“Tidbits From TNT” Tuesday Morning 12-31-2024

TNT:

Tishwash:  40 trillion dinars is Iraq's internal debt.. Does the government have the "key" to repay it?

Member of the Parliamentary Finance Committee, Jamal Kojer, revealed Iraq’s internal debts, which exceeded 40 trillion dinars.

Kocher told {Euphrates News} that: "Regarding Iraq's internal debts, the numbers speak of more than 40 trillion, and the majority of the debts belong to the government banks, Rafidain, and TBI." 

He added, "The government is now able to pay these debts if it opts for withdrawing them from the bank reserve. " Kocher stressed "the need to schedule debt repayment as a result of the banks' role parallel to the government's role in providing job opportunities and supporting the private sector."

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, announced that Iraq has exited the risks of external debts, and that (Iraq) is a well-fortified country.

He stressed that the ratio of debts to the gross domestic product does not constitute a burden on the state, as it amounts to (5) percent of the gross domestic product, and is confined within the (government banking) system.  link

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Tishwash:  Sudanese advisor reveals government's philosophy for future of national economy

The economic advisor to the Prime Minister, Mazhar Muhammad Salih, revealed the government’s philosophy for the future of the national economy, represented by the idea of ​​establishing a sovereign wealth fund.

Saleh told {Euphrates News} that: "The initiation of the idea of ​​a sovereign wealth fund is essential and is consistent with the renaissance of natural resources and undoubtedly comes in parallel with the development path strategy and its outcomes in generating a leading industrial renaissance in the national economy.

This is Iraq's outline in building the future of its economy for the twenty-first century and in two directions {the export-oriented development model and the other, and the development model directed towards maximizing the input-output tables and replacing imports within the national economy}.

He added, "Therefore, the sovereign wealth fund will adopt a vision that expresses the strength and basis of the interconnections between the outputs of national wealth from natural resources and the inputs of the production function in the national economy, which requires another model in managing sovereign wealth funds directed towards the interior."
Saleh explained that "the sovereign fund will work to accelerate the diversification of the three basic sectors, which are the manufacturing industry, agriculture and services, in an advanced digital age. This is what the government program aspires to in its philosophy for the future of the national economy, which did not neglect the idea of ​​partnership between state activity and market activity in sustainable development." link

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Tishwash:  Al-Sudani starts 2025 with a visit to Iran

 An informed source revealed on Monday that Prime Minister Mohammed Shia al-Sudani will begin a visit to Iran at the end of next week, to discuss developments in the region .

The source told Shafaq News Agency that Al-Sudani will discuss several files with Iranian leaders, most notably the recent developments in Syria .

Al-Sudani had made several visits to countries in the region after the fall of Bashar al-Assad's regime, including Jordan and Saudi Arabia, where he discussed security issues with the leaders of these countries. Iraq also participated in the Aqaba Conference held in Jordan, with the participation of several countries, including the United States .

Iranian President Masoud Pezeshkian   visited Iraq on September 11, and made a three-day tour that included Baghdad, Erbil, Sulaymaniyah, Najaf, Karbala and Basra .

On May 22, Al-Sudani also visited Tehran to participate in the funeral of Iranian President Ebrahim Raisi, who was killed in a plane crash . 

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Mot:  These Life Changing Decisions - Still Plaguing Me They is! 

Mot:  ... New Years Eve - As Ya ""Season""

Mot: YEPPERS!!! ~~~~ Staying up  for new years eve

MilitiaMan & Crew Iraq Dinar News-Commemorative Coin?-Investment Attractive-Dollar Auction Done by End of Year!

MilitiaMan & Crew Iraq Dinar News-Commemorative Coin?-Investment Attractive-Dollar Auction Done by End of Year!

12-30-2024

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=oTtFPLSEhno

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

Observers: The Central Bank Claims The Success Of Its Monetary Policy Without Any Effect On Reality

Written by: social Baghdad  12-30-2024  The Central Bank claimed the success of its monetary policy in 2024, claiming that the four percent increase in deposits in operating banks is an indicator of the success of the monetary policy.

Observers believe that the Central Bank, which claims the success of its financial policy, must find a new outlet to feed the demand for the dollar without going through the foreign currency auction to eliminate the whales of corruption and preserve the bank’s foreign currency reserves,

stressing that developing the Iraqi stock market increases the absorption of individual savings and hoards and re-injecting them into development and investment projects,

pointing out that the lack of banking awareness and lack of interest in developing the sector contributed to creating a random monetary policy, pointing out that the Central Bank’s claims of the successes it has achieved have no effect on reality.  LINK

A “suspicious” scenario that needs answers: Iraq pays two million dollars a day to Turkmenistan for gas Consumed By Iran?

Posted on 2024-12-29 by sotaliraq  In late 2023, Iraq signed a memorandum of understanding with Turkmenistan to supply gas to Iraq, and in the middle of this year 2024, Iran and Turkmenistan signed a contract to supply Turkmen gas through a “bilateral barter” method for the benefit of Iraq, before Iraq returned after about 3 months to sign the official agreement with Turkmenistan to supply gas via Iran.

The “bilateral swap” is known as Turkmenistan exporting about 25 million cubic meters per day to the northern Iranian territories, which Iran is unable to deliver gas to, then giving Iraq equal quantities of its gas from nearby territories via pipelines, meaning that Iraq buys Turkmenistan’s gas and pays money to Turkmenistan in the amount of 20 to 25 million cubic meters per day and bypasses the issue of sanctions first, then Iran consumes this gas that Iraq paid money to Turkmenistan, in its northern provinces, in return giving Iraq equal quantities of gas from its fields close to Iraq via pipelines.

However, Iran’s continued cutting off of gas to Iraq under the pretext of maintenance and other reasons, without adhering to the contract signed with Iraq, has opened the door to questions and fears that Iraq has fallen victim to a “fraud.” Iraq is obligated to pay money to Turkmenistan for 25 million cubic meters per day, at a value of $2.5 million per day, or nearly $1 billion annually, but in return, Iraq does not impose conditions on Iran, as it seems, in the contract.

This is what economic researcher Ziad Al-Hashemi says, who pointed out that Iran has not only cut off gas to Iraq, but it is also consuming Turkmen gas, which Iraq pays for, and burning and consuming it in its northern provinces.

A dangerous scenario reveals the extent of the negotiating gap, with Iraq not announcing or disclosing the official terms of the contract with Iran or even Turkmenistan, while Alsumaria had previously prepared a report that raised a number of questions about this contract. (You can read it here)

The Al-Sumaria report at the time, which was published in July 2024, described this agreement as carrying many paradoxes, question marks and inquiries.

The first is that Iraq will buy Turkmen gas for Iran, meaning that it will pay its money to Turkmenistan but will never receive this gas. Rather, this gas will go to northern Iran. In return, Iran will give gas in the same quantities, perhaps to Iraq from its local gas at the same time.

Here, Iraq will pay the price of Iranian gas, but without handing over the money to Iran, but rather handing it over to Turkmenistan, which will bypass the issue of sanctions.

Other questions relate to the price of Turkmen gas. Will Iraq buy Turkmen gas at the same price as Iranian gas, or will it pay more money to Turkmenistan in exchange for the same Iranian gas it previously imported?

The third question is whether Iraq will bear the cost of the pipeline extending from Turkmenistan to Iran, considering that Iran does not need to establish this network and import Turkmen gas, but rather it took this step for the benefit of Iraq only, as it can suffice with its local gas and stop it from Iraq and use it for domestic consumption.

Iraq will buy gas that “will never enter its stations”.. Two benefits and 3 suspicious paradoxes of the Iran-Turkmenistan agreement

The third and serious question at the same time is: Will Iran deal with the gas coming from Turkmenistan, which Iraq pays for, as not being gas for exchange that Iran takes in exchange for giving Iraq part of its gas?

In other words, will Iran consider itself a “transit land” for Turkmen gas to Iraq, and thus take additional transit fees? Although this is not what will happen, as Turkmen gas will never reach Iraq, but will be exchanged, meaning that Iran will take it and give Iraq part of its local gas that it has been supplying to Iraq for years.  LINK

Economist: The Decrease In The Actual Value Of The Dinar Will Lead To Inflation

12/28/2024 - Economic expert, Munar Al-Abidi, confirmed that “the value of any currency is determined based on two basic factors: 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.”

Al-Obaidi said in a tweet seen by (Al-Masry - Today, Saturday), that “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.”

He 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 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?"

He continued, "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%."  https://almasra.iq/113717/

Iraq Economic News and Points to Ponder Monday Afternoon 12-30-24

40 Trillion Dinars Is Iraq's Internal Debt.. Does The Government Have The "Key" To Repay It?

Time: 2024/12/30 17:56:16 Reading: 819 times  {Politics: Al Furat News} Member of the Parliamentary Finance Committee, Jamal Kojer, revealed Iraq’s internal debts, which exceeded 40 trillion dinars.

Kocher told {Euphrates News} that: "Regarding Iraq's internal debts, the numbers speak of more than 40 trillion, and the majority of the debts belong to the government banks, Rafidain, and TBI."

He added, "The government is now able to pay these debts if it opts for withdrawing them from the bank reserve.

" Kocher stressed "the need to schedule debt repayment as a result of the banks' role parallel to the government's role in providing job opportunities and supporting the private sector."

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, announced that Iraq has exited the risks of external debts, and that (Iraq) is a well-fortified country.

He stressed that the ratio of debts to the gross domestic product does not constitute a burden on the state, as it amounts to (5) percent of the gross domestic product, and is confined within the (government banking) system.  LINK

Exchange Rates Rise In Baghdad, Stabilize In Erbil With Closure

Economy  | 12/30/2024  Mawazine News - The US dollar rose against the Iraqi dinar in Baghdad markets on Monday, while it stabilized in Erbil, the capital of the Kurdistan Region, with the closing of the stock exchange.

The dollar also rose with the closing of the two main stock exchanges in Baghdad, Al-Kifah and Al-Harithiya, to record 151,750 dinars per 100 dollars, while it recorded 151,600 dinars per 100 dollars this morning.

Selling prices rose in exchange shops in local markets in Baghdad, where the selling price reached 152,000 dinars per 100 dollars, while the purchase price reached 151,000 dinars per 100 dollars.

In Erbil, the dollar recorded stability, where the selling price reached 151,700 dinars per 100 dollars, and the purchase price reached 151,600 dinars per 100 dollars. https://www.mawazin.net/Details.aspx?jimare=258060

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

Economy  | 12/30/2024  Mawazine News - Follow-up of  the Iraqi oil record at the beginning of the end of the year's trading, today, Monday, stability at an increase during the opening of the week's trading in global markets.

According to economic 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 $74.30, while US West Texas Intermediate crude recorded $70.66 per barrel, with a change of +0.13 and +0.05, respectively.  https://www.mawazin.net/Details.aspx?jimare=258046

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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, Monday.

Gold prices in the wholesale markets on Al-Nahr Street in Baghdad this morning recorded a selling price for one mithqal of 21 karat Gulf, Turkish and European gold of 556 thousand dinars, and a purchase price of 526 thousand dinars.

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

As for gold prices in goldsmiths’ shops, the selling price of a mithqal of 21-karat Gulf gold ranges between 560,000 and 570,000 dinars, while the selling price of a mithqal of Iraqi gold ranges between 530,000 and 540,000 dinars.  82 views 12/30/2024 - https://economy-news.net/content.php?id=51436

Sudanese Advisor Reveals Government's Philosophy For Future Of National Economy

Time: 2024/12/30 Read: 1,131 times   {Economic: Al Furat News} The economic advisor to the Prime Minister, Mazhar Muhammad Salih, revealed the government’s philosophy for the future of the national economy, represented by the idea of ​​establishing a sovereign wealth fund.

Saleh told {Euphrates News} that: "The initiation of the idea of ​​a sovereign wealth fund is essential and is consistent with the renaissance of natural resources and undoubtedly comes in parallel with the development path strategy and its outcomes in generating a leading industrial renaissance in the national economy. This is Iraq's outline in building the future of its economy for the twenty-first century and in two directions {the export-oriented development model and the other, and the development model directed towards maximizing the input-output tables and replacing imports within the national economy}.

He added, "Therefore, the sovereign wealth fund will adopt a vision that expresses the strength and basis of the interconnections between the outputs of national wealth from natural resources and the inputs of the production function in the national economy, which requires another model in managing sovereign wealth funds directed towards the interior."

Saleh explained that "the sovereign fund will work to accelerate the diversification of the three basic sectors, which are the manufacturing industry, agriculture and services, in an advanced digital age. This is what the government program aspires to in its philosophy for the future of the national economy, which did not neglect the idea of ​​partnership between state activity and market activity in sustainable development."  LINK

Exchange Rates Rise In Baghdad, Stabilize In Erbil With Closure

Economy  | 12/30/2024  Mawazine News - The US dollar rose against the Iraqi dinar in Baghdad markets on Monday, while it stabilized in Erbil, the capital of the Kurdistan Region, with the closing of the stock exchange.

The dollar also rose with the closing of the two main stock exchanges in Baghdad, Al-Kifah and Al-Harithiya, to record 151,750 dinars per 100 dollars, while it recorded 151,600 dinars per 100 dollars this morning.

Selling prices rose in exchange shops in local markets in Baghdad, where the selling price reached 152,000 dinars per 100 dollars, while the purchase price reached 151,000 dinars per 100 dollars.

In Erbil, the dollar recorded stability, where the selling price reached 151,700 dinars per 100 dollars, and the purchase price reached 151,600 dinars per 100 dollars. https://www.mawazin.net/Details.aspx?jimare=258060

Iraqi Ports Announces 2024 Achievements: Electronic Automation And Increase Of Revenues To One Trillion Dinars
Economy   | Mawazine News - The Iraqi General Company for Ports announced,  Today, Monday, the most prominent achievements for the year 2024, which included the introduction of electronic automation and the implementation of reform measures in port work, which contributed to raising port revenues to exceed the barrier of one trillion Iraqi dinars.

The company's general manager, Farhan Al-Fartousi, confirmed during a press conference that "work on the Grand Faw Port project has achieved remarkable progress, as the completion rate of the five projects in the port exceeded 80%. He also pointed to the start of the operating phase through the competition of 11 international companies to operate Container Terminal No. 1."

Al-Fartousi added that the number of ships that entered Umm Qasr Port during the current year exceeded 3,000 ships, while the number of containers exceeded 1.8 million containers, which reflects the development in port performance and the achievement of a qualitative leap in the management of Iraqi ports.   https://www.mawazin.net/Details.aspx?jimare=258062

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

“Tidbits From TNT” Monday 12-30-2024

TNT:

Tishwash:  Economic Advisor: Our country is ranked ninth in the world in natural resources

The economic advisor to the Prime Minister, Mazhar Mohammed Salih, said, “What the economic policy in our country aspires to is thinking outside the box and providing sustainability in the current account surplus of the Iraqi balance of payments.”

He added, “This comes through investment expansion in natural resources, manufacturing them, and preparing them for export, which provides returns that help establish a sovereign wealth fund.”

Saleh pointed out in a press statement followed by (Al-Masry - Today, Sunday), that "the most appropriate model is to generate a sovereign wealth fund {directing its investments towards internal opportunities} and according to a different vision; because our country is ninth in the world in terms of the diversity of its natural resources in the earth's interior and first in the world in terms of the concentration of wealth in one square kilometer."  link

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Tishwash:  Central Bank records 'significant growth' in Iraq's gold reserves

The Central Bank announced, on Sunday, that it recorded a significant growth in the country's gold reserves, while it considered the inflation rates in Iraq to be the lowest in the region during the months of August and September, of the year 2024, which is about to end.

This came in a statement issued by the bank regarding the positive indicators it achieved for the third quarter of 2024 compared to the same quarter in 2022 and 2023, considering that this reflects the success of the monetary policy adopted by the bank during 2024.

The Central Bank of Iraq confirmed that 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. In contrast, 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.

The statement added that 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 (42.8) 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. In contrast, the broad money supply in Iraq recorded a growth of (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.

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 their value reached (16.8) trillion dinars, compared to their value of (10.7) trillion dinars in the third quarter of 2023.

The Central Bank noted 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, which reflects price stability and the success of monetary policy in Iraq.  link

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Tishwash:  The Central Bank announces the positive indicators achieved in the third quarter of 2024

The Central Bank of Iraq announced, today, Sunday, the positive indicators achieved in the third quarter of 2024.

A statement by the bank, received by the Iraqi News Agency (INA), stated that "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, while 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 (42.8) 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, according to the statement, 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 (179.8) trillion dinars, compared to its value of (173.9) trillion dinars in the third quarter of 2023."

He added, "The gold reserves of the Central Bank of Iraq recorded a significant growth of (57%) in the third quarter of 2024, as their value amounted to (16.8) trillion dinars, compared to their value of (10.7) trillion dinars in the third quarter of 2023," stressing 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 rate remained acceptable at (3.7%) and (3.1%) respectively, and this reflects price stability and the success of monetary policy in Iraq."  link

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Tishwash:  Iranian source to Baghdad Today: Al-Sudani to visit Tehran soon

A responsible source in the Iranian presidential office revealed, today, Sunday (December 29, 2024), an upcoming visit by Iraqi Prime Minister Mohammed Shia al-Sudani to the capital, Tehran.

The source said in an interview with Baghdad Today, "Al-Sudani will visit Tehran, and this visit is likely to be in the first half of January 2025, and we are coordinating with the Iraqi side regarding this visit."

He pointed out that "the visit of Al-Sudani and the accompanying ministerial delegation will focus on the situation in the region, especially in Syria after the fall of President Bashar al-Assad's regime at the hands of extremist groups on December 8."

Al-Sudani's last visit to Tehran was on May 22, to participate in the funeral of the late Iranian President Ebrahim Raisi, who was killed in the crash of his presidential plane in northwestern Iran on the 19th of the same month.

On September 11, Iranian President Masoud Pezeshkian visited Iraq for a three-day visit during which he met with officials in Baghdad. He then went to Erbil, Sulaymaniyah, Najaf, and Karbala, concluding his visit in Basra Governorate in the far south of Iraq.  link

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Mot: Men are so Simple

Mot:  and Yet another ""Marital Tip"" frum ole ""Mot""

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

~~~~~~~~~

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

~~~~~~~~~

🇷🇺 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

~~~~~~~~~

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   

**********

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

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

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

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

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