Iraq Economic News and Points to Ponder Monday AM 1-6-25

Economist: The Government’s Measures Did Not Close The Gap Between The Official And Parallel Price Of The Dollar

 January 5 10:55  Information / Baghdad...Economic affairs researcher Diaa Abdel Karim said that  government measures regarding government and private banks and issuing decisions about exchange companies were unable to close the gap between the official and parallel dollar exchange rates.  Abdul Karim told Al-Maalouma,

 “The parallel exchange rate for the dollar is approximately 20,000 Iraqi dinars higher than the official one, as  it is a big difference with the official selling price at the Central Bank outlets, and it requires the government to intervene to take further measures to eliminate this difference.”".

He added,  "There is an urgent need to take measures that would stop any transactions in dollars at home, including ending transactions in dollars regarding the buying and selling of cars in trade showrooms, where citizens resort to buying dollars from banking outlets in order to go to official or private showrooms to buy a car." He stated,

“The government can open a window and allocate it to sell dollars for the purpose of buying a car,

 or

 impose strict control and force official exhibitions not to deal in dollars, in order to limit foreign currency to foreign transfers, travel, and imports, and

 the dollar is sold in official outlets only, in order to end the difference between the official and parallel prices.”. End25n  

  https://almaalomah.me/news/87261/economy/اقتصادي:-اجراءات-الحكومة-لم-تغلق-الفجوة-بين-السعر-الرسمي-وال

Expert: Jordanian And Gulf Banks Control The Iraqi Banking Sector And Push It Toward Collapse
 
    January 4 18:35
Information / private..
 
Economic expert Mustafa Akram Hantoush confirmed today, Saturday, that the
 
banking system is going through a major crisis, noting that
 
Gulf and Jordanian banks have now controlled the monetary and dollar sector inside Iraq.
 
Hantoush said in a statement to the Maalouma Agency,
 
"The Iraqi banking system is almost non-existent at the present time, as four or five Gulf and Jordanian banks control the movement of funds." He added,
 
"Four Jordanian banks submitted applications to enter the Iraqi market, and two of them succeeded in operating, while two others, Al-Ittihad and Housing, are still under study." He explained,
 
"This situation strengthens the dominance of these banks over the dollar, while local banks are facing major challenges, as some of them remain in the market, while others are forced to search for agreements with Jordanian and Gulf banks in order to continue working," adding,

"Whoever does not succeed... In reaching agreements with these banks, he will move towards merging or exiting the market.” He pointed out that
 
"the banking system was previously suffering from weakness in its structure, and
 
today it is in a state of complete collapse," stressing that
 
"it has become very difficult to obtain loans in Iraq easily, and
 
whoever succeeds in this needs relationships and mediation, which reflects the situation in Iraq."
 
"Stagnation and paralysis in the Iraqi banking system."
 
It is noteworthy that the United States imposed sanctions on 34 Iraqi banks in an attempt to restrict the Iraqi economy, which opens the way for five Jordanian and Gulf banks to enter the Iraqi market, with the aim of completely controlling the economy amid the silence of the Iraqi government. 25 d finished    
  
https://almaalomah.me/news/87219/economy/خبير:-المصارف-الأردنية-والخليجية-تسيطر-على-القطاع-المصرفي-ال

Continuing The Iraqi Currency Auction: Enhancing External Balances And Banks’ Interest In Cash Carriers
 
January 5, 2025 Last updated: January 5, 2025
 
Independent/- The Central Bank of Iraq began the beginning of 2025 by continuing its monetary policy through the foreign currency auction, as
 
it organized an auction on Sunday, January 5, 2025, in a new step towards enhancing external balances of hard currency,
 
which reflects the continuity of the bank’s strategies in
 
     supporting exchange rate stability and
     ensuring Liquidity required in the markets. 
 
Auction details and exchange rates
 
In this context, the Central Bank of Iraq sold in its last auction an amount of 297 million 78 thousand and 208 dollars, at different exchange rates depending on the type of transactions.
 
A base exchange rate of 1,310 dinars per dollar was set for documentary credits and international settlements for electronic cards, while a price of 1,310 dinars per dollar was set for external transfers, while the cash sale price was 1,305 dinars per dollar.
 
Sales Distribution: Boost balances for cash withdrawals
 
The data showed that
 
most of the dollar sales at the auction went to strengthen balances abroad, as foreign remittances amounted to 279 million 828 thousand and 208 dollars, equivalent to about 93.91% of the total sales.
 
As for cash withdrawals, they did not exceed 17 million and 250 thousand dollars, which highlights the greater trend towards enhancing balances outside Iraq.
 
Number of participating banks and companies
 
The sales were distributed among a number of banks and exchange companies participating in the auction. The 
 
     number of banks that purchased cash dollars reached one bank, while the
 
     number of banks that requested an increase in external balances reached 9 banks.
 
19 exchange companies also participated in the auction,
 
which reflects the diversity of participants in the dollar sale process and increases the flexibility of the auction organization mechanism.
 
Strategic objective of the auction
 
The currency auction is considered one of the effective tools used by the Central Bank of Iraq to achieve several main goals, including:
 
1. Exchange rate stability: By controlling the supplied quantities of dollars, the central bank works to limit fluctuations in the exchange rate of the Iraqi dinar against the US dollar, which enhances economic stability.

2. Meeting the needs of the local market: By providing hard currency to importing companies, the bank contributes to ensuring the continuity of the flow of goods and products to the local market.
 
3. Strengthening external reserves: Strengthening balances abroad through external remittances is part of ongoing efforts to maintain the stability of the financial system and meet import and international trade needs.
 
Challenges and criticisms
 
Despite the significant economic goals that the central bank seeks to achieve through currency auctions, these operations are not without some challenges.
 
The most prominent of these challenges are:
 
•Depletion of cash reserves: Concerns are growing that the expansion of selling the dollar may lead to a reduction in the country’s cash reserves, threatening financial stability in the long term.
 
• The possibility of corruption and money laundering: Questions are raised from time to time about how some companies or banks exploit the currency auction to smuggle or launder money, which requires intensifying oversight and scrutiny of buying and selling operations.
 
Future actions and directions
 
To reduce concerns related to these challenges, the central bank seeks to enhance transparency in auction processes.
 
These steps include
 
     publishing auction details periodically, and
     implementing advanced control systems to ensure the integrity of transactions.
 
In addition, the bank seeks to diversify the monetary tools used to achieve monetary policy objectives without harming the national economy.
 
Conclusion
 
The currency auction organized by the Central Bank of Iraq remains a key tool in implementing the country's monetary policies.
 
Despite the challenges and fears that accompany it,
the Central Bank continues to organize auctions to
 
     stabilize the exchange rate,
     meet the needs of the local market, and
     enhance balances abroad.
 
While pursuing ongoing reforms and enhancing transparency, this auction remains an essential part of Iraq's efforts to achieve sustainable economic stability.  
  
https://mustaqila.com/مواصلة-مزاد-العملة-العراقية-تعزيز-الأ/    

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

Seeds of Wisdom RV and Economic Updates Monday Morning 1-6-25

Good Morning Dinar Recaps,

RIPPLE SEC CASE: EX-SEC LAWYER AFFIRMS SETTLEMENT IN XRP LAWSUIT

Ripple SEC Case: Ex-SEC lawyer Marc Fagel claims settlement is likely in XRP lawsuit as Trump admin and Paul Atkins may decide not to pursue the appeal.

▪️Former SEC enforcement lawyer Marc Fagel says Ripple SEC case will see a settlement.

▪️He explained that settlement is require due to penalty on hold pending appeal.

▪️Lawyer Jeremy Hogan has predicted an April or May timeline for XRP lawsuit end.

▪️Ripple and XRP will get required boost under the Trump admin and incoming SEC Chair Paul Atkins.

The Ripple SEC case is in debate again as the deadline for the U.S. Securities and Exchange Commission (SEC) to file its initial brief approaches. 

A former US SEC lawyer said the parties will likely settle as ruled earlier by Judge Analisa Torres. The incoming Donald Trump administration and SEC Chair Paul Atkins may decide to not pursue the appeal in XRP lawsuit.

Ex-SEC Lawyer Says Settlement in Ripple SEC Case Most Likely

Marc Fagel, a former SEC enforcement attorney, on January 6 posts explained to the crypto community that the government agency didn’t lose, but won in part and lost in part. This requires a settlement between parties as both Ripple and SEC appealed the part they lost.

“Because both parties appealed the part of the case they lost. So the penalty is on hold pending appeal,” he added. The court ordered Ripple to pay $125 million in penalty for $700 million in unregistered securities sales to institutional investors.

Marc Fagel asserts the odds of new SEC administration deciding not to pursue the appeal is higher, which will make parties settle Ripple SEC case on what the court ruled. However, he affirmed that the SEC under Gary Gensler will file appeal by January 15.

Pro-XRP Lawyer Expect May End Timeline for XRP Lawsuit

As reported first by CoinGape Media, lawyer Jeremy Hogan has predicted an April or May timeline for the end of the Ripple SEC case. He added that the decision may not come before that as it takes a lot of time to get reports, memos, requisite SEC meetings and others.

Today, he again commented that Paul Atkins will definitely drop the appeal and settle with Ripple to end XRP lawsuit in 2025.

What’s Next Under Paul Atkins?

Experts and the crypto community believe the end of Ripple SEC case will boost the odds for XRP ETF approval. This may also trigger a rally in XRP price.

CEO Brad Garlinghouse in a post on Sunday criticized the SEC under Gary Gensler saying the actions “froze our business opportunities here at home for years.” He highlights that 75% of Ripple’s open job roles are now US-based and the company has signed new deals in the U.S. in the last six weeks.

“Team Trump is already jumpstarting innovation and job growth in the US with Scott Bessent, David Sacks, Paul Atkins and others at the helm, and they aren’t even in office yet! Say what you want, but the “Trump effect” is already making crypto great again.”

Meanwhile, analysts expect XRP price to see another rally to double-digit figures, similar to a 400% rally after Trump’s re-election.

In short-term, XRP price to consolidate at the current range for weeks and then rally towards a new all-time high, as per analyst CrediBULL Crypto. “Currently trading at around where I closed my last long. We’ve taken some liquidity above us into local supply. Currently eye-ing up the orange zone for another potential long trade,” he predicted.

@ Newshounds News™

Source:  CoinGape

~~~~~~~~~

PRO-CRYPTO LAWYER JOHN DEATON OFFERS TO PROBE OPERATION CHOKEPOINT 2.0

Not investigating Operation Chokepoint 2.0 would create a dangerous precedent where regulatory bodies can suppress whoever they disfavor, Deaton stressed.

Former United States prosecutor and crypto advocate John Deaton has offered the incoming Trump administration to lead a probe into Operation Chokepoint 2.0 — an unconfirmed initiative that allegedly attempted to cut crypto companies from the traditional banking system.

“If these actions go unchallenged, it creates a dangerous precedent where regulatory bodies can quietly suppress entire industries they disfavor, stifling innovation, competition, and economic opportunity,” Deaton said in a Jan. 4 X post addressed to incoming United States President Donald Trump, Vice President JD Vance and Department of Government Efficiency leaders Elon Musk and Vivek Ramaswamy.

“This isn’t just a fight for crypto, it’s a fight against the erosion of institutional integrity and the unchecked power of unelected bureaucrats,” Deaton said in the X post, which was also addressed to Secretary of Commerce Howard Lutnik and David Sacks, who will lead Trump’s AI and crypto “czar.”

Deaton, well-known for his efforts in Ripple’s legal battle with the Securities and Exchange Commission, said he would even “accept the task without salary.”

“The American people deserve the truth a hell of a lot more than I or anyone else needs another taxpayer funded paycheck.”

His offer followed a court order allowing crypto exchange Coinbase to obtain unredacted files from the Federal Deposit Insurance Corporation to investigate their role in the unconfirmed Operation Chokepoint. 2.0 regime.

“They show a coordinated effort to stop a wide variety of crypto activity — everything from basic BTC transactions to more complex offerings,” Coinbase’s chief legal officer Paul Grewal explained after reviewing the filings.

The alleged “architect” of Operation Chokepoint 2.0, Martin Gruenberg, resigned as the FDIC Chair in November.

The regime refers to a rumored and unconfirmed US government initiative to pressure banks into refusing or limiting services to crypto firms, which possibly caused crypto exchanges like Binance to be without a local banking partner after Silvergate and Signature Bank both collapsed in March 2023.

Deaton’s new endeavor comes after he lost a Massachusetts Senate seat to Democrat Senator Elizabeth Warren in the US election on Nov. 5.

The landslide victory in Warren’s favor came before two heated senate debates where Deaton called out Warren for building an “anti-crypto army” instead of prioritizing issues impacting the lower and middle class in the state.

@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

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“Tidbits From TNT” Monday Morning 1-6-2024

TNT:

Tishwash:  Iraq and America discuss activating the strategic framework agreement

Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein discussed with the Chargé d'Affaires of the US Embassy in Iraq, Elizabeth Kennedy Trudeau, preparations for holding a meeting of the Iraqi-US Joint Committee to activate the Strategic Framework Agreement.

 Hussein said in a post on the (X) platform, "Yesterday, I met with Ms. Elizabeth Kennedy Trudeau, Chargé d'Affairs of the US Embassy in Iraq. We reviewed the developments in the region and the importance of continuing to coordinate positions, especially in confronting the terrorist organization ISIS."

He added, "We discussed preparations for holding a meeting of the joint Iraqi-American committee to activate the strategic framework agreement for friendship and cooperation between the two countrie link

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

Tishwash:  The Iraqi dollar and the first day “passed peacefully”.. The Central Bank is innocent and devoted to the dinar

Quick review by Mahmoud Dagher

 “The first day passed peacefully,” said Dr. Mahmoud Dagher, a prominent financial expert, commenting on the first day of official work after the New Year’s holiday and the start of implementing the decision to cancel the dollar selling platform for traders and companies, which had been controversial for 20 years.

Since Sunday morning, there has only been a slight increase in the dollar price. According to Dagher, who managed the operations of the Central Bank for many years, the platform’s function has changed from being a seller of dollars to Iraqi companies, to an intermediary between Iraqi banks and foreign correspondent banks (JP Morgan and Citibank)

Which will be responsible for auditing and approving the transfers, instead of the Central Bank of Iraq, which has cleared its responsibility in this way according to an understanding with international institutions and the US Federal Reserve, and is currently devoted to taking dinars from Iraqi traders and converting them into dollars to be transferred to foreign banks that have begun to organize Iraqi trade.

Dr. Mahmoud Dagher - Economic Expert:

Canceling the platform does not mean that the Central Bank is not converting dinars into dollars.

The Central Bank receives the dinar from the banks, which is the money of the customers (traders), and converts it into dollars and delivers it to the foreign correspondent banks. It will not undertake the auditing, but they will undertake that.

The currency selling window will remain, but its mission will not be to sell dollars but to convert dinars into dollars, and there was no problem in the market today, Sunday, although the dollar rose very slightly. link

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

Tishwash:  Economist: New steps by the Central Bank regarding dollar transactions

 Economic expert Safwan Qusay revealed today, Sunday, that there are new steps by the Central Bank to enhance transparency and global openness.

Qusay said in a statement to Al-Maalouma Agency that “the Central Bank of Iraq and the US Federal Reserve are moving towards authorizing Iraqi banks to contract with international auditing companies, instead of relying on the dollar selling platform alone, with the aim of auditing credits and transfers before they are implemented."

He explained that "this measure is in the interest of the Central Bank, as it contributes to avoiding the risks of money laundering cases and international sanctions," noting that "this step is a turning point that contributes to drawing a clear map for the work of Iraqi banks on the global stage, as they will deal with international correspondents and financial guarantees in addition to instant transfers, which enhances their position in global markets.”

He pointed out that "it is possible to rehabilitate banks that are currently facing restrictions, which will lead to achieving greater stability in the exchange rate," indicating that "the Central Bank attaches special importance in the next stage to increasing foreign currency reserves, which contributes to facilitating trade operations and supporting economic activity.” link

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

Mot: Did He Really Say That!!! ?????

Mot:  Only "'Opal""  

Seeds of Wisdom RV and Economic Updates Sunday Afternoon 1-5-25

Good Afternoon Dinar Recaps,

RIPPLE GOES ON HIRING SPREE IN U.S.

Ripple CEO Brad Garlinghouse has revealed that 75% of the company's open job offers are in the U.S.  This is a stunning reversal compared to the previous years, during which the enterprise blockchain company conducted the majority of hiring abroad.  

As of now, Ripple has 31 job openings in San Francisco and New York, with most of them being within the engineering sector.

Garlinghouse claims that SEC Chair Gary Gensler "froze" its business opportunities at home for years.  On the cusp of the SEC lawsuit that was filed in December 2020, Ripple considered its global headquarters outside the U.S.

Ripple's Garlinghouse also claimed that 95% of the company's customers were not from the U.S. during an interview with CNN's Julia Chatterley.  However, it ultimately decided to stay in its home country despite regulatory hostility and legal issues.  In 2022, Garlinghouse said that the company was operating as if it had already lost by hiring more people outside of the U.S.  

Ripple executives have repeatedly criticized the SEC for harming the cryptocurrency industry.  In 2023, the Ripple boss revealed that the company was still doing a whopping 80% of its hiring outside the U.S.  However, now that Gensler has confirmed his departure, the company has started a hiring spree on its home turf.

@ Newshounds News™

Source:  U Today

~~~~~~~~~

BRICS NEWS:  BRICS: INDIA LIKELY DUMPING THE U.S. DOLLAR

BRICS member India is likely dumping the U.S. dollar in the forex markets to safeguard the rupee from falling, reported Reuters.

The Indian rupee reached an all-time low of 85.96 on January 1, 2025, as the U.S. dollar strengthened. The development ruffled a lot of feathers in the Indian markets as the imports and exports sector took a hit. The Reserve Bank of India (RBI) directed state-run banks to dump millions worth of U.S. dollars to protect the rupee.

On the direction of the RBI, state-run banks offloaded their U.S. dollar reserves to limit the damage to the rupee. The RBI is likely keeping a close tab on the development and is interfering in the currency markets.

This is not the first time that BRICS member India has sold the USD to save the rupee, it has been accused several times of dumping the U.S. dollar.

The RBI is “likely keeping a check on any sharp declines,” said a currency trader on the condition of anonymity. The state-run banks were spotted offloading the U.S. dollar on behalf of the RBI. BRICS country India fears that a declining rupee will lead to inflation in the country that stems out of the imports and exports sector. 

Therefore, the rise of the U.S. dollar is worrisome as it could wreak havoc on the Indian economy.

BRICS: U.S. Dollar vs Indian Rupee

The Indian rupee is hanging on a thread against the U.S. dollar and the BRICS member now remains under pressure. Trump’s re-election ignited a rally for the USD making it touch a high of 109.08 in the DXY index.

“The U.S. dollar in the New Year is basically carrying from where it left in 2024. It looks like this dollar rally will not relent till at least the Trump inauguration,” said a currency trader at a bank to Business Insider. “I am a bit surprised that we did not see a bigger pop (on dollar/rupee)” considering the dollar’s up move, he said.

@ Newshounds News™

Source:  Watcher Guru

~~~~~~~~~

WHY PROPERTY TAX IS ILLEGAL

“I sincerely believe that the principle of spending money to be paid by posterity under the name of funding is but swindling futurity on a large scale” - Thomas Jefferson, 1816

“They who can give up essential Liberty to obtain a little temporary Safety, deserve neither Liberty nor Safety” - Benjamin Franklin

@ Newshounds News™

Read the Story Here:  ZeroHedge

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Seeds of Wisdom Team™ Newsletter

Thank you Dinar Recaps

KTFA Members “Auctions or No Auctions?” and more 1-5-2024

KTFA:

Kimberly:  Imo question so confused have the cbi auctions stopped? Or is the cbi running on a different system? Not understanding what is going on

Harlequin3:  IMO- Yes, the auctions have stopped. There is a currency window (the auctions) that was started in 2003. That window is closed. In those auctions the CBI directly sold dollars for dinars to the local banks INSIDE Iraq only -- basically, they traded money back and forth to each other, and that is how the CBI controlled the rate (what is called a programmed rate.)

The ForEx we watch only reflects those internal auctions because the dinar is not internationally tradable. This is what makes the ForEx curve look like castle walls, up, sideways, down, up, sideways, down, instead of a floating line like a heartbeat.

The problem is, this is how the Iranian-backed banks would get USD and launder it through their fronts (money exchangers on the street) and it would get funneled into Iran. These auctions were supposed to only be a temporary thing for a couple years, but the crooks enjoyed skimming and laundering the dollars.

 In 2023, America said enough's enough. On Dec 30 the official announcement came to stop these currency auctions, on Dec 31 the final auction stopped. Now in Jan 2024, these metamorphosized (Frank's term) from out and out cash sales -- here's a dollar on the table for sale for real IQD on the table -- and switched to mostly an electronic platform (that's Saleh's 95% thing)

On Jan 1, the auctions stopped and became foreign reinforcements -- the CBI has nothing to do with this other than monitor and approve the transactions (with the UST, Ernst & Young, and K2 auditing the transaction BEFORE it happens, and ensures it goes where it's supposed to go -- not Iran -- and when it arrives.)

The CBI is NOT selling money to the banks anymore -- the banks MUST go get their money from OTHER banks outside the country (currency swaps, which is the essence of ForEx.)

So Bank A in Iraq is connected to Bank B in England, let's say, and they need foreign currency to cover their deposits, they request XYZ euros from Bank B -- for XYZ dinar at 1310 -- the money is ELECTRONICALLY wired back and forth.

There is a basket of currencies the banks can choose from: Euros, Yuan, Dirhams, Rubles, Jordanian Dinar, etc., etc. All the CBI is doing is watching this now, making sure it's legit.

On Jan 2, notice 7 banks in Iraq said, hey we need foreign currency! And 283m dinars' worth of that foreign currency electronically changed hands. No auction. This is how all banks all over the world operate. International standards.

It's audited on both ends, the request, and the completion. Today's exchange, had 279m dinar in the exact same fashion -- EXCEPT USD ARE allowed to be purchased (not in auction from CBI but from their international counterparts) from 5 (I think it's upped to 7 now) banks currently -- this dollar cash is permitted in Iraq for 3 purposes only: travelers request USD because they are traveling to the USA. They can't physically have the dollars until they've gone through airport security with their ticket, and they pick it up as they board the plane.

Second, the GOI IS allowed to use dollars for financing government approved projects -- audited by E&Y. (Building a bridge with an American company that requires American dollars, something like that.)

Or third, major medical procedures for citizens that require dollars -- that money is audited as it goes to the hospital for the procedure only.

Those are the only three legal uses for the dollar in Iraq. (Parliament wants a fourth for buying cars, so far Sudani says no, because that would be easy to launder.)

 This is effectively drying up dollars on the streets -- Parliament (who skims it) says, whoa, that will raise the demand for the dollar in the black market and the exchange rate will skyrocket -- Saleh/Alaq say no, this is a temporary inflationary bubble that is NOT real -- there IS no black market, you are pirates operating illegally with illegal currency -- there is only ONE currency in Iraq, the dinar, and it has an official rate of 1320 -- anything other than this is against the law.

Saleh says "this bubble" will burst -- which is why we're hoping to see a new rate by then, one higher than the dollar -- because then the citizens won't be looking for dollars illegally -- they'll have strong local national currency.

Without the auctions -- there is NOTHING manipulating and propping up the 1320 rate -- so.... what are they going to do? Raise the value.

 Eventually, the dinar will float in this basket, and ForEx will look like a heartbeat. But all that goes to say the auctions HAVE stopped. What you are seeing is "foreign currency reinforcements" not an auction -- the CBI has NOTHING to do with this money, it's between the two correspondent banks, and CBI is only auditing the transaction.

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

Clare:  Economist: New steps by the Central Bank regarding dollar transactions

1/5/2025

Information / Baghdad..

Economic expert Safwan Qusay revealed today, Sunday, that there are new steps by the Central Bank to enhance transparency and global openness.

Qusay said in a statement to Al-Maalouma Agency that “the Central Bank of Iraq and the US Federal Reserve are moving towards authorizing Iraqi banks to contract with international auditing companies, instead of relying on the dollar selling platform alone, with the aim of auditing credits and transfers before implementing them.”

He explained that "this measure is in the interest of the Central Bank, as it contributes to avoiding the risks of money laundering cases and international sanctions," noting that "this step is a turning point that contributes to drawing a clear map for the work of Iraqi banks on the global stage, as they will deal with international correspondents and financial guarantees in addition to instant transfers, which enhances their position in global markets.”

He pointed out that "it is possible to rehabilitate banks facing current restrictions, which will lead to greater stability in the exchange rate," indicating that "the Central Bank attaches special importance in the next stage to increasing foreign currency reserves, which contributes to facilitating trade operations and supporting economic activity.”  LINK

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

Clare:  Al-Sudani: The Development Road Project will enhance Iraq's power in the region

1/5/2025   Baghdad

Prime Minister Mohammed Shia al-Sudani confirmed today, Sunday, that the development road project will enhance Iraq's strength in the region, politically and economically.

During his reception of the Director of the Iraqi Institute for Dialogue, Abbas Radhi Al-Amiri, according to a statement from his office received by "Al-Eqtisad News", Al-Sudani was briefed on the work of the organizing committee for the Seventh Baghdad International Dialogue, whose activities will start on February 22-23, 2025 under the slogan "The Path to Iraqi Development... Alliance of Interests and Geopolitical Stakes", noting that choosing this topic falls within the great Iraqi interest in the project, which gives the country a pivotal role in the regional system as an important point of communication between the East and the West.

According to the statement, Al-Sudani expressed his "sponsorship of this annual international gathering hosted by the capital, Baghdad, which hosts an elite group of the most important decision-makers in the region and the world."  LINK

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

Clare:  Retrospectively.. Details of an agreement between Baghdad and Erbil to resume the region’s oil exports revealed

1/4/2025  Special

The Parliamentary Oil and Energy Committee revealed, on Saturday, the details of an agreement between Baghdad and Erbil to resume exporting oil extracted from the fields of the Kurdistan Region of Iraq.

Committee member Nahro Mahmoud said in an interview with Al-Rabia, "There was an agreement between the government delegation in the federal government and the Kurdistan Regional Government of Iraq," indicating that "the main dispute was over the cost of extracting and transporting the oil produced in the region and then exporting it."

He added, "The agreement stipulates amending the three-year budget law and allocating $16 as a temporary cost until one of the international consulting companies in this field is hired and given a period of 60 days."  LINK

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

Clare:  Al-Sudani receives a "special" message from Trump: Syria, Iran and the factions

1/4/2025

An informed political source reported on Saturday that the Iraqi Prime Minister received a message from US President-elect Donald Trump.

The source told Shafaq News Agency that Al-Sudani received a message from Donald Trump through a special envoy on an unannounced visit, which included several axes.

The source pointed out that the most prominent axes are the necessity of containing and controlling weapons outside the framework of the state, stopping the activity of factions linked to Iran, in addition to Iraq not interfering in the Syrian file and supporting the formation of the new Syrian government.

Meanwhile, a government source told Shafaq News Agency that Iraq is working diligently to establish security in the region, and that the Prime Minister will present Iraq's vision in this regard during a visit to Iran.

On December 30, an informed source revealed 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.  LINK

Economist’s “News and Views” Sunday 1-5-2024

Nation-State Breakdown: Is This the End?

The Jay Martin Show:  1-3-2024

On this week's episode, Grant Williams dissects the economic and geopolitical challenges redefining 2025. The conversation examines Germany’s faltering economy, Europe’s growing instability, and the global ripple effects of Donald Trump’s return to power.

Topics include inflationary and deflationary pressures, the nation-state model’s decline, and strategies for investors to prepare for heightened risks.

0:54 - "Key Trends Shaping 2025"

12:10 - "How Has the Investment Landscape Shifted?"

20:28 - "Inflation vs. Deflation: What Wins?"

30:50 - "What’s Trump’s Trade War Strategy?"

38:18 - "Why Is Germany’s Economy Failing?"

42:00 - "Could the EU Survive Without Germany?"

48:12 - "Is the Nation-State Model Dying?"

52:17 - "How Do Energy Policies Impact Economics?"

56:30 - "Who Could Replace Germany in the EU?"

59:11 - "What’s Next for Europe’s Future?"

https://www.youtube.com/watch?v=bYSqV105B2U

What Will Shock Markets In 2025? Bank Of America's Joe Quinlan On Economic Surprises

David Lin: 

Joe Quinlan, Head of Market Strategy at Bank of America, discusses the outlook for markets, economic growth, and monetary policy for 2025.

0:00 - Intro

0:30 - Market froth

1:20 - S&P 500 outlook

4:00 - Tariffs and sectors

6:40 - Tariffs

7:20 - Monetary policy

 10:11 - Small caps vs. large caps

14:50 - Tech themes 2025

16:45 - Commodities

17:50 - Bond yields

21:10 - Asset allocation

24:18 - Dollar

25:30 - Books to read

https://www.youtube.com/watch?v=igEG7yG37-M

MARKETS A LOOK AHEAD: Something Big Is Happening... Is It Brilliance? Insanity? OR EVIL?

Greg Mannarino:  1-5-2024

https://www.youtube.com/watch?v=dFuqPntrCn4

“Tidbits From TNT” Sunday 1-5-2024

TNT:

Tishwash:  Iran invests $1 billion in joint oil field with Iraq

 The executive director of the joint Azar oil field development project with Iraq, in the city of Ilam in western Iran, stated that the Economic Council’s approval for developing the second phase of the Azar oil field is in the form of new oil contracts with an investment of more than one billion dollars, expecting this contract to enter into force before the end of this year (the Iranian year ends on March 20).

In a statement to the official Iranian news agency IRNA on Saturday, Keyvan Yar Ahmadi said: By holding several specialized meetings with representatives of the Planning and Budget Organization and submitting an explanatory report with supporting documents related to the technical work description and financial estimate for the implementation of the project

And explaining the objectives of developing the Azar oil field, the approval of the Economic Council was finally obtained for developing the second phase of this oil field in the form of new oil contracts with an expected investment of more than one billion dollars, and it is expected that this will be done with the fulfillment of the basic conditions in the contract by the contractor and the relevant procedures by the employer, and this contract will be implemented and become effective before the end of this year.

Yar Ahmadi pointed to the launch of the Dehloran Gas and LNG Plant (NGL-3100) in the near future, and said: The compression and sweetening facilities of the associated gas in the Azar field, which were completed a long time ago, have been launched and are ready to send gas to this plant.

Accordingly, all the activities of the first phase of the development of this field will be determined and the main milestone (the turning point and main point of the project's progress) will be delivered. The first phase of the development of this complex plant will reach its goal by achieving all the contractual targets and sharing the Iranian share of more than 70%, which has led to the production of 83 million barrels of oil and revenues of nearly $6 billion.

It is noteworthy that the Azar oil field is located in the city of Mehran in Ilam province, western Iran.

The reserves of this field amount to 2 billion and 500 million barrels of crude oil, and the amount of oil that can be extracted from it is estimated at 400 million barrels.  link

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Tishwash:  Al-Sudani's Advisor: 3 Economic Benefits for Iraq from Foreign Partnerships

The economic advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed that the common external ties with the world contribute to achieving three main positive results for the Iraqi economy, while pointing out the importance of these ties in enhancing comprehensive economic development.

Saleh explained to {Euphrates News} that: "The first result is represented in diversifying the national economy, as these links contribute to breaking the monopoly of the economy and reducing dependence on oil resources, by supporting the advanced agricultural, industrial, tourism, and services sectors."

He also stressed "the importance of encouraging small and medium enterprises, which are the backbone of the sustainable economy, especially with the strength and stability of global links."

The second result is related to strengthening partnerships with the private sector, as Saleh pointed out "the need to facilitate partnerships between the public and private sectors to implement major projects, in addition to providing incentives to the private sector to invest in non-oil sectors, which enhances the diversity of the economy."

He added that "the third result lies in investing in human resources, by developing the education and vocational training system to meet the needs of the labor market rapidly."

Saleh called for "promoting innovation and entrepreneurship among young people, with a focus on artificial intelligence technology and the effective integration of information technology and knowledge," noting that "Iraq can benefit from its strategic geographical location as a link between Asia and Europe to enhance its role as a global trade center through the "Development Road" project. 

He stressed "the importance of building strong economic relations with countries such as China, Europe, Turkey, Iran, and the Gulf states to achieve an exchange of economic benefits," stressing that "Iraq looks forward with steadfastness and a clear vision to achieving this goal through legislation and regulations that facilitate its integration into the global economy, while enhancing international cooperation and building long-term economic relations."

At the end of his statement, Saleh stressed that "stability in all its aspects is a basic condition for implementing these steps and achieving comprehensive economic development." 

The head of the National State Forces Alliance, Mr. Ammar al-Hakim, stressed during his speech at the mass gathering in Najaf on the anniversary of the martyrdom of the Martyr of the Mihrab, Grand Ayatollah Sayyid Muhammad Baqir al-Hakim {may God sanctify his secret} yesterday, Friday, that combating corruption, establishing security, and building a balanced economy is our gateway to building a strong state, while calling for striving through Iraq To establish long-term economic ties and common interests that our peoples and the peoples of our Arab and Islamic region enjoy.

Mr. Ammar Al-Hakim also stressed the importance of focusing on reconstruction projects, economic development and increasing investments in the country.  link

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Tishwsh:  Al-Nusairi: Monetary policy indicators for 2024 confirm that the Central Bank is the first economic institution in Iraq

The economic and banking advisor and member of the International Union of Arab Bankers, Samir Al-Nusairi, confirmed that through accurate financial and statistical analysis, the Central Bank of Iraq revealed the positive indicators it achieved for the third quarter of 2024 compared to the same period in 2022-2023, and also announced the suspension of work on the electronic platform on 12/31/2024.

Al-Nusairi explained in an interview with "Al-Eqtisad News" that the success of the monetary policy adopted by the bank during the year 2024 and the positive indicators of business results for the third quarter/2024 compared to the same period for the years 2022-2023, which indicated the following: Total deposits in banks operating in Iraq achieved a growth of (4.2%), in contrast, cash credit granted by operating banks recorded a growth of (11.6%), and deposits in private banks operating in Iraq recorded a growth of (14%), in contrast, cash credit granted by private banks achieved a growth of (15.1%), in contrast, the broad money supply in Iraq recorded a growth of (3.3%) in the third quarter of 2024.

He added that the gold reserves of the Central Bank of Iraq recorded a significant growth of (57%), as their value reached (16) trillion dinars, compared to their value of (10.7) trillion dinars in the third quarter of 2023. The important thing is that the annual inflation rates recorded a percentage that is 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, maintaining the general price rate, achieving the most important goals of monetary policy, and the success of monetary policy in Iraq.

Al-Nusairi stressed that by the end of 2024, it becomes clear beyond doubt that the procedures of the Central Bank of Iraq and the efforts it has made since the beginning of 2023 until now, with the support and cooperation of the government, have borne fruit and begun to yield positive results according to what was planned, with detailed procedures and administrative and technical steps and understandings

 To regulate the financing of foreign trade with Arab and international banks by approving the opening of accounts for Iraqi banks in American, Chinese, European, Emirati, Indian and Turkish correspondent banks to deal directly with them for foreign transfers in the currencies of these countries, which are the dollar, euro, Chinese yuan, Indian rupee, Emirati dirham, Turkish lira, Jordanian dinar and Saudi riyal,

And leaving the electronic platform in 2024 and allowing banks to supply dollars and foreign currencies into Iraq from their accounts with correspondent banks or abroad according to specific controls issued by the Central Bank of Iraq, as well as reaching the opening of many accounts for Iraqi banks in correspondent banks.

He pointed out that the strategy of the Central Bank of Iraq implemented in 2024 to reform the banking sector adopted the restructuring, development and classification of banks and increasing their capital to the ceiling set by the Central Bank according to the specified timetables, which led and will lead to raising the capabilities of Iraqi banks to provide the best banking products and services to customers and to the economy, investment and development and moving to comprehensive digital transformation and compliance with international standards and helps in lifting the restrictions imposed on our (28) private banks.

He pointed out that foreign transfers, which reach 97%, are made at the official exchange rate, and work is underway to facilitate foreign transfers for small traders and to identify speculators' plans to harm the Iraqi economy.

A foreign exchange reserve of 153 tons of gold has been maintained, with a cumulative reserve ratio of 140%, to cover imports and local currency in circulation and provide the necessary liquidity to meet the needs of the Ministry of Finance to implement the government's operating budget.

He also noted that the developmental measures for technical, technological and administrative infrastructure in the Central Bank are being implemented accurately and comprehensively in its banking reform strategy in all its axes, and are an embodiment of what it has specified in the roadmap that it has clarified in cooperation with the government in accordance with what is stated in the government's program in Axis 12 (Financial and Banking Reform) and Paragraph 7 thereof, which is related to developing and enabling banks to contribute to development and investment.

Al-Nusairi concluded his speech by saying that the efforts made by the Central Bank in 2024 are an affirmation of the soundness of the implementation of its third strategy for the years 2024-2026, and it is trying to achieve its main and subsidiary goals according to their timetables, with wishes for success and achieving economic stability because the primary duty of banks is to be (stability) banks.  link

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Mot:  Clears That Question Up!! -- HUH!!!! 

 Mot: ... One More of the Plexing Things We ----

Seeds of Wisdom RV and Economic Updates Sunday Morning 1-5-25

Good Morning Dinar Recaps,

FDIC WANTED TO SEND SHOCKWAVES THROUGH BANKS, ACCORDING TO RIPPLE'S TOP LAWYER

Coinbase's top has called on Congress to investigate 'Operation Choke Point 2.0'

Stuart Alderoty, chief legal officer at Ripple, has opined that the Federal Deposit Insurance Corporation (FDIC) tried to send "shockwaves" throughout various banks with its intimidating letters.

"As a former bank GC, these letters scream one message: shut down everything crypto-related ASAP—not just the products and services mentioned," he said on social media. This comes after cryptocurrency trading giant Coinbase managed to secure a court order in order to get plenty of unredacted letters that were sent to dozens of banks by the FDIC.

According to Paul Grewal, chief legal officer at Coinbase, there was a "coordinated effort" to put a stop to a wide array of crypto activities, including mundane Bitcoin transactions.

The recently published letters are supposed to support the crypto industry's long-standing claims about the so-called "Operation Choke Point 2.0." 

The original "Operation Chokepoint," which was uncovered by The Wall Street Journal back in 2013, was conducted by the FDIC by issuing informal suggestions to banks in order to clamp down on various high-risk activities that ranged from firework sales to payday loans. The initiative attracted widespread criticism due to violating due process to specifically target disfavored industries. 

Cryptocurrency advocates have alleged that a similar playbook is being used against their industry. Earlier, Alderoty spoke in great detail about the supposed "origin story" of this anti-crypto initiative, arguing that crypto became the new target in 2021 when the Office of the Comptroller of the Currency (OCC) started demanding pre-approval for banks' crypto activities. 

The FDIC then followed suit in 2022. Grewal has called on Congress to investigate this alleged crackdown. "The new Congress should launch hearings on all this without delay," he said.

@ Newshounds News™

Source:  U Today

~~~~~~~~~

IOTA READY FOR MAINNET RE-LAUNCH: BRIDGING DEFI AND INSTITUTIONAL NEEDS WITH MoveVM + EVM

▪️IOTA is ready to launch an enhanced mainnet protocol with EVM and MoveVM integrations.

▪️The IOTA Rebased protocol will boost the adoption and functionalities of RWAs and tokenizations.

With the IOTA Rebased protocol, the network is reportedly set for its mainnet re-launch in early 2025. On social media platform X, Michael Atlan highlighted that the mainnet re-launch positions IOTA for real-world adoption.

New IOTA Mainnet To Bridge DeFi and Institutional Needs

Altan explained that IOTA is bridging the needs of Decentralized Finance (DeFi) and institutions through MoveVM and EVM integration. As CNF reported, the IOTA Foundation recently introduced the Rebased protocol set to improve the network’s scalability, programmability, and decentralization.

The Rebased protocol establishes a completely decentralized Layer 1 (L1) network with the addition of advanced features. 

These new features include Ethereum Virtual Machine (EVM) and Move Virtual Machine (MoveVM) support. MoveVM introduces strong data abstraction capabilities, simplifying complex resource management tasks.

Additionally, the direct integration of EVM into the L1 layer aims to enhance the security and decentralization of dApps built on IOTA’s EVM Layer 2 network. The transfer of EVM operations to the L1 layer will also boost network activity, increasing burned tokens.

The IOTA Rebased proposal also seeks to deliver higher throughput, anticipated above 50,000 TPS on the network. IOTA has already released a public testnet to test these proposed changes in the real world.

CNF mentioned that the community had approved the initiative through a governance vote, with 98% of the voters supporting the motion. As a result, the mainnet release is set to go live in early 2025, per a CNF report.

Atlan added that IOTA’s establishment of regulated finance solutions and a $50 million growth fund signals its readiness for the mainnet re-launch. He also pointed out that the network has genuine collaborations and no VC baggage.

Furthermore, most tokens have already been circulated, highlighting the huge liquidity of IOTA.

IOTA’s Key Focus and Growing Adoption

Following its expanded use cases and widespread market, IOTA now focuses on distributed ledger technology. CNF recently disclosed that IOTA has progressed in tokenization, digital trade finance, regulatory compliance, and decentralized infrastructure.

The platform has formed strategic partnerships in tokenization projects, recently collaborating with the UAE. Such endeavors will open the door for innovative applications of asset tokenization within a regulatory framework.

The IOTA token is gaining ground in the crypto market through these initiatives and collaborations. The IOTA coin joined the latest market rally, posting an 18.53% increase in value to trade at $0.335.

IOTA price was trading at $0.3595 at press time, up 1.3% in the last 24 hours. The market capitalization rose to $1.2 billion, suggesting investor optimism. Crypto analyst Lokman Duman noted that upward momentum could push IOTA toward $0.3600 and $0.4000 in the near future.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

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Thank you Dinar Recaps

Bank Runs are Back, Fed Reserves Plunge to Critical Levels

Bank Runs are Back, Fed Reserves Plunge to Critical Levels

Steven Van Metre:  1-5-2024

The phrase “bank run” conjures up images of panicked crowds lining up outside financial institutions, desperate to withdraw their savings.

While we haven’t seen scenes quite like that in recent times, the underlying anxieties that fuel such events are resurfacing, fueled by a significant and concerning development: Federal Reserve bank reserves are plummeting to what some are calling critical levels.

The “reserves” we’re talking about are the funds that commercial banks hold at the Federal Reserve. These reserves are effectively part of the banks’ safety net, allowing them to meet daily obligations, clear payments, and generally operate smoothly.

A healthy level of reserves is crucial for maintaining the stability and liquidity of the financial system.

The recent decline in these reserves is raising red flags because it indicates a potential liquidity squeeze within the banking sector. When banks have fewer reserves, they have less cushion to absorb unexpected shocks, like sudden surges in withdrawal requests. This, in turn, can heighten the risk of a bank run – a situation where a large number of customers lose confidence in a bank’s ability to fulfill its obligations and attempt to withdraw their deposits simultaneously.

Several factors are contributing to this reserve drain. One major influence is the Federal Reserve’s ongoing efforts to combat inflation. The Fed is actively reducing its balance sheet, primarily by letting its holdings of Treasury bonds and mortgage-backed securities mature without replacing them.

This process, known as quantitative tightening, pulls liquidity out of the financial system, reducing the amount of reserves available to banks.

While the situation is certainly concerning, it’s important to remember that the financial system is far more complex than it was during previous banking crises. Regulators have learned from the past and implemented many safeguards. However, the rapid decline in reserves warrants close monitoring.

The current situation underscores the delicate balance between fighting inflation and maintaining financial stability. The Federal Reserve and other financial regulators will be closely monitoring the situation and ready to intervene if necessary. For the average person, it’s a reminder to stay informed about developments in the financial world and to consider diversifying their savings.

The headlines may sound alarming, and some level of concern is certainly warranted. However, a cautious approach, guided by reliable information, is always the best approach in navigating such complex economic waters. The future will hinge on policymakers’ ability to navigate this challenging landscape with precision and foresight.

Watch the video below from Steven Van Metre for further insights and information.

https://youtu.be/s0e1UuVC7nc

Some “Iraq News” Posted by Clare at KTFA 1-4-2024

KTFA:

Clare:  New holiday for all Iraqis

1/3/2025

Sumerian News - Local
witnesses next week vacation Official next Monday on the occasion of memory establishment Army Iraqi Al-Basel, according to the Official Holidays Law No. 12 of 2024.

It will be on Monday, January 6th. vacation Official for all Iraqis On the occasion of the 104th anniversary of the founding of Army Iraqi The brave.   LINK

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Clare:  Al-Sudani stresses the importance of raising the level of quality control to preserve public money

1/4/2025  Baghdad

Prime Minister Mohammed Shia Al-Sudani stressed today, Saturday, the necessity of working to address the observations and raise the level of quality of oversight; in order to preserve public money.

The Prime Minister's media office stated in a statement received by "Al-Eqtisad News" that "Al-Sudani received the head of the Financial Supervision Bureau, Ammar Sobhi Khalaf, and the meeting witnessed discussions on the contents of the Bureau's reports on the performance of the various state agencies, and ways to enhance them."

 Al-Sudani stressed the "necessity of working to address the comments and raise the level of quality of oversight, in order to preserve public money."

During the meeting, the Audit Bureau’s reports were reviewed, particularly reports related to the performance of ministries and entities not affiliated with a ministry.  LINK

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Clare:  The Iraqi government succeeds in recovering 50 billion dinars from the corrupt during 2024

1/4/2025  Baghdad

The Parliamentary Integrity Committee confirmed, today, Saturday, that the government succeeded in recovering 50 billion dinars from the corrupt during the past year, while indicating that Prime Minister Mohammed Shia Al-Sudani played a prominent role in reducing corruption files.

Committee member MP Alia Nassif said: "Al-Sudani and the Integrity Commission had an effective impact in reducing the aggravation of these files and prosecuting those involved in them," noting that "the government also succeeded in recovering about 50 billion dinars from those involved in corruption files in the Deal of the Century, in addition to the Director General of Refineries and the Assistant Director of Investment during the year 2024."

Nassif pointed out that "the anti-corruption operations also included pursuing those involved in real estate fraud files," noting that "most ministries and governorates formed sub-committees to stop the waste of public money."  LINK

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Clare:  "Oil and Gas Law" resolves pending issues between Baghdad and Erbil

1/4/2025

Oil and Gas Committee in the Iraqi Parliament considered, on Saturday, that the agreement on the draft "Oil and Gas Law" and sending it from the government to the parliament will contribute to resolving many of the pending issues between Baghdad and Erbil.

Committee member Bassem Al-Gharibawi told Shafak News Agency, "Agreeing on the draft oil and gas law and approving it in the Council of Ministers and then sending it to Parliament will contribute to resolving many of the outstanding problems between the federal and regional governments."

According to Al-Gharibawi, the government had previously formed a committee headed by the Deputy Prime Minister for Energy Affairs, the Deputy Prime Minister for Economic Affairs, and the Iraqi SOMO Company to negotiate with the regional government regarding amending the disputed articles and preparing a final version of the oil and gas law.

He added, "The Parliamentary Oil Committee hosted a number of officials from the Ministry of Oil during the previous legislative session, and discussed the formulas and articles that require amendment to the Oil and Gas Law."

Last week, Iraqi economic expert, Nabil Al-Marsoumi, revealed that 9 foreign companies were demanding compensation amounting to 24 billion dollars resulting from the halt in oil exports after the Iraqi judiciary rejected the appeal of the Iraqi Ministry of Oil to cancel these companies’ contracts with the Kurdistan Region.

The Karkh Court of Appeal rejected an appeal submitted by the Iraqi Ministry of Oil and overturned previous rulings that declared the contracts of foreign companies with the Kurdistan Region invalid .

According to the court, contracts are considered “valid,” enforceable, and binding on both parties, and no party outside the contract has the right to object to them, even if they are based on a legal basis that the Federal Supreme Court in Iraq deemed unconstitutional in February 2022 .

The court explained in the reasons on which it relied that the decision of the Federal Supreme Court issued in February 2022 cannot be applied to contracts concluded before its issuance, in accordance with a general principle in Iraqi civil law.  LINK

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Clare:  Iraq surpasses Saudi Arabia in oil exports to America

1/4/2025

The US Energy Information Administration announced on Saturday that Iraq surpassed Saudi Arabia in oil exports to the United States during the past week.

The administration stated in a table seen by Shafaq News Agency, that "the average US imports of crude oil during the past week from 9 major countries amounted to 5.765 million barrels per day, down by 79 thousand barrels per day from the previous week, which amounted to 5.844 million barrels per day."

She added that "Iraq's oil exports to America reached 212 thousand barrels per day last week, down by 17 thousand barrels per day from the previous week, which reached 229 thousand barrels per day, thus exceeding Saudi Arabia, whose exports to America reached only 87 thousand barrels."

The administration indicated that "the largest oil revenues for America during the past week came from Canada at a rate of 3.733 million barrels per day, followed by Mexico at an average of 551 thousand barrels per day, then Venezuela at an average of 353 thousand barrels per day, and Colombia at an average of 289 thousand barrels per day."

According to the table, "the amount of US imports of crude oil from Brazil amounted to 280 thousand barrels per day, from Libya it was at a rate of 189 thousand barrels per day, and from Nigeria at a rate of 71 thousand barrels per day.   LINK

Iraq Economic News and Points to Ponder Saturday Afternoon 1-4-25

In Support Of Mr. Al-Hakim’s Proposal.. Advisor To Al-Sudani: Iraq Strengthens Its Sustainable Economic Partnerships

Time: 2025/01/03 Reading: 962 times  {Economic: Al Furat News} The economic advisor to the Prime Minister, Mazhar Muhammad Salih, announced that the current Iraqi government seeks to strengthen sustainable economic partnerships with major countries.

Saleh told {Euphrates News}: "Iraq has left behind the legacy of isolation and regional and international conflicts since 2003, and our country is currently experiencing a very high level of stability with the international economic community and building economic relations that achieve common interests, led by openness to an international strategic investment environment based on the path of development, which is led by central infrastructure in improving transportation, energy and port networks."

He added, "In addition to establishing free industrial and economic zones to attract real foreign direct investment with high added value."

Saleh continued, "Also, continuing the strength of traditional trade tributaries, especially in crude oil trade and traditional trade, will remain important factors in building our country's interests with the world, by dealing with Iraq's international partners, led by major friendly countries, namely India, Turkey, China, Korea, the United States, Japan, and sister and friendly countries such as the Emirates, Saudi Arabia, Iran and the rest of the neighboring countries."

The head of the National State Forces Alliance, Mr. Ammar al-Hakim, stressed during his speech at the mass gathering in Najaf on the anniversary of the martyrdom of the Martyr of the Mihrab, Grand Ayatollah Sayyid Muhammad Baqir al-Hakim {may his secret be sanctified} that combating corruption, establishing security, and building a balanced economy are our gateway to building a strong state, while calling for striving through Iraq to establish long-term economic ties and common interests that our peoples and the peoples of our Arab and Islamic region enjoy.

Mr. Ammar al-Hakim also stressed the importance of focusing on reconstruction projects, economic development, and increasing investments in the country.  LINK

Government Advisor: Monetary Stabilization Mechanism Will Maintain Financial Stability In The Country

Economy  | 11:04 - 01/03/2025  Mawazine News – Baghdad  The financial advisor to the Prime Minister, Mazhar Mohammed Saleh, confirmed today, Friday, that the Central Bank has adopted the monetary reinforcement mechanism to feed the national banks’ requests for foreign currency, indicating that the monetary reinforcement mechanism will maintain financial stability in the country.

Saleh told the official agency that "the function of the Central Bank will continue to move in two directions: the first is to meet the needs of national banks for foreign currency with their correspondents, which confirms that the new monetary reinforcement mechanism will work to provide monetary stability on the part of the monetary authority in the two issues of continuing the monetary sterilization policy that is concerned with controlling the levels of local liquidity by exchanging foreign currency for the dinar,"

noting that "the new monetary reinforcement mechanism will maintain a fixed exchange rate of 1,320 dinars for every 100 dollars, which will enable the Central Bank to achieve stability in the external value of the Iraqi dinar by controlling the growth in the money supply within the operational objectives of monetary policy through what is called the monetary transmission mechanism to achieve intermediate or real long-term objectives in achieving stability in the general price level or reducing the growth in inflation rates, and this comes in conjunction with the stability of the exchange rate and the growth of the money supply to achieve stability in the general price level."

Saleh added that "the second trend is to provide foreign currency to correspondents of national banks in order to facilitate the stability of the real supply of basic goods and services flowing into the domestic market with high fluidity, and to make compliance control of foreign currency transactions on two levels: national through the Anti-Money Laundering and Terrorist Funds Office, and external through the role of correspondent banks that undertake the task of auditing compliance issues."

https://www.mawazin.net/Details.aspx?jimare=258164

Gold Is Heading For Weekly Gains By More Than 1%

Friday 03, January 2025 10:21 | Economic Number of readings: 184  Baghdad / NINA / Gold prices witnessed a slight rise in early trading on Friday, after gains of 1 percent in the previous session, supported by demand for safe havens, while the focus is on the Federal Reserve's decisions on future interest rates as well as the trade tariffs proposed by US President-elect Donald Trump.

Spot gold rose 0.1 percent to $2,660.25 per ounce by 0018 GMT, hovering around its lowest level in more than two weeks, which it recorded on Thursday.

Gold has risen about 1.5 percent during the week so far. U.S. gold futures gained 0.2 percent to $2,673.90 an ounce.

Gold has emerged as one of the best performing assets in 2024, rising more than 27 percent in its biggest annual gain since 2010.

Among other precious metals, spot silver fell 0.1 percent to $29.54 an ounce, platinum was flat at $923.09, and palladium fell 0.2 percent to $909.74. /End8

https://ninanews.com/Website/News/Details?key=1178037

Iraqi Oil Continues To Maintain Gains

Economy  | 03/01/2025  Mawazine News - Follow-up  Iraqi oil recorded stability today, Friday, at a rise above 73 in global markets during the second day of trading of the year.

According to economic data, 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 March 2025 delivery.

The data also showed an increase in global crude prices, as British Brent crude recorded $76.08, while US West Texas Intermediate crude recorded $73.32 per barrel, with a change rate of +0.15 and +0.18, respectively.    https://www.mawazin.net/Details.aspx?jimare=258163

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

Warning for 2025: Central Banks Colluded for Cheap Money, This Is Their Plan | Nomi Prins

Warning for 2025: Central Banks Colluded for Cheap Money, This Is Their Plan | Nomi Prins

Kitco News:  1-3-2024

2024 was a rollercoaster for central banks, as G10 nations collectively slashed rates by a staggering 650 basis points—mirroring the unprecedented monetary actions of 2020.

But what does this coordinated policy shift mean for inflation, debt, and the real economy in 2025? Dr. Nomi Prins, geo-macro economist, bestselling author, and founder of Prinsights Global, joins Kitco News to break it all down.

From her analysis of global central bank collusion to her inflation predictions, Dr. Prins delivers sharp insights and actionable strategies for investors navigating a volatile financial landscape. Dr. Prins shares her outlook for gold, Bitcoin, and commodities in 2025, offering her predictions on price movements and key drivers.

She also discusses systemic risks in the banking sector, the implications of soaring global debt, and the rise of central bank digital currencies. Whether you're an investor seeking to hedge against uncertainty or a viewer curious about the future of money, this conversation is packed with must-know insights to stay ahead in the year ahead.

00:00 Introduction

00:25 Central Banks' Rate Cuts

02:25 Inflation and Its Real-World Effects

05:31 Global Debt and Economic Growth

22:19 Geopolitical Risks and Financial System Stability

23:52 CBDCs and Privacy Concerns

30:02 Investment Strategies for 2025

38:21 Conclusion

https://www.youtube.com/watch?v=bm5dmqRmMhQ

Iraq Economic News and Points to Ponder Saturday AM 1-4-25

After The Electronic Platform Stopped...An Answer To Questions From Iraqi Circles About The New Dollar Mechanism

Economy   2025-01-02 | 4,898 views  citizens asked Many Iraqi questions about the new mechanism for trading the dollar in Iraq and the method of withdrawing or buying it after the official cessation of the electronic platform.

 Governor of the Central Bank, Ammar Khalaf, said Deputy yesterday,   “The working mechanism of the electronic platform related to foreign transfers has stopped working on it, but   financing foreign trade continues through correspondent banks according to various mechanisms that are equivalent to what is done in countries of the world.”

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

 Many citizens asked about the platform’s news, which Alsumaria News published on Facebook, about the

      electronic platform and its work,

     what will happen to the dollar, and

     whether Iraq will witness a new rise in currency exchange rates.

 One of the citizens said through the comment feature:

 “What is the purpose of the electronic platform? Can someone explain,” while another responded by saying, “The siege will return to Iraq and the exchange rate will be at least 250 thousand Iraqi dinars for 100 dollars.”

 Another wondered about "the continued arrival of foreign remittances to Iraq and the giving of currency to travelers," while another pointed out that "unemployment will return, food prices will double 4 times above normal, and famine will return to Iraq."

 Others praised the decision to stop the electronic platform, considering it “an effective government achievement that will benefit one after another and a transformation process that enhances the economic role and prepares for investment opportunities with full confidence, and that the

 government is playing a supervisory role over markets and money exchanges, and  the dinar is dealt with only to raise the value of the Iraqi dinar.”

 Another pointed out that “the platform was a front for stealing the dollar, and  therefore imposing censorship through the financial transfer through the bank will contribute to balancing the market and controlling the rise of the dollar,” and another supported him by saying that “this step may have several reasons, such as:

 1- Controlling the dollar exchange rate: An attempt to stabilize the price of the dollar against the Iraqi dinar by limiting the flow of the dollar. uncontrolled

 2- Preventing dollar smuggling: If there are indications that the dollar is being used in smuggling operations or that there is an inflation in demand for it due to illegal purposes.

 3- Strengthening the local economy: Reducing dependence on the dollar and supporting the local currency by reducing the circulation of the dollar in the markets.

 Possible Outcomes:

 Dollar prices rise on the black market if there are no alternatives to meet demand.

 Impact on merchants and companies that depend on the dollar for imports, which may lead to higher prices for imported goods.

 Tightening financial oversight to try to prevent fraud and circumvention of policies. Therefore, the effects will depend on the way this decision is implemented and the extent to which there are alternative plans to provide dollars to the commercial and service sector.” It should be noted that

"Travelers' dollar"

  “the Central Bank clarified that granting dollars to travelers continues at airports according to the approved mechanism, which is considered the best in restricting the traveler’s access to dollars,” noting that

 “this decision is part of a series of reforms aimed at facilitating financial procedures and stimulating the economy.”

 What Is The “Electronic Platform”

 The electronic platform for money transfers is a mechanism that has been adopted to

      ensure the regulation of foreign cash transfers and

     limit manipulation of exchange rates.

 It works to document

     commercial operations and the

     transfer of funds by banks and financial companies,

 ensuring more effective control over hard currency flows inside and outside the country.

  Will Canceling The Platform Affect The Price Of The Dollar?

 The impact of canceling the platform on the price of the dollar will be reflected in the prices as follows:

 1- Increased demand for the dollar on the black market.

With the absence of an electronic platform, the demand for the dollar on the black market may increase as a result of the absence of control mechanisms, which leads to an increase in exchange rates outside official channels.

 2- Weak confidence in the dinar, as canceling the platform may weaken confidence in the Iraqi dinar, especially if effective alternatives are not put in place to ensure market stability.

Weak confidence means that citizens and investors may withdraw their money in dinars and convert them to the dollar as a safe haven.

 3- The impact of smuggling and money laundering, as canceling the platform may eliminate strict control over dollar smuggling operations, and smuggling and money laundering practices may expand, which will increase the demand for the dollar and affect the reserves of the Central Bank. greatly

 4- The market’s dependence on supply and demand.

 With the cancellation of the platform, the currency market may become more affected by direct supply and demand.

 This may lead to severe fluctuations in the exchange rate, especially under unstable economic and political conditions.

 Will The Dollar Rise?

 The government and the central bank can rely on other supervisory tools, such as strengthening the role of local banks, placing strict restrictions on foreign transfers, activating alternative supervisory tools, or pumping more dollars into the market to meet demand and maintain price stability.

 Investment can also be encouraged and  dependence on foreign currencies reduced, to  relieve pressure on the dollar and  enhance the strength of the dinar, and  all of these measures can maintain dollar prices.   

  https://www.alsumaria.tv/news/economy/511638/بعد-توقف-المنصة-الالكترونية-إجابة-لأسئلة-الأوساط-العراقية-عن-الالية-ال    

Government Advisor: The Monetary Enhancement Mechanism Will Maintain Financial Stability In The Country
 
Economy    Today, Baghdad - INA - Amna Al-Salami  The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed today, Friday, that the  Central Bank has adopted the monetary enhancement mechanism to feed national banks’ requests for foreign currency, indicating that the  
monetary enhancement mechanism will maintain financial stability in the country. 

Saleh stated to the Iraqi News Agency (INA) that “the function of the central bank will continue to move in two directions: the    first is to meet the needs of national banks for foreign currency with their correspondents, which confirms that the new monetary enhancement mechanism will work to provide monetary stability on the part of the monetary authority in the two issues of continuing the policy of monetary sterilization.” 

 Which is concerned with controlling local liquidity levels by exchanging foreign currency for dinars,” pointing out that “the new monetary enhancement mechanism will maintain a fixed exchange rate of 1320.”

One dinar for every 100 dollars, which will enable the Central Bank to achieve stability in the external value of the Iraqi dinar by controlling the growth in the money supply within the operational objectives of monetary policy through the so-called monetary transfer mechanism to achieve the intermediate or real long-term objectives in achieving stability in The general level of prices or reducing the growth in inflation rates, and
 
this comes in conjunction with the stability of the exchange rate and the growth of the money supply to achieve stability in the general level of prices.”  Saleh added,
 
“The second trend is to provide foreign currency to correspondents of national banks in order to facilitate the stability of the real supply of basic goods and services flowing to the internal market with high smoothness, and to make compliance control over the disposal of foreign currency at two levels:
 
 national through the Office of Combating Money Laundering and Terrorist Funds, and
 external, represented by “The role of correspondent banks that undertake the task of auditing compliance issues.”      https://www.ina.iq/224986--.html 

Closing The Dollar Selling Platform...An American Directive That Raises Concerns About Market Stability And Rising Prices
 
January 2 09:43  Information / Baghdad..  The Central Bank announced the closure of the dollar selling platform at the end of the fiscal year, a measure that comes within the ongoing directives by the US Treasury to tamper with the Iraqi economy.
 
However, this decision raises growing concerns about its potential impact on demand and dollar prices in the local market, especially in light of the current economic conditions.
 
Closing the platform is expected to lead to an increase in demand for the dollar in the parallel market, as many importers and traders rely on purchasing hard currency to meet their needs.
 
In the absence of the usual supply through the official platform, they may resort to alternative markets to obtain dollars, which leads to increased pressure on prices.
 
Economic observers point out that the rise in demand accompanied by a decline in supply will inevitably lead to an increase in the price of the dollar against the dinar, and
 
this rise may be directly reflected in the prices of goods and services, which adds an additional burden on citizens, especially with the decline in purchasing power as a result of high inflation rates.

Regarding the issue, economic expert Safwan Qusay said in an interview with the Maalouma Agency,
 
“The Central Bank of Iraq announced the end of work on the electronic platform for banking transactions as of the beginning of the new year, after notifying all Iraqi banks of the cancellation decision early on.”  He added,
 
"13 Iraqi banks were able to adapt to this change, as
 
they expanded their dealings with real merchants, bringing the percentage of transfers and credits made through direct relationships between Iraqi banks and supplier banks to more than 95%."  He stated that
 
"these operations are carried out in accordance with strict compliance standards that ensure knowledge of suppliers and payment mechanisms." He continued by saying,
 
"For 5% of the transfers that were made through the electronic platform, merchants wishing to continue import operations at the official price can open bank accounts within these banks." He pointed out that
 
"the Central Bank issued a circular dated September 30 last year allowing merchants to import directly after opening bank accounts, without the need for a waiting period that previously extended to six months." He explained,
 
"The market may witness some fluctuations, but he ruled out the possibility of achieving large profits from importing irregular goods, in light of the Iraqi economy, which relies heavily on the dollar and its high value globally." He pointed out that
 
"the Iraqi economy will not face major fears as a result of this change, stressing the importance of adhering to banking procedures to ensure market stability and facilitate import operations."
 
Closing the dollar selling platform may be a technical measure linked to the end of the fiscal year, but it raises economic and social challenges that must be treated with caution.
 
Maintaining market stability and the exchange rate requires effective coordination between the central bank and the government, while developing proactive plans to avoid worsening the economic crisis. Ended 25/S    
  
https://almaalomah.me/news/87024/economy/إغلاق-منصة-بيع-الدولار-توجيه-أميركي-يثير-المخاوف-بشأن-استقرا 

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