Iraq News Highlights and Points to Ponder Monday AM 12-30-24

Iraq On The List Of Countries Most Attractive To Investments

Economic  12/30/2024  Within two years, thanks to government measures, Iraq achieved a foreign investment inflow of more than $62 billion, placing it on the list of countries most attractive to investments.

Experts believe that the security and political stability that the country is experiencing was an important factor in achieving this boom, pointing out that the growth in investments came as a result of the country avoiding economic recession and financial problems, while they stressed the need to invest in this attractive feature in selecting only giant and solid companies to work inside Iraq.

Economic consultant and researcher Imad Al-Muhammadawi considered this growth a “positive initiative” that places the country among the ranks of economically important countries and countries that attract investment after China, Singapore, Brazil and other important economic countries, and in the top ranks in the Arab world, calling for the need to diversify investments in the economic and service sectors, especially the housing sector. And energy.

Effective Step

Al-Muhammadawi added to Al-Sabah that “the recent openness that the country is witnessing at all levels was coupled with structural reforms carried out by the government, which represent an effective step in the right direction, contributing to the country entering a new phase of development and economic growth,” considering it “an opportunity to prove the return of Iraq’s role as an effective and influential player in the region due to its strategic location and the promising human and environmental potential it abounds in.”

Development Path

Al-Muhammadawi said: “Investments can prepare the country and prepare it to enter into the important strategic project known as the “Development Road,” which contains ambitious plans that serve the country’s interests, in addition to the fact that they constitute regional and global economic integration, especially after the gradual disappearance of tensions in the region.”

Prime Minister Mohammed Shia al-Sudani recently confirmed that comprehensive reforms were the reason for attracting foreign investments that were initiated and exceeded 62 billion dollars in two years in the oil, gas, housing, industry, agriculture and hotel sectors, and indicators from international organizations and institutions indicate an increase in the growth rate during this period.

Economic Sectors

For her part, Suhad Al-Shammari, who is interested in economic affairs, pointed out that “Iraq has recently sought to activate and revitalize the economic sectors and develop short-, medium- and long-term plans to enhance the role of investments in Iraq in all aspects.”

Riyadh Forum

Al-Shammari pointed out to Al-Sabah, “the directive to open the doors of investment in Iraq with important countries, which the Prime Minister began with a tour of Europe during his participation in the Munich Conference and his trip to the United States and the signing of important agreements that focused in their entirety on reviving the Iraqi private sector,

in addition to launching a dialogue that opens the door to lifting the sanctions on private banks that caused the exchange rate to rise in the local market of Iraq,” indicating that “Iraq opened the doors of economic cooperation leading to the Riyadh Forum, in which the government reviewed Iraq’s capabilities through its strategic location in the region and as an important political player in regional issues.”

Management And Planning

She pointed out that “the continuous tours of senior Iraqi officials, accompanied by economic plans that were developed according to the will, management and planning, aim to enhance Iraq’s financial revenues and diversify the economy, which for many years has been a rentier economy that relies solely on oil and is affected by the conditions of low and high prices,” noting that “the regional factors in the recent period have been unstable due to conflicts and wars, and Iraq has avoided them after adopting a realistic vision in attracting foreign investments to avoid factors of economic stagnation and financial problems.”

Multiple Sectors

It is noteworthy that the Chairman of the National Investment Commission, Haider Mohammed Makiya, explained that the investments were distributed among various sectors, and represented a great opportunity to improve Iraq’s global ranking as an attractive destination for investment. He also stressed that the entry of prestigious international companies of various nationalities reflects the attractiveness of the promising Iraqi market, especially in sectors such as renewable energy, oil and associated gas. https://alsabaah.iq/107905-.html

Iraqi Oil Stabilizes At High Level At The Beginning Of Year-End Trading

Economy | Baghdad Today - Follow-up  At the beginning of the end of the year's trading, today, Monday (December 30, 2024), Iraqi oil recorded stability at an increase during the opening of trading for the week in global markets .

According to data reviewed by Baghdad Today, Basra Heavy crude recorded $70.19 per barrel, while the average recorded $73.29 per barrel, with a change rate of -0.16, respectively, for delivery in February 2025 .

The data also showed an increase in global crude prices, as British Brent crude recorded $74.30, while US West Texas Intermediate crude recorded $70.66 per barrel, with a change rate of +0.13 and +0.05, respectively .     Source: "Baghdad Today" + websites   LINK

Half A Trillion Dinars For Baghdad Projects

First  12/30/2024  Half a trillion dinars for Baghdad projects 51a076da-9e8e-4eb0-947a-0e2876bade6e

 Baghdad Provincial Council has prepared a project plan at a cost of (500) billion dinars to be implemented during the coming year, while Baghdad Municipality has pledged a qualitative shift in services during

 (2025). Member of the Baghdad Provincial Council, Muhammad Al-Shaalan, told Al-Sabah: “The governorate has prepared its plan for next year at a financial cost of about (500) billion dinars.”

He added, "The aforementioned plan includes projects in various sectors, including water, sewage, roads linking districts and sub-districts to the center, and infrastructure in outlying areas."

He noted that "the focus will be on deprived areas that have not been included in the service effort and have not been included in the plans," indicating that (50) percent of the budget for the year (2023) has been allocated to road and bridge projects and investment and strategic projects, in addition to the fact that the budget is distributed between the Baghdad Municipality and the governorate, and a small share of it goes to areas Parties.    https://alsabaah.iq/107931-.html

500 Billion Dinars For Capital Projects By 2025

Iraq  12/30/2024   Baghdad Provincial Council has prepared a plan for projects worth 500 billion dinars to be implemented during the coming year. While the Capital Municipality pledged a qualitative shift in services during the first four months of 2025, the Parliamentary Services Committee revealed that the focus will be on infrastructure and completing ongoing and stalled projects.

Ali Al-Hamidawi, a member of the Parliamentary Services Committee, told Al-Sabah: Baghdad Governorate’s plan for next year will be limited to ongoing and stalled projects and infrastructure.

He pointed out that the most important of these projects are the entrances to Baghdad-Hillah and Abu Ghraib, as they are part of the government program, as well as sewage projects, most notably Al-Mahmoudiyah, whose implementation this year has witnessed a significant delay, in addition to the implementation of infrastructure, including paving, sidewalks, health centers, and water stations, especially in the areas of Kuweirish and Al-Hussainiya.

Al-Hamidawi pointed out the impossibility of launching new strategic projects due to the allocated financial allocations amounting to nearly 400 billion dinars.

He explained that the ongoing projects, which number about 500, need large financial allocations, noting that Parliament seeks to overcome the legislative obstacles facing the capital next year, in order to implement the projects in the best possible way.

For his part, Baghdad Provincial Council member Mohammed Al-Shaalan told Al-Sabah: The governorate has prepared its plan for next year at a financial cost of about 500 billion dinars.

He added that the aforementioned plan includes projects in various sectors, including water, sewage, roads linking districts and sub-districts to the centre, and infrastructure in outlying areas.

He noted that the focus will be on deprived areas that have not been included in the service effort and are not included in the plans, indicating that 50 percent of the 2023 budget has been allocated to road and bridge projects and investment and strategic projects, in addition to the fact that the budget is distributed between the Baghdad Municipality and the governorate, and a small share of it goes to the outskirts.

In turn, the Director of the Projects Department in the Baghdad Municipality, Engineer Yaqzan Al-Waili, told Al-Sabah: The municipality has begun implementing 84 diverse service projects, the most prominent of which is developing all traffic intersections and decorating the streets with lighting and green areas, in addition to covering the sidewalks with Muqarnas.

He added that the first four months of next year will witness a qualitative shift in terms of services, after the completion of infrastructure works and cladding projects, noting that three municipal departments, namely Al-Kadhimiya, Al-Adhamiya and Al-Karkh Center, are close to completing the cladding works within their sector by 100 percent.

Al-Waili explained that the works currently being implemented in various areas of the capital include renewing water, sewage and rainwater networks, in addition to replacing side molds and paving streets with muqarnas, in addition to paving and covering streets and main roads, explaining that these projects aim to improve the service reality of the capital in conjunction with its selection as the Arab Tourism Capital for the year 2025.    https://alsabaah.iq/107912-.html

Seeds of Wisdom RV and Economic Updates Monday Morning 12-30-24

Good Morning Dinar Recaps,

BRICS NEWS: DE-DOLLARIZATION WILL CONTINUE FASTER UNDER TRUMP’S WATCH

President-elect Donald Trump threatened BRICS countries of imposing 100% tariffs on goods entering the US if they pursue the de-dollarization agenda. The rhetoric came even before he officially took office indicating that a trade war would commence during his four-year tenure. Developing countries are guarding their economies against sanctions, as the White House has been imposing them for more than a decade.

The Director of the Institute of Social Sciences, Ash Narain Roy, said that Trump’s threats to BRICS will not work. Roy explained that Trump is carried away by his victory and is unable to see the ground below his feet. Emerging economies have progressed even after ending dependency on the US dollar as their local currency is gaining prominence. The de-dollarization initiative started by BRICS will continue even in the Trump era, he said.

BRICS: Trump Carried Away by Victory, De-Dollarization To Continue

Roy stressed that Trump’s 100% tariff threats will not affect any country but will directly harm the US. If exporters pay 100% tariffs, they will hike the prices, and US importers will place the surge on the consumers. It is the end user who will eventually fit the bill leading to inflation. BRICS will not back down on de-dollarization but could continue the process faster under Trump.

“He has views on everything and exchange views and all that. So not taking it seriously at all,” said Roy. The expert also called Trump’s rhetoric empty. “This will not affect any country,” he added. 

The BRICS alliance made it clear that the de-dollarization agenda remains their long-term goal. The bloc will not slow down if Trump takes office but will fast-track the process. The sanctions and threats led to the de-dollarization agenda taking shape in the first place. If Trump’s rhetoric on trade and tariffs grows, developing countries will only side with BRICS to protect their economies.

@ Newshounds News™

Source:  Watcher Guru

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DIGITAL IDS AND FINANCIAL SERVICES COLLABORATION STRENGTHEN PROACTIVE FRAUD PREVENTION

As payments become faster, fraudsters hide behind anonymity or concoct identities that seem legitimate, and then scam banks, merchants and individuals out of their money.

Among the most effective ways of stopping would-be criminals in their tracks is using advanced technologies and collaboration to spot red flags before the money ever leaves an account — to take action, in other words, upstream.

Data — from continuous verification to location to device-level details — is critical, and real-time analysis can help block fraudulent transactions.

In the United Kingdom, language contained in the November release of the government’s National Payments Vision noted: “For open banking to scale and help deliver more competition and innovation in the market, it needs to transition to a sustainable long-term regulatory framework.”

“The U.K. has put in place strong consumer protections for fraud, including through reimbursement of authorized push payment fraud as mandated by the Payment Systems Regulator,” the Treasury added in the whitepaper. “While this regime provides a critical safety net for consumers, it introduces new risks for firms to manage.”

Four financial authorities in the U.K. said last week that they are working to improve their cooperation and will revise their agreement as the government pursues its National Payments Vision. The financial regulators include the Bank of England, the Financial Conduct Authority (FCA), the Prudential Regulation Authority (PRA) and the Payment Systems Regulator (PSR).

Increased Embrace of Digital Payments
In discussion of the overall shift to digital, stats cited in the paper detailed that contactless payments have increased from 3% of all transactions in 2015 to 38% in 2023, and digital wallets have gained in popularity.

The PYMNTS Intelligence report “Digital Wallets Beyond Financial Transactions: U.K. Edition” found that 77% of U.K. consumers have at least one digital wallet, and 44% of consumers online conduct commerce via digital wallet transactions.

To get a sense of the financial impact, banks and financial services firms in the U.K. are required to reimburse the victims of authorized push payment (APP) fraud up to 85,000 pounds (about $106,000). APP fraud cost U.K. residents $433 million in 2023.

@ Newshounds News™

Read more:  Pymnts

~~~~~~~~~

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MilitiaMan & Crew Iraq Dinar News-Dollar Auction by End of 2024-USA Security Inplace-Circulation Banknotes-Metals

MilitiaMan & Crew Iraq Dinar News-Dollar Auction by End of 2024-USA Security Inplace-Circulation Banknotes-Metals

12-29-2024

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

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

https://www.youtube.com/watch?v=h5zouvpGbvk

Iraq Economic News and Points to Ponder Sunday Afternoon 12-29-24

The Central Bank Of Iraq Sells 296 Million 396 Thousand 196 Dollars In Today's Auction

Sunday 29 December 2024 | Economic Number of readings: 134  Baghdad / NINA / The Central Bank of Iraq sold 296 million, 396 thousand, and 196 dollars in today's auction.

It said in a statement that it sold 296 million, 396 thousand, and 196 dollars in its auction today, covering it at a basic exchange rate of 1310 dinars per dollar for documentary credits and international settlements for electronic cards, and at a rate of 1310 dinars per dollar for foreign transfers, and at a rate of 1305 dinars per dollar in cash.

It explained that most of the dollar sales went to strengthen balances abroad in the form of transfers and credits amounting to 268 million, 496 thousand, and 196 dollars, at a rate of 90% compared to cash sales amounting to 27 million and 900 thousand dollars.

One bank bought cash dollars, while the number of banks that met requests to enhance balances abroad was 14 banks, and the total number of exchange companies participating in the auction was 43 companies. / End7  https://ninanews.com/Website/News/Details?key=1177233

The Central Bank Of Iraq Records Significant Growth In Gold Reserves And Achieves Positive Results In The Economy

Economy | 12/29/2024  Mawazine News – Baghdad  The Central Bank of Iraq announced today, Sunday, that it recorded a significant growth in the country's gold reserves, as the growth in reserves reached 57% in the third quarter of 2024 compared to the same period in 2023.

The bank stated that the total value of gold reserves reached 16.8 trillion dinars, compared to 10.7 trillion dinars last year.

In the same context, the bank indicated that annual inflation rates in Iraq were among the lowest in the region during the months of August and September of 2024, as the inflation rate recorded 3.7% and 3.1%, respectively, reflecting price stability and the success of the monetary policy pursued in Iraq.

The bank indicated that the total deposits in banks operating in Iraq recorded a growth of 4.2% in the third quarter of 2024, reaching 127.6 trillion dinars compared to 122.4 trillion dinars in the same year of 2023.

Cash credit granted by public banks also recorded a growth of 11.6%, reaching 72.7 trillion dinars compared to 65.1 trillion dinars in the same period last year.

The statement also included the growth of deposits and cash credit in private banks, as deposits recorded a growth of 14%, and cash credit grew by 15.1% in the same period.

The money supply in Iraq also recorded a growth of 4.1% in the third quarter of 2024, reaching 158.6 trillion dinars, while the broad money supply recorded a growth of 3.3% to reach 179.8 trillion dinars.

The Central Bank confirmed that these results indicate the success of monetary policy in enhancing economic stability in Iraq and increasing confidence in the financial and banking system.
https://www.mawazin.net/Details.aspx?jimare=258020

Dollar Prices Drop In Baghdad And Erbil At The End Of Trading

Economy | 05:04 - 12/29/2024   Mawazine News – Economy  The US dollar exchange rate fell against the Iraqi dinar on Sunday in the markets of Baghdad and Erbil, the capital of the Kurdistan Region, with the closing of the stock exchange.

The dollar exchange rate also fell with the closing of the two main stock exchanges in Baghdad, Al-Kifah and Al-Harithiya, to record 151,350 dinars per 100 dollars, while this morning it recorded 151,400 dinars per 100 dollars.

Selling prices stabilized in exchange shops in local markets in Baghdad, where the selling price reached 151,500 dinars per 100 dollars, while the purchase price reached 150,500 dinars per 100 dollars.

In Erbil, the dollar also fell, where the selling price reached 151,300 dinars per 100 dollars, and the purchase price reached 151,200 dinars per 100 dollars. https://www.mawazin.net/Details.aspx?jimare=258023

Gold Prices Fall In The Capital Baghdad

Economy  | 12:48 - 12/29/2024  Mawazine News – Baghdad  Gold prices witnessed a decrease in the wholesale markets of Al-Nahr Street in the capital, Baghdad, where the selling price of one mithqal of 21 karat Gulf, Turkish and European gold was recorded at 556 thousand dinars, and the purchase price was 552 thousand.

The selling price of one mithqal of 21 karat Iraqi gold was recorded at 526 thousand dinars, and the purchase price was 522 thousand.

In goldsmiths’ shops, the selling price of one mithqal of 21 karat Gulf gold ranged between 560 thousand and 570 thousand dinars, while the selling price of one mithqal of Iraqi gold ranged between 530 thousand and 540 thousand dinars.  https://www.mawazin.net/Details.aspx?jimare=258010

Central Bank Of Iraq Announces Monetary Policy Indicators During 2024

Economy  | 12/29/2024  Mawazine News – Baghdad  The Central Bank of Iraq revealed, today, Sunday, the positive indicators achieved by the bank for the third quarter of 2024 compared to the same quarter of 2022 and 2023, stressing that this reflects the success of the monetary policy adopted by the bank during 2024.

The Central Bank of Iraq confirmed, in a statement received by (Mawazine News), "the total deposits in banks operating in Iraq recorded a growth of (4.2%) in the third quarter of 2024, as their value amounted to (127.6) trillion dinars, compared to their value of (122.4) trillion dinars in the third quarter of 2023, in contrast, the cash credit granted by public banks recorded a growth of (11.6%) in the third quarter of 2024, as its value amounted to (72.7) trillion dinars, compared to its value of (65.1) trillion dinars in the third quarter of 2023."

The bank stated that "deposits in private banks operating in Iraq recorded a growth of (14%) in the third quarter of 2024, as their value amounted to (18.7) trillion dinars, compared to their value of (16.4) trillion dinars in the third quarter of 2023, while cash credit granted by private banks achieved a growth of (15.1%) in the third quarter of 2024, as its value amounted to (12.2) trillion dinars, compared to its value of (10.6) trillion dinars in the third quarter of 2023, noting that these rates reflect the increased confidence of economic units in private banks operating in Iraq."

He added, "Private sector deposits in banks operating in Iraq recorded a growth of (3%) in the third quarter of 2024, as their value amounted to (56.1) trillion dinars, compared to their value of (54.4) trillion dinars in the third quarter of 2023, indicating that cash credit granted to the private sector by banks operating in Iraq achieved a growth of (8.6%) in the third quarter of 2024, as its value amounted to (42..trillion dinars, compared to its value of (39.4) trillion dinars in the third quarter of 2023, stressing that this increase reflects the increased confidence of the private sector in banks operating in Iraq."

The bank revealed that "the narrow money supply 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, while the broad money supply in Iraq recorded a growth of (3.3%) in the third quarter of 2024, as its value reached (179.trillion dinars, compared to its value of (173.9) trillion dinars in the third quarter of 2023."

He added that "the gold reserves of the Central Bank of Iraq recorded a significant growth of (57%) in the third quarter of 2024, as its value reached (16. trillion dinars, compared to its value of (10.7) trillion dinars in the third quarter of 2023."

He stressed that "the 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 percentage is acceptable at (3.7%) and (3.1%) respectively, and this reflects price stability and the success of monetary policy in Iraq."  https://www.mawazin.net/Details.aspx?jimare=258016

Iraq's Oil Exports To America Increased Last Week

Sunday 29 December 2024 | Economic Number of readings: 205  Baghdad / NINA / The US Energy Information Administration announced today, Sunday, that Iraq's oil exports to America rose during the past week to reach an average of 229 thousand barrels per day.

The administration said in a table, "The average US imports of crude oil during the past week from 9 major countries amounted to 5.844 million barrels per day, down by 302 thousand barrels per day from the previous week, which amounted to 6.146 million barrels per day."

It added that "the average of Iraq's oil exports to America amounted to 229 thousand barrels per day last week, up by 20 thousand barrels per day from the previous week, which averaged 209 thousand barrels per day."

The administration indicated that "most of America's oil revenues during the past week came from Canada, followed by Mexico, Saudi Arabia, and then Brazil."

According to the table, "the amount of US imports of crude oil from Nigeria, Ecuador, Venezuela, and Libya continues." / End  https://ninanews.com/Website/News/Details?key=1177199

The Central Bank Allows The Arab Bank Of Iraq To Practice Banking Work

Banks  Economy News – Baghdad  The Central Bank of Iraq has agreed to grant the Arab Bank of Iraq the final license to practice banking.

According to a document issued by the bank, and reviewed by "Al-Eqtisad News", "Based on the decision of the Board of Directors of this bank No. (269) in its session No. (1662) held on 12/22/2024, it was decided to approve granting your bank the final license No. (15546/4/9) on 12/24/2024, to practice banking work attached in connection with the Central Bank of Iraq Law No. (56) of 2004 and the Banking Law No. (94) of 2004 and the Anti-Money Laundering and Terrorist Financing Law No. (39) of 2015, taking into consideration completing the capital increase to the prescribed limit of (400) billion dinars, noting that the code number for your bank is (88)."  Below is the document:

157 views  Added 12/29/2024 https://economy-news.net/content.php?id=51401

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

BRICS Economies to Surpass Half of Global GDP, Challenging Western Dominance

BRICS Economies to Surpass Half of Global GDP, Challenging Western Dominance

Geopolitical Analyst:  12-28-2024

In recent years, the BRICS nations—Brazil, Russia, India, China, and South Africa—have emerged as formidable players in the global economic landscape.

 With a collective GDP that is on track to surpass 50% of the world’s economic output in the next 10 to 15 years, as projected by Russian Deputy Prime Minister Alexander Novak, the BRICS bloc is rapidly reshaping the dynamics of international trade and finance.

Novak’s optimistic outlook is underscored by the significant economic weight these nations carry. As of 2024, BRICS economies account for an estimated 37.3% of global GDP based on purchasing power parity (PPP), eclipsing the G7’s 30%.

The collective output of BRICS not only surpasses that of the G7 in purchasing power terms, but it also reflects the burgeoning potential of its member nations—particularly China, which represents 19.05%, and India, contributing 8.23%.

While the G7 still leads in nominal GDP with a share of approximately 44%, BRICS holds a commendable 28%. However, the trajectory indicates a potential shift as the combined influence of BRICS continues to expand. This upward trend positions BRICS as key drivers of global economic growth, capable of sustaining robust development and investment opportunities.

A pivotal moment for BRICS occurred in 2024, when it expanded its membership to include Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE). This enlargement not only amplifies BRICS’ global energy influence—given the oil-producing capabilities of Saudi Arabia and the UAE—but also enhances its geopolitical presence by incorporating countries from the Middle East and Africa.

The addition of these diverse nations brings strategic advantages, such as Iran’s energy resources and trade links, as well as a stronger African representation through Egypt and Ethiopia. This shift reflects BRICS’ intention to challenge the hegemony of Western-dominated economic institutions and to provide a platform for the voices of the Global South.

The ongoing growth and evolution of BRICS signal a potential reshaping of global governance structures. The group’s increasing economic and geopolitical clout allows it to push for reforms in international financial institutions that have traditionally favored Western nations. Russian President Vladamir Putin, during the BRICS Business Forum in October, articulated that BRICS will be a central player in the generation of global GDP in the foreseeable future.

The rebalancing of power dynamics calls for a reexamination of international relations. As BRICS expands, it not only represents economic collaboration but also serves as a counterbalance to the geopolitical narratives dominated by the West.

However, this shift towards a multipolar world comes with its own set of challenges. Geoeconomic risks are inherent in the transformations of global power structures, as shifts in geopolitics can be influenced by various factors, including technological advancements, demographic changes, environmental issues, and political movements.

The ongoing globalization has seen emerging markets like China, India, and Brazil rise to prominence, reshaping traditional economic relationships. While Germany and other developed nations may benefit from this evolving landscape, there remains an underlying tension.

Politicians often seek to maintain the status quo, occasionally stifling progress to uphold the illusion of stability and security. Such actions can lead to disruptions that amplify existing inequalities and create instability in global markets.

As the BRICS nations continue to expand their influence, they are poised to play a transformative role in the global economy. With their vast populations, resource-rich territories, and potential for sustainable growth, BRICS is increasingly becoming a significant player on the world stage.

While the journey toward a multipolar world is fraught with challenges, the trajectory suggests a promising future for BRICS as it endeavors to reshape global governance, promote inclusive growth, and amplify the voices of developing nations.

The coming years will undoubtedly witness the unfolding of this new economic narrative, highlighting the imperative for adaptive strategies in an ever-evolving global landscape.

https://youtu.be/gk2hOP0w4t0

Seeds of Wisdom RV and Economic Updates Sunday Morning 12-29-24

Good Morning Dinar Recaps,

CRYPTO INDUSTRY CALLS ON CONGRESS TO BLOCK NEW DEFI BROKER RULES

The final regulations classifying several decentralized finance (DeFi) protocols as brokers have sparked immediate backlash within the crypto industry, with calls for the incoming Congress to overturn the new rules.

Disclosed on Dec. 27 by the US Internal Revenue Service, the new regulations treat front-end protocols facilitating digital asset transactions as brokers, requiring Know Your Customer disclosures of transactions. According to the agency, the regulations will affect up to 875 DeFi brokers.

The new rules have sparked a widespread backlash on social media, with many legal experts suggesting that the IRS may be overstepping its authority and infringing constitutional rights.

“This unlawful rule is the dying gasp of the anti-crypto army on its way out of power. It must be struck down, either by the courts or the incoming administration,” said Jake Chervinsky, chief legal officer at venture capital firm Variant.

For Alexander Grieve, vice-president of government affairs at venture firm Paradigm, “the new pro-crypto Congress can, and should, roll these back via the CRA process next year,” he said on X.

The CRA, or Congressional Review Act, allows Congress to review and potentially disapprove of regulations issued by agencies like the IRS.

The DeFi broker definition encompasses platforms performing intermediary functions in facilitating transactions, including a group of persons facilitating transactions “whether or not the group operates through a legal entity.”

Miles Jennings, general counsel of a16z Crypto, claimed the rule represents “a fantastical expansion of the words “effectuate transactions” to enable the IRS to ban DeFi.”

According to Miles Fuller, director of government solutions at TaxBit, the definition covers any provider that knows “or is in a position to know whether the nature of the transaction involved gives rise to reportable gross proceeds from the sale of digital assets.”

Fuller explained that two specific groups are specifically excluded from the definition: validation services and wallet software providers.

Advocacy group Blockchain Association called the rule “a final attempt” to send the US crypto industry offshore. A statement by the group’s CEO, Kristin Smith, said:

 “On behalf of the industry, we’re prepared to take aggressive action to fight back. We also look forward to working with the new pro-crypto Congress and Administration to roll back this and other anti-innovation rules.”

According to the IRS, the new regulations are expected to affect as many as 2.6 million taxpayers.

@ Newshounds News™

Source:  CoinTelegraph

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🇷🇺 Russian Foreign Minister Lavrov slams the Biden-Harris administration for Prioritizing Ukraine over US citizens.

"When the USA was hit by a hurricane, President Biden paid the victims ridiculous compensations of $700 per person while sending over $150 billion to Ukraine."

@ Newshounds News™

Source:  @BRICSNews

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The US dollar's share of global foreign exchange reserves has dropped to its lowest level in nearly 30 years.

This is according to the International Monetary Fund.

Countries are diversifying their reserves and stockpiling gold.

This should be the top story around the world.

@ Newshounds News™

Source:  X . com

~~~~~~~~~

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“Tidbits From TNT” Sunday Morning 12-29-2024

TNT:

Tishwash:  interesting time to share this info hmmmm

In numbers.. The decline in the value of the Iraqi dinar

Today, Friday (December 27, 2024), the economic expert, Manar Al-Abidi, determined how much the Iraqi dinar has lost in value.

Al-Obaidi explained in a tweet followed by "Baghdad Today" that "the value of any currency is determined based on two basic factors, which are the amount of currency issued, which is the total cash pumped by the central bank, and the size of reserves, which includes foreign currencies, investments, and gold held by the central bank."

He explained that "the situation at the end of 2023, the amount of currency issued reached 101 trillion dinars, and the value of official reserves reached 145 trillion Iraqi dinars."

Al-Obaidi added, "As for the situation at the end of 2024, the amount of currency issued remained at the same level of 101 trillion Iraqi dinars, and the value of official reserves decreased to 139.7 trillion Iraqi dinars."

He pointed out, "The impact on the value of the Iraqi dinar, despite the stability of the issued monetary mass, the decrease in the value of official reserves by 5.3 trillion Iraqi dinars led to a decline in the purchasing power of the dinar, and as a result of this decrease in reserves, the actual value of the Iraqi dinar decreased by 5.3%."

Al-Ubaidi pointed out that "the continued decline in the actual value of the dinar will lead at some point to an increase in inflation as a result of the decline in the strength of the dinar compared to reserves alone. All this while the average price of Iraqi oil was high, so how will things turn out in the event of a decline in oil prices?"  link   

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Tishwash:  Uncertainty over the 2025 budget.. Parliament: We don't know anything about it yet

 Member of Parliament Ahmed Al-Sharmani explained Thursday (December 26, 2024), that Parliament does not know anything about the 2025 budget schedules, suggesting that the government is deliberately delaying sending it.

Al-Sharmani said in an interview with "Baghdad Today", "According to the Financial Management Law, the budget or its schedules must reach the House of Representatives at the end of the month (10) of each year, and any delay in doing so is considered a legal violation, especially since this violation has been repeated for many years."

He explained that "the 2025 budget tables are not known to the House of Representatives so far, and the delay in sending them is a violation, and there is no specific date for sending those tables."

Al-Sharmani added, "Perhaps the government will link sending the tables with amending the law proposed in Parliament, and this will delay sending the tables for a long time due to disagreements over the origin of the amendment."

MP Jawad Al-Yassari confirmed on December 19, 2024, that political differences over amending the budget law will delay voting on the 2025 budget schedules, indicating that “the Iraqi government is waiting for Parliament to amend the budget law, so that it can send it the schedules for 2025 according to the amendments.”

It is noteworthy that Member of Parliament Mustafa Al-Karaawi announced on December 8, 2024, the postponement of the second reading of the amendment to the General Budget Law until after the legislative holiday.  link

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Tishwash:  Expert: Central Bank decisions threaten banking sector and stability of national economy

Researcher and specialist in financial and banking affairs, Mustafa Hantoush, confirmed today, Monday, that the decisions of the Central Bank threaten the banking sector and the stability of the national economy.

Hantoush said in a statement to Al-Maalouma Agency that "the recent decisions of the Central Bank of Iraq, which included stopping the financial transfer platform (FITR) and handing over the management of the Iraqi dollar to four banks owned by investors, some of which belong to countries such as Jordan and the Gulf, constitute serious repercussions.”

He pointed out that "these policies may lead to the collapse of the Iraqi banking system and the exacerbation of economic crises, noting that more than 100,000 jobs in the private banking sector are threatened with loss in favor of foreign banks, which constitutes a major blow to banking autonomy.”

He explained that "the monopoly of the dollar by these banks will lead to difficulty in stabilizing the exchange rate and increasing volatility, which will exacerbate the economic situation and weaken competition in the banking sector."

As part of the solutions, Hantoush called for "extending the work of the money transfer platform in coordination with the new US administration, and enabling Iraqi banks to open dollar accounts in international banks such as Citibank and JP Morgan, as is the case in the countries of the region."

He also stressed the "importance of transparency and announcing the mechanisms of cooperation with Ernst & Young regarding transfers in other currencies such as the euro, yuan and dirham, in addition to revealing the results of the contract with Oliver Wyman regarding the status of the 28 sanctioned Iraqi banks."

At the end of his statements, Hantoush called for “addressing the central banks of countries such as Turkey, the Emirates, China and India to open branches of Iraqi banks in those countries, which would contribute to transforming the banking relationship from remittances to a direct commercial partnership. link

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Mot.. Planning Ahead I Is!!!! 

Mot:  . I'm Dedicated to Making it Work!!! 

MilitiaMan & Crew Iraq Dinar News-Digital Transformation-Global Economic Power-USA-Imminent Suspended $ Platform

MilitiaMan & Crew Iraq Dinar News-Digital Transformation-Global Economic Power-USA-Imminent Suspended $ Platform

12-28-2024

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

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

https://www.youtube.com/watch?v=mazAgAY50P0

Iraq Economic News and Points to Ponder Saturday Afternoon 12-28-24

The Dollar Continues To Decline Against The Dinar In Baghdad And Erbil At The Closing

Economy  | 12/28/2024  Mawazine News – Baghdad  The dollar price decreased in the markets of Baghdad and Erbil, the capital of the Kurdistan Region, on Saturday, with the closing of the stock exchange.

The dollar price also decreased with the closing of the Al-Kifah and Al-Harithiya stock exchanges, recording 151,500 Iraqi dinars for every 100 dollars, while this morning it recorded 151,600 dinars for every 100 dollars.

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The selling prices stabilized in the exchange shops in the local markets in Baghdad, where the selling price reached 152,500 Iraqi dinars for every 100 dollars, while the purchase price reached 150,500 dinars for every 100 dollars.

In Erbil, the dollar also decreased, where the selling price reached 151,450 dinars for every 100 dollars, and the purchase price reached 151,350 dinars for every 100 US dollars. https://www.mawazin.net/Details.aspx?jimare=257973

Gold Prices Stabilize In Local Markets In Iraq

Economy  | 12/28/2024  Mawazine News – Baghdad  Gold selling prices in local markets in the capital, Baghdad, recorded stability today, Saturday, at the beginning of the last week of 2024.

The price of an ounce of gold recorded $ 2622, while the price of the 21-karat lira recorded 565 thousand Iraqi dinars, and the selling prices of the yellow metal were recorded as follows:

21-karat mithqal at 565 thousand dinars

18-karat mithqal at 485 thousand dinars

22-karat mithqal at 590 thousand dinars

24-karat mithqal at 645 thousand dinars

https://www.mawazin.net/Details.aspx?jimare=257960

Oil Prices Rise In Global Markets

Economy  | 12/28/2024  Mawazine News - Follow-up  Oil prices rose by more than 1%, achieving weekly gains amid weak trading before the end of the year, supported by a larger-than-expected decline in US crude inventories.   Brent crude futures rose 91 cents, or 1.2%, to settle at $74.17 a barrel. U.S. West Texas Intermediate crude rose 98 cents, or 1.4%, to $70.60, with both crudes up 1.4% for the week.   https://www.mawazin.net/Details.aspx?jimare=257953

Exceeding $73 Per Barrel.. Iraqi Oil Ends The Week's Trading On The Rise

Buratha News Agency1522024-12-28  At the end of trading, yesterday, Friday (December 27, 2024), Iraqi oil recorded a price increase exceeding $73 per barrel, coinciding with the rise in global crude.

According to data, Basra Heavy crude recorded $70.19 per barrel, while the average recorded $73.29 per barrel, with a change of -0.16, respectively, for February 2025 delivery.

The data also showed an increase in global crude prices, with British Brent crude recording $74.17, while US West Texas Intermediate crude recorded $70.60 per barrel, with a change rate of +0.98 and +0.90, respectively.    https://burathanews.com/arabic/economic/454352

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More Than A Billion Dollars In Sales From The Central Bank Of Iraq In 4 Days

Banks  Economy News – Baghdad  The total sales of hard currency in US dollars by the Central Bank of Iraq during the days in which the auction was opened during the past week amounted to more than one billion dollars.

During the past week and for the 4 days in which the auction was opened, the Central Bank sold 1 billion, 67 million, 584 thousand, and 729 dollars, at a daily rate of 291 million, 196 million, and 182 dollars, higher than the previous week, when the selling rate reached 289 million, 134 thousand, and 990 dollars.

The Central Bank auction opened its doors on Sunday, Monday, Tuesday and Thursday, after being closed during the official holidays last week, which included Friday, Saturday and Wednesday.

The highest dollar sales were on Monday, when sales reached 296 million, 151 thousand, and 962 dollars, while the lowest sales were on Sunday, when sales reached 284 million, 696 thousand, and 947 dollars.

Foreign remittance sales during the past week amounted to 1 billion, 67 million, 537 thousand, and 979 dollars, an increase of 95% compared to cash sales, which amounted to 46 million, 750 thousand dollars.

82 views  Added 12/28/2024 - https://economy-news.net/content.php?id=51366

Iraq Is The World's First In The Density Of Natural Resources.. A New Vision For Investing Resources

Time: 2024/12/28 Read: 1,118 times  {Economic: Al Furat News} The economic advisor to the Prime Minister, Mazhar Muhammad Salih, revealed a new vision for investment in materials in Iraq.

Saleh told {Euphrates News} that: “What the economic policy in our country is looking forward to is thinking outside the box and providing sustainability in the current account surplus of the Iraqi balance of payments through investment expansion in natural resources, manufacturing them and making them ready for export in a way that provides returns that help establish a sovereign wealth fund.”

He added, “The most appropriate model is to generate a sovereign wealth fund {directing its investments towards internal opportunities} and according to a different vision; since our country is ninth in the world in terms of the diversity of its natural resources in the ground and first in the world in terms of the concentration of wealth per square kilometer.”   LINK

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

Stock Market at Breaking Point, What Gets Gold to $4k?

Stock Market at Breaking Point, What Gets Gold to $4k?

Kitco News: 12-27-2024

As 2024 draws to a close, financial markets find themselves at a historic crossroads.

Gold has surged to unprecedented heights, breaching the $3,000 mark for the first time, while Bitcoin has crossed the elusive $100,000 threshold.

This dramatic rise in value has left investors and analysts alike pondering the implications for 2025.

 In an exclusive interview with Kitco News, Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence, provides valuable insights into the current state of these markets and the macroeconomic factors at play.

Gold’s ascent is not merely a reflection of its status as a safe haven asset; it has broader implications for the global economy. According to McGlone, the fact that gold has breached $3,000 could signal significant economic shifts.

“Historically, when gold reaches such levels, it often indicates rising inflation, heightened geopolitical tensions, or a loss of confidence in fiat currencies,” he explains. As central banks worldwide embark on a rate-cutting spree, the demand for gold as a hedge against currency devaluation is likely to grow.

Bitcoin’s meteoric rise to over $100,000 raises questions about sustainability. While McGlone acknowledges the cryptocurrency’s growing acceptance and institutional interest, he also cautions against potential volatility.

Key drivers behind Bitcoin’s strength include increased adoption by major financial institutions, ongoing technological advancements, and a burgeoning interest in decentralized finance. However, investors must remain vigilant as the landscape evolves.

The current macroeconomic environment is fraught with challenges, including geopolitical tensions and concerns over stagflation—the combination of stagnant economic growth and rising inflation. McGlone emphasizes the importance of diversification in an uncertain landscape.

Moreover, the prospect of de-dollarization poses a threat to the U.S. dollar’s dominance in global trade.

As we look to 2025, the financial landscape is likely to be shaped by the repercussions of 2024’s unprecedented market movements. Investors will need to be prepared for increased volatility and shifting market dynamics. McGlone suggests that a focus on asset allocation, risk management, and a keen understanding of macroeconomic indicators will be crucial in navigating the year ahead.

In conclusion, 2024 has been a historic year for financial markets, with gold and Bitcoin reaching remarkable new heights. The implications for 2025 are profound, with potential economic shifts that could impact investors globally.

As McGlone aptly puts it, “Staying informed and adaptable will be key to successfully navigating the uncertainties of the coming year.” Don’t miss this essential interview as we delve into the future of financial markets and what lies ahead for investors in 2025.

https://youtu.be/yVIA19_HdOI

Iraq Economic News and Points to Ponder Saturday AM 12-28-24

In Numbers: The Decline In The Value Of The Iraqi Dinar
 
Economy | Yesterday, |Baghdad Today – Baghdad  Today, Friday (December 27, 2024), the economic expert, Manar Al-Obaidi, determined how much the Iraqi dinar has lost its value.
 
Al-Obaidi explained in a blog post followed by “Baghdad Today” that “the value of any currency is determined based on two basic factors, which are the   quantity of the currency issued, which is the total cash pumped by the central bank, and the  size of the reserves, which includes foreign currencies, investments, and gold held.” At the Central Bank.

 He stated, "The situation at the end of 2023, the amount of currency exported reached 101 trillion dinars, and the  value of official reserves reached 145 trillion Iraqi dinars." Al-Obaidi added,
 
"As for the situation at the end of 2024, the amount of currency exported remained at the same level, 101 trillion Iraqi dinars, and the value of official reserves decreased to 139.7 trillion Iraqi dinars."
 
He pointed out, “The impact on the value of the Iraqi dinar.
 
Despite the stability of the exported monetary mass, the decrease in the value of official reserves by 5.3 trillion Iraqi dinars led to a decline in the purchasing power of the dinar.
 
As a result of this decrease in reserves, the actual value of the Iraqi dinar declined by 5.3%.”". Al-Obaidi pointed out,
 
"The continued decline in the actual value of the dinar will lead at some point to an increase in inflation as a result of the decline in the strength of the dinar in exchange for only the reserves.
 
All of this was the average price of Iraqi oil was high, so how will things turn out in the event of a decline in oil prices?"  https://baghdadtoday.news/264779-بالأرقام.-انخفاض-قيمة-الدينار-العراقي.html

Finance: Digital Transformation Has Accelerated The Completion Of Transactions And Reduced The Need For Cash Transactions
 
economy    24-12-2024, 11:51  Baghdad - IA - Wissam Al-Mulla    Today, Tuesday, the Ministry of Finance announced that   it has made great strides in digital transformation and electronic payment, while  indicating progress in the field of automating customs procedures to ensure financial sustainability and diversification of the economy.
 
The representative of the Minister of Finance/Undersecretary of the Ministry, Rebaz Muhammad Hamdan, said in her speech during the fourth annual international scientific conference, entitled (Digital Financial Services - Challenges of Reality and Foreseeing the Future) and attended by the correspondent of the Iraqi News Agency (INA), 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, "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, reducing the need for cash transactions, and providing services to people who cannot access traditional banking services," noting that
 
“Innovation and development in this field were enhanced, ways of cooperation were discussed between relevant authorities in the field of financial technology, and
 
the most prominent solutions related to cybersecurity and future risks in this sector were reviewed and how to take precautions for those risks.” He continued,
 
"The Ministry has advanced in the field of automating customs procedures to ensure financial sustainability and the diversification of the economy in accordance with the principles of integrity, transparency and anti-corruption, and has implemented programs in the Financial and Accounting Training Center 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."".      https://www.ina.iq/224332--.html 

Finance: Digital Transformation Has Accelerated The Completion Of Transactions And Reduced The Need For Cash Transactions
 
economy    24-12-2024, Baghdad - IA - Wissam Al-Mulla    Today, Tuesday, the Ministry of Finance announced that  it has made great strides in digital transformation and electronic payment, while  indicating progress in the field of automating customs procedures to ensure financial sustainability and diversification of the economy.
 
The representative of the Minister of Finance/Undersecretary of the Ministry, Rebaz Muhammad Hamdan, said in her speech during the fourth annual international scientific conference, entitled (Digital Financial Services - Challenges of Reality and Foreseeing the Future) and attended by the correspondent of the Iraqi News Agency (INA), 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,
 
"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, reducing the need for cash transactions, and providing services to people who cannot access traditional banking services," noting that
 
“Innovation and development in this field were enhanced, ways of cooperation were discussed between relevant authorities in the field of financial technology, and  the most prominent solutions related to cybersecurity and future risks in this sector were reviewed and how to take precautions for those risks.”

He continued,  "The Ministry has advanced in the field of automating customs procedures to ensure financial sustainability and the diversification of the economy in accordance with the principles of integrity, transparency and anti-corruption, and has implemented programs in the Financial and Accounting Training Center 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."".     https://www.ina.iq/224332--.html 

Integration Requirements
 
December 26, 2024   In order to speed up the procedures and complete the
merger transactions for exchange companies (A, B) and brokerage companies that buy and sell all foreign currencies, please provide us with the attached merger requirements.
 
For more, click here.   https://cbi.iq/static/uploads/up/file-173521355168533.pdf
 
https://cbi.iq/news/view/2746   
 
~~~~~~~~~~    
 
[ partial and approximate of https://cbi.iq/static/uploads/up/file-173521355168533.pdf ]
 
DATE:  26/12/2024  
 
Exchange companies for the two (8 and 8) under establishment
 
Mediation companies by selling and selling all foreign currencies
 
M/ Integration requirements
 
In order to accelerate procedures and complete the completion of your companies ’integration.
 
Please provide us with the accompanying integration requirements, so that this directorate can proceed with this directorate.
 
Integration without delay or delay, as the delay in completing the requirements of integration will lead to the delay in granting you The final license.
 
You can communicate through the available channels, including the adopted email of this directorate:
Nbfi.supervision@cbi.ig.
 
with appreciation/    To abide by what is mentioned above.

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

Seeds of Wisdom RV and Economic Updates Saturday Morning 12-28-24

Good Morning Dinar Recaps

IRS FACES LEGAL PUSHBACK OVER NEW DEFI COMPLIANCE RULES

▪️Three major crypto advocacy groups have filed a lawsuit against the IRS.

▪️They are challenging its new regulation that classifies DeFi platforms as brokers.

▪️The crypto community and some lawmakers have also criticized the regulation.

Three prominent pro-crypto groups — the Blockchain Association, DeFi Education Fund, and the Texas Blockchain Council — have initiated legal action against the US Internal Revenue Service (IRS).

The lawsuit challenges the IRS and Treasury Department’s recent decision to categorize decentralized finance (DeFi) platforms as brokers, a ruling that has sparked significant controversy within the crypto sector.

IRS Broker Redefinition Triggers Legal and Legislative Issues

On December 27, the IRS finalized new regulations targeting the DeFi industry by expanding the definition of a broker to include decentralized exchanges and other front-end platforms.

This adjustment mandates that these entities report all crypto and other digital asset transactions, including details about the taxpayers involved. Set to be enforced starting in 2027, these regulations aim to enhance transparency in digital asset transactions.

However, the crypto advocacy groups contest that the IRS’s extension of broker status to DeFi platforms overreaches the statutory authority granted to the agency. They also argued that the move infringes upon the Administrative Procedure Act (APA) while deeming the action unconstitutional.

Further, they argue that the rule imposes undue compliance burdens on software developers, particularly those creating trading interfaces. According to them, this could severely inhibit innovation and significantly strain American entrepreneurs.

“The IRS and Treasury have gone beyond their statutory authority in expanding the definition of “broker” to include providers of DeFi trading front-ends even though they do not effectuate transactions.

Not only is this an infringement on the privacy rights of individuals using decentralized technology, it would push this entire, burgeoning technology offshore,” Marisa Coppel, the Head of Legal for the Blockchain Association, said.

Meanwhile, the regulatory change has also provoked a strong reaction from the broader crypto community, with several industry leaders calling for legislative intervention.

Bill Hughes, a lawyer at Consensys, criticized the rule’s release during the holiday season as a strategic move to minimize industry pushback. Similarly, Miles Jennings, General Counsel at a16z Crypto, described the rule as a drastic overreach intended to clamp down on DeFi operations.

Moreover, Alexander Grieve, Vice President of Government Affairs at Paradigm, has urged the upcoming Congress to reassess and possibly reject these new stipulations.

US lawmakers like French Hill and Patrick McHenry have already spoken against the move, suggesting they might oppose it.

“The Biden-Harris Treasury chose to defy both Democrats and Republicans in Congress by finalizing its controversial broker tax reporting rule today. This rule is an overreach by the Treasury, a blatant and poorly crafted attempt to target DeFi, and should never have been finalized in the final days of the Biden-Harris Admin,” Hill stated.

@ Newshounds News™

Source:  Be In Crypto

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9 NEW COUNTRIES WILL OFFICIALLY JOIN BRICS AS PARTNER COUNTRIES (NOT FULL MEMBERS) ON JANUARY 1, 2025.

 Belarus   Bolivia    Cuba   Indonesia   Kazakhstan   Malaysia   Thailand   Uganda   Uzbekistan

@ Newshounds News™

Source:  @BRICSNews

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“Tidbits From TNT” Saturday Morning 12-28-2024

TNT:

Tishwash:  Dagher: I don't understand why we borrow when oil exceeds $70 

Today, economic expert Dr. Mahmoud Dagher criticized the economic policies that push Iraq to borrow despite oil prices exceeding $70 per barrel.

Dagher explained that the external debt exceeded the figures announced according to the World Debt Report, while the internal debt amounted to more than 81 trillion Iraqi dinars, which constitutes an additional burden on the general budget that bears the debt installments and interest, as these costs reach 9 trillion dinars.

He pointed out that the government's continued borrowing lacks any economic justification, especially with the fluctuation of Iraq's GDP as a country dependent on oil revenues, which makes the debt-to-GDP ratio unrealistic or economically feasible.

Dagher concluded his statement by stressing the need to reconsider these financial policies, warning of the repercussions of borrowing on the Iraqi economy if oil prices decline in the future  link

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Tishwash: Chinese Payment Firm enables Iraq's new SuperQi App

Iraq’s Qi and Ant International join forces to launch SuperQi app

SuperQi aims to serve millions of Iraqis, offering a comprehensive suite of services that include scan-to-pay, money transfers, bill payments, loans, mobile recharge and other payment solutions 

Qi, a leading player in Iraq’s fintech sector, has unveiled its groundbreaking third-generation app, SuperQi, in collaboration with Ant International.

Powered by Alipay+ Wallet Tech solutions, SuperQi integrates a digital lifestyle super app with a fully functional digital bank, bringing a new era of financial inclusion and digital services to Iraq.

Since its launch in July 2024, SuperQi has seamlessly fused Western digital banking models with the best practices from Asia’s leading super apps.

Bahaa Abdulhussein, chairman of Qi, said “At Qi, our vision is to build a cashless Iraq by bringing financial services to every corner of our society. SuperQi is a testament to this commitment, simplifying financial transactions and fostering greater inclusivity for all Iraqis.

He added: “Our collaboration with Ant International is not just about advancing digital finance; it represents a transformative leap towards creating a broader digital ecosystem that addresses the needs of the unbanked population.”

Available in Arabic, English, and Kurdish, SuperQi aims to serve millions of Iraqis, offering a comprehensive suite of services that include scan-to-pay, money transfers, bill payments, loans, instalments, mobile recharge, shopping, travel and other payment solutions.

SuperQi also supports Iraq’s expanding financial infrastructure, with over 20,000 point-of-sale merchants and 10,000 cash-out agents.

The app’s accessibility is designed to meet the evolving financial and lifestyle needs of users, targeting over 30 per cent of Iraq’s population by 2026.

Qi has already made significant strides in improving financial inclusion in Iraq. The rate of banked individuals in the country has surged from a mere 5 per cent to nearly 50 per cent in recent years.

By enabling access to banking services through SuperQi, the fintech company aims to further accelerate this shift towards a cashless society.

“With SuperQi, we empower millions of Iraqis with accessible, efficient, and secure solutions, paving the way for a more interconnected, inclusive, and technologically advanced nation,” said Abdulhussein.

Qi focused on an ambitious expansion plan with the launch

With over 11 million cardholders and five million mobile app users, Qi plans to reach over 15 million app users within the next three years.

This is in line with its mission to reshape the way financial transactions occur in Iraq, offering unparalleled convenience for users to take control of their finances.

SuperQi’s impact goes beyond individual users — it is designed to create a thriving ecosystem for businesses as well. The app offers secure and flexible payment solutions, enabling businesses to connect with customers in new, innovative ways.

“The launch of SuperQi is a milestone in Iraq’s journey towards a cashless society,” said Ali Muneam, CEO of Qi. “By bridging the gap for millions who still rely on cash transactions, SuperQi is not just a financial solution, but a key step in modernising our nation’s economy.”

Luay Al Obaidi, chief product officer of SuperQi, emphasised the app’s broad appeal: “SuperQi represents a paradigm shift in how we address the lifestyle and daily needs of our diverse customer base. We invite businesses across Iraq to leverage SuperQi as a platform to deliver their services seamlessly and effectively.”

The app’s integrated features offer everything from digital banking to e-commerce, solidifying its place as a central platform for Iraq’s digital future.

Qi’s collaboration with Ant International has enabled the launch of a powerful financial ecosystem, one that stands poised to unlock new economic opportunities in Iraq’s growing digital landscape.

Committed to a cashless, digital-forward future

From its inception in 2007 to the launch of SuperQi, Qi has been a torchbearer for innovation, leadership, and sustainability. SuperQi signifies a monumental shift in Qi’s vision for fintech’s role in everyday financial management, after being rewarded as the Best Credit Solutions Provider in Iraq, offering a lifestyle super-app providing its users seamless experience all day, every day, for all their payments.

This reflects Qi’s commitment to a bold, cashless, digital-forward future, in line with the visionary goals set by Bahaa Abdulhussein.  link

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Tishwash:  Praising the government's success in attracting investors and capital to the country

As the year 2024 draws to a close, witnessing an urban renaissance that the country has lacked for decades, academics and specialists praised the government’s success in attracting investors and capital to the country, stressing that the security stability enjoyed by the country and the development of the banking system that came in accordance with the government program, pushed the wheel of investment forward.

Safe reality

Professor of Economics at Al-Nahrain University, Sattar Al-Bayati, told Al-Sabah: “In light of the current safe reality and the stability that the country is witnessing, there is a development and urban movement that the country is witnessing according to the government program, and the achievements that occurred during this year with regard to Baghdad, especially in the matter of cleanliness, roads, bridges and projects in various sectors, as well as the bridges that were built or rehabilitated and appeared in a new guise

These are all positive messages sent by the government to investors, whether Iraqis or Arab and foreign investors, that there is a suitable environment for investment in general, especially direct investment in light of the existence of Investment Law No. 13 of 2006 and its amendments, which contain many articles that serve the investor.”

 He pointed out that “there are two types of investment, which are foreign direct investment and indirect foreign investment,” indicating that “indirect investment occurs in the Iraq Stock Exchange, or any stock market or stock exchange.”

 Infrastructure

He added, "The government is counting on direct investment, because it is a real investment that can be made directly in the basic structures or infrastructure that the country needs, such as residential complexes, bridges, hospitals, or universities. Direct investment can invest in all of these."

Great benefit

In turn, economic expert Alaa Al-Fahd told Al-Sabah: “The government has focused on investment aspects and development projects with high economic feasibility,” indicating that “these projects, if completed, will be the gateway and beginning for development projects and investments and attract foreign investment, while greatly benefiting from the state of security and political stability in Iraq.” Al-Fahd confirmed that “there is an investment revolution in Iraq currently.”

Financial capabilities

“Security and political stability can be a gateway for investments in various fields and sectors, such as the services sector, housing sector and infrastructure, and this is one of the government’s priorities,” he added, noting that “this requires consolidating the partnership between the public and private sectors, whether local or foreign, as this is the first stage to gain confidence and move from the socialist state and the government’s implementation of projects, to another new state with the participation of the private sector in projects in which the local private sector can invest according to the existing financial capabilities and infrastructure belonging to the state, and even in the field of managing service facilities and others.”

Big investments

He pointed out that Iraq today has begun to attract very large investments that have so far reached 62 billion dollars, but it needs more than 500 billion dollars in the areas of infrastructure, services and productive projects, in addition to the government’s orientation towards oil transformation industries,” indicating that “these industries in themselves will contribute firstly to achieving self-sufficiency, and secondly, Iraq can be a source of oil derivatives, as well as a source of transformation industries instead of the state having to bear the costs of importing them.” 

Government vision

“There is a government vision for a map of high-priority investment projects, and the government has begun to lay the basic foundations in terms of financial transfer, financial leverage, and financial inclusion, which is one of the largest pillars of investment,” he said, stressing that “investment seeks financial security and financial inclusion, with the presence of a banking system capable of managing the investment process, primarily by providing bank credit, as well as achieving financial security in terms of foreign transfers and relations between local banks.” And foreign.  link

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Mot: .. They Say -- Its Not What You Say - Its What Ya Mean!!! 

Mot... Now This is VERY IMportant!!! to Us All!!!!