Iraq Economic News and Points to Ponder Thursday Evening 2-20-25

Rafidain Bank Enhances The Efficiency Of Its Services By Expanding The Application Of The Electronic Q System

Thursday 20 February 2025  Economic Number of readings: 329  Baghdad / NINA / Rafidain Bank announced the expansion of the application of the electronic Q System to manage and organize customer waiting, to include more than 27 branches in Baghdad and the governorates, with a gradual plan to generalize it to other branches later.

The bank stated in a statement: "This trend reflects the bank's commitment to adopting the latest banking technologies to ensure the provision of more efficient and faster services, as the system provides an advanced mechanism to organize the movement of customers within the branches, reduce waiting periods, and determine the order of customers according to service priority, with an accurate time estimate for completing transactions.

He added: "This development comes within the bank's vision to enhance digital transformation and raise the level of customer satisfaction, by providing innovative solutions that contribute to improving the efficiency of banking operations and providing a smoother and more accurate experience. / End https://ninanews.com/Website/News/Details?key=1187748

Financial Supervision: We Have Indicated A Clear Renaissance In Our National Industries

Money and business  Economy News – Baghdad  The Federal Board of Financial Supervision indicated the presence of signs of progress in the national industrial reality during recent years, and while the Board indicated that Iraq relies in its federal budgets on the revenues of its oil exports to a large extent, it called for the implementation and activation of the consumer protection and local product laws to advance it.

The Assistant Director General of the Industrial Activity Audit Department at the Bureau, Dr. Iyad Aziz Saleh, said in an interview with "Al-Sabah", followed by "Al-Eqtisad News", that "the industrial sector in Iraq is one of the most prominent components of the non-oil economy, and strategies have been adopted to encourage and enhance investment, which were set by the Investment Law of 2006 (amended) in order to raise the efficiency of the performance of industrial companies that aim to produce and market manufactured products according to approved specifications for each product to meet local needs,"

noting that "there are standard products to meet the needs of the consumer such as (cement, dairy, soap and oils), and non-standard products that are produced according to demand such as the manufacture of electric generators of various capacities and voltage transformers, which are equipped only according to the needs of the Ministry of Electricity."

He added, "Some companies have obtained a certificate from the international ISO organization, which is an independent body. These specifications are a series of frameworks that help the department manage its business effectively and confirm and guarantee the quality of products such as Iraqi cement and food products."

dilapidated production lines

Saleh explained that “the majority of industrial companies in the country operate at low capacity due to the old machines, equipment and production lines, as most of them date back to the seventies and eighties of the last century, as they operate with old technology that does not keep pace with the progress achieved in the industrial sector, as well as the inability of the national grid to supply many factories with electrical power, and the openness of the local market to imported products, which had an impact on the lack of competition of national products in market prices and quality.”

He stressed that "the Ministry of Industry and Minerals has adopted a plan to rehabilitate and develop most companies through partnership contracts with the private sector, based on the Public Companies Law No. (22) of 1997 (amended), which regulates the work of state-owned public companies in partnership or partnership with a foreign company to implement work within its activities inside Iraq,

relying on the legal basis of partnership contracts within the aforementioned law, which gave companies the right to participate with Arab and foreign companies and institutions to implement work related to the company's objectives inside Iraq,

as well as relying on the Investment Law No. (13) of 2006 (amended), including public sector projects contracted to rehabilitate or operate with the private and mixed sector with all the advantages and guarantees included in the aforementioned law, and the law applies to projects that were contracted before the enforcement of this law."

Merger of companies

He continued, "The Ministry of Industry worked on merging companies based on Cabinet Resolution No. (360) of 2015, but most of these companies were exposed to problems and obstacles as a result of not completing their merger procedures, such as the General Company for Design and Implementation of Projects, which was established as a result of the government reform plan after the merger of three previous companies, which suffers from not completing the legal procedures for the merger,

which led to the absence of final accounts certified by the Federal Financial Supervision Bureau for the merged companies, which stipulated in the merger resolution that the rights and obligations of the three companies be transferred to the parent company."

He explained that “the termination of contracts for companies is done through the legal department in them and taking measures according to the terms of the contract against the defaulting companies, and there may be an extension of the contract period to give an opportunity to complete the implementation of the contract or terminate it,” noting that “the regulatory bodies present in the government departments audit the concluded contracts and implement them according to the plan of the Bureau and record the regulatory observations regarding them and the extent of compliance with the terms of the contracts and other laws related to them.”

Protection laws

Saleh called for "activating the Iraqi Products Protection Law No. (11) of 2010 (amended) after the changes that occurred in the Iraqi economy and opening markets to global trade and flooding local markets with foreign products similar to local production at a lower price, which led to hindering the establishment of a local industry and the loss of fair competition."

He stressed that "Iraq today is in dire need of activating customs tariff laws, as it relies in its federal budgets on oil export revenues by approximately (90 percent), and Consumer Protection Law No. (181) of 2018 must be activated as it is one of the regulations designed to guarantee consumer rights, fair trade and competition, which was designed to prevent acts related to fraud or unfair practices to obtain more advantages over other competitors, and also provides additional protection for the most vulnerable groups in society."

Aziz expressed his hope to protect the local product "in a way that guarantees support and protection of industrial projects and their ability to compete with industries in neighboring countries." https://economy-news.net/content.php?id=52910

Iraq Stock Exchange: Traded Shares Worth More Than 9 Billion Dinars

Thursday 20 February 2025 | Economic Number of readings: 271  Baghdad / NINA / The Iraq Stock Exchange announced today that the value of traded shares amounted to more than 9 billion dinars in five sessions organized during the third week of February.

According to the weekly trading indicators of the market, these sessions were organized from Sunday until Thursday of the current week, which is about to end, and with which the market closes its doors until Sunday of next week.

The number of traded shares during this week amounted to more than 8 billion shares with a financial value exceeding 9 billion dinars.

The ISX60 market trading index closed for the first session of the week at (1065.06) points, while the index closed at the end of the week at (1056.79) points, achieving a decrease of (0.78%) from its closing at the beginning of the session.

The ISX15 market trading index closed for the first session of the week at (1150.68) points, while the index closed at the end of the week at (1137.97) points, achieving a decrease of (1.12%) from its closing at the beginning of the session.

During the week, (3536) purchase and sale contracts were executed on the shares of companies listed on the market./End   https://ninanews.com/Website/News/Details?key=1187810

Oil Prices Fall As US Crude Inventories Rise

energy  Economy News – Baghdad  Oil prices fell "slightly" on Thursday after an industry report showed a build in U.S. crude inventories and as tariff concerns weighed on sentiment, reversing gains made in the previous session on worries about supply disruptions from Russia.

Brent crude futures were down 22 cents, or 0.29 percent, at $75.82 a barrel by 01:35 GMT.

U.S. West Texas Intermediate crude fell 30 cents, or 0.42 percent, to $71.95 a barrel.

In addition to rising U.S. inventories, the Trump administration’s announced tariffs on imports could weigh on oil prices by raising the cost of consumer goods, weakening the global economy and reducing demand for fuel. Concerns about European and Chinese demand have also helped keep prices in check.

But concerns about other oil supply flows limited losses. Russia said oil flows through the Caspian Sea pipeline, a major route for crude exports from Kazakhstan, fell by 30% to 40% on Tuesday after a drone attack in Ukraine on a pumping station.

U.S. crude inventories rose by 3.34 million barrels last week, market sources said on Wednesday, citing data from the American Petroleum Institute. Gasoline stocks rose by 2.83 million barrels, while distillate inventories fell by 2.69 million barrels, the sources added. https://economy-news.net/content.php?id=52908

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

Seeds of Wisdom RV and Economic Updates Thursday Evening 2-20-25

Good Evening Dinar Recaps,

HACKERS DRAIN BANK ACCOUNTS IN NEW GLOBAL ATTACK ON APPLE AND GOOGLE ANDROID DEVICES: REPORT

Hackers are reportedly draining bank accounts and stealing smartphone users’ credentials using a new and highly effective technique.

Cybersecurity researchers say criminals are now sending text messages that appear to be from banks and delivery services – with malicious PDF files attached, reports Samsung Magazine.

The PDFs either contain links that exploit security flaws and install malware or links that send users directly to fake bank websites, enticing people users to enter their login details.

Victims across the US, Germany, and the UK have already suffered financial losses after opening the fraudulent PDFs.

Researchers say people tend to trust PDFs more than links, and the method increases the chances of users falling for the scam.

Although SMS phishing and email-based PDF attacks have existed for years, the tactic of sending malicious PDFs directly via SMS texts is a new twist.

To stay safe, security experts recommend users avoid opening PDFs from unknown senders, verify messages with official sources, keep smartphones updated and use antivirus software to prevent malware infections.

@ Newshounds News™

Source:  DailyHodl

[NOTE:  Scammers and criminals are also sending text messages that appear to be from Exchanges involving your crypto assets warning of withdrawals with a phone number to call.  Do not call that number.  Only contact your exchange at a phone number you trust to report it.  Stay safe.]

~~~~~~~~~

COINBASE REVEALS 6-POINT PLAN TO FIX US CRYPTO REGULATIONS

▪️Coinbase has outlined six key priorities for improving US crypto regulation.

▪️Coinbase argues that the CFTC is better suited than the SEC to regulate cryptocurrencies like Bitcoin and Ethereum.

▪️Coinbase emphasizes the need to protect DeFi and NFTs from over-regulation, while also calling for clear federal and state guidelines.

A day after Binance CEO Richard Teng praised the improving regulatory environment for crypto in the US, Coinbase’s Chief Policy Officer, Faryar Shirzad, stepped in with a bold take – outlining six key priorities to fix the country’s crypto framework.

His timing couldn’t be more interesting. With US President Donald Trump promising to make America the “Crypto Capital,” regulations are shifting fast. About time, right?

So, what exactly does Coinbase think needs to change? And could these proposals finally bring the clarity the industry has been waiting for?

Let’s dive into the six key priorities that could shape the future of crypto in the US.

Why US Crypto Regulations Need Urgent Reform

The US crypto regulatory landscape needs major changes. While the current administration appears supportive of the industry, regulatory efforts won’t have a real impact unless key issues are addressed.

This is where Shirzad’s insights become important. In a recent blog post, he outlined six priority areas, covering everything from defining digital assets to setting clear rules for centralized crypto firms.

Six Key Priorities for Crypto Regulation

Here are the six areas Coinbase believes need immediate attention:

1. Clear Definitions for Digital Assets
The post stresses the need to properly define digital assets. A clear definition would help Congress distinguish between securities, commodities, and other digital tokens, ensuring appropriate oversight.

2. Shifting Oversight Away from the SEC
The post suggests that the Commodity Futures Trading Commission (CFTC) is more qualified than the Securities and Exchange Commission (SEC) to regulate major cryptocurrencies like Bitcoin and Ethereum—aligning with the industry’s stance in ongoing legal battles.

3. A Smarter Approach to Token Classification
Shirzad argues that not every token should automatically be classified as a security. He calls for a clear regulatory framework that allows crypto projects to raise capital without unnecessary restrictions.

4. Stablecoin Regulations for Market Clarity
With stablecoin regulation being a hot topic, Coinbase highlights the need for a clear framework to ensure transparency and stability in this rapidly growing sector.

5. Protecting DeFi and NFTs from Overregulation
The blog post warns that excessive regulation could harm innovation in decentralized finance (DeFi) and non-fungible tokens (NFTs). Shirzad emphasizes the need for a balanced approach to avoid stifling growth in these areas.

6. Federal and State Guidelines for Centralized Exchanges
Finally, Coinbase calls for clear regulations at both federal and state levels to ensure accountability for centralized crypto firms.

Coinbase urges lawmakers to move quickly before the US falls behind in crypto innovation. The exchange believes a well-balanced regulatory framework can protect consumers while allowing the industry to grow.

@ Newshounds News™

Source:  Coinpedia

~~~~~~~~~

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Seeds of Wisdom RV and Economic Updates Thursday Afternoon 2-20-25

Good Morning Dinar Recaps,

NEW SEC CYBER UNIT CLOSES CHAPTER ON AGENCY'S CRYPTO ENFORCEMENT EMPHASIS

The SEC's Republican leaders have shifted what had been a crypto-focused enforcement squad into a smaller group with a broader responsibility.

▪A new name for the U.S. Securities and Exchange Commission's former crypto enforcement unit seems to illustrate the changing approach the agency is taking toward the industry.

▪The SEC has removed "crypto" from the name of the group and backed away from the previous digital-assets-heavy focus.

The U.S. Securities and Exchange Commission unit tasked with chasing bad guys in the crypto space will be smaller and called something significantly different, the agency said Thursday, further cementing its trend away from an aggressive enforcement stance against the industry.

In three years, the same internal group has transitioned from the "Cyber Unit" to the "Crypto Assets and Cyber Unit" and now to the "Cyber and Emerging Technologies Unit," seemingly taking some focus off its crypto role.

In 2022, then-Chairman Gary Gensler's SEC announced the enforcement squad was almost doubling to 50 people. The latest announcement says it will include "approximately 30 fraud specialists and attorneys across multiple SEC offices."

"The unit will not only protect investors but will also facilitate capital formation and market efficiency by clearing the way for innovation to grow," Acting Chairman Mark Uyeda said in a statement, which also announced Laura D’Allaird as the head of the overhauled group."It will root out those seeking to misuse innovation to harm investors and diminish confidence in new technologies.”

That language sharply contrasts with the crypto-focused rhetoric from Gensler in 2022, when he said the unit would pursue "those seeking to take advantage of investors in crypto markets."

President Donald Trump elevated Republican Uyeda from his role as commissioner to run the agency on an interim basis while the U.S. Senate considers the nomination of former Commission Paul Atkins for the permanent job. Uyeda isn't sitting on his hands during the wait and has already been remaking the SEC, especially in relaxing its strong past distrust of crypto.

@ Newshounds News™

Source:  CoinDesk

~~~~~~~~

BRICS CONTINUE TO DISCUSS ALTERNATIVE PAYMENT OPTIONS TO THE US DOLLAR

The BRICS alliance continues to discuss new and alternative payment options to challenge the US dollar on the global stage. Russian Foreign Minister Sergey Lavrov confirmed that the alliance is looking to create a trans-border payment initiative.

The idea is being discussed at the initiative of Brazil, which will host the 17th summit in Rio De Janeiro on July 6-7, 2025. Brazil will chair the upcoming summit to promote reform in global governance.

BRICS vs the US Dollar: Alternative Payments Being Discussed

Suggestions to create a trans-border payment initiative are being floated by Brazil and could discuss the prospects at the upcoming summit in July. BRICS is looking for a payment settlement other than the US dollar and usher into a new global financial infrastructure.

“This is being discussed in BRICS, at the initiative of (Brazilian President Luiz Inacio). The previous summit stated a decision on the necessity of developing a proposal on alternative payment platforms through finance ministries and central banks.

Such proposals have been made, they suggest, in particular, the creation of a so-called trans-border payment initiative, the creation of a reinsurance company, and the BRICS Clear settlement and depositary infrastructure,” said Lavrov.

The summit could face challenges as US President Donald Trump has vowed to protect the dollar from the BRICS onslaught. The alliance needs to carefully navigate threats of tariffs and cuts in aid in the upcoming summit in July. De-dollarization could no longer be easy as Trump has warned developing countries of consequences if they stray away from the US dollar.

BRICS might find it harder to create a new payment system and challenge the US dollar in 2025. Trump is watching the group and could come up with tariffs that might alter the course of the alliance.

@ Newshounds News™

Source:  Watcher Guru

~~~~~~~~~

 Senate vote 51-49.   Kash Patel is Confirmed as Trump's FBI Director.

@ Newshounds News™

~~~~~~~~~

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Iraq Economic News and Points to Ponder Thursday 2-20-25

A Government Advisor Stresses The Importance Of Gold Trade To Support The Current Account Of The Balance Of Payments

The time: 2025/02/18 12:14:47 Reading: 2 ٬ 445 times  {Economic: Al Furat News} A government advisor stressed the importance of gold trade to support the current account of the balance of payments.
 
"The adoption of advanced industrial protection policies will positively reflect on the
     quality of the national gold product and the
     stability of its prices."

He pointed out that "this step will enhance the protection of one of the most important pillars of the national and family economy, with a direct and positive impact on the current account of the balance of payments." Saleh explained that
 
"the organization of the import of non-manufactured gold and its re-export will contribute to achieving an added value to the national economy," stressing
 
"the importance of careful supervision from the competent authorities to ensure the inventory of the gold movement within the framework of an economically organized trade, with high return and rational governance."
 
The Industrial Coordination Council had approved at its meeting the day before yesterday, Sunday, the resettlement of the precious metal industry, gold and jewelry, in addition to cosmetic products, while directing to provide all the necessary facilities for those wishing to establish their factories, and
 
it was decided to
 
     monitor the quantities of gold exported abroad, through controls determining The quantities are re-manufactured,
     submit documents to the central bank that provide the value of the external quantity, and
     return the quantity yet
     Complete its manufacturing for the country, with observation from the central bank.    
  
https://alforatnews.iq/news/مستشار-حكومي-يشدد-على-أهمية-حوكمة-تجارة-الذهب-لدعم-الحساب-الجاري-لميزان-المدفوعات 

Gold Localization
 
Economic 2025/02/19  Yasser Al –Mitwalli   The government decision to localize the gold and precious metals industry is of great importance, as an important economic decisions, to consider gold, the pillar of the guarantee of the economy of any country of the collapses that may occur in periodic financial crises, and for causes of them naturally during periods of the economic cycle, and other political, as well as wars and others.
 
This decision comes consistent with what I dealt with in two previous articles published here in the "Al-Sabah" economy, as the first was titled (The forgotten wealth), in December 2024, and the second article was titled (Hedging with Gold a Safe Investment), in a month March of the same year (2024).

I was alerted to them the importance of taking advantage of global experiences in investing gold as an effective way to diversify sources of income and wealth, and as a safe alternative to the monetary reserve represented by the dollar, in order to avoid sanctions imposed by the American federalism on the countries, because it is the owner of the dollar currency, and there are many evidence and close to many of Countries.
 
This wealth has become forgotten and its page is folded after the world turned into a lack of evaluation of its currencies the size of its gold, and perhaps what brought back to mind the truth of the importance of this forgotten wealth (gold), the economic sanctions that some countries have been imposed by imposed by the great countries for various reasons, with the sanctions body Economic, and many examples available soon and not far from our current reality.
 
The nearest example that can be remembered is the embarrassing economic sanctions of Venezuela, which prevented the availability of what blocks the livelihood of its people, forcing its government to refer to the wealth of gold and act by selling it in order to confront the economic blockade that was imposed on it.
 
The expectations of economists also indicate that Russia may have to sell its gold reserves, as the last option in the face of US sanctions, if long.
 
This image became clear with the prolongation of the Russian-Ukrainian war, with the escalation of the ceiling of US-European sanctions on Russia, and Russia is also putting this possibility as the last option after the elements of confronting the siege and sanctions are exhausted. Accordingly, it seems that the
 
Iraqi government
 
     is trying to benefit from these bitter experiences, and therefore it
     decided to give the gold a priority to pay attention by localizing its industry and supporting workers in this sector as an optimal option.
 
The government's awareness of the importance of gold reserves as a guaranteed reserves in the face of emergency and critical conditions makes it offered this sector a great importance in the future. It is useful to note that
 
Iraq occupies an advanced rank in the cash gold reserves, as it is the fourth Arab and thirty globally, and by 152 tons of cash gold.
 
Perhaps the endeavor of the Central Bank of Iraq to increase the volume of Iraq's gold reserves reflects its importance in the balance and durability of the country's economy.
 
The new government initiative in localizing the gold industry will contribute to
 
     encouraging citizens to invest in gold, and
     restore the idea of ​​its acquisition of decoration and saving when needed, as
 
this decision will achieve economic feasibility by maintaining gold from exporting it abroad, providing difficult currencies as a result of imports, and providing job opportunities For unemployed youth in this profitable profession.
 
The next important step is that it is necessary to adapt and amend the laws and procedures necessary to facilitate the birth of this important industry in attracting capital, whether internal or external, which has priority to attract investors to invest in a safe and profit field.  https://alsabaah.iq/110413-.html

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

Seeds of Wisdom RV and Economic Updates Thursday Morning 2-20-25

Good Morning Dinar Recaps,

XRP NEWS: BRAZIL APPROVES WORLD’S FIRST SPOT ETF, LEAVING U.S. BEHIND

▪️Brazil becomes first country to approve spot XRP ETF, surpassing the U.S.

▪️Brazil’s CVM approves Hashdex Nasdaq XRP Index Fund, awaiting B3 stock exchange listing.

▪️Meanwhile, U.S. SEC delays XRP ETF decisions, awaiting Ripple lawsuit resolution.

Brazil has made history by approving the first spot XRP exchange-traded fund (ETF), taking the lead ahead of the U.S. and other major markets. The country’s Securities and Exchange Commission (CVM) has given Hashdex the go-ahead for its XRP ETF. Meanwhile, the ETF is set to debut on the B3 stock exchange, offering investors direct exposure to XRP.

XRP ETF Finally Gets Approval

According to recent reports, Brazil’s CVM has approved the Hashdex Nasdaq XRP Index Fund, making it the first spot XRP ETF to receive official regulatory backing.

However, established on December 10, 2024, the fund is now in its pre-operational phase, awaiting final clearance from the B3 stock exchange before trading can begin. Hashdex, the asset manager behind the fund, has yet to announce the official listing date.

This approval is a big step forward as more people worldwide show interest in crypto ETFs. Meanwhile, investors want safe and regulated ways to invest in digital assets, and Brazil’s quick action puts it ahead of many other countries in meeting this need.

XRP ETF Interest Grows Worldwide

Several major firms, including Bitwise, 21Shares, CoinShares, and Grayscale, have recently filed applications for spot XRP ETFs. However, the U.S. Securities and Exchange Commission (SEC) has yet to approve any of these applications.

Meanwhile, Bloomberg senior ETF analysts James Seyffart and Eric Balchunas both estimate a 65% chance of approval but suggest that the SEC may delay any decision until its lawsuit against Ripple is fully resolved.

XRP Price Recorded 7% Gain

After Brazil approved the XRP ETF, the price of XRP jumped by 7%, reaching around $2.67 in the last 24 hours. This rise made XRP the best-performing asset among the top ten cryptocurrencies, with a 10% gain over the week.

Although recent data from Coinglass shows that XRP saw $8.20 million in future liquidations during this time. Out of this, $2.31 million came from long positions, while $5.69 million came from short positions.

Meanwhile, Key Market indicators like the Relative Strength Index (RSI), Stochastic Oscillator (Stoch), and Moving Average Convergence Divergence (MACD) suggest strong buying momentum, hinting at more possible gains for XRP.

@ Newshounds News™

Source:  Coinpedia

~~~~~~~~~

TRUMP’S RADICAL GOVERNMENT SHAKE-UP TARGETS NASA, IRS, FDIC, AND DHS

President Donald Trump’s administration is executing a sweeping overhaul of the U.S. civil service, with tech billionaire Elon Musk spearheading the Department of Government Efficiency (DOGE). Thousands of federal employees have been dismissed as part of this controversial restructuring.

Trump claims the initiative will save "hundreds of billions," though Musk’s team reports $55 billion in savings so far—less than 1% of the federal budget. Republicans praise the effort to cut what they see as bloated bureaucracy, while Democrats argue it threatens essential government services and middle-class jobs.

NASA faces 1,000 layoffs, while the IRS has identified at least 7,500 employees for termination. The Federal Deposit Insurance Corporation (FDIC) and the Federal Emergency Management Agency (FEMA) have also begun dismissals. Meanwhile, the Department of Homeland Security (DHS) is preparing to fire hundreds of senior employees deemed not aligned with Trump.

Critics question Musk’s authority as his companies, including Neuralink, remain under federal investigation. Lawsuits challenging his role have produced mixed rulings, with a judge recently allowing the campaign to proceed while raising concerns about oversight.

Trump further asserted executive power by ordering greater presidential control over independent agencies. Meanwhile, lawmakers claim transparency is lacking, with oversight requests going unanswered.

Defending Musk, Trump called him a “patriot” but clarified that he would not have decision-making authority over space-related matters. As mass layoffs continue across federal agencies, uncertainty looms over the future of government operations and thousands of public-sector employees.

@ Newshounds News™

Source:  Economic Times

~~~~~~~~~

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“Tidbits From TNT” Thursday Morning 2-20-2025

TNT:

Tishwash:  Rafidain Bank enhances the efficiency of its services by expanding the application of the electronic Q System

Rafidain Bank announced the expansion of the application of the electronic Q System to manage and organize customer waiting, to include more than 27 branches in Baghdad and the governorates, with a gradual plan to generalize it to other branches later.

The bank stated in a statement: "This trend reflects the bank's commitment to adopting the latest banking technologies to ensure the provision of more efficient and faster services, as the system provides an advanced mechanism to organize the movement of customers within the branches, reduce waiting periods, and determine the order of customers according to service priority, with an accurate time estimate for completing transactions.

He added: "This development comes within the bank's vision to enhance digital transformation and raise the level of customer satisfaction, by providing innovative solutions that contribute to improving the efficiency of banking operations and providing a smoother and more accurate experience.  link

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

Tishwash:  Optimism about opening branches of Rafidain and Rashid Banks in the region: Stimulates the economy and attracts investors - Urgent

Economic expert Kalala Siddiq commented on Thursday (February 20, 2025) on the importance of opening branches of Rafidain and Rashid banks in Sulaymaniyah and the Kurdistan Region in general, and their economic benefits.

In an interview with Baghdad Today, Sadiq said, "This step will contribute to revitalizing the local economy, and opening branches of these government banks is an important step to revitalize the local economy in Sulaymaniyah. These branches will also provide various financial services to residents and companies, which will contribute to stimulating investments and developing businesses."

She added, "The opening of banks will contribute to facilitating financial transactions, and citizens and companies will be able to conduct their financial transactions more easily and conveniently, without the need to travel to other areas. This includes withdrawing salaries, making money transfers, paying bills, and obtaining loans."

She pointed out that it "will contribute to increasing competition, and will lead to the entry of new banks into the market to increase competition between financial institutions, which may improve the quality of services provided and reduce costs."

It will also provide job opportunities, and the opening of these branches will contribute to providing new job opportunities in Sulaymaniyah, which will help reduce unemployment and improve the standard of living.

She added, "Opening banks contributes to attracting investments, and the presence of branches of government banks can contribute to enhancing confidence in the local economy, which may attract more investments to the region."

Earlier on Wednesday, the representative of the Patriotic Union of Kurdistan, Gharib Ahmed, commented on the visit of the Governor of the Central Bank, Ali Al-Alaq, to ​​the city of Sulaymaniyah.

He said in an interview with Baghdad Today, "This visit is an important and excellent step that came based on the desire of the people of Sulaymaniyah and the Kurdistan Region," explaining in his answer to a question about opening branches of Rafidain and Rashid banks, he replied that "if it happens, it is considered an important step to ensure the disbursement of employees' salaries according to what was stipulated in the Federal Court's decision, and also an important step for other financial transactions that the people of the region want."

Ahmed pointed out that "there is a request to open other branches of Rafidain and Rashid banks in the governorates of the Kurdistan Region, and in independent administrations such as the Raparin Faqi Ranya Administration and the Karmian Administration." 

This comes in the context of the Federal Court’s decision to localize the salaries of Kurdistan Region employees at outlets spread across the region or banks open and licensed by the Central Bank of Iraq.

Ahmed added that "this step will contribute to enhancing financial stability in the region and meeting the needs of citizens in the field of financial services. He also stressed the importance of enhancing cooperation between the Central Bank of Iraq and the Kurdistan Regional Government to achieve these goals."

The Governor of the Central Bank, Ali Al-Alaq, is scheduled to visit the city of Sulaymaniyah to open branches of Rafidain and Rashid in the city, in a move aimed at enhancing financial services in the region and meeting the needs of citizens. link

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

Tishwash:  Financial expert: Bond offering helps support Iraq's cash deficit

Financial expert and former Director General of the Central Bank of Iraq, Mahmoud Dagher, explained on Wednesday that issuing financial bonds helps support the cash deficit and is a debt on the government.

Dagher told Shafaq News Agency, "The process of issuing financial bonds does not require a financial deficit, as bonds are often issued for the purpose of providing financial tools and encouraging the financial market in the country."

He added that "the bonds offered by the Ministry of Finance help support the deficit, which may be temporary and not permanent," indicating that "the amount of bonds that   the Ministry of Finance will receive is a debt owed to it and to the government."

On February 5, the Federal Ministry of Finance announced the launch of national bonds (first issue) for public subscription, with a total value of two trillion Iraqi dinars, for the period from February 10 to March 10, 2025.

The Ministry of Finance also offered, in the middle of last year, government bonds under the name “Injaz” for public subscription, in the category of 500 thousand dinars, for a period of two years with an annual interest of 6.5 percent paid every six months, and a bond in the category of one million dinars for a period of four years with an annual interest of 8.5 percent paid every six months  link

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Mot:  ..... Remember That Contractor!!!!

**

Mot: I don't understand. Myparents taught me to be honest

Our teacher asked what my favorite animal was, and I said, "Fried chicken." She said I wasn't funny, but she couldn't have been right, because everyone else laughed. My parents told me to always tell the truth. I did. Fried chicken is my favorite animal.

I told my dad what happened, and he said my teacher was probably a member of PETA. He said they love animals very much. I do, too. Especially chicken, pork and beef. Anyway, my teacher sent me to the principal's office. I told him what happened, and he laughed, too. Then he told me not to do it again.

The next day in class my teacher asked me what my favorite live animal was. I told her it was chicken. She asked me why, so I told her it was because you could make them into fried chicken. She sent me back to the principal's office. He laughed, and told me not to do it again.

I don't understand. My parents taught me to be honest, but my teacher doesn't like it when I am. Today, my teacher asked me to tell her what famous person I admired most. I told her, "Colonel Sanders." Guess where I am now...

MilitiaMan & Crew-Iraq Dinar News-Budget Law-Oil Flow-Salaries Secured-Implementation Reforms-Integration Global

MilitiaMan & Crew-Iraq Dinar News-Budget Law-Oil Flow-Salaries Secured-Implementation Reforms-Integration Global

2-19-2025

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=AekdaljNSQc

Iraq Economic News and Points to Ponder Wednesday Evening 2-19-25

Foreign Minister Reveals New Round Of Dialogue With America In Washington

2025/02/19 Reading: 825 times   {Politics: Al Furat News} Foreign Minister Fuad Hussein confirmed that the relationship with the United States is managed within the framework of a strategic dialogue.
Hussein said in a televised statement, "Iraq is looking forward to a new round of dialogue this year in Washington.

The minister pointed out that the new American policy in the region requires constructive interaction, stressing the independence of the Iraqi decision.

Regarding the Syrian file, Fuad Hussein said that this issue is not only local or national, but rather a regional and international issue with complex dimensions, noting that Iraq continues to hold talks with the Syrian side and the parties concerned in this regard.

Regarding the tension between Washington and Tehran, the Foreign Minister stressed that this tension directly affects Iraq, noting that Baghdad is in constant contact with the Iranian side and looks forward to holding talks with the American side, based on the Iraqi national interest.

Regarding the Palestinian issue, the minister stressed the existence of clear Arab positions on the issue of the displacement of Palestinians from Gaza, explaining that this issue has provoked strong reactions in Arab societies."

He explained that "the Iraqi society always supports the Palestinian cause, and there is an Iraqi national law that prohibits normalization and communication with the entity.

Hussein continued, "We will hold the Arab summit in Baghdad, and we invite all leaders to participate. I did not talk about any personal matter, but the invitation comes within the framework of the summit, and we invite everyone to Baghdad." LINK

Oil Prices Rise As US, Russia Cut Supplies

Wednesday 19 February 2025 | Economic Number of readings: 252  Baghdad / NINA / Oil prices rose during early Asian trading on Wednesday, amid disruptions to oil supplies in the United States and Russia, and as markets await clarity on peace talks in Ukraine.

Brent crude futures rose 20 cents, or 0.3 percent, to $76.04 a barrel at dawn today, rising for the third consecutive day, according to Reuters data.

US West Texas Intermediate crude futures for March rose 23 cents, or 0.3 percent, to $72.08 a barrel, up 1.7 percent from Friday's close after no settlement on Monday due to the US Presidents' Day holiday. The March contract expires on Thursday. The more widely traded April contract rose 0.3 percent to $72.04.

Russia said oil flows through the Caspian Sea pipeline, a major route for crude oil exports from Kazakhstan, plunged 30 to 40 percent on Tuesday after a Ukrainian drone attack on a pumping station.

Meanwhile, cold weather has threatened U.S. oil supplies, with the North Dakota Pipeline Authority estimating that production in the third-largest U.S. crude-producing state will drop by up to 150,000 barrels per day due to the cold. / End  https://ninanews.com/Website/News/Details?key=1187510

Goldman Sachs: OPEC+ To Postpone Planned Oil Production Increase

Energy  Economy News - Follow-up  Goldman Sachs said on Wednesday that the OPEC+ alliance, which includes OPEC and non-OPEC producers led by Russia, will postpone its planned increase in oil production from April to July.

He added that a potential peace deal between Ukraine and Russia and the associated easing of sanctions on Russia are unlikely to lead to increased Russian oil flows.

Bloomberg News reported two days ago, citing sources, that the OPEC+ alliance is considering postponing a series of monthly supply increases scheduled to begin in April, despite calls from US President Donald Trump to lower prices.

The agency quoted one of the sources as saying that global oil markets are still too fragile to increase production now.  https://economy-news.net/content.php?id=52888

Iraq Plans To Increase Oil Production To 7 Million Barrels Per Day

Energy  Economy News – Baghdad  The Ministry of Oil revealed, on Tuesday, plans to increase production capacity to reach (7) million barrels per day in the coming years.

The Undersecretary of the Ministry, Ali Maaraj, said in an interview with the official newspaper, which was followed by “Al-Eqtisad News”, that “the Ministry has plans to increase production capacity to (7) million barrels per day of oil within the next five years.”

He explained that "this level of production can be achieved through the fifth and sixth licensing rounds and their annex, and the contracts that were concluded, in addition to developing the Artawi, Ibn Omar and Tuba fields, and the national effort exerted to develop the remaining fields. https://economy-news.net/content.php?id=52864

Restructuring Iraqi Banks.. A Government Plan To Protect The Financial Sector

2025/02/19 Read: 2,145 times  {Economic: Al Furat News} The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Wednesday, that the government and the monetary authority are working on a comprehensive reform of the national banking system, with the aim of enhancing its stability and protecting it from the repercussions of any stumbling block in integration with the global financial system.

Saleh explained to {Euphrates News} that “the reform efforts include restructuring private and government banks, noting that the American company Oliver Wyman is currently studying the conditions of private banks, while E&Y is evaluating government banks, to come up with a unified vision aimed at developing the banking sector and ensuring its effective integration into the international financial system.”   LINK


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

Seeds of Wisdom RV and Economic Updates Wednesday Afternoon 2-19-25

Good Afternoon Dinar Recaps,

FRANKLIN TEMPLETON LAUNCHES TOKENIZED U.S. TREASURY FUND IN LUXEMBOURG

Franklin Templeton, a leading global asset manager, announced on Wednesday the launch of its tokenized U.S. Treasury fund in Luxembourg, broadening access for institutional investors across Europe.

The First Fully Tokenized U.S. Gov’t Fund

Notably, the Franklin OnChain U.S. Government Money Fund is the first fully tokenized Luxembourg-based fund investing in U.S. government securities, as per the press release. This would mean that Shares in the fund are recorded and transferred on the blockchain using Franklin Templeton’s platform, improving efficiency, transparency, and security.

The fund operates on the Stellar XLM network and is available to institutional investors in eight European countries, including Austria, France, Germany and Italy, following regulatory approval in October. Notably, the U.S. version of the fund, launched in 2021, has gained over $580 million in assets but is only available to U.S. investors, according to rwa.xyz data.

European Investors Gain Access to Efficient Investment Option

This launch gives institutional investors in eight European countries access to a more efficient and transparent investment option. By using blockchain, it modernizes transactions and emphasizes the growing role of tokenization in finance. As real-world asset tokenization rises, it’s clear that traditional finance and crypto are merging.

Tokenized U.S. Treasuries are leading the charge in real-world asset tokenization, growing into a $4 billion market this year. Franklin Templeton was the first major financial institution to launch such a product, making it the third-largest tokenized treasury fund by assets, Hashnote’s USYC and BUIDL, issued by BlackRock and Securitize.

Franklin Templeton Expands Tokenized Treasury Fund to Solana

Recently, Franklin Templeton announced expanding its tokenized treasury fund to Solana. This move followed the registration of the Franklin Solana Trust in Delaware previously. The fund also known as Franklin OnChain U.S. Government Money Fund (FOBXX) was made accessible on eight blockchains, adding Solana to its previous networks, which included Stellar, Aptos, Avalanche, Arbitrum, Polygon, Base, and Ethereum.

@ Newshounds News™

Source:  Coinpedia

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BRICS: RUSSIA EXPLORES MAJOR PARTNERSHIP WITH THE U.S

BRICS member Russia is exploring major partnerships with the U.S. to help its economy stay afloat. The Biden administration pressed sanctions on Russia in February 2022 for invading and waging war against its neighboring country Ukraine.

The White House sent billions to Zelensky through funds, warplanes, and military equipment. Despite receiving billions, Zelensky repeatedly demanded more and gained funds from the U.S. and the European Union (EU).

Russia is now eyeing deals with the Trump administration to save its economy from collapsing. The U.S. and BRICS member Russia discussed possible cooperation on energy projects in the Arctic during a meeting in Saudi Arabia.

Kirill Dmitriev, the head of the state-owned Russian Direct Investment Fund (RDIF) confirmed that both sides negotiated some “specific areas of cooperation” and also discussed other economic policies in broad strokes.

BRICS: Russia & U.S. Look at Energy Projects in the Arctic Region

Dmitriev revealed that BRICS member Russia and the U.S. may initiate joint energy projects in the Arctic region. “It was more a general discussion — maybe joint projects in the Arctic. We specifically discussed the Arctic,” Dmitriev said. The discussions are yet to turn into official policy as both sides are weighing their options.

If the deal goes through with the U.S., BRICS member Russia could get an economic boost that could bolster its GDP. Russia’s economy has been stagnant and Putin was finding alternative options to settle trade. Trump made it clear that he wants the U.S. to dominate the oil and gas sector leaving no room for others.

Dmitriev said that BRICS member Russia is confident that a new energy deal with the U.S. could go through. Russia is “Positive after the Biden administration destroyed all of the communication, and destroyed all of the discussion,” he said. A new chapter in the energy sector could open up if the U.S. and Russia’s Arctic oil deal goes through.

@ Newshounds News™

Source:  Watcher Guru

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@ Newshounds News™
Source:  CoinTelegraph on Telegram

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@ Newshounds News™

Source:  BricsNews on Telegram

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Seeds of Wisdom RV and Economic Updates Wednesday Morning 2-19-25

Good Morning Dinar Recaps,

GOLDMAN SACHS RAISES 2025 GOLD PRICE FORECAST TO $3,100 AMID CENTRAL BANK DEMAND

Goldman Sachs has raised its year-end 2025 gold price forecast to $3,100 per ounce from $2,890, driven by sustained central bank demand. The investment bank predicts that higher central bank purchases, now estimated at 50 tonnes per month (up from 41 tonnes), will boost gold prices by 9% by year-end, alongside increased ETF inflows as interest rates decline.

Goldman noted that if monthly purchases reach 70 tonnes, gold could climb to $3,200, while steady Federal Reserve rates could see prices at $3,060. Persistent policy uncertainty, including trade tensions, may push gold to $3,300 due to prolonged speculative buying. Rising U.S. fiscal concerns could further lift prices to $3,250 by December 2025.

The bank reiterated its "Go for Gold" trading strategy, emphasizing gold as a hedge against trade tensions, Fed risks, and recession threats. Inflation fears and U.S. debt sustainability could also drive central banks, especially those holding significant U.S. Treasury reserves, to increase gold acquisitions. Goldman expects these factors to sustain strong gold demand, bolstering its bullish outlook.

@ Newshounds News™

Source:  Economic Times

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NIGERIA MOVES TO TAX CRYPTO TRANSACTIONS AS PART OF ECONOMIC RECOVERY PLAN

Nigeria’s government is advancing plans to incorporate cryptocurrency transactions into its tax framework, with lawmakers reviewing legislation expected to pass in early 2025.

▪️The Nigerian SEC aims to increase licensed exchanges to enhance oversight while taking enforcement actions against unregulated platforms.

▪️Major exchanges including OKX, Binance and KuCoin have faced regulatory challenges, with some suspending services in the Nigerian market.

▪️Recent regulatory updates include a 7.5% VAT on digital assets and stricter marketing rules to protect investors from potential scams.

The Nigerian government is set to revise its cryptocurrency regulations to include digital asset transactions under its tax framework.

The decision comes as part of efforts to generate revenue and stabilize the economy following fuel subsidy removals under President Bola Tinubu’s administration, according to a Bloomberg report.

Nigerian Lawmakers Push for Crypto Taxation

To address economic challenges and ease financial strain on citizens, Nigerian lawmakers are considering imposing taxes on digital asset transactions carried out on regulated exchanges. While banks remain prohibited from facilitating crypto transactions, the government believes that taxing crypto activities could provide an essential revenue stream.

According to Bloomberg, lawmakers are currently reviewing a proposed bill that includes crypto taxation alongside other tax reforms. If approved, the law is expected to pass within the first quarter of 2025.

The latest development follows the country’s previous tax measures on digital assets. In July 2024, Nigeria imposed a 7.5% value-added tax (VAT) on digital asset transactions, prompting compliance from exchanges such as KuCoin, which adjusted its transaction fees accordingly.

SEC Seeks to Expand Licensed Crypto Exchanges

In addition to taxation, the Nigerian Securities and Exchange Commission (SEC) is working on increasing the number of licensed crypto exchanges in the country.

According to Bloomberg, the SEC aims to issue regulatory licenses to crypto firms to enhance oversight, ensure compliance, and facilitate taxable transactions. The regulatory body believes that a structured environment will boost investor confidence and create a more transparent crypto ecosystem.

The SEC granted its first official crypto exchange license to Quidax in August 2024, marking a significant step towards regulatory clarity. Shortly after, the agency began planning enforcement actions against unregulated exchanges in September.

Regulatory Crackdown on Unregistered Crypto Firms

Nigeria’s tightening crypto regulations have already impacted several major players in the industry. In May 2024, OKX suspended Naira withdrawals due to regulatory concerns, which eventually led to the company leaving the market.

Other exchanges like Binance also faced scrutiny from the Nigerian government. Authorities in the African country accused the exchange of manipulating the local currency, through its peer-to-peer (P2P) services. The company also faced other allegations such as money laundering, and facilitating tax evasion.

As a result of these allegations, Binance were forced to halt P2P services for Nigerian users. Shortly after, KuCoin also followed suit, removing the Nigerian naira from its platform.

Further escalating its crackdown, Nigeria’s Economic and Financial Crimes Commission (EFCC) demanded Binance provide user data for individuals who traded on its platform.

Additionally, in December 2024, the Nigerian SEC updated its crypto marketing regulations to curb the influence of social media promoters advertising unregulated crypto products. The move was intended to protect investors from potential scams and misinformation.

@ Newshounds News™

Source:  Coinspeaker

~~~~~~~~~

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Follow the Roadmap

Follow the Timeline 

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“Tidbits From TNT” Wednesday Morning 2-19-2025

TNT:

Tishwash: Parliamentary meeting with the Governor of the Central Bank and officials from the Ministry of Finance

The Parliamentary Finance Committee held a closed meeting today, Tuesday, with the Governor of the Central Bank, Ali Al-Alaq, the directors of Rafidain Bank and the Trade Bank of Iraq (TBI), the Director of the Anti-Money Laundering Department at the Ministry of Finance, and other officials, to discuss the file of financial sanctions on some banks. /  link

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Tishwash:  A burning economic debate.. Is raising the exchange rate the magic solution for the Iraqi economy?

An ongoing debate among economists in Iraq about the effects of adjusting the exchange rate of the Iraqi dinar against the US dollar on the national economy, especially in the fields of agriculture and industry.

The opinions of experts and officials vary between supporters and opponents of changing the exchange rate, with a focus on how this will affect the productive sectors and the overall economy.
In 2020, the Central Bank of Iraq decided to adjust the exchange rate of the dollar against the dinar, as the purchase price of the dollar from the Ministry of Finance reached 1,450 dinars, while its selling price to banks was set at 1,460 dinars, and to citizens at 1,470 dinars per dollar.

In February 2023, the Central Bank of Iraq announced another adjustment in the exchange rate, to become 1,300 dinars per dollar, as the decision came in an attempt to control inflation and achieve stability in the general price level.

Protecting the Iraqi Dinar
In turn, economic expert Alaa Al-Fahd believes that “the current exchange rate represents a balance that protects the value of the Iraqi Dinar and maintains the general price level, which helps protect the poor classes.”

“The main reason behind the rise in production costs is due to the rise in energy prices, not the exchange rate,” he told Iraq Observer.

“The real problem that hinders the rise of productive sectors, especially agriculture and industry, is related to the energy crisis, especially electricity, as this crisis leads to higher production costs, which prevents the development of these sectors,” Al-Fahd added, noting that “countries like China have a low exchange rate for their currency, and despite that, their industry is thriving, which means that the decline in the currency may be an opportunity for the growth of local production, and not necessarily an obstacle to development.”

Historically, the Iraqi dinar has witnessed fluctuations in its value. In 1980, the dinar was equivalent to 3.3 US dollars, but its value deteriorated during the Iran-Iraq war, falling to about 4 dinars to the dollar in 1988. After the invasion of Kuwait and the imposition of an economic blockade in the 1990s, the value of the dinar deteriorated significantly, reaching about 3,000 dinars to the dollar in 1995.

Raise the exchange rate
On the other hand, Deputy Governor of the Central Bank of Iraq, Ihsan Shamran, believes that “industry will not rise unless the state finds itself in it, and neither will agriculture unless the exchange rate is changed, as the current rate is unfair, and the Iraqi exporter sells goods at any price and makes a profit because the dollar is very cheap.”

Shamran added in a press statement that “the cheap dollar is pushing some exporters to sell any commodity inside Iraq in exchange for the dollar, as the exchange rate should be between 2,000-2,500 dinars per dollar, considering that the Iraqi currency is very strong due to its high balance.”

He pointed out that “Iraq has reserves of nearly 120 billion dollars against a trading source estimated at 103-104 trillion dinars, which gives the Iraqi currency a cover of nearly 170%, which is not a small matter, but the relationship with the dollar requires adjusting the exchange rate to achieve the required balance.”

Experts have differed on the impact of these amendments on the Iraqi economy. While some believe that devaluing the dinar enhances the competitiveness of local products and reduces the budget deficit, others believe that it leads to higher living costs and negatively affects low-income groups.

Economists believe that the real problem lies in the structure of the Iraqi economy and its heavy dependence on oil, in addition to challenges related to energy and infrastructure, which hinder the development of other productive sectors. link

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Tishwash:  British Ambassador: Our view on Iraq has been fixed for 30 years, but now it has changed for the better

The British Ambassador to Iraq, Stephen Charles Hitchcock, confirmed today, Monday, that Iraq is a country of opportunities and investments, while expressing his optimism about the future of Iraq, due to the creativity, courage, dignity and endurance of the Iraqi people .

Hitchen said in a speech during the economic conference of the Iraqi-British Business Council, "My mission will end in two weeks, and it is natural for us to start thinking about what conclusions we can offer, and I share with you several ideas after a beautiful experience with you in Iraq. I am optimistic about the future of your country, and the source of optimism is the creativity, courage, dignity and endurance of the Iraqi people ."

He added, "Despite the challenges and problems, you can see that the trend towards the future is more positive in the current year 2025, and this is better than the situation in 2020, which was better than 2015, which was better than 2007, and the trend towards the future is clear and the existence of challenges cannot be ignored or denied, and you know the size of the challenges ahead of you ."

He continued, "For 30 years, British ministers viewed Iraq as a country of crises, a dangerous region and a security challenge. Now, for the first time, we have changed our ideas and see Iraq as a country of opportunities and investments," indicating, "The presence of our embassy in Iraq is not because of the past, but because of the future, and this is a turning point in our ideas ."

He explained, "The Iraqi government is responsive to our ideas and we have a contact group for the Iraqi economy which includes the  G7   and the World Bank," explaining, "We spoke with government advisors with the aim of unifying economic ideas ."

He added, "Prime Minister Mohammed Shia al-Sudani's recent visit to London was to renew trade relations and announce projects worth 12 billion pounds sterling, and we have coordination and cooperation with the Prime Minister's Office to implement these projects in the coming period ."

Hitchen concluded by saying, “The most important existential challenge is not ISIS or regional problems, but the demographic and economic situation before you. We expect, over the next 15 years, a decline in the price of oil and an increase in the population, as in 2003 there were 23 million people, now there are 46 million people, and in 2040 the number will reach 70 million people, and this is a big challenge link

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Mot: . 50 Licks!!! --- ooooops!!! 

Mot: .. Just Saying!!! -----

Iraq Economic News and Points to Ponder Tuesday Evening 2-18-25

Iraq loses 10% of its total foreign official reserves in 2024 .. What are the reasons?
 
Economics     2025-02-18 | Source: Alsumaria News     2,299 views  Alsumaria News – Economy  witnessed Iraq During the year 2024, a remarkable decline in its foreign official reserves, as  it decreased to 130 trillion Iraqi dinars by the end of the year, recording a loss of 6 trillion Iraqi dinars during the month of December alone, which represents 4% of the total reserves, according to what he mentioned The head of the Iraq Future Foundation for Research and Economic Consultation, Manar Al -Ubaidi.  says Al -Ubaidi in a post followed by Alsumaria News, that
 
throughout the year, Iraq lost a total of 15 trillion Iraqi dinars, which is equivalent to 10% of its official reserves, to reach its lowest level in more than two years, as the reserves were at this level at the end of a year 2022, before it rose to 147 trillion Iraqi dinars in November 2023, and then re -decreased at the end of 2024.

This decline is due to several main factors, foremost of which is the
 
     high government expenditures, as
     revenues were unable to achieve sufficient levels to cover the increasing expenses, which necessitated
     resorting to reserves to fill the financial deficit and financing operational and investment expenditures that are still in continuous escalation. Besides,
 
there are other factors that have contributed to this decline,
 
     imposing economic challenges that require a review of financial policies to ensure the stability of cash reserves in the future, according to Al -Ubaidi.    
  
https://www.alsumaria.tv/news/economy/516887/العراق-يخسر-10-من-مجمل-احتياطياته-الرسمية-الاجنبية-في-2024-ما-الأسباب

The Central Bank Organizes A Workshop To Introduce Artificial Intelligence
 
February 18, 2025  The Information Security Department, one of the formations of the Central Bank of Iraq, organized  an introductory workshop for its employees with the concepts of artificial intelligence and its relationship to the security of cyber information and security.
 
The workshop discussed the
 
     stages of the development of artificial intelligence and
     its relationship with the security of cyber information and security, as well as
     its new role in the financial and banking sector and the
     risks that this sector can be exposed to.
    
    The Central Bank of Iraq   Media Office   February 18, 2025    https://cbi.iq/news/view/2796

Banking Sector And Economic Bases 
 
Economic 2025/02/17  of the. He Hamid Rhyme Janani  It can be likened to the artery of life in relation to economic activity, and  its role in any economy cannot be overlooked, regardless of that economy, sophisticated or developing, and even if it is backward, the
 
     first model needs a banking system that is pushed through its sustainable activity to achieve positive growth in the gross domestic product, while the
 
     second model has a role Under importance is to mobilize savings and direct them to investments to push towards the sustainability of development transformations. As for the
 
     third category, it must activate the role of banks and improve their performance in a way that ensures the finding of the introductions of the economic transformation and change to move from the clutches of backwardness to the desired economic development.
 
Investments need financing and 
 
the last is supposed to achieve by the banking sector and
 
this is what is discovered from the (Hardo-Dumar) model that is supposed to be
 
Economic growth as a product of economic development is based on the explicit relationship between the volume of savings and investments in the economy, and
 
this is definitely the role of banks.
 
The aforementioned roles are achieved through the mechanism of work of the banking system in any economy with the different pattern of its work, as
 
commercial banks that work with their credit policies using the teams that have the price of creditor and debtor, and
 
those Islamic ones that take a pattern based on speculation, agency, murabaha, participation and consultation, as some banks invest Trade in securities with its various types.
 
The essence of banking operations in its various forms is looking to achieve a very important purpose,
 
which is to find an economic balance between financial surpluses on the one hand and financial scarcity on the other hand, but how? 

Of course, there are individuals in society who have financial resources and do not have investment thought, in return  there are individuals and institutions that have investment thought but they need financial financing,
 
the banking system comes to exercise the role of the mediator between the two categories and through the interest rate and credit policy or the tools of Islamic banks to withdraw financial surpluses to re-pump it into the economy By directing it to the business sector, and
 
here is the secret behind the state of economic growth and enhancing development gains and shift towards the beginnings of economic development, and
 
it must be indicated by the transit role of the borders of the process of transporting capital across countries,
 
everything that is presented expresses the governing economic rules of the work of the banking system.
 
Iraq and the dilemma of the banking apparatus,
 
that dilemma that begins with international sanctions inherited from the previous regime, which was imposed on the largest banks, Al -Rafidain and Al -Rasheed, which have not been raised to this day, and
 
despite the establishment of many private banks, the number of banks reached (79) banks distributed according to ownership (8 (Government banks, (71) private banks, and (7) of private banks in which foreign partnerships, the observer did not touch the economic situation a developmental role for the banking system by noting
 
the general economic situation dominated by the rentier style according to the diversity indicators issued by the Ministry of Planning, the transformational industrial sector contributes to a rate The percentage of (2 percent) only and the agricultural (5 percent) only and other low percentages from other contributions and
 
the most important point is that the rate of what the banking sector maintains from the cash source by
 
the central bank did not exceed (12 percent) only and the rest is cash in trading the banking sector did not succeed in Attracting it, and  this reflects the weak confidence in the device Banking.
 
The most important misfortunes on the banking system are the international sanctions imposed, as the number of punishable banks in 2023 (14) banks reached the penalties before them (4) other banks.
 
Despite the efforts to address the defect in the banking system, such as government attempts to structure the largest banks (Al-Rafidain and Al-Rasheed) by relying on international advice, the central bank’s policies to enhance control over its work and the ongoing negotiations to lift the sanctions and others, the banking system is still suffering from clear challenges.
 
The desired economic development in Iraq needs a banking sector working (with economic rules) a necessary condition and not sufficient to achieve the shift towards the beginnings of development, and without it the problems of (monetary Liquidity) remain stuck because the monetary bloc in the economy is with its largest part of The banking system.    https://alsabaah.iq/110251-.htm

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

Iraq Economic News and Points to Ponder Tuesday Afternoon 2-18-25

The Wave Of Penalties For Iraqi Banks .. Is It The Beginning Of New Pressure?
 
Economics     2025-02-17 | 3,633 views  Alsumaria News – Local  The economist, Manar Al-Ubaidi, said today, Monday, regarding the imposition of sanctions on Iraqi banks.  said Al-Ubaidi in a statement followed by Alsumaria News, that   "there are 10 Iraqi and foreign banks working to carry out external transfer operations in various currencies, led by the dollar," noting that "there are news about the joining of two new bankers,   one of which is Iraqi and  the other is a foreigner, to the Citi Pilot platform responsible for Transfer the dollar." 

He added that "what is happening in the Iraqi banking sector is not a collapse as some depicts it, 
but rather a process of reshaping aimed at ensuring compliance with international standards,
 which reflects a new stage of organization and adaptation to the requirements of transparency and financial compliance", "noting that "we were hoping to lead This change is Iraqi banks, but the nature of the emerging sector and the leniency that it witnessed during the past twenty years made it unstable for such changes, as banks   believed that the existing situation would continue and   did not initiate the preparation of the requirements of the new stage.

He stated that "there are banks that organized their conditions and managed their business properly and managed to withstand and continue in the market,"
 
calling on "Iraqi banks to re-evaluate their work and work to achieve international governance standards and compliance."
 
Those responsible for the financial and banking educational system must, Al-Ubaidi stressed
 
"the necessity of re-evaluating the content of teaching materials to graduate human competencies and energies
 
     needed by the banking sector and is
     able to compete with foreign human energies from different countries to
     ensure the sector's sustainability with Iraqi cadres and Iraqi institutions."
 
 Iraqi banking sources, quoting diplomats working in Baghdad, revealed that
 
new sanctions will be issued against 5 Iraqi banks who violated international standards and some of them transferred money to illegal parties,  while the Central Bank denied the validity of these news.
 
The sources stated in a news followed by Alsumaria News, that
 
"the sanctions will include bank owners after accusing at least one of the five banks to work completely for one of the armed factions in Iraq." It was later published that
 
"the five banks covered by the procedures are the" Musk "bank, the" Sanam "bank, the" United "bank, the" Al -Amin "bank and the" East "bank.
 
After the five banks including the penalties, 34 private banks will be out of 44 banks in Iraq that included the sanctions to remain 5 Iraqi banks operating in Iraq along with 5 other Iraqi banks working with Arab and foreign capital ..

The total number of banks operating in Iraq becomes 10 banks except government banks
 
The other is the Rafidain Bank, the Rashid Bank, the Iraqi Bank for Trade, and other specialized banks, such as agricultural, industrial, and others. https://www.alsumaria.tv/news/economy/516701/موجة-العقوبات-على-مصارف-عراقية-هل-هو-بداية-لضغوط-جديدة؟ 

The Central Bank Of Iraq Signs A Memorandum Of Understanding With Frankfurt School For Administrative And Financial Sciences
 
February 17, 2025  The Center for Banking Studies, the training arm of the Central Bank of Iraq,
was keen to achieve one of its strategic goals of
 
     upgrading training by enhancing cooperation and
     building communication channels, and
     holding partnerships with many vocational academic and training institutions. 

The Center for Banking Studies and the Frankfurt School of Administrative and Financial Sciences signed a memorandum of understanding, to frame cooperation efforts between the two sides, and
 
this memorandum aims to
 
    enhance cooperation in the field of training and development of staff in the financial and banking sector in the two countries, as well as
 
    exchanging experiences and experiences between the two sides, especially in modern areas that It serves the Iraqi financial and banking sector, and the
 
signing of the Memorandum of Understanding comes in light of the central bank’s approach to the cadres of the Iraqi banking and financial sector, as one of the most important notes that the
 
Banking Studies Center aims to sign with internationally accredited training and training centers.
    
The Central Bank of Iraq  Media Office  February 17, 2025 https://cbi.iq/news/view/2795

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