Seeds of Wisdom RV and Economic Updates Sunday Morning 11-10-24

Good Morning Dinar Recaps,

NORWAY SUPPORTS MICA, CONSIDERS CBDC FOR FINANCIAL STABILITY

Norges Bank backs the EU’s MiCA regulation while considering a CBDC to enhance cross-border payments and support financial stability in Norway.

Norges Bank, Norway’s central bank, has endorsed the European Union’s Markets in Crypto-Assets Regulation (MiCA) as the country evaluates the potential adoption of a central bank digital currency (CBDC).

Kjetil Watne, project director for Norges Bank’s CBDC project, said in an interview with Cointelegraph that Norway, as a member of the European Economic Area (EEA), welcomes MiCA’s framework. However, he noted that the bank is still considering “whether additional regulations are necessary to promote financial stability.”

Watne explained that Norges Bank has “not yet decided” if it will issue a CBDC and is assessing how to “mitigate regulatory gaps related to decentralized finance.”

Supporting MiCA and CBDC implementation
As part of the EEA, Norway closely aligns with EU regulations, including MiCA, which Watne said is “under public review and currently being assessed by the Ministry of Finance.”

According to Watne, Norges Bank considers CBDCs potentially useful for cross-border payments but that “it remains to be seen how a CBDC-based cross-border payment system would look.”

In 2023, the bank participated in “Project Icebreaker,” a trial exploring new architectures for retail CBDC transactions across borders. Watne added:

“We believe that an eventual CBDC will, if issued, will supplement and not replace cash. We also believe that digital currencies will continue to exist in parallel with CBDCs.”

Addressing privacy concerns
According to Watne, Norges Bank has taken a measured stance on privacy concerns related to CBDCs, recognizing that digital payments “will leave digital taxes.”

He emphasized that Norges Bank “is not responsible for monitoring individual payment transactions” and noted that most central banks, including Norges Bank, do not plan to access customer CBDC payment details or account balances.
“Norges Bank’s analyses assume that this will be the path also for Norges Bank. As with other forms of payment, it will be necessary to ensure that relevant rules are complied with, for example anti-money laundering rules.”

Does MiCA pose “systemic” banking risks?
The EU’s MiCA regulation is set to take full effect on Dec. 30 and could introduce “systemic risks” to the banking sector, particularly for stablecoin reserves, according to Tether CEO Paolo Ardoino.

Under MiCA, stablecoin issuers will be required to hold a significant portion of their reserves, at least 60%, in European banks, creating a cause for concern when it comes to loans.

Ardoino explained that, due to banks’ ability to loan up to 90% of their reserves, the risks posed by MiCA regulatory requirements could create significant points of vulnerability for reserves if a bank holding them goes bankrupt.

@ Newshounds News™

Source:  CoinTelegraph

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ANALYST: EUROPE IS SECRETLY PREPARING FOR A RENEWED GOLD STANDARD

Jan Nieuwenhuijs, an expert in gold markets, believes he has found evidence that Europe is preparing to adopt a new standard. He states that the recent movements of several Eastern European countries—purchasing or selling gold to reach a determined ratio—are part of the actions leading up to this development.

Analyst: Countries in Europe Equilibrating Gold Reserves to Adopt a Common Standard
Countries in Europe are getting ready to back their currency, at least partially, with gold. Jan Nieuwenhuijs, an expert in the movement of gold markets that follows central bank purchases, has found evidence that this is happening coordinately, even though central banks publicly deny it.

The root of this common understanding would be the 1999 Washington meeting that produced the Central Bank Gold Agreements, in which 15 central banks inked a pact to coordinate their gold sales and maintain a stable metal market.

On this agreement, Nieuwenhuijs stated:

For those paying close attention, it was obviously meant to equalize gold reserves among countries relative to GDP.

To justify his allegations, Nieuwenhuijs reports that the recent purchases from countries like Poland, Hungary, and the Czech Republic were directed to equilibrate their gold reserve to GDP ratio to the ones held by countries in the Eurozone. This is supported by statements made by Poland’s former Minister of Finance Konrad Raczkowski, directly commenting on these numbers.

Raczkowski assessed that Poland should purchase 120 tonnes of gold to reach the ratio maintained by several other countries in the Eurozone, 4% GDP. He declared:

It seems that in the near future, this will be the new gold standard for the entire eurozone. These reserves will have to be adjusted to the size of the economy.

Nonetheless, Nieuwenhuijs reports that, even with all the evidence surrounding these coordinated moves, central banks have continuously denied there is some kind of harmonization behind these exchanges. “Countless Freedom of Information (FOI) requests submitted throughout Europe, directed at central banks and Ministries of Finance, all yielded nil,” he stressed.

However, he has sometimes received negative answers to these petitions, with the Central Bank of Belgium stating that this information was “confidential,” obeying a central bank law that commanded the institution to maintain a “legal obligation of secrecy.”

In August, Nieuwenhuijs alleged that China, which had stopped purchasing gold according to reports, was secretly growing its reserves to take advantage of the price cool-off.

@ Newshounds News™

Source:  Bitcoin News

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@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

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“Tidbits From TNT” Sunday Morning 11-10-2024

TNT:

Tishwash:  Prime Minister's Advisor Announces US Treasury Support Mechanisms for Iraq

Today, Sunday, the Prime Minister's Advisor, Mazhar Mohammed Salih, announced the mechanisms of the US Treasury's support for Iraq since 2003, while he indicated the continuation of consultations with the US Treasury regarding combating money laundering.

Saleh told the Iraqi News Agency (INA): "The cooperation and coordination between Iraq and the US Treasury extends back to the first years since the change of the former regime," indicating that "the Treasury played an important supporting role in supporting the Paris Club Agreement in 2004 concerned with writing off Iraq's debts called pre-1990 debts, and the presence of Treasury representatives in the Paris Club Agreement Secretariat helped ensure the writing off of 80% or more of the former regime's debts."

“The US Treasury succeeded in supporting infrastructure financing in Iraq through the conference held in the Spanish capital Madrid on October 23-24, 2003. Its primary goal was to mobilize financial support for the reconstruction of Iraq after the US-led invasion in 2003.

Seventy countries and international organizations participated in the conference,” he added, explaining that “the conference was able to collect pledges amounting to about $33 billion, but a large part of these amounts was in the form of loans or technical support, and not all of it was direct financial aid.”

He explained that "the US Treasury contributed to establishing the Iraqi payments system in 2006 through a direct technical agreement with the Central Bank of Iraq to establish a wholesale payments system between the Central Bank on the one hand and the banks and the government in transferring funds and settling them electronically on the other hand, in addition to entering the era of settling bank checks electronically as well, which are matters in financial technology that are being introduced for the first time in our country

Noting that "from the history of the important assistance provided by the Treasury, it has played an important role in replacing the local, fast-forgery edition of the dinar that was issued during the nineties siege in the largest campaign witnessed by Iraq between late 2003 and early 2004 with the international edition of the dinar, according to the highest international technical specifications."

He stressed that "since the signing of the Strategic Framework Agreement in 2008 until today, there have been continuous consultations between representatives of the financial and monetary authorities in our country and the treasury to cooperate in combating money laundering and the proceeds of crime and terrorism in a manner that achieves governance and compliance for our financial and banking system as well as its optimal integration into the global financial and economic climate link

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Tishwash:  Al-Sudani and Czech Ambassador discuss developing relations with the European Union and stopping the war in Gaza and Lebanon

Prime Minister Mohammed Shia Al-Sudani discussed with the Czech Ambassador to Iraq, Jan Schneidov, the necessity for the European Union countries to work to pressure towards stopping the war in Gaza and Lebanon, stressing the importance of delivering urgent relief and humanitarian aid.

 Al-Sudani's media office stated in a statement received by {Al-Furat News} that "the latter received the new Czech Ambassador to Iraq, Jan Schneidov, where he congratulated him on assuming his duties in Iraq. During the meeting, bilateral relations between the Czech Republic and Iraq were discussed, in addition to ways to develop them in various fields, in a way that achieves common interests." 

Al-Sudani stressed the "importance of the European Union countries working to pressure to stop the war on Gaza and Lebanon," stressing the "need to deliver urgent relief and humanitarian aid to limit the serious repercussions caused by the war on the region and the world."  link

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Tishwash:  Article 140 dispute resolved.. Nineveh announces readiness for census day and refutes fears

Nineveh Governorate, northern Iraq, is preparing to conduct a general population census on November 20 and 21, in the first census to be conducted in the country since 1997 .

The population census issue represents a thorny political issue in Iraq, more than it is an organizational procedure, due to its connection to the election process and the quota system on which the political process in Iraq is based after the American invasion .

The total number of Iraqis living inside the country is estimated at about 43 million people, while the number of Iraqis abroad is more than six million, distributed across about 40 Western and Arab countries .

The Ministry of Planning confirms that the aim of the census is to establish a correct and real database on the population to ensure the fair distribution of resources and financial dues to all governorates, in addition to relying on census data in future development programmes.

The ministry points out that the general population census will not deal with the issue of the sectarian, national and religious affiliation of Iraqis, in a new indication that the citizen will not be asked about his sectarian affiliation, which is considered a positive step in the view of Iraqis who oppose the procedures for establishing sub-identities in Iraq .

Fears in Nineveh

Although the census seeks to achieve development goals, political parties in Nineveh have raised some concerns about including disputed areas and displaced people from the province in the census data for the Kurdistan Region .

In this context, Ahlam Al-Kakai, a member of the House of Representatives for Nineveh Governorate, warned against including villages from Nineveh Governorate in the Kurdistan Region in the population census process that will begin next month .

Al-Kakai told Shafaq News Agency, "Some villages in Al-Hamdaniya district in Nineveh, especially the Kakai and Arab villages, were included in the population census in Dohuk Governorate ."

She pointed out that she had communicated with the local authorities in Nineveh and the Statistics Department in Nineveh to find out the reason for including areas of Nineveh in the region in the census, indicating that these authorities had confirmed that this procedure had come in an organizational and administrative manner in agreement between the Iraqi Ministry of Planning and the Kurdistan Regional Government, and that including areas of Nineveh in the census to the region represents a dangerous step and may pave the way for more dangerous subsequent steps, according to her .

Hosting the wallets

These concerns prompted the provincial council to host Nineveh Governor Abdul Qader Al-Dakhil and Nineveh Statistics Director Nawfal Suleiman to discuss these concerns. Provincial Council member Marwan Al-Taie confirmed the council’s rejection of the deployment of Kurdistan Region statistics teams in the disputed areas within the administrative borders of Nineveh Governorate .

Al-Taie told the agency, "The council hosted the governor of Nineveh to verify the information indicating the deployment of census teams affiliated with Kurdistan   in the villages and areas of Nineveh located within the disputed areas that are under the control of the Kurdish forces ."

He added: "The Nineveh Statistics Directorate confirmed that its teams will be deployed in all disputed areas within the administrative borders of Nineveh, and that there is coordination between the Iraqi Ministry of Planning and the Kurdistan Regional Government regarding work in areas under the control of the Peshmerga forces, which are administratively affiliated with Nineveh Governorate ."

Disputed

In contrast, Nineveh Governor Abdul Qadir Al-Dakhil announced that all areas affiliated with Nineveh Governorate, according to the administrative borders that were adopted before April 2003, will be included in the census and within the data specific to Nineveh Governorate, and not within the data of the Kurdistan Region .

Al-Dakhil told Shafaq News Agency, "Nineveh has obtained the first place in Iraq in conducting the experimental population census," stressing the readiness of the census teams to complete the national census mission on the twentieth and twenty-first of this month. He pointed out that there will be a holiday and a curfew on the census days, calling on the people to cooperate with the census teams in order to accomplish development matters in the governorate and all of Iraq .

Al-Dakhil stressed that Nineveh has been subjected to great injustice and oppression throughout the past years due to the failure to conduct a population census, indicating that the official data of the Iraqi state has proven the population of Nineveh to be less than 3 million people, while the real number may exceed five million, indicating that this has had a negative impact on Nineveh and its budgets from the federal government .

Regarding the disputed areas, Al-Dakhil confirmed that there is joint coordination between the Iraqi government and the Kurdistan Regional Government to conduct a population census in the disputed areas in Nineveh Governorate .

He stated that "all the inventory, numbering and census operations that are taking place in the disputed areas will be recorded in the data of Nineveh Governorate," indicating that those areas will include all the lands within the administrative borders of Nineveh before April 2003 .

Displaced people from Sinjar

Regarding the displaced people from Nineveh, especially the Yazidi component displaced from Sinjar district to the Kurdistan Region, Al-Dakhil confirmed that the population census process will prove their residence within their original areas and not in the areas to which they were displaced. He pointed out that the displaced people’s form for the census will include a box about the original place of residence to confirm the areas of the displaced people, especially from Sinjar .

Joint coordination

However, the Nineveh Council member for the Kurdistan Democratic Party, Ahmed Al-Kiki, confirmed that the census work in the disputed areas is being carried out in coordination between the Iraqi government and the Kurdistan Region, while he explained that the statements of some officials, representatives and members in Nineveh reflect their lack of knowledge of the cooperation taking place between Baghdad and Erbil in this regard .

Al-Kiki told the agency, "There is great coordination between the Federal Statistics and Geographic Information Systems Authority and the   Statistics Authority in the Kurdistan Region, to discuss the joint preparations underway to implement the general population and housing census scheduled to be conducted on the twentieth of this November ."

Al-Kiki added: "The purpose of the census is clear to everyone, which is to draw a clear picture of the reality of the situation in order to develop plans, policies and economic and investment strategies to advance the reality of development and improve the level of services provided to citizens." He pointed out that the talk of some members of the Nineveh Provincial Council are ill-considered statements that have no connection to the reality that reflects the strength and solidity of the great cooperation between the central and regional governments .

Ready to set up

Regarding the preparations for the census process, the Director of Nineveh Statistics, Nawfal Suleiman, announced the readiness of the statistics teams in the governorate to conduct the general population census process on November 20 and 21 .

Suleiman said in a statement to Shafaq News Agency: "His department was able, in a short period of time, to prepare approximately 11 thousand people to participate in the national census campaign in Nineveh," adding that "the census teams have completed 97 percent of the enumeration and numbering work, and it is scheduled to complete the enumeration and numbering of buildings within the next two days in the remaining areas located in the Hatra district."

He concluded by saying: "900,000 buildings were counted and numbered in Nineveh, while 1.1 million were counted in Baghdad and 600,000 in Basra. This is evidence that Nineveh is still ahead of many governorates in population." link

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Mot.. Happy Veterans Day

Mot: ..... but - it Did!!! 

Iraq Economic News and Points To Ponder Saturday Afternoon 11-9-24

The Dollar Is Falling Quietly In Baghdad And Erbil At The Beginning Of The Week.. Will The Decline Continue?

Economy  | - 09/11/2024  Mawazine News – Baghdad  The dollar prices fell slightly in the markets of Baghdad on Saturday, and in Erbil, the capital of the Kurdistan Region, with the closing of the stock exchange.

The dollar prices fell with the closing of the Al-Kifah and Al-Harithiya stock exchanges to record 150,600 Iraqi dinars per 100 dollars, while this morning it recorded 150,750 dinars per 100 dollars.

The selling prices in the exchange sector also stabilized in the local markets in Baghdad, where the selling price reached 151,750 Iraqi dinars per 100 dollars, while the purchase price reached 150,750 dinars per 100 dollars.

In Erbil, the dollar also recorded a decline, as the selling price reached 150,500 dinars per 100 dollars, and the purchase price reached 150,400 dinars per 100 US dollars. https://www.mawazin.net/Details.aspx?jimare=256482 

In 5 Days.. The Central Bank Of Iraq Sells More Than A Billion Dollars
economy | 04:25 - 09/11/2024   Mawazine News – Baghdad  The total sales of hard currency (US dollar) by the Central Bank of Iraq during the past week exceeded one billion dollars, during the days in which the auction was opened.

The Central Bank also sold during the past week, and for five days from the opening of the auction, an amount of one billion, 169 million, 32 thousand, and 884 dollars, at a daily average of 233 million, 806 thousand, and 577 dollars, down from the previous week, which amounted to one billion, 396 million, 679 thousand, and 335 dollars.

The highest sales of the dollar were on Thursday, where sales amounted to 301 million, 400 thousand, and 898 dollars, while the lowest sales were on Sunday, where they amounted to 282 million, 64 thousand, and 798 dollars.

Foreign remittance sales during the past week amounted to one billion, 122 million, 432 thousand, and 884 dollars, an increase of 96% compared to cash sales, which amounted to 46 million, 600 thousand dollars.   https://www.mawazin.net/Details.aspx?jimare=256479

Gold Prices Rise In The Capital Baghdad

Money and business  Economy News – Baghdad  Gold prices in the wholesale markets on Al-Nahr Street in Baghdad witnessed an increase, as the selling price of one mithqal of Gulf, Turkish and European gold, 21 carats, was recorded at 566 thousand dinars, while the purchase price was recorded at 562 thousand dinars.

The selling price of one mithqal of 21-karat Iraqi gold was 536 thousand dinars, and the buying price was 532 thousand dinars.

As for prices in goldsmith shops, the selling price of a mithqal of 21-karat Gulf gold ranged between 570,000 and 580,000 dinars, while the selling price of a mithqal of Iraqi gold ranged between 540,000 and 555,000 dinars.  https://economy-news.net/content.php?id=49640  

Oil Prices Post Weekly Gains.. Brent To $73.87

Energy   Economy News - Follow-up  Oil prices fell more than 2% at settlement on Friday as concerns about prolonged supply disruptions from Hurricane Rafael in the Gulf of Mexico eased, while China's latest economic stimulus package failed to lift some oil traders' mood.

Brent crude futures fell $1.76, or 2.3%, to settle at $73.87 a barrel. U.S. West Texas Intermediate (WTI) crude futures fell $1.98, or 2.7%, to $70.35.

Energy producers shut more than 23% of oil production in the U.S. Gulf of Mexico on Friday in preparation for Hurricane Rafael, Reuters reported.

But the latest forecasts for Hurricane Rafael's path and intensity have reduced the risk the hurricane poses to oil production.

Meanwhile, investors were left frustrated after China launched a new package of financial support measures on Friday, announcing a package that would ease debt repayment pressures on local authorities.

Despite falling on Friday, oil prices rose more than 1% on a weekly basis, supported by expectations that the administration of President-elect Donald Trump may tighten sanctions on Iran and Venezuela, which could limit their supplies to the global market.

The US Federal Reserve cut interest rates by a quarter of a percentage point on Thursday, which helped lift oil prices by more than 1% in the previous session.https://economy-news.net/content.php?id=49630

Faw Port And Development Road Revenues Equivalent To 6% Of Oil Income
November 9, 2024:  Baghdad - Qusay Munther  Basra - Amjad Nasser 
An economic expert confirmed that the Grand Faw Port and the development road will constitute a huge economic transformation by 2038, as they will contribute revenues exceeding 6 percent of oil revenues. He pointed out that this achievement, supported by the completion of the first phase of the port, enhances Iraq's position as a regional trade link and opens new horizons for diversifying the national economy.

Expert Nabil Al-Marsoumi wrote in a post on his Facebook page yesterday that (the complete completion of the five berths and the near completion of the first phase of the Grand Faw Port project is a step in the right direction to diversify the Iraqi economy and provide job opportunities, with the project to be completed in its three phases in 2038 with a total capacity of 91 million tons annually, including 67 million tons for containers and 24 million tons for bulk goods).

He stressed that (according to the data of the General Company for Iraqi Ports, the Grand Faw Port will achieve revenues of more than two trillion dinars in 2038, in addition to more than 4 trillion dinars from the development road, which is equivalent to about 6 percent of Iraq's oil revenues). Prime Minister Mohammed Shia al-Sudani had previously determined the completion rates of the main projects in the Grand Faw Port in Basra Governorate.

During the ceremony to receive the five berths of the Grand Faw Port from the Korean company implementing the work, al-Sudani indicated that (his government faced major challenges in starting to implement the vital development road project), stressing that (the Grand Faw Port project will transform the historical geographical situation of Iraq).

Development path

A statement from his media office received by Al-Zaman yesterday continued, saying, “Al-Sudani conducted a sea tour to view the basic projects in the Grand Faw Port, accompanied by the Minister of Transport, Razzaq Muhaibis, the Governor of Basra, Asaad Al-Eidani, a number of representatives and advisors, and the Director General of the Ports Company. He began with the five docks, the handover ceremony of which he sponsored.

He then viewed the other projects, represented by the container yard and the dock wall, which has reached 100 percent completion. He then moved to the submerged tunnel, which has reached 58.47 percent completion, and is considered one of the most important development road projects.”

He added that "Al-Sudani inspected the work on the navigation channel, which is 77.41 percent complete, as well as the ongoing work on the road linking Faw Port and the expressway, which represents the beginning of the strategic development road.

The progress rate on the road has reached (92.42 percent). For his part, the Director of the General Company for Iraqi Ports, Farhan Al-Fartousi, confirmed the docking of 3 large ships at the five berths at Faw Port that were received. Al-Fartousi said in a statement yesterday that (the Faw Port project consists of 5 projects with their infrastructure, and the symbolic project in it is the five berths that were delivered)."

Pointing out that (the docking of 3 large ships on these docks has proven to the world Iraq's seriousness in completing the Faw Port project), stressing that (the five projects in Faw Port complement each other, and are represented by the five docks project, which will be followed by the container yard project, then the main road,

fourthly the submerged tunnel, and fifthly the navigation channel, and all of them will be completed by the end of 2025), he continued by saying that (one of the projects is the road project linking the entrance to Faw Port to the international highway, extending from the entrance to the port, passing under the Khor Al-Zubair Canal through the submerged tunnel to Highway No. 1 in the city of Safwan and via two bridges, and has reached a completion rate of 92 percent.

Economic sanctions

It will be completed next May, and the completion rate of its bridges has reached 98 percent, and the entire project will be completed next May.) On the other hand, economic journalist Salam Zidane ruled out the imposition of new economic sanctions by the United States of America on Iraq.

Zidane expected in a statement yesterday that “the United States will not impose economic sanctions on Iraq in the coming period, especially at the beginning of next year, and perhaps it will adopt a new mechanism for transferring dollars through American banks, by canceling the platform and relying on correspondent banks.”  LINK

Private Banks Association: Financial Inclusion Rate Rose To 48%

Banks  Economy News – Baghdad  The Association of Private Banks announced today, Saturday, the increase in the percentage of financial inclusion for electronic payment during the last two years.

The Executive Director of the Private Banks Association, Ali Tariq, said in a statement to the official agency, which was followed by “Al-Eqtisad News”: “During the last two years, there has been progress in terms of increasing financial inclusion and the use of bank accounts, especially after the government decisions regarding increasing the use of electronic payment.”

He pointed out that "there are many citizens who have bank cards or bank accounts, and the use of electronic payment is increasing clearly and gradually, and all of this is reflected in the financial inclusion rate, which has risen according to the latest data from the Central Bank to reach 48%."

He added: "Our ambition in the next phase is for financial services to increase and be directed not only to city centres but also to villages and rural areas so that there are financial services that include the largest possible segment of society."

Yesterday, Friday, Prime Minister Mohammed Shia Al-Sudani issued several directives to expand the scope of financial services in the governorates.

The Prime Minister's Media Office stated that "within the framework of efforts to reform the financial and banking system, as one of the priorities of the government program, and in light of the important steps achieved during the past two years, and in light of the challenges facing the financial and banking system, especially in the governorates, and since confronting them requires greater attention and radical improvements to ensure enhancing confidence in the financial and banking sectors,

 facilitating the process of economic development, increasing financial inclusion and raising its indicators throughout the country, and because most of the activities were concentrated in the capital, Baghdad, Prime Minister Mohammed Shia Al-Sudani directed a number of steps to be taken in this regard:

1. Increasing the number of bank branches in the governorates to meet the needs of the local population, and in a way that contributes to expanding the scope of financial services, while paying attention to buildings, their modernity, and providing their basic requirements.

2. The necessity for all banks in the governorates to adopt modern technologies such as online banking services and mobile applications, which facilitates citizens’ access to their banking services easily.

3. Emphasizing to banks the importance of developing their financial services to suit the needs of individuals and small businesses, such as soft loans and savings accounts.

4. Enhancing financial inclusion in the governorates by providing banking services to different segments of society, including districts and sub-districts in villages and rural areas.

5. Launching conferences and awareness campaigns in the governorates, to educate citizens about the importance of dealing with banks and how to manage and invest money properly.

6. Organizing workshops to train young entrepreneurs and local businessmen on how to deal with loans and financial services.

He added, "The Ministry of Finance, the Central Bank of Iraq, and the Iraqi Private and Islamic Banks Associations will coordinate with the governors' offices to accomplish the above tasks according to their jurisdiction and responsibility, and submit quarterly reports (every three months) to the Prime Minister's Office regarding the progress of work on the steps mentioned above."https://economy-news.net/content.php?id=49631

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

Seeds of Wisdom RV and Economic Updates Saturday Afternoon 11-9-24

Good Afternoon Dinar Recaps,

TETHER COMPLETES FIRST MIDDLE EAST CRUDE OIL TRANSACTION

Tether has finalized its first funding transaction in a Middle East crude oil investment, expanding the crypto company’s ventures beyond its flagship digital assets product.

The investment involves a major publicly traded oil company and a leading commodity trader, aiming to facilitate the loading and transportation of over 670,000 barrels of crude oil.

According to the announcement on Nov. 8, the Tether stablecoin issuer’s investment arm completed the transaction in October 2024. The total value of the Middle Eastern crude oil is approximately $45 million, marking Tether’s initial entry into the crude oil business in the region.

It also highlights the crypto company’s growing traction in commodities trading across the world.

“This transaction marks the beginning, as we look to support a broader range of commodities and industries, fostering greater inclusivity and innovation in global finance,” said Paolo Ardoino, chief executive officer of Tether.

Tether’s Trade Finance unit, which launched earlier this year, has experienced significant growth as the company targets opportunities in the $10 trillion trade finance market.

Notably, while this new venture is part of Tether Investments’ broader portfolio, it is not connected to the platform’s USDT stablecoin reserves.

Tether stated that this investment is part of its expansion strategy, which also includes involvement in artificial intelligence, education, renewable energy, Bitcoin mining, and telecommunications.

The company recently revealed it hit $7.7 billion in nine-month profits for 2024, with the third quarter attestation report also highlighting over $102 billion in U.S. Treasury holdings.

While the USDT circulation reached nearly $120 billion in the quarter, Tether said it held over $6 billion in extra reserves.

@ Newshounds News™

Source:  Crypto News

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AUSTRALIA TO TRIAL WHOLESALE CBDC FOR ASSET TOKENIZATION IN 2025. INVITES PARTICIPANTS

The Reserve Bank of Australia (RBA) has launched a consultation on wholesale CBDC and asset tokenization with the Digital Finance Cooperative Research Centre (DFCRC), with a deadline for responses of December 11.

It is inviting industry members to provide feedback and take part in trials for wholesale tokenization use cases in 2025 as part of Project Acacia. They may also want to join the industry advisory group.

Apart from a wholesale CBDC, Project Acacia will explore the use of private forms of digital money, including tokenized deposits.

Previous RBA and DFCRC CBDC experiments covered both wholesale and retail CBDC where the CBDC was issued on a central bank controlled infrastructure. In the latest trials, the central bank will consider issuing a pilot wCBDC onto third party blockchain networks, in a similar manner to Switzerland’s Project Helvetia.

RBA assistant Governor Brad Jones said the aim is to “examine how innovation in wholesale markets could be enabled by new forms of digital money and supporting infrastructure.

The role that tokenised asset markets could play in improving the efficiency and resilience of wholesale payments and settlements, and in enhancing cross-border payments, are areas of particular interest.”

However, the current phase of Project Acacia will focus on domestic wholesale settlement.

Settlement options with digital money
The two organizations have already completed the first phase of Project Acacia, which involved desktop research regarding different settlement options.

It considered five different forms of settlement assets, including:

▪️existing central bank money (Exchange Settlement Accounts or ESAs)
▪️wholesale CBDC (wCBDC)
▪️deposit tokens
▪️reserve-backed digital currency (RBDC)
▪️fiat-backed stablecoins.

Deposit tokens are tokenized versions of commercial bank money. RBDC is tokenized money backed by a pooled or omnibus central bank account (similar to Fnality).

A key feature of tokenized deposits is they involve two steps because the seller (recipient) may not bank at the same bank as the buyer (payer). Hence, there’s a transfer of the bank token from buyer to seller and then the two banks need to settle up with each other. The RBA referred to this settling up process as the interchange mechanism.

Hence, in reviewing settlement options it considered whether the settlement asset is on the same platform or not, the different types of settlement assets, and the interchange mechanism. If the settlement asset is on a separate platform there’s a need for synchronization to ensure the transaction status on the tokenized money DLT matches the tokenized asset platform.

This synchronization without a wCBDC is similar to the European Central Bank wholesale DLT experiments with Germany’s Trigger solution and Italy’s TIPS Hashlink offering. The RBA gave the nod to the Bank of England’s ‘synchronisation’ capability as part of its RTGS renewal program.

Five potential settlement models were selected from the research, involving tokenized deposits and / or wCBDC. Stablecoins are not included. There is no intention to select just one model, because the RBA and DFCRC believe different models will be suitable for different markets.

Digital currency and wCBDC trade offs
The research highlighted some of the tradeoffs with different models. For example, if a wCBDC is issued onto a third party platform, it can support atomic settlement and composability, which could offer economic benefits such as efficiencies, risk reduction and new business models.

However, that would require the central bank to change its role to just being the issuer, reducing its ability to manage and monitor balances.

Alternatively, using existing central bank reserves for settlement would involve more incremental changes for both the central bank and market participants. However, it would forego some of the economic benefits of atomic settlement and composability. The central bank is keen to understand these tradeoffs in greater detail.

Meanwhile, Project Acacia will also involve three other agencies, the Australian Securities and Investments Commission (ASIC), the Australian Prudential Regulation Authority (APRA) and the Treasury. The project may trigger potential regulatory changes which could be tests as part of ASIC’s sandbox framework.

@ Newshounds News™

Source: Ledger Insights 

~~~~~~~~~

🌱WHAT DO THE NEW CHANGES MEAN? DID YA CATCH THE INTEL? EXCITING GOOD FACTS.  |  Youtube

Did you miss the Live Constitution call last night with Mason and Jim?  Here is the Replay with many questions and comments from our members.  Listen and share.

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

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Thank you Dinar Recaps

7 Red Flags That Will Help You Avoid Financial Scammers

7 Red Flags That Will Help You Avoid Financial Scammers

August 20, 2024   Written by  Cynthia Measom  Money / Financial Planning

You can’t be too protective of your money and personal information. Financial scams are running rampant.

According to our recent “Keep Your Money Safe” survey, when victims of financial scams were asked what type of scam they had experienced, 27% said they had been the victim of phone scams (robocalls, texts, false impersonators, bots).

Additionally, 11% said they were victims of money transfer or mobile payment service scams — 20% on Cash App and 17% on PayPal. Online shopping and phishing scams were also common, with 25% of respondents claiming to have been scammed on Facebook and 13% on Instagram.

Here are the red flags you should look for to help you avoid financial scammers.

Unknown Sender

Approximately 34% of respondents to the GOBankingRates survey said that receiving communication from an unknown sender is what tips them off most regarding a potential scam.

Todd Redding, founder of Probity Investigations, said that scammers often initiate contact through unexpected emails, phone calls or messages.

“These unsolicited communications frequently request personal information or prompt urgent actions,” he said. “It is crucial to be cautious when receiving such contact, especially if it comes from unknown sources. Always verify the authenticity of the sender or caller before providing any personal details.”

Misspelled Words or Bad Grammar

Receiving communication that is written poorly or contains bad grammar is another red flag that 14% of respondents said tips them off to a scam.

Ryan McEachron, a security and risk management expert and CEO of ISU Insurance Service ARMAC Agency, said that unprofessional communication with typos, grammar issues or an inconsistent story indicates a scam.

“Legitimate companies have skilled communicators and consistent, transparent messaging,” he explained. “If something seems too good to be true, it probably is. Trust your instincts — if an offer makes you feel uncertain or uncomfortable, pass on it.”

Approximately 12% of survey respondents cited a strange email address or phone number as a tip that something is amiss.

Mark Shyani, lawyer and managing attorney at Pacific Attorney Group, said that he’s seen many red flags, but one that stands out to him is the “referral from trusted source” scam.

“In this scam, criminals pretend to be someone you know — often an esteemed colleague or long-time client — who wants to send a client or opportunity your way,” he said. “They do this because they understand that people are more likely to take notice of referrals made by people they trust.”

Shyani continued, “Once, when I was running my practice, I got an email, apparently from a prominent lawyer who was referring a big case to me. It looked legitimate; everything about it mirrored this attorney’s typical messages, right down to the sign-off. However, certain things seemed slightly off: The email address had been changed subtly, and the sender requested an upfront ‘referral fee,’ which struck me as strange.”

He concluded, “This scam’s ability to exploit preexisting trust and professional relationships makes it so dangerous. To avoid being duped by it yourself, make sure you cross-check every referral with your trusted source directly using other means of communication (like calling them on the phone) before taking action.”

Requests for Specific Information or Specific Amounts of Money

Around 9% of survey respondents said that if someone requested specific information or specific amounts of money, they would suspect a scam.

TO READ MORE:   LINK  

“Tidbits From TNT” Saturday 11-9-2024

TNT:

Tishwash:  Finance: Next week, applications for purchasing government bonds will end

The Public Debt Department of the Ministry of Finance announced that the application period for purchasing government achievement bonds (third issue) is approaching the end of the official working day on Wednesday, 11/13/2024.

The department called on citizens, businessmen and companies to seize this investment opportunity with rewarding returns  link

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Tishwash:  Halal” shares without interest start at $100.. The first company to enter Mosul (video)

And receive profits via Zain Cash and FIB

Cultural Group (Mosul)

“Planet of Profit” company manager Harem Ribwar says that it is the first officially registered company to enter Mosul and provide training services for those wishing to trade stocks on global stock exchanges, in addition to providing brokerage services. Ribwar talks about two types of subscriptions, the first starting at $100 for beginners, and the second at $50,000 for professionals, with “completely Islamic and interest-free” services.

The company opened its branch in Mosul in the Cultural Group area on the left side, and works on mediation between the investor and the stock exchange. Today, it has 5 other branches in Kirkuk, Diyala, Erbil, Dohuk, and Sulaymaniyah before opening the sixth branch in Nineveh, while it plans to reach Baghdad and Basra.

Harem Ribwar - Director of Kawkab Al-Rabh Company in Iraq:

Our company is a broker in the financial markets and is licensed by the Central Bank of Iraq and the Ministry of Trade, where it works as a shareholder with the global company ax finanials limited, registered in Wales.

Our main business is to mediate between clients or investors and global markets, we are the first company to bring electronic trading technology to Iraq, and one of our goals in the country is to change investment to a new and correct path.

We are the first official company to enter Nineveh, and we want to contribute to rebuilding Umm Al-Rabi’een and contribute to employing workers.

We have an academy for teaching trading, and we will hold workshops and training in this field for those who wish, and we will bring the best trainers in the field of trading in the financial markets.

We have a “standard” deposit of at least $100, and a “premium” deposit of at least $50,000. All our accounts are Islamic, meaning they are free of interest, and we take the commission from the bank, not the investor.

We established the company last April and opened the first branch in Kirkuk, the second branch in Erbil, then Diyala and Dohuk, and soon in Najaf, Basra, and Baghdad.

The Nineveh branch staff consists of 10 people with scientific specializations, graduates of management and economics, and software engineers. We grant agencies to our employees or investors, through which they can bring customers and take their commission on each customer, which is 50% of the profits.

We have deposits and withdrawals, which are done at our branches, and delivery and receipt are done through Zain Cash and the Iraqi Digital Bank FIB.  link

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Prime Minister: We adhered to the goal of completing the Greater Faw as the gateway to greater Iraq

Prime Minister Mohammed Shia Al-Sudani sponsored, today, Thursday, the ceremony of receiving the five berths of the Grand Faw Port in Basra Governorate, and their entry into actual operation, after they were completed by the implementing Korean company.

Al-Sudani stressed in a statement issued by his media office that the five docks represent the backbone of the Faw Port, while pointing out that the development road will be an artery linking most of the countries in the region.

He explained that “this project has actually entered into the knots and paths of global trade and transport routes, which pass through the Middle East region, which has great strategic importance for global trade. It is considered the most prominent water basin in the world, where energy, trade, communication and exchange activities are concentrated in all their forms. It will also contribute to transforming Iraq from a country in need of other people’s ports, into a maritime country with a complete view of the Gulf.”

He added that “development and economic transformation are an integrated approach that meets the country’s needs and the vital economic levers it lacks for Iraq to connect with international trade,” noting that “Iraq was and still is a fundamental pillar in the global economy and a historical part and passage of the most important international exchange routes,” noting that “the development path will link, starting from the Grand Faw Port, the economies of most countries in the region and will be an outlet for achieving economic integration.”

He added that "the Council of Ministers supported the Ministry of Transport's procedures to rehabilitate railways on the development road tracks, or those that serve the road within a plan connected in its links," indicating that "new railway projects were included in the investment plan and financial allocations were allocated for them."

He said, “We adhered to the goal of completing the project, as it is a gateway to Iraq’s largest project, the path to development, and the main nerve in the government’s vision to maximize non-oil revenues, along with the industrial cities that will be established alongside the two projects.”

Al-Sudani added, “The General Company for Iraqi Ports has made significant progress in drawing up the correct policy for managing the Grand Faw Port, in addition to introducing major operators in the world, and the most appropriate and attractive economic model for trade exchange will be chosen.”  link 

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

Mot: . LOL -- Me too!!! 

Mot:  ....... This is not going to end well. 

Seeds of Wisdom RV and Economic Updates Saturday Morning 11-9-24

Good Morning Dinar Recaps,

SWISS BANK UBS TESTS BLOCKCHAIN FOR CROSS-BORDER PAYMENTS WITH DIGITAL CASH

UBS has successfully piloted its blockchain-based payment system to enhance the efficiency of cross-border transactions.

Multinational investment giant UBS has completed a pilot of its blockchain-based payment system dubbed “UBS Digital Cash,” aimed at improving the efficiency of cross-border transactions.

In a Nov. 7 press release, the Zurich-headquartered bank said the trial, which involved multinational clients and banks, included both domestic payments within Switzerland and cross-border transactions in U.S. dollars, Swiss francs, euros, and Chinese yuan.

The system uses a private blockchain network called “UBD Digital Cash,” accessible only to permissioned clients, with transactions settled through smart contracts that automatically execute once predefined conditions are met.

“Blockchain-based payment solutions for cross-border payments are a strategic focus for UBS.”  ~  Andy Kollegger, head of UBS Institutional & Multinational Banking

Commenting on the milestone, Xiaonan Zou, UBS head digital assets says the bank considers the interoperability between UBS Digital Cash and other digital cash initiatives as “key for the financial industry.” 

The latest initiative complements UBS’s involvement in a wide range of market initiatives, the bank says, referring to the Swiss National Bank-led project Helvetia for real wholesale Swiss franc Central Bank Digital Currency, as well as the Agorá project, led by the Bank for International Settlements.

The pilot comes shortly after UBS launched its first tokenized investment fund on Ethereum, the UBS USD Money Market Investment Fund Token, targeted at authorized distribution partners in Singapore.

@ Newshounds News™

Source:  Crypto News

~~~~~~~~~

XRP NEWS TODAY: RIPPLE PLANS DIRHAM-BACKED STABLECOIN LAUNCH IN UAE

▪️Ripple’s Dirham-Backed Stablecoin: Ripple plans a UAE launch, benefiting from clear regulations.

▪️RLUSD Speculation: Ripple’s potential US dollar-backed stablecoin stirs interest.

▪️XRP Price Stability: XRP remains steady amid stablecoin developments.

Ripple is generating buzz about a possible Dirham-backed stablecoin launch in the UAE, coinciding with discussions around its upcoming RLUSD. The firm recently praised the UAE’s progressive digital asset regulatory framework, which encourages blockchain innovation and stablecoin integration.

Ripple has maintained a strong presence in the Middle East, with notable partnerships such as the National Bank of Abu Dhabi’s adoption of its payment solutions. 

With the UAE’s regulatory clarity, a Dirham-backed stablecoin would align with Ripple’s goal to support secure and efficient digital transactions.

By tapping the UAE market for its stablecoin Ripple is surely making a big affair in the crypto business.  

Clear Regulations Fuel UAE’s Blockchain Ambitions
The UAE Central Bank has introduced a solid regulatory framework that supports stablecoin use in virtual asset transactions, including Dirham-backed coins.

Ripple has pointed out that this clarity positions the UAE as a leader in digital finance, creating an environment conducive to stablecoin adoption. For businesses in the UAE, a Dirham-backed stablecoin could provide a faster, more cost-effective solution for cross-border payments, making it an attractive option for financial institutions.

RLUSD and US Dollar Speculation: What’s Next for Ripple?
In the U.S., attention is now on Ripple’s potential release of the US dollar-backed stablecoin, RLUSD. Speculation is growing, especially with the possibility of Donald Trump winning the 2024 presidential election. A Trump presidency could bring clearer regulations, potentially accelerating the launch of RLUSD.

Recently, Ripple moved 294,000 RLUSD tokens, fueling curiosity about the timing of the release. CEO Brad Garlinghouse and industry experts are optimistic about RLUSD, seeing it as a key driver for cross-border payments and digital banking.

@ Newshounds News™

Read more:  CoinPedia

~~~~~~~~~

🌱THIS IS HUGE! BIG NEWS IN THE FOOD WORLD AND FOR HOMESTEADERS THAT GROW FOOD!  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

🌱WHAT DO THE NEW CHANGES MEAN? DID YA CATCH THE INTEL? EXCITING GOOD FACTS.  |  Youtube

Did you miss the Live Constitution call last night with Mason and Jim?  Here is the Replay with many questions and comments from our members.  Listen and share.

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

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Follow the Timeline 

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Subscrie to Newsletter

Thank you Dinar Recaps

MilitiaMan & Crew News Reporting-Sudani Art IV IMF-Port Faw Open-CBI Governor-No Room for Two Prices-USD-Dinar

MilitiaMan & Crew News Reporting-Sudani Art IV IMF-Port Faw Open-CBI Governor-No Room for Two Prices-USD-Dinar

11-8-2024

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

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

https://www.youtube.com/watch?v=_gCfYJTP0qw

IRS Tax Code Updates 2024/25 What You Need to Know!

IRS Tax Code Updates 2024/25 What You Need to Know!

Edu Matrix:  11-8-2024

IRS Tax Code Updates 2024 25 What You Need to Know -The IRS announced over 60 major tax changes 2025 that could impact your tax savings and expenses!

From higher standard deductions and adjusted tax brackets to increased health and commuter benefits, these updates are designed to help American taxpayers manage inflation and ease financial strain.

In this video, we’ll break down the most significant changes you need to know, including updates to the standard deduction, Alternative Minimum Tax (AMT), earned income tax credit, estate tax, and more.

We’ll also cover key benefits for commuters, parents, and Americans working abroad. Whether you're a middle-income earner, high net-worth individual, or someone looking to save more in health and transportation costs, these changes could make a real difference to your finances in 2025.

Be sure to consult a tax professional for personalized advice, as these updates are set to take effect in 2025. Understanding these new rules can help you optimize your tax strategy and maximize your potential savings.

https://www.youtube.com/watch?v=y4FNKMSD95E

“Tidbits From TNT” Friday 11-8-2024

TNT:

Tishwash:  After extending the legislative term... Parliamentary movement to pass 5 "important" laws

 Member of Parliament Mudar Maan confirmed, today, Thursday (November 7, 2024), that the extension of the legislative session for 30 days came with political consensus to decide on 5 "important" laws.

Maan said in an interview with Baghdad Today, "The extension of the legislative session for 30 days came with political consensus among the forces due to the importance of proceeding with the vote on 5 laws that have reached the final stages, most notably the amendment of the general amnesty law and the rest of the other laws."

He added that "the extension comes in order to give the committees a chance to complete their work and proceed in the upcoming sessions to vote on the laws that concern many segments of Iraqi society," stressing that "there are agreements to proceed with the laws."

Maan pointed out that "the House of Representatives will proceed at a faster pace in deciding the laws during the extension, during which we will see important laws put to a vote."

The media department of the House of Representatives stated in a brief statement today, Thursday, that the House Presidency decided to extend the current legislative session for 30 days, starting from November 9.  link

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

Tishwash:  Al-Alaq describes the parallel dollar as “abnormal”: There is great stability in prices

The Governor of the Central Bank of Iraq, Ali Al-Alaq, described the prices traded in a real parallel market as “abnormal,” while pointing out that there is great stability in prices and a decline in inflation rates.

Al-Alaq said in an interview with local media outlets: “We understand the focus on the rise in exchange rates in local markets, but we believe that the focus should be on the ability of the Central Bank to implement full coverage of foreign transfers for commercial or other purposes, and this happens on a daily basis.”

He added, "The daily dollar selling rates are high and almost sufficient to cover the needs of traders, businessmen and even citizens, and therefore we look at the price through the amount of sales that the Central Bank undertakes daily at the official price."

He pointed out that “the Central Bank looks at another indicator, which is the inflation rate in the market, and we notice that there is great stability in prices and a decrease in the inflation rate, which indicates that foreign trade is covered by the official price, which is 132,000 dinars.” (Per dollar)

The Central Bank Governor continued: “The price that is traded in the market is in fact an abnormal price that does not reflect the true price. Usually, this price is called a parallel price when there is a real parallel market with sources of dollars other than the Central Bank.”

Al-Alaq called on citizens to “pay attention to the fact that the price they are looking at is the price at which the Central Bank sells to traders,” noting that “more than 95% of the Central Bank’s daily sales are foreign transfers, and this foreign transfer is what represents the reality of commercial and other operations that it covers at the official price.”  link

***********

Tishwash:  Al-Sudani takes a number of steps regarding financial and banking reform in Iraq

Prime Minister Mohammed Shia al-Sudani directed, on Friday, to take a number of steps within the framework of banking and financial reform in the country, including increasing the number of bank branches in the governorates, as most activities are concentrated in the capital, Baghdad.

Al-Sudani's media office stated in a statement today that "within the framework of efforts to reform the financial and banking system, as one of the priorities of the government program, and in light of the important steps achieved during the past two years, and in light of the challenges facing the financial and banking system, especially in the governorates, and since confronting them requires greater attention and radical improvements to ensure enhancing confidence in the financial and banking sectors, facilitating the process of economic development, increasing financial inclusion and raising its indicators throughout the country, and because most of the activities were concentrated in the capital, Baghdad, Al-Sudani directed that a number of steps be taken in this regard."

Among the steps, according to the statement, is “increasing the number of bank branches in the governorates to meet the needs of the local population, and in a way that contributes to expanding the scope of financial services, while paying attention to buildings, their modernity, and providing their basic requirements.”

The statement pointed out the necessity for all banks in the governorates to adopt modern technologies such as online banking services and mobile applications, which facilitates citizens’ access to their banking services easily.

The statement stressed the importance of banks developing their financial services to suit the needs of individuals and small businesses, such as soft loans and savings accounts.

The media office pointed out the enhancement of financial inclusion in the governorates by providing banking services to different segments of society, including districts and sub-districts in villages and rural areas.

The statement called for launching conferences and awareness campaigns in the governorates, to educate citizens about the importance of dealing with banks and how to manage and invest money properly.

The statement directed the organization of workshops to train young pioneers and local businessmen on how to deal with loans and financial services.

The statement added that the Ministry of Finance, the Central Bank of Iraq, and the Iraqi Private and Islamic Banks Associations will coordinate with the governors’ offices to accomplish the above tasks according to their jurisdiction and responsibility, and submit quarterly reports (every three months) to the Prime Minister’s Office regarding the progress of work on the steps mentioned above. link

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

Tishwash:  Parliamentary Oil: Gas licensing rounds will support the financial budget

The Parliamentary Oil and Gas Committee stressed, on Thursday, the importance of gas licensing rounds in diversifying Iraq's imports and supporting its budget with new sums.

Committee member Ali Saadoun said in an interview with Al-Maalouma Agency, “The gas licensing rounds are of great benefit to Iraq and provide the financial budget with sums through extracting and selling gas, as well as diversifying the state’s imports.”

He added, "There are quantities of gas in several exploration extraction areas, and the companies that have applied to work in them are diverse, including Chinese companies, and they will begin their activities," indicating that "this important step was supposed to take place 10 years ago." 

It is noteworthy that the Minister of Oil, Hayan Abdul Ghani, had previously expected an increase in gas production by 3 billion cubic feet as a result of the licensing rounds.  link

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

Mot: The Box - Simon's Cat...... https://www.youtube.com/watch?v=EKvNqe8cKU4

Mot:  Christmas Cat

Iraq Economic News and Points To Ponder Friday am 11-8-24

Al-Alaq Describes The Parallel Dollar As “Abnormal”: There Is Great Stability In Prices

 November 7, 2024  Baghdad/Iraq Observer   The Governor of the Central Bank of Iraq, Ali Al-Alaq, described the prices traded in a real parallel market as “abnormal,” while noting that

 there is great stability in prices and a decline in inflation rates. Al-Alaq said, in an interview with local media, followed by “Iraq Observer”:    “We understand the state of focus on the rise in exchange rates in local markets, but  we believe that the focus should be on the ability of the central bank to implement full coverage of external transfers for commercial or other purposes, and this   “It happens on a daily basis.”

He added,   “The daily dollar selling rates are high and almost sufficient to cover the needs of merchants, businessmen, and even citizens.

 Therefore, we look at the price through the amount of sales that the Central Bank undertakes daily at the official rate.” He pointed out,

  “The Central Bank looks at another indicator, which is the inflation rate in the market, and

 we notice that there is great stability in prices and a decrease in the inflation rate, which indicates that foreign trade is covered by the official price, which is 132,000 dinars.” The Governor of the Central Bank continued:

  “The price that is being traded in the market is in fact an abnormal price that does not reflect the reality of the price.

 Usually, this price is called a parallel price when there is a real parallel market that has sources of dollars from other than the Central Bank.”

 Al-Alaq called on citizens to “pay attention to the fact that the price they are looking at is the price at which the Central Bank sells to merchants,” pointing out that

 “more than 95% of the Central Bank’s daily sales are external transfers, and

this external transfer is the one that represents the reality of commercial and other transactions.” He covers it at the official price.”    https://observeriraq.net/العلاق-يصف-دولار-الموازي-بـالشاذ-وجو/

The Governor Of The Central Bank... Who Goes To Buy Dollars From The “Black Market”?

 November 7, 2024  Baghdad/Iraq Observer   The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, identified the categories that go to buy dollars from the black market.  Al-Alaq said, in an interview with local media, followed by “Iraq Observer,” that

 “a number of merchants, for their own reasons, still do not come using the traditional method and transfer what they need at the official price, but the percentage of these merchants decreases over time.” He added,

  “There were a small number of people entering the platform for external transfers,

 but now the numbers have become large and constantly increasing, and

 when we reach the point that everyone is moving to use official and fundamentalist channels in the transfer process, then we find no room for there to be two prices for the dollar.”.  The Governor of the Central Bank wondered:

 “Why do some people go to buy the dollar on the black market if they have a legitimate request to obtain the dollar, such as if they are a traveler or a citizen buying from abroad or a merchant importing goods or a person who refers to related people abroad for study or treatment or for each other?” Purposes?     https://observeriraq.net/محافظ-البنك-المركزي-يُحدد-من-يذهب-لشرا/

Iraq's Possession Of Gold Increased To More Than 152.5 Tons

 Economy  2024-11-06 Shafaq News/ The World Gold Council announced, on Wednesday, that Iraq had increased its gold holdings to more than 152.5 tons.

According to the latest table published by the Council for the month of November 2024, viewed by Shafaq News Agency,

 “Iraq ranked 29th out of 100 countries included in the table with the largest gold reserves,” indicating that

“Iraq ranked third in the Arab world after Saudi Arabia and Lebanon.” He added,

"Iraq increased its possession of gold to 152.6 tons after its possession was 152.5 tons, which represents 11.5% of its other reserves." The Council also pointed out that

  “the United States of America sits on the throne of the rest of the countries with the largest possession of gold in the world at 8,133.5 thousand tons, followed by Germany with 3,351.5 thousand tons, then Italy came with 2,814 thousand tons, while Bosnia and Herzegovina came at the bottom with 1.5 thousand tons.” tons".

 It is noteworthy that the World Gold Council is based in the United Kingdom, has extensive experience and deep knowledge of the factors causing market change, and its members consist of the largest and most advanced gold mining companies in the world.    https://shafaq.com/ar/اقتصـاد/ارتفاع-حيازة-العراق-من-الذهب-لى-كثر-من-152-5-طنا

Iraq Is Entering A New Economic Phase.. “Huge” Ships Dock In The “Large” Port

 November 7, 2024  Basra/Iraq Observer   With the receipt of the five berths of Al-Faw Port from the Korean executing company, Iraq entered the era of a state whose ports overlooking the Gulf are officially relied upon to receive huge ships.

 An event that Prime Minister Muhammad Shiaa Al-Sudani, who sponsored today’s handover ceremony for the project that the government described as the “People’s Project,” stressed that

“it is of great importance because of its connection to the development road project, which will connect, starting from the large port of Al-Faw, the economies of most countries in the region, and will be an outlet for achieving integration.

” The economist, pointing out that Iraq remains a fundamental pillar in the global economy, and a historical part and corridor of the most important international exchange routes.

 During the opening, Al-Sudani pointed out the importance of the five berths in the Grand Al-Faw Port.

 It represents the backbone of the port project in its first phase, which will be completed next year according to the previous schedules.

 Huge commercial ships with large submersibles have already docked at the port’s docks.

 Increase Revenue

 Member of the Parliamentary Finance Committee, Mustafa Al-Karawi, said in a statement to the official agency, followed by “Iraq Observer,” that

 “Iraq depends on oil for its resources by 90%, and

there is serious government work and direction to increase non-oil revenues,” indicating that

 “the importance of ports lies in their It represents two revenue streams: the

     first is oil through exporting oil and receiving oil tankers, and the

     other is through the entry of goods.”  He added,

“The opening of the five berths and the completion of the investment in Al-Faw Port will contribute to supporting the path of development, in addition to being part of the Silk Road,” noting that

 “Iraq is located in a geographical area that makes it a link between the major countries, China and Europe.”

 Development Path

 In turn, the Prime Minister’s Advisor for Transport Affairs, Nasser Al-Asadi, said in a statement to the official agency and followed by “Iraq Observer” that

 “the opening of the first berths of the port will be followed by the opening of the remaining berths within the specified periods,” pointing out that

“the economic importance of these berths lies in opening the door Iraq has to make the Al-Faw Port project a reality, transforming it into a diversified economy through Al-Faw Port’s revenues.”  He stated,

 “Al-Faw Port has become a reality and will be the main artery of development, in addition to providing great job opportunities.” He confirmed,

  “The ships have begun to dock experimentally at the five berths, all of which have been opened,” noting that

 “there are other parts of the port that are close to completion.”

 Giant Ships

Economic analyst Ahmed Abd Rabbo confirmed in a statement to the official agency, which was followed by “Iraq Observer,” that

“Al-Faw port differs from other ports in Iraq in that it is directly connected to the Gulf, while the other ports are in sea channels, and the

 opening of the five berths means inaugurating the phase of Iraq’s reception of giant and large ships that... It was impossible to enter.” He stated,

 “The other advantage of Al-Faw Port is the depth of its waters, which differs from other ports, and this matter will contribute to the process of actually embarking on the path of development by allowing ships of various sizes to dock.” He continued,

 “The opening of the docks cut off the talk of those who doubted the completion of Al-Faw Port and began the countdown to the completion of the Grand Al-Faw Port project.”

Attracting international shipping companies

 Economic expert Ahmed Saddam said in a statement to the official agency and followed by “Iraq Observer” that

“the expected economic importance of Al-Faw port after completing other equipment such as cranes, warehouses, management systems and their accessories lies in encouraging the entry movement of large ships that need a large draft, as well as reducing the burden on Umm port.” castle". He continued,

 “This means that Al-Faw Port will contribute to attracting new shipping companies in the future that can raise the level of the port’s revenues.” He pointed out,

 “Other positives for the Iraqi economy are the provision of

     employment opportunities within the port, as well as

     opening the door to internal land transport companies that will deal with the port in the future.” He stated,

  “If we take into account the activation of the Basra Law, the economic capital of Iraq, then

 Al-Faw Port will be the mainstay for attracting foreign direct investment companies after providing appropriate facilities for that.

 This will naturally be reflected in the Iraqi economy by raising the level of non-oil investments and their revenues.”    https://observeriraq.net/العراق-يدخل-مرحلة-اقتصادية-جديدة-السف/

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

Seeds of Wisdom RV and Economic Updates Friday Morning 11-8-24

Good  Morning  Dinar Recaps,

XRP LAWSUIT: ARE RIPPLE’S BRAD GARLINGHOUSE AND CHRIS LARSEN AT RISK OF PRISON, OR WILL THE SEC WITHDRAW ITS APPEAL?

The final phase of the crypto bull market appears to have begun, with Bitcoin hitting new highs and altcoins starting to show signs of life. Meanwhile, there’s growing speculation that the SEC’s new chair could end lawsuits against Ripple, Coinbase, and others. Former SEC officials are predicting big changes ahead.

It seems like SEC Commissioner Mark Uyeda is in the running to be appointed acting SEC chair during the transition period after Gary Gensler’s departure. 

This is huge for the crypto space, especially since Uyeda is known for being more favorable towards the industry. There’s also a chance that Hester Peirce, another crypto-friendly commissioner.

Jeremy Hogan, a crypto lawyer, also shared his thoughts, predicting that Gensler will likely step down before January 20th. He believes that the new leadership will move quickly to dispose of non-fraud crypto cases, including those involving Ripple and Coinbase.

This could lead to the dismissal of many ongoing cases, with the Ripple case likely settled for the $125 million already awarded by the court.

Amid the ongoing uncertainty surrounding the current administration, one user asked whether a new, crypto-friendly government could lead the SEC to withdraw its appeal in the Ripple case. 

Marc Fagel, a former SEC attorney said that typically, enforcement actions are based on the law, not political influence, and it would be highly unusual for the SEC to reverse course. However, with the current administration challenging traditional norms, it’s hard to predict what could happen next.

When asked whether Ripple executives Brad Garlinghouse, David Schwartz, and Chris Larsen could face prison time for alleged fraud, the attorney declined to comment. The user accused them of “scamming people for over 10 years” and profiting hundreds of millions did not receive a direct response.

@ Newshounds News™

Source:  CoinPedia

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DEFI NEEDS REGULATION TO DRIVE ADOPTION — WEB3 EXEC

Web3 professional Agne Linge believes that for broader DeFi adoption, regulations must catch up to make people feel safe.

While decentralized finance (DeFi) technology is advancing within the Web3 space, a crypto executive believes the sector still has a long way to go.

At the recent Binance Blockchain Week in Dubai, Agne Linge, a former director of Binance Lithuania who now works with Web3 projects WeFi and Yellow Network, told Cointelegraph that while regulations in jurisdictions like Europe have addressed centralized exchanges and wallet providers, DeFi remains largely “out of scope.”

Linge believes that for DeFi to achieve broader adoption, regulations must be deployed for the industry. Linge told Cointelegraph:

“If you want adoption, we need regulation. We need people to feel safe and to trust the institutions. With what happened in the crypto industry, I think we still have some reputational work to do.” 

Linge also praised regulators for “weeding out” bad actors in the ecosystem and trying to understand the technology but emphasized that DeFi also needs attention.

DeFi not “totally” decentralized
While some in the crypto community believe DeFi should operate without regulation, Linge has a different view. The executive said that even decentralized autonomous organizations (DAOs) members are in danger of being legally accountable. She said:  

“This is not true. I mean, even a DAO. If you are a DAO, then all of the DAO members can be legally liable.”

According to Linge, the space needs regulation because it’s “not totally decentralized.” Linge explained that DeFi still has people signing contracts, on and off-ramp providers, and other variables that would benefit from regulatory clarity.

When asked about DeFi’s potential for wider adoption, Linge argued that, because DeFi places finance on a decentralized blockchain, it could reduce reliance on centralized options:

“With the tools that we have, everything is widespread and globally connected, why would we use centralized solutions? I mean, this will provide more efficient interaction and integration to everything.”

She added that while DeFi is currently in its own niche, it will eventually take another shape or form. “Maybe not completely like autonomous. There will be persons responsible like legal entities, but in general, the infrastructure is only for the benefit of this globally interconnected world,” Linge added.

@ Newshounds News™

Source:  CoinTelegraph

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@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

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MilitiaMan & Crew News Reporting-Iraq Dinar-International Stability-Financial System-IMF-Article 140-Port of Faw

11-7-2024

The Crew:  Samson, PompeyPeter, Petra, Daytrader, Sunkissed, Brian’s Place, GIGI and Militia Man

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

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