Iraq Economic News and Points to Ponder Monday Evening 2-3-25

Central Bank Of Iraq: 94% Of Dollar Sales In Today's Auction For Foreign Transfers

03/02/2025  Mawazine News – Economy  The Central Bank of Iraq announced that US dollar remittances sold in Monday's currency auction amounted to more than 94% of total sales, with total sales reaching $297 million, 459 thousand, and 852.

These sales were covered at a basic exchange rate of 1,310 dinars per dollar for documentary credits and international settlements for electronic cards, while the dollar was sold at 1,310 dinars per dollar for external transfers, and at 1,305 dinars for cash dollars.

According to statistics, $281 million, 409 thousand, and 852 were allocated to enhance balances abroad in the form of transfers and credits, representing 94.31% of total sales, while cash withdrawals amounted to only $16 million and 50 thousand.

While 19 exchange companies participated in the auction, 6 banks met requests to enhance balances abroad, while only one bank was satisfied with buying dollars in cash. https://www.mawazin.net/Details.aspx?jimare=259313

Baghdad Stock Exchange Opens Higher... 151,500 Dinars For Every 100 Dollars

economy | 11:59 - 03/02/2025   Mawazine News – Baghdad  The exchange rate of the dollar against the Iraqi dinar witnessed a rise in the currency markets in the capital, Baghdad.

The exchange rate in the Al-Kifah and Al-Harithiya stock exchanges in Baghdad recorded 150,350 dinars for every 100 dollars, compared to what was recorded yesterday, Sunday, 150,300 dinars.

The selling price in exchange shops in the local markets in Baghdad reached 151,500 dinars for every 100 dollars, while the purchase price reached 149,500 dinars. https://www.mawazin.net/Details.aspx?jimare=259299

Iraqi Oil Prices Stabilize At $78 In Global Markets

Economy | 09:22 - 03/02/2025   Mawazine News – Baghdad   Iraqi oil prices stabilized in weekly trading on the global market, at what they ended last week at $78 per barrel.

Basra Heavy crude recorded $74.98 per barrel, while the average recorded $78.23 per barrel, with a change rate of +0.44, respectively, for April 2025 delivery.

The data also showed a significant increase in global crude prices, as British Brent crude recorded $76.38, while US West Texas Intermediate crude recorded $73.92 per barrel, with a change rate of +0.72 and +1.40, respectively.   https://www.mawazin.net/Details.aspx?jimare=259288

Parliamentary Economy: The Ports Authority Is Performing Its Role Properly

Money and business  Economy News – Baghdad  The Parliamentary Economic and Investment Committee confirmed, on Monday, that the Border Ports Authority is performing its role properly, praising the efforts of the Al-Mundhiriyah Border Port Administration.

Committee member Kazem Al-Shammari said in a statement, followed by "Al-Eqtisad News", that "the Border Ports Authority is working with great efforts that deserve praise and appreciation," stressing that "the authority is following up on its work in the right way at all ports."

He added that "the committee visited the Al-Mundhiriyah border port to follow up on the progress of work, as this is the second visit to evaluate the work of the Border Ports Authority," indicating that "these visits are an integration between the authorities to serve the people of the country." https://economy-news.net/content.php?id=52481

The Ministerial Council For Economy Recommends Stopping The Listing Of New Investment Projects

Monday 03 February 2025 | Economic  Number of readings: 250  Baghdad / NINA / The Ministerial Council for the Economy submitted a recommendation to the Council of Ministers on Monday to stop listing new investment projects.

A statement issued by the Council stated that "Foreign Minister Fuad Hussein chaired the second session of the Ministerial Council for the Economy, which was held in the Council building in the presence of the Ministers of Planning, Finance, Industry, Labor and Social Affairs, the Governor of the Central Bank of Iraq, the Chairman of the Securities Commission, the Deputy Chairman of the National Investment Commission, and the Prime Minister's Advisors for Economic and Legal Affairs."

The Council hosted "the Minister of Industry and Trade, the Director General of Industrial Development, and the Director General of the Trademark Registration Department in the Kurdistan Regional Government and in the federal government as well, in order to discuss mechanisms for unifying the registration of trademarks and factories throughout Iraq."

According to the statement, the Council listened to "the obstacles facing the issue of unifying registration presented by those concerned from both parties by holding joint meetings for the purpose of determining the mechanisms that will be worked on in order to unify the procedures for issuing trademarks and factory licenses in a way that serves this important economic segment, provided that the committee completes its work within 15 days and submits its report to the Council for approval."

The Council discussed "the draft recommendations submitted by some members of the Council to assess the financial and economic situation in light of the economic and political challenges witnessed locally, regionally and internationally."

The Council sent "its recommendation to the Council of Ministers regarding new investment projects to stop listing these projects except for the necessary ones and with the approval of the Council of Ministers and the endorsement of the Ministry of Planning and Finance to provide financial allocation before entering into any financial obligations." https://ninanews.com/Website/News/Details?key=1183589

Foreign Companies Operating In The Fields Include Three Sectors

03/02/2025  Mawazine News – Baghdad  The Ministry of Oil clarified, on Monday, the details of the social benefit projects provided in areas near oil fields, while indicating that the projects are concerned with three sectors.

The ministry said: "Social benefits are service projects provided to areas near fields in which foreign companies operate within licensing rounds and others, and the benefit of them lies in developing the service infrastructure of those areas.

" It added that "the projects are determined in coordination with the local governments of the governorates and the relevant sectoral bodies, and are studied by joint committees that include the foreign company and the ministry."

It confirmed "the provision of many service projects in the fields of education, health and public services, such as paving and tiling streets, establishing and rehabilitating schools, clinics and hospitals, and equipping them with furniture, medical devices and others." https://www.mawazin.net/Details.aspx?jimare=259294

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

“Tidbits From TNT” Monday Morning 2-3-2025

TNT:

Tishwash:  Prime Minister stresses Iraq's aspiration for more integration in economic and trade relations with the Sultanate of Oman

Prime Minister Mohammed Shia Al-Sudani stressed Iraq's aspiration for more integration in economic and trade relations with the Sultanate of Oman.

A statement by his media office said: "Al-Sudani received, today, Sunday, the Omani Minister of Commerce, Industry and Investment Promotion Qais bin Mohammed Al-Yousef, and his accompanying delegation."

During the meeting, according to the statement, relations between the two countries and ways to consolidate cooperation in various sectors, especially the economic and trade field, were discussed in a way that enhances the level of partnership and exchange, and confronts economic challenges in the region. "Al-

Sudani welcomed the guest minister, stressing Iraq's aspiration for more integration in economic and trade relations with the Sultanate of Oman, pointing to the resources of development in the Iraqi investment environment, especially after the comprehensive reforms it has witnessed."

For his part, Al-Yousfi conveyed the greetings of Sultan of Oman Haitham bin Tariq to Al-Sudani, reiterating his country's desire to increase cooperation in various fields.   link

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Tishwash:  Parliamentary Finance Committee "explodes a surprise" regarding the cost of extracting oil from the Kurdistan Region

The Finance Committee of the Iraqi Council of Representatives said on Sunday that the vote on amending the general budget law is related to the proposal sent by the federal government to the council. While it explained that the cost of extracting oil is $16 and is not fixed, but may reach $22, it confirmed that stopping the export of the region's oil led to the federal government losing more than $14 billion.

Committee member, Ikhlas al-Dulaimi, told Shafaq News Agency, "The House of Representatives voted today to amend the general budget law, and the vote was on the proposal sent by the government to the House."

Al-Dulaimi explained that “the cost of extracting oil in the Kurdistan Region, according to the amendment, is $16 per barrel, and the cost is not fixed, as there will be a consulting company that will determine the actual cost of extracting oil, and it may reach $22 per barrel, and according to this cost, the federal government will be obligated to pay it to the Kurdistan Region.”

She explained that, "according to the budget amendment, the region's oil will be delivered to SOMO, which will be responsible for selling the oil abroad," noting that "the halt in oil exports was not due to the region, but rather it was due to the federal Ministry of Oil filing a lawsuit against the Ministry of Oil in the region, which caused the halt in oil exports, and this led to the federal government losing more than 14 billion dollars."

Today, Sunday, the Iraqi Council of Representatives voted on the draft law amending the first law of the Federal General Budget Law of the Republic of Iraq for the fiscal years 2023 - 2024 - 2025 No. 13 of 2023.

For his part, independent MP Ahmed Majeed announced in a statement to Shafaq News Agency that members of the House of Representatives from the central and southern governorates boycotted the parliament session held today, considering that voting on the budget "violates the law and the internal regulations of the council due to the lack of a legal quorum."

Majeed explained that "the number of present representatives does not exceed 140 representatives, which means that the quorum is not achieved," stressing that they doubt the legitimacy of the session.

He added, "We will file an appeal with the Federal Court against the House of Representatives for violating the law and proceeding with the vote on amending the budget law  link

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Tishwash:  Al-Sudani and Masrour Bazani welcome the passage of the budget law amendment: a responsible step

Iraqi Prime Minister Mohammed Shia al-Sudani welcomed, on Sunday, the passing of the amendment to the financial budget law, while considering the vote on the law a "responsible step."

Bassem Al-Awadi, the spokesman for the Iraqi government, said in a statement received by Shafak News Agency, "Al-Sudani expresses his appreciation for the responsible and constructive step taken by the esteemed House of Representatives, by approving the amendment to the Federal General Budget Law of the Republic of Iraq for the fiscal years 2023-2024-2025, Law (13 of 2023), according to the text of the amendment received from the Council of Ministers . "

According to the statement, Al-Sudani thanked the Speaker of the House of Representatives, the First Deputy Chairman of today's session, the Second Deputy Chairman, and the heads of the parliamentary blocs, for their understanding and support of the government's vision, which has continued to implement its program according to the priorities previously approved by the people's representatives, which meet the aspirations of the Iraqi people.

He added that "voting on the amendment according to the text approved by the Council of Ministers confirms the political stability and the state of understanding that characterizes this stage, and also reflects the high cooperation between the government and the House of Representatives to continue working together, in order to continue the momentum of the wheel of development, reconstruction and reform, which has started and will not stop, as the government continues to work to confront problems and challenges with a sense of responsibility and based on the supreme interests of Iraq."

According to the statement, Al-Sudani called on both "the Kurdistan Regional Government of Iraq, with its specialized institutions, and the Federal Ministry of Oil, to immediately begin and work on this amendment, in order to optimally invest in natural resources, especially oil wealth, and let this wealth be a factor in supporting stability, and a motive for further achievement of plans and programs that meet the needs of our honorable people . "

In turn, the Prime Minister of the Kurdistan Regional Government, Masrour Barzani, welcomed the passage of the amendment to the budget law.

Barzani wrote in a tweet on the X website, "We welcome the vote of the Federal Council of Representatives today to amend the Federal General Budget Law, and we commend all those who contributed to the success of this amendment. We also thank the negotiating team in the regional government for its efforts in developing a mechanism to resolve the issue of salaries."

He expressed his hope that "this positive step in amending the budget law will be the beginning of solving all other problems, and the federal government's commitment to sending salaries and financial dues to the Kurdistan Region."

Earlier today, Sunday, the Iraqi Council of Representatives voted on the draft law amending the first law of the Federal General Budget Law of the Republic of Iraq for the fiscal years (2023 - 2024 - 2025) No. (13) of 2023link

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Mot: ...... Or - NOT!!!!

Mot: Thanx!!! --- He Took Care of it - He Dids!!!! 

Seeds of Wisdom RV and Economic Updates Monday Afternoon 2-3-25

Good Afternoon Dinar Recaps,

 IT'S DONE Article 2 - This law shall be implemented from the date of its publication in the Official Gazette.

THE LAW PDF attached
In the name of the people

Presidency

Based on what was approved by the House of Representatives and ratified by the President of the Republic based on the provisions of Clause (First) of Article 61 and Clause (Third) of Article 73 of the Constitution.

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The following law was issued:

No. ( ) for the year 2024

The First Amendment Law to the Federal General Budget Law of the Republic of Iraq

For the fiscal years (2023 - 2025 - 2027) No. (13) of 2023
                                                     
Article 1 - The text of Paragraph (c) of Clause (Second) of Article 12 of the Federal General Budget Law of the Republic of Iraq for the fiscal years (2023 - 2025 - 2025) No. 13 of 2023 shall be cancelled and replaced by the following:

C - 1. The Federal Ministry of Finance shall compensate the Kurdistan Regional Government from sovereign expenses for the costs of production and transportation of the quantities of oil produced in the region that are received by the State Oil Marketing Company (SOMO) or the Federal Ministry of Oil in accordance with paragraphs (a, b) of this clause, provided that the fair estimated costs of production and transportation for each field separately are calculated by a specialized international technical consulting body determined by the Federal Ministry of Oil in agreement with the Ministry of Natural Resources in the region, within a period of (60) sixty days from the date of entry into force of this law, and in the event of failure to reach an agreement within the aforementioned period, the Federal Council of Ministers shall determine the aforementioned consulting body.

The technical advisory body referred to in (1) of this paragraph shall submit the estimated cost of production and transportation to the Federal Ministries of Finance and Oil and the Kurdistan Regional Government, and it shall be approved for the purposes of this law. The compensation referred to in (1) of this paragraph shall be calculated based on the aforementioned cost per barrel multiplied by the number of barrels received in accordance with paragraphs (a, b) of this item, and the Federal Ministry of Finance shall undertake to pay the amounts to the Kurdistan Regional Government.

Immediately begin delivering the oil produced in the region to the State Oil Marketing Organization (SOMO) or the Federal Ministry of Oil in accordance with paragraphs (a) and (b) of this clause, and the costs of production and transportation shall be compensated by the Federal Ministry of Finance as advances, at a rate of $16 per barrel, which shall be

Article 2 - This law shall be implemented from the date of its publication in the Official Gazette.

It shall be settled later after the specialized technical advisory body referred to in (1) of this paragraph has completed its work, and retroactively from the date of commencement of delivery pursuant to this amendment.

Positive reasons

For the purpose of appointing a specialized international technical advisory body to work on calculating the fair estimated costs of producing and transporting oil produced in the Kurdistan Region and for each field separately, preserving the national wealth, enhancing actual federal revenues, and enabling the State Oil Marketing Company (SOMO) to make optimal use of and diversify export outlets.

This law was enacted

@ Newshounds News™

Source:  Shafaq

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TRUMP ORDERS CREATION OF US SOVEREIGN WEALTH FUND, SAYS IT COULD OWN PART OF TIKTOK

WASHINGTON (AP) — President Donald Trump on Monday signed an executive order directing the U.S. to take steps to start developing a government-owned investment fund that he said could be used to profit off of TikTok if he’s successful at finding it an American buyer.

Trump signed an order on his first day office to grant TikTok until early April to find an approved partner or buyer, but he’s said he’s looking for the U.S. to take a 50% stake in the massive social media platform. He said Monday in the Oval Office that TikTok, which is owned by China-based ByteDance, was an example of what he could put in a new U.S. sovereign wealth fund.

“We might put that in the sovereign wealth fund, whatever we make or we do a partnership with very wealthy people, a lot of options,” he said of TikTok. “But we could put that as an example in the fund. We have a lot of other things that we could put in the fund.”

Sovereign wealth funds invest in assets, such as stocks, bonds and real estate. They are typically funded by a country’s budgetary surpluses, which the U.S. currently does not have.

Trump noted many other nations have such investment funds and predicted that the U.S. could eventually top Saudi Arabia’s fund size. “Eventually we’ll catch it,” he promised. Countries like Norway also have a similar fund.

@ Newshounds News™

Source:  AP News

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GOLD AND CURRENCY REVALUATION STRATEGY

Why does Gold need to revalue before the currency dilemma can be fixed? Will the price of gold affect the crypto market?

@ Newshounds News™

Source:  CryptoLedger

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Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

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Seeds of Wisdom RV and Economic Updates Monday Morning 2-3-25

Good Morning Dinar Recaps,

CRYPTO CATASTROPHE: WORLD RECORD BROKEN, WORST BLOODBATH IN HISTORY

Market in shambles after introduction of trading tariffs sparks enormous liquidation surge

One of the worst bloodbaths in the history of the cryptocurrency market just occurred, with liquidations skyrocketing past $2.24 billion in the last day.

With Bitcoin plummeting to $94,000 and the entire market collapsing along with it, this massive wipeout has destroyed leveraged traders. The magnitude of the losses has broken all previous records, making this one of the most vicious sell-offs in the history of cryptocurrency.  

With $609 million in liquidations, Ethereum traders were the most negatively impacted, according to the liquidation heatmap. At $412 million, Bitcoin trailed closely behind, while liquidations exceeding $85 million were reported by XRP, Dogecoin and Solana.

The biggest single loss happened on Binance, with an ETHBTC trade worth $25.64 million and a whopping 734,621 traders liquidated in a single day.

After losing crucial support at $97,000, Bitcoin is currently testing $92,000 – a level that may dictate its course in the near future.

The price of Bitcoin may drop to $83,000 if it drops below this level, signaling a more significant correction. With Bitcoin at the top of the market, altcoins are doing even worse; some have already dropped more than 80% from their peak.

Altcoin momentum has completely collapsed, falling to 38 out of 100, according to the CMC Altcoin Season Index, which indicates a strong phase dominated by Bitcoin.

This change reflects traders' swift decline in risk appetite and their flight from altcoins to safer assets. The cryptocurrency market is in a panic right now. If Bitcoin is unable to stay above $92,000, it is likely to continue declining.  

Particularly for altcoins that have already been in free fall, losses could get even worse. Overleveraged traders have paid the price, and this carnage may not end yet unless volatility levels off.

@ Newshounds News™

Source:  U Today

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CARDANO (ADA) VOLUME SKYROCKETS 428% DESPITE WORST CRYPTO BLOODBATH

Cardano dropped below $0.70 as traders rushed to sell ADA, pushing volume to historic levels

The broader digital currency ecosystem recorded its worst single-day bloodbath this year, with assets like Cardano (ADA) at the forefront. At the time of writing, the ADA price changed hands for $0.7012, down by 20.53% in the past 24 hours. The coin dropped to $0.5648 in earlier trading, its lowest level in nearly 90 days.

Cardano volume took different turn

Despite the selloff, one unique Cardano metric, the transaction volume, recorded an impressive rally.  

Per data from CoinMarketCap, the Cardano volume is up 428.86% to $3.77 billion. This boost in trading volume is not commensurate with the price outlook, thus implying traders were in flight mode over the weekend.

Market data shows that more than $36 million has been lost by ADA traders in the past 24 hours via liquidations. Long traders suffered the most, with over $31 million taken out unduly. With the crypto market drawdown triggered by the tariff war in North America, the effect appears comprehensive across all markets.

At the moment, a high level of volatility has been introduced into the Cardano trading ecosystem. After this multi-month low price, the coin has inked some rebound, but generally, the coin is not out of the woods yet.

Catalyst to watch and Bitcoin influence

Amid this unusual price slump, Cardano traders will likely focus on new anchors as the price recovers. These new anchors might include fundamental ecosystem updates and how they may shape the ADA ecosystem.

With the Plomin hard fork going live in the past week, Cardano proponents are now looking forward to how this upgrade can impact ADA accumulation and price outlook. In addition, ADA's whale activity is in the spotlight, as a large buying trend can trigger positive sentiment.

Meanwhile, the ADA-BTC correlation may yield a positive boost in the mid-to-long term. Bitcoin has stabilized its latest sell-off, hinting that Cardano may soon follow suit.

@ Newshounds News™

Source:  U Today

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STOCK MARKET CRASH: GLOBAL MARKETS DROP ON TARIFF CONCERNS

Global markets plunged on Black Monday amid escalating trade tensions as U.S. tariffs on Canada, Mexico, and China spurred a worldwide sell-off. Asian indices led the decline with Taiwan’s Taiex down 4.4%, Japan’s Topix falling 2.3%, and Korea’s Kospi dropping 2.4%. In the U.S., the Nasdaq fell 2.5% as NVIDIA shares plunged over 6.5% to a low of $111.51. Analysts warn of further instability while China vows legal action for WTO violations. Investors brace for continued volatility amid rising fears.

@ Newshounds News™

Source:  Coinpedia

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Seeds of Wisdom Team™ Newsletter

Thank you Dinar Recaps

MilitiaMan & Crew Iraq Dinar News-Baghdad Fair-1250 Companies Attend-2024 Budget Law-Salaries Paid-Global Markets

MilitiaMan & Crew Iraq Dinar News-Baghdad Fair-1250 Companies Attend-2024 Budget Law-Salaries Paid-Global Markets

2-2-2025

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

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

https://www.youtube.com/watch?v=PjiZ-3nbHdE

Sunday “News and Views” Posted by KTFA Members 2-2-2025

KTFA:

Clare: Shafaq News publishes the first amendment to the budget law for the years 2023-2025

2/2/2025

 Shafaq News Agency publishes the text of the first amendment to the Iraqi state general budget law for the years 2023-2025, which was voted on by the Council of Representatives in today's session, Sunday.

The Iraqi Council of Representatives held its fourth session of the first legislative term of the fourth legislative year this evening, Sunday, headed by the First Deputy Speaker of the Council, Mohsen Al-Mandalawi, with the attendance of 176 representatives, and the boycott of about 50 representatives.

AMENDMENT TO THE BUDGET LAW     LINK

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Another_Mailman:  I believe that today was the last big hurdle that needed to be settled! Imo, the budget was already "read" the necessary amount of times and should be passed within a week. Superbowl Sunday would be great, IMO!

Clare:  THIS IS A MAJOR BREAKTHROUGH IMO. IT IS WHAT SUDANI WANTED AND HE MADE SURE IT HAPPENED TODAY! (THAT'S WHY HE HAD THOSE MEETINGS FRIDAY NIGHT.) IMO THIS IS GOOD FOR US!

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Clare:  Iraqi Parliament Approves First Amendment to General Budget Law for 2023-2025

2/2/2025

The Iraqi Parliament voted, on Sunday, on the draft law of the first amendment to the Federal General Budget Law of the Republic of Iraq for the fiscal years (2023 - 2024 - 2025) No. (13) of 2023.

For his part, independent MP Ahmed Majeed announced in a statement to Shafaq News Agency that members of the House of Representatives from the central and southern governorates boycotted the parliament session held today, considering that voting on the budget is "a violation of the law and the internal regulations of the council due to the lack of a legal quorum."

Majeed explained that "the number of representatives present does not exceed 140 representatives, which means that the quorum is not achieved," stressing that they doubt the legitimacy of the session.

He added: "We will file an appeal with the Federal Court against the House of Representatives for violating the law and proceeding with the vote on amending the budget law."

The Iraqi Council of Representatives held its fourth session of the first legislative term of the fourth legislative year a short while ago, headed by the First Deputy Speaker of the Council, Mohsen Al-Mandalawi, with the attendance of 176 representatives, and the boycott of about 50 representatives.

A parliamentary source told Shafaq News Agency, "The representatives of the Central and Southern Front boycotted the session in protest against the amendment of the budget law. The number of representatives of the Front is about 50 representatives, most of whom are independents."

The representative of the Central and Southern Front, Raed Al-Maliki, said during a press conference held in the parliament building with the participation of the representatives and attended by a Shafaq News Agency correspondent, "We are a group of representatives from the central and southern governorates who boycotted the parliament session on Sunday because of the paragraph amending the budget law."

Al-Maliki added, "We requested that there be a joint administration with the regional government, and that companies be obligated to review contracts, and that other articles be reviewed, including Article 14 of the budget law, in addition to other articles and the deficit in the budget law."

He stressed, "Our demands relate to implementing the rights of the central and southern governorates and financing the government contracting expenses of companies contracting with local governments."

Parliament Speaker Mahmoud Al-Mashhadani, who is currently visiting the Iranian capital Tehran, announced before his departure that Parliament will approve today, Sunday, amending the general budget in accordance with the text sent by the Council of Ministers.

Earlier today, the Coordination Framework, which brings together Shiite political forces, revealed the existence of a political agreement to pass the amendment to the budget law during the session of the Iraqi parliament scheduled to be held today.

The representative of the framework, Mohammed Radhi, told Shafaq News Agency, "There is a political agreement to pass the amendment to the budget law during today's session, as the text of the amendment was mentioned by the Iraqi government. There is a political and parliamentary will and desire to support the government's steps to resolve the differences with the region."

Radi added, "The agreement to pass the amendment to the budget law came in order to push the government to expedite sending the 2025 budget schedules, as no one wants to disrupt this budget, to prevent obstructing the construction and reconstruction process, and launching many strategic and important projects during this year."

The Finance Committee of the Iraqi Council of Representatives announced yesterday, Saturday, that the Council of Representatives will vote in today’s session, Sunday, on the government’s proposal to amend Article 12 of the General Budget Law.

The draft amendment to Article 12 of the Budget Law includes two paragraphs, the first of which relates to the costs of producing and transporting the Kurdistan Region’s oil after determining the actual estimated costs through the advisory body.”

As for the second paragraph, it stipulates that if the federal and regional governments do not agree on the costs of production and transportation, the Ministry of Oil shall choose a party to determine those costs, and as a result the cost of extracting oil from the oil fields in the region shall be calculated.

In June 2023, the Iraqi Parliament voted on the draft general budget law for the fiscal years (2023, 2024, 2025).   LINK

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Clare:  After approving the budget amendment, Shakhwan Abdullah announces containing the problem of Kurdistan oil and employees’ salaries

2/2/2025

The Deputy Speaker of the Iraqi Parliament, Shakhwan Abdullah, announced on Sunday that the problems facing the export of oil from the Kurdistan Region have been contained, after passing the amendment to the federal budget law.

Abdullah said in an interview with a number of journalists, including a Shafaq News Agency correspondent, that the budget amendment came after everyone reached this conclusion, and now there are no problems facing oil exports.

He added, "Accordingly, oil will be exported from the Kurdistan Region in the future, and our goal is to contain the problem of employees' salaries."

Abdullah expressed his thanks to all the blocs, with their various names, that voted in favor of the budget bill to resume the export of oil from the Kurdistan Region, considering it "an important step to reconnect the region to global markets."

Abdullah also said, "The decision to sell oil through SOMO removed all excuses for the federal government not to send the budget." 

He added: "Despite some problems occurring during the session, everyone eventually reached a conviction to pass this project, because any amendment would have taken us back to square one, especially since this project involves three parties: the regional government, the federal government, and the oil companies."

Abdullah stressed that "there is no longer any obstacle to resuming oil exports," explaining that the project addresses issues related to oil revenues and the return of benefits to the Iraqi government and the Kurdistan Region, and also contributes to resolving disputes related to the region's salaries and oil delivery.

The agreement came after a series of meetings between the Kurdistan delegation and the Iraqi government, the last of which was last Friday.

The issue of salaries of Kurdistan employees tops the list of disputes between Baghdad and the region, especially after the decision of the Iraqi Federal Court last year obligating both the Prime Minister of the Federal Council and the President of the Kurdistan Regional Government to localize the salaries of employees and workers in the public sector in federal banks.

Baghdad confirmed its commitment to the decision, but stipulated the submission of lists of employees’ names, while the regional Ministry of Finance considered that “ambiguity surrounds how to deal with the list.”

The Kurdistan Region has been witnessing a financial crisis and a liquidity shortage since losing its most important financial resources due to the halt of oil exports to Turkey via the Ceyhan Port pipeline after Ankara's decision to stop the flow of crude following an international arbitration ruling requiring it to pay compensation to Baghdad for the damages it suffered.

In turn, the federal government faces the challenge of securing employees’ salaries due to the budget deficit rising to more than 64 trillion Iraqi dinars, while the size of the domestic debt reaches about 14.5 percent of the gross domestic product, according to official data.   LINK

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Clare: The Prime Minister sponsors the ceremony of handing over the key to Baghdad, the Arab Tourism Capital 2025

2/2/2025

Prime Minister Mohammed Shia Al-Sudani sponsored the ceremony of handing over the key to Baghdad, the Arab Tourism Capital 2025.

Last December, the Arab Tourism Organization chose Baghdad as the Arab Tourism Capital for the year 2025.   LINK

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Clare:  Rafidain Bank announces the start of distributing retirees’ salaries for the month of February

2/2/2025

Rafidain Bank announced today, Sunday, the start of distributing retirees’ salaries for the current month of February through electronic payment tools.

 The bank's media office said in a statement received by {Euphrates News}, a copy of which said, "The distribution of salaries for civilian and military retirees has begun."

He pointed out that "retirees who receive text messages can go to receive their salaries from wherever they are."   LINK

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Clare: Italy invites Sudani to sign economic agreements

2/2/2025

Prime Minister Mohammed Shia Al-Sudani received today, Sunday, the Italian Ambassador to Iraq, Nicolo Fontana, where His Excellency congratulated him on assuming his new duties, wishing him success in his work.

During the meeting, they discussed bilateral relations between the two countries and support for joint cooperation in various fields and sectors. The meeting also addressed developments in the region, especially the events in Syria and the ceasefire file in both Gaza and Lebanon.

The Italian Ambassador renewed the invitation to the Prime Minister to visit Italy and work on signing a strategic agreement between the two countries, similar to the two agreements signed by Iraq with France and the United Kingdom.   LINK

Iraq Economic News and Points to Ponder Sunday Afternoon 2-1-25

As Part Of Its War On Counterfeiting, Iraq Enhances The Security Of Its Currency With Improved Marks And Printing New Banknotes

Economy 11:47 - 2025-02-01  Today's News - Follow-up  Attentions in Iraq are directed towards the efforts made to protect the national currency and enhance its economic security. In this context, the Central Bank of Iraq's disclosure of a set of modern security marks that have been added to the circulating banknotes comes as a qualitative step that reflects the keenness to keep pace with global developments in the field of currency printing and security.

On January 19, the Central Bank of Iraq unveiled the security marks of the circulating banknotes, with the aim of educating the public, as well as companies and commercial banks that deal with these banknotes on a daily basis, reviewing these improved security marks, through a technical bulletin, in which it indicated the introduction of prominent marks on the new banknotes to enable the visually impaired to identify the banknote denominations by touch.

Mazhar Muhammad Salih, the economic advisor to the Prime Minister, confirmed in a statement followed by Al-Rasheed, that Iraq's decision to print a new currency is a natural decision that comes within the state's efforts to protect its national currency and enhance its security.

Salih explained that since the first issuance of the currency in 1934, Iraq has printed its currencies at the largest international printing companies, with the exception of the blockade period when the state was forced to resort to local printing.

He pointed out that Iraq still relies on the largest international companies specialized in printing currency, which are companies with a good reputation and high reliability and adhere to the highest international safety standards. He pointed out that this matter is of great importance to the economic security of Iraq and global security in general.

He added that Iraq reprinted its currency after 2003 with the largest international companies, including British and German companies. He explained that reprinting currency is a routine procedure that is carried out periodically to replace damaged papers and introduce new security improvements to the currency to protect citizens from counterfeiting and money laundering.

He stressed that these procedures come within the framework of the state's keenness to protect citizens' economic rights and ensure the stability of the Iraqi economy. He pointed out that the Central Bank of Iraq is the only body authorized to issue currency in accordance with the law, and there is strict security control over the printing and circulation process to prevent the entry of counterfeit currency into the country.

Saleh stressed that the cost of reprinting a single currency is very simple, not exceeding cents compared to its benefits, and that this procedure is an integral part of the policy of central banks around the world to maintain the stability of national currencies and protect national economies. https://today-agency.net/Details/33106

A Battle Against Counterfeiters And Money Laundering.. How Is Iraq Seeking To Protect The National Currency?

Posted on2025-02-02 by sotaliraq   All eyes in Iraq are on the efforts being made to protect the national currency and enhance its economic security. In this context, the Central Bank of Iraq revealed a set of modern security features that have been added to the circulating banknotes as a qualitative step that reflects the keenness to keep pace with global developments in the field of printing and securing currencies.

On January 19, the Central Bank of Iraq unveiled the security features of the banknotes in circulation, with the aim of raising awareness among the public, as well as companies and commercial banks that deal with these banknotes on a daily basis.

 It reviewed these improved security features through a technical bulletin, in which it indicated the introduction of prominent features on the new banknotes to enable the visually impaired to identify the banknote denominations by touch.

Battle Against Counterfeiters And Money Laundering

Mazhar Mohammed Salih, economic advisor to the Prime Minister, confirmed that Iraq’s decision to print a new currency is a natural decision that comes within the state’s efforts to protect its national currency and enhance its security.

Saleh explained that since the first issuance of the currency in 1934, Iraq has printed its currencies at the largest international printing companies, except for the period of the blockade when the country was forced to resort to local printing.

He pointed out that Iraq still relies on the largest international companies specialized in printing currencies, which are companies that enjoy a good reputation, high reliability and adhere to the highest international safety standards. He pointed out that this matter is of great importance to Iraqi economic security and global security in general.

He added that Iraq reprinted its currency after 2003 by the largest international companies, including British and German companies. He explained that reprinting the currency is a routine procedure that is carried out periodically to replace damaged papers and introduce new security improvements to the currency to protect citizens from counterfeiting and money laundering.

He stressed that these measures come within the framework of the state's keenness to protect citizens' economic rights and ensure the stability of the Iraqi economy. He pointed out that the Central Bank of Iraq is the only body authorized to issue currency in accordance with the law, and there is strict security control over the printing and circulation process to prevent the entry of counterfeit currencies into the country.

Saleh stressed that the cost of reprinting one currency is very simple, not exceeding cents, compared to its benefits, and that this procedure is an integral part of the policy of central banks around the world to maintain the stability of national currencies and protect national economies.

A Good Step.

Financial and banking researcher Mustafa Hantoush believes that the process of printing new currency to replace damaged ones or add to the market in exchange for real balances in international banks is a correct step.

Hantoush said that Iraq is continuing the process of printing local currency to be used in replacing the damaged currency that was originally issued or to be used in issuing a new currency for the first time in exchange for real balances in international banks, indicating that Iraq actually has an excellent balance of foreign currencies and gold and it balances them against any dinar that it prints and it is one of the best equivalents in the world.

He explained that the process of adding security signs to a new currency is a correct process and not a mistake; Iraq in any case needs a currency print to replace the damaged one, and if it has better security features, it is a good sign, especially since issuing the new currency, whether with new security signs or the same as the previous one, will be at the same cost, so there is no problem with it.

He stressed that the issue is not related to a radical change in the form of the currency, but rather it is the same currency but with better security specifications.

Iraqi parliament member Haitham Al-Zarkani stressed that the Central Bank’s talk about steps to issue a currency with security solidity is a commendable effort.

Al-Zarkani explained that any steps to make the Iraqi currency solid and globally accepted are of utmost importance, especially since the Iraqi currency is rarely used in neighboring countries due to the instability of exchange rates and the non-recognition of it by some Arab and European countries as a global currency.

Al-Zarkani attributed this weakness to cases of counterfeiting, noting that issuing a currency that takes into account security aspects and meets the needs of the visually impaired represents an important step on the security, humanitarian and economic levels at the same time, without wasting resources or diminishing the value of the Iraqi currency in global markets.

In 2018, the Central Bank of Iraq issued a second edition of banknotes in denominations (25,000, 10,000, 1,000, 500, 250), and in 2013, it introduced some technical and technological updates to the 2003 edition, except for the (50) dinar denomination, which was withdrawn from circulation in 2015.

 At the end of 2015, it issued the (50,000) dinar denomination to complete the current series in circulation.

For his part, economic expert Safwan Qusay confirmed that the Central Bank is striving to make paper currency more secure and difficult to counterfeit and manipulate, by moving towards supporting the policy of financial inclusion and shifting to electronic transactions.

However, Qusay pointed out that the process of withdrawing and issuing money with a higher security force does not pose any risks, especially since the circulating monetary mass of 100 trillion dinars (about 76 billion dollars) is under the control of the Central Bank and there is no new issuance of the currency in a different form, but rather it is merely a replacement of the type of currency existing in the market.

Qusay added that this policy is followed in all countries of the world, as currencies require modern technologies to reduce the possibility of counterfeiting and forgery.

Regarding the Central Bank’s talk about using special inks to serve the visually impaired, the expert confirmed that there is a real interest in this category, and that the process of selecting international printing presses specialized in producing currencies is carried out with high precision to ensure their quality and safety, explaining that the process of caring for the visually impaired comes from the Central Bank’s keenness to meet the needs of all segments of society, and that this decision was not arbitrary, but rather came in response to a real need that the bank had identified in the market.

Qusay stressed that replacing or improving the quality of prints is in line with the Central Bank’s directives to all banks, and that this step will not affect citizens’ confidence in the currency in circulation, noting that the main focus currently is on achieving financial inclusion and enhancing the use of credit cards to ensure the speed and security of transactions and protect the local market from any external interference.  LINK

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

Seeds of Wisdom RV and Economic Updates Sunday Afternoon 2-2-25

Good afternoon Dinar Recaps,

INDIAN CRYPTO HOLDERS FACE 70% TAX PENALTY ON UNDISCLOSED GAINS

India will impose tax penalties of up to 70% on undisclosed crypto gains as part of new regulations under Section 158B of the Income Tax Act.

Cryptocurrency traders in India may face significant tax penalties on previously undisclosed profits under new amendments to the country’s tax laws.

Cryptocurrencies will be included under Section 158B of the Income Tax Act, which reports undisclosed income, according to Indian Finance Minister Nirmala Sitharaman’s Union Budget 2025 announcement.

The amendment allows cryptocurrency gains to be subject to block assessments if not reported, placing them under the same tax treatment as traditional assets like money, jewelry and bullion.

Crypto will fall under the definition of Virtual Digital Assets (VDAs), according to the new amendment, which states:

“Crypto asset has been defined in section 2(47A) of the Act under the existing definition of Virtual Digital Asset[…] A reporting entity, as may be prescribed under section 285BAA of the Act, will be required to furnish information of crypto asset.”

The new crypto tax proposition will be retrospectively applicable from Feb. 1, 2025.

At the end of December 2024, India’s Minister of State for Finance, Pankaj Chaudhary, said the government had found 824 crore Indian rupees ($97 million) in unpaid goods and service taxes (GST) by several crypto exchanges.

The report came a few months after Indian law enforcement agencies demanded 722 crore Indian rupees ($85 million) in unpaid taxes from Binance in August.

Crypto traders face up to 70% tax penalty on undisclosed crypto gains

As a sign of concern for cryptocurrency holders, Indian authorities may issue a tax penalty of up to 70% on previously undisclosed crypto profits.

This penalty may apply to crypto gains that remained undisclosed for up to 48 months after the relevant tax assessment year, according to the document, that wrote:

“70% of the aggregate of tax and interest payable on additional income disclosed in the updated income tax return [ITR].”

The amendments come two weeks after Bybit exchange suspended its services in India on Jan. 10, citing regulatory pressure as it continues to pursue a full operational license from India’s Financial Intelligence Unit.

Crypto tax laws are gaining prominence worldwide

Crypto tax laws gained increased interest worldwide in June 2024 after the US Internal Revenue Service (IRS) issued a new crypto regulation, which will make US crypto transactions subject to third-party tax reporting requirements for the first time.

Starting in 2025, centralized crypto exchanges (CEXs) and other brokers will start reporting the sales and exchanges of digital assets, including cryptocurrencies.

This decision could push crypto investors to decentralized platforms in a “paradoxical situation” that could make tax revenue harder to track, Anndy Lian, author and intergovernmental blockchain expert, told Cointelegraph.

Showcasing the crypto industry’s backlash, the Blockchain Association filed a lawsuit against the IRS in December 2024, arguing that the rules are unconstitutional because they include decentralized exchanges under the “broker” term, extending data collection requirements to them.

@ Newshounds News™

Source:  CoinTelegraph

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SOCIAL SECURITY NUMBERS ARE A PRIVACY LIABILITY

Hundreds of millions of SSNs have been leaked online already, but a privacy-focused identity solution could help fix the problem.

@ Newshounds News™

Read more:  CoinTelegraph

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UBS TESTS DIGITAL GOLD PRODUCT ON ETHEREUM LAYER-2 WITH INNOVATIVE BLOCKCHAIN SOLUTIONS

▪️UBS is testing a digital gold investment product using blockchain technology.

▪️The product offers fractional gold investment and real-time pricing features.

▪️This initiative highlights the integration of fintech and blockchain in finance.

Union Bank of Switzerland (UBS), the largest bank in Switzerland, has initiated trials for a digital gold investment product on the Ethereum $2,956-based ZKsync layer-2. The bank is testing gold trading operations using blockchain technology to enhance functionality on a global scale.

Trial Process and Product Details

The product being tested, UBS Key4 Gold, allows users to trade gold units on-chain. It provides individual investors the opportunity to invest in fractional gold while offering real-time pricing, deep liquidity, and secure physical storage options.

Blockchain Technology and Strategies

In this trial, UBS utilized the ZKsync Validium solution under a proof of concept (PoC) framework. The goal was to improve scalability, privacy, and interoperability, contributing to the product’s global expansion.

UBS Key4 Gold operates on a permissioned blockchain infrastructure known as the UBS Gold Network. This network connects vaults, liquidity providers, and distributors, ensuring technical support for the product. It is seen as a step toward the digitization of the gold market.

The testing process is considered significant for establishing a robust technical infrastructure for the product. Additionally, fluctuations in the ZK token price are being closely monitored within the context of market volatility.

The trial provides important insights into the digitization in the fintech sector and the application of blockchain technology in finance. Various technical tests and applications can serve as a guide for the product’s integration into global markets.

@ Newshounds News™

Source:  CoinTurk

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States vs. IRS Battle Over Sound Money

States vs. IRS Battle Over Sound Money

Liberty and Finance:  2-1-2025

Amid growing economic uncertainty and a renewed focus on financial stability, a powerful movement is gaining traction across the United States: the push to recognize gold and silver as legal tender.

 In a recent discussion on Liberty and Finance, host Dunagun Kaiser and Jason Cozens, CEO of Glint, delved into the intricacies of this burgeoning effort, exploring its potential impact on everything from capital gains taxes to the everyday use of gold as a transactional currency.

Cozens revealed the strong grassroots support driving this initiative, emphasizing that it’s not just a fringe idea but a movement fueled by everyday citizens concerned about preserving their purchasing power. He also highlighted the significant involvement of key financial figures actively working to champion gold legislation at the state level.

This convergence of citizen advocacy and financial expertise is creating a powerful force for change.

The core of the argument, as explained by Cozens, lies in the state’s role in safeguarding its citizens’ buying power. In an era of volatile markets and fluctuating fiat currencies, the argument for sound money – historically anchored in precious metals – resonates with many.

By recognizing gold and silver as legal tender, states can empower their residents with a more stable and reliable form of currency, potentially better weathering economic storms.

Beyond serving as a store of value, the discussion also touched upon the practical implications of making gold a transactional currency.

Cozens drew attention to Glint, his company, which offers a platform for people to use gold-backed accounts for everyday purchases. This demonstrates the increasing feasibility of using gold beyond merely an investment asset, highlighting its potential to serve as a genuine form of money for daily transactions.

The conversation also explored the potential changes to gold-related tax policies and legislation. The recognition of gold and silver as legal tender could significantly impact how they’re taxed, particularly in regards to capital gains. This is a key factor that policymakers will need to address as the movement continues to gather steam.

The discussion concluded with a strong affirmation of the importance of sound money in a healthy economy.

 With the potential for states to act as incubators for innovative financial practices, the movement to recognize gold and silver as legal tender is more than just a nostalgic throwback to a bygone era. It’s a forward-thinking approach aimed at protecting individuals’ financial well-being and fostering a more resilient economic future.

As the conversation illuminated, the quest for sound money is no longer confined to financial circles; it’s a growing demand echoing from Main Street, and state legislatures are starting to take notice.

The implications, as Kaiser and Cozens pointed out, could reshape the financial landscape as we know it.

https://youtu.be/rbDxDtdsapk

Seeds of Wisdom RV and Economic Updates Sunday Morning 2-2-25

Good Morning Dinar Recaps,

TRUMP-IMPOSED TARIFFS TO BEGIN TUESDAY AS MEXICO, CANADA ANNOUNCE RETALIATORY RESPONSE

▪️President Trump on Saturday signed an executive order imposing 25% tariffs on imports from Canada and Mexico, with a 10% tariff on Canadian energy and oil, and an additional 10% tariff on China.

▪️The implementation of the tariffs was delayed to Tuesday at 12:01 am.

▪️Mexico’s President Sheinbaum announced the country would implement both tariff and non-tariff retaliatory measures, while Canadian PM Trudeau said Saturday night Canada would implement 25% tariffs on a swath of American goods in response.

President Trump on Saturday declared steep tariffs on all imported goods from Canada, Mexico, and China, setting the stage for a trade war with the U.S.'s largest trading partners.

Trump set the tariffs at 25% on Canada and Mexico, with a 10% carve-out for Canada's oil and energy exports, and a 10% tariff on all goods from China.

Though the tariffs were initially set to go into effect on Saturday, Feb. 1, the implementation was delayed to Tuesday, Feb 4, at 12:01 am. The tariffs will be imposed on top of any existing tariffs, and have been implemented in response to the flow of illegal drugs into the United States, according to the White House.

"The government of Mexico has afforded safe havens for the cartels to engage in the manufacturing and transportation of dangerous narcotics, which collectively have led to the overdose deaths of hundreds of thousands of American victims," a White House fact sheet states.

Mexico's President Claudia Sheinbaum was the first to announce retaliatory tariffs and non-tariff measures in response, in a post on X Saturday evening.

In the post, Sheinbaum proposed that the U.S. and Mexico establish a working group to combat criminal organizations, warned against using tariffs to solve problems, and forcefully denounced the White House's accusation that the Mexican government has alliances with drug cartels.

"I instruct the Secretary of Economy to implement Plan B that we have been working on, which includes tariff and non-tariff measures in defense of Mexico's interests," a translation of Sheinbaum's post reads.

The Canadian government will also levy counter-tariffs on American goods in response. Canadian Prime Minister Justin Trudeau said in an address to Canadians Saturday night that the country would implement 25% tariffs on a large swath of American goods. Trudeau also said that non-tariff responses affecting the energy sector were being considered.

The Canadian government's response may eventually include export tariffs on energy, Bloomberg reported Saturday, setting the stage for a critical trade war between the U.S. and its largest foreign energy supplier.

The price of energy factors heavily into the cost of mining Bitcoin in the U.S., which has an estimated 36% share of the global hashrate, according to mining firm Luxor.

The Block's GMCI 30 index of the top 30 crypto tokens by market cap is down about 4% over the past 24 hours as the market responds to Trump's executive order.

@ Newshounds News™

Source:  The Block

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ARGENTINA DESIGNS FORENSIC PROTOCOLS TO FIGHT CRYPTO CRIME

Argentina has designed and established identification and forensic protocols to guide security and police forces in standardizing their actions to fight crypto crime.

Argentina Establishes Forensic, Identification, and Seizing Protocols for Crypto Crimes

Argentina has taken another step toward empowering its public servants to fight crypto crime.

The Nation’s Security Ministry recently issued Resolution 117/2025, which describes the procedures that public servants, including police and federal security forces, must follow when dealing with digital assets possibly linked to crime.

The protocol, which Argentine authorities must now follow, seeks to standardize the necessary processes to prevent the loss or alteration of digital assets in official procedures.

In the same way, the resolution recognizes and identifies that cryptocurrencies are tools that are being used in money laundering and terrorism financing schemes.

Because of this, the Security Ministry has established the need to strengthen the research and tracking of these assets when they are involved in criminal activities.

With this move, Argentina jumps to the forefront of Latam regarding the treatment of crypto-related crime and recognizes the relevance of digital assets as money proxies.

And with a good reason: the country has been home to several high-profile crypto frauds affecting thousands, mostly related to investment fraud and Ponzi schemes.

The Security Ministry is aware of this crypto crime wave and has been preparing a suite of tools to combat it. In December, the ministry established that the security forces should prevent “unauthorized financial intermediation through the use of cryptoassets,” vowing to preemptively track possibly criminal behavior derived from their usage.

Argentine authorities scored major wins in crypto crime cases last year. In September, one of the first crypto seizures was executed in a money laundering operation that mixed phone smuggling activities and illegal online casinos.

Also, In December, Argentine law enforcement agencies requested the freezing of 3.5 million USDT linked to Rainbowex, an alleged Ponzi scheme. This marked the first time Argentine law authorities interacted directly with Tether in a criminal case, issuing an order for this objective.

@ Newshounds News™

Source:  Bitcoin News

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“Tidbits From TNT” Sunday Morning 2-2-2025

TNT:

Tishwash:  Iraqi Parliament Approves First Amendment to General Budget Law for 2023-2025

The Iraqi Parliament voted, on Sunday, on the draft law of the first amendment to the Federal General Budget Law of the Republic of Iraq for the fiscal years (2023 - 2024 - 2025) No. (13) of 2023.

For his part, independent MP Ahmed Majeed announced in a statement to Shafaq News Agency that members of the House of Representatives from the central and southern governorates boycotted the parliament session held today, considering that voting on the budget is "a violation of the law and the internal regulations of the council due to the lack of a legal quorum."

Majeed explained that "the number of representatives present does not exceed 140 representatives, which means that the quorum is not achieved," stressing that they doubt the legitimacy of the session.

He added: "We will file an appeal with the Federal Court against the House of Representatives for violating the law and proceeding with the vote on amending the budget law."

The Iraqi Council of Representatives held its fourth session of the first legislative term of the fourth legislative year a short while ago, headed by the First Deputy Speaker of the Council, Mohsen Al-Mandalawi, with the attendance of 176 representatives, and the boycott of about 50 representatives.

A parliamentary source told Shafaq News Agency, "The representatives of the Central and Southern Front boycotted the session in protest against the amendment of the budget law. The number of representatives of the Front is about 50 representatives, most of whom are independents."

The representative of the Central and Southern Front, Raed Al-Maliki, said during a press conference held in the parliament building with the participation of the representatives and attended by a Shafaq News Agency correspondent, "We are a group of representatives from the central and southern governorates who boycotted the parliament session on Sunday because of the paragraph amending the budget law."

Al-Maliki added, "We requested that there be a joint administration with the regional government, and that companies be obligated to review contracts, and that other articles be reviewed, including Article 14 of the budget law, in addition to other articles and the deficit in the budget law."

He stressed, "Our demands relate to implementing the rights of the central and southern governorates and financing the government contracting expenses of companies contracting with local governments."

Parliament Speaker Mahmoud Al-Mashhadani, who is currently visiting the Iranian capital Tehran, announced before his departure that Parliament will approve today, Sunday, amending the general budget in accordance with the text sent by the Council of Ministers.

Earlier today, the Coordination Framework, which brings together Shiite political forces, revealed the existence of a political agreement to pass the amendment to the budget law during the session of the Iraqi parliament scheduled to be held today.

The representative of the framework, Mohammed Radhi, told Shafaq News Agency, "There is a political agreement to pass the amendment to the budget law during today's session, as the text of the amendment was mentioned by the Iraqi government. There is a political and parliamentary will and desire to support the government's steps to resolve the differences with the region."

Radi added, "The agreement to pass the amendment to the budget law came in order to push the government to expedite sending the 2025 budget schedules, as no one wants to disrupt this budget, to prevent obstructing the construction and reconstruction process, and launching many strategic and important projects during this year."

The Finance Committee of the Iraqi Council of Representatives announced yesterday, Saturday, that the Council of Representatives will vote in today’s session, Sunday, on the government’s proposal to amend Article 12 of the General Budget Law.

The draft amendment to Article 12 of the Budget Law includes two paragraphs, the first of which relates to the costs of producing and transporting the Kurdistan Region’s oil after determining the actual estimated costs through the advisory body.”

As for the second paragraph, it stipulates that if the federal and regional governments do not agree on the costs of production and transportation, the Ministry of Oil shall choose a party to determine those costs, and as a result the cost of extracting oil from the oil fields in the region shall be calculated.

In June 2023, the Iraqi Parliament voted on the draft general budget law for the fiscal years (2023, 2024, 2025). link

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Tishwash:  Economist: The Iraqi market is centralized and 40 investment laws need to be reviewed and amended

Economic expert Abdul Rahman Al Mashhadani confirmed today, Friday, that the problem facing foreign investors in Iraq is not limited to the security and political situation only, but rather it is a complex problem.

Al-Mashhadani added to Al-Furat News Agency that "talking about attracting investments is not limited to a specific region, but rather depends on the general situation in the country." 

He explained that "the investment climate in Iraq requires several factors, including the political factor and the conflict between the blocs, in addition to the investment laws that need to be reviewed, as their number has reached about 40 laws."

He pointed out that "there are paragraphs in these laws related to the economy in general."

Al-Mashhadani pointed out that "the Iraqi government is moving towards a capitalist economy and following a market economy according to the principle of supply and demand, which means that the government cannot interfere in all economic details."

He pointed out that "the current laws were enacted a long time ago, and are not compatible with the nature of the current stage."  link

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Tishwash:  Al-Sudani: Iraq's debts have fallen to their lowest levels and investments have exceeded 60 billion dinars

Prime Minister Mohammed al-Sudani said on Saturday, February 1, 2025, that Iraq's external debts have fallen to their lowest levels, noting that foreign investments in Iraq have exceeded 60 billion dinars.

The International Monetary Fund  warned  in a report of a doubling of debt in Iraq, through an increase in the deficit, as it expected “the public finance deficit to reach 7.6% in 2024 and to widen further after that with the expected gradual decline in oil prices in the medium term,” leading to “a near doubling of public debt from 44% in 2023 to 86% by 2029.”

Al-Sudani's media office stated in a statement seen by "Ultra Iraq" that "he opened the 48th Baghdad International Fair this evening, Saturday, with the participation of (1250) companies, in various specializations, representing 22 Arab and foreign countries."

He also "delivered a speech in which he welcomed the representatives of the companies and entities participating in this year's session, which witnessed the return of companies that had been absent from previous sessions, which is an important addition to establishing productive and promising partnerships and stronger cooperation that enhances facing challenges and draws a map of economic growth."

Al-Sudani said, "The real standard for success is the citizen's satisfaction and positive interaction with what the executive service apparatus provides, in addition to economic reform," indicating that "Iraq is heading towards the widest urban movement in the field of housing, and work has begun within the new city projects to reach approximately one million housing units."

He added: "We announced a project to add 15-20 thousand megawatts of electricity production to the national grid, and raise production to the highest levels in meeting the demand for energy." He also said: "We worked to achieve actual participation in clean and renewable energy production projects after it was just talk and statements."

He continued: "After implementing the reforms, foreign investments coming to Iraq exceeded 60 billion dinars, which is a clear indication of the reassurance of capital," and "the government provided a business-friendly investment environment, and legal and moral protection enjoyed by investors and companies operating in Iraq."

He pointed out to "building understandings and agreements with international partners and global financial institutions, and granting sovereign guarantees to the private sector to establish a strategic partnership with industrial countries and major economies," stressing that "the government's steps contributed to consolidating the position of the Iraqi economy, raising the level of credit confidence internationally, and reducing external debt to its lowest levels."

He explained that "the people's project development path will be the most effective to link Asia and Europe, passing through Iraq and the Middle East," and that "the door is open to everyone to contribute to the development path, and the opportunities that will be available on both sides for industrial economic cities and free trade zones."

Last year, Mazhar Muhammad Salih, Al-Sudani’s financial advisor, pointed out a “decrease in the amount of external debts due,” which appeared in the “allocations for external debt payments” in the 2024 budget compared to the 2023 budget schedules “with a difference of a decrease of more than one billion dollars,” due to “Iraq’s regularity in paying its external debts due annually, of which only about 20 billion dollars remain.”  link

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Mot: . Um, FYI...

Mot: . Family Notice!!!!!!

USD Devaluation Is Coming, Gold Repricing, Negative Rates, Monetary Reset & Deep Seek - Luke Gromen

USD Devaluation Is Coming, Gold Repricing, Negative Rates, Monetary Reset & Deep Seek - Luke Gromen

TFTC:  2-1-2025

Luke Gromen breaks down why the U.S. dollar faces massive devaluation and why negative rates are inevitable. He explains the mechanics of Treasury gold repricing from $42/oz, potential Bitcoin integration into Treasury markets, and how China's Deep Seek AI development changes global power dynamics.

The conversation covers impending financial system changes, from gold's role as a neutral reserve asset to the necessity of negative real interest rates for 2-3 years.

Gromen details how private markets are already adapting through Bitcoin-collateralized instruments and stablecoin Treasury requirements.

0:00 - Intro

0:59 - Tariffs

4:53 - DeepSeek

12:32 - Bessent's reset

17:19 - Fold & Bitkey

19:14 - Liquidity crisis and the big print

26:05 - Speculating on a deal with China

30:19 - Unchained

31:20 - Europe is losing

38:47 - Gold price and SBR

45:45 - History of gold's official price

 50:26 - Is the bandaid coming off soon?

 55:26 - Bitcoin-backed lending

1:02:04 - There's hope for cooler heads

1:13:29 - SAB 121 repeal

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

Iraq Economic News and Points to Ponder Saturday Afternoon 2-1-25

Dinar.. Currency and Symbol - Abdul Karim Ahmed Al-Zaidi

January 31, 2025   When a country has its own local currency that it uses in internal transactions, it is inevitably affected by external trade transactions, which require, through financial relations, dealing in foreign currency, which is what we call hard currency that we need in import operations and other financial payments for the various transactions of the country outside its borders.

For this reason, the importance of preserving the value of the local currency appears, and what is meant in our country is the Iraqi dinar with its equivalent value of hard currency in the external trade environment.

The responsibility for this process and preserving the value of the local currency falls on the Ministry of Finance, as it is authorized in these transactions in coordination with the Ministry of Trade and other bodies within its jurisdiction.

What concerns us here, considering that our country is still in dire need of supplying its people’s needs of materials, goods and local market requirements and its reliance on selling crude oil as an economic resource, is to maintain the value of the local currency and enhance its purchasing power against foreign currencies.

To be fair in our presentation of the subject, the Ministry of Finance has done its best in attempts to support the local currency and reduce its impact on the exchange of its equivalent in hard currency.

Perhaps the most prominent of these is offering the sale of hard currency in the financial markets at a price that competes with the inflation in the exchange rate of hard currency and monitoring the implementation of its instructions in the commercial dealings market in an attempt to stop the decline in the value of the local currency.

However, the situation, as it seems, does not represent an ideal solution to this situation after all commercial dealings and markets have become parallel to the exchange value. This matter requires a scientific and practical way out that preserves the value of the local currency and restores its prestige among foreign currencies and strongly fights all efforts to weaken its immunity and weaken its ability to compete again with other circulating currencies.

Perhaps Iraqis remember the market dealings with simple and metal money and small coins, which are not far away, and this is frankly what prompted me to review the history of the beginning of the birth of the Iraqi dinar in the year 1932, and after it was It was linked to the US dollar after 1959, so that each Iraqi dinar became equal to 2.8 US dollars.

It maintained its value until 1973, when it became equal to 3.37 per US dollar after the United States devalued its currency in 1972.

Unfortunately, the situation did not remain the same after Iraq devalued its currency, and the dinar remained in circulation equal to 3.2 per US dollar. It maintained its circulation until the Second Gulf War in 1991, despite the fact that the exchange rate of the Iraqi dinar on the black market was 3 dinars per dollar in late 1989.

I repeat that the supervisory authorities and the Central Bank of Iraq have a responsibility to work on finding a way out of this crisis and to overcome the weakness of the local currency with solutions that go beyond the short-sighted view that many financial and economic experts still resort to without any salvation, and to bring life back to the Iraqi dinar after a long period of slumber and weakness. LINK

Iraq's Dollar Reserves Exceed $100 Billion

Time: 2025/02/01 19:38:08 Read: 1,980 times  {Economic: Al Furat News} Economic expert, Basem Jamil Antoine, revealed Iraq’s dollar reserves.

Antoine told {Euphrates News} that: "The Iraqi gold reserve is good and it is preferable for the reserve to be larger than it is now and commensurate with the size of Iraq's dollar reserve, which currently amounts to more than 100 billion dollars."

He explained that "these assets must be converted into production in the economic and private sectors to create job opportunities for the unemployed and reduce poverty rates," stressing "the need for local reliance in production and not resorting to imports."

Antoine pointed out "the importance of converting surplus cash liquidity into a productive sector that is capable of protecting the country and providing food security in all sectors."

The economic advisor to the Prime Minister, Mazhar Muhammad Salih, revealed via {Euphrates News} Iraq's gold reserves, which are estimated at about 152 tons.

Salih explained that its approximate value in the country's foreign investment portfolio is about 14 billion dollars, which constitutes about 13% of the total diversification of that portfolio, which is distributed in standard proportions between other foreign currencies.  LINK

Central Bank Records Explosive Sales During The Week

01/02/2025  Mawazine News – Economy  The total sales of the Central Bank of Iraq of US hard currency exceeded one billion dollars during the days of the auction last week.

Mawazine News correspondent reported that the Central Bank sold during the past week and for the 4 days of the auction, one billion, 166 million, 384 thousand, and 363 dollars, at a daily average of 291 million, 596 thousand, and 90 dollars, higher than last week, when the average sales amounted to 294 million, 385 thousand, and 330 dollars.

The highest sales of the dollar were on Tuesday, when sales amounted to 299 million, 950 thousand, and 287 dollars, while the lowest sales were on Wednesday, when sales amounted to 283 million, 18 thousand, and 598 dollars.

Our correspondent indicated that foreign remittance sales during the past week amounted to one billion, 95 million, 234 thousand, and 363 dollars, compared to cash sales that amounted to 71 million, 150 thousand dollars.   https://www.mawazin.net/Details.aspx?jimare=259238

Dollar Prices Fall In Baghdad And Stabilize In Erbil With Closing

Saturday 01 February 2025 16:39 | Economic Number of readings: 189   Baghdad/ NINA / The dollar prices decreased in the markets of Baghdad and Erbil governorates with the closing of the stock exchange.

The dollar prices recorded a decrease with the closing of the Al-Kifah and Al-Harithiya stock exchanges to record 150,400 dinars for every 100 dollars, while the prices were 150,500 dinars for every 100 dollars this morning.

The selling prices in the field of exchange in the local markets in Baghdad reached 151,500 Iraqi dinars for every 100 dollars, while the purchase reached 149,500 dinars for every 100 dollars.

As for Erbil, the dollar recorded stability, as the selling price reached 150,250 dinars for every 100 dollars, and the purchase price was 150,150 dinars for every 100 dollars. https://ninanews.com/Website/News/Details?key=1183187

Al-Sudani: Iraq Is Fertile Ground For All Economic Dreams

Money and business  Economy News – Baghdad  Prime Minister Mohammed Shia Al-Sudani confirmed, on Saturday, that Iraq is fertile ground for all economic dreams, while indicating that the country is on the verge of the largest urban movement in the field of housing.

Al-Sudani said in a speech during the opening of the 48th session of the Baghdad International Fair, which was followed by "Al-Eqtisad News", "Today we open the 48th session of the Baghdad International Fair to be an addition that inspires hope and aspiration for productive and promising partnerships and stronger cooperation that enhances facing challenges and draws a map of prosperity and confident economic growth."

He added, "I welcome the representatives of 1,250 companies and entities participating in this year's session, which carries messages of communication and constructive partnership plans from 22 sisterly and friendly countries," indicating that "this year's exhibition is being held while Iraq is witnessing a continuous and active movement in every sector and detail of the economy, industry, agriculture, infrastructure, services and energy."

He continued, "We have completed more than twenty-seven months of connected and complementary plans and programs in order to bring about a tangible and clear change within the ceiling of expectations and ambitions carried by the honorable Iraqi citizen," adding, "We have stressed since the start of the government's work that the real criterion for success is the citizen's satisfaction and positive interaction with what the executive service apparatus provides, along with the deep-rooted and long-term economic reform."

He added: "We want the Baghdad Exhibition to be a forum for understanding and a meeting platform where opportunities, understandings and offers gather and companies study the available windows for contribution to the development movement in Iraq," stressing that "Iraq is heading towards the widest urban movement in the field of housing."

Al-Sudani said: "We have a promising and accelerating health sector that we have moved forward in by completing dozens of stalled hospital projects, in addition to adopting the method of joint management and operation and activating health insurance," noting that "foreign investments in Iraq have exceeded 60 billion."

He explained that "all of this comes in addition to building relationships, understandings and agreements with international partners and major global financial institutions," noting that "the strategic development path that extends from the port of Faw to the northern borders and Turkey is linked to the most effective and cheapest trade routes in management and operation, linking Asia and Europe through Iraq and the Middle East."   https://economy-news.net/content.php?id=52415

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