Thank you to all the subscribers to our Early Access program…we thank you for your continued support.
We are excited to offer this new service to keep you informed and up-to-date on the latest Dinar and currency news.
“Tidbits From TNT” Thursday Morning 12-26-2024
TNT:
Tishwash: Expert diagnoses two reasons behind the rise of the dollar against the dinar in Iraq
The economic and financial expert, Abdul Rahman Al-Mashhadani, attributed, on Wednesday, the reasons for the rise of the dollar against the Iraqi dinar to the rumor of the holidays and New Year's Day.
Al-Mashhadani said in an interview with Shafaq News Agency, "The promotion of stopping the platform is a major reason for the rise in the price of the dollar," indicating that "this rumor that spread showed that foreign transfers will stop."
He explained that "this rumor is false, as 97% of the transfers made through the window were transferred to banks that have correspondent banks in a way that enhances the balances. Also, the Christmas holiday is another reason for the demand for the dollar, as there is a lot of travel during these days."
TNT:
Tishwash: Expert diagnoses two reasons behind the rise of the dollar against the dinar in Iraq
The economic and financial expert, Abdul Rahman Al-Mashhadani, attributed, on Wednesday, the reasons for the rise of the dollar against the Iraqi dinar to the rumor of the holidays and New Year's Day.
Al-Mashhadani said in an interview with Shafaq News Agency, "The promotion of stopping the platform is a major reason for the rise in the price of the dollar," indicating that "this rumor that spread showed that foreign transfers will stop."
He explained that "this rumor is false, as 97% of the transfers made through the window were transferred to banks that have correspondent banks in a way that enhances the balances. Also, the Christmas holiday is another reason for the demand for the dollar, as there is a lot of travel during these days."
Al-Mashhadani expected that "the situation will stabilize and the dollar will return to its normal status after the holiday."
The price of the dollar rose gradually in local markets, where it recorded 152,300 dinars for every 100 dollars in the Al-Kifah and Al-Harithiya stock exchanges, and 152,200 dinars for every 100 dollars in Erbil, the capital of the Kurdistan Region. link
************
Tishwash: Government Advisor: Iraq Seeks to Establish Sovereign Wealth Fund
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed that Iraq is seeking to establish a sovereign wealth fund.
Saleh told Al Furat News Agency: "Iraq seeks to establish a sovereign wealth fund, especially after the conflicts and wars that have been going on for less than half a century, and the previous regime's major role in wasting the country's resources and wealth, have transformed the surplus in the current account of the balance of payments into a net deficit due to the deterioration of the national economy's export sectors, most notably the oil sector."
Saleh pointed out that "the increase in foreign debts in the past decades was an alternative to establishing a sovereign fund for foreign wealth that relies on surplus oil revenues that can be invested in a diversified investment portfolio whose returns support the state's general budget in general and the investment budget, according to the absorption capacity in particular, similar to countries such as Norway, China, the Gulf countries, and other countries of the world."
Iraq has previous experience in establishing a sovereign wealth fund, through the establishment of the Iraqi Fund for External Development, which was established under Law No. 77 of 1974. However, after that, the work of this fund was limited to managing Iraq’s financial contributions to regional and international organizations and bodies. There was also an attempt to establish two sovereign funds for Iraq in 2018, but they remained without practical implementation.
Countries' economies are divided into three categories based on their source of income: economies with diverse sources of income, economies with a single source of income (“single-basket economies”), and the third category is between them.
Iraq falls within the second group, as Iraq is considered a rentier state, due to its almost complete dependence on revenues from the sale of crude oil, as oil revenues constitute more than “90 percent” of the total revenues of the general budget, and contribute about “45-60 percent” of the formation of the gross domestic product. link
************
Tishwash: Parliamentary Finance Committee comments on the fluctuation of the dollar price and threatens to host the Governor of the Central Bank of Iraq
Member of the Parliamentary Finance Committee, Jamal Kocher, described on Wednesday the fluctuation of the dollar exchange rate in the parallel market as "temporary", while he indicated that if the rise continues, we will head to host the governor of the Central Bank of Iraq.
Kocher told Shafak News Agency, "The Parliamentary Finance Committee is closely following up with the Central Bank the dollar exchange rate in the parallel market, and that the rise and fall of the exchange rate is temporary and not fixed."
He added that "if the rise continues during the coming period, there will be another opinion from the House of Representatives," adding that "the Finance Committee, if the rise continues, will head to host the Governor of the Central Bank in the House of Representatives."
The Iraqi market witnessed a significant increase in the exchange rate of the dollar against the Iraqi dinar, as it exceeded 150 thousand dinars for every hundred dollars, despite the government measures taken to control its price in the parallel market.
It is noteworthy that since the beginning of 2023, Washington has intervened to limit the smuggling of dollars from Iraq, which led to its price rising in the local market to a record level of 170,000 dinars per 100 dollars, due to the decline in the Central Bank of Iraq’s sales of dollars, before it declined again and the Central Bank returned to selling dollars at auction.
It is worth noting that currency smuggling is ongoing, despite controls on banks, and is carried out via bags transported overland to Turkey and Iran, after withdrawing dollars from the local market and not through the official dollar selling window. Specialists have called it “black transfers,” and it has become a phenomenon that has not been controlled at the moment.
In addition to the "black transfers", Iraq witnessed other operations to withdraw the dollar at its official price and sell it at the parallel market price, by exploiting the dollar granted to travelers, returning to Iraq and selling it to achieve large profits. The name "sailors" was given to those who do this work, especially some travel and tourism companies. link
************
Mot: ... Dang!! -- Tough Night Hes Having fur Sure!!!
Mot: ......... How Can Ya Tell the age -----
The Collapse of the US Empire
The Collapse of the US Empire
WTFinance: 12-24-2024
In a recent episode of the WTFinance podcast, host John Smith welcomed back the renowned economist and social critic, Professor Richard Wolff.
Known for his compelling critiques of contemporary economic systems and his role as the Founding Director of Democracy at Work, Wolff brought his expertise to the discussion on the economics of 2024 and what the future may hold for the United States and the global economy.
As the world approaches 2024, Wolff highlighted several significant economic trends that could shape the year. One of the key themes was the potential for another “Roaring Twenties,” a term often associated with the economic boom following World War I in the United States.
The Collapse of the US Empire
WTFinance: 12-24-2024
In a recent episode of the WTFinance podcast, host John Smith welcomed back the renowned economist and social critic, Professor Richard Wolff.
Known for his compelling critiques of contemporary economic systems and his role as the Founding Director of Democracy at Work, Wolff brought his expertise to the discussion on the economics of 2024 and what the future may hold for the United States and the global economy.
As the world approaches 2024, Wolff highlighted several significant economic trends that could shape the year. One of the key themes was the potential for another “Roaring Twenties,” a term often associated with the economic boom following World War I in the United States.
Wolff noted that while the conditions for such a renaissance might exist, the reality is tempered by internal challenges facing the U.S., such as income inequality, labor unrest, and political polarization.
Wolff discussed the inward-looking nature of the U.S. economy, which has shifted in recent years due to various factors, including geopolitical tensions and a pandemic-driven re-evaluation of global supply chains. He posited that this inward focus could lead to both challenges and opportunities for growth.
A resurgence of domestic manufacturing, for instance, may boost local economies, but it requires a careful balance of investment in technology and workforce development.
Another critical aspect of the conversation revolved around the effects of large-scale migration on the U.S. economy. Wolff emphasized that an influx of immigrants can lead to wage increases across various sectors. The resulting demographic shift could drive demand for goods and services, stimulating economic growth. However, he cautioned that without proper integration policies and support systems, tensions could arise, impacting the overall economic landscape.
As the discussion progressed, Wolff articulated a vision for systemic change to alter the current economic trajectory. He stressed the importance of collective action, both in the workplace and within communities, to challenge the status quo.
Wolff called for policies that promote cooperative business models, worker ownership, and equitable distribution of resources as means to create a more just economy. By empowering workers and encouraging grassroots movements, he believes society can effectively counteract the dangers of a collapsing economic system.
Perhaps the most impactful message from Wolff’s conversation was the emphasis on collective action as a necessary tool for change. In a world grappling with economic uncertainty and inequality, the notion that individuals can come together to drive systemic reform was a powerful reminder of the potential for social and economic transformation.
Wolff encouraged listeners to engage in conversations about alternative economic structures and to explore new avenues for collaboration and community empowerment.
The WTFinance podcast episode featuring Professor Richard Wolff provided a thought-provoking analysis of the upcoming economic landscape of 2024. From the possibilities of a renewed economic boom to the challenges posed by migration and systemic inequality, Wolff’s insights are invaluable for anyone seeking to understand the complexities of modern economics.
As we move forward into a new year, his call for collective action and systemic reform remains a crucial reminder of the power of community in shaping a more equitable economic future.
Iraq Economic news and Points to Ponder Wednesday Afternoon 12-25-24
What Are Iraqis Waiting For After News Of The “Sudden Suspension” Of The Dollar Selling Platform By The Central Bank?
Economy | Yesterday, Baghdad today – Baghdad Today, Tuesday (December 24, 2024), the specialist in financial and banking affairs, Alaa Al-Fahd, commented on the impact of stopping the “platform” by the Central Bank on the markets during the next stage.
What Are Iraqis Waiting For After News Of The “Sudden Suspension” Of The Dollar Selling Platform By The Central Bank?
Economy | Yesterday, Baghdad today – Baghdad Today, Tuesday (December 24, 2024), the specialist in financial and banking affairs, Alaa Al-Fahd, commented on the impact of stopping the “platform” by the Central Bank on the markets during the next stage.
Al-Fahd said, to “Baghdad Today,” that “the Central Bank of Iraq worked during the previous period with a plan through
an auction to sell the currency in the first stage, then
establishing the electronic platform and
working intensively to find methods of correspondence between local banks and foreign banks with which we have commercial relations and their results in transfers.”
“For this reason, the bank announced some time ago that at the end of the current year, the platform will be stopped and there will be direct correspondent banks.” He stated,
"This is normal.
All central banks in the world's mission is to maintain monetary policy and not sell the currency.
There is no central bank in the world that sells the currency and mediates in the buying and selling of the currency.
This work is the jurisdiction and responsibility of the banks and exchange companies.
This matter is correct and it is a major challenge."
So that the relationships are direct commercial and banking, according to supervision by the Central Bank of Iraq.” He added,
"Stopping the platform will not affect the local markets regarding the exchange rate of the dollar, but there are those who are trying to spread rumors that this step will change the exchange rate, so
selling the same dollar that the Central Bank of Iraq was selling through the platform will be sold to banks and banks that have...
Relations with foreign banks so that the transfer is direct according to electronic transactions and monitoring, and for this reason the situation is under control and there is no fear of the influence of the markets.”
Yesterday, Monday, the economic expert, Ziad Al-Hashemi, revealed that the Central Bank of Iraq suddenly stopped the work of the dollar transfer platform, before the specified date, without an official announcement, and without taking into account the interests of Iraqi companies and markets, in a step that, to say the least, is far from professionalism and transparency.
Al-Hashemi said in a post on the social networking site “Facebook,” followed by “Baghdad Today,” that
“stopping the platform without an official announcement by the Central Bank may indicate that there is uncertainty and fear about the results of stopping the platform on the dollar exchange rates, and
not announcing it could It gives the Central Bank an opportunity to disavow and evade the decision to stop the platform and return to operating the platform, even temporarily, in the event that the dollar begins to rise to significant rates.”
Do Regional Challenges Play A Role In The Continued Rise Of The Dollar In Iraq?
December 24, 2024 Baghdad/Iraq Observer The researcher and specialist in financial and banking affairs, Mustafa Hantoush, confirmed that the
reason behind the continued rise in the exchange rate of the dollar against the Iraqi dinar is the amount of demand for it in the parallel market, while calling for the necessity of conducting an extensive study to analyze the reasons for this rise. Hantoush told the Iraq Observer,
“One of the most important reasons behind the continued rise in the exchange rate is the collapse of the Iraqi banking system due to the control of Jordanian and Gulf banks over the dollar, which caused the lack of competition and monopoly of the dollar.” He added,
"Among other reasons is the existence of huge trade with Iran and Syria without an official platform or commercial solutions or even preventing it.
It is a continuous trade and without any official restrictions.
In addition to the fact that travelers, who number in the millions, to Iran and Syria, they move without the cover of the dollar."
He continued, “Because there are small merchants, numbering in the thousands, who do not have companies or import licenses, which caused pressure on the parallel market,
therefore all of the above were not covered through the currency auction, which led to the continued state of fluctuation in exchange rates.”
The person concerned with financial and banking affairs continues to say that
“there are fears of wars in the region that push market traders and citizens to exaggerate the quantities imported and purchased, and also push some citizens to save dollars in anticipation of any emergency.”
Today, Tuesday, the exchange rates of the US dollar against the dinar recorded an increase in the local markets in the capital, Baghdad. The Iraq Observer correspondent said that
dollar prices rose with the opening of the Al-Kifah and Al-Harithiya stock exchanges to record 151,200 dinars for every 100 dollars, while yesterday morning, Monday, they recorded 151,000 dinars for every 100 dollars. He added that
selling prices in exchange shops in local markets in Baghdad rose, as the selling price reached 152,250 dinars, while the purchase price reached 150,250 dinars for every 100 dollars. https://observeriraq.net/هل-للتحديات-الاقليمية-دور-بأستمرار-ار/
The Central Bank Of Iraq Launches Strategic Projects To Support Digital Transformation
December 24, 2024 His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Al-Alaq, announced the launch of strategic projects to support digital transformation in the country.
His Excellency the Governor affirmed in his speech during the fourth annual international scientific conference, which was entitled
(Digital Financial Services - Challenges of Reality and Foresight of the Future), that
“the Central Bank paid great attention to digital transformation as one of its goals within its third strategic plan for the years 2024 to 2026 to enhance work efficiency.” banking, improving financial performance and meeting customer needs in light of rapid technological development.” His Excellency noted that,
“The Central Bank has made great strides to support digital transformation by developing the technical infrastructure and issuing regulations and instructions that contribute to enhancing financial inclusion,” noting that
“it has begun launching strategic projects, including the instant payments project, local cards, and unified payment gateways, as well as issuing controls.” To license digital banks in Iraq, taking into account cybersecurity requirements and the risks associated with this transformation. His Excellency added,
"Cybersecurity represents one of the most important challenges facing us today.
Therefore, the Central Bank launched projects to enhance cybersecurity by developing the tools and systems of the Cybersecurity Management Center, and adopting an advanced approach to enhance cybersecurity for the Central Bank and the banking sector."
His Excellency stressed "the Central Bank's commitment to continuing its efforts to achieve financial digital transformation and enhance innovation and sustainability in the financial sector."
Central Bank of Iraq Media office December 24, 2024 https://cbi.iq/news/view/2745
Positive Indicators For The Third Quarter Of 2024
December 24, 2024 1. Growth in the volume of cash deposits and credit of operating banks by (4.2%) and (11.6%), respectively:
Total deposits with banks operating in Iraq recorded a growth of (4.2%) in the third quarter of 2024, reaching a value of (127.6) trillion dinars, compared to their value of (122.4) trillion dinars in the third quarter of 2023. In contrast, the
cash credit record Granted by public banks grew by (11.6%) in the third quarter of 2024, as its value reached (72.7) trillion dinars, compared to Its value amounts to (65.1) trillion dinars in the third quarter of 2023.
Positive indicators for the third quarter of 2024 File-173502791644793
https://cbi.iq/static/uploads/up/file-173502791644793.jpg
2. Growth in the volume of cash deposits and credit to private banks by (14%) and (15.1%), respectively:
Deposits with private banks operating in Iraq recorded a growth of (14%) in the third quarter of 2024, reaching a value of (18.7) trillion dinars, compared to their value of (16.4) trillion dinars in the third quarter of 2023.
On the other hand, it achieved Monetary credit granted by private banks grew by (15.1%) in the third quarter of 2024, reaching a value of (12.2) trillion dinars, compared to With a value of (10.6) trillion dinars in the third quarter of 2023.
It should be noted that these percentages reflect the increased confidence of economic units in private banks operating in Iraq.
Positive indicators for the third quarter of 2024 File-173502819314514
https://cbi.iq/static/uploads/up/file-173502819314514.jpg
3. Growth in the volume of deposits and cash credit to the private sector by (3%) and (8.6%), respectively:
Private sector deposits with banks operating in Iraq recorded a growth of (3%) in the third quarter of 2024, reaching a value of (56.1) trillion dinars, compared to their value of (54.4) trillion dinars in the third quarter of 2023. On the other hand, credit achieved...
Cash granted to the private sector by banks operating in Iraq grew by (8.6%) in the third quarter of 2024, reaching a value of (42.8) trillion. dinars, compared to its value of (39.4) trillion dinars in the third quarter of 2023.
It should be noted that this increase reflects increased private sector confidence in banks operating in Iraq.
Positive indicators for the third quarter of 2024 File-173502835431430
https://cbi.iq/static/uploads/up/file-173502835431430.jpg
4. Growth of the money supply in the narrow sense ( M1 ) by (4.1%), and the money supply in the broad sense ( M2 ) by (3.3%):
The money supply in the narrow sense in Iraq recorded a growth of (4.1%) in the third quarter of 2024, as its value reached (158.6) trillion dinars, compared to its value of (152.4) trillion dinars in the third quarter of 2023.
On the other hand, the money supply in the narrow sense recorded Broadband in Iraq grew by (3.3%) in the third quarter of 2024, as its value reached (179.8) trillion dinars, compared to its value of (173.9) trillion dinars in the third quarter of 2023.
Positive indicators for the third quarter of 2024 File-173502876777164
https://cbi.iq/static/uploads/up/file-173502876777164.jpg
5. Growth of gold reserves at the Central Bank by (57%):
Gold reserves at the Central Bank of Iraq recorded a significant growth of (57%) in the third quarter of 2024, reaching a value of (16.8) trillion dinars, compared to its value of (10.7) trillion dinars in the third quarter of 2023.
It should be noted that gold reserves are an important hedge against the risks of falling global oil prices.
Positive indicators for the third quarter of 2024 File-173502907237970
https://cbi.iq/static/uploads/up/file-173502907237970.jpg
6. The annual inflation rate for the months of August and September was (3.7%) and (3.1%), respectively:
Annual inflation rates in Iraq are among the lowest annual inflation rates in the countries of the region for the months of August and September of 2024, as the rest of the rate is acceptable at (3.7%) and (3.1%), respectively, and this reflects price stability and the success of monetary policy in Iraq.
Positive indicators for the third quarter of 2024 File-173502988143405
https://cbi.iq/static/uploads/up/file-173502988143405.jpg https://cbi.iq/news/view/2744
For current and reliable Iraqi news please visit: https://www.bondladyscorner.com/
Iraq News Highlights and Points to Ponder Wednesday AM 12-25-24
The 10 Highest And Lowest Income Tax Paying Countries In The World.. What About Iraq?
Economy 2024-12-25 | The 10 highest and lowest income tax paying countries in the world.. What about Iraq? Doc-P-510746-638707171487282897
Source: Al Jazeera Net 808 views Sumerian News – Economy Taxes are among the most relied upon means Countries In financing its general expenses, including :Army Police, public education, infrastructure, and other spending items, and the percentage of reliance on them varies between nation And another in the world, as it is an essential element in making investment decisions.
The 10 Highest And Lowest Income Tax Paying Countries In The World.. What About Iraq?
Economy 2024-12-25 | The 10 highest and lowest income tax paying countries in the world.. What about Iraq? Doc-P-510746-638707171487282897
Source: Al Jazeera Net 808 views Sumerian News – Economy Taxes are among the most relied upon means Countries In financing its general expenses, including :Army Police, public education, infrastructure, and other spending items, and the percentage of reliance on them varies between nation And another in the world, as it is an essential element in making investment decisions.
Taxes come in many forms, including sales tax, income tax, property tax, inheritance and estate taxes, consumption tax, and many more, and tax rates and regulations vary greatly from country to country, according to the World Population Review.
Income tax usually plays a big role in this, and varies.CountriesIn terms of how and how much income tax it collects from individuals and companies, Denmark - for example - imposes an income tax of up to 55.9% on the income of its citizens. On the contrary, there are other countries that do not impose any income tax on their citizens, such as Qatar and the Bahamas.
Most countries applyCountriesProgressive income tax system, whereby people with higher incomes pay a higher tax rate than their counterparts with lower incomes, the idea behind progressive tax is that people with higher incomes can afford to pay more taxes.
Types of Income Tax
There are different types of income tax, according to the Tax Foundation, Globalization Guide, and Investopedia, which can be summarized as follows:
Individual Income Tax
Individual income tax is also known as personal income tax, and is imposed on wages, salaries, investments, or other forms of income earned by an individual.
Given that many individual income taxes are “progressive,” this means that tax rates increase as taxpayers’ income increases, resulting in higher-income earners paying a larger share of income taxes than lower-income earners. Corporate
Income Tax Corporations
also pay income taxes on their profits. Governments tax businesses of all sizes, large, medium, and small.
Depending on the structure of the business, the company or its owners or shareholders report their business income and then subtract operating and capital expenses. Generally, the difference between their business income and their operating and capital expenses is their taxable business income. Payroll
Taxes
Payroll taxes are paid on employees’ wages and salaries to fund social insurance programs. In the United States, for example, the largest payroll taxes are 12.4% to fund Social Security and 2.9% to fund Medicare, for a total rate of 15.3%. Half of payroll taxes (7.65%) are paid directly by employers, while the other half is deducted from employees’ paychecks.
Capital gains taxes
Capital assets generally include anything you own and use for personal, pleasure, or investment purposes, including stocks, bonds, homes, cars, jewelry, and art. As the value of one of these assets increases—for example, when the price of a stock you own rises—the result is what is called a “capital gain.”
Taxes based on citizenship
Taxes based on citizenship are the most severe form of taxation and are used by only two countries in the world: Eritrea and the United States.
Citizens of both countries cannot escape the demands of their own tax authorities, as citizens of both countries must declare their income and taxes regardless of where in the world they live.
In this report, we focus on individual income taxes, and provide lists of the 10 highest and lowest Arab and international peoples paying individual income tax in the world in 2024.
The 10 highest peoples paying individual income tax in the world in 2024
Below is a list of the 10 highest peoples in the world paying individual income tax as of December 2024, according to the Trading Economics platform:
Finland: 57.3%. Japan: 55.95%. Denmark: 55.9%. Austria: 55%. Sweden: 52.3%. Aruba: 52%.
Belgium: 50%. Israel: 50%. Slovenia: 50%. Netherlands: 49.5%.
The 10 lowest peoples paying individual income tax in the world in 2024CountriesZero
Countries Zero is Countries Which do not impose any income tax on their citizens (0%), and they are many, as their number reaches 28 countries, including all the countries of the Gulf Cooperation Council, and for this reason we did not include them in this list, but we devoted a special list to them at the end of this report.
The following is a list of the 10 countries with the lowest individual income tax in the world outside the zero list, according to the previous source.
Guatemala: 7%. Montenegro: 9%. Bosnia and Herzegovina: 10%. Serbia: 10%. Bulgaria: 10%.
Libya: 10%. Romania: 10%. Kazakhstan: 10%. Macau: 12%. Moldova: 12%.
The 10 highest Arab countries paying individual income tax in 2024
The majority imposeCountriesA progressive tax based on the level of annual individual income, starting at 0% in some countries, and reaching a maximum of 40%.
In the case of Tunisia, for example, the country imposes a progressive tax of 0% for those whose income is less than 5,000 Tunisian dinars annually, and increases to 35% for those whose income is more than 50,000 Tunisian dinars annually in 2024. This percentage was raised to 40% in the 2025 budget.
As for Morocco, the tax ranges from 0% for the bracket whose income is less than 30,000 dirhams annually, and reaches a maximum of 38% for the bracket whose income exceeds 180,000 dirhams annually. The Moroccan government recently decided to reduce this percentage to 37%.
In Jordan, the income tax differs between a natural person and a legal person, reaching a maximum of 20% for natural persons, and a maximum of 35% for legal persons.
Below we will provide you with a list of the top 10 Arab countries that impose income tax in 2024. Note that the percentages in the list are for the maximum tax according to the Trading Economics platform.
Mauritania: 40%. Morocco: 38%. Algeria: 35%. Tunisia: 35%. Egypt: 27.5%. Lebanon: 25%.
Syria: 22%. Jordan: 20%. Iraq: 15%. Sudan: 15%.
Countries Zero Is Countries whose citizens pay 0% individual income tax, as we mentioned earlier, and their number is 28nationIn the world according to the Trading Economics and World Population Review platforms.
They are:
Qatar Kuwait Sultanate of Oman Bahrain Saudi Arabia UAE Iran Ivory Coast Nepal Niger
Mali Burkina Faso Somalia Benin Burundi Haiti Kyrgyzstan Central Africa Guyana Bhutan
Solomon Islands Cape Verde Brunei Bahamas Vanuatu Saint Lucia Micronesia Bahamas LINK
For The Third Day.. The Dollar Continues To Rise Against The Iraqi Dinar
Tuesday, 12-24-2024, Karar Al-Asadi The US dollar exchange rate continues to rise for the third consecutive day against the Iraqi dinar, with the opening of the markets this morning, Tuesday.
The dollar price recorded a slight increase with the opening of the Al-Kifah and Al-Harithiya stock exchanges, reaching 151,200 dinars for every 100 dollars, while yesterday morning, Monday, it recorded 151,000 dinars for every 100 dollars.
The dollar prices rose in exchange shops in local markets in Baghdad, where the selling price reached 152,250 dinars, while the purchase price reached 150,250 dinars for every 100 dollars. https://non14.net/public/173154
Iraq Announces Great Strides In Digital Transformation
Money and business Economy News – Baghdad The Ministry of Finance announced today, Tuesday, that it has made great strides in digital transformation and electronic payment, while indicating that progress has been made in the field of automating customs procedures to ensure financial sustainability and economic diversification.
The representative of the Minister of Finance/Undersecretary of the Ministry, Rebaz Mohammed Hamdan, said in her speech during the fourth annual international scientific conference, entitled (Digital Financial Services - Challenges of Reality and Foresight of the Future), that “our conference today comes within the government’s efforts to implement the government program, as digital financial services have witnessed rapid development in recent years, and modern technology has contributed to accelerating the financial process.”
He added that "the ministry has made great strides in digital transformation, including financial transfers, electronic payments, online loans and mobile banking services, which has increased the efficiency of accelerating financial transactions, reduced the need for cash transactions and provided services to people who cannot access traditional banking services," noting that "innovation and development in this field have been enhanced and ways of cooperation between relevant parties in the field of financial technology have been discussed, and the most prominent solutions related to cybersecurity and future risks in this sector have been reviewed and how to take precautions against these risks."
He added that "the ministry has made progress in the field of automating customs procedures to ensure financial sustainability and economic diversification in accordance with the principle of integrity, transparency, and combating corruption, and implementing programmes at the Financial and Accounting Training Centre to train employees on the use of new digital systems with the aim of enhancing digital skills in the ministry, improving financial performance, and enhancing confidence in the financial system." 65 views 12/24/2024 - https://economy-news.net/content.php?id=51236
Director Of Iraqi Ports: Our Revenues Exceeded One Trillion Dinars In 2024
Economy | 12/24/2024 Mawazine News – Baghdad The Director General of the Ports Company, Farhan Fartosi, stated today, Tuesday, that the company's revenues exceeded one trillion dinars in the year 2024.
Fartosi said in a statement to "Mawazine News" that "the company's revenues achieved a leap through the development of docks and port facilities, in addition to introducing the electronic automation system."
He pointed out that "the revenues for the year 2024 recorded more than one trillion dinars after they did not exceed half a trillion in previous years." https://www.mawazin.net/Details.aspx?jimare=25785
“Tidbits and Merry Christmas From TNT” Wednesday Morning 12-25-2024
TNT:
Tishwash: Parliamentary Finance: The budget will be passed with integrity and fairness
Member of the Parliamentary Finance Committee, Hussein Al-Saabari, confirmed today, Tuesday, that the proposed tables in the draft budget law are under study, and it is expected that they will be finally passed.
Al-Saabari stressed in a statement to the Al-Maalouma Agency, “the necessity for the budget to be real and reflect everyone’s interests,” warning that “some amendments may benefit some parties at the expense of others, which is unacceptable.”
He explained that "the budget must be fair and just for all Iraqis, while ensuring that resources are distributed in a way that achieves the public interest without prejudice to the rights of any party."
TNT:
Tishwash: Parliamentary Finance: The budget will be passed with integrity and fairness
Member of the Parliamentary Finance Committee, Hussein Al-Saabari, confirmed today, Tuesday, that the proposed tables in the draft budget law are under study, and it is expected that they will be finally passed.
Al-Saabari stressed in a statement to the Al-Maalouma Agency, “the necessity for the budget to be real and reflect everyone’s interests,” warning that “some amendments may benefit some parties at the expense of others, which is unacceptable.”
He explained that "the budget must be fair and just for all Iraqis, while ensuring that resources are distributed in a way that achieves the public interest without prejudice to the rights of any party."
He pointed out that "the draft budget law has not yet reached Parliament, and that the Council and its Finance Committee are ready to receive it as soon as it arrives."
It is noteworthy that the House of Representatives previously hosted Prime Minister Mohammed Shia Al-Sudani and his deputies, the Minister of Planning, the Minister of Foreign Affairs, and the Minister of Interior, where the amendments to the budget for next year 2025 were discussed . link
**********
Tishwash: Central Bank of Iraq launches strategic projects to support digital transformation
His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Al-Alaq, announced the launch of strategic projects to support digital transformation in the country.
In a speech during the fourth annual international scientific conference, which was titled (Digital Financial Services - Challenges of Reality and Future Foresight), His Excellency the Governor stressed that "the Central Bank has paid great attention to digital transformation as one of its goals within its third strategic plan for the years from 2014 to 2026 to enhance the efficiency of banking work, improve financial performance, and meet customer needs in light of rapid technological development."
His Excellency noted that "the Central Bank has taken great steps to support digital transformation by developing the technical infrastructure and issuing regulations and instructions that contribute to enhancing financial inclusion," referring to "the start of launching strategic projects, including the instant payments project, local cards, and unified payment gateways, as well as issuing controls to license digital banks in Iraq, taking into account cybersecurity requirements and the risks associated with this transformation."
His Excellency added that "cybersecurity is one of the most important challenges facing us today, so the Central Bank has launched projects to enhance cybersecurity by developing the tools and systems of the Cybersecurity Management Center, and adopting an advanced approach to enhance the cybersecurity of the Central Bank and the banking sector."
His Excellency stressed "the Central Bank's commitment to continue its efforts to achieve financial digital transformation and enhance innovation and sustainability in the financial sector."
Central Bank of Iraq
Media Office
December 24, 2024 link
*************
Tishwash: What are Iraqis waiting for after the news of the "sudden suspension" of the dollar selling platform by the Central Bank?
Financial and banking expert Alaa Al-Fahd commented today, Tuesday (December 24, 2024), on the impact of the Central Bank’s suspension of the “platform” on the markets during the next stage.
Al-Fahd told Baghdad Today, "The Central Bank of Iraq worked during the previous period with a plan through a currency auction in the first phase, then establishing the electronic platform and intensive work to find correspondence methods between local banks and foreign banks with which we have commercial relations and their results in external transfers. Therefore, the bank announced some time ago that the platform will be stopped at the end of this year and there will be direct correspondent banks."
He explained that "this is a natural matter, as all central banks in the world are tasked with maintaining monetary policy, not selling currency. There is no central bank in the world that sells currency and mediates in buying and selling currency. This work is the responsibility and responsibility of banks and exchange companies. This is true and is a major challenge until the relations are direct commercial banking under the supervision of the Central Bank of Iraq."
He added, "Stopping the platform will not affect the local markets in terms of the dollar exchange rate, but there are those who are trying to spread rumors that this step will change the exchange rate, as the same dollar that the Central Bank of Iraq was selling through the platform will be sold to banks and banks that have relations with foreign banks so that the transfer is direct according to electronic transactions and monitoring, and for this reason the situation is under control and there is no fear of the impact on the markets."
Yesterday, Monday, economic expert Ziad Al-Hashemi revealed that the Central Bank of Iraq had suddenly suspended the dollar transfer platform before the scheduled date, without an official announcement, and without taking into account the interests of Iraqi companies and markets, in a move that is, to say the least, far from professionalism and transparency.
Al-Hashemi said in a post on the social networking site "Facebook", which was followed by "Baghdad Today", that "stopping the platform without an official announcement by the Central Bank may indicate that there is uncertainty and fear of the consequences of stopping the platform on the dollar exchange rates, and the lack of announcement may give the Central Bank an opportunity to evade and evade the decision to stop the platform and return to operating the platform, even temporarily, in the event that the dollar begins to rise to high rates link
***********
Mot: When Ya Needs to do it Once a Year!!!! Siiggghhhhh
Mot: Warning!!! -- In these Final Moments!!!!
Mot: ......... The List!!!!
Iraq Economic News And Points To Ponder Tuesday Afternoon 12-24-24
Congratulations on Christmas.. The President of the Republic stresses the importance of consolidating security and stability and enhancing brotherhood and coexistence among all components
Tuesday 24 December 2024 18:49 | GeneralNumber of readings: 106
Baghdad / NINA / The President of the Republic, Dr. Abdul Latif Jamal Rashid, congratulated the Christians of Iraq on the occasion of Christmas, stressing the importance of working to consolidate security and stability and enhance brotherhood and coexistence among all components.
Congratulations on Christmas.. The President of the Republic stresses the importance of consolidating security and stability and enhancing brotherhood and coexistence among all components
Tuesday 24 December 2024 18:49 | GeneralNumber of readings: 106
Baghdad / NINA / The President of the Republic, Dr. Abdul Latif Jamal Rashid, congratulated the Christians of Iraq on the occasion of Christmas, stressing the importance of working to consolidate security and stability and enhance brotherhood and coexistence among all components.
The President said in a tweet on the Aks website: "On the occasion of Christmas and the New Year, we extend our warmest congratulations and blessings to our people and our Christian families in Iraq and the world, wishing them a happy holiday in which everyone enjoys security, safety and joy."
He added: "On this dear occasion, we stress the importance of preserving the gains achieved in the country, working to consolidate security and stability, and enhancing brotherhood and coexistence among all components, and working together to build a prosperous future for all Iraqis. We also stress the importance of working to establish security and peace and end the tensions and crises facing the region." / End9 https://ninanews.com/Website/News/Details?Key=1176497
Dollar Prices Rise In Baghdad And Erbil With Stock Exchanges Closed
Economy | 05:00 - 12/24/2024 Mawazine News – Economy The markets of the Iraqi capital, Baghdad, and Erbil, the capital of the Kurdistan Region, witnessed a rise in the dollar exchange rates with the closing of the stock exchanges on Tuesday evening. The
dollar prices also rose with the closing of the Al-Kifah and Al-Harithiya stock exchanges in Baghdad, recording 151,400 dinars for every 100 dollars, after it had recorded 151,200 dinars this morning.
Selling prices also rose in the local markets in Baghdad, where the selling price reached 152,500 dinars, while the purchase price reached 150,500 dinars for every 100 dollars.
In Erbil, the dollar also recorded a rise, where the selling price reached 151,400 dinars for every 100 dollars, while the purchase price reached 151,300 dinars for every 100 US dollars. https://www.mawazin.net/Details.aspx?jimare=257837
Gold Prices Stabilize In Baghdad
Stock Exchange Economy News – Baghdad The prices of "foreign and Iraqi" gold stabilized in the local markets in the capital, Baghdad, today, Tuesday (December 24, 2024).
Gold prices in the wholesale markets on Al-Nahr Street in the capital, Baghdad, this morning recorded a selling price for one mithqal of 21 karat Gulf, Turkish and European gold of 552 thousand dinars, and a purchase price of 548 thousand dinars.
The selling price of one mithqal of 21-karat Iraqi gold reached 522 thousand dinars, and the purchase price was 518 thousand.
As for gold prices in goldsmiths’ shops, the selling price of a mithqal of 21-karat Gulf gold ranges between 550,000 and 560,000 dinars, while the selling price of a mithqal of Iraqi gold ranges between 520,000 and 530,000 dinars. 95 views 12/24/2024 - https://economy-news.net/content.php?id=51235
Oil Prices Rise Ahead Of Christmas
Energy Economy News – Baghdad Oil prices rose on Tuesday in thin trading ahead of the Christmas holiday, supported by U.S. economic data and rising demand for oil in India, the world's third-largest oil importer.
Brent crude futures rose 33 cents, or 0.45 percent, to $72.95 a barrel, while U.S. West Texas Intermediate (WTI) crude futures rose 29 cents, or 0.42 percent, to $69.53 a barrel by 01:14 GMT.
New orders for key U.S. manufactured capital goods rose in November amid strong demand for machinery, while new home sales also rebounded in a sign that the U.S. economy is on solid footing toward the end of the year. The United States is the world's largest oil consumer.
In the shorter term, traders are looking for signs of U.S. demand from crude oil and fuel inventory data due from the American Petroleum Institute later on Tuesday.
WTI crude has finished the last three sessions just below $69.50 as volatility seeps out of the market ahead of the holiday period, said Tony Sycamore, market analyst at IG.
Meanwhile, India's crude oil imports, the world's third-largest oil importer, rose 2.6% year-on-year to 19.07 million metric tons in November, government data showed, supported by strong demand amid rising economic activity and travel.
118 views 12/24/2024 - 8:57 AM https://economy-news.net/content.php?id=51221
Director Of Iraqi Ports: Our Revenues Exceeded One Trillion Dinars In 2024
economy | 08:21 - 12/24/2024 Mawazine News – Baghdad The Director General of the Ports Company, Farhan Fartosi, stated today, Tuesday, that the company's revenues exceeded one trillion dinars in the year 2024.
Fartosi said in a statement to "Mawazine News" that "the company's revenues achieved a leap through the development of docks and port facilities, in addition to introducing the electronic automation system."
He pointed out that "the revenues for the year 2024 recorded more than one trillion dinars after they did not exceed half a trillion in previous years." https://www.mawazin.net/Details.aspx?jimare=257853
Central Bank Governor: We Have Issued Controls To License Digital Banks In Iraq
Banks Economy News – Baghdad The Governor of the Central Bank, Ali Al-Alaq, announced today, Tuesday, the launch of strategic projects to support digital transformation, while indicating that the Central Bank has issued controls to license digital banks in Iraq.
Al-Alaq said in a speech during the fourth annual international scientific conference, entitled (Digital Financial Services - Challenges of Reality and Future Foresight), which was followed by "Al-Eqtisad News", that "the conference was organized in partnership between the Financial and Accounting Center and a number of universities and academic institutions, which gives an image aimed at discussing developments in the field of financial and digital services and the challenges they face, in addition to foreseeing the future of this vital sector."
He added that "the world has witnessed, since the late eighteenth century, four inventions that changed its face, the first with the invention of the steam engine, the second with the electric engine and large-scale production, the third that occurred in the middle of the twentieth century in the revolution of electronics and information technology, and the fourth that began in the year 2000, which focused on artificial intelligence, the Internet, robotics, and big information."
He explained that "the Central Bank paid great attention to digital transformation as one of its goals within its third strategic plan for the years from 2014 to 2026 to enhance the efficiency of banking work, improve financial performance, and meet customer needs in light of rapid technological development."
He continued: "The Central Bank has taken great strides to support digital transformation by rotating the technical infrastructure and issuing regulations and instructions that contribute to enhancing financial inclusion," noting "the launch of strategic projects, including the instant payments project, local cards and unified payment gateways, in addition to issuing controls to license digital banks in Iraq, taking into account cybersecurity requirements and the risks associated with this transformation."
He pointed out that "the objectives of the conference, which include identifying current challenges for digital financial services, anticipating future trends, and enhancing innovation and cooperation with relevant parties, reflect the urgent need for joint action."
He stressed that "cybersecurity is one of the most important challenges facing us today, so the Central Bank launched projects to enhance cybersecurity by developing tools and systems for the Cybersecurity Management Center, and adopting an advanced approach to enhance cybersecurity for the Central Bank and the banking sector."
He added, "Artificial intelligence and its role in digitizing financial services has become a topic that cannot be ignored as it opens new horizons for innovation and improvement of services. We at the Central Bank of Iraq believe that financial technology completes the future of the financial sector, which requires enhancing efforts to prepare national cadres capable of absorbing and developing these technologies," stressing "the Central Bank's commitment to continuing its efforts to achieve financial digital transformation and enhance innovation and sustainability in the financial sector."
227 views Added 12/24/2024 - https://economy-news.net/content.php?id=51239
For current and reliable Iraqi news please visit: https://www.bondladyscorner.com/
“Tidbits From TNT” Tuesday 12-24-2024
TNT:
Nassif: Government reforms contributed to Iraq's exit from foreign debt risks
MP Alia Nassif confirmed on Monday that the current government has achieved important economic reforms, most notably Iraq’s exit from the dangers of foreign debt.
"One of the most important economic reforms of the current government is to free Iraq from the risks of foreign debt after paying most of it off over the past two years," Nassif said in a statement reported by the official news agency and seen by Al-Eqtisad News.
"Our economy has become more secure and not shackled by debt," she added, expressing her hope "to move in the coming period from a rentier economy to a productive economy through an agricultural industrial revolution
TNT:
Nassif: Government reforms contributed to Iraq's exit from foreign debt risks
MP Alia Nassif confirmed on Monday that the current government has achieved important economic reforms, most notably Iraq’s exit from the dangers of foreign debt.
"One of the most important economic reforms of the current government is to free Iraq from the risks of foreign debt after paying most of it off over the past two years," Nassif said in a statement reported by the official news agency and seen by Al-Eqtisad News.
"Our economy has become more secure and not shackled by debt," she added, expressing her hope "to move in the coming period from a rentier economy to a productive economy through an agricultural industrial revolution link
************
Tishwash: What are Iraqis waiting for after the news of the "sudden suspension" of the dollar selling platform by the Central Bank?
Financial and banking expert Alaa Al-Fahd commented today, Tuesday (December 24, 2024), on the impact of the Central Bank’s suspension of the “platform” on the markets during the next stage.
Al-Fahd told Baghdad Today, "The Central Bank of Iraq worked during the previous period with a plan through a currency auction in the first phase, then establishing the electronic platform and intensive work to find correspondence methods between local banks and foreign banks with which we have commercial relations and their results in external transfers. Therefore, the bank announced some time ago that the platform will be stopped at the end of this year and there will be direct correspondent banks."
He explained that "this is a natural matter, as all central banks in the world are tasked with maintaining monetary policy, not selling currency. There is no central bank in the world that sells currency and mediates in buying and selling currency. This work is the responsibility and responsibility of banks and exchange companies. This is true and is a major challenge until the relations are direct commercial banking under the supervision of the Central Bank of Iraq."
He added, "Stopping the platform will not affect the local markets in terms of the dollar exchange rate, but there are those who are trying to spread rumors that this step will change the exchange rate, as the same dollar that the Central Bank of Iraq was selling through the platform will be sold to banks and banks that have relations with foreign banks so that the transfer is direct according to electronic transactions and monitoring, and for this reason the situation is under control and there is no fear of the impact on the markets."
Yesterday, Monday, economic expert Ziad Al-Hashemi revealed that the Central Bank of Iraq had suddenly suspended the dollar transfer platform before the scheduled date, without an official announcement, and without taking into account the interests of Iraqi companies and markets, in a move that is, to say the least, far from professionalism and transparency.
Al-Hashemi said in a post on the social networking site "Facebook", which was followed by "Baghdad Today", that "stopping the platform without an official announcement by the Central Bank may indicate that there is uncertainty and fear of the consequences of stopping the platform on the dollar exchange rates, and the lack of announcement may give the Central Bank an opportunity to evade and evade the decision to stop the platform and return to operating the platform, even temporarily, in the event that the dollar begins to rise to high rates link
************
Tishwash: Dollar Auction.. What is the truth about stopping the Central Bank’s platform for currency conversion?
A responsible source in the Central Bank of Iraq revealed, on Monday evening, the truth about stopping the Central Bank's platform for currency transfer starting today.
The source told Shafak News Agency, "The talk about the official suspension of the Central Bank's platform for the currency transfer window, on today's date 12/23/2024, is incorrect. Today, the auction worked normally and there is no official decision to suspend it so far."
The source, who requested anonymity, added, “This platform will be stopped at the end of this year, according to what the bank officially announced. This does not mean stopping transfer operations, as some are trying to promote. However, after this step, there will be direct dealings between banks and correspondent banks, and not canceling transfer operations, as is being promoted. The issue is not limited to specific banks, but rather the process will be much broader.”
The responsible source in the Central Bank stated that "many Iraqi banks have the capabilities to deal directly with correspondent banks and operate in accordance with the work of advanced global banking sectors." link
**********
Tishwash: Al-Sudani is considering inviting American companies to work in the port of Faw
Prime Minister Mohammed Shia Al-Sudani discussed, today, Monday, with the Ministers of Oil and Electricity, in addition to specialized advisors and a number of undersecretaries in the two ministries, extending an invitation to specialized American companies to establish a fixed gas platform in the Grand Faw Port.
Prime Minister Mohammed Shia Al-Sudani chairs a meeting on energy projects.
Prime Minister Mohammed Shia Al-Sudani chaired a meeting today, Monday, on oil and electricity sector projects, in the presence of the Ministers of Oil and Electricity, in addition to specialized advisors and a number of undersecretaries in the two ministries.
During the meeting, the gas projects that are being implemented within the government program were discussed, as well as the timetable set for their completion, especially since there is an increase in the levels of stopping the burning of associated gas, as the percentage currently stands at 67 percent, and it is hoped to reach 80 percent by the end of next year, leading to a complete cessation of burning by the end of 2027.
During the meeting, the invitation to specialized American companies to establish a fixed gas platform in the Grand Faw Port was also discussed.
The meeting discussed inviting international energy companies to invest in natural gas fields, in addition to discussing the plan to supply fuel to power plants at the present time and for the coming months. link
************
Mot: . That's an excellent way to look at it
Mot: .. So What Do Reindeer Dream About ---
Iraq Economic News And Points To Ponder Tuesday AM 12-24-24
Stopping The Dollar Transfer Platform...A Calculated Step Or A Risky Adventure?
December 23, 2024 Baghdad/Iraq Observer The Central Bank of Iraq is scheduled to abandon the electronic platform for dollar transfers abroad at the end of this year, which has raised questions about whether this decision indicates the abandonment of the Iraqi Central Bank and the US Federal Bank’s mechanisms for monitoring the movement of the dollar,
or is it a step towards adopting a new system that may It contributes to reducing sharp fluctuations in the exchange rate and returning it to its natural levels that are consistent with the requirements of the local market and the national economy.
Stopping The Dollar Transfer Platform...A Calculated Step Or A Risky Adventure?
December 23, 2024 Baghdad/Iraq Observer The Central Bank of Iraq is scheduled to abandon the electronic platform for dollar transfers abroad at the end of this year, which has raised questions about whether this decision indicates the abandonment of the Iraqi Central Bank and the US Federal Bank’s mechanisms for monitoring the movement of the dollar,
or is it a step towards adopting a new system that may It contributes to reducing sharp fluctuations in the exchange rate and returning it to its natural levels that are consistent with the requirements of the local market and the national economy.
The electronic platform was launched in early 2023 as a new mechanism aimed at auditing dollar transfers before they are implemented, replacing the previous system that relied on auditing by the US Federal Bank after the transfers were completed, which was considered a step to enhance transparency, improve control of the movement of funds, and ensure compliance with financial laws.
At that time, banks, companies and merchants in Iraq faced major challenges in adapting to the new mechanism, as it required time to understand the working mechanisms and ensure compliance with the requirements.
However, these entities were able to adapt gradually, especially after bank employees underwent extensive training courses on using the electronic platform, which contributed to achieving full compliance with the new work procedures and ensuring the smooth flow of financial operations.
According to the new transfer mechanism, banking operations in dollars will be limited to banks that have international banking relationships, or what are known as “correspondent banks.”
Concern and reassurance
Both the Central Bank of Iraq and the US Federal Reserve believe that this step will contribute to strengthening oversight of remittances in a more precise and specialized manner, by restricting transactions to a limited number of banks that have high banking standards and the ability to cooperate with international banks, which aims to reduce financial risks and ensure Compliance with international controls.
In turn, Mustafa Akram, a researcher in financial and banking affairs, said that
stopping work on the electronic platform (FITR) and restricting dollar transfers to a limited number of foreign banks may pose challenges to the local banking system, indicating that
“this step may raise concerns about the concentration of transactions in dollars.” “In a limited range, which may lead to effects on exchange rate stability.”
Akram added to “Iraq Observer” that “there is a need for a deeper study of the impact of these measures on competitiveness in the Iraqi banking sector, while emphasizing the importance of preserving banking sovereignty and enhancing balance in the local market.”
Possible bounces
In light of these movements, news was raised about a trend towards making a new adjustment to the exchange rate, which raised concern among economists about the potential impact of this trend on the economic process in general.
Experts stressed that sudden changes in monetary policy may create additional confusion in the markets and weaken confidence in the financial system.
For his part, economic expert Uday Al-Alawi stressed that
“the biggest mistake the government can make is manipulating the dollar exchange rate through sudden decisions, because this has a direct impact on the national economy and undermines investors’ confidence in the financial system.” Al-Alawi added, in a press comment, that
“the government’s continued making of ill-considered decisions regarding the exchange rate will lead to the erosion of international and local confidence in the Iraqi economy, which will weaken the ability to attract the investments necessary to improve the economic reality.”
Economists fear the possibility of some banks not included in the transfers going to meet the requirements of their customers towards the parallel market, which could lead to a return to the rise of the dollar in Iraq. https://observeriraq.net/إيقاف-منصة-تحويلات-الدولار-خطوة-محسوب/
An expected rise in the dollar...a “temporary shock” awaiting the Iraqi market
Economy | Yesterday, 19:49 |
Baghdad today - Baghdad
Today, Monday (December 23, 2024), the "Future Iraq" Foundation for Economic Studies and Consultations expected a rise in the dollar exchange rate during the next few days, following the Central Bank of Iraq's announcement of stopping the currency conversion window platform.
The head of the institution, Manar Al-Obaidi, said in a statement to “Baghdad Today” that
“stopping the Central Bank’s currency transfer platform, which was officially announced on 12/23/2024, will lead to a temporary rise in the dollar exchange rate in the market as a result of the prevailing state of fear.”
However, things will return to normal at the beginning of the new year.” Al-Obaidi added,
"This decision had been previously announced by the Central Bank,
but such measures, when implemented, cause a shock in the market, leading to a temporary rise in the exchange rate, before the shock is gradually absorbed." He explained that
"the difference between the official and parallel market will remain, but it will shrink as the situation stabilizes."
On Tuesday (December 17, 2024), economic affairs specialist Nasser Al-Tamimi warned of a rise in the dollar exchange rates in Iraq in the coming days. Al-Tamimi told “Baghdad Today” that
“there are real fears in the Iraqi market about the continued rise in dollar exchange rates after the platform was suspended by the Central Bank of Iraq,” noting that
“this matter will constitute a shock, especially at the beginning of the implementation of the decision and will push for a rise.” The dollar, to increase demand for it in the parallel market.” He added,
"After stopping the platform, most merchants, especially small ones, will depend on the parallel market to finance their foreign trade, while continuing to finance trade with Iran and Turkey with dollars, in illegal ways," pointing out that
"this is what will push the rise and that is why practical steps must be taken to prevent This is done by the monetary authority in the country, and urgently.”
On Wednesday (September 4, 2024), the Central Bank of Iraq revealed the mechanism for ending the electronic platform for external transfers, while
indicating that placing external transfer operations and meeting requests for the dollar is on sound paths and consistent with international practices and standards.
https://baghdadtoday.news/264515-ارتفاع-مرتقب-للدولار.-صدمة-مؤقتة-بانتظار-السوق-العراقي.html
New Conditions From The Iraqi Central Bank For Buying And Selling Foreign Currencies
December 23, 2024 Baghdad/Iraq Observer Today, Monday, the Central Bank of Iraq set new conditions for buying and selling foreign currencies. Below is the document:
https://observeriraq.net/wp-content/uploads/2024/12/IMG_9748.jpeg
https://observeriraq.net/شروط-جديدة-من-المركزي-العراقي-لبيع-وشر/
~~~~~
[approximate and incomplete translation of https://observeriraq.net/wp-content/uploads/2024/12/IMG_9748.jpeg ]
DATE: 2024/12/22 Electronic payment companies / two accessories
Exchange and mediation companies selling and selling foreign currencies
5 / Digital payment providers
Due to the availability of all the requirements for appointing the agent mentioned in (Chapter Two /
First / The Requirements of the Agent) from controls
The work of the providers of digital payment services for a year 2020 and the fact that exchange companies are my category (A,B) and the mediation companies by selling and selling
Foreign currencies Venice (C) licensed from this bank and is subject to its supervision and monitoring; The following decides:
1- Allowing exchange companies Vinte (A,B) and mediation companies to buy and sell foreign currencies (C) Digital payment services / accessories to provide cash withdrawal service (POC) according to the following conditions:
1- The agency/ executor in the name of the company should be limited and not owned by natural people.
A- The agency's services are provided inside the company’s headquarters and its branches exclusively.
B- The company informs this bank when contracting with the digital payment service and providing it with a copy of the signed contract The two parties.
C- Closing the agency / port in the event that this bank withdraws the company's leave.
D- The agency's domestic payment service for the agency took a written pledge from the company wishing to contract with him not to own any
A shareholder / executive and operating outside the exchange of the exchange or mediation company.
2- In the event that one of the shareholders or director of the exchange and mediation companies has an agency / port in his name and works outside the headquarters
The company can integrate the agency / port with the company and allow it to transfer its ownership in the name of the company in exclusivity and inform this bank that
An exception to the blindness of this bank number (114/10/9) on 2/22/2022, which includes not transferring the ownership of agents/withdrawals outlets POC; In the event that the agent / the perpetrator wants to leave the work, the digital payment companies must end the contract and take
The appropriate procedures for them not to sell the agency's ownership and its transmission.
With appreciation. https://observeriraq.net/شروط-جديدة-من-المركزي-العراقي-لبيع-وشر/
For current and reliable Iraqi news please visit: https://www.bondladyscorner.com/
Seeds of Wisdom RV and Economic Updates Tuesday Morning 12-24-24
Good Morning Dinar Recaps,
RIPPLE CEO REVEALS GROWING REAL ESTATE DEMAND FOR XRP TESTING
▪️Brad Garlinghouse revealed that there has been an increase in demand for XRP not only as a payment solution within the real estate sector but also in the trade finance and insurance sectors.
▪️With the financial landscape shifting towards more efficient and secure solutions, Ripple stands at the forefront of this transformation, leveraging the advantages of XRP to enhance cross-border payment systems securely.
Good Morning Dinar Recaps,
RIPPLE CEO REVEALS GROWING REAL ESTATE DEMAND FOR XRP TESTING
▪️Brad Garlinghouse revealed that there has been an increase in demand for XRP not only as a payment solution within the real estate sector but also in the trade finance and insurance sectors.
▪️With the financial landscape shifting towards more efficient and secure solutions, Ripple stands at the forefront of this transformation, leveraging the advantages of XRP to enhance cross-border payment systems securely.
Ripple CEO Brad Garlinghouse has revealed that there is an increase in demand for XRP as a preferred payment solution within the real estate sector. Ripple is proactively working to boost the asset’s adoption, recognizing its potential in transforming transaction methodologies.
This growing interest is not only a testament to the efficacy of blockchain technology in facilitating seamless transactions but also highlights the evolving landscape of property sales and investments.
The real estate market has traditionally been bogged down by lengthy processes, high transaction costs, and a lack of transparency, making it a prime candidate for disruption.
The founder identified other industries ripe for innovation, including insurance, trade finance, and identity management, in the interview shared on X by RippleLord, a Ripple enthusiast.
Ripple’s Payment Network in Real Estate
Ripple and the real estate sector stand to mutually benefit from each other, particularly as there is a growing demand from customers for Ripple’s deeper involvement in trade finance.
Ripple’s solutions have the potential to streamline processes and enhance operational efficiency, particularly in areas like global payments and title management, where inefficiencies have long hindered the real estate industry.
At the core of Ripple’s offerings is Ripple Payments, which was previously named RippleNet and utilizes advanced blockchain technology to facilitate efficient fund transfers for institutions around the world. Brad Garlinghouse emphasized that businesses are keen to explore how Ripple’s cutting-edge solutions can improve cross-border payments and minimize transaction friction.
This need for modernization is particularly relevant today, as existing payment systems often leave users waiting weeks for transactions and facing high fees.
Ripple Payments provides a decentralized network for banks and financial institutions globally, utilizing products built on the XRP blockchain, such as xCurrent for cross-border payments and xRapid for cheap and fast transactions.
Ripple seeks to collaborate with traditional financial institutions and real estate companies rather than replace them. Garlinghouse compares Ripple’s transformative potential to the internet’s evolution, noting its ability to change various sectors, including real estate, fundamentally.
As revealed in a CNF article, XRP’s permissionless nature and its On-Demand Liquidity (ODL) feature are particularly advantageous for real estate transactions. ODL enables international payments by using XRP to facilitate more efficient cross-border transactions.
This feature also provides instantaneous settlement, enhanced reliability, and reduced transaction costs, critical elements for real estate deals that often involve multiple currencies.
Currently, Ripple Payments supports over 55 countries and connects to more than 120 fiat currencies, simplifying the management of international transactions for real estate professionals.
As XRP continues to gain recognition in the payments landscape, each unit is trading at $2.21, with a notable decrease of 2.94% in the last 24 hours. XRP’s trading volume of $ 11 billion has decreased by 9.30%, signaling a recent fall in market activity.
@ Newshounds News™
Source: Crypto News Flash
~~~~~~~~~
HOW MOONPAY PLANS TO REVOLUTIONIZE CRYPTO PAYMENTS
MoonPay, a fintech company has become a major player in crypto since its launch in 2018. Led by CEO Ivan Soto Wright, the platform helps investors buy and sell cryptos as well as NFTs easily. It is like a PayPal but for cryptocurrencies. The project is capturing the spotlight as there are news about them acquiring Helio pay, a crypto payment gateway.
MoonPay Role in Crypto Space
MoonPay has launched innovative crypto payment solutions like MoonPay Balance. This is a fiat to crypto transfer tool that works seamlessly with wallets like MetaMask. Rolled out in 27 European countries last month, this feature gives users a straightforward way to interact with decentralized finance (DeFi) protocols. But the company isn’t stopping there. A potential acquisition of Helio Pay, rumored to cost $150 million, might be their next big leap.
Helio Pay Acquisition News
Helio Pay is no small name in the crypto world. The platform is like Coinbase Commerce, helping over 6,000 merchants and creators accept payments in Bitcoin, Ether, and other digital currencies. It even integrates Solana Pay into Shopify, a platform with millions of users globally. This is going to be an amazing combo as MoonPay already serves more than 20 million users in over 160 countries.
According to Eleanor Terrett from Fox Business, MoonPay is in in talks to acquire helio for about $150 million.
If this acquisition goes through, this is going to be a big thing for crypto space especially for e-commerce merchants and their users. MoonPay will get to expand its reach and e-commerce will get enhancement with its services. How great would it be if you could use crypto to buy stuff online just like using a credit card — easy and simple.
Why This Matters
This potential deal highlights MoonPay’s ambitions of making crypto transactions easier for individuals. This will reshape how businesses and users interact with cryptocurrencies. Adding Helio Pay to their portfolio would strengthen their infrastructure. This would finally bring crypto payments into the mainstream. As crypto adoption grows globally, this is the perfect time to bring such enhancements to crypto payments.
What to Expect Next
If the Helio acquisition deal is closed, this will likely spark even more innovations in the crypto payment space. The company already has a bright name because of its focus on easing the crypto payments, the new takeover will shine the name even more. It’s just a matter of time before the actual confirmation comes out.
@ Newshounds News™
Source: Coinpedia
~~~~~~~~~
Seeds of Wisdom Team RV 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 Seeds of Wisdom Team™ Newsletter
Thank you Dinar Recaps
MilitiaMan & Crew-Iraq Dinar News-Electronic Payment for Economic Activities-No Cash-JP Morgan support-And more
MilitiaMan & Crew-Iraq Dinar News-Electronic Payment for Economic Activities-No Cash-JP Morgan support-And more
12-23-2024
The Crew: Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man
Be sure to listen to full video for all the news……..
MilitiaMan & Crew-Iraq Dinar News-Electronic Payment for Economic Activities-No Cash-JP Morgan support-And more
12-23-2024
The Crew: Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man
Be sure to listen to full video for all the news……..
Iraq News Highlightsand Points to Ponder Monday Evening 12-23-24
Expected Rise In The Dollar... "Temporary Shock" Awaits The Iraqi Market
Economy |Today Baghdad Today – Baghdad The "Iraq Al-Mustaqbal" Foundation for Economic Studies and Consultations expected, today, Monday, December 23, 2024, an increase in the dollar exchange rate during the next few days, following the announcement by the Central Bank of Iraq to stop the currency transfer window platform.
The head of the institution, Manar Al-Obaidi, said in a statement to "Baghdad Today", that "the suspension of the Central Bank's currency transfer platform, which was officially announced on 12/23/2024, will lead to a temporary rise in the dollar exchange rate in the market as a result of the prevailing state of fear, but things will return to normal with the beginning of the new year."
Expected Rise In The Dollar... "Temporary Shock" Awaits The Iraqi Market
Economy |Today Baghdad Today – Baghdad The "Iraq Al-Mustaqbal" Foundation for Economic Studies and Consultations expected, today, Monday, December 23, 2024, an increase in the dollar exchange rate during the next few days, following the announcement by the Central Bank of Iraq to stop the currency transfer window platform.
The head of the institution, Manar Al-Obaidi, said in a statement to "Baghdad Today", that "the suspension of the Central Bank's currency transfer platform, which was officially announced on 12/23/2024, will lead to a temporary rise in the dollar exchange rate in the market as a result of the prevailing state of fear, but things will return to normal with the beginning of the new year."
Al-Obaidi added, "This decision had been previously announced by the Central Bank, but such measures, when implemented, cause a shock to the market, leading to a temporary rise in the exchange rate, before the shock is gradually absorbed."
He explained that "the difference between the official and parallel markets will remain, but it will shrink as the situation stabilizes."
Economic expert Nasser Al-Tamimi warned, on Tuesday (December 17, 2024), of a rise in the dollar exchange rate in Iraq in the coming days.
Al-Tamimi told Baghdad Today, "There are real fears in the Iraqi market of the continued rise in the dollar exchange rate after the Central Bank of Iraq stopped working on the platform," indicating that "this matter will constitute a shock, especially at the beginning of implementing the decision and will lead to a rise in the dollar, to increase demand for it in the parallel market."
He added that "after the platform is stopped, most traders, especially small ones, will depend on the parallel market to finance their foreign trade, while continuing to finance trade with Iran and Turkey in dollars, through illegal means," noting that "this is what will lead to the rise, and therefore practical steps must be taken to prevent this by the country's monetary authority, and urgently."
The Central Bank of Iraq revealed on Wednesday (September 4, 2024) the mechanism for ending the electronic platform for foreign transfers, while indicating that the placement of foreign transfer operations and meeting requests for the dollar are on sound paths and consistent with international practices and standards. LINK
Parliamentary Committee: Iraq Is Heading Towards A Major Investment And Economic Boom
Economy |Today, Baghdad Today – Baghdad The Parliamentary Investment and Development Committee confirmed, today, Monday, December 23, 2024, that Iraq is heading towards a major investment and economic boom during the next stage.
Committee member Mohammed Radhi told Baghdad Today, "The stability achieved at the political, security and governmental levels will lead to important and large investment opportunities during the next phase, and this will generate great prosperity at the economic level, and this will lead to an important construction leap in various infrastructures."
Radhi added, "The Iraqi government has achieved successes in the investment file and strengthening the economic and financial conditions, and these successes have been positively reflected in the services, reconstruction and development file, and the next stage will show these successes more clearly through investment and economic prosperity at various levels."
In April 2024, the International Monetary Fund expected the Iraqi economy to grow by 1.4% in 2024 and 5.3% in 2025, and urged structural reforms and debt stabilization.
The Iraqi government also announced a decrease in unemployment from (16.5%) to (14.4%), a reduction in the poverty rate from (23%) to (17%), a decrease in the inflation rate from (6.1%) in 2021 to (2.5%), and an increase in non-oil revenues to (14%), after representing (7%) of the budget. LINK
Europe 'Displeased' With Trade Volume With Iraq
Money and business Economy News – Baghdad The European Union renewed its confidence in Iraq's calm and successful diplomatic steps in light of the tensions witnessed in the region and the world, stressing that the partnership with Iraq is intensive and built on trust.
While he indicated that he is following up and discussing with the government of Mohammed Shia al-Sudani the best ways to implement the vital "Development Road" project for the region and the world, he announced that the (27) member states of the Union, in light of the improvement witnessed by Iraq, are discussing how to facilitate the entry of Iraqis into it, especially for the sake of the economy and academic exchange.
The EU Ambassador to Iraq, Thomas Seiler, said: “The partnership between the EU and Iraq is intense and built on trust, and there is cooperation in many areas, especially with regard to modernizing the state and democracy, and reintegrating Iraq into the international system in terms of international rules and standards, such as the World Trade Organization.”
Trade and investment
Sayler expressed his hope for increasing trade and investment exchange with Iraq.[/rtl]
He pointed out that "the volume of trade exchange between the European Union and Iraq is not sufficient yet, it is not even half the volume of Iraq's trade balance with China," stressing that "increasing bilateral trade and European investments in Iraq is one of our main policy goals in 2025."
Iraq's diplomacy
Regarding regional and global developments, he explained that "the European Union is in continuous consultations with the Iraqi government on regional developments, and we exchange views and try to work together to face challenges, especially the situation in Syria now," expressing "the European Union's great appreciation for the successful position of the Iraqi government to calm tensions."
He also noted that "it is certain that the Iraqi consultations with Iran regarding the security situation in the region have a positive impact," stressing that "no issue in the region can be resolved through violence, but only through diplomacy and dialogue."
European visas
Regarding entry visas for Iraqis to the European Union, Sailer explained that "this is the responsibility of the twenty-seven member states of the European Union," stressing that "the European Union is aware of the increasing positive development of the security situation in Iraq."
We are working with member states to find out how to facilitate the entry of Iraqis, especially for economic and academic exchange," he added.
Development path
The EU ambassador concluded his remarks to Al-Sabah by saying: “For the European Union, the (Iraqi Development Road) project is a major infrastructure project for the entire region,” indicating that “the Union is actively participating with the Iraqi government and with Turkey to find out the best ways to implement the project, as well as with the participation of the Kurdistan Region of Iraq,” and he stressed that “European companies are working in (the Grand Faw Port) and we want to expand our cooperation.” 139 views 12/23/2024 - https://economy-news.net/content.php?id=51192
During 2025.. Cautious Anticipation Of The Economic And Financial Reality In Iraq
Baghdad Today – Baghdad WEconomic expert Ahmed Al-Tamimi confirmed today, Sunday (December 22, 2024), that Iraq is heading towards a cautious situation regarding its economic and financial situation during the year 2025.
Al-Tamimi told Baghdad Today: “Expectations and data confirm that Iraq is facing hot events at the beginning of the new year, and these events will have repercussions and reflections on the country’s financial and economic reality, especially with the imminent assumption of the presidency of the White House by US President-elect Donald Trump, and the fear of imposing some sanctions and financial tightening on Iraq in order to limit the smuggling of the dollar as well as limiting the Iranian role through these economic pressures.”
He added, "There is extreme caution regarding the financial and economic reality of Iraq at the beginning of the new year, especially since the Iraqi economic situation is greatly affected by any security or political event, and for this reason everyone is anticipating the coming days, and this matter has led to a decline in the buying and selling of real estate and other valuable items, for fear of any expected economic and financial shock."
The Parliamentary Finance Committee confirmed last Monday that the situation in Syria does not affect the Iraqi economy or the dollar exchange rate in the local market, noting that “the government and the Central Bank have taken several important measures to confront the security and economic challenges in the country, especially in light of the deteriorating situation in Syria.” LINK
Licensed Counterfeiter? Fed’s Role in America’s Economic Crisis | Peter St Onge
Licensed Counterfeiter? Fed’s Role in America’s Economic Crisis | Peter St Onge
Kitco News: 12-23-2024
What if ending the Federal Reserve was not just a wild idea but a clear path to economic freedom? Economist Peter St. Onge of the Heritage Foundation laid out his bold vision for a world without the Fed in an interview with Jeremy Szafron, Anchor at Kitco News.
St Onge explained how dismantling the central bank could bring an end to inflation, eliminate recessions, and reinvigorate the U.S. economy.
Drawing on history, St. Onge highlighted that America thrived for 140 years without a central bank and argued that returning to a gold-backed currency is not just possible, but essential.
Licensed Counterfeiter? Fed’s Role in America’s Economic Crisis | Peter St Onge
Kitco News: 12-23-2024
What if ending the Federal Reserve was not just a wild idea but a clear path to economic freedom? Economist Peter St. Onge of the Heritage Foundation laid out his bold vision for a world without the Fed in an interview with Jeremy Szafron, Anchor at Kitco News.
St Onge explained how dismantling the central bank could bring an end to inflation, eliminate recessions, and reinvigorate the U.S. economy.
Drawing on history, St. Onge highlighted that America thrived for 140 years without a central bank and argued that returning to a gold-backed currency is not just possible, but essential.
St. Onge also tackled the broader implications of de-dollarization, the rise of Bitcoin as "digital gold," and the impact of Trump-era policies on monetary stability.
With predictions for 2025, he explored whether the U.S. is already in a recession and how alternative financial systems like Bitcoin could reshape global economies.
This interview delivers deep insights into the Fed's role in modern economics and presents a radical alternative to the status quo.
00:00 Introduction
01:03 FOMC Policy Meeting Insights
01:45 Inflation and Economic Concerns
03:21 Trump's Economic Policies and Their Impact
06:14 Recession Fears and Economic Outlook
09:40 The Argument for Ending the Fed
15:30 Legal and Practical Steps to End the Fed
17:46 The Future of the U.S. Dollar
19:27 Global Government Spending Post-COVID
19:43 The Future of the U.S. Dollar and Fiat Currencies
20:39 Gold Reserves and Fort Knox Mysteries
22:27 The Gold Standard and Historical Context
23:54 Potential Changes to the Federal Reserve
26:45 Bitcoin and Gold as Strategic Reserves
27:48 The Role of Elon Musk and DOGE in Government
29:47 Mainstream Media and Political Dynamics
34:15 Gold and Bitcoin Market Predictions
37:46 General Market Outlook and Investment Advice
39:08 Conclusion
Iraq Economic News And Points To Ponder Late Monday Afternoon 12-23-24
Central Bank Policy In Light Of Banking Compliance With International Standards Between The Controversy Of Expectations And Requirements
Dr. Haitham Hamid Mutlaq Al Mansour
The debate is raging about the steps taken by the Central Bank of Iraq towards the US Federal Reserve and the US Treasury, and doubts are raised that they are incorrect steps in managing monetary policy.
Other opinions even went so far as to warn of a banking collapse as a result of these agreements and what will result from them at the beginning of next year in terms of the connection of Iraqi/Arab banks with correspondent American banks. These opinions described it as confusion and error in following monetary policies that are not appropriate for the current economic situation.
Central Bank Policy In Light Of Banking Compliance With International Standards Between The Controversy Of Expectations And Requirements
Dr. Haitham Hamid Mutlaq Al Mansour
The debate is raging about the steps taken by the Central Bank of Iraq towards the US Federal Reserve and the US Treasury, and doubts are raised that they are incorrect steps in managing monetary policy.
Other opinions even went so far as to warn of a banking collapse as a result of these agreements and what will result from them at the beginning of next year in terms of the connection of Iraqi/Arab banks with correspondent American banks. These opinions described it as confusion and error in following monetary policies that are not appropriate for the current economic situation.
Therefore, we say in this regard and warn against the incorrectness of these opinions if we take them in good faith, as the aforementioned steps and procedures are nothing but a reflection of the Central Bank's policy to support the national economy in its orientation towards establishing relations with Arab and international correspondent banks and the gradual transition to operations to enhance the advance balance of the accounts of these banks.
This is consistent with what the Central Bank of Iraq announced in 2023 in its plan to gradually reduce reliance on the electronic platform until it ends its work during 2024 and limit it to the operations of recording financial transfers for the purposes of control, auditing and analysis.
The Governor of the Central Bank has confirmed in many places that the Central Bank is determined to support Iraqi banks, enhance their capabilities and prepare them to work in accordance with international practices and agreements that aim to build and enhance the capabilities of our banks internationally.
The monetary policy measures to link the six Iraqi and Arab banks with prestigious, capable and capable international banks is exactly right and consistent with the reality of international activity and practice in import operations, currency transfer and money movement through prestigious international banks. This is because the implementation of this measure is expected to contribute to the following:
Controlling money transfer operations and identifying the final destinations to which they will reach, and thus it will be a control joint in the pre-transfer stage instead of the post-control joint.
The aforementioned linkage supports a number of our qualified banks towards raising their banking status and increasing their acceptance and global penetration, especially since most Iraqi banks suffer from administrative and organizational problems at the operational and investment levels.
Reducing the number of banks that are on the blacklists that practice informal activities that revolve around smuggling or selling dollars at the parallel price, at the expense of practicing banking activity within the limits of lending and investment. And encouraging them to rebuild their activities within the limits of real banking work.
Based on the achievement of the above points and in light of the improvement in the international position of Iraqi banks after they adopted the policy of linkage and compliance and the resulting control and reduction of dollar smuggling and money laundering operations, it is expected to be the nucleus for attracting new financial investments that can work on the development paths of leading economic sectors, and stability will be generated in the cycle of demand for the dollar and from it, stability of price levels on the medium or long-term level.
There will inevitably be a price gap that will raise inflation levels, but it will soon disappear, provided that the procedures for linking and international transfer are scientifically implemented within the terms and instructions of compliance with international standards and the necessity of achieving the above points.
Therefore, in this context, we propose several requirements to raise the ability of Iraqi banks to adhere to compliance standards, stimulate their relations with correspondent banks, and enhance confidence in their performance, including:
Adherence to modern international compliance laws and legislations issued by international regulatory institutions and authorities, including the Basel Committee and the Financial Action Task Force (FATF), which issued its forty recommendations to combat money laundering and terrorist financing.
In addition, the US decisions and laws issued by the Treasury Department represent basic conditions for compliance and constitute an ongoing state for the banking sector in the world, not just the Iraqi and Arab banking sector.
Our banks must invest in the necessary infrastructure for mega development projects such as the Development Road, and apply advanced technology that supports reaching international compliance levels.
Supporting everything that leads to deepening the effective contribution of our banks to development through issuing legal facilities and financial facilitation to support the cycle of banking capital towards foreign trade, industry and investment.
The principle of transparency in banking operations and financial reporting must be adopted to build sustainable trust with the international community, and a comprehensive national plan must be prepared to develop capabilities, training and qualification in the field of banking compliance by establishing a specialized administrative unit for this purpose.
Therefore, this linkage step is a strategic step for the monetary policy of the Central Bank of Iraq, as the size of the Iraqi banking sector’s deposits exceeds $100 billion, which is an incentive to activate the work of banks.
In the same context, if we know that Iraq imports $70 billion worth of money, it would be more economically feasible to cover this money through a solid banking sector that opens credits and is linked to the global financial system and international institutions with efficiency and transparency.
It is concluded from the above and according to the importance of the linkage and compliance step, that the private sector must be ready to start developing and financing the national economy and achieving the desired growth. Especially after the American bank (JP Morgan) recently expressed its readiness to support Iraqi trade financing operations, which is the largest in size and solidity among global banks, and has a major role in correspondence operations between banks worldwide.
290 views 12/23/2024 - https://economy-news.net/content.php?id=51190
The Central Bank Sets New Conditions For Buying And Selling Foreign Currencies
Monday 23 December 2024 21:05 | Economic Number of readings: 57 Baghdad/ NINA /The Central Bank of Iraq set new conditions for buying and selling foreign currencies today, Monday. https://ninanews.com/Website/News/Details?key=1176343
Globally.. Gold Prices Rise After The Dollar Declines
Time: 2024/12/23 09:20:40 Read: 1,729 times {Economic: Al Furat News} Gold rose in spot transactions on Monday, after the dollar fell and because of the Federal Reserve’s cautious stance on cutting interest rates next year.
Spot gold rose 0.2 percent to $2,626.44 per ounce by 0313 GMT. U.S. gold futures fell 0.1 percent to $2,642.10.
The US Federal Reserve's 25 basis point interest rate cut on December 18, its dovish economic outlook note and its expectation of smaller cuts in 2025 pushed gold to its lowest since November 18 last week.
Gold rose on Friday as the US dollar and US Treasury yields fell when US economic data pointed to slowing inflation.
Spot silver rose 0.7 percent to $29.72 an ounce, platinum rose 1 percent to $935.47 and palladium added 0.2 percent to $922.31. LINK
Central Bank's Harvest In 2024 And Its Strategic Axes In 2025
Samir Al-Nusairi As the year 2024 draws to a close, it is clear beyond doubt that the Central Bank’s measures and efforts since the beginning of 2023 until now, with the support and cooperation of the government, have borne fruit and are beginning to yield positive results according to what was planned.
This is what was explained in detailed procedures and administrative, technical and negotiating steps with the US Federal Reserve and the US Treasury Department and understandings to regulate foreign trade financing with Arab and international banks by approving the opening of accounts for Iraqi banks in American, Chinese, European, Emirati, Indian and Turkish correspondent banks to deal directly with them for foreign transfers in the currencies of these countries, which are the dollar, euro, Chinese yuan, Indian rupee, Emirati dirham, Turkish lira, Jordanian dinar and Saudi riyal,
and leaving the electronic platform in 2024 and allowing banks to supply dollars and foreign currencies into Iraq from their accounts with correspondent banks or abroad according to specific controls issued by the Central Bank, as well as reaching the opening of about 40 accounts for our banks in correspondent banks.
The Central Bank's strategy implemented in 2024 to reform the banking sector depends on restructuring, developing and classifying banks and increasing their capital to the ceiling set by the Central Bank according to the specified timeframes.
This will lead to raising the capabilities of our banks to provide the best banking products and services to customers, the economy, investment and development, and moving towards comprehensive digital transformation and compliance with international standards, and helps lift the restrictions imposed on our banks.
Therefore, it can be said that one of the most prominent achievements in the banking reform process in 2024 is that 97% of foreign transfers are made at the official exchange rate, and work is underway to facilitate foreign transfers for small traders and to identify speculators' plans to harm the Iraqi economy.
An annual inflation rate of 3.7% has also been maintained, while controlling the general price level and maintaining a foreign exchange reserve and 153 tons of gold at a rate of 140% to cover imports and local currency in circulation and provide the necessary liquidity to meet the needs of the Ministry of Finance to implement the government's operating budget.
In addition to the developmental measures for the technical, technological and administrative infrastructure of the Central Bank. This confirms that the Central Bank is accurately and comprehensively implementing its banking reform strategy in all its axes.
It is an embodiment of what it has specified in the roadmap that it clarified in cooperation with the government according to what is stated in the government program in Axis 12 (Financial and Banking Reform) and Paragraph 7 thereof, which is concerned with developing and enabling banks to contribute to development and investment.
Here we can summarize the Central Bank’s plan in 2025 to complete its procedures, which it will work to implement with great precision, as follows:
Firstly, one of the Central Bank’s priorities is to achieve a stable financial system that is accompanied by electronic financial systems.
Second: Commitment to establishing the rules of compliance, risk management, transparency and integrity of financial operations.
Third: The transition from a cash economy to a digital economy and the accompanying cooperation and coordination measures have achieved a qualitative shift between the Iraqi government and the Central Bank of Iraq.
Fourth: Implementing the Central Bank’s plan for financial and banking reform by continuing cooperation with international consulting and auditing companies that are characterised by compliance with international standards that keep pace with global developments in the field of the financial digital economy.
Fifth: Working to strengthen international relations, including expanding the establishment of a network of relations with foreign correspondent banks and helping our banks to apply the standard criteria required of correspondent banks.
Sixth: Establishing the Riyada Bank and redirecting work in initiatives to finance small and medium enterprises according to new standards, and banks contribute to its capital and management, in line with the initiative of the Prime Minister (Riyada).
Seventh: Launching a financial inclusion strategy and putting it into effect in coordination with relevant authorities. Eighth: Implementing what is stated in the national strategy for bank lending by relying on the financial capabilities of banks and other entities in cooperation with GIZ in attracting and investing deposits and in providing the best banking products to customers and contributing to sustainable development. Views 292 12/23/2024 - https://economy-news.net/content.php?id=51187
Head Of The Security Committee In Nineveh: The Iraqi Border With Syria Is Fully Secured
Buratha News Agency1052024-12-23 The head of the security committee in Nineveh Governorate, Abdul Qader Al-Dakhil, confirmed that the Iraqi border with Syria is fully secured thanks to the precautionary measures and the strengthening of security measures.
Al-Dakhil said in a press statement that "the borders with the Syrian side in Nineveh are completely secure thanks to the great cooperation between the citizens and the security forces, stressing that Nineveh is 100 percent safe." https://burathanews.com/arabic/news/454214
For current and reliable Iraqi news please visit: https://www.bondladyscorner.com/