these banks, as the Central Bank seeks to withdraw excess liquidity in the economy that puts pressure on the exchange rate and to prevent the exported currency from growing in an undesirable manner.

What is the status of the country's foreign reserves?

Foreign exchange reserves are the tool used by all central banks to maintain the stability of the local currency exchange rate against foreign currencies, as well as to reduce exposure to external crises by maintaining liquidity in foreign currency to absorb shocks in times of crisis.

The Central Bank of Iraq has a level of reserves that enables it to achieve this stability and provides it with sufficient flexibility to meet the demand for foreign currencies to meet the requirements of the balance of payments and other obligations.

According to the latest data on the level of foreign reserves adequacy, the foreign reserves of the Central Bank of Iraq cover 83.62% of the broad money supply, i.e. covering the cost of importing 15 months, while the global standard rate is 20%, covering 6 months of importing.

However, foreign reserves management faces global and local challenges according to the economic nature of each country and the economic and geopolitical conditions it is going through.

What are the most prominent contributions of the Central Bank of Iraq in supporting the Iraqi economy?

The Central Bank responded to global economic challenges, such as rising energy and raw material prices, by adjusting some monetary policies in line with the international situation and to enhance confidence in the Iraqi dinar and prevent a sharp decline in its value. The Central Bank raised interest rates to counter inflationary pressures resulting from changes in global prices and domestic demand, and issued new instructions to Iraqi banks to control cash liquidity.

The Central Bank of Iraq has increased its holdings of foreign exchange reserves and gold to strengthen the country's financial position and financial stability.

The bank also launched programs and initiatives aimed at increasing financial inclusion, including enhancing the spread of digital banks and online financial services, in addition to the Central Bank of Iraq’s contribution to sustainable development.

It also played an important role in financing economic and development projects by providing soft loans and special financing programs aimed at supporting productive sectors while continuing to finance small and medium enterprises.

Has the banking sector in Iraq been affected by US sanctions imposed on some banks?

The sanctions imposed on banks are related to the decision to ban dealing in dollars, as the banks were not included in the sanctions list issued by the Office of Foreign Assets Control, and therefore the banks’ activities continue, according to the applicable procedures and in all currencies except the dollar.

As for the situation of the Iraqi banking sector, it is experiencing a state of stability, as government banks still control approximately 79% of the total assets of the banking sector, compared to 21% for private banks.

Are there any restrictions on the bank's use of its funds in the United States?

There are no restrictions on our US accounts, taking into account the application of international standards to combat money laundering and terrorist financing in foreign transfers.

What are the reasons for the low rate of bank card usage in Iraq compared to neighboring countries? What are your steps to overcome this situation?

There are major reasons behind the low use of bank cards in Iraq, most notably the preference of many Iraqis to use cash in their daily transactions due to prevailing customs and traditions, in addition to the limited spread of banking services, as a large percentage of the population, especially in rural areas, remains unconnected to banks.

Finally, lack of financial awareness plays a major role in the reluctance to use bank cards.

To address these challenges, we are working to improve and expand our digital infrastructure. In this context, the Central Bank of Iraq has initiated the establishment of a national electronic payment company to encourage the banking and non-banking sectors and public institutions to develop this infrastructure.

The Central Bank, in cooperation with public and private institutions, is organizing awareness campaigns aimed at increasing public knowledge of the benefits of using bank cards and electronic payment methods to enhance confidence in the banking system.

The number of bank cards in 2023 will rise to 19.75 million cards and the number of bank accounts will rise to 13.3 million accounts.

The bank focuses on improving security and increasing transparency, and has created a platform to manage public complaints related to the financial sector, which helps in developing strategies to address any issues facing financial institutions.

It works to encourage financial innovation by supporting the development of services such as electronic wallets, banking applications, and opening digital banks. It is also currently working to launch a national financial inclusion strategy that includes solutions to most of these challenges, in addition to financial awareness programs targeting various segments of Iraqi society.

All of this resulted in both the number of bank cards in 2023 rising to 19.75 million cards and the number of bank accounts rising to 13.3 million accounts.

Where has the digital banking project come from?

The Central Bank of Iraq issued licensing controls for digital banks in Iraq during May of this year, and is in the process of studying the applications submitted in light of the requirements for digital banks, taking into account the risks and limitations related to digital banks, especially with regard to cybersecurity risks.

The main objective of licensing digital banks is to keep pace with developments in the banking environment, as well as to provide diversity in the provision of banking services in light of technological progress that contributes to enhancing financial inclusion by facilitating customers’ access to banking services.

In light of the International Monetary Fund's statement that internal imbalances in Iraq have worsened due to the large financial expansion and the decline in oil... How do you view its demands to correct the financial situation?

Naturally, the country’s dependence on rentier resources leads to bearing the costs of external shocks that are beyond its control, such as negative oil price shocks, and because the country needs more spending than any stable country due to the conditions it has gone through during decades of wars and destruction, which requires increasing spending on infrastructure, which is the basic pillar of the shift towards economic diversification.

All of this has led to pressure on the capabilities of public finance, especially the revenue side, and thus resorting to borrowing. Therefore, we agree with the International Monetary Fund regarding reforming the public finance situation, and the positive effects this has on supporting the independence of monetary policy in achieving its primary goal, which is the stability of the general price level through controlling liquidity levels.

We agree with the International Monetary Fund regarding the reform of public finances, and the positive effects this has on supporting the independence of monetary policy.

Will removing zeros from the dinar destabilize the financial situation in Iraq?

The process of removing zeros from a currency means replacing the old currency with a new one in order to simplify the accounting process between consumers. It is often resorted to by countries that suffer from high inflation and have become unable to deal with paper currencies of very low value.

Many believe that the process of deleting zeros is an economic and monetary reform process and is resorted to in cases of high inflation and currency collapse, which reduces the feeling of economic collapse (a monetary illusion process). However, if this process is not supported by real economic factors and accompanied by radical reforms, it becomes negative.

The project to remove zeros in Iraq is under continuous review and study at the Central Bank of Iraq, taking into consideration the existence of a volume of issued currency that exceeded 100 trillion dinars after it was 6 trillion in 2004, the year following the exchange of the currency that was undesirable and of poor quality.

In addition to a wide cash supply approaching 179 trillion dinars, which requires specialized cadres, especially in the bookkeeping process, which government banks are still suffering from due to the circumstances the country has gone through.

How will Iraq's repayment of all its debts to the International Monetary Fund affect the country's economic situation as a whole?

Iraq’s repayment of all its debts to the International Monetary Fund, accumulated over the years as a result of the Fund’s loan programs to address the economic challenges that Iraq faced in previous years, could have a positive impact in the long term by enhancing credit and improving financial sustainability, in addition to its repercussions on the country’s economic situation through:

Improve Iraq's economic confidence and credit rating and obtain financing on better terms in the future.

Enhancing the confidence of foreign and local investors in the Iraqi government’s ability to meet its financial obligations.

Achieving greater independence for Iraqi economic sovereignty, making the country less vulnerable to external pressures and interference in its economic policies.

Alleviating financial pressures and reducing financial burdens, which reduces pressure on the general budget.

Directing financial resources towards infrastructure and economic development projects and improving the ability to finance development projects.

Reducing pressure on foreign reserves, which has a positive impact on the stability of the currency and the country’s ability to cover its imports and maintain financial and economic stability.

Where have the Central Bank of Iraq's procedures for localizing salaries of employees in the Kurdistan Region of Iraq reached?

We would like to point out that this bank has taken the necessary measures to complete the process of localizing salaries of employees of the Kurdistan Region of Iraq in terms of providing the Federal Court with a list of banks licensed by this bank and operating in the region, and providing the infrastructure and electronic payment systems that support the processes of localizing salaries in the region, which clarifies the controls for opening a bank account and adopting an electronic signature for the same purpose.  Views 623 09/21/2024 - https://economy-news.net/content.php?id=47846

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

Seeds of Wisdom RV and Economic Updates Sunday Morning 9-22-24

Good Morning Dinar Recaps,

Highlights from IOTA Demo Day: Exciting Innovations and Presentations on IOTA EVM

▪️IOTA has shared a highlight of the recent Demo Day program featuring the likes of Qiro Finance, Black Frog, Orobo Finance, Auvo Digital, The Real Lifestyle, and Defa Primitive.

▪️According to the IOTA founder, this program is a huge step towards supporting and mentoring its beneficiaries to impact the ecosystem significantly.

The much-anticipated Real-World Assets (RWA) Accelerator Demo Day program by IOTA (IOTA) and Tenity was held on September 17 in Singapore with the participation of six finalists selected and supported by the two. As we earlier reported, each finalist got a $50,000 grant as well as mentorship, tools, and networking opportunities.

Soon after the program, IOTA shared a highlight with the community featuring presentations by Qiro Finance, Black Frog, Orobo Finance, Auvo Digital, The Real Lifestyle, and Defa Primitive.

Here’s a recap of the incredible presentations from yesterday’s #IOTA @tenity_global Demo Day! 🌟Let’s dive into the highlights from each team’s journey and the innovations they’re bringing to #IOTAEVM 👇— IOTA (@iota) September 19, 2024

Qiro Finance
According to Qiro Finance’s presentation, it is building an outstanding on-chain private credit marketplace on the IOTA EVM. The idea is to bridge the on-chain investors and the traditional Fintech funding to solve a major problem of rising credit defaults in private credit protocols.

Black Frog
Black Frog’s presentation was centered around the proposal for small-scale miners to capitalize on the mineral market via tokenized assets and provide returns to investors on held commodities.

Researching the background of its provision, CNF observed that the demand for minerals, especially Cobalt, could accelerate considerably with the growing need for a shift to green energy. To enable the industry to meet this need, Black Frog provides financing and credit facilities via loans and bonds on the IOTA platform. Recently, it unveiled a commodity-backed yield-bearing stablecoin to improve the interest offerings on commodities held by small miners.

The Real Lifestyle
According to IOTA, The Real Lifestyle (TRL) provided a comprehensive presentation on its vision of tokenizing and fractionalizing real estate. Fascinatingly, TRL ensures investors are offered fractionalized investment in home ownership and rental properties. In addition to lowering the barrier for real estate investment and triggering financial returns, TRL ensures that liquidity and economic activities are brought to the IOTA EVM.

Orobo Finance
Orobo’s presentation highlighted the importance of digital product passports for the circular economy. It also mentioned several initiatives that have been fully developed and are in the pipeline, ranging from RWA tokenization to sustainability, digital twins, and compliance. Orobo can validate and verify products and materials using the IOTA’s digital product passports.

Auvo Digital
Auvo Digital focuses on digital identity by providing users with a no-code identity management platform to secure on-chain identity. At the program, they displayed their innovative tools for businesses and organizations to enable them to create and manage decentralized identities. According to them, this secures the privacy-focused platform on the IOTA EVM.

Defa Primitive
Defa Primitive spoke about the incredible potential of transforming traditional invoices into RWA tokens. According to them, their initiative unlocks finance for trade logistics, supply chains, and Small and Medium-sized Enterprises (SMEs). On top of that, it provides immeasurable opportunities for on-chain investors to access new opportunities on the IOTA EVM.

Commenting on the initiative for these six finalists, IOTA founder Dom Scheiner disclosed that the support and mentorship provided through the Accelerator Program enhances RWA tokenization growth while ensuring that IOTA EVM users benefit from cutting-edge solutions.

At press time, IOTA (IOTA) was trading at $0.13 after surging by 7.6% in the last 24 hours.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

CARDANO FOUNDER WARNS TRUMP DEFI VENTURE COULD POLITICIZE CRYPTO LANDSCAPE

Cardano and Ethereum co-founder Charles Hoskinson expressed deep concern over the new DeFi platform venture of former President Donald Trump known as World Liberty Financial.

Speaking in interviews, Hoskinson said the venture is likely to turn into a political flashpoint. This might add to the already delicate situation surrounding regulation of cryptocurrencies in the United States.

Through his comments, the executive expressed an emerging discomfort about seeing how politics is penetrating into the digital finance world from the top echelons of the industry.

Trump: Political Polarization And Crypto
The biggest fear Hoskinson has is political polarization due to Trump in crypto. According to him, “Everything Trump does, the left hates with such a passion,” suggesting that Trump’s actions might provoke a backlash from Democrats.

This could result in investigations by regulatory bodies like the Department of Justice or the Securities and Exchange Commission, potentially stifling innovation and growth within the industry.

According to the Cardano founder, although Trump presents himself as a pro-crypto candidate, the history of high staff turnover at the White House raises all kinds of concerns in regards to his ability to create a clear policy for cryptocurrency.

Moreover, Hoskinson criticized both Trump and Vice President Kamala Harris for failing to present a vision for the future of crypto in America. He believes that neither leader demonstrates enough sophistication in understanding the complexity surrounding regulation of cryptocurrency.

This is particularly alarming because both are positioning themselves for positions of leadership in America at a time when adoption of cryptocurrency across the world is increasing geometrically.

Implications For The Crypto Sector
The potential politicization of World Liberty Financial could have far-reaching implications for the entire crypto sector. Hoskinson emphasized that this platform might transform what has traditionally been a bipartisan issue into a divisive one.

Hoskinson warned that if Democrats feel threatened by Trump’s DeFi initiative, they might use governmental powers to choke it. This could make most of the crypto projects go offshore where regulatory environments could be more conducive.

Despite those risks, Hoskinson mentioned a couple of positive aspects to Trump’s approach on crypto. He said that the recent outreach by Trump toward the crypto community attracted influential investors and advocates within the industry. However, he remains cautious about whether this support will translate into effective policies if Trump returns to power.

Future Prospects For Digital Currencies
Looking ahead, Hoskinson said that the key thing is establishing a clear regulatory framework to encourage growth in the US crypto market. He thinks that if America could create an environment conducive to innovation, this could end up adding trillions of dollars to the country’s economy within the next decade.

To the contrary, he says other regions such as Singapore and parts of Europe are moving ahead with crypto-friendly regulations while the US lags behind.

Accordingly, players in the crypto field will need to be very vigilant about the way things progress politically as World Liberty Financial builds up to its launch. Success or failure of this project could set monumental precedent for subsequent crypto projects in America.

The bottom line is going to depend on whether or not both political parties learn to engage with this space of rapid change.

This warning from Charles Hoskinson reflects bigger concerns within the cryptocurrency community that international political affiliations should not influence regulatory policies. As Trump’s DeFi plans take shape, all eyes will be on how they impact not just his political ambitions but also the future viability of cryptocurrencies in America.

@ Newshounds News™

Source:  Bitcoinist

~~~~~~~~~

AUDIO - A MUST HEAR! DO YOU WANT TO GO HOME? WHO ARE YOU?  |  Youtube

Jim educates us on our history and the CONtracts that have been hidden from us to show how we got to where we are since the days of Lincoln and the Civil War.  A must to listen to.

@ Newshounds News™

Source: Seeds of Wisdom Team Currency Facts     

  ~~~~~~~~~

Newshound's Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps

Seeds of Wisdom RV and Economic Updates Saturday Afternoon 9-21-24

Good Afternoon Dinar Recaps,

US PAYING $1,157,762,000,000 IN INTEREST ON NATIONAL DEBT IN ONE YEAR, SAYS TREASURY DEPARTMENT, AS ELON MUSK WARNS GOVERNMENT ‘WHISTLING PAST THE GRAVEYARD’

The US Treasury Department says it expects to pay a whopping $1.157762 trillion in interest on the national debt for the fiscal year 2024.

The interest represents the cost of borrowing money, which the government does by issuing Treasury bonds, bills and other securities.

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

Interest payments have already totaled $1.05 trillion as of August, and the remaining payments will be added in by the end of the month as the fiscal year comes to a close.

The Treasury Department says interest on the debt is expected to be the country’s third-largest expense this fiscal year just behind the Department of Health and Human Services (Medicare and Medicaid) and Social Security Administration at $1.727 trillion and $1.520 trillion, respectively.

The updated numbers come as billionaire Elon Musk issues a warning on the growing deficit and debt, which has now reached $35.3276 trillion.

In a panel interview at the All-In Summit 2024, Musk said he believes the government is projecting confidence while in a dire situation.

“Everyone seems to be sort of whistling past the graveyard on this one… The Defense Department budget is a very big budget. It’s a trillion dollars a year – DoD (Department of Defense), intel – it’s a trillion dollars. And interest payments on the national debt just exceeded the Defense Department budget. They’re over a trillion dollars a year just in interest and rising.  

We’re adding a trillion dollars to our debt, which our kids and grandkids are going to have to pay somehow, every three months. Soon it’s going to be every two months and then every month.

And then the only thing that we’ll be able to pay is interest.”

The national debt jumped by about $1.337 trillion from January 1st until now.

This means the debt has actually increased by around $445.67 billion every three months on average.

@ Newshounds News™

Source:  DailyHodl

~~~~~~~~~

SEC GREENLIGHTS OPTIONS TRADING FOR BLACKROCK’S ISHARES BITCOIN TRUST

The U.S. Securities and Exchange Commission granted approval for Nasdaq to list and trade options on BlackRock’s iShares Bitcoin Trust.

*******************************
Per the details shared in the official filing on Sept. 20, the SEC’s approval comes after a lengthy review process that started on Jan. 9, 2024. That was when Nasdaq initially filed the proposal to trade options on exchange-traded products.

Nasdaq consistently followed up on its proposal with multiple amendments, which began on Jan 11. Over the following months, the exchange submitted additional amendments and information regarding IBIT and other Bitcoin-based ETPs.

SEC’s approval involved multiple stages of review
After almost eight months of review, the SEC finally gave the greenlight for Nasdaq’s proposal. The commission stated that the exchange even proposed to modify its rules to list and trade options on IBIT.

According to the official filing, options on IBIT will be physically settled with American-style exercise. Nasdaq also highlighted that IBIT options will be under the exchange’s continued listing standards.

“Options on IBIT will be subject to the Exchange rules that currently apply to the listing and trading of all ETF options on the Exchange,” the filing reads.

Crypto analysts say decision is bullish
Reacting to the SEC’s decision, several key crypto traders and analysts took to X to share their opinion. Crypto trader Ash Crypto tweeted that this is ultra bullish.

Senior ETF analyst Eric Balchunas also shared details of the approval on X. Balchunas tweeted his assumption that others will be approved in short order.

Balchunas also pinpointed this as a huge win for the Bitcoin ETFs, stating that this will attract more liquidity. However, he highlighted the fact that this is “just one stage of approval.”

The proposal still needs approval from the OCC and CFTC before the official listing.

“I’m assuming others will be approved in short order,” Balchunas added, calling it a “huge win” for Bitcoin ETFs “as it will attract more liquidity which will in turn attract more big fish.”

@ Newshounds News™

Source:  Crypto News

~~~~~~~~~

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

TRUMP DEBUTS EXCLUSIVE SILVER COIN—DESIGNED BY TRUMP, MINTED IN AMERICA

Trump's new silver coin is not an investment tool.

Key Takeaways

▪️The Trump commemorative coin is designed by Donald Trump and is not intended for investment purposes.

▪️The coin features high-quality silver with a proof finish and comes with a certificate of authenticity.

Former US President Donald Trump has announced the launch of his first officially authorized commemorative silver coin, named “TRUMP COINS.” Priced at $100, the coin is designed by Trump himself and is minted in the US.

The item features 99.9% purity and a proof finish, marking it as the highest standard in collectible medals. It showcases a portrait of Trump on the front and the White House on the reverse. Each piece is encased in a premium custom felt pouch and includes a certificate of authenticity.

“This is a 1oz .999% silver medallion and struck with a proof finish featuring our 45th President’s profile on the obverse and the White House on the reverse,” as described on the initiative’s official website.  RealTrumpCoins . com

The coin will be available for purchase starting September 25 and is not intended as a legal tender or an investment tool.

“The coins are intended as collectible items for individual enjoyment only, and not for investment purposes. The coins are not political and have nothing to do with any political campaign,” as noted in the descriptions.

Enthusiasts can join the waitlist to purchase this exclusive item at the project’s official website.

@ Newshounds News™

Source:   Crypto Briefing

~~~~~~~~~

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

RIPPLE NEWS: CEO BRAD GARLINGHOUSE ISSUES GRAVE WARNING TO XRP USERS AMID GROWING SCAMS

India’s Supreme Court YouTube channel was hacked on Friday, causing a disruption in its usual livestream of court hearings. Instead of showing the constitutional bench proceedings, the channel showed videos promoting XRP, a cryptocurrency developed by Ripple Labs.

One specific video was titled “Brad Garlinghouse Ripple Responds to SEC’s $2 Billion Fine,” but it only featured a blank screen. This comes as the FBI recently reported that Americans lost approximately $5.6 billion to cryptocurrency scams in 2023.

Ripple CEO Brad Garlinghouse immediately took to his X handle and reacted to the news. The CEO expressed disappointment and wrote, Unfort this feels like my annual PSA (and yes, I sound like a broken record): @Ripple and execs will NEVER ask you to send us XRP.

 It’s pathetic to see scammers prey on & exploit innocent crypto users, and the ease at which social media platforms allow it to happen. Stop, spot, avoid – protect yourself.”

Ripple took legal measures to address the increasing number of scams. In April 2020, Ripple filed a lawsuit against YouTube, claiming the platform did not do enough to stop fraudulent cryptocurrency promotions.  The case was settled in 2021, but Garlinghouse has remained an advocate for stronger safeguards on social media platforms.

This incident marks the first time the court’s YouTube channel, active since 2018 for broadcasting key hearings, has been compromised. The channel has played a crucial role in live-streaming important cases.

Following the breach, the Supreme Court administration has launched a formal investigation. As a precaution, the YouTube channel was disabled to prevent further unauthorized access and the potential spread of misinformation.

@ Newshounds News™

Source:  Coinpedia

~~~~~~~~~

⚡️BREAKING NEWS:BILLION DOLLAR BANK BNY SET TO CUSTODY BITCOIN (BTC) THE FIRST BANK IN U.S. HISTORY  |  Youtube

@ Newshounds News™

Source: Seeds of Wisdom Team Currency Facts  

~~~~~~~~~

Newshound's Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps

Some “BRICS News” Saturday 9-21-2024

BRICS Intra-bank System Shocked the World Bank: Is It the End of Dollar?

Fastepo:  9-20-2024

In recent weeks, BRICS has made considerable strides, underlining its expanding influence on the global stage in both financial systems and its growing membership.

This video delves into the latest key developments within the BRICS bloc, from the launch of a new intra-bank settlement system to streamline cross-border transactions, to the surge in trade volumes among member nations.

We also discuss the growing number of countries applying for membership, reflecting BRICS' rising appeal as a counterbalance to Western-led economic institutions.

One of the significant updates involves the formal integration of Algeria into the BRICS New Development Bank (NDB). Algeria's membership reflects BRICS' ongoing effort to strengthen its financial institutions and provide alternatives to Western-dominated bodies like the IMF and World Bank.

 This move also aligns with BRICS' broader aim of diversifying economic partnerships and reducing dependency on the U.S. dollar.

 Another major news about BRICS is the Launch of Intrabank system.

Russia and Iran have significantly deepened their economic ties by linking their national payment systems—Russia's SPFS (System for Transfer of Financial Messages) and Iran's SEPAM (System for Electronic Payment Messaging).

 This integration allows the two nations to conduct financial transactions in their own currencies, the ruble and rial, bypassing the U.S. dollar and the SWIFT network. This shift is part of a broader effort to enhance economic sovereignty and circumvent Western sanctions, which have heavily restricted both countries' access to international financial systems.

https://www.youtube.com/watch?v=Q3Mguzk55hU

BRICS Confirms 159 Participants Will Adopt New Payment System

Afro Page:  9-21-2024

Breaking news: BRICS has officially confirmed that 159 countries will be adopting a new global payment system, revolutionizing international finance! In this video, we dive into how this new system aims to reduce reliance on traditional currencies like the US dollar, strengthen economic ties among BRICS nations, and reshape the global economy.

 Learn what this means for international trade, the financial market, and how it could impact the future of global transactions.

https://www.youtube.com/watch?v=ngJsa7FUpME

Al-Alaq: We are constantly reviewing the deletion of zeros from the dinar, and there are no restrictions on our balances in America

KTFA

Clare:  Al-Alaq: We are constantly reviewing the deletion of zeros from the dinar, and there are no restrictions on our balances in America

9/21/2024Baghdad

 The Central Bank of Iraq has reduced reliance on the US dollar in commercial transactions, according to the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, adding that the project to remove zeros in Iraq is under continuous review and study at the bank.

Countries remove zeros from their currency to revalue their national currency and simplify financial transactions. This is done by removing a specific number of zeros from the nominal value of the currency, making it appear less inflationary and more stable.

Al-Alaq confirmed, in an extensive interview with Al Jazeera Net, which was reviewed by "Al-Eqtisad News", that the Central Bank responded to global economic challenges, such as rising energy and raw material prices, by amending some monetary policies in line with the international situation and to enhance confidence in the Iraqi dinar and prevent a sharp decline in its value.

He also stressed that the Central Bank of Iraq increased its holdings of foreign exchange and gold reserves to strengthen the country's financial position and financial stability in order to enhance its ability to confront potential economic crises. These are the details of the dialogue:

What steps have you taken to address the crisis of the dollar’s ​​rise against the Iraqi dinar and reduce the gap between the official price and the black market price?

The Central Bank of Iraq has created new mechanisms to cover the accounts of local banks with their senders in other currencies (Chinese yuan, Indian rupee, euro and UAE dirham) in addition to the dollar, which has reduced reliance on the US currency in commercial transactions for the clients of these banks, as the Central Bank seeks to withdraw excess liquidity in the economy that puts pressure on the exchange rate and to prevent the exported currency from growing in an undesirable manner.

What is the status of the country's foreign reserves?

Foreign exchange reserves are the tool used by all central banks to maintain the stability of the local currency exchange rate against foreign currencies, as well as to reduce exposure to external crises by maintaining liquidity in foreign currency to absorb shocks in times of crisis.

The Central Bank of Iraq has a level of reserves that enables it to achieve this stability and provides it with sufficient flexibility to meet the demand for foreign currencies to meet the requirements of the balance of payments and other obligations.

According to the latest data on the level of foreign reserves adequacy, the foreign reserves of the Central Bank of Iraq cover 83.62% of the broad money supply, i.e. covering the cost of importing 15 months, while the global standard rate is 20%, covering 6 months of importing.

However, foreign reserves management faces global and local challenges according to the economic nature of each country and the economic and geopolitical conditions it is going through.

What are the most prominent contributions of the Central Bank of Iraq in supporting the Iraqi economy?

The Central Bank responded to global economic challenges, such as rising energy and raw material prices, by adjusting some monetary policies in line with the international situation and to enhance confidence in the Iraqi dinar and prevent a sharp decline in its value. The Central Bank raised interest rates to counter inflationary pressures resulting from changes in global prices and domestic demand, and issued new instructions to Iraqi banks to control cash liquidity.

The Central Bank of Iraq has increased its holdings of foreign exchange reserves and gold to strengthen the country's financial position and financial stability.

The bank also launched programs and initiatives aimed at increasing financial inclusion, including enhancing the spread of digital banks and online financial services, in addition to the Central Bank of Iraq’s contribution to sustainable development.
It also played an important role in financing economic and development projects by providing soft loans and special financing programs aimed at supporting productive sectors while continuing to finance small and medium enterprises.

Has the banking sector in Iraq been affected by US sanctions imposed on some banks?

The sanctions imposed on banks are related to the decision to ban dealing in dollars, as the banks were not included in the sanctions list issued by the Office of Foreign Assets Control, and therefore the banks’ activities continue, according to the applicable procedures and in all currencies except the dollar.

As for the situation of the Iraqi banking sector, it is experiencing a state of stability, as government banks still control approximately 79% of the total assets of the banking sector, compared to 21% for private banks.

Are there any restrictions on the bank's use of its funds in the United States?

There are no restrictions on our US accounts, taking into account the application of international standards to combat money laundering and terrorist financing in foreign transfers.

What are the reasons for the low rate of bank card usage in Iraq compared to neighboring countries? What are your steps to overcome this situation?

There are major reasons behind the low use of bank cards in Iraq, most notably the preference of many Iraqis to use cash in their daily transactions due to prevailing customs and traditions, in addition to the limited spread of banking services, as a large percentage of the population, especially in rural areas, remains unconnected to banks.

Finally, lack of financial awareness plays a major role in the reluctance to use bank cards.

To address these challenges, we are working to improve and expand our digital infrastructure. In this context, the Central Bank of Iraq has initiated the establishment of a national electronic payment company to encourage the banking and non-banking sectors and public institutions to develop this infrastructure.

The Central Bank, in cooperation with public and private institutions, is organizing awareness campaigns aimed at increasing public knowledge of the benefits of using bank cards and electronic payment methods to enhance confidence in the banking system.

The number of bank cards in 2023 will rise to 19.75 million cards and the number of bank accounts will rise to 13.3 million accounts.

The bank focuses on improving security and increasing transparency, and has created a platform to manage public complaints related to the financial sector, which helps in developing strategies to address any issues facing financial institutions.

It works to encourage financial innovation by supporting the development of services such as electronic wallets, banking applications, and opening digital banks. It is also currently working to launch a national financial inclusion strategy that includes solutions to most of these challenges, in addition to financial awareness programs targeting various segments of Iraqi society.

All of this resulted in both the number of bank cards in 2023 rising to 19.75 million cards and the number of bank accounts rising to 13.3 million accounts.

Where has the digital banking project come from?

The Central Bank of Iraq issued licensing controls for digital banks in Iraq during May of this year, and is in the process of studying the applications submitted in light of the requirements for digital banks, taking into account the risks and limitations related to digital banks, especially with regard to cybersecurity risks.

The main objective of licensing digital banks is to keep pace with developments in the banking environment, as well as to provide diversity in the provision of banking services in light of technological progress that contributes to enhancing financial inclusion by facilitating customers’ access to banking services.

In light of the International Monetary Fund's statement that internal imbalances in Iraq have worsened due to the large financial expansion and the decline in oil... How do you view its demands to correct the financial situation?

Naturally, the country’s dependence on rentier resources leads to bearing the costs of external shocks that are beyond its control, such as negative oil price shocks, and because the country needs more spending than any stable country due to the conditions it has gone through during decades of wars and destruction, which requires increasing spending on infrastructure, which is the basic pillar of the shift towards economic diversification.

All of this has led to pressure on the capabilities of public finance, especially the revenue side, and thus resorting to borrowing. Therefore, we agree with the International Monetary Fund regarding reforming the public finance situation, and the positive effects this has on supporting the independence of monetary policy in achieving its primary goal, which is the stability of the general price level through controlling liquidity levels.

We agree with the International Monetary Fund regarding the reform of public finances, and the positive effects this has on supporting the independence of monetary policy.

Will removing zeros from the dinar destabilize the financial situation in Iraq?

The process of removing zeros from a currency means replacing the old currency with a new one in order to simplify the accounting process between consumers. It is often resorted to by countries that suffer from high inflation and have become unable to deal with paper currencies of very low value.

Many believe that the process of deleting zeros is an economic and monetary reform process and is resorted to in cases of high inflation and currency collapse, which reduces the feeling of economic collapse (a monetary illusion process). However, if this process is not supported by real economic factors and accompanied by radical reforms, it becomes negative.

The project to remove zeros in Iraq is under continuous review and study at the Central Bank of Iraq, taking into consideration the existence of a volume of issued currency that exceeded 100 trillion dinars after it was 6 trillion in 2004, the year following the exchange of the currency that was undesirable and of poor quality.

In addition to a wide cash supply approaching 179 trillion dinars, which requires specialized cadres, especially in the bookkeeping process, which government banks are still suffering from due to the circumstances the country has gone through.

How will Iraq's repayment of all its debts to the International Monetary Fund affect the country's economic situation as a whole?

Iraq’s repayment of all its debts to the International Monetary Fund, accumulated over the years as a result of the Fund’s loan programs to address the economic challenges that Iraq faced in previous years, could have a positive impact in the long term by enhancing credit and improving financial sustainability, in addition to its repercussions on the country’s economic situation through:

Improve Iraq's economic confidence and credit rating and obtain financing on better terms in the future.

Enhancing the confidence of foreign and local investors in the Iraqi government’s ability to meet its financial obligations.

Achieving greater independence for Iraqi economic sovereignty, making the country less vulnerable to external pressures and interference in its economic policies.

Alleviating financial pressures and reducing financial burdens, which reduces pressure on the general budget.

Directing financial resources towards infrastructure and economic development projects and improving the ability to finance development projects.

Reducing pressure on foreign reserves, which has a positive impact on the stability of the currency and the country’s ability to cover its imports and maintain financial and economic stability.

Where have the Central Bank of Iraq's procedures for localizing salaries of employees in the Kurdistan Region of Iraq reached?

We would like to point out that this bank has taken the necessary measures to complete the process of localizing salaries of employees of the Kurdistan Region of Iraq in terms of providing the Federal Court with a list of banks licensed by this bank and operating in the region, and providing the infrastructure and electronic payment systems that support the processes of localizing salaries in the region, which clarifies the controls for opening a bank account and adopting an electronic signature for the same purpose.  LINK

Iraq News Highlights and Points To Ponder Saturday Afternoon 9-21-24

Government Confirms Its Adoption Of A "Constructive Economic Policy"

Time: 2024/09/20 Read: 1,820 times    {Politics: Al Furat News} Prime Minister Mohammed Shia Al-Sudani met today, Friday, with the head of the Victory Coalition, Haider Al-Abadi, where the meeting witnessed discussions on a number of issues and files related to the work of the legislative and executive authorities.  The two sides reviewed "ways to enhance cooperation and accelerate the basic requirements for implementing the government program in various fields."

During the meeting, Al-Sudani stressed that the government is adopting a constructive economic policy, improving the level of services that citizens receive from state agencies, alleviating their suffering, and completing the infrastructure that will provide an additional boost to development projects at various levels.   LINK

Oil And Gas Parliamentary: There Is A Major Failure In The Work Of The Internal Control Department At The Ministry Of Oil

Politics, Security and Economy   September 20, 2024  The Parliamentary Oil and Gas Committee identified a major failure and a number of observations regarding the work of the Director of the Internal Control Department at the Ministry of Oil.

The committee’s spokesman, Ali Shaddad, told Al-Mirbad that his committee hosted the director of the Internal Control Department at the Ministry of Oil, and after directing a number of questions to him, it became clear that there were many delays in the work of the department, and it had become one of the departments that repelled cadres specialized in internal control, despite the fact that they were cadres who had undergone important training and were linked to financial control.

However, there were 35 employees who left the Internal Control Department during the current director’s tenure, and it is not easy to dispense with them.

Shaddad added that a number of questions were put to the director regarding suspicions of corruption in some contracts that were flagged by the Federal Financial Supervision Bureau, in addition to the failure of the Director of Special Supervision to adhere to the directives of the Minister of Oil, so the work in the department began to decline despite the importance of its work.

Pointing out that the Parliamentary Oil Committee decided that this hosting would be open until the next session, which will be determined later by the Oil and Gas Committee. https://www.al-mirbad.com/detail/167165#hathalyoum

It Is Due To Iran And Russia.. Iraq And Saudi Arabia Have Fallen From The Top Oil Exporters To China

2024-09-21 03:34  Shafaq News/ The "Iraq Al-Mustaqbal" Foundation for Economic Studies and Consultations attributed, on Saturday, the reason for the decline of both Iraq and Saudi Arabia from the ranks of the largest oil exporters to China to the incentives provided by the Russians and Iranians to increase the purchase of their raw materials.

The institution stated in a report published today that Russia acquired 22% of China's oil imports in August 2024, at prices less than 6% of the average purchase prices.

He added that the Iranians, through Malaysia, acquired 17% of China's oil imports and less than 10% of the average price, which pushed both Iraq and Saudi Arabia to fall from the position of the largest exporters of crude oil to China, which is the largest market.

According to the institution's report, during last July, the average price of Russian oil was less than 4% of the average price, while the average price of Iranian oil was less than 7.5%, meaning that both parties increased their incentives to China to continue China's dependence on the oil of the two countries, even if at prices lower than the offered rates.

The institution attached to its report a detailed table on oil sales to countries that deal with China, as listed below:  LINK

Escalating Demands To Expose Corruption In Iraqi Ports: A Threat To The National Economy

Posted On 2024-09-21 By Sotaliraq  The Iraqi arena is witnessing increasing demands to uncover corruption files in Iraqi ports, as these ports are among the most important vital facilities for the Iraqi economy.

Suspicions have increased about financial and administrative irregularities in import and export operations, which have negatively affected government revenues.

Political and parliamentary parties are demanding transparent investigations to uncover those involved and hold them accountable, considering that corruption in these institutions contributes to the deterioration of the economic situation and hinders development and reform plans.

This comes at a time when Iraq is seeking to strengthen financial oversight and achieve transparency in government institutions.

Independent MP Yasser Al-Hussaini says, “The most dangerous corruption file in the Iraqi government is the file of the General Company for Iraqi Ports, where there is a waste of money and a lack of engagement with the voices calling for stopping this corruption.”

He added, "The government has ignored the ports corruption file, although the ministerial program stipulates combating corruption, as there are corruption files that will not be investigated even with the end of the current government's term, especially in the General Ports Company."

Al-Hussaini calls on the government to “pay attention to the voices calling for withdrawing the current management of the aforementioned company, and to open a fair judicial investigation to look into the number of identified violations.”

For his part, the head of the Parliamentary Security and Defense Committee, Karim Aliwi Al-Muhammadawi, revealed suspicions of corruption in the manipulation of types of cars and customs clearance at ports and border crossings.

Al-Muhammadawi says, “There is a lack of oversight operations and a lack of coordination between the security and oversight agencies within the Iraqi ports and border crossings, as the competent oversight agencies are required to play their role in reducing suspicions of corruption and preserving public money.”

In this context, MP Alaa Al-Haidari, a member of the Iraqi Ports Corruption Investigation Committee, said: “We were surprised to find a shipment of about 20,000 tons of yellow corn that was rotten and spoiled inside a ship coming from Australia. There were approvals from some government agencies to unload this shipment, so we were surprised to find about 6,000 tons of yellow corn unloaded in the warehouses of a Turkish factory used to receive cooking oil in the port of Umm Qasr.”

He added: “We found that the contract included that the yellow corn coming from Australia was used for oil, and after it was spoiled, its quality was changed to animal feed because it was exposed to rot. After examining this material, it became clear that it was not suitable for animal feed, nor was it suitable as cooking oil.”

He explained: “The opinion of the Parliamentary Order 160 Committee to investigate port corruption was to reserve and inform the Director of the Southern Ports and the Customs Administration not to unload the remaining shipment from these warehouses,

but the information received indicates that approximately 14 thousand tons of this damaged shipment were unloaded from these warehouses,” stressing that “every party that gave approval to unload this shipment will bear responsibility for negligence, and an investigation will be opened into this dangerous file.”

It is noteworthy that the Ministry of Finance and the Customs Authority are seriously seeking to make new progress in implementing the “ASYCUDA” system in the Grand Welcome Square at Basra Ports in rapid procedures to generalize information technology and limit commercial transactions electronically as is happening in more than 80 countries around the world.

At the beginning of 2024, the Iraqi General Customs Authority announced that its revenues during the past year amounted to one trillion, 33 billion, 765 million, 697 thousand, 521 Iraqi dinars, an increase of 28 percent, compared to 2022, expressing its hope to maximize its revenues during 2024 after completing the implementation of electronic systems in all customs centers.  LINK

Is Next Phase of Global Monetary Reset Coming in October? What It Means for US Dollar

Is Next Phase of Global Monetary Reset Coming in October? What It Means for US Dollar

Kitco News: 9-21-2024

Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News, interviews Jon Forrest Little, Founder and Director of Content at Silver Academy, who breaks down the history of global reserve currency cycles. Little weighs in on the accelerating de-dollarization trend and warns that the next phase of the global monetary reset is fast approaching.

 He explains what to expect at the BRICS Plus annual summit taking place in Kazan, Russia, on October 22-24. Little also shares his insights on the gold-backed currency, known as the Unit, which the BRICS is reportedly said to announce at the summit.

He also explains the role of Project mBridge – the multi-CBDC global payment platform.

Little explores the likely U.S. pushback to the de-dollarization trend, the future of global reserve currencies, and the role gold plays.

Coming Up

00:56 Introduction: BRICS Plus Update

04:33 Historical Cycles: Currency Resets

09:27 The US Dollar's Dominance and Challenges

17:35 Central Banks' Gold Rush

22:22 BRICS' Gold-Backed Unit Currency

35:33 Project MBridge and BRICS Currency

37:43 Gold’s Role

41:03 Saudi Arabia and Why Its Role Is Important

 44:35 US Pushback Against De-dollarization

 50:44 Potential Gold Standard Revival

59:14 Future of Global Reserve Currencies

01:02:11 Gold Price Forecast

https://www.youtube.com/watch?v=V3LvWVzW7Ck

“Tidbits From TNT” Saturday 9-21-2024

TNT:

Tishwash:  In the past 20 days, Iraq lost enough money to build a new power station or a luxury residential complex

About 20 days have passed since the start of the decline in oil prices, which has sparked fears about the size of the loss that Iraq, which is heavily dependent on oil, will incur , and the possibility of its impact on salaries.

 While assurances were issued that salaries would not be affected by this level of the current decline in oil prices, as salaries could be provided even if the price of oil reached $60 per barrel,IraqIt actually suffered a huge loss during September for two reasons compared to previous months.

And I did Alsumaria NewsReview of short and long term average prices for the past period and calculations to see how much you lost.Iraq Over the past few days.

It turned out that the prices of Iraqi oil during the fifth months until the end of the seventh were ranging at an average of between $88 and $79 per barrel as a minimum, which means that on average the price of a barrel of Iraqi oil can be considered to be $84 per barrel as a minimum, but in August the average price of a barrel became $75 per barrel.

Since the beginning of September until now, the average price of a barrel of Iraqi oil can be calculated at $70, which means that it has lost an average of $14 per barrel compared to the average price during the past months.

Accordingly, while issuingIraq3.3 million barrels in September according to the OPEC agreement, which means thatIraqHe lost about $925 million in the last 20 days alone.

At the same time, he wasIraqIssuedmoreFrom 3.4 million barrels in August and July, but in September its exports decreased to 3.3 million barrels, which is another matter that caused a loss for Iraq, in response to compensating for the surplus production.Iraq During the past months according to the OPEC agreement.

And by calculating the export loss of 100 thousand barrels per day, the loss will be Iraq Over the past 20 days, it has amounted to $140 million, in addition to the loss of $925 million from the decline in oil prices. This means that Iraq lost in 20 days more One billion dollars.

That's enough .The number billion dollar constructionPower station with capacity moreFrom 1500 MW, or construction Luxury residential complex as one of the projects Residential in Baghdad With a capacity of more than 60 thousand housing units with large tourist facilities.  link

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

Tishwash:  Government advisor expects oil prices to rise to $90 by the end of the year

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, expects oil prices to rise for the rest of this year 2024.

 Saleh told Al Furat News Agency that "the decisions to reduce OPEC+ countries' production quotas by 2.2 million barrels of crude oil per day are among the main factors in the current positive impact that has gradually led to an improvement in oil prices in the world after the wave of decline witnessed in the past weeks, which coincided with the wave of severe decline faced by global financial markets, in addition to the widespread concerns about global economic growth in general and the Chinese economy in particular."

He added, "Despite this, OPEC and OPEC+ in particular are still cautious in managing supply, as previous expectations of increased oil production on the one hand and the varying expectations regarding the growth of global demand for oil on the other hand have kept prices somewhat volatile."

“Currently, oil prices, especially Brent oil, are fluctuating today at around $74-75 per barrel for futures contracts, taking into account the importance of seasonal and market effects that have begun to maintain significant increases, although they are currently moderate, as the approach of winter can usually lead to a slight increase in global oil prices. This is due to the increase in demand for heating fuels such as natural gas and other heating fuels, especially in colder regions such as Europe and North America,” Saleh continued.

“As temperatures drop, households and industries demand more energy to keep warm, increasing consumption of oil-based products. Thus, as the Russian-Ukrainian war continues and winter sets in, energy markets are rightly expecting a rise in demand for energy (oil and gas in particular) and the possibility of upward price adjustments in the contractual months leading up to winter,” he noted.

“Starting from September 2024, as we mentioned earlier, the total production cuts implemented by OPEC+ countries will amount to about 2.2 million barrels per day. These cuts are part of a broader effort to stabilize global oil prices amid fluctuations in demand and market conditions, with Saudi Arabia contributing a significant cut of 1 million barrels per day, while other countries, notably Iraq, the United Arab Emirates, Kuwait, Algeria, Kazakhstan and Oman, also implemented cuts ranging from 42,000 to 223,000 barrels per day, while Russia reduced its oil exports by 500,000 barrels per day, of crude oil and refined products,” the government advisor said.

“Based on the above, oil prices are expected to remain high for the rest of 2024, with many global oil forecasts indicating that the average price of Brent crude could range around $85 to $90 per barrel by the end of this year. Higher price levels will reflect the impact of supply cuts, which will help tighten global oil markets and eliminate any oil glut, even as demand remains somewhat weak due to the economic slowdown in some aspects of global growth, especially growth problems in the Chinese economy,” Saleh said.  link

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

Tishwash:  Al-Sudani heads to New York to participate in UN General Assembly meetings

 Prime Minister Mohammed Shia Al-Sudani will head to New York tomorrow, Saturday, to participate in the meetings of the 79th session of the United Nations General Assembly .

Al-Sudani's media office said in a statement received by "Baghdad Today" that the latter "will leave tomorrow, Saturday, heading to New York, at the head of the official delegation participating in the meetings of the United Nations General Assembly in its seventy-ninth session ."

He added, "He will deliver Iraq's speech before the General Assembly, and he will also deliver a speech at the Future Summit, in which many heads of state and presidents will participate, and which is concerned with enhancing cooperation, facing challenges, and affirming commitments ."

He added, "Al-Sudani will hold a series of meetings and dialogues with a number of leaders and presidents of sisterly and friendly countries, and heads of participating delegations, in addition to meeting with the Secretary-General of the United Nations, and a number of officials of international and UN organizations and bodies link

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

Tishwash: Series of explosions on the approaches to Ain al-Assad base, west of Anbar

Security sources revealed, today, Friday (September 20, 2024), that a series of explosions were heard on the approaches to Ain al-Assad base, west of Anbar.

A security source told Baghdad Today, "More than one explosion was heard on the approaches to Ain al-Assad base, west of Anbar, with American helicopters currently flying over the base."

He added, "The helicopters flew as part of the reconnaissance and security measures, and a state of alert was monitored on the towers surrounding the base, and security measures were strengthened."

In addition, another security source revealed to Baghdad Today that "the sounds of explosions heard near Ain al-Assad Air Base are due to training conducted by coalition forces at the base," noting that "the Ceram system was also used in these training."  link

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

Mot ... can ya sing um 

Mot:  Hurry!!! -- Hurry!! -- Summers Almost over... ooh Wheres Waldo???