Some “Iraq News” Posted by Clare at KTFA 2-21-2025

KTFA:

Clare: Member of Parliamentary Finance: The failure of the 2025 budget tables to reach Parliament is hindering the work of spending {12/1}

2/21/2025

Member of the Parliamentary Finance Committee, Jamal Kojer, confirmed that the 2025 budget schedules have not yet reached Parliament.

Kocher told {Euphrates News} agency, "Despite the government's commitment to the requirements of Article 71 of the 2023 Budget Law, which obligates it to send the schedules on time annually."

Kocher pointed out that "the 2024 budget schedules cannot be voted on as an alternative to the 2025 budget, explaining that work is not being done according to Law (12/1) because the approved budget is not annual, but rather a three-year budget covering the years 2023, 2024 and 2025."

He explained that "disbursements during the year 2025 will be based on the share (12/1) of that year's budget within the time frame of the three-year budget."

Raghad  LINK

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Clare:  New reform plans for the banking sector in Iraq

2/21/2025

 The Prime Minister's Advisor for Financial Affairs, Mazhar Muhammad Salih, stressed that achieving a unified vision to study the conditions of banks in Iraq requires the integration of the national banking market within a homogeneous framework aimed at enhancing the stability of the national financial system and developing its performance in the areas of credit, digital payments, and financing economic development.

Saleh said in a special statement to {Al Furat News}, "The first vision focuses on the importance of achieving integration between national banks in a way that enhances their role in supporting the Iraqi economy, pointing out that this requires updating the financial infrastructure and adopting modern technologies to meet the requirements of the era.

The second vision, according to the financial advisor, is related to developing two comprehensive reform plans targeting the public and private banking sectors, with the aim of improving the performance of these institutions in accordance with international standards. He explained that the reform will include improving governance and financial management and enhancing transparency, which will facilitate the involvement of Iraqi banks in the global financial relations network.

Saleh added that the direct goal of banking reform is to enable Iraqi banks to deal more effectively with the outside world, ensuring economic openness and attracting foreign investments, as well as strengthening Iraq's position on the international financial scene.

This trend comes in light of the government’s ongoing efforts to develop the financial sector and enhance its role in achieving sustainable development and supporting the national economy, as banking reform is viewed as an essential step towards achieving these goals.

Raghad  LINK

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Clare:  European Union to {Sabah}: We praise the reforms of the Sudanese government

2/20/2025

Baghdad: Hazem Mohammed Habib

 The European Union commended the economic reform plans and efforts drawn up and implemented by the government of Prime Minister Mohammed Shia al-Sudani.

The Union praised the government's balanced diplomacy to bring peace and stability to the Middle East, which contributed to establishing Iraq as a "bridge for dialogue."

The European Union Ambassador to Iraq, Thomas Sailer, said in an exclusive interview with Al-Sabah: “The EU mission and the missions of the EU member states in Baghdad are working closely with the Iraqi government to push forward fundamental reforms.”

“The European Union commends the efforts of the government of Mohammed Shia al-Sudani in this area, and encourages the authorities, including the Council of Representatives and key economic stakeholders, to accelerate the pace of reforms, particularly in developing the private sector,” he added, explaining that “strengthening this sector will not only contribute to diversifying the economy, but will also increase Iraq’s attractiveness to European investors, traders and manufacturers, thus enhancing opportunities for economic cooperation between Iraq and Europe.”

Ambassador Sailer pointed out that “the European Union is also working with the Iraqi government in the areas of combating corruption, social protection, reforming the civil and military security sector, and developing the private sector, including the banking sector and corporate legislation,” stressing that “these areas are very important for Iraq to continue building a modern economy.” 

“We support Iraq in joining the World Trade Organization (WTO), which is necessary, among other things, to harmonize Iraqi laws with international standards,” he added.  LINK

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Clare: Trade: Prices in hypermarkets are lower than those in local markets and we will reduce them by 40 percent

2/21/2025- Baghdad

The Ministry of Commerce announced today, Friday, a plan to increase the percentage of price reductions in hypermarkets to more than 40 percent, while indicating that all materials entering the hypermarket are subject to Iraqi specifications.

The Director General of the General Company for Foodstuff Trading at the Ministry of Trade, Lama Hashem Al-Moussawi, said in a statement to the official agency, which was followed by (Mawazine News):

“The hypermarket project and its locations came based on the directives of Prime Minister Mohammed Shia Al-Sudani in light of the government program based on services, as the project is primarily a service for citizens to control the prices of food and household goods,” noting that “the prices of materials are under the supervision and audit of the public sector, and also at competitive prices that serve the citizen, and whoever walks around the hypermarket will see the prices lower than their counterparts in local markets from 20% to 25%.”  LINK

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Clare:  Reuters: Trump administration gives Iraq a choice between quickly resuming Kurdish oil exports or facing sanctions

2/21/2025   Baghdad Today - Follow-up

The United States of America threatened, today, Friday, February 21, 2025, the federal government in Iraq with sanctions if the Kurdistan Region's oil exports are not resumed quickly.

Reuters quoted sources as saying: “The administration of President Donald Trump asked Iraq to resume (Kurdish) oil exports quickly or face sanctions alongside Iran.”

The sources added, according to Reuters, that "Washington believes that Kurdish oil sales may help reduce crude prices and compensate for the decline in Iranian supplies."

Oil Minister Hayan Abdul Ghani revealed on Tuesday that Iraq had sent a delegation from the ministry to the Kurdistan Region to agree on a mechanism for delivering the region’s oil and exporting it through the Turkish port of Ceyhan.

The Minister of Oil explained that he had contacted the Minister of Natural Resources in the region, Kamal Mohammed Saleh, to negotiate with the delegation about the mechanism for receiving and exporting oil through the Turkish port of Ceyhan.

This came a day after Iraq accelerated the expected date for the resumption of oil exports from Kurdistan, as the federal oil minister said last Monday that oil exports from the Kurdistan region could resume within just a week. 

It is noteworthy that the President of the Region, Nechirvan Barzani, announced a few days ago that the resumption of shipments will likely take place next March.

Iraq exports between 400,000 and 500,000 barrels per day from fields in the north of the country, including the Kurdistan region, via the now-defunct Iraq-Turkey pipeline.

Oil Minister Hayan Abdul Ghani said earlier this month that at least 300,000 barrels per day of crude were planned to be moved once operations resumed.

In Iraqi Kurdistan, oil production ranges between about 280,000 and 300,000 barrels per day, and the regional government estimates its needs for domestic consumption - including power generation - at about 110,000 to 120,000 barrels per day.    LINK

Seeds of Wisdom RV and Economic Updates Friday Afternoon 2-21-25

Good Afternoon Dinar Recaps,

EXCLUSIVE: U.S. PILES PRESSURE ON IRAQ TO RESUME KURDISH OIL EXPORTS, SOURCES SAY

▪️U.S. pressures Iraq to restart pipeline to Turkey, halt Kurdish oil smuggling to Iran - sources
▪️Iran views ally Iraq as vital to keeping its economy afloat
▪️Kurdish oil export resumption faces technical and payment hurdles
▪️Restart could raise questions about Iraq's OPEC+ compliance, analysts say

DUBAI/BAGHDAD/WASHINGTON, Feb 21 (Reuters) - U.S. President Donald Trump's administration is piling pressure on Iraq to allow Kurdish oil exports to restart or face sanctions alongside Iran, eight sources with direct knowledge of the matter told Reuters.

A speedy resumption of exports from Iraq's semi-autonomous Kurdistan region would help to offset a potential fall in Iranian oil exports, which Washington has pledged to cut to zero as part of Trump's "maximum pressure" campaign against Tehran.

The U.S. government has said it wants to isolate Iran from the global economy and eliminate its oil export revenues in order to slow Iran's development of a nuclear weapon.

Iraq's oil minister made a surprise announcement on Monday that exports from Kurdistan would resume next week. That would mark the end of a near two-year dispute that has cut flows of more than 300,000 barrels per day (bpd) of Kurdish oil via Turkey to global markets.

Reuters spoke to eight sources in Baghdad, Washington and Erbil, the capital of Iraqi Kurdistan, who said that mounting pressure from the new U.S. administration was a key driver behind Monday's announcement.

All of the sources declined to be named due to the sensitivity of the issue.

Iran views its neighbor and ally Iraq as vital for keeping its economy afloat amidst sanctions. But Baghdad, a partner to both the United States and Iran, is wary of being caught in the crosshairs of Trump's policy to squeeze Tehran, the sources said.

Trump wants Iraqi Prime Minister Mohammed Shia al-Sudani to sever economic and military ties with Iran. Last week, Reuters reported that Iraq's central bank blocked five more private banks from dollar access at the request of the U.S. Treasury.

Iraq's announcement on export resumption was hurried and lacked detail on how it would address technical issues that need to be resolved before flows can restart, four of the eight sources also.

Iran wields considerable military, political and economic influence in Iraq through its powerful Shi'ite militias and the political parties it backs in Baghdad. But the increased U.S. pressure comes at a time when Iran has been weakened by Israel's attacks on its regional proxies.

CURB SMUGGLING

With the pipeline taking Kurdish crude to the Turkish port of Ceyhan closed since 2023, the smuggling of Kurdish oil to Iran by truck has flourished. The U.S. is urging Baghdad to curb this flow, six of the eight sources said.

Reuters reported in July that an estimated 200,000 barrels per day of cut-price crude was being smuggled from Kurdistan to Iran and, to a lesser extent, Turkey by truck. The sources said the exports remained at around that level.

"Washington is pressuring Baghdad to ensure Kurdish crude is exported to global markets through Turkey rather than being sold cheaply to Iran," said an Iraqi oil official with knowledge of the crude trucking shipments crossing to Iran.

While the closure of the Turkish pipeline has prompted an uptick in Kurdish oil smuggling via Iran, a larger network that some experts believe generates at least $1 billion a year for Iran and its proxies has flourished in Iraq since al-Sudani took office in 2022, Reuters reported last year.

Two U.S. administration officials confirmed the U.S. had asked the Iraqi government to resume Kurdish exports. One of them said the move would help to dampen upward pressure on oil prices.

Asked about the administration's pressuring of Iraq to open up Kurdish oil exports, a White House official said: "It's not only important for regional security that our Kurdish partners be allowed to export their own oil but also help keep the price of gas low."

There has been close military cooperation between authorities in Kurdistan and the United States in the fight against Islamic State.

Trump's restoration of the "maximum pressure" campaign on Iran was one of his first acts after returning to office in late January. In addition to efforts to drive Iran's oil exports to zero, Trump ordered the U.S. treasury secretary to ensure that Iran can't use Iraq's financial system.

Trump also came into office promising to lower energy costs for Americans. A sharp drop in oil exports from Iran could drive up oil prices, and with it the gasoline price worldwide.

The resumption of Kurdish exports would help offset some of the loss to global supply of lower Iranian exports, but would cover only a fraction of the more than 2 million bpd of crude and fuel that Iran ships. However, Iran has proven adept in the past at finding means to circumvent U.S. sanctions on its oil sales.

Ole Hansen, head of commodity strategy at Saxo Bank, said the restart of exports from Kurdistan could help increase global oil supplies at a time when output was disrupted from other regions, such as Kazakhstan, where exports have dropped this week following a Ukrainian drone attack on a major pipeline pumping station in southern Russia.

"At this point in time, I believe the market has adopted a relatively neutral but nervous stance on crude oil prices," he said.

HURDLES TO RESTART

The pipeline was halted by Turkey in March 2023 after the International Chamber of Commerce (ICC) ordered Ankara to pay Baghdad $1.5 billion in damages for unauthorized exports between 2014 and 2018.

There are still unresolved issues around payment, pricing and maintenance, the sources told Reuters. Two days of talks in the Kurdish city of Erbil this week failed to reach agreement, sources said.

The federal government wanted exports to restart without making commitments to the KRG on payments and without clarity on the payment mechanism, a source familiar with the matter said.

"We can't do that. We need clear visibility on guarantees," the source said.

Oil companies working in Kurdistan also have questions over payments.

Executives from Norwegian firm DNO (DNO.OL), opens new tab told analysts on Feb. 6 that before agreeing to ship oil through the pipeline to Ceyhan they wanted to understand how the company would be paid for future deliveries and how it would recoup $300 million for the oil it had delivered before the pipeline was shut.

Turkey has yet to receive any information from Iraq on the resumption of flows, Turkish Energy Minister Alparslan Bayraktar told Reuters on Wednesday.

A restart could also cause issues in OPEC+, or the Organization of the Petroleum Exporting Countries plus Russia and other allies, where Iraq has been under pressure to comply with its pledge to reduce its output. Additional supply from the Kurdish region could put Iraq over its OPEC+ supply target.

An Iraqi official said it was possible for Iraq to restart the pipeline and remain compliant with OPEC+ supply policy.

Giovanni Staunovo, a commodity analyst at investment bank UBS, said the overall impact of the resumption could be muted.

"From an oil market perspective, Iraq is bound to the OPEC+ production deal, so I wouldn't expect additional production from Iraq in case of a pipeline restart, but just a change in the way it is exported (currently, among others, using trucks)," he said.

@ Newshounds News™
Source:  Reuters

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Seeds of Wisdom RV and Economic Updates Friday Morning 2-21-25

Good Morning Dinar Recaps,

SEC ACKNOWLEDGES SLEW OF CRYPTO ETF FILINGS AS REVIEWS, APPROVALS ACCELERATE

The regulator is seeking comment on filings covering crypto staking, options and altcoin ETFs, among others.

The US Securities and Exchange Commission has acknowledged some half a dozen exchange filings related to cryptocurrency exchange-traded funds (ETFs) in the past two days, according to Feb. 19 and Feb. 20 regulatory submissions.

The filings, submitted by securities exchanges Nasdaq ISE and Cboe BZX, address proposed rule changes for crypto ETFs concerning staking, options, in-kind redemptions and new types of altcoin funds, the documents show.

The SEC’s acknowledgments highlight how the agency has softened its stance on crypto since US President Donald Trump started his second term on Jan. 20. Consequently, two crypto index ETFs launched in February and analysts expect more ETF approvals to follow in 2025.

Flurry of filings

Nasdaq’s filing pertains to position and exercise limits on options tied to BlackRock’s iShares Bitcoin Trust (IBIT), the most popular spot crypto ETF, with nearly $57 billion in net assets, according to BlackRock’s iShares website.

Meanwhile, Cboe filed to list options on Grayscale’s and Bitwise’s Ether.  The SEC has approved options on Bitcoin ETFs but has not yet greenlighted options on Ether ETFs.

Cboe has also asked for permission to list Canary and WisdomTree’s proposed XRP ETFs, support in-kind creations and redemptions for Fidelity’s Bitcoin and ETH ETFs, and allow 21Shares’ Ether ETF to stake a portion of its ETH holdings for additional yield.

The SEC is reportedly “very, very interested” in staking and has asked the industry to draft a memo reviewing the different types of staking and their potential benefits, Eleanor Terrett, a reporter for Fox Business, said in a Feb. 20 post on the X platform.

Terret said her source “expects to see some kind of agency guidance on staking in the near future as it’s a topic they’re engaging enthusiastically on.”

In-kind creations and redemptions, where an ETF swaps shares for a basket of underlying assets, are more tax efficient and, therefore, preferred by most ETF issuers and investors. The SEC has not yet permitted in-kind redemptions for spot cryptocurrency ETFs.

Expected approvals

Bloomberg Intelligence has set the odds of an XRP ETF approval in the US at 65%. Its estimates for Litecoin and Solana ETF approval odds are even higher, at 90% and 70%, respectively.

On Feb. 14, the SEC acknowledged Cboe’s request to list asset manager 21Shares’ XRP ETF, further signaling the SEC’s openness to approving an ETF for the altcoin.

On Feb. 19, cryptocurrency exchange Coinbase launched SOL futures contracts on its regulated US derivatives exchange. Robust futures markets generally support cryptocurrency ETF applications because they provide a stable benchmark for asset prices.

On Feb. 20, Franklin Templeton launched an ETF holding both spot Bitcoin and Ether. It was the second cryptocurrency index ETF to hit the market after asset manager Hashdex launched its Nasdaq Crypto Index US ETF (NCIQ) on Feb. 14.

In 2024, under former US President Joe Biden, the SEC allowed spot BTC and ETH ETFs to list in the US after years of resistance but barred other types of crypto ETFs from listing.

@ Newshounds News™

Source:  CoinTelegraph

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HONG KONG UNVEILS ROADMAP TO BECOME GLOBAL DIGITAL ASSET HUB

Hong Kong’s Securities and Futures Commission (SFC) published a 12 point ASPIRe roadmap for the territory to become a global digital asset hub.

Until October last year, it had licensed two cryptocurrency exchanges. That figure rose to ten yesterday with the licensing of Bullish, the exchange founded by Block.one and backed by Peter Thiel.

Top of the SFC’s priority list is to introduce licensing regimes for over the counter (OTC) ‘virtual asset’ marketplaces as well as virtual asset custodians. While it wants to ensure better compliance and enhance consumer protection, it is willing to lean into the more innovative aspects of web3 that are sometimes considered risky.

Currently the following activities are not allowed in Hong Kong, even for licensed exchanges: New token issuance, margin trading, derivatives, staking, and borrowing/lending. The SFC is willing to explore each of these, but some will be restricted to professional investors, such as derivatives and borrowing/lending.

“Adhering to the core principles of investor protection, sustainable liquidity and adaptive regulation, the roadmap in itself is a calibrated response to emerging VA market challenges and thus helps future-proof our ecosystem,” said Dr Eric Yip, the SFC’s Executive Director of Intermediaries.

“The roadmap is not a final destination but a living blueprint, one that invites collective efforts to advance Hong Kong’s vision as a global hub where innovation thrives within guardrails.”

@ Newshounds News™

Source:  Ledger Insights

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“Tidbits From TNT” Friday Morning 2-21-2025

TNT:

Tishwash:  The first of its kind in the region and Iraq as a whole.. Inauguration of an international financial and commercial center in Sulaymaniyah

On Thursday, an international financial and commercial center was inaugurated in the city of Sulaymaniyah. It is the first of its kind in the Kurdistan Region and the rest of Iraq in terms of specialization. Employees considered this a step to localize their salaries and end the crisis that has been ongoing for years .

Sulaymaniyah Governor, Haval Abu Bakr, said in a press conference attended by Shafak News Agency, during the opening ceremony of the center, "This center will provide a suitable environment for banks, financial markets and investment companies to work according to the legal frameworks approved in Iraq and the region ."

He added, "All banks, stock markets, financial and commercial institutions can establish branches within this center, according to the controls issued by the specialized authorities in the federal government and the region," indicating that "this step constitutes a qualitative transformation in the financial and commercial sector of Sulaymaniyah, which enhances its position as an economic hub at the level of Iraq ."

In another context, a group of protesting teachers, who had previously demanded that their salaries be transferred directly from Baghdad, welcomed the decision to open two branches of the Central Bank in the region, and considered this step a prelude to implementing the Federal Court’s decision issued on February 21, 2024, which stipulates the “localization” of the salaries of the region’s employees through the federal government .

However, this issue is still controversial among political circles, as some believe that transferring salaries to Baghdad aims to undermine the regional government and influence its authority, while others consider it a necessary solution to end the crisis of delayed salaries that has been ongoing for more than ten years .

In this context, the governor of Sulaymaniyah explained that "the mechanism for distributing salaries has not yet been decided," noting that "discussions are still ongoing about whether salaries will be distributed through the regional government as in previous years, or whether they will be transferred directly from Baghdad ."

While the opening of the financial and commercial center in Sulaymaniyah is an important step to boost economic activity, resolving the issue of salaries will remain an influential factor in financial and living stability in the region .

For more than a decade, Kurdistan cities have been suffering from a crisis of delayed salaries due to financial disputes between Baghdad and Erbil, which has prompted some groups, such as teachers and employees, to demand that their salaries be paid directly from the federal government .

On February 21, 2024, the Iraqi Federal Court issued a decision to localize the salaries of the region’s employees, but it has not been implemented yet due to administrative and political complications. The opening of the financial and commercial center in Sulaymaniyah constitutes a turning point in the economic scene, amidst the ongoing controversy over the future of financial management in the region . link

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Tishwash:  Government Advisor: No Problems in Financing the Budget for Salaries and Revenues Are Running Regularly

The Prime Minister's Advisor for Financial Affairs, Mazhar Muhammad Salih, confirmed today, Thursday, the stability of cash resources and ensuring the flow of salaries and pensions. While he pointed out that government spending positively affects 85% of the movement of total demand, he pointed out that there are no problems in financing the budget for salaries and oil and non-oil revenues.

Saleh told the Iraqi News Agency (INA): "There are priorities in the state's general budget that focus on ensuring the monthly flow of salaries for workers in the government sector and public companies, in addition to recipients of grants, wages, retirees and social care categories."

He added that "the priorities come within the current section of the general budget," stressing that "there are no problems in the flow of cash resources to the budget, whether from oil or non-oil revenues."

Saleh explained that "what is being circulated about financial difficulties are imaginary scenarios aimed at creating a state of uncertainty," noting that "about 8 million Iraqi citizens benefit from monthly payments that cover the needs of about 35 million Iraqis monthly through the family support system."

He continued, "Coordination between monetary and fiscal policy works to provide the best performance and stability for monthly government spending, which is known as the "fiscal space," which ensures speed and flexibility in financing fiscal policy in line with the "monetary space" in monetary policy."

The Prime Minister's advisor confirmed that "government spending constitutes about 50% of the country's GDP annually, positively affecting more than 85% of the movement of total demand in Iraq, which supports the sustainability of economic activity and protects it from the risks of recession."

He pointed out that "economic policy pays close attention to ensuring the timing of operational spending without interruption, as the annual inflation growth rate did not exceed 3%, which reflects precise control over the management of cash liquidity and public spending."

He pointed out that "the stability and effectiveness of monetary and financial policies contribute to enhancing economic confidence and providing the necessary protection for the Iraqi economy from future challenges."  link

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Tishwash:  The Governor of the Central Bank, Ali Al-Alaq, confirmed that joint-stock companies constitute only 2% of the value of the gross domestic product in Iraq, while revealing the reason for the weak size of citizens' deposits in banks.

Al-Alaq said during the opening and introduction of the International Center for Finance and Trade in Sulaymaniyah Governorate, which was followed by (Al-Rabia), that "financial centers are economic levers and need modern financial infrastructure and technologies," noting "the importance of financial centers in stimulating the economy and attracting investments, which requires developing the financial infrastructure to keep pace with global changes."0

He pointed out that "these centers focus on the most important engines of the economy," stressing that "countries that have such centers have been able to achieve great achievements, as financial centers play a major role in stimulating and organizing the economy, as proven by reality, experience, numbers and data."

He stressed that "the financial aspect in Iraq needs more vitality and innovation to harness resources towards growth and construction," noting that "there is a huge amount of money inside the country, but it is not invested in the best way, as it is isolated from economic activity or hoarded without real benefit."

He stressed that "this is a fundamental issue that requires thought, initiatives and innovations to invest this money to serve growth and employment," noting that "the best way to attract and mobilize this money is to establish joint-stock companies that attract scattered capital, no matter how small its amounts are." He pointed out that "Iraq suffers from a significant shortage" in joint-stock companies, as their contribution to the GDP is only 2% of the GDP, which is the lowest percentage in the region compared to the Middle East and North Africa countries, where the percentage reaches 55%, while in developed countries it ranges between 80% and 90%, which requires new ideas and centers capable of moving this field."

The governor stressed that "Iraq has huge investment opportunities that can be exploited through partnerships between various capabilities, especially the available financial capabilities, but they do not find a clear scope for investment, which calls for a major role for financial centers in moving and establishing joint-stock companies in profitable strategic sectors."

He also pointed to the weak volume of citizens' deposits in banks, explaining that "the reason is not only due to lack of trust, but also to the availability of other investment opportunities that achieve greater returns than bank interest, as anyone can now invest their money through digital platforms and contribute to global projects without having to rely on traditional bank returns."

The governor of the Central Bank provided an example of developments in digital investment, noting that "some The platforms allow a group of people to participate in purchasing real estate in global cities such as London, where investment is based on the highest potential returns globally.

He noted that "the world is witnessing a financial revolution supported by technology and artificial intelligence, which will lead to major transformations in the nature of economic activity," noting that "the 10 largest companies in the world currently belong to the technology and communications sector, outperforming oil and traditional industry companies, as their market value ranges between 2-3 trillion dollars," stressing that "banks in the near future will transform into fully smart electronic platforms, which will radically change the way financial and investment transactions are conducted."

 He stressed the "necessity of transforming financial centers into strong economic levers, so that they play a fundamental role in attracting investments, regulating financial flows, and benefiting from modern technologies," indicating that "this center has a major task ahead of it to move in these directions." The Central Bank reveals the reason for the weakness of citizens' deposits in banks: The money is huge    link

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Tishwash:  King Salman approves Saudi Riyal currency symbol

The Saudi monarch, King Salman bin Abdulaziz Al Saud, approved today, Thursday, the symbol of the Saudi riyal currency in a historic step aimed at strengthening the identity of the national currency.

According to the Saudi Press Agency (SPA), the Governor of the Saudi Central Bank (SAMA), Ayman bin Mohammed Al-Sayyari, expressed his thanks and appreciation to the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and to the Crown Prince Mohammed bin Salman, Prime Minister, on the occasion of the launch of the Saudi riyal currency symbol.

Al-Siyari explained that the decision contributes to strengthening the Kingdom’s financial identity at the local, regional and international levels, noting that the application of the currency symbol will begin gradually, as it will be included in financial and commercial transactions and various applications in coordination with the relevant authorities.

Al-Siyari pointed out that this initiative aims to encourage pride in national identity and cultural affiliation, as well as highlight the status of the Saudi riyal and enhance confidence in it, as well as highlight the Kingdom’s prominent role among major global economies and G20 countries.

According to the agency, the national currency symbol, which was designed according to the highest technical standards, reflects the Kingdom’s culture and rich heritage. The symbol bears the name of the national currency “SAR” with a design inspired by Arabic calligraphy, and enhances the representation of the Saudi riyal in the local, regional and international context, making it suitable for use in all financial and commercial transactions.  lin

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Mot: Don't Knows bout Yous.. but I'm ~~~~

Mot: . Poor "'Piglet"" --- Are We There Yet???

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

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

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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