Iraq Economic News and Points to Ponder Thursday AM 1-16-25

Central Bank: Closing The Electronic Platform Enhances Financial Stability
 
Economical 01/16/2025  Baghdad: Muqtada Anwar   Two weeks after the implementation of the Central Bank of Iraq's decision to close the electronic platform for foreign remittances, opinions differed in economic circles regarding the impact of this measure on the financial situation in Iraq, especially in light of the current economic and political conditions.
 
Despite the initial criticism raised by the decision, many experts and observers believe that it is a “necessary step” to confront the economic challenges that Iraq is currently experiencing, especially with regard to reducing pressure on the central bank’s reserves and enhancing exchange rate stability in the local market.

The Central Bank of Iraq confirmed that closing the platform will not affect the movement of remittances at all, as transfers through this platform until 12/23/2024 represent less than 7 percent of total sales, according to a source at the bank. The source explained to Al-Sabah,
 
“The aim of this step is to
 
     control financial operations,
     work within the international scope in the process of foreign transfers, and
     adopt the correspondent banking method,
 
which contributes to enhancing the stability of the financial sector under the current circumstances.”
 
The Central Bank also indicated that strengthening the balances of Iraqi banks that have correspondent banks abroad will continue as is, explaining that
 
this does not mean stopping “currency selling” operations,
but rather a change in their mechanisms within a method followed throughout the world. He added that
 
the mechanism for enhancing bank balances has changed, as
 
it is now done through the accounts of Iraqi banks with correspondent banks directly, instead of the accounts that were done through the Central Bank, and that
 
this new mechanism is dedicated to meeting the needs of import and foreign trade of goods, goods and services, in a way that contributes to supporting Financial and economic stability of Iraq.
 
For his part, the economic advisor to the Prime Minister, Mazhar Muhammad Saleh, explained that the
 
Central Bank had previously financed foreign trade through the currency sale window to perform two basic functions, the
 
     first was to intervene in the money market to absorb liquidity and maintain exchange rate stability, and the
     second was to finance foreign trade for the private sector,

However, the central bank faced significant challenges due to the requirements of the Federal Reserve and the US Treasury to ensure that the dollar was not used in ways inconsistent with the foreign policy and national security of the United States. Saleh added to "Al-Sabah",
 
"The new system of transfers is based on a direct relationship between Iraqi local banks and foreign correspondent banks, with a focus on compliance issues and combating money laundering." He pointed out that
 
the Central Bank strengthened Iraqi banks' dollar accounts in foreign correspondent banks, which reduced the direct intervention of the Central Bank and provided a greater role for foreign banks in auditing commercial operations. Saleh stressed that
 
the Central Bank has taken steps to diversify its foreign currency portfolio, including the use of the euro, the UAE dirham, and the Chinese yuan, to facilitate transactions with major trading partners, pointing out that
 
the new mechanisms aim to facilitate foreign trade and enhance control over money transfer operations, while ensuring access to... Goods and services to the country correctly and without irregularities. The financial advisor to the Prime Minister also noted that
 
 “these new measures do not affect the smooth flow of supplying the Iraqi economy’s need for dollars, but
 
they are considered a major development aimed at enhancing transparency and compliance with international and local laws.”
 
On the other hand, financial and banking researcher Mustafa Hantoush believes that the Central Bank of Iraq is trying to avoid the damage resulting from the export of the dollar by adopting monetary and currency management policies that ensure reducing its responsibility without affecting its financial strength. Hantoush expressed to “Al-Sabah” his belief that
 
the Central Bank seeks to avoid this responsibility by delegating foreign banks, which hold accounts in correspondent banks on the recommendation of their branches or foreign owners. He also pointed out that
 
if the central bank wants to reduce the gap in the dollar, it must open the door to competition between banks and rely on a basket of currencies to expand the options available in the market,
 
calling for amending the criteria for evaluating local banks and raising their financial capabilities, in a way that contributes to achieving stability and increasing competitiveness. Hence the stability of the dollar price.

He also suggested the possibility of transferring the dollar to trading platforms in the stock market, to be sold to beneficiaries through direct deals instead of sending the dollar exclusively to banks,
 
stressing the necessity of regulating these operations by switching to the “Forex” market, and implementing mechanisms that ensure that funds are not transferred until after the goods arrive. Guaranteed by banks. He explained that
 
these measures would
 
     raise tax revenues and
     reduce illegal trade, which would contribute to
     strengthening the national economy.
 
For his part, economic expert Nabil Jabbar Al-Tamimi said:
 
“The transfer platform at the Central Bank of Iraq was a mechanism for making financial transfers for merchants and importers through local banks, as the platform supervised these operations.” He added to Al-Sabah, saying:
 
 “The Central Bank has created the necessary conditions for making transfers by establishing direct relationships between local banks and international banks through large correspondent banks, which means that transfers can be made in accordance with international standards without the need for the electronic platform.” Al-Tamimi stated that the
 
Central Bank has compensated the electronic platform with regular and natural transfer mechanisms, through reputable local banks, which provides merchants with direct ways to transfer money, stressing that
 
these mechanisms contribute to
 
     them obtaining the dollar at the official price, which helps in gradually
 
     reducing inflation as a result of the stability of the dollar price. Official. He also stressed that"with this measure, the  need to deal in unofficial dollars on the black market is reduced, which
 
     enhances the stability of the financial market in Iraq."    https://alsabaah.iq/108660-.html    

Artificial Intelligence And Jobs Of The Future
 
Economical 01/16/2025  Yasser Al-Metwally    Studies show that 41 percent of companies around the world plan to reduce the number of their employees by 2030 due to artificial intelligence services.
 
This shocking percentage heralds the exacerbation of mass unemployment and its impact on global stability, as
 
unemployment is considered one of the most complex challenges facing governments and causes great troubles for countries.
 
Here we stop at several questions that we put before the Iraqi planner so that they are accessible to the decision maker.
 
If this remarkable prediction is correct, there will be questions that require answering.
 
How do you address unemployment in Iraq, even though it is already widespread and the solutions are still simple for more than 20 years?
 
Are our universities qualified to address such an upcoming challenge in light of the expansion of the number of universities and their outputs?
 
What is the ability of individuals (employees or workers), I mean in the government sector and the private sector, to adapt to the monsters of the coming change?
 
How much time do we need to qualify and prepare a generation armed with information knowledge and capable of dealing with artificial intelligence?
 
This comes in light of the horizontal expansion in public and private universities with specializations that have become traditional and supplying the labor market with specializations that are redundant to the need, which contributes to deepening the extent of unemployment.
 
A sincere call to reconsider investment in education to create a young generation with new skills to occupy the jobs of the future to catch up with the global movement.
 
In parallel with the tireless efforts and continued government interest, and with the follow-up of the Prime Minister and his team, in adopting the digital transformation project and achieving somewhat acceptable results.
 
We hope that this new year will witness the achievement of tangible results.
 
We see the need for a vision from the Council of Ministers in partnership with the private sector (companies, banks, public and private education) for what the country needs in the year 2030 in terms of jobs and investments, and to give instructions to the education sector to be structured from now on to comply with the requirements of Vision 2030.
 
Preparing cadres and qualifying the capabilities of dependable youth to build the country according to the requirements of future jobs so that we do not lag behind the world in responding to rapid changes, while showing that the next five years are short to continue the response.
 
What is required is a medium-term plan, in addition to thinking carefully about a strategic plan that responds to subsequent developments.    https://alsabaah.iq/108661-.html 

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

Seeds of Wisdom RV and Economic Updates Thursday Morning 1-16-25

Good Morning Dinar Recaps,

XRP SEC NEWS TODAY: BILL MORGAN EXPOSES SEC’S MISSTEPS IN RIPPLE LAWSUIT

Bill Morgan, a pro-crypto attorney, has strongly criticised the new opening brief submitted in the XRP lawsuit by the United States Securities and Exchange Commission. He has even questioned the regulator’s understanding of how the crypto market works.

However, in the last 24 hours, XRP has outperformed almost all the top cryptos, marking an impressive growth of nearly 9.4%. Let’s dive in for more details.

SEC’s New Opening Brief and Bill Morgan’s Criticism

As per the SEC’s opening brief, Ripple violated securities law through its XRP sales. The SEC, through the brief, alleged that Ripple’s representations to investors created an expectation of profits.

Exposing the regulator’s lack of understanding of how the cryptocurrency market functions, Bill Morgan, in an X post, retorted that price rises are often driven by market trends, not issuer promotions.

XRP Whale Movements Amid Legal Developments

Reports say that at least 130 million XRP tokens have been moved by whales during recent legal developments.

Whale activities may influence market sentiment. In the last one hour, the market has dropped by 0.2%.

Today, the market has experienced a drop of 1.5%.

XRP’s Long-Term Potential and ETF Speculation

Despite volatility and legal uncertainties, market sentiments for XRP remain bullish. According to a JP Morgan analyst, there is a high chance for the launch of an XRP ETF soon.

In conclusion, Ripple’s XRP remains a focal point in the crypto market, driven by legal developments and whale activity. As the case progresses, XRP’s future remains bright with long-term growth potential and increasing interest in an XRP ETF.

@ Newshounds News™

Source:  CryptoPedia

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VANECK FILES SEC APPLICATION FOR DIGITAL ASSET ECOSYSTEM ETF

VanEck filed an application with the SEC for an "Onchain Economy" ETF that would invest 80% of its assets in digital transformation companies, joining a wave of recent digital asset ETF proposals from major financial firms.

▪️VanEck filed for an “Onchain Economy” ETF with the SEC on January 15, 2025, planning to invest 80% in digital asset ecosystem companies
▪️The fund will focus on software developers, miners, exchanges, infrastructure providers, and payment firms without directly holding cryptocurrencies
▪️Several other major firms including Bitwise, WisdomTree, and Grayscale have recently filed similar ETF applications
▪️The proposed ETF will use fundamental research and market trends to select investments in “Digital Transformation Companies”
▪️The move comes amid speculation about more favorable crypto regulations under the Trump administration

Asset management giant VanEck has submitted an application to the Securities and Exchange Commission (SEC) for a new exchange-traded fund focused on the digital asset industry. The filing, made on January 15, 2025, proposes the creation of the “Onchain Economy” ETF.

Matthew Sigel, who heads VanEck’s digital assets research division, initially shared news of the filing through social media, though the post was later removed. The ETF represents VanEck’s latest attempt to establish a presence in the expanding digital asset investment landscape.

The proposed fund has outlined clear investment parameters, stating it will direct at least 80% of its assets toward companies operating within the digital asset ecosystem. These investments will target what VanEck terms “Digital Transformation Companies,” encompassing various sectors of the industry.

@ Newshounds News™

Read more:  Blockonomi  

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MALAYSIA’S PM WANTS TO DEVELOP CRYPTO AND BLOCKCHAIN POLICIES AFTER MEETING WITH CZ AND UAE LEADERS

Prime Minister of Malaysia, Anwar Ibrahim, says he wants to explore policies for crypto and blockchain technology after his meeting with Binance co-founder CZ and the Abu Dhabi government.

According to a report by media outlet New Straits Times, Ibrahim returned to Malaysia after a three-day visit to Abu Dhabi with plans to start developing policies related to cryptocurrency and blockchain technology so that the nation does not get left behind.

Speaking to reporters, the Prime Minister said he had lengthy conversations with the Abu Dhabi government and the former Binance CEO Changpeng “CZ” Zhao about crypto and blockchain technology.

“We have talked about digital transformation, data centres and artificial intelligence. We now face demands which require us to think about making significant changes,” said Ibrahim.

He claimed that he has requested government agencies such as the Treasury, the Securities Commission, and the national bank, Bank Negara, to study how Malaysia can keep up with the rapid developments of the crypto industry.

Ibrahim assured that he will draft a paper on the need for crypto and blockchain technology policies to be presented for review and endorsement by the cabinet as soon as possible. He emphasized the importance of regulations for crypto in order to “safeguard the people’s interests and prevent leakages.”

“This innovation is just like AI, which would revamp the financial world. We should not sit idly by and wait and later be forced to do so after others have done it already,” he said.

@ Newshounds News™

Source:  Crypto News

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“Tidbits From TNT” Thursday Morning 1-16-2025

TNT:

Tishwash:  Iraq calls on the world to conduct a comprehensive reform of the financial system and a dialogue on technology governance

The representative of Iraq to the United Nations in New York, Abbas Kazim Obaid, in his capacity as Chairman of the Group of 77 and China, delivered the group’s statement during the session of the United Nations General Assembly in which the Secretary-General reviewed the priorities of his term for the year 2025, in light of the circumstances and challenges facing the international community.

In his statement, the representative of Iraq stressed the complex and interconnected global challenges, including ongoing conflicts, the effects of climate change, poverty, hunger, high debt levels, limited financing for the Sustainable Development Goals, and the growing digital divide. He stressed the need to support developing countries in financing sustainable development through the Fourth Conference on Financing for Development.

He called for a comprehensive reform of the global financial system to address structural inequalities, ensure equitable access to long-term finance, and advance sustainable development efforts.

He also stressed the importance of fully implementing the decisions of the Conference of the Parties on Climate Change, while supporting the Secretary-General’s efforts to achieve the Sustainable Development Goals by 2030.

Obaid also called for a comprehensive international governmental process to address the digital divide, the establishment of an independent scientific team for artificial intelligence, and the launch of a global dialogue on technology governance.  link

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Tishwash:  Will the implementation of the Oil and Gas Law stop the series of smuggling in the region?

MP Nazim Al-Shabli, a member of the Oil and Gas Committee, revealed today, Wednesday, that the Kurdistan Region does not want to hand over oil revenues to the federal government.  

Al-Shabli said in a statement to Al-Maalouma Agency, “The oil and gas law, which in turn limits oil smuggling in the region, is subject to political differences,” noting that “the importance of enacting the law is to control oil revenues after the procedures to stop the region's exports through the Ceyhan crossing and the intervention of international courts." 

He added, "The region has no real desire to send oil imports, in addition to the continuation of oil smuggling operations."

He pointed out that "the enforcement of the oil and gas law in turn limits oil smuggling and obliges the region to send oil revenues, and stressed the need to send the draft oil and gas law for discussion and approval in the House of Representatives."  link

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Tishwash:  Al-Eidani: Al-Sudani's visit to Britain resulted in removing Iraq from the red list for risk assessment

Basra Governor Asaad Al-Eidani revealed on Wednesday that the investment status in Iraq was raised from the red list to the orange list during Prime Minister Mohammed Shia Al-Sudani’s visit to London. In what he described as an important achievement, he revealed that new security and financial agreements were reached with Britain during the visit.

Al-Eidani, who accompanied the visiting Iraqi delegation to Britain, said in a statement reported by the official news agency, and reviewed by "Al-Eqtisad News", that "Prime Minister Mohammed Shia al-Sudani's current visit to Britain resulted in the transformation of the risk assessment in Iraq from the red list to the orange list in terms of the investment environment, and this is an important achievement and we may advance to yellow."

He added, "The businessmen accompanying the Prime Minister on the visit welcomed the new assessment, which may be transformed to yellow at a later time."

He continued, "Many British businessmen have concluded agreements with the Iraqi side in several fields, including education and universities, and a number of British businessmen have agreed with their Iraqi counterparts to establish joint laboratories."

He pointed out that "the Prime Minister held a meeting today with the British Home Secretary, and many topics related to security were discussed, especially the file of exchanging expertise between the Iraqi and British Interior Ministries."

He pointed out that "there was also a financial meeting, and an agreement was signed between the Trade Bank of Iraq and British financial institutions. There is also a financial meeting attended by the Prime Minister that could discuss support for the Iraqi private sector from British financial institutions, especially after raising the risk assessment from red to orange  link

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Tishwash:  Parliament conforms to World Bank on the importance of government infrastructure in development

The Parliamentary Finance Committee confirmed to the World Bank delegation, today, Wednesday, the importance of keeping the infrastructure of the development path in the hands of the government.

The media department of the Council of Representatives stated in a statement received by the Iraqi News Agency (INA), that "the head of the Finance Committee, Atwan Al-Atwani, received a delegation from the World Bank headed by Jean-Christophe Carré, Regional Director for the Middle East, to discuss supporting the railway rehabilitation project within the Development Road Project," indicating that "the meeting reviewed the economic and regional vision of the Development Road Project and its strategic importance in stimulating investment movement, maximizing non-oil revenues and providing job opportunities, and also discussed the possibility of the private sector contributing to its implementation."

It added that "the meeting also discussed the multi-stage support provided by the World Bank for the Development Road Project, including modernizing and rehabilitating the current railway network and linking it from southern Iraq through the north and reaching Turkey."

Al-Atwani stressed, according to the statement, that "the infrastructure of the Development Road should be in the hands of the government so that this important project that links Iraq to the countries of the world is not subject to influences," noting that "our vision is for the Development Road Project not to be just a transit point, but rather we seek to be a gateway to revitalizing various economic and commercial activities and developing the infrastructure."

Al-Atwani called on the World Bank delegation to "present new visions and ideas regarding achieving optimal investment in this huge project, which is hoped to make Iraq an economic corridor linking Asia to Europe," stressing "the need to expedite the submission of the feasibility study related to the railway development plan within the Development Road project, and to contribute to mobilizing international expertise and attracting the private sector to invest in it in a way that serves the country's interests."

He continued: "We look forward to holding joint workshops and expanded meetings with the World Bank, to provide a full briefing on the project details and discuss its details in a way that secures broad parliamentary support for this borrowing," stressing that "the Finance Committee supports any loans that are economically feasible and bring great benefit to the Iraqi economy, especially since investment in the railway sector is a successful trend and achieves a large financial return."

For his part, the World Bank delegation appreciated "the valuable comments submitted by the Chairman of the Finance Committee, Atwan Al-Atwani, within the framework of the rapid transition from the planning and vision stage to the implementation stage," stressing the World Bank team's readiness "to submit the feasibility study, the project path and its details by next February."   link

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Mot: .. Just Warning Ya!! -- Get Ready!!! 

Mot:  .. Good Job Nelson

Iraq Economic News and Points to Ponder Late Wednesday Afternoon 1-15-25

Government Confirms That The Iraqi Economic Path Is Moving In The Right Development Direction

 01/15/2025   Mawazine News – Economy  The Prime Minister's Advisor for Financial Affairs, Mazhar Mohammed Salih, confirmed on Wednesday that the economic path in Iraq is moving correctly towards development for the coming years, noting that economic growth in 2024 is an incentive to expand economic activities in the country.

Salih said in a statement to the official agency, "There is a principle in economics called the economic accelerator, which means that the growth in non-oil GDP, which reached 6% in 2024, will be positively reflected in the strength of national investment in 2025."

He added that "the Iraqi economy will witness a high investment boom in 2025 thanks to the economic accelerator factor in the investment field, in addition to the high positive growth effects of national income in 2024.

" Salih pointed out that "business companies and investors are affected by the results of the basic idea behind the economic accelerator, which indicates that any increase in demand for goods and services as a result of the growth of national income in 2024 can lead to an increase in investment in capital such as machinery, equipment and labor in 2025."

He continued, “Businesses and companies need to expand their production capacity to meet the growing demand for goods and services, which will lead to a positive accumulation in the national economy’s production capacity in 2025,” stressing that this can be expected positively, especially if accompanied by a good agricultural season and a wet year in the coming months.

In conclusion, the Prime Minister’s Advisor indicated that “Iraq’s economic path is moving in the right development direction for the coming years, thanks to the ongoing cooperation between the private and public sectors.”  https://www.mawazin.net/Details.aspx?jimare=258626

Parliamentary Finance: Banking Reform Enhances Iraq's Global Financial Standing

2025/01/14 reading :297Times  {Economic: Al Furat News} Member of the Parliamentary Finance Committee, Jamal Kocher, confirmed today, Monday, that the restructuring of Rafidain and Rashid Banks is a decisive step to improve Iraq's financial situation and enhance its position in the global financial system.

Kocher told Al Furat News Agency: “Restructuring the banks is very important and has many positives, as these banks have not been reviewed for many years. These measures will contribute to consolidating the national economy and addressing some of the errors that may exist in the current financial system.”

He added: "Reforming banks will lead to their development in line with the conditions of the US Federal Reserve and the SWIFT system, in addition to many international requirements that will contribute to improving the performance of the Iraqi financial sector at the global level."

It is noteworthy that Prime Minister Mohammed Shia Al-Sudani reviewed the plan for the restructuring project of Rafidain and Rashid Banks, and the technical and administrative procedures related to the project, which include a comprehensive review and structural administrative reforms with the aim of providing integrated banking services to citizens and companies.

He explained that the completion rate of the project to restructure Rafidain Bank has reached its final stages, stressing that it will enter into force within the next few days, within the framework of a plan that has been studied and implemented according to the established standards and specifications. LINK

Dollar Prices Stabilize In Baghdad And Rise In Erbil With The Closing Of The Stock Exchange

 01/15/2025  Mawazine News – Economy   The US dollar prices recorded stability in the markets of the Iraqi capital, Baghdad, while they witnessed an increase in Erbil, the capital of the Kurdistan Region, with the closing of the stock exchanges on Wednesday evening.

The dollar prices also stabilized with the closing of the Al-Kifah and Al-Harithiya stock exchanges in Baghdad, where the exchange rate reached 151,000 dinars for every 100 US dollars, which is the same price recorded this morning.

The selling prices in the local markets in Baghdad also stabilized, where the selling price reached 152,000 dinars for every 100 dollars, while the purchase price reached 150,000 dinars for every 100 dollars.

In Erbil, the dollar prices witnessed an increase, where the selling price reached 151,000 dinars for every 100 dollars, while the purchase price reached 150,900 dinars for every 100 US dollars. https://www.mawazin.net/Details.aspx?jimare=258633

Prime Minister: Iraq Is Moving Towards Developing Its Oil Industry And Expanding The Production And Export Of Derivatives

Energy    Economy News – Baghdad  Prime Minister Mohammed Shia al-Sudani confirmed on Wednesday that Iraq is moving towards developing its oil industry and expanding the production and export of oil derivatives.

The Prime Minister's Media Office said in a statement, seen by Al-Eqtisad News, that "Prime Minister Mohammed Shia al-Sudani received at his residence in the capital, London, a group of senior editors-in-chief of Arab newspapers, opinion writers, and Arab and foreign journalists," indicating that "al-Sudani spoke about his official visit to the United Kingdom and his meetings with King Charles III and British Prime Minister Keir Starmer, and about the importance and size of the security, economic, and development agreements concluded during the visit."

Al-Sudani confirmed, according to the statement, that "the bilateral agreement will be presented to the House of Representatives for the purpose of ratification," pointing to "the state of stability and prosperity that Iraq is experiencing despite the political fluctuations witnessed by the region, and the government's success in keeping Iraq out of regional conflicts, while remaining steadfast in its principled position regarding the aggression on Gaza and Lebanon."

He also touched on "the Iraqi government's approach, its political vision for the internal Iraqi situation, and its steps to preserve security and stability in Iraq and the region," stressing "Iraq's standing by the Syrian people in the face of crises and challenges."

He pointed to "the government's steps in the field of economic integration," indicating "proceeding with the electrical connection with neighboring countries, and establishing related stations, in addition to cooperation in the fields of real estate development, and building new cities, within a development renaissance planned by the government program and included strategic projects, and creating a transition in the infrastructure on which sustainable development depends."

He referred to "the signing of the contract between Iraq and British Petroleum, which is the largest in the region," stressing "Iraq's move to develop its oil industry, expand the production and export of oil derivatives, invest in Kirkuk fields, and reach full investment in associated gas."

In turn, the talk of Arab and foreign media professionals focused on “the situation in the region, the paths of Iraq’s diplomatic relations with influential countries in the region and the world, positions on regional crises, the economic relations that Iraq seeks and the steps of economic integration to confront challenges, and Iraq’s move towards strategic relations with major economically advanced countries, including Britain and other European countries.”   https://economy-news.net/content.php?id=51990

Parliamentary Agreement With Finance Ministry Officials To Support And Maximize Revenues

Wednesday 15 January 2025 | Economic  Number of readings: 260  Baghdad / NINA / The Parliamentary Finance Committee agreed with the officials of the Ministry of Finance to follow up on the results of the work of the departments and joints of their ministry on a regular basis.

The committee held a joint meeting with the officials of the Customs and Tax Authority, Director General of the Customs Authority Hassan Hamoud Hassani, Director General of the Tax Authority Muhammad Hamza Mustafa, Assistant Director of the Authority Abdul Sattar Hashem, Director of the Companies Department Haider Rashid Hamid, Director of the Commercial Business Department Muhammad Ali Jaber, Director of the Planning Department Muhammad Qasim Muhammad, Director of the Adults Department Nagham Abbas Reda, and Director of the Real Estate and Plots Department Shaza Hashem Hanoun, to discuss the total revenues for the year ending 2024 and the plan to maximize revenues in 2025.

The head of the committee, MP Atwan Al-Atwani, said that "this meeting is the third this week, after a meeting with the Minister of Finance and the general managers on maximizing revenues." https://ninanews.com/Website/News/Details?key=1180252

Gold Prices Rise In Conjunction With The Dollar In Baghdad

Stock Exchange  Economy News – Baghdad   The prices of "foreign and Iraqi" gold rose in the local markets in the capital, Baghdad, today, Wednesday (January 15, 2025).

Gold prices in the wholesale markets on Al-Nahr Street in the capital, Baghdad, this morning recorded a selling price for one mithqal of 21 karat Gulf, Turkish and European gold of 568 thousand dinars, and a purchase price of 564 thousand dinars.

The selling price of one mithqal of 21-karat Iraqi gold reached 538 thousand dinars, and the purchase price was 534 thousand.

As for gold prices in goldsmiths’ shops, the selling price of a mithqal of 21-karat Gulf gold ranges between 565,000 and 575,000 dinars, while the selling price of a mithqal of Iraqi gold ranges between 535,000 and 545,000 dinars.    https://economy-news.net/content.php?id=51976

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

Seeds of Wisdom RV and Economic Updates Wednesday Evening 1-15-25

Good Evening Dinar Recaps,

DAVOS TO WELCOME TRUMP VIRTUALLY AS WORLD LEADERS AWAIT NEW US PRESIDENT'S POLICIES

▪️Trump to join Davos meeting digitally, organisers say
▪️60 heads of state and government due to attend WEF meeting
▪️Ukraine's Zelenskiy to make address, take questions -WEF
▪️Middle East tensions, climate crisis also on the agenda

LONDON, Jan 14 (Reuters) - Donald Trump will mark his return to the global stage with a virtual World Economic Forum appearance in Davos next week, as world leaders await details of the incoming U.S. President's policies and his pledge to end the war in Ukraine.

Trump is due to return to the White House on Jan. 20, with his inauguration for a second term as U.S. President coinciding with the start of the 55th annual WEF meeting of political and business leaders in the Swiss mountain resort.

Brende said Trump, who has twice previously attended Davos, will join "digitally" on Jan. 23, without giving further details. He said it would be a "very special moment" to learn about the new Trump administration's policy priorities.

"There is a lot of interest to decipher and to understand the policies of the new administration, so it will be an interesting week," Brende said.

Topics on the Davos agenda range from mounting global geopolitical and economic uncertainty to trade tensions, climate goals and how AI can help make lives better.

Business leaders have become more optimistic about the economy given Trump's pledges to reduce regulation, potentially cut taxes and ease restrictions on activities including mergers and acquisitions, Rich Lesser, global chair of Boston Consulting Group, told Reuters ahead of the meeting.

Lesser said, however, that underlying optimism is being offset by concerns about tariffs, deportations, a widening budget deficit and the U.S. relationship with China.

MIDDLE EAST

This year's meeting in Davos is taking place against "the most complicated geopolitical backdrop in generations," Brende said, adding that the forum will have a strong focus on Middle East geopolitics, including high-level diplomatic talks.

Delegates will discuss developments in Syria and the humanitarian crises in Gaza and Yemen alongside other topics.

Participants will include Qatar's Prime Minister, the Saudi Arabian Foreign Minister, Syria's foreign minister, the U.N. special envoy on Syria, the Iranian Vice President, Israel's President and the Palestinian Prime Minister.

"There will be hard work at the situation in Syria, the terrible humanitarian situation in Gaza ... the potential escalation of the conflict in the Middle East. We were very close to it between Israel and Iran, and I don't think we're out of the woods yet," Brende said.

CLIMATE

The WEF will this week release an analysis looking at companies that account for two-thirds of global market capitalisation, which will show that only about 10% are taking meaningful and tangible action on the climate and nature agenda.

Business and political leaders gathering in Davos from Jan. 20 to Jan. 24 are also due to discuss how to ensure energy remains affordable, secure and green and the challenges preventing acceleration of efforts towards energy transition.

"We’re in a really challenging moment for climate, where countries are asking if other nations are doing their share," said Boston Consulting Group's Lesser.

@ Newshounds News™

Source:  Reuters

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TIM SCOTT ANNOUNCES BANKING COMMITTEE PRIORITIES FOR 119TH CONGRESS

In a latest development, Chairman Tim Scott has announced the legislative and oversight priorities for the U.S. Senate Committee on Banking, Housing, and Urban Affairs for the 119th Congress. Scott aims to focus on increasing financial inclusion and advancing opportunities for Americans nationwide.

“My goal for this Congress is simple: make America work for Americans. Over the last two years, we’ve led comprehensive solutions to serious challenges Americans face—from addressing our failed federal housing policies to increasing access to capital to bolstering our economic national security—and we can build on this success,” Scott remarked.

Scott expressed his eagerness to collaborate with the Trump administration and committee colleagues in the 119th Congress to reach consensus and develop solutions that enhance financial inclusion and create opportunities nationwide. “The American people gave Congress a mandate – let’s get to work,” Scott added.

Top Priorities For The Banking Committee

Chairman Tim Scott’s priorities for the Banking Committee in the 119th Congress include:

Promoting Financial Inclusion, Affordable Housing: Scott aims to make financial services more accessible, reduce burdensome regulations, and ensure consumers have the tools to make informed decisions. He also plans to address high housing costs by reducing overregulation and advocating for targeted reforms to support families.

The committee will focus on policies that expand capital access for small businesses and entrepreneurs across the country, not just in large cities. The committee will work on creating a clear regulatory framework for cryptocurrency and digital assets to encourage innovation and protect consumers.

Scott will prioritize strengthening U.S. national security through sanctions, export controls, and countering threats from adversaries like Iran and China. The committee will also support state-based regulation of insurance and protect consumers, especially in flood-prone areas.

Besides, Scott plans to cut bureaucratic red tape to allow local communities to drive infrastructure projects. The committee will also hold federal agencies accountable for policies that hurt businesses and individuals and ensure transparency in government agencies.

In all, Chairman Scott will focus on creating opportunities for Americans while pushing back against policies that limit economic growth.

@ Newshounds News™

Source:  CoinPedia

~~~~~~~~~

XRP Surpasses $3, Predicted to Hit $4 Soon?  |  Watcher Guru

Stellar (XLM) Cryptocurrency Breaks Out: 30% Surge Incoming?  | Watcher Guru 

@ Newshounds News™

~~~~~~~~~

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Seeds of Wisdom RV and Economic Updates Wednesday Afternoon 1-15-25

Good Afternoon Dinar Recaps,

THE SEC PLANS TO MOVE FAST ON CRYPTO POLICY OVERHAUL UPON TRUMP’S INAUGURATION

▪️The SEC is preparing to overhaul crypto policy under a new pro-industry chair, Paul Atkins, replacing Gary Gensler.

▪️Commissioners Hester Peirce and Mark Uyeda plan to clarify which cryptoassets are securities and reduce enforcement actions.

▪️Experts expect Congress and the White House to join the SEC in promoting innovation-friendly regulations.

Under Trump’s administration, the SEC is set to begin an overhaul of its crypto policy as soon as next week. Rumored first steps include reassessing which cryptoassets are securities and cooling off enforcement actions.

Commissioners Hester Peirce and Mark Uyeda both worked with incoming Chair Paul Atkins in the past and are actively planning to cooperate again as a pro-crypto majority.

The SEC’s Role in Crypto Policy

According to a report from Reuters, the SEC is ready to hit the ground running with radical changes to crypto policy. Less than a week remains until Donald Trump’s inauguration, and some experts anticipate a new rally.

New rumors of pro-crypto executive orders already juiced Bitcoin’s price, and Congressional industry allies are planning their own moves:

“Under Gensler, the SEC refused to provide clarity to the crypto industry. Moving forward, [we] will work to build a regulatory framework that… will promote consumer choice, education, and protection [and] foster an open-minded environment for new, innovative financial technologies and digital asset products,” claimed Senator Tim Scott.

In other words, the SEC is only one player in a broad coalition of crypto policy reform. To that end, the Commission is preparing for its Chair, Gary Gensler, to resign on Inauguration Day. A pro-industry replacement, Paul Atkins, has already been selected, but some of its sitting Commissioners are already planning their next moves.

Hester Pierce, who has long opposed SEC crypto crackdowns, and fellow pro-crypto Commissioner Mark Uyeda are weighing a few options to influence policy.

The pair both worked closely with Atkins in the past, and sources have claimed they plan to clarify which cryptoassets legally qualify as securities. They have yet to comment on other specific changes.

Trump’s SEC team is here to shake things up in crypto! Hester Peirce and Mark Uyeda are taking a second look at the ongoing cases—some might even get frozen if no fraud’s involved. The big play? Boosting Bitcoin. Pompliano’s already throwing ideas like a national Bitcoin reserve and no capital gains tax on BTC payments,” wrote Mario Nawfal.

Crypto Lawsuits Are Likely to Slow Down

One strong possibility for a policy change is the SEC drastically reducing its crypto crackdowns. In his last days, Gensler has been recalcitrant about maintaining a fight with Ripple, even though his effort could soon fall apart.

After he leaves, the SEC may drop this and “dozens” of other enforcement actions. As BeInCrypto reported earlier, Trump is already expected to sign a pro-crypto executive order on his first day. The order will likely overturn controversial SAB 121, which restricts banks from holding crypto.

Although the courts may not approve of such a cool-down period, there is precedent. Shortly after Trump’s election, the US Attorney for the SDNY signaled that his office would scale back crypto prosecutions.

This district enforces many high-profile finance activities, including the Sam-Bankman Fried case, but it still openly plans to ease off.

In other words, the SEC has many avenues for impacting US crypto policy in short order. Pierce and Uyeda haven’t signaled any other immediate plans besides classifying assets’ security status and reviewing enforcement cases. However, they are closely considering the issue.

Between a friendly SEC, Congress, and President, sweeping changes will be easy to implement.

@ Newshounds News™

Source:  Be In Crypto

~~~~~~~~~

U.K.’S NEW ECONOMIC SECRETARY EMMA REYNOLDS TO OVERSEE CRYPTO

Emma Reynolds, former parliamentary secretary at the Treasury, has been appointed the new economic secretary.

Reynolds’s appointment follows the resignation of Tulip Siddiq, who stepped down in a letter to the Prime Minister. Siddiq, the member of parliament for Hampstead and Highgate, cited personal reasons for her departure.

The new economic secretary will play a key role in shaping the government’s crypto regulation agenda. In addition to digital assets, Reynolds will oversee the U.K.’s central bank digital currency plans.

Her appointment comes as the U.K. continues to push for greater regulatory compliance in the crypto sector. The government has pursued this approach over the past few years as part of its ambition to become a leading hub for digital assets innovation.

Market watchdogs, such as the Financial Conduct Authority, have adopted a more supportive stance toward the crypto industry in recent months, contrasting with the stricter approach taken by the U.S. under outgoing SEC Chair Gary Gensler.

The landscape has shifted since Donald Trump’s election, and industry players are optimistic about what the new SEC leadership could mean for the crypto ecosystem in the U.S. Trump will be inaugurated on Jan. 20.

As crypto.news highlighted, the SEC plans to move away from its “regulation by enforcement” strategy and freeze certain ongoing lawsuits that do not involve fraud.

While it remains to be seen how Reynolds will impact the U.K.’s crypto policies, the general sentiment is that the country aims to remain competitive amid growing global crypto adoption.

In December 2024, the European Union’s Markets in Crypto Assets (MICA) rules came into full effect, with industry players keen on leveraging the clarity MiCA offers to expand across the bloc.

The U.K.’s own legislation on cryptocurrencies and stablecoins is expected to be finalized in early 2025.

@ Newshounds News™

Source:  Crupto News

~~~~~~~~~

H.R.369 - To provide for the elimination of the Department of Education, and for other purposes.

Sponsor:  Rep. Rouzer, David [R-NC-7] (Introduced 01/13/2025)
Committees:  House - Education and Workforce
Latest Action:  House - 01/13/2025 Referred to the House Committee on Education and Workforce. 

As of 01/15/2025 text has not been received for H.R.369 - To provide for the elimination of the Department of Education, and for other purposes.

[Congressional Record Volume 171, Number 6 (Monday, January 13, 2025)]

[House]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
By Mr. ROUZER:
H.R. 369.
Congress has the power to enact this legislation pursuant
to the following:
Article I, Section VIII
[Page H112]

• Constitutional Authority and Single Subject Statements

About Constitutional Authority and Single Subject Statements

Pursuant to clause 7(c) of House Rule XII and Section 3(c) of 118th Congress H.Res. 5, Rule XII, to be accepted for introduction by the House Clerk, all bills (H.R.) and joint resolutions (H.J.Res.) must provide a document stating “a statement setting forth the single subject of the bill or joint resolution” and "as specifically as practicable the power or powers granted to Congress in the Constitution to enact the bill or joint resolution."

@ Newshounds News™

Source:  Congress

~~~~~~~~~

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Some “Iraq News” Posted by Clare at KTFA 1-15-2025

KTFA

Clare: 21 Arab and foreign countries and 600 companies at Baghdad International Fair

1/14/2025 

The activities of the Baghdad International Fair in its (48) session will start on the first of next February, with the active participation of 21 Arab and foreign countries and 600 companies with different specializations.

The Director General of the Ministry’s Exhibitions and Commercial Services Company, Dr. Mustafa Nizar Jumaa Al-Ani, said in an interview with “Al-Sabah” followed by “Al-Eqtisad News” that the exhibition will continue for seven days, and will be held under the slogan (Investment, Development, Prosperity).

He pointed out that the Ministry prepared early to hold the exhibition in its (48) session, as 21 Arab and foreign countries will participate in it, in addition to 600 local and international companies, indicating that the Ministry is still receiving requests to participate in this version, which is being continuously monitored by the Minister of Commerce.

He explained that the exhibition will include the two largest pavilions for the Kingdom of Saudi Arabia and Oman, as well as the golden sponsor of the exhibition, represented by the State of Qatar, in addition to preparing two large halls dedicated to national industries that witnessed a remarkable turnout by visitors during the past year.  

Al-Ani pointed out that the ministry provides support to national industries through the Export Fund, and urges local companies to develop exports and establish advanced factories that can meet local needs, especially after the government issued several decisions to support the national product by preventing the import of many materials provided by the industrial sector. 

He added that the exhibition will also witness the participation of government institutions, unions and private sector organizations, with an ambition to attract a large number of companies in the current session, in an effort to conclude contracts between the private and international sectors.

He added that the exhibition is an important economic gateway and a social oasis that attracts the public, in light of the major economic changes that the country is witnessing as part of the government program.

Al-Ani stated that the aim of holding the exhibition is to enhance cooperation between local and international companies and provide investment opportunities. It also represents a platform for communication between foreign companies and investors to exchange experiences and learn about the latest technologies in all sectors, stressing that all participating companies will display their production and will have a share in the Iraqi market and contribute to all governorates.  LINK

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

Clare: Parliament postpones its session due to political blocs boycotting the sessions

1/15/2025

The House of Representatives failed, on Wednesday, once again to hold its regular session due to the boycott of most political blocs of the sessions .

A parliamentary source told Shafaq News Agency, "Parliament postponed its session due to the lack of a legal quorum due to the boycott of some political blocs and their failure to enter the council hall, despite the session bell ringing."

Recently, political circles in Iraq have witnessed a sharp escalation in disputes over a number of vital laws that are stalled within the parliament, most notably the general amnesty law, the retirement law, and others, which has led to the stumbling of many parliamentary sessions .

Yesterday, Tuesday, the media department of the Iraqi Council of Representatives published the agenda of the Council’s session that was scheduled for today .

According to the session agenda that was received by Shafaq News Agency, it included voting and reading several draft laws, most notably the Intelligence Service Law, and reading the proposed law amending the Retirement Law .  LINK

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

Clare: Al-Sudani: The volume of Arab and foreign investment in Iraq reached 63 billion dollars

1/15/2025

Iraqi Prime Minister Mohammed Shia al-Sudani confirmed on Wednesday that Iraq is open to various investment and development activities, noting that the volume of Arab and foreign investments in Iraq over two years reached $63 billion.

This came during his reception, on Tuesday evening, of representatives of 24 major British companies in various sectors and activities, in addition to a number of businessmen, in the presence of British government officials, on the sidelines of his official visit to the British capital, London.

At the beginning of the meeting, the Prime Minister welcomed the work of British companies in Iraq, stressing that the investment environment and business space have become open and attractive to various types of investment and development activities.

He pointed out that the meetings and agreements signed with the British side need to be translated into actions and steps, and that the most important part now falls on the companies.

He continued: "We have carried out real reforms in Iraq, and we have put in place real support facilities and procedures for the private sector. We have also implemented reforms in the tax and customs reality, company registration, and all approvals related to investment opportunities."

Al-Sudani added, saying: “For the first time, we provided sovereign guarantees to the private sector to implement projects, and today we signed with (UKEF) what is related to this step.”

He pointed out that "the government's steps aim to create a national industrial base, and the presence of British companies with the private sector will create real opportunities," adding: "Iraq has a three-year budget (2023-2024-2025), and has allocated $100 billion for the investment budget for ministries and governorates."

Al-Sudani pointed out the existence of "associated gas projects in most fields, and opportunities in the petrochemical industry," adding: "We have a fixed platform project for importing gas funded by the government, and there is a project for liquefied gas export platforms."  LINK

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

Clare:  During a meeting in London BAE Systems offers to open weapons production line in Iraq, Sudani welcomes

1/15/2025

Prime Minister Mohammed Shia al-Sudani welcomed today, Wednesday, the offer submitted by BAE Systems to open weapons production lines in cooperation with the Military Industrialization Authority in Iraq, during his meeting with the company’s delegation at his residence in London.

Prime Minister Mohammed Shia Al-Sudani received today, Wednesday, at his residence in London, a delegation from BAE Systems, headed by the company's CEO, Mr. Charles Woodburn.

The meeting reviewed the nature of the company's work, which specializes in various types of military industries, in addition to its production of cybersecurity technologies and electronic systems, especially since the government is interested in arming the security forces with the latest weapons, from various sources.

During the meeting, possible aspects of cooperation with Iraq were discussed. His Excellency welcomed the offer made by the company’s CEO to open weapons production lines in cooperation with the Military Industrialization Authority in Iraq, as well as to provide services in the field of cybersecurity, especially since the Authority’s law helps establish partnerships with specialized foreign companies and expand technological cooperation with them. LINK

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

Clare: Al-Sudani: I will present the British agreement to the Iraqi parliament

1/15/2025

Prime Minister Mohammed Shia al-Sudani confirmed, on Wednesday, during his meeting with a press delegation, his intention to present the British agreement to the Iraqi parliament upon his return to Baghdad .

The Prime Minister's Office stated in a statement received by Shafaq News Agency that "Al-Sudani received at his residence in the capital, London, a group of senior editors-in-chief of Arab newspapers, opinion writers, and Arab and foreign journalists."

Al-Sudani spoke, according to the statement, about "his official visit to the United Kingdom and his meetings with King Charles III and British Prime Minister Keir Starmer, and the importance and size of the security, economic and development agreements concluded during the visit," stressing that "the bilateral agreement will be presented to the House of Representatives for the purpose of ratification."

Al-Sudani pointed out, "The state of stability and prosperity that Iraq is experiencing despite the political fluctuations witnessed in the region, and the government's success in keeping Iraq out of regional conflicts, while adhering to the principled position regarding the aggression on Gaza and Lebanon."

He pointed out his political vision for the internal Iraqi situation, and his steps to maintain security and stability in Iraq and the region, stressing "Iraq's standing with the Syrian people in facing crises and challenges."

Al-Sudani also touched, according to the statement, on "the government's steps in the field of economic integration," noting "proceeding with electrical interconnection with neighboring countries, and establishing related stations, in addition to cooperation in the fields of real estate development, and building new cities, within a development renaissance planned by the government program and included strategic projects, and creating a transition in the infrastructure on which sustainable development depends."

In his speech, the Prime Minister pointed out "the signing of the contract between Iraq and British Petroleum, which is the largest in the region," stressing "Iraq's move to develop its oil industry, expand the production and export of oil derivatives, invest in Kirkuk fields, and reach full investment in associated gas."  LINK

Iraq Economic News and Points to Ponder Late Tuesday Evening 1-14-25

From Challenges, Iraqis Create Opportunities

Samir Al-Nusairi   These days, some media outlets and social networking sites have  been active saying that Iraq is suffering from a financial crisis and a large deficit in securing salaries for employees, retirees, and social care.
 
What is strange is that some representatives support this and others deny it, and that the
 
two representatives are in one committee called the Parliamentary Finance Committee, while the
government, especially the Ministry of Finance, confirmed that salaries Fully insured.

So, it is clear that political tensions, conflicts of interest, and the lack of a sound and accurate economic vision make the people look ambiguously at what some media figures, non-specialized analysts, and some parliamentarians are saying, which confuses the government’s plans to implement its governmental approach, especially with regard to economic, financial, and banking reform.
 
Based on our closeness to the daily follow-up of the reality and possibilities of our national economy, the Central Bank’s procedures to implement its plan for the year 2025, and the daily and joint cooperation and coordination with the Ministry of Finance,
 
we can reassure citizens, transparently and with high accuracy, that the indicators and data revealed by the Central Bank, the Ministry of Finance, the Ministry of Planning, the World Bank, and the International Monetary Fund for the year 2024 indicate that The
 
reform of the Iraqi economy is proceeding according to what was planned in the field of
 
     monetary policy,
     financial policy,
     investment,
     sustainable development,
     services, the
     shift from the cash economy to the digital economy, and
 
work is escalating in the field of
 
     activation and
     diversification.
     Sources of national income and the
     revolutionization of economic sectors other than oil.
 
As business results in 2024 indicated that the inflation rate in Iraq  
     is the lowest among most Arab, regional and neighboring countries and
     does not exceed 3.7%, and that the

     Central Bank’s foreign cash and gold reserves are the highest in years, and that the  
     liquidity in local currency at the Central Bank currently covers to meet the Ministry of Finance’s need for the specified operational allocations.

In the general general budget of the state, the
 
important thing is the continuation of daily revenues of Iraqi oil at the established export rates. So, the
 
Iraqi economy is moving from fragility to recovery, and this also confirms that
 
Iraqis create opportunities from challenges.      https://economy-news.net/content.php?id=51931 

Al-Mashhadani: Iraq Enjoys Stability, Is On The Verge Of Economic Prosperity, And Has Returned To Its Influential Role In The Region
Monday 13 January 2025 | Politics Number of readings: 1553  Baghdad / NINA / Speaker of the Council of Representatives Mahmoud Al-Mashhadani stressed that Iraq enjoys stability and is on the verge of economic prosperity and has returned to its influential role in the region.

Al-Mashhadani said in a televised interview with Al-Iraqiya channel that there are important laws that need to be voted on, most of which are not controversial, including (personal status and general amnesty).

He added that there is a mechanism within the draft amnesty law that includes the exit of innocents only, and the exit process is conditional and subject to a series of procedures. Indicating that the personal status law is only waiting for the subject of the code to proceed with voting on it, and this code is related to the Shiite component.

He pointed out that the Sunni component does not need a code and they have no problem with proceeding with Law No. 188,and explained that there is an agreement to change the retirement law and return it to 63 years.

Al-Mashhadani said that the Popular Mobilization Forces retirement law is one of the important laws and we are waiting for its return from the government, and the disagreement over it is political and related to the retirement age.

He added that no law related to the election law has reached parliament and there are different opinions about amending the election law, including granting 10 percent to independents, and there are other opinions, including making Iraq a single district, and others want the governorate to be a single district, while there are more than one district for governorates with a large population.

He explained that talking about the election law is premature and is still in the presidency

Al-Mashhadani described the approval of the general amnesty law as a fortification of the internal house.

Al-Mashhadani pointed out that coordination between the countries of the region is required regarding Syria to prevent chaos, stressing the need for communication with the new Syrian leadership through the government.

He said that we fear an Islamic spring due to abandoning Gaza and not stopping the killing there, indicating that there is a wound in Gaza that will not heal except by punishing the negligent rulers

He added that the Zionist entity is leading Gaza into a war of extermination.
https://ninanews.com/Website/News/Details?Key=1179901

Economist Describes The Establishment Of The First Rafidain Bank As An Excellent Step

Banks   Economy News – Baghdad   Economic expert, Mustafa Akram Hantoush, described the establishment of the first Rafidain Bank as an “excellent step.”

Yesterday, Monday, the Council of Ministers decided to establish the First Rafidain Bank with a capital of one trillion dinars and a government participation rate of 24%.

Hantoush told Al-Eqtisad News, "Establishing the First Rafidain Bank is an excellent step, especially since it will be a mixed sector company."

He added that the new bank will help the state enhance its payment and electronic transaction capabilities, in addition to assisting the Trade Bank of Iraq in transfers and credits. - https://economy-news.net/content.php?id=51928

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

Seeds of Wisdom RV and Economic Updates Wednesday Morning 1-15-25

Good Morning Dinar Recaps,

BRICS NEWS: INDONESIA WANTS RUSSIAN OIL DEAL, IS UNAFRAID OF TRUMP WARNING

With the ongoing geopolitical concerns waging between the global south and the west, the plot has certainly thickened. Indeed, the BRICS expansion nation, Indonesia, has recently stated it wants to buy Russian oil while stating it remains unafraid of Western retaliation or the ongoing tariff warning from US President-elect Donald Trump.

Since Trump emerged victorious in the 2024 presidential election, he has issued a stark threat to the economic alliance specifically. Although focused on de-dollarization, oil bought from Russia would only further its local currency promotion policies. Therefore, it could be subject to the same consequence from the West. The question is, does it matter to nations now joining the group?

Indonesia Eyes Increased BRICS Trade as They Remain Willing to Pay ‘Geopolitical Costs’

For the last two years, the BRICS alliance has been the subject of interest for a number of nations. With the bloc championing economic equality on a global scale, it has sought to challenge the dollar. Now, that pursuit has elicited a harrowing response from the incoming US President. Yet, that has not deterred one of its most recent expansion countries.

The newest BRICS country, Indonesia, is reportedly seeking to buy Russian oil, while also noting they remain undeterred by Trump’s 100% tariff threat. Moreover, they have discussed increased exports to both China and India, with eyes on solidifying its place in the collective.

Indonesia’s Minister of Energy and Mineral Resources, Bahlil Lahadalia, recently said, “An opportunity to acquire oil from Russia emerged after we joined BRICS.” He noted that the opportunity would be one they accept.

“As long as it complies with regulations and presents no issues, why not?” Minster Lahadalia added. His sentiments were similar to Indonesia’s National Economic Council Chair, Luhut Binsar Pandjaitan.

“As long as it benefits the Republic of Indonesia, we are open to discussing it. If this step allows us to purchase oil at US$20 or US$22 cheaper, why not?” he added. This drove some concerns over Western retaliation. Yet Trade Minister Zulkifil Hasan answered those, noting that the country would not operate its trade dealings out of fear.

“Why don’t we want to [buy Russian oil]? We’re afraid? There’s no room for being afraid in trade. How can one conduct trade if one is afraid?” However, international relations and Indonesian politics expert, Ahmad Risky Umar, notes that “there is likely to be geopolitical costs.” Moreover, the country president, Pabowo Subianto, is said to be aware of and prepared to navigate them.

@ Newshounds News™

Source:  Watcher Guru

~~~~~~~~~

ELON MUSK FIRES BACK AT ‘BROKEN’ SEC AMID $150M X LAWSUIT

▪️SEC sued Elon Musk for delaying disclosure of his X share acquisitions in 2022.

▪️Musk criticized the SEC as the community backed him.

The U.S. Securities and Exchange Commission (SEC) has sued Elon Musk. They accuse him of failing to disclose his large Twitter share acquisition on time in early 2022.

The SEC alleges this delay allowed Musk to secure his stake at an artificially reduced price, saving $150 million.

The late disclosure also affected other investors. They missed the chance to sell their shares at potentially higher values, unaware of Musk’s involvement.

Why did the SEC sue Musk?

Under SEC rules, investors surpassing a 5% stake in a public company must report it within ten days—a requirement Musk allegedly exceeded by eleven days.

The SEC alleged stating,

“Because Musk failed to timely disclose his beneficial ownership, he was able to make these purchases from the unsuspecting public at artificially low prices.”

The SEC also added,

“That day, Twitter’s stock price increased more than 27% over its previous day’s closing price.”

For context, the SEC alleges that Tesla CEO Elon Musk began acquiring Twitter shares in early 2022. By March 14th, he had surpassed a 5% ownership threshold.

Between the 24th of March and the 4th of April 2022, Musk reportedly spent over $500 million to buy additional shares, underpaying Twitter investors by more than $150 million.

The regulator claims that Musk’s failure to disclose his ownership on time allowed him to buy shares at artificially low prices. The market was unaware of his significant stake, a material fact that would have influenced stock valuations.

This occurred days before Gensler’s resignation

Interestingly, the timing of the SEC’s lawsuit coincides with significant leadership transitions, as Chair Gary Gensler prepares to step down on 20th January, marking the start of Donald Trump’s presidency.

This period also aligns with Musk’s upcoming role as the head of the newly established “Department of Government Efficiency” (D.O.G.E.), where he will advise the incoming administration on streamlining government operations.

The overlap of these developments adds an intriguing layer to the unfolding legal and political narrative surrounding Musk and his involvement with X(formerly Twitter).

As anticipated, Musk took to X to voice his criticism of the SEC, and stated,

“Totally broken organization. They spend their time on shit like this when there are so many actual crimes that go unpunished.”

Needless to say, the community stood in favor of Musk.

@ Newshounds News™

Read more:  AMB Crypto

~~~~~~~~~

CONGRESSMAN TOM EMMER APPOINTED AS VICE CHAIR OF DIGITAL ASSETS SUBCOMMITTEE, PROMISES AMERICA WILL GUIDE CRYPTO FUTURE

Emmer is a pro-crypto Congressman who now joins Bryan Steil as part of the subcommittee’s leadership to oversee crypto regulation in the US.

▪️Under Trump's leadership, Emmer will serve as the vice chair of the crypto and AI subcommittee.

▪️Emmer promises to put the country at the forefront of crypto progress and innovation, especially with SEC Chair Gary Gensler gone.

▪️Emmer is crypto-forward, and has contributed to multiple bills, including an anti-surveillance bill passed last year.

Congressman for Minnesota’s 6th District, Tom Emmer, has been appointed as Vice Chairman of the Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence. In an X post published earlier today, Emmer expressed eagerness to work with subcommittee Chairman Bryan Steil as they steer the future of crypto and AI.

@ Newshounds News™

Read more:  CoinSpeaker

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

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Thank you Dinar Recaps

“Tidbits From TNT” Wednesday Morning 1-15-2025

TNT:

Tishwash:  Kurdistan Regional Government Prime Minister receives US delegation

Kurdistan Regional Government (KRG) Prime Minister Masrour Barzani on Wednesday received a US delegation headed by Deputy Assistant Secretary of State Victoria Taylor, in the presence of US Consul General to the region Steve Bittner and US State Department Special Envoy to Northeast Syria Scott Bolz.

During the meeting, they discussed ways to enhance bilateral relations, and discussed efforts related to forming the new ministerial cabinet of the regional government, in addition to the latest developments in Iraq and the region.

For her part, the US Deputy Assistant Secretary of State stressed the importance of the Kurdistan Region's position and its role as a partner of the United States of America.

The two sides agreed on the importance of resuming the export of Kurdistan Region oil as soon as possible, in the interest of all parties, especially since its suspension has caused great harm to the Iraqi federal general budget.

Another part of the talks was devoted to discussing the need to secure the financial rights and dues of the Kurdistan Region. In this regard, the Prime Minister stressed that the Region has fulfilled all its obligations within the framework of the general budget, and therefore Baghdad must send the Region’s dues as a federal and constitutional entity.

The meeting also discussed the general situation in Syria, stressing the need to preserve its security and stability, and guarantee the rights of the Kurdish people and all its components.   link

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

Tishwash:  Iraq signs a memorandum of understanding with the British Export Credit Guarantee Corporation.. and these are its objectives

Today, Tuesday, in the British capital, London, a memorandum of understanding was signed between the Sovereign Guarantees Initiative Committee and the British Export Credit Guarantee Corporation, on the sidelines of the Prime Minister’s official visit to the United Kingdom.

 The ceremony was held under the patronage of Deputy Prime Minister and Minister of Planning Mohammed Tamim, where the Chairman of the Initiative Committee, Advisor to the Prime Minister Mohammed Sahib Al-Daraji signed on the Iraqi side, while the Director of the Business Group, Adam Harris, signed on behalf of the British Foundation.

 The terms of the memorandum include supporting imports of production lines and industrial and agricultural technology for the Iraqi private sector from the United Kingdom.

This memorandum is valid for five years, and comes within the framework of the agreements and memoranda of understanding signed by the Iraqi government with a number of European countries, and aims to raise the efficiency of the Iraqi private sector and achieve integration with the international community.

In another context, the two sides agreed that the British Export Credit Guarantee Corporation would finance a number of vital projects for the Iraqi government, and prepare to increase the financing ceiling for productive government projects.

The signing of the Memorandum of Understanding was preceded by a joint meeting between the Iraqi delegation and the British Foundation, during which mechanisms for joint cooperation between the two sides were discussed, in a way that enhances bilateral relations between the two countries.  link

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Tishwash:  Iraq faces economic collapse without reforms: Former Minister warns

Iraq could face severe economic challenges, including the inability to pay public sector salaries within two years, if critical reforms are not implemented, former Electricity Minister Luay Al-Khatib warned on Tuesday.

Describing Iraq’s governance as a system of “fiefdoms,” he emphasized the need for structural reforms to avoid what he called “inevitable collapse.”

In a statement on X, Al-Khatib highlighted the nation’s precarious economic situation, noting that “the deficit in federal budgets has reached 40%.”

He warned that if Iraq continues to draw on cash reserves amid fluctuating or falling oil prices, the value of the local currency could collapse. “In this scenario, the state will struggle to pay public sector salaries within two years,” he said.

Al-Khatib criticized the current governance model, stating, “Since the fall of the dictatorship in 2003, Iraq has been run by fiefdoms prioritizing private and sectarian interests.”

“This has transformed the private sector into a façade for political profiteering, deterring real investments and foreign currency inflow,” he added, attributing Iraq’s ongoing challenges to widespread “corruption” and the absence of social justice and economic sustainability.

Turning to the electricity sector, Al-Khatib dismissed claims of external interference, describing the issue as “entirely domestic and political.” He argued that political interests have obstructed efforts to reform and privatize the sector, leading to inefficiencies and corruption.

“The cost of government subsidies for electricity and oil exceeds $30 billion annually, with $20 billion allocated to electricity alone,” he revealed, describing this financial drain as unsustainable.

He called for “comprehensive reforms,” including restructuring the sector, revising tariffs, automating billing systems, removing illegal connections, and eliminating exemptions.

“These steps are critical to making the sector viable for privatization and attracting global-standard investments,” Al-Khatib said.

The former minister estimated that fully rebuilding Iraq would require over $1.5 trillion, a figure that far exceeds the nation’s oil revenues. “Attracting foreign investment and hard currency is the only viable solution,” he explained, urging the creation of a “secure and competitive investment environment free from political interference and armed groups.”

He emphasized the importance of offering incentives to investors that are competitive with those in other regional and global markets.

Al-Khatib concluded by calling for a decade-long commitment to economic reform in line with Iraq’s Constitution. “This process requires uninterrupted, cumulative efforts beyond the authority of a single ministry,” he said, noting that “It demands full Cabinet involvement, political backing, and a nationwide media campaign to educate the public with clear and transparent messaging.”  link

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Mot: .... the Ten Commandments!!! 

Mot: .. Yeppers!! -- Big Achievement -- HUH!!!!

Seeds of Wisdom RV and Economic Updates Tuesday Evening 1-14-25

Good Evening Dinar Recaps,

SEC FILES LAWSUIT AGAINST ELON MUSK FOR SECURITIES VIOLATION

Musk's lawyer claims the SEC's lawsuit is mere harassment with no substantial case.

▪️The SEC sued Elon Musk for failing to disclose his Twitter share purchases before acquiring the platform.

▪️Musk's lawyer claims the SEC's lawsuit is baseless and suggests no wrongdoing was committed.

The US SEC has initiated a lawsuit against Elon Musk in federal court, alleging he failed to timely disclose his purchase of more than 5% of Twitter (now X) shares before acquiring the social media platform, according to a Jan. 14 filing first shared by DB News.

The complaint, filed in federal court in Washington, DC, claims Musk’s delayed disclosure after accumulating more than 5% ownership allowed him to “underpay by at least $150 million for shares he purchased after his financial beneficial ownership report was due.”

Musk later acquired Twitter for $44 billion and renamed it X.

Alex Spiro, Musk’s lawyer, dismissed the lawsuit, stating it is “an admission” that the SEC cannot bring an “actual case,” because Musk “has done nothing wrong and everyone sees this sham for what it is.”

“As the SEC retreats and leaves office, the SEC’s multi-year campaign of harassment against Mr. Musk culminated in the filing of a single-count ticky tak complaint against Mr. Musk under Section 13(d) for an alleged administrative failure to file a single form – an offense that, even if proven, carries a nominal penalty,” Spiro said in a statement.

@ Newshounds News™

Source:  CryptoBeiefing

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UAE STEPS UP AS GLOBAL CRYPTO LEADER WHILE TRUMPS WATCH CLOSELY

Why does Eric Trump think UAE holds the answer to America’s crypto struggles?

▪️UAE’s crypto success showcases innovation-driven growth with clear regulations and tax incentives.

▪️Trump administration eyes blockchain and stablecoin integration to lead global digital finance competition.

As the United States braces for a potential cryptocurrency policy shift, with Donald Trump set to assume office on the 20th of January. Now, the spotlight has turned to global leaders in digital finance.

UAE’s crypto vision

Among them, the United Arab Emirates (UAE) stands out as a thriving hub for cryptocurrency and blockchain innovation.

Advocates suggest the UAE’s clear regulations and strategic investments offer a compelling blueprint for the incoming U.S. administration.

In fact, by embracing blockchain and establishing robust regulatory frameworks, the UAE has struck a leadership position in an industry where the U.S. has often faltered.

Eric Trump on UAE’s role in crypto

Speaking on the matter, Eric Trump during the Bitcoin [BTC] MENA conference in Abu Dhabi, underscored the UAE’s role as a model for crypto advancement.

He said,

“The UAE has shown how to do this right. By supporting crypto innovation, they’ve created jobs, attracted investment and strengthened their global standing. The U.S. can and should do the same.”

In fact, between July 2023 and June 2024, crypto transactions in the UAE soared to an impressive $34 billion, marking a 42% increase from the prior year, as per Chainalysis’ report.

UAE’s crypto success story

A key factor in this surge was the government’s decision to exempt cryptocurrency transactions from value-added tax. This exemption was applied retroactively to 2018.

This tax relief, designed to “supercharge” the sector, has reinforced the UAE’s position as a global leader in digital finance. It has attracted businesses and investors.

Additionally, there has been a significant focus on stablecoins due to their reliability in volatile cryptocurrency markets. Stablecoins are increasingly utilized for cross-border payments and everyday transactions.

Other developments

Additionally, in a notable development, Tether announced plans to introduce a Dirham-backed stablecoin in partnership with Abu Dhabi-based firms.

Remarking on the same, Eric Trump added,

“Stablecoins are a bridge between traditional and digital financial systems. They offer reliability and liquidity, making them a key tool for financial inclusion and global trade.”

Additionally, the UAE’s progressive integration of blockchain into public services and its balanced regulatory approach has further provided a compelling blueprint for various nations.

What should Trump take away from UAE’s playbook?

As the Trump administration focuses on digital finance, the U.S. faces a critical moment to redefine its role in the global crypto market.

With the sector’s market capitalization soaring to $3.3 trillion in 2024, the stakes have never been higher.

Trump’s decisive actions show a commitment to innovation while safeguarding investors. With fierce international competition, this isn’t just about reviving the crypto landscape—it’s a race to lead the future of digital finance.

@ Newshounds News™

Source:  AMB Crypto

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CONGRESSMAN PROPOSES IRS ELIMINATION

On Jan. 9, 2025, congressman Earl Carter proposed a bill replacing the US tax code with a national consumption tax and abolishing the IRS. Earlier this month, the IRS was sued by Blockchain Association over the new reporting rule.

New tax system

The H.R. 25 bill, or The Fair Tax Act of 2025, was introduced by Rep. Earl “Buddy” Carter (R–GA). The bill challenges the existing U.S. tax code and the taxation policy status quo and aims to promote freedom, fairness, and economic opportunity. The Fair Tax Act calls to repeal the income, payroll, estate, and gift taxes. Instead, the act proposes enacting the sales tax.

According to the bill, the existing Federal income tax retards the economic growth and international competitiveness of the U.S., discourages small businesses and farms, and downgrades the standard of living of Americans, decreasing the savings and investment rates.

On top of that, the bill indicates the harm of the existing unnecessary administrative and compliance cost pressure on individual and corporate taxpayers. Privacy violations and lack of transparency in taxation are other problems associated with the Federal income tax. According to the Fair Tax Act, the Social Security, Medicare payroll taxes, and self-employment taxes hurdles employment rates.

The alternative proposed in the bill is a broad-based national sales tax on goods and services purchased for final consumption. The act proposes to tax all consumption of goods and services in the U.S. once, preventing double, multiple, and cascading taxation.

According to the bill, it will facilitate savings and investment, improve the standard of living of Americans, help businesses, and undo all other evils associated with the actual tax system. Also, the Fair Tax Act provides notes on how the government should foster the change in the policy.

IRS abolition

One of the most radical changes proposed in the Fair Tax Act is the Internal Revenue Service abolition. The move is meant to get rid of the bureaucratic burdens on individual and business taxpayers.

According to Carter, the tax system introduced in the legislation eliminates the need for the IRS. The taxes should be easy and transparent so that people will not need professional assistance to fill out their taxes.

The bill is supported by a number of Republican congressmen, including Barry Loudermilk, Eric Burlison, John Carter, Scott Perry, John Rutherford, Warren Davidson, Andy Biggs, Dale Strong, Rich McCormick, Andy Harris, and Andrew Clyde.

The latter noted that the act “provides a commonsense solution to eliminate the need for the weaponized IRS, simplify our tax code, and foster economic prosperity”.

Rep. Strong adds that the proposed taxation system will make illegal immigrants pay taxes fairly.

IRS vs the crypto community

The IRS was sued over the new reporting rules introduced by the service the day the rules were introduced, i.e., on Dec. 28, 2024. The complaint is signed by several organizations, including Blockchain Association, Texas Blockchain Council, and DeFi Education Fund.

The new reporting rules impose a threat to the well-being of the DeFi sector as it redefines the broker notion. According to the new rules, DeFi platforms will be considered brokers. They will have to provide the transaction info and proceeds to the IRS until 2027. 

The complaint clears that DeFi platforms are not brokers, and that’s what makes them unique and innovative. As peer-to-peer systems, they don’t depend on brokers or any other intermediaries, so the IRS’ new rules should not apply to them, but they do.

The plaintiffs find the rules unconstitutional and harmful to American development and leadership in the crypto industry. They note that if the rules get into effect, this may impact many leading industry brands to find better jurisdictions instead of working in America.

Considering this, the IRS abolition may be seen as a possibility to end the service’s attacks on the DeFi ecosystems. However, it is not clear yet if the Fair Tax Act of 2025 will be adopted. The history of the act began back in 1999. Will 2025 be a breakthrough year? We’ll see.

@ Newshounds News™

Source:  Crypto News

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Iraq Economic News and Points to Ponder Tuesday Afternoon 1-14-25

The Dollar Exchange Rate Decreased In Baghdad Markets

Stock Exchange  Economy News – Baghdad   The US dollar exchange rate fell this morning, Tuesday, in Baghdad markets.  The dollar prices witnessed a decline with the opening of the Al-Kifah and Al-Harithiya stock exchanges, recording 150,950 dinars for every 100 dollars, while yesterday morning, Monday, it recorded 151,150 dinars for every 100 dollars.

Selling prices in exchange shops in local markets in Baghdad recorded stability, as the selling price reached 152,000 dinars, while the purchase price reached 150,000 dinars for every 100 dollars.- https://economy-news.net/content.php?id=51930

Gold Prices Fall In Baghdad

Stock Exchange  Economy News – Baghdad   The prices of "foreign and Iraqi" gold decreased in the local markets in the capital, Baghdad, today, Tuesday (January 14, 2025).

Gold prices in the wholesale markets on Al-Nahr Street in the capital, Baghdad, this morning recorded a selling price for one mithqal of 21 karat Gulf, Turkish and European gold of 564 thousand dinars, and a purchase price of 560 thousand dinars.

The selling price of one mithqal of 21-karat Iraqi gold reached 534 thousand dinars, and the purchase price was 530 thousand.

As for gold prices in goldsmiths’ shops, the selling price of a mithqal of 21-karat Gulf gold ranges between 565,000 and 575,000 dinars, while the selling price of a mithqal of Iraqi gold ranges between 535,000 and 545,000 dinars.    90 views 01/14/2025 - https://economy-news.net/content.php?id=51933

Slight Drop In Oil Prices  

Economy | 11:21 - 01/14/2025  Mawazine News – Baghdad  Oil prices fell in early trading on Tuesday but remained near four-month highs as Chinese and Indian buyers sought new suppliers following U.S. President Joe Biden's administration's sanctions on Russian oil.
Brent crude futures fell 22 cents, or 0.27%, to $80.79 a barrel, while U.S. West Texas Intermediate (WTI) crude futures lost 16 cents, or 0.2%, to $78.66 a barrel.  https://www.mawazin.net/Details.aspx?jimare=258572

Economist Describes The Establishment Of The First Rafidain Bank As An Excellent Step

Banks   Economy News – Baghdad  Economic expert, Mustafa Akram Hantoush, described the establishment of the first Rafidain Bank as an “excellent step.”

Yesterday, Monday, the Council of Ministers decided to establish the First Rafidain Bank with a capital of one trillion dinars and a government participation rate of 24%.

Hantoush told Al-Eqtisad News, "Establishing the First Rafidain Bank is an excellent step, especially since it will be a mixed sector company."

He added that the new bank will help the state enhance its payment and electronic transaction capabilities, in addition to assisting the Trade Bank of Iraq in transfers and credits. 1250 views - https://economy-news.net/content.php?id=51928

l-Sudani Confirms To The British King: We Are Determined To Strengthen Bilateral Relations

Political | 04:12 - 01/14/2025  Mawazine News – Baghdad  Prime Minister Mohammed Shia al-Sudani affirmed, on Tuesday, Iraq's determination to consolidate bilateral relations with Britain in various fields.

Al-Sudani's office stated in a statement received by (Mawazine News), "The latter met, today, Tuesday, with the King of the United Kingdom, Charles III, at Buckingham Palace in the British capital, London, and they reviewed bilateral cooperation between Iraq and the United Kingdom, and ways to establish a productive partnership in various economic and development fields.

They also discussed cooperation in the field of confronting the challenges of climate change, and opportunities to enhance cultural cooperation."

Al-Sudani expressed his "appreciation for the official invitation he received to visit Britain, stressing Iraq's determination to consolidate constructive bilateral relations in various fields, in a way that enhances the mutual and sustainable interests of the Iraqi and British peoples."

For his part, King Charles III of Sudan pointed to "the depth of the historical relationship between Iraq and Britain, and the prominent importance that the governments of the two countries attach to developing common interests and understandings at various levels." https://www.mawazin.net/Details.aspx?jimare=258583

Iraq Stock Exchange Trades 57 Billion Shares In A Month

Stock Exchange   Economy News – Baghdad   The Iraq Stock Exchange announced today, Tuesday, that 57 billion shares were traded with a financial value of 55 billion dinars during last December.

The market stated in a report reviewed by "Al-Eqtisad News" that "the market organized 20 trading sessions and the number of companies whose shares were traded during December amounted to 74 joint-stock companies out of 104 companies listed on the market."

The report added that "the number of traded shares reached 57 billion, 862 million, and 320 thousand shares, with a financial value of 55 billion, 652 million, and 595 thousand dinars, through the execution of 15,136 transactions," indicating that "the ISX60 traded price index closed at 1,073 points, recording an increase of 4% from its closing in the previous session."

It is noteworthy that the Iraq Stock Exchange organizes five trading sessions weekly from Sunday to Thursday, with the participation of 104 Iraqi joint-stock companies representing the banking, communications, industry, agriculture, insurance, financial investment, tourism and hotels sectors. 89 views 01/14/2025 - https://economy-news.net/content.php?id=51939

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

Seeds of Wisdom RV and Economic Updates Tuesday Afternoon 1-14-25

Good Afternoon Dinar Recaps,

BRICS NEWS:  ANALYSTS PREDICT THE FUTURE OF BRICS CURRENCY

The BRICS alliance is working on the formation of a new currency to challenge the US dollar’s global prospects. The bloc aims to dethrone the US dollar from the world’s reserve currency and usher into a new financial era.

The bold idea is pushed most by members China, Russia, and Iran, as their economies are hampered by the US. The White House pressed sanctions on Russia and Iran and both countries are seeking an alternative currency.

On the other hand, China seeks global domination through BRICS and the launch of a new currency will boost its prospects.

On the contrary, India is against the idea as their leaders have openly supported the US dollar. India’s Foreign Minister S. Jaishankar repeatedly said that they need the US dollar and will not sideline it for trade. The statement highlights the stark differences and ideas among the member nations of the nine-country alliance.

Decoding the Future of BRICS Currency, Analysts Share Their Opinions

Two financial analysts decoded the future of the BRICS currency and shared their opinions about its prospects in the global markets. However, both strategists believe that the contrasting ideas among BRICS members will make the currency a disaster in the forex markets.

“In my mind, there are issues between those countries that make up the BRICS community,” says Michael Diaz, Global Managing Partner of Diaz, Reus & Targ, based in Miami. 

“I don’t believe that they will settle on a unified currency because they all have national security concerns. They could move to digital Bitcoin, but because of the individualized interests of those countries, I don’t see it as a risk to the US dollar,” he said.

Another analyst, Monteiro de Carvalho, a partner at Monteiro & Weiss Trade said that he does not believe BRICS currency can challenge the US dollar. 

“The very cohesion of BRICS ultimately favors a more fragmented international trade profile into competing blocs. Within BRICS, China acts as a globalizing agent, with its initiatives primarily aimed at opening markets for its products and companies. In the global context, this stance contrasts with countries that have adopted more protectionist measures,” he said.

@ Newshounds News™

Source:  Watcher Guru

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BLACKROCK LAUNCHES CANADIAN BITCOIN ETF WITH DUAL-CURRENCY TRADING OPTIONS

BlackRock has launched its first Canadian Bitcoin ETF, offering dual-currency trading options amid market fluctuations and outflows in the U.S. Bitcoin ETF sector.

▪️BlackRock has launched its iShares Bitcoin ETF (IBIT) on Cboe Canada, offering both CAD and USD trading options and providing Canadian investors easier access to Bitcoin exposure

▪️The fund invests primarily in the U.S. iShares Bitcoin Trust ETF and allows investors to hold Bitcoin exposure in tax-advantaged accounts through traditional brokerage platforms

▪️Treasury Secretary nominee Scott Bessent plans to divest his BlackRock Bitcoin ETF holdings before Trump’s inauguration to comply with Federal ethics guidelines

▪️The U.S. iShares Bitcoin ETF has accumulated $52.7 billion in assets under management, though it recently experienced a record-high outflow of $333 million on January 2, 2025

▪️Bitcoin spot ETFs saw collective outflows of $313.6 million on Monday, with Bitcoin trading around $95,000 at press time

Helen Hayes, Head of iShares Canada at BlackRock, explained the practical benefits of the new fund. “The iShares Fund provides Canadian investors with a convenient and cost-effective way to gain exposure to Bitcoin and helps remove the operational and custody complexities of holding Bitcoin directly,” she said.

@ Newshounds News™

Read More: Blockonomi

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JPMORGAN PROJECTS $3–$8 BILLION INFLOWS FOR POTENTIAL XRP ETF

▪️JPMorgan predicts that spot-based XRP ETF could see inflows of between $3 billion and $8 billion.

▪️Anticipation for XRP ETF approval is rising as multiple applications await the SEC’s verdicts.

▪️Ripple’s increasing usage and payment role make XRP a strong candidate for an ETF product.

JPMorgan, a leading global financial institution, has estimated that a spot-based XRP ETF may see flows of $3 billion and $8 billion. The financial giant based this approximation on the performance of Bitcoin and Ethereum ETFs that started in the market last year.

Spot ETFs have gained much popularity in the crypto market and represent about 8% of Bitcoin’s total market capitalization, which is now $1.81 trillion. Nonetheless, Ethereum ETFs have comparatively lower penetration at 3%, but the trend is still likely to experience an increase in future inflows.

According to JPMorgan, an XRP ETF is expected to have a similar market impact as Bitcoin ETFs. Similar levels of success are also expected from Solana-based ETFs. This will also stress the growing interest in diversified cryptocurrency ETFs among institutional and retail investors.

Industry players compete for approval

Increasing adoption and use of XRP in payment solutions add more weight to the crypto’s suitability for an ETF. Currently, there are already some applications for the XRP spot ETF being filed by some industry participants including Bitwise and WisdomTree. The competition has been further intensified especially after the emergence of positive results in Bitcoin and Ethereum ETFs.

As previously reported by Cryptopolitan, Ripple President Monica Long stated an XRP ETF may be launched right behind Bitcoin and Ethereum products. Her remarks are in line with the market sentiment that the prospect of an XRP spot ETF being approved has risen considerably.

Nate Geraci, a well-known expert in the ETF market, also noted that an XRP spot ETF could be approved within the year. This would be a great boost to Ripple and would also provide a lot of credence to the XRP token as a key digital currency in the market.

While XRP has been garnering much attention, BlackRock, the world’s largest asset manager, has ruled out plans to apply for more altcoin ETFs at this time. The company continues to concentrate on its Bitcoin ETF, which has made it a leading player in the cryptocurrency investment market.

Ripple’s executives have also been making headlines. Ripple CEO Brad Garlinghouse, the Chief Legal Officer Stuart Alderoty, and the U.S president-elect, Donald Trump, held a meeting that set speculations on possible friendly policies towards XRP. Even without any details about the meeting, the crypto community has considered this a positive sign.

The further expansion of the Ripple ecosystem has also added more wind to XRP’s sails. The RLUSD, a stablecoin issued on the XRP Ledger, is used to enhance the options of settlements on the XRP Ledger. The adoption of the XRP Ledger is expected to grow due to RLUSD improving cross-border transaction efficiency.

XRP price update

At the time of writing, XRP is trading at $2.47, a decrease of 3.28% in 24 hours.

@ Newshounds News™

Read more: Cryptopolitan

~~~~~~~~~

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