Iraq and Iran News Posted by Clare at KTFA 3-3-2025

KTFA:

Clare:  Counterfeit currency and 'unmarked' gold dealers busted in Iraq

3/3/2025

The National Security Service announced, on Monday, the arrest of promoters of counterfeit currencies and traders of "unmarked" gold in Baghdad and the provinces of Dhi Qar and Diwaniyah.

The agency said in a press statement received by Shafaq News Agency, "Two suspects were arrested in Baghdad in the Al-Baladiyat area, who were promoting counterfeit local and foreign currencies. 3,400 counterfeit US dollars in 100-dollar bills were seized in their possession, in addition to various amounts of counterfeit Iraqi dinars."

He continued, " In Dhi Qar, an illegal commercial complex was raided for selling unmarked gold. It was found that its owner was offering usurious loans to citizens in exchange for seizing Key Cards and Master Cards. 122 cards, a gold piece, four seals, records of the dealers, electronic devices, and an amount of 12 million and 750 thousand dinars were seized."

He pointed out that "in Diwaniyah, the apparatus' detachments were able to overthrow a gang specializing in promoting counterfeit currency, where an ambush was set up for one of the gang members and two suspects (a man and a woman) were arrested red-handed while exchanging counterfeit money, and an amount of 215 thousand counterfeit US dollars was seized in their possession, in addition to the vehicle they were riding in."  LINK

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Clare:  Mazhar Saleh: Geopolitical controls push towards shifting to official channels for currency trading

3/3/2025

Mazhar Muhammad Salih, the financial advisor to the Prime Minister, confirmed that the geopolitical controls imposed on informal trade contribute to expanding dealings with official outlets for foreign currency, which contributes to financing foreign trade through the sound international financial system.

He pointed out in his statement to {Euphrates News} that "this shift aims to move away from informal financing from the parallel dollar market intensively, especially with the change in the behavior of small traders in avoiding the parallel market linked to the countries' regional and geopolitical problems." 

Saleh added that "this shift comes in the context of the importance of increasing Iraq's foreign reserves and confronting money smuggling operations, in addition to facilitating external transfer operations through Iraqi banks that deal with international banking correspondents, at an official exchange rate of 1,320 dinars per dollar."

He also stressed that the end of the compliance platform phase adopted by the Central Bank of Iraq in the past two years and the country's entry into a new phase has contributed to providing great flexibility in financial transfers through official channels.   LINK

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Clare:  Oil Minister: A boom in investment in associated gas and raising its rates to 67%

3/3/2025

Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul-Ghani Al-Sawad received today, Monday, a German delegation that includes representatives of the German Embassy in Baghdad, the German Chamber of Commerce, and companies specialized in various oil and non-oil fields.

Abdul Ghani confirmed, in a statement from his office, a copy of which was received by {Euphrates News}, "Iraq is keen to cooperate with various parties, including German companies, which have a long history in the field of industry and are of high quality and acceptable in Iraq."

He pointed out that "Iraq has made great strides in the field of developing the oil industry, and in particular the optimal investment of gas, as Iraq has achieved, during the life of the government, a great leap in the field of investment in associated gas and raised investment rates from 53% to more than 67%, and Iraq is determined to stop flaring gas and achieve self-sufficiency in 2028."

Abdul Ghani explained that "the ministry has major projects in the gas investment sector, the most important of which is the gas development project in Basra with Total to invest 600 cubic meters in two phases, in addition to other projects in the field of gas field development, as the ministry signed contracts to develop the Mansouriya and Akkas fields, and signed contracts to develop 14 fields and exploration areas, which were offered in the fifth and sixth supplementary licensing rounds."

He added, "The ministry has investment opportunities for gas and oil exploration fields and blocks from the last licensing round that have not been referred. The ministry is working to develop them through investment projects with specialized international companies."

German companies presented a review of their activities and offers to work and cooperate with the Ministry of Oil and its formations, in the fields of exploration, pipelines, laboratories, training, and the provision of equipment, tools, and supplies for oil facilities.  LINK

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Clare:  Iraq-Turkey Pipeline Reopening Pressures Oil Prices, Signals Potential Market Shift

3/3/2025

ERBIL  – Oil prices experienced volatility as news of the anticipated reopening of the Iraq-Turkey pipeline raised expectations of increased supply, despite Iraq’s ongoing commitment to OPEC+ production constraints, according to a report by Robin Mills, CEO at Qamar Energy, published in the Energy This Week newsletter on Monday

Mills noted that crude oil prices ended higher on Monday but dropped on Tuesday following reports that the Iraq-Turkey pipeline is set to resume operations. The country’s deputy oil minister, Bassem Mohammed, recently confirmed that 185,000 barrels per day (bpd) from the Kurdistan Region could be exported after domestic allocations are met. Before its closure in March 2023—following an arbitration ruling—the pipeline transported around 450,000 bpd.

“The market is reacting to the possibility of higher supplies, but Iraq is still constrained by its OPEC+ commitments,” Mills stated. He added that while the pipeline’s reopening may put downward pressure on oil prices in the short term, long-term impacts will depend on Iraq’s ability to balance exports with production limits.

Mills also highlighted the role of U.S. diplomatic efforts in pushing for the pipeline’s resumption. “Washington has been applying pressure on Baghdad to restart exports through the pipeline, which requires an agreement between the federal government and the Kurdistan Regional Government (KRG) on budget allocations and payments to international oil companies,” he explained.

Meanwhile, British Petroleum (BP) has reinforced its presence in Iraq’s energy sector by finalizing a deal to redevelop the massive Kirkuk oil fields in the country’s north. Mills pointed out that BP, part of the original consortium that discovered Kirkuk’s oil in 1927, estimates the contract area contains up to 20 billion barrels of oil equivalent. “This redevelopment could help Iraq secure a higher production quota within OPEC+,” he noted.

However, BP itself faces challenges, and Mills referenced recent discussions suggesting that a merger with Shell could strengthen the struggling British energy giant.

Iraq’s Energy Sector and Geopolitical Pressures

Iraq, OPEC’s second-largest oil producer, has long grappled with balancing its production ambitions against OPEC+ output agreements. While Baghdad seeks to increase exports to boost revenue, it remains bound by cartel-imposed limits, a tension that has led to periodic disputes.

Mills emphasized that the reopening of the Iraq-Turkey pipeline is particularly significant for the Kurdistan Region, which has faced financial strain since the shutdown. 

The U.S. has been actively working to counter Iran’s influence in Iraq, particularly following President Donald Trump’s return to office. By pressuring Baghdad to resume pipeline exports, Washington aims to strengthen its economic ties with Erbil while reducing Tehran’s leverage over Iraq’s energy sector.

As Iraq navigates these complex political and economic dynamics, the coming months will be crucial in shaping the country’s energy strategy amid shifting global market conditions and geopolitical maneuvering.   LINK

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Clare:  Kurdistan Region's Oil Exports Near Resumption

3/3/2025

ERBIL – All preparations for resuming the Kurdistan Region’s oil exports to Turkey’s Ceyhan port have been completed, according to an announcement by a member of the Iraqi Parliament’s Oil and Gas Committee.

The long-awaited move comes after almost two years of suspension, which has cost the Iraqi government billions in revenue losses.

Ali Shaddad al-Faris, an MP from Basra and a member of the Oil and Gas Committee, confirmed that no obstacles remain to restart the oil flow. “According to the budget amendment, the amount to be sent from the region is between 300,000 to 325,000 barrels of oil per day,” he stated.

Additionally, al-Faris revealed that the Kurdistan Regional Government (KRG) has requested an increase in the amount of oil used for domestic consumption, seeking an expansion from 45,000 barrels per day to 110,000 barrels per day.

Iraq’s Oil Minister, Hayan Abdul Ghani, announced last Friday that the Federal Oil Marketing Company (SOMO) would initially sell 185,000 barrels of Kurdistan Region oil per day through Turkey’s Ceyhan port. This figure is expected to gradually rise until it aligns with the quota specified in the federal budget.

The decision marks a significant development after prolonged disputes over oil revenue-sharing between the Kurdistan Regional Government and Baghdad. Since March 2023, exports have been halted following an international arbitration court ruling in Paris, which favored the Iraqi federal government in its legal battle over oil export rights.

The suspension of exports has resulted in an estimated loss of over $21 billion for Iraq’s treasury, underscoring the economic urgency of restoring Kurdish oil sales.

US-Iraq Talks and Diplomatic Pressure

The resumption of oil exports has been a key issue in recent U.S.-Iraq diplomatic discussions.

Last Tuesday, U.S. Secretary of State Marco Rubio spoke with Iraqi Prime Minister Mohammed Shi’a al-Sudani, marking their first official conversation. According to statements from both governments, the meeting was productive, addressing a range of issues, including the Iraq-Turkey pipeline.

On Friday, Reuters reported that the Trump administration has been pressuring Baghdad to allow the restart of Kurdish oil exports as part of Washington’s broader "maximum pressure" campaign on Iran. The U.S. sees Kurdistan’s oil exports as a strategic economic lever, and Secretary Rubio specifically raised the issue with Prime Minister Sudani.

Tammy Bruce, the U.S. State Department spokesperson, stated that both leaders agreed on the importance of reopening the Iraq-Turkey Pipeline "as quickly as possible." The involvement of Washington further underscores the geopolitical importance of Kurdish oil exports and the role they play in regional energy dynamics.

Economic and Political Implications

The restoration of oil exports is expected to ease financial strains on both Erbil and Baghdad. The KRG relies heavily on oil revenue to sustain its economy, and the prolonged suspension has exacerbated budgetary challenges, including delays in public sector salaries. Meanwhile, Baghdad seeks to recover billions in lost revenue and stabilize its economic outlook.

However, broader negotiations between the KRG and Iraq’s federal government remain ongoing, particularly regarding revenue-sharing mechanisms and long-term agreements on oil production rights.

As preparations are finalized and the first shipments of Kurdish oil are set to flow once again, all eyes will be on how efficiently the resumption process unfolds and whether it signals a more stable economic and political relationship between Erbil and Baghdad.  LINK

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Clare:  Due to the collapse of the toman.. Iranian parliament dismisses the Minister of Finance

3/2/2025

The Iranian parliament dismissed Finance Minister Abdolnaser Hemmati on Sunday after starting a no-confidence vote against him over his handling of the high inflation rate and the decline in the national currency exchange rate, state television reported.

The source explained that the Minister of Economic Affairs and Finance, Abdolnasser Hemmati, lost the vote of no confidence against him, with 182 parliamentarians out of 273 who attended the session designated for his dismissal supporting the motion.

Earlier on Sunday, Iran's parliament began a session that included a vote of no confidence in the finance minister, following a sharp decline in the value of the Iranian currency, the rial.

On the black market on Sunday, the riyal was trading at more than 920,000 to the US dollar, compared to less than 600,000 in mid-2024.

The decision to withdraw confidence from Finance Minister Abdolnaser Hemmati comes nearly 8 months after the formation of the government under President Masoud Pezeshkian.

Under the Iranian constitution, the minister's dismissal would take effect immediately, with an acting minister appointed until the government chooses a replacement.   LINK

Iraq Economic News and Points to Ponder Monday AM 3-3-25

Reasons For The Decrease In The "Temporary" Dollar Exchange Rate In Iraq
 
Economy ​ Yesterday, 17:40 | Baghdad today – Baghdad  The specialist in the economic affairs, Nasser Al-Tamimi, commented today, Sunday (2 March 2025), the continuous decrease in the dollar exchange rate in the local markets days ago.
 
Al -Tamimi told "Baghdad Today", that "the decline in the exchange rate of the dollar in the local markets is  temporary,   due to the lack of demand for it currently in the market due to the month of Ramadan, where there is a   decline in the demand process as well as shopping in dollars such as cars, real estate and other issues sold in dollars."

And that  "this decrease is temporary and will return to rise again, especially with the near days of Eid Al -Fitr, after which it will return to its position between (150 and 151) per 100 dollars," noting that
 
"this decrease did not come due to real remedies for this long time, but the
 
real reason is the lack of demand during these days."
 
The dollar exchange rate continued, today, Sunday (2 March 2025), a decrease in the local stock exchange, down to record levels for the first time in several months.
 
The "Baghdad Today" correspondent said that the dollar prices, on the struggle and Al-Harithiya stock exchanges in the capital, Baghdad, recorded, on Sunday afternoon 146,800 thousand dinars for $100.    
  
https://baghdadtoday.news/268975-أسباب-انخفاض-سعر-صرف-الدولار-المؤقت-في-العراق.html 

Central Bank: Gold Reserves Grow By 45.1 Percent

Sunday 02 March 2025 11:30 | Economic Number of readings: 339  Baghdad / NINA / The Central Bank of Iraq announced today, Sunday, that gold reserves recorded a growth of 45.1 percent.

The Central Bank said in a statement: "The gold reserves of the Central Bank of Iraq recorded a growth of (45.1%) in the fourth quarter of 2024 compared to the same quarter of the previous year, as they rose from (12.29 trillion dinars in the fourth quarter of 2023 to (17.83) trillion dinars for the same quarter in 2024 as a result of the increase in the amount of gold and gold prices."

He added that "this carries great benefits as it enhances economic and financial stability and protects against risks, and is considered an important tool for intervening in the exchange market." https://ninanews.com/Website/News/Details?key=1189541

Iraq's Oil Exports To America Declined Last Week

Sunday 02 March 2025 12:01 | Economic Number of readings: 281  Baghdad / NINA / The US Energy Information Administration announced today, Sunday, that Iraq exported more than 200 thousand barrels to America during the past week.

The administration stated in a table, "The average US imports of crude oil during the past week from 9 major countries amounted to 5.535 million barrels per day, up by 260 thousand barrels per day from the previous week, which amounted to 5.275 million barrels per day."

It added that "Iraq's oil exports to America amounted to 228 thousand barrels per day, down by 29 thousand barrels per day from the previous week, which amounted to 257 thousand barrels per day.

" The administration indicated that "most of America's oil revenues during the past week came from Canada, followed by Mexico, Venezuela and Saudi Arabia."

According to the table, "the amount of US imports of crude oil continued from Ecuador, Brazil, Colombia and Nigeria." / End   https://ninanews.com/Website/News/Details?key=1189550

SOMO: Iraq Exports More Than 4 Million Tons Of Oil Derivatives In 3 Months

Energy  Economy News – Baghdad  The State Oil Marketing Company (SOMO) announced the export of 3 petroleum products, amounting to more than 4 million tons of petroleum derivatives, during the fourth quarter of 2024.

SOMO said in its tables, which were reviewed by Al-Eqtisad News, that "Iraq exported 4 million, 465 thousand, and 749 tons of oil derivatives from October until December 2024."

The company added that "Iraq exported fuel oil in the amount of 4 million, 216 thousand, and 145 tons in the fourth quarter of 2024, compared to the same period in 2023, in which fuel oil exports amounted to 2 million, 796 thousand, and 606 tons."

According to the tables, "Iraq also exported 194,637 tons of naphtha," noting that "jet fuel was also exported in an amount of 54,967 tons."

Naphtha is an intermediate intended either for the petrochemical industry (such as ethylene manufacturing or aromatics production) or for the production of gasoline by reforming or isomerization within the refinery.   https://economy-news.net/content.php?id=53072

Oil Prices Record First Monthly Loss Since Last November

Saturday 01 March 2025 08:29 | Economic Number of readings: 263  Baghdad / NINA / Oil prices fell by more than 1% at settlement on Friday evening and are heading to record the first monthly decline since November, as markets await Washington's threats to impose customs duties and Iraq's decision to resume oil exports from the Kurdistan region.

Investor sentiment was also affected by the uncertainty surrounding OPEC's plans for production in April and the ongoing peace talks to end the war in Ukraine.

Brent crude May contracts, the most active, fell 88 cents, or 1.2%, to $72.69 a barrel, while US West Texas Intermediate crude recorded $69.36 a barrel, down 99 cents, or 1.41%, according to Reuters.

Brent crude futures for the nearest month, which expire today, were traded at $73.09 a barrel, down 95 cents.

Both benchmarks are heading to record their first monthly decline in 3 months.

Investors' appetite for risk has been reduced by factors such as expectations of an economic slowdown in the United States, tariffs, OPEC+ plans to increase supplies in April, and the possibility of a peace deal in Ukraine, which could boost Russian oil exports. / https://ninanews.com/Website/News/Details?key=1189347

Gold Posts Weekly Losses But Monthly Gains

Saturday 01 March 2025 08:58 | Economic Number of readings: 183  Baghdad / NINA / Gold prices fell in global markets at the end of trading on Friday evening, recording weekly losses, but achieved gains throughout the February sessions.

The price of gold futures fell by 1.6%, with losses of about $ 47, at $ 2848 per ounce, but recorded weekly losses of about 1.8%, but with monthly gains of 0.4%.

At settlement yesterday, gold fell in spot transactions by 0.9%, equivalent to $ 26, to $ 2851 per ounce.

The dollar rose against the euro by 0.3% at $ 1.0367, and the greenback rose against the Japanese yen by 0.5% at 150.6000 yen, and against the British pound by 0.2% at $ 1.2572. / https://ninanews.com/Website/News/Details?key=1189349

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

Seeds of Wisdom RV and Economic Updates Monday Morning 3-03-25

Good Morning Dinar Recaps,

RIPPLE UNLOCKS 1B XRP AS TRUMP ADDS IT TO US CRYPTO RESERVE, PRICE JUMPS 30%

▪Ripple unlocked 1 billion XRP on March 3, but re-locked 700 million tokens into escrow after Trump's crypto reserve announcement.

▪Whale Alert reported major XRP movements, with 500 million XRP sent to two different wallets.

▪XRP’s price hit $2.60 but faces resistance at $3; if it breaks through, the next target could be $3.40, its January high.

As part of the monthly release of 1 billion XRP tokens, Ripple unlocked another 1 billion XRP on the 3rd of March before re-locking the 700 million XRP tokens into an escrow wallet.

This came after U.S. President Donald Trump announced on Truth Social that select cryptocurrencies, including XRP, were added to the new U.S. Crypto Strategic Reserves. Following this news, XRP, the third-largest cryptocurrency by market cap, surged 30% in a day, reaching a market cap of $150 billion.

Could this endorsement bring in more institutional investors and fuel an even bigger rally? Let’s dive into the details.

XRP On the Move!

On March 3, blockchain tracker Whale Alert reported the release of 1 billion XRP from Ripple’s escrow accounts, worth around $2.6 billion in multiple transactions. The first 500 million XRP was sent in two batches 100 million first, followed by 400 million to the wallet ‘rGKHD…2Bdh.’

However, a few minutes later, another 500 million XRP was sent in a single transaction to the wallet ‘rHGfm…sbQr.’

Ripple unlocks XRP every month, but this time, the release gained more attention due to Trump’s announcement. Many believe that adding XRP to the U.S. Crypto Reserve could bring in more big investors and boost its price.

700 Million XRP Locked Back in Escrow

Despite unlocking 1 billion XRP, Ripple did not release all of it into the market. Instead, 700 million XRP was locked back into escrow. Here’s how the distribution played out:

First wallet: Received 500 million XRP but has not moved it yet. Previously, it sent 300 million to another wallet on March 1 and locked back 200 million.

Second wallet: Received 500 million XRP but quickly moved the same amount to another Ripple wallet, which then locked it back in escrow.

If Ripple follows its usual monthly pattern, another 100 million XRP might be locked, leaving only 200 million XRP in circulation.

XRP Price Jumps but Faces Resistance

Following these events, XRP’s price surged 17%, reaching $2.60 at the time of writing. In the past 24 hours, it has gained 30%, pushing its market cap to $150 billion.

However, technical indicators suggest that XRP is now facing resistance at the $3 level, which could slow down its rally. If buyers break past this level, the next target could be $3.40, its January high.

XRP’s bullish surge signals growing confidence—whether it can sustain this momentum is the real question.

@ Newshounds News™

Source:  Coinpedia

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TOKENIZATION CAN TRANSFORM REAL ESTATE INVESTING — POLYGON CEO

Tokenizing real estate and overhauling property investment markets has its challenges but is a killer use case for blockchain technology.

Real-world asset (RWA) tokenization can completely overhaul the real estate investment sector, which is highly illiquid, filled with intermediaries, and high transaction costs, according to Polygon CEO Mark Boiron.

In an interview with Cointelegraph, the CEO said that tokenization of properties could remove unnecessary intermediaries, thereby lowering transaction costs.

The CEO added that fractional ownership and trading tokenized real estate on the secondary markets would open up liquidity and increase the velocity of money. Boiron told Cointelegraph:

"The thing you really want is the ability to eliminate the illiquidity discount on real estate. All real estate is illiquid and therefore it's discounted to some degree. It can be more valuable if it's liquid."

Lumia Towers, an ongoing $220 million commercial real estate development in Istanbul, Turkey, featuring two skyscrapers with 300 mixed-use commercial and residential units, used Polygon's technology to tokenize the project.

Boiron said that the future of real estate is onchain. However, regulators must be comfortable with blockchain technology and public permissionless systems before tokenized real estate becomes the de facto standard.

In the United States, Quarter offers tokenized alternatives to debt-based home mortgages to increase levels of home ownership and make it more affordable to aspiring home buyers.

The company achieves this by assigning fractionalized equity rights to both the property investor and the prospective home buyer, which can be sold — deviating from the traditional debt-based mortgage financing that is the current standard in many jurisdictions.

In February 2025, real estate platform Blocksquare launched a real estate tokenization framework for the European Union that allows equity rights to be assigned and transferred onchain.

Real estate asset tokenization is gaining popularity in the United Arab Emirates (UAE) in what has become one of the hottest real estate markets in the world.

According to Tokinvest founder and CEO Scott Thiel, property developers in the UAE are scrambling to tokenize their projects as an alternative means to traditional financing structures.

Stablecoin issuer Tether also partnered with real estate platform Reelly Tech in February 2025 to expand the use of USDt in real estate transactions in the UAE.

@ Newshounds News™

Source:  CoinTelegraph

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

TNT:

Tishwash:  Mazhar Saleh: Geopolitical controls push towards shifting to official channels for currency trading

Mazhar Muhammad Salih, the financial advisor to the Prime Minister, confirmed that the geopolitical controls imposed on informal trade contribute to expanding dealings with official outlets for foreign currency, which contributes to financing foreign trade through the sound international financial system.

He pointed out in his statement to {Euphrates News} that "this shift aims to move away from informal financing from the parallel dollar market intensively, especially with the change in the behavior of small traders in avoiding the parallel market linked to the countries' regional and geopolitical problems." 

Saleh added that "this shift comes in the context of the importance of increasing Iraq's foreign reserves and confronting money smuggling operations, in addition to facilitating external transfer operations through Iraqi banks that deal with international banking correspondents, at an official exchange rate of 1,320 dinars per dollar."

He also stressed that the end of the compliance platform phase adopted by the Central Bank of Iraq in the past two years and the country's entry into a new phase has contributed to providing great flexibility in financial transfers through official channels.   link

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Tishwash:  Al-Sudani receives a delegation from the Chinese company (Power China) to review the projects it is implementing in Iraq

Prime Minister Mohammed Shia Al-Sudani received today, Sunday, the CEO of the Chinese company (Power China) Chen Guan Fu, and his accompanying delegation.

A statement from the Prime Minister's Office stated that during the meeting, the projects implemented by the company in Iraq were reviewed, including solar energy projects, combined cycle projects and gas stations, within the framework of government orientations seeking to diversify energy sources.

Al-Sudani was briefed on the plans and procedures followed to implement these projects, and the mechanisms for expanding the work of the Chinese company based on the plans set by the government, in addition to discussing joint projects with the Iraq Development Fund, especially in the field of investing and implementing clean and renewable energy projects in Iraq.  link

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Tishwash: Masa'iya" will return next Sunday.. The Iraqi parliament suspends its sessions this week

A source in the Iraqi parliament reported on Sunday that the parliament presidency has suspended sessions this week, and that they will resume next week.

The source told Shafaq News Agency, " The Iraqi Parliament Presidency informed the representatives that there will be no parliament session this week."

He added that " the council will resume its regular sessions on Saturday or Sunday of next week," indicating that "the sessions will be held in the evening after breakfast."   

Last week, the member of the Parliamentary Legal Committee, Mohammed Anouz, revealed to Shafak News Agency that the Parliament sessions during the month of Ramadan will be in the evening, i.e. after breakfast, to ensure the continuation of legislative work before the end of the current session .

It is noteworthy that the current session of the Iraqi Council of Representatives began on January 9, 2022, and is scheduled to continue for four years, which means that it will end on January 8, 2026 .

According to the amended Electoral Law No. 12 of 2018, legislative elections must be held 45 days before the end of the parliamentary term .

Accordingly, the next elections are expected to be held in late November 2025 .  link

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Mot: Where I Is Headed if the Dang - ""RV"" doesnt Happen Soon!!

Mot:  Amazing What Ya Learn frum da Net!!! 

Iraq Economic News and Points to Ponder Sunday Afternoon 3-2-25

Expert: The Decline In The Dollar Exchange Rate Is Not Guaranteed And Speculation Is Behind The Decline

March 2, 2025  Baghdad - Qusay Munther  Economist Mahmoud Dagher attributed the reasons for the decline in the dollar price in local markets to the filling of the dollar portfolios of neighboring countries. Dagher said in a statement yesterday that (the influx of large amounts of dollars to neighboring countries has led to their hard currency reserves being filled, which has contributed to the decline in the dollar price in local markets), noting that (the continuation of this decline is not guaranteed, given the existence of speculation in the dinar market that may affect the stability of the exchange rate).

 Local markets in Baghdad and the Kurdistan Region have witnessed a gradual decline in the dollar price, as it currently stands at 147 dinars per hundred dollars in Baghdad, while it has recorded 146,300 dinars per hundred dollars in the region.

At the same time, the Central Bank of Iraq has lifted the smoke from local brick factories by launching an environmental initiative aimed at converting these factories from using polluting fuel to clean energy, in line with global trends to confront climate change, which paves the way for a more sustainable economy, and puts Iraqi industry on the cusp of a green transformation that contributes to reducing carbon emissions and protecting the environment.

The bank said in a statement received by (Al-Zaman) yesterday that (in light of global trends, and in line with the policies of central banks in reducing carbon emissions and enhancing environmental sustainability, we announce the adoption of clean energy solutions in coordination with the Ministry of Environment, which contribute to achieving sustainable development),

 and indicated that (based on this role, we announce the inclusion of local brick factories in soft loans for the renewable energy initiative to shift from the use of polluting fuel, black oil, to cleaner fuel, liquefied gas, to reduce air pollution, raising the loan ceiling to 500 million dinars for each factory through licensed Iraqi banks),

and the statement explained that (the bank also decided to support the Environmental Protection and Improvement Fund with an amount of one billion dinars to confront air pollution and the resulting environmental changes),

 and went on to say that (these decisions come in response to the requirements of green economic development, reducing the environmental impact of industry and supporting the gradual transition towards a more sustainable economy).

The bank confirmed that gold reserves recorded a growth of 45.1 percent. The statement said that (the bank's gold reserves recorded a growth of 45.1 percent in the fourth quarter of last year compared to the same quarter of the previous year, as they rose from 12.29 trillion dinars in the fourth quarter of 2023 to 17.83 trillion dinars for the same quarter of the same year,

 as a result of the increase in the quantity and prices of gold), noting that (this carries great benefits as it enhances economic and financial stability and protects against risks, and is considered an important tool for intervening in the exchange market).

In a related context, foreign and Iraqi gold prices decreased in the local markets in Baghdad, while they stabilized in Erbil.Experts said that (gold prices in the wholesale markets of Al-Nahr Street in Baghdad recorded a selling price for one mithqal of 21 karat Gulf, Turkish and European gold of 590 thousand dinars, and the purchase price of 586 thousand dinars),

 adding that (the selling price of one mithqal of 21 karat Iraqi gold recorded at 560 thousand dinars, and the purchase price reached 556 thousand), stressing that (gold prices in goldsmiths’ shops for the Gulf mithqal of 21 karat range between 590 and 600 thousand dinars,

while the sale of the Iraqi gold mithqal ranges between 560 and 570 thousand dinars), and the experts went on to say that (gold prices in Erbil recorded stability, as the price of 24 karat gold reached 685 thousand dinars for sale, 22 karat gold reached 628 thousand dinars, 21 karat gold reached 600 thousand dinars for sale, and 18 karat gold reached 515 thousand dinars).

Meanwhile, Rafidain and Rashid banks have started disbursing the salaries of civilian and military retirees for the current month of March. A statement received by Al-Zaman yesterday said that “Rafidain and Rashid banks have raised the salaries of civilian and military retirees for the current month of March,” and the two banks stressed that “beneficiaries should visit their branches and electronic payment centers to receive their financial dues.”

 The National Retirement Authority had previously announced the disbursement of retirees’ salaries for the month of March. The Authority’s Deputy Chairman, Hussam Abdul Sattar, said in a statement yesterday that “the salaries of retirees for the current month have been disbursed.”

Calling on retirees who receive text messages to (review the disbursement outlets to receive their salaries gradually).

 Meanwhile, the Ministry of Labor and Social Affairs launched the social assistance payment for the month of March. A statement by the ministry received by Al-Zaman yesterday stated that (the ministry announces the launch of the social assistance payment for the current month, which includes more than two million and 117) thousand families, with a total amount exceeding 457 billion dinars).

For his part, the head of the Social Protection Authority, Ahmed Al-Moussawi, said that (the number of families covered by the assistance supported by men has reached more than one million and 536 thousand families, with a total amount exceeding 368 billion dinars, while the number of families supported by women has reached more than 581) thousand families, with a total amount exceeding 88 billion dinars),

 calling on the beneficiary families to (review the disbursement outlets to receive the assistance allocated to them), stressing (the necessity of following up on the announced disbursement dates to ensure receipt of the amounts), and he went on to say (the beneficiaries must not withdraw the full amounts deposited in their cards, to benefit from the discount service that reaches 15 percent in hypermarkets, which has officially entered into force).  LINK

The Dollar Continues Its Sudden Decline In The Irayqi Markets With The Closure Of The Stock Exchange

Economy | 05:56 - 02/03/2025    Mawazine News – The US dollar prices witnessed a decline today, Sunday, in the markets of the capital Baghdad and Erbil, the capital of the Kurdistan Region, with the closure of the stock exchange in the country.

The dollar prices decreased with the closure of the two main stock exchanges in Baghdad, Al-Kifah and Al-Harithiya, to record 147,500 dinars per 100 dollars, while the prices were 147,800 dinars per 100 dollars this morning.

As for the selling prices in exchange shops in the local markets in Baghdad, they decreased, as the selling price reached 148,500 dinars per 100 dollars, while the purchase price reached 146,500 dinars per 100 dollars.

In Erbil, the dollar also recorded a decline, as the selling price in exchange shops reached 146,800 per 100 dollars, while the purchase price reached 146,700 dinars per 100 dollars. https://www.mawazin.net/Details.aspx?jimare=259931

IMF Confirms Support For Iraq In Developing Financial Policies

Money and business   Economy News - Baghdad

The Ministry of Finance confirmed, on Sunday, that the Iraqi government is committed to achieving financial sustainability that supports development and stimulates investment, while the International Monetary Fund expressed its support for Iraq in developing financial policies.

A statement by the ministry, seen by Al-Eqtisad News, stated that "the Iraqi delegation concluded its meetings with the International Monetary Fund in Amman during the period from February 24 to 26, 2025, with the participation of the Minister of Finance, Taif Sami Muhammad, and the Governor of the Central Bank of Iraq," noting that "the economic performance of Iraq and the prospects for sustainable growth were discussed, amid appreciation for the progress made."

The statement added, "The discussions, in which experts from the Ministries of Finance, Planning, Oil, Electricity and the Central Bank participated, focused on macroeconomic indicators, where a remarkable growth in non-oil GDP was recorded at 5% for the year 2024, driven by the expansion of the agricultural sector and the increase in public spending, with growth expected to continue at 3.5% in 2025."

The mission confirmed, according to the statement, that "these figures reflect an improvement in economic diversification and a reduction in dependence on oil, which enhances the stability of the national economy, in addition to reviewing actual expenditures and expected revenues for the year 2024 and expectations for the year 2025 and how to finance the deficit."

The statement added that "the meeting discussed updating the public debt strategy with mechanisms that ensure public financial sustainability and enhance investor confidence in government bonds. The IMF also stressed the importance of developing the banking sector to support investments and attract foreign capital, which contributes to creating a more stable financial environment."

The Fund confirmed, according to the statement, "its support for Iraq in developing financial policies by providing advisors and experts to assist the Ministry of Finance in managing public debt and improving the tax system in line with the requirements of economic growth."

The statement added, "Within the framework of enhancing financial stability, it was agreed to intensify efforts to expand cooperation with foreign correspondent banks, which facilitates foreign trade financing operations, in addition to enhancing the use of the Iraqi dinar in major transactions, which enhances the strength of the national currency."

The meetings stressed the continued progress in financial and economic reforms, reflecting the Iraqi government’s commitment to achieving financial sustainability that supports development and stimulates investment, in light of an ongoing strategic partnership with the International Monetary Fund.   https://economy-news.net/content.php?id=53079

Iraq, IMF Announce New Steps To Boost National Economy

Economy | 04:46 - 02/03/2025  Mawazine News – The Iraqi Ministry of Finance announced today, Sunday, the results of the meetings held with the International Monetary Fund in the Jordanian capital, Amman, where it was agreed to intensify efforts to expand cooperation with foreign correspondent banks, in a move aimed at enhancing financial stability and supporting the national economy.

A statement issued by the ministry, received by "Mawazine News", stated:

The Iraqi delegation, headed by the Minister of Finance, Taif Sami Mohammed, and the Governor of the Central Bank of Iraq, concluded its meetings with the International Monetary Fund from February 24 to 26, 2025, where Iraq's economic performance and prospects for sustainable growth were discussed, indicating that the progress achieved in various economic sectors was appreciated.

yThe statement indicated that the discussions focused on macroeconomic indicators, as a remarkable growth in non-oil GDP was recorded at 5% for the year 2024, supported by the expansion of the agricultural sector and the increase in public spending, indicating that growth was expected to continue at 3.5% in 2025, reflecting an improvement in economic diversification and a reduction in dependence on oil, which enhances the stability of the national economy.

The meeting also addressed updating the public debt strategy, emphasizing the importance of developing the banking sector to support investments and attract foreign capital, which contributes to improving financial stability.

The International Monetary Fund affirmed its support for Iraq in developing financial policies by providing advisors and experts to assist the ministry in managing public debt and improving the tax system.

In the context of enhancing financial stability, it was agreed to intensify cooperation with foreign correspondent banks, which would contribute to facilitating foreign trade financing operations and enhancing the use of the Iraqi dinar in major transactions.

In conclusion, the statement stressed that the meetings confirmed the continued progress in financial and economic reforms, reflecting the Iraqi government's commitment to achieving financial sustainability that supports development and drives investment, in light of an ongoing strategic partnership with the International Monetary Fund. https://www.mawazin.net/Details.aspx?jimare=259926

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

Seeds of Wisdom RV and Economic Updates Sunday Afternoon 3-02-25

Good Afternoon Dinar Recaps,

WHITE HOUSE CRYPTO CZAR CONFIRMS US TO ESTABLISH RESERVE WITH BITCOIN AND OTHER TOP CRYPTOCURRENCIES

White House Crypto Czar David Sacks has endorsed President Donald Trump’s U.S. Crypto Strategic Reserve, highlighting its inclusion of bitcoin and other top cryptocurrencies to position the U.S. as a global leader.

Trump’s US Crypto Strategic Reserve Sparks Industry Buzz

David Sacks, the White House AI and crypto czar, has expressed support for President Donald Trump’s announcement of a U.S. crypto strategic reserve. In a post on social media platform X, Sacks stated:

"President Trump has announced a Crypto Strategic Reserve consisting of bitcoin and other top cryptocurrencies. This is consistent with his week-one E.O. 14178. President Trump is keeping his promise to make the U.S. the ‘Crypto Capital of the World.’ More to come at the Summit."

On March 2, President Trump outlined the composition and goals of a proposed U.S. crypto reserve on Truth Social. He claimed the initiative would revitalize the cryptocurrency sector, which he said was harmed under the Biden administration. 

Trump stated that his executive order on digital assets directed the Presidential Working Group to develop a Crypto Strategic Reserve, including XRP, SOL, and ADA, aiming to position the U.S. as a global leader in crypto.

 In a follow-up post, he confirmed that BTC and ETH would be central to the reserve, expressing support for bitcoin and ethereum. His statements indicate a push to integrate major cryptocurrencies into national financial policy.

Historically, President Trump’s stance on cryptocurrencies has evolved. Initially skeptical, he has recently adopted a more supportive position, aligning with his promise to establish the U.S. as a hub for cryptocurrency innovation. The issuance of Executive Order 14178 reflects this commitment, directing federal agencies to develop frameworks that support digital asset integration and regulation.

Sacks also announced on Feb. 28 plans for a significant industry event, stating on X: “President Trump will host the first White House Crypto Summit on Friday, March 7. Attendees will include prominent founders, CEOs, and investors from the crypto industry. Look forward to seeing everyone there!”

The summit is expected to facilitate dialogue between the administration and key stakeholders, further solidifying the U.S.’s leadership role in the global cryptocurrency landscape.

@ Newshounds News™
Source:  Bitcoin News

~~~~~~~~~

INSIDE THE WHITE HOUSE CRYPTO SUMMIT: TRUMP TO LEAD TALKS WITH 25 KEY GUESTS

This Friday, March 7th, marks the first-ever White House Crypto Summit, a key event that aims to shape the future of cryptocurrency policy in the U.S. According to Fox Business, the summit is part of a series designed to replace the previously proposed Crypto Advisory Council, giving the President’s Working Group on Digital Assets a chance to collaborate directly with the crypto industry on key issues.

“The White House announced today that President Trump will host and deliver remarks at the first ever White House Crypto Summit on Friday, March 7. Attendees will include prominent founders, CEOs, and investors from the crypto industry, as well as members of the President’s Working Group on Digital Assets,” the press release stated.

Around 25 invitees are expected to attend the summit, though the guest list is still under wraps. It’s anticipated that more details on who will be present will be released soon.

 Some important figures, like David Sacks (the White House’s crypto czar) and Bo Hines, are expected to be involved, which signals a positive direction for crypto legislation and future policy clarity.

The shift from a formal advisory council to these summits suggests a more flexible approach to policymaking, allowing for direct engagement with industry leaders. This is seen as a step in the right direction for crypto, offering a clearer path forward and showcasing the government’s growing support for the industry.

The White House crypto summit is expected to spark important discussions that could influence future legislation and solidify the role of crypto in the U.S. economy. As crypto continues to gain mainstream acceptance, this summit is a strong signal that the government is committed to ensuring its place in the financial landscape.

@ Newshounds News™

Source:  Coinpedia

~~~~~~~~~

DE-DOLLARIZATION: GLOBAL BANK PREDICTS FUTURE OF THE US DOLLAR

Despite de-dollarization, the US dollar rebounded in price as the DXY index, which measures its performance climbed above the 107 mark. The DXY index is now trading at the 107.40 level after surging 0.15% on Friday. The US treasury yields rose this month making the greenback strengthen in the charts. The move pushed gold prices below the $2,900 range making the XAU/USD index trade at $2,860 on Friday’s opening bell.

Leading investment bank Goldman Sachs predicted the future of the US dollar as de-dollarization looms. The global bank weighed the pros and cons of the currency markets and wrote in the latest note to stakeholders that the greenback will make a comeback.

Goldman Sachs Predicts the Future of the US Dollar Amid De-Dollarization

Global investment bank Goldman Sachs wrote in a note that the US dollar could get a boost despite de-dollarization as Trump’s tariffs could uplift the greenback. Goldman Sachs strategists Karen Reichgott Fishman and Lexi Kanter wrote that the US dollar looks attractive due to the tariffs.

Trump has vowed to protect the US dollar amid the onslaught of the de-dollarization agenda kick-started by developing nations. “Ultimately, not all tariffs are equal when it comes to FX,” the strategists wrote in a note. “But given the unwind of premium in key crosses in recent weeks, we once again think tariff risks look underpriced, making long dollar exposure now look even more attractive.”

Therefore, currency investors can take long positions in the US dollar now as its prospects look “more attractive”. Local currencies are under pressure due to tariffs and the USD is coming out on top. The Indian rupee has fallen to a lifetime low while the Chinese yuan and the Japanese yen have dipped to yearly lows. The development indicates that tariffs are working against de-dollarization and placing the US dollar on top.

@ Newshounds News™

Source:  Watcher Guru

~~~~~~~~~

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Thank you Dinar Recaps

Some Iraq News Posted by Clare at KTFA 3-2-2025

KTFA:

Clare:  The Central Bank invites the Ministry of Culture to receive gold artifacts deposited in its vaults

In light of Baghdad being chosen as the Arab Tourism Capital for 2025 by the Arab Tourism Organization, and in order to provide Iraqi museums with original antiquities to be a tourist destination that attracts tourists from all over the world, the Central Bank of Iraq confirms the existence of about 23 boxes containing golden and historical antiquities, such as the Nimrud antiquities, which were deposited in the vaults of the Central Bank of Iraq in previous years to preserve them.

The Central Bank called on the Ministry of Culture to receive these deposits, to enhance the contents of the Iraqi National Museum and other museums.

 Central Bank of Iraq 
Media Office 
March 1, 2025

https://cbi.iq/news/view/2809

Clare:  Central Bank: Gold reserves grow by 45.1%

3/2/2025 

The Central Bank announced, today, Sunday, that gold reserves grew by 45.1% in the fourth quarter of 2024 compared to the same quarter of the previous year.

The bank's media stated in a statement received by {Al Furat News} that "gold reserves increased from 12.29 trillion dinars in the fourth quarter of 2023 to 17.83 trillion dinars in the same quarter of 2024," explaining that this growth is due to the increase in the amount of gold and global gold prices.

The statement added that "the growth of reserves has great benefits, as it enhances economic and financial stability and protects against risks, and is considered an important tool for intervening in the foreign exchange market."  LINK

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

Clare:  Iraqi dinar hits nine-month high against US dollar

3/2/2025    ERBIL  –

The Iraqi Dinar exchange rate has reached its highest level in the past nine months, with the currency strengthening against the US Dollar in both the Iraqi and Kurdistan Region markets.

On Sunday, the US Dollar was trading at 147,750 dinars, but it has since appreciated to 145,950 dinars, signaling a positive shift in the national currency's value.

This significant improvement is largely attributed to the effective measures implemented by the Central Bank of Iraq. The bank's consistent efforts in maintaining a steady supply of dollars, coupled with a decrease in demand for the US currency, have played a key role in strengthening the dinar. 

Despite rumors surrounding potential sanctions on Iraqi banks, the exchange rate has remained stable, providing further confidence in the resilience of the Iraqi economy.   LINK

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

Clare:  Dollar prices decline "gradually" in Baghdad and Erbil

3/2/2025

The markets of the Iraqi capital, Baghdad, and Erbil, the capital of the Kurdistan Region, are witnessing a gradual decline in the exchange rates of the US dollar today, Sunday.

Shafaq News Agency correspondent reported that the dollar prices decreased in Al-Kifah and Al-Harithiya stock exchanges in Baghdad, where the exchange rate at one o'clock in the afternoon recorded 147,100 dinars for every 100 dollars, after it was 147,800 dinars this morning.

In the local markets in the capital, exchange rates declined at exchange offices, with the selling price reaching 148,000 dinars for every 100 dollars, while the buying price reached 146,000 dinars.

In Erbil, the dollar recorded a similar decline, with the selling price reaching 146,400 dinars per 100 dollars, while the buying price reached 146,300 dinars.  LINK

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

Clare:  Financial and Economic Measures.. Iraqi Finance Ministry Announces Results of its Meeting with the International Monetary Fund

3/2/2025

The Iraqi Ministry of Finance announced, on Sunday, the results of its meetings with the International Monetary Fund, indicating an agreement to intensify efforts to expand cooperation with foreign correspondent banks, while the IMF stressed the importance of developing the banking sector.

The ministry stated in a statement received by Shafaq News Agency, "The Iraqi delegation concluded its meetings with the International Monetary Fund in Amman during the period from February 24 to 26, 2025, with the participation of the Minister of Finance, Taif Sami Muhammad, and the Governor of the Central Bank of Iraq. Iraq's economic performance and prospects for sustainable growth were discussed, amid appreciation for the progress made."

He explained that "the discussions, in which experts from the Ministries of Finance, Planning, Oil, Electricity and the Central Bank participated, focused on macroeconomic indicators, where a remarkable growth in non-oil GDP was recorded at 5% for 2024, driven by the expansion of the agricultural sector and increased public spending, with growth expected to continue at 3.5% in 2025.

The mission confirmed that these figures reflect an improvement in economic diversification and a reduction in dependence on oil, which enhances the stability of the national economy, in addition to reviewing actual expenditures and expected revenues for 2024 and expectations for 2025 and how to finance the deficit."

The statement added, "The meeting also discussed updating the public debt strategy with mechanisms that ensure public financial sustainability and enhance investor confidence in government bonds. The IMF also stressed the importance of developing the banking sector to support investments and attract foreign capital, which contributes to creating a more stable financial environment."

The International Monetary Fund confirmed, according to the statement, "its support for Iraq in developing financial policies by providing advisors and experts to help the Ministry of Finance manage public debt and improve the tax system in line with the requirements of economic growth."

The statement continued, "Within the framework of enhancing financial stability, it was agreed to intensify efforts to expand cooperation with foreign correspondent banks, which facilitates foreign trade financing operations, in addition to enhancing the use of the Iraqi dinar in major transactions, which enhances the strength of the national currency."

The statement concluded by saying, "The meetings emphasized the continued progress in financial and economic reforms, which reflects the Iraqi government's commitment to achieving financial sustainability that supports development and stimulates investment, in light of an ongoing strategic partnership with the International Monetary Fund."

On February 26, Iraqi Finance Minister Taif Sami discussed with the International Monetary Fund financial and banking reforms to support the Iraqi economy, during periodic meetings held in the Jordanian capital, Amman.  LINK

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

Clare: Kurdish delegation holds meeting in Baghdad to decide on resuming oil exports

3/2/2025

Informed sources reported on Sunday that a delegation from the Kurdistan Regional Government arrived in the capital, Baghdad, to put the final touches on the file of resuming oil exports via the Turkish Ceyhan pipeline.

A source told Shafaq News Agency, "A delegation from the Ministry of Energy and Natural Resources of the Kurdistan Regional Government is currently holding a meeting with officials at the headquarters of the Federal Ministry of Oil, to resolve matters related to resuming oil exports from the region's fields, and other issues related to the work of companies."

Another source told the agency, "This meeting was scheduled to be held next Tuesday, but developments in the file prompted the date to be brought forward," without mentioning further details.

Yesterday, Saturday, the Federal Ministry of Oil invited international oil companies under the umbrella of "APICOR" and contracted with the Kurdistan Regional Government, in addition to the Ministry of Natural Resources in the region, to attend a meeting in Baghdad next Tuesday, March 4, 2025.

Last Friday, eight international oil companies operating in the Kurdistan Region announced that they would not resume oil exports through the Turkish port of Ceyhan, despite Baghdad’s announcement of the imminent resumption of exports.

Before that, Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul Ghani announced the resumption of Kurdistan Region oil exports via the Turkish port of Ceyhan within the coming hours. LINK

Iraq Economic News and Points to Ponder Late Saturday Evening 2-28-25

In A Graphical Analysis.. The Months With The Most And Least Impact On The Fluctuations Of The Dollar Against The Dinar Since 2005

Time: 2025/02/28 12:20:11 Read: 2,235 times  {Economic: Al Furat News} Economic expert Manar Al-Obaidi stated that the exchange rate of the Iraqi dinar against the US dollar in the parallel market has witnessed noticeable fluctuations over the course of twenty-one years, as a result of being affected by political, legislative and economic factors, with supply and demand dominating as the most influential factors.

Al-Obaidi explained in a statement received by {Euphrates News} a copy of it, after analyzing the exchange rate data from 2005 to 2024, that there is a recurring pattern that reflects the dinar’s value being affected by specific months more than others.

He pointed out that December was the month with the most frequent increase in the value of the dinar, as it witnessed a decline in the exchange rate against the dollar in thirteen years out of twenty-one.

He added, “It is followed by August and June with increases in the value of the dinar against the dollar in eleven years, then April with ten times, while October and November witnessed an increase nine times, and March eight times.”

Al-Obaidi continued, “As for May, it was the month with the least frequent decrease in the value of the dinar, as its value rose during it only four times throughout the period studied, which gives the impression of a relationship between the seasonality of demand and the exchange rate, as the value of the dinar usually rises in the months of February, March and April, then declines again in May with the return of strong demand.”

The economic expert noted that "despite this clear seasonal effect, there are other factors that cannot be ignored, such as the levels of dollar sales by the Central Bank of Iraq, which directly affect the size of the money supply in the market, in addition to the timing of the general budget launch and geopolitical factors that may cause sudden disturbances in the demand for foreign currency."

He pointed out that the seasons of the year remain one of the main elements in determining the exchange rate trends in Iraq, as a recurring pattern appears at the end of the year and the beginning of the fiscal year, in addition to the market being affected by official holidays in countries exporting goods to Iraq.

 However, monetary policies and political and economic developments continue to have a direct impact on the parallel market, making it necessary to monitor all these variables to understand exchange rate changes more accurately."   LINK

The Central Bank Calls On The Ministry Of Culture To Decide The Fate Of 23 Boxes Filled With Gold And Historical Artifacts

Buratha News Agency107  2025-03-01   The Central Bank of Iraq, on Saturday, invited the Ministry of Culture to provide 23 boxes containing gold and historical artifacts to enhance Iraqi museums.

A statement from the Central Bank stated that, “In light of Baghdad being chosen as the Arab Tourism Capital for 2025 by the Arab Tourism Organization, and in order to provide Iraqi museums with original artifacts to be a tourist destination that attracts tourists from all over the world, the Central Bank of Iraq confirmed the existence of about 23 boxes containing gold and historical artifacts, such as the Nimrud artifacts, which were deposited in the vaults of the Central Bank of Iraq in previous years to preserve them.”

The bank also called on the Ministry of Culture to receive these trusts to enhance the contents of the Iraqi National Museum and other museums.  https://burathanews.com/arabic/news/457006

Prime Minister's Advisor: The Central Bank Is Moving Towards Issuing A Digital Currency As A Gradual Alternative To Paper Currency

Saturday 01 March 2025 10:49 | Economic Number of readings: 373    Baghdad / NINA / The financial advisor to the Prime Minister, Mazhar Mohammed Salih, announced today, Saturday: "The Central Bank is moving towards issuing a digital currency, as a gradual alternative to paper currency," explaining the benefits of issuing a digital currency specific to the Central Bank, while indicating that its issuance will represent a qualitative leap in the national payment system and enhance transparency.

Salih said, according to the official agency: "This step will achieve many benefits, including reducing cash leakage, reducing printing costs, and limiting the circulation of paper currency outside the banking system, in addition to reducing the need to print money repeatedly, which reduces the costs associated with its production and distribution, in addition to enhancing transparency and control over financial flows and the ability to track digital liquidity and spending trends, whether consumer, savings, or investment, in addition to improving control over capital and foreign transfers, and supporting efforts to combat money laundering."

He pointed out: "Digital currencies contribute to achieving financial inclusion, especially for the groups least integrated into the banking system, which contributes to enhancing economic and social integration."

He noted that: "The transition to digital currency requires a strong technical infrastructure, including reliable and advanced internet networks, advanced cybersecurity systems to protect data and transactions, as well as promoting a culture of societal acceptance of digital currencies, starting with government agencies, through their use in collection operations and official transactions."

The advisor stressed: "Digital cash will maintain its traditional functions as a unit of account, payments and savings, with the possibility of using it over the internet and smartphones, which contributes to the development of a more stable and efficient financial environment." https://ninanews.com/Website/News/Details?key=1189385

Prime Minister's Advisor: The Central Bank Is Moving Towards Issuing A Digital Currency As A Gradual Alternative To Paper Currency

Saturday 01 March 2025 10:49 | Economic Number of readings: 373  Baghdad / NINA / The financial advisor to the Prime Minister, Mazhar Mohammed Salih, announced today, Saturday: "The Central Bank is moving towards issuing a digital currency, as a gradual alternative to paper currency," explaining the benefits of issuing a digital currency specific to the Central Bank, while indicating that its issuance will represent a qualitative leap in the national payment system and enhance transparency.

Salih said, according to the official agency: "This step will achieve many benefits, including reducing cash leakage, reducing printing costs, and limiting the circulation of paper currency outside the banking system, in addition to reducing the need to print money repeatedly, which reduces the costs associated with its production and distribution, in addition to enhancing transparency and control over financial flows and the ability to track digital liquidity and spending trends, whether consumer, savings, or investment, in addition to improving control over capital and foreign transfers, and supporting efforts to combat money laundering."

He pointed out: "Digital currencies contribute to achieving financial inclusion, especially for the groups least integrated into the banking system, which contributes to enhancing economic and social integration."

He noted that: "The transition to digital currency requires a strong technical infrastructure, including reliable and advanced internet networks, advanced cybersecurity systems to protect data and transactions, as well as promoting a culture of societal acceptance of digital currencies, starting with government agencies, through their use in collection operations and official transactions."

The advisor stressed: "Digital cash will maintain its traditional functions as a unit of account, payments and savings, with the possibility of using it over the internet and smartphones, which contributes to the development of a more stable and efficient financial environment."

https://ninanews.com/Website/News/Details?key=1189385

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

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

TNT:

Tishwash:  Iraq's gold reserves rise to more than 17 trillion dinars

The Central Bank of Iraq announced, on Sunday, that it recorded a growth in its gold reserves by 45.1% in the fourth quarter of 2024 compared to the same quarter of the previous year.

The bank stated in a statement today that its gold reserves "increased from 12.29 trillion dinars in the fourth quarter of 2023 to 17.83 trillion dinars for the same quarter in 2024 as a result of the increase in the quantity of gold and gold prices.

The statement added, "This has many benefits, as it enhances economic and financial stability, protects against risks, and is considered an important tool for intervening in the foreign exchange market." link

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

Tishwash:  The Federal Finance will begin funding February salaries for the region’s employees within two days

An informed source revealed, today, Sunday (March 2, 2025), that the Federal Ministry of Finance will begin financing the salaries of Kurdistan Region employees within the next two days.

The source told Baghdad Today, "The lists sent by the regional government have been audited, and the financing of employees' salaries in Kurdistan will begin within the next two days, after all the problems."

He added, "The Federal Ministry of Finance will send 950 billion dinars to finance February salaries, after which the regional government will announce a schedule for disbursing salaries."

Yesterday, Saturday (March 1, 2025), a responsible Kurdish source stated that the Ministry of Finance will send February salaries to the region’s employees in the middle of next week, confirming that there is a problem with the agreement between the region and the center.

It seems that the source expressed his fear to "Baghdad Today", saying, "The regional government did not abide by the terms of the agreement with Baghdad, and this may cause problems with salaries."

Meanwhile, the member of the Kurdistan Justice Party, Ribwar Muhammad Amin, confirmed earlier that the federal banks had expressed their readiness to localize the salaries of Kurdistan employees, presenting the argument to the regional government. link 

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

Tishwash:  Sudanese Advisor: Digital currency is a qualitative leap that improves oversight and supports combating money laundering

The financial advisor to the Prime Minister, Mazhar Mohammed Salih, praised, on Saturday, the Central Bank of Iraq’s move towards issuing a digital currency, considering it a qualitative leap that enhances transparency and control over financial flows, improves oversight of capital and foreign transfers, and supports efforts to combat money laundering. 

Saleh said in a statement reported by the official news agency, and seen by "Al-Eqtisad News", that "the Central Bank is moving towards issuing a digital currency as a gradual alternative to paper currency," indicating that "this trend represents a qualitative leap in the national digital payments system." 

He added, "This step will achieve many benefits, including reducing cash leakage, lowering printing costs, and limiting the circulation of paper currency outside the banking system, in addition to reducing the need to print money repeatedly, which reduces the costs associated with its production and distribution, in addition to enhancing transparency and control over financial flows and the ability to track digital liquidity and spending trends, whether consumption, savings or investment, in addition to improving control over capital and foreign transfers, and supporting efforts to combat money laundering." 

He pointed out that "digital currencies contribute to achieving financial inclusion, especially for groups less integrated into the banking system, which contributes to enhancing economic and social integration." 

He stressed that "the transition to digital currency requires a strong technical infrastructure that includes reliable and advanced internet networks and advanced cybersecurity systems to protect data and transactions, in addition to promoting a culture of societal acceptance of digital currencies, starting with government agencies, through their use in collection operations and official transactions." 

He explained that "digital cash will maintain its traditional functions as a unit of account, payments and savings, with the possibility of using it online and on smartphones, which will contribute to developing a more stable and efficient financial environment."  link

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

Mot:  . Whoosh!  Its March

Mot:  Lets Hope So!!!! -- HUH!!!! 

Iraq Economic News and Points to Ponder Saturday Afternoon 2-28-25

An Analysis Explains In Detail The Reasons For The Fluctuations Of The Iraqi Dinar Exchange Rate Against The Dollar In 21 Years
 
Economy     Iraq     Breaking     Dollar     Fluctuations     Dinar prices  2025-02-28 01:04   Shafaq News/ The "Iraq Future" Foundation for Economic Studies and Consultations   attributed, on Friday, the reasons for the fluctuations of the dinar exchange rate against the US dollar in the parallel market over more than two decades in the country to internal and external factors.
 
This came according to an analysis issued by the Foundation in which these fluctuations explained from 2005 until 2024.

In its analysis, the Foundation stated that 
"the Iraqi dinar exchange rate against the US dollar in the parallel market witnessed noticeable fluctuations over the past 21 years, as it was affected by a group of factors that ranged between 

     politics, 
     legislative and 
     economic." 

However, the analysis added that "the supply and demand were the most influential, as the 
patterns of changing the exchange rate differed according to the months of the year as a result of internal and external factors, such as the 

     timing of the public budget launch and 
     official holidays in major countries exporting goods to Iraq, such as China and Iran."

He pointed out that  "by analyzing the exchange rate data in the parallel market from 2005 to the year 2024,  it appears almost a repeated format that reflects the impact of the value of the dinar in more months than others." According to the Foundation,
 
"The month of December was the most frequent in the high value of the dinar, as it witnessed a decline in 13 years out of 21 years, followed by: August and June, with heights in the value of the dinar against the dollar in 11 years, then April 10 times, while the month of October and November had witnessed an increase in 9 times, and March 8 times."
 
The month of May was the least repeated in the decline in the value of the dinar, as
 
its value increased only 4 times throughout the studied period, which gives almost the impression that the dinar prices against the dollar rise in February, Azar and Nissan, then the decrease against the dollar in May as a result of the return of the demand strongly in May.
 
In its analysis, the Foundation warned that
 
"despite this clear seasonal effect on the exchange rate, 

there are other factors that cannot be ignored, such as the levels of the dollar selling by the Central Bank of Iraq that directly affect the size of the cash supply in the market, as well as 

     political and financial factors such as the timing of the public budget funds, as well as the 

     geopolitical conditions that may cause sudden disturbances in the demand for foreign currency." The analysis concluded that "the effect of the

 seasons of the year remains one of the main elements in determining the trends of the exchange rate in Iraq, where
 
a frequent pattern appears at the end of the year and the beginning of the fiscal year, in addition to its influence on the official holidays in the countries exporting goods to Iraq,
 
but other factors, such as 
     monetary policies and 
     political and economic developments, 

remain a direct impact on the parallel market,  which makes it necessary to monitor all these variables to understand the exchange rate changes with more accurately." 
  
https://www.shafaq.com/ar/اقتصـاد/تحليل-يشرح-سباب-تقلبات-سعر-صرف-الدينار-العراقي-مام-الدولار-خلال-21-عاما 

Al-Alaq: Iraq Has Become One Of The Best Countries In The World In Controlling The Sale Of The Dollar

Banks  Economy News – Baghdad  The Governor of the Central Bank, Ali Al-Alaq, confirmed on Saturday that Iraq has become one of the best countries in the world in controlling the sale of the dollar.

Al-Alaq said in a statement reported by the official news agency, and reviewed by "Al-Eqtisad News", that "Iraq has today become one of the best countries in the world in controlling the sale of the dollar, as this process is carried out with transparency and accuracy, and through it the citizen verifies his documents and his departure from the country," explaining that "this mechanism is the most disciplined, transparent and controlled in the world, as indicated by international experts."

Al-Alaq noted that "false news and media distortion may harm the interests of Iraq and the banking sector," stressing the importance of being proud of the major developments that Iraq is witnessing.

He pointed out that "the government and the Central Bank are working hard to establish sound practices that are compatible with international standards," calling for "the need to highlight these achievements in the media."

He pointed out that "highlighting these transformations and developments helps enhance international confidence in the Iraqi banking sector, which is vital to the continued development of the financial system in Iraq."   https://economy-news.net/content.php?id=53062

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

Seeds of Wisdom RV and Economic Updates Saturday Afternoon 3-01-25

Good afternoon Dinar Recaps,

RUSSIA WANTS TO REVERSE DE-DOLLARIZATION: WHAT IT MEANS FOR THE US DOLLAR?

The US dollar has always been surrounded by serious foes and enemies, the ones that want to derail its reserve currency status.

To expedite the de-dollarization concept, Russia and China have always been quite vocal about their ideas, adding how they both want to derail the US dollar hegemony by putting forth the idea of the multi-polar currency world.

This roughly sparked the promotion of local currencies on an international scale, jeopardizing the dollar’s supremacy. With the US and EU sanctioning Russia and expelling it out of the SWIFT system, Russia opted for yuan, all while promoting the narrative of de-dollarization at a rapid pace.

But now it seems that things have started to take an interesting turn, with Russia showing a softening stance against the US. What is this all about? Let’s find out.

Tables Turning Around: Trump Supporting Russia

With Donald Trump assuming the role of the US president, his ideas of bolstering the US economy via tariffs have been gaining widespread momentum. Apart from that, another significant development that has caught the world’s attention is Trump’s increased effort to conclude the ongoing Ukraine-Russia war. 

The US president has often been noted stating the gruesome repercussions of the ongoing Russia-Ukraine war, adding that Zelensky should have made a deal to end the war earlier, showing a supportive stance towards Russia.

“I hear that they’re upset about not having a seat. Well, they’ve had a seat for three years and a long time before that. This could have been settled very easily… Russia wants to do something. They want to stop the savage barbarism.”

"You should have never started it. You could have made a deal…I could have made a deal for Ukraine… That would have given them almost all of the land, everything. Almost all of the land—and no people would have been killed, and no city would have been demolished.”

Trump earlier shared how he has the power to end the war.

“I think I have the power to end this war,” he added.

De-Dollarization To End: Russia Praises Trump

On the other hand, Russian PM Vladimir Putin has notably praised Trump’s effort to resolve the ongoing Russia-Ukraine war.

“Let me note that the first contacts with the American administration instill hope. They too are willing to work towards resuming our ties, solving a colossal amount of strategic problems in world architecture.”

In addition to this, Putin also acknowledged how certain external forces are trying to disrupt the budding Russian-US sense of friendship and commitment.

“I understand that not everybody is pleased with the resumption of Russian-American contacts. Some of the forces are interested in keeping hostilities, and they will try to disrupt the emerging dialogue. We will need to use all the possibilities of diplomacy and special forces to firmly defend our national interests.”

With such developments taking place, the Russia-US fostering relationship could ultimately result in a lasting resolution thwarting BRICS efforts of derailing the US dollar. This development can ultimately put a stop to the rising de-dollarization concepts and ideations.

@ Newshounds News™

Source:  Watcher Guru

~~~~~~~~~

RUSSIA DELAYS DIGITAL RUBLE CBDC ROLLOUT

A year ago, the Bank of Russia set July 2025 as the date for the first launch phase of its digital ruble central bank digital currency (CBDC). Now the central bank is delaying the roll out. It follows resistance from merchants, a major banking association, and its largest bank, Sber.

The big bank was excluded from the first wave of banks involved in the pilot, so it only joined this January, a year later than planned. Perhaps its inclusion was delayed to avoid it dominating trials, but that’s speculation. The reality is that six months from the first pilot to launch is rather short for a bank.

Central Bank Governor Elvira Nabiullina announced the delay at a meeting with the Association of Russian Banks (ASROS). However, she said that the pilots are progressing well.

“Our intention is to move on to the mass implementation of the digital ruble somewhat later than originally planned, namely after we have worked out all the details in the pilot and held consultations with banks on the economic model that is most attractive to their clients – for businesses, for people,” the Governor said, as reported by the Association.

The central bank first shared details about the planned business model late last year.

A new schedule has not yet been set, and the central bank did not mention the delay on its website. However, the launch postponement was also reported by the Interfax news agency.

Digital ruble: addressing bank concerns

When banks raised their concerns in the State Duma in December, they highlighted several issues. The main ones were worries about deposit outflows and the costs of implementation.

On the first point, from the start the central bank has appeared unconcerned about this impact. This may be partly because it plans a three phase rollout. Initially larger banks and merchants will join, followed by other banks and mid-sized merchants. The final phase will require non bank providers and all merchants to participate, but that will be two years later.

Regarding the expense, the banking association estimated the cost to a bank could be up to Rubles 100 million ($1.1m). The central bank says it will provide some technical elements to banks free of charge, to help smaller banks.

“For those components that are mandatory from the point of view of information security, we (will) provide these solutions to banks free of charge. This software module for embedding is created and transferred to organizations, and in three different forms, so that banks can choose the most optimal one for their landscape,” said Deputy Governor of the Bank of Russia, Zulfiya Kakhrumanova.

“We provide free cryptographic information protection tools for subordinate certification centers that are deployed by banks, and this is also a significant cost aspect for banks,” she added, according to Interfax.

@ Newshounds News™

Source:  Ledger Insights

~~~~~~~~~

ARIZONA APPROVES BITCOIN RESERVES, BUT WYOMING AND MONTANA ARE SAYING NO – HERE’S WHY

▪Arizona advances crypto legislation - two bills, one establishing a digital asset reserve and another focused on Bitcoin investment

▪While Arizona embraces crypto reserves, other states like Wyoming and Montana reject them due to volatility concerns.

▪Bitcoin's recent price drop fuels skepticism, while predictions suggest federal crypto legislation is forthcoming.

Arizona is pushing ahead with cryptocurrency investment as two Bitcoin reserve bills have passed the Senate, setting the stage for final approval in the state’s House of Representatives.

While states like Wyoming and Montana are rejecting similar measures over concerns about crypto’s volatility, Arizona is doubling down on digital assets.

If these bills pass in the state’s House of Representatives, Arizona could become one of the first states to officially hold Bitcoin in its reserves.

Senate Approves Bitcoin Reserve Bills

On Feb. 27, the Arizona Senate approved the Strategic Digital Assets Reserve bill (SB 1373) in a 17-12 vote, sending it to the House for final approval. Sponsored by Republican Senator Mark Finchem, the bill aims to create a Digital Assets Strategic Reserve Fund, which will be managed by the state treasurer. The fund will include legislative appropriations and crypto assets seized by the state.

To limit risk, the treasurer would be allowed to invest no more than 10% of total fund deposits per fiscal year. However, the state could loan out digital assets to generate returns as long as it doesn’t add financial risk.

Another Bill Aims to Allow Bitcoin Investments

A second Bitcoin-related bill is also moving forward. The Strategic Bitcoin Reserve Act (SB 1025), co-sponsored by Republican Senator Wendy Rogers and Representative Jeff Weninger, passed the Senate with a 17-11 vote.

Unlike Finchem’s bill, which focuses on managing seized crypto assets, SB 1025 allows the state to invest public funds directly into Bitcoin and other cryptocurrencies. This signals Arizona’s growing commitment to incorporating digital assets into its financial strategy.

Crypto Legislation Gaining Momentum Nationwide

Dennis Porter, founder of Satoshi Action Fund, believes federal regulation of cryptocurrencies is inevitable. He predicts lawmakers will first regulate stablecoins, followed by broader market structure rules, and eventually, Bitcoin reserves.

While Arizona and Utah are leading the push for crypto reserves, 18 other states are still waiting for approval. However, not all states are on board—Montana, Wyoming, and others have rejected similar plans, calling Bitcoin too risky.

Trump Weighs Heavy on the Markets

Despite increasing political support for crypto, Bitcoin’s price has taken a hit. The asset dropped below $80K, and analysts fear it could fall further to $70K–$75K. Bitcoin is down 17% this week, with Trump’s tariff policies adding to market uncertainty.

Amid the panic, Michael Saylor jokingly told investors to “sell a kidney if you must, but keep the Bitcoin.” While Saylor continues to advocate for a U.S. Bitcoin reserve, the recent price drop has given skeptics more reason to doubt Bitcoin’s long-term stability.

@ Newshounds News™

Source:  Coinpedia

~~~~~~~~~

ITCOIN NOT FIT FOR SWISS NATIONAL BANK RESERVES, SAYS PRESIDENT

▪The Swiss National Bank president dismissed the idea of holding Bitcoin in reserves due to volatility, liquidity concerns, and security risks.

▪The SNB views cryptocurrencies as a small, volatile "niche phenomenon" unsuitable for central bank reserves.

▪A Swiss initiative is pushing for a public vote to mandate the SNB to include Bitcoin in its reserves.

The Swiss National Bank (SNB) has made its stance on Bitcoin crystal clear—it’s not interested. Despite growing global adoption and a push from Swiss crypto advocates, SNB President Martin Schlegel has firmly rejected the idea of adding Bitcoin to the bank’s reserves.

In a recent interview, he explained why digital assets don’t make the cut, pointing to volatility, liquidity concerns, and security risks.

@ Newshounds News™

Read more:  Coinpedia

~~~~~~~~~

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Iraq Economic News and Points to Ponder Late Friday Evening 2-28-25

Kurdistan Banks Will Take Their Share Of Sanctions .. Economic Shows The Reasons
 
Economy ​ Yesterday, 12:40 |Baghdad today – Baghdad  Economic expert Hevidar Shaban, today, Thursday (27 February 2025), is the reasons for imposing US sanctions on a number of banks in the Kurdistan region.
 
Shaaban said in an interview with "Baghdad Today" that  "in the context  of coordination between  the US Treasury and the Central Bank of Iraq,  sanctions will be imposed on banks in the region, including joint banks in my accounting project for employees salaries in Kurdistan."

He added that "this process is to control the

     smuggling of currency in some banks in the region, control
     money laundering,
     illegal dealings, and the
     structural organization of banks."
 
Earlier this month, two informed sources reported that the
 
Central Bank of Iraq would prevent local banks from dealing with dollars.
 
"The Central Bank of Iraq will prevent 5 local banks from dealing with dollars in the US Treasury request." The two sources added,
 
"3 companies for payment services will be banned from dealing in dollars according to the US Treasury request," the two sources added. They pointed out,
 
"America has submitted its request due to
 
     severe cash violations and the
     smuggling of the dollar outside the country."    
  
https://baghdadtoday.news/268804-مصارف-كردستان-ستأخذ-نصيبها-من-العقوبات.-اقتصادي-يبين-الأسباب.html  

The Digital Currency To Be Launched In Iraq ... Between Economic Opportunities And Potential Risks
 
Economy ​ Yesterday, 16:12 |  Baghdad today – Baghdad  The specialist in the international economic affairs, Nawar Al -Saadi, revealed today, Thursday (27 February 2025), the importance of the Central Bank of Iraq to launch its own digital currency.
 
Al -Saadi told "Baghdad Today" that "economically, this step carries great benefits,  
but at the same time it involves challenges and risks that must be dealt with with caution." He indicated,
 
"The importance of this step lies in several aspects, most notably that
 
     it provides a more efficient and transparent electronic payment method, which
     reduces dependence on paper criticism and
     limits the informal economy."

He continued,  "The digital currency of the central bank can contribute to
 
     reducing the costs of printing and
     managing the paper currency, and
     improving monitoring of cash flows, which contributes to
     fighting corruption and money laundering."

 He added, "Nevertheless, this step is not without risks, especially in light of the challenges facing the Iraqi financial system," noting that "the most prominent concerns, the possibility of using the digital currency in smuggling operations,  especially if there are no strict mechanisms to control digital transactions, and  Iraq is already suffering from challenges in controlling transfer of money through informal channels, and  any weakness in the management of the digital currency may lead to exploitation before Legal.

Al -Saadi also warned that  "there are risks related to cash stability, as  
the rapid shift to the digital currency may lead to pressure on the traditional banking system, 
especially if the banks are not technically and practically prepared for this change, moreover, 
any security or technical defect in the digital infrastructure may make the financial system more vulnerable to electronic or piracy attacks."
 
The specialist in the international economic affairs pointed out that 
"in order to ensure the success of this step,  it is necessary for the central bank to
 
     follow a deliberate policy to implement it gradually,
     with a clear legal framework to regulate the use of digital currency," stressing "the need to
 
     enhance the digital banking infrastructure and
     ensure the readiness of the financial system to accommodate this transformation without affecting economic stability, and
 
if this policy is applied with caution and transparency, the  
digital currency can form The Central Bank has an effective tool to
 
     enhance the Iraqi economy and
     push it towards more modernity and financial openness. "
 
The Governor of the Central Bank, Ali Al -Alaq, revealed earlier on Wednesday,  
the approach to the establishment of a bank digital currency, to replace paper currencies.
 
Al-Alaq said, in a speech during the Ninth Finance and Banking Conference and Exhibition, and followed by "Baghdad Today", that "the financial and banking system will witness fundamental transformations,
 
including the decline of paper currencies to be replaced by digital payments for central banks." He added that  "the central bank is moving to create a digital currency of its own,  
to gradually replace the paper process as it is taking place in some central banks in the world," noting that "we are seriously thinking about establishing a data center in Iraq, and the bank starts moving in this matter within the steps of digital transformation."  
  
https://baghdadtoday.news/268817-العملة-الرقمية-المزمع-اطلاقها-في-العراق.-بين-الفرص-الاقتصادية-والمخاطر-المحتملة.html 

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

Seeds of Wisdom RV and Economic Updates Saturday Morning 3-01-25

Good Morning Dinar Recaps,

CARDANO-XRP BRIDGE GOES LIVE – A GAME CHANGER FOR BOTH ECOSYSTEMS

▪Cardano and XRP Ledger now have a direct connection through the Wanchain bridge.

▪The linkup is a mutually beneficial one for native assets within both ecosystems.

Cardano (ADA) and the XRP Ledger (XRPL), two leading blockchains, have formed a coalition to strive for seamless interoperability. Both ecosystems have launched a new bridge, connecting ADA and XRP, the native coin operating on the XRPL.

Cardano and XRPL Expand Interoperability With New Bridge

TapTools, a digital wallet tracking Cardano trading, brought the attention of the crypto community to the Cardano-XRP bridge. This bridge, which is now live, is facilitated by Wanchain, a decentralized blockchain interoperability solution.

As reported by TapTools, the Cardano-XRP bridge is designed to expand interoperability and liquidity between the two networks. This technical advancement marks a massive milestone for both blockchains, representing the first time they connect via a bridge.

Besides promoting interoperability and liquidity, the bridge will support DeFi adoption and enhance utility for both ADA and XRP.

Historically, both communities have different technological and market positioning. However, they can now leverage the new bridge to interact in unprecedented ways.

Users can utilize the bridge to transfer ADA onto the XRP Ledger and vice versa.

It will also increase the Total Value Locked (TVL) for users exploring Decentralized Finance (DeFi) opportunities on Cardano. This increased interoperability is crucial as the world moves swiftly toward widespread blockchain adoption.

Beyond these benefits, the bridge potentially paves the way for integrating Ripple’s stablecoin, RLUSD, as a bridged asset. It is important to note that the Cardano-XRP bridge operates without centralized control. This means users retain control over their assets without interference from a third party.

Meanwhile, Wanchain will help to preserve the underlying value of wrapped versions of XRP and ADA as they seamlessly interact with applications on the opposite chain. 

Wanchain uses a distributed key generation and secure multi-party computation (MPC) mechanism to ensure assets move safely across different blockchains.

Impact on ADA, XRP, and Broader Market

The Wanchain XRP/Cardano bridge will benefit Cardano and the XRP ecosystems in numerous ways. For Cardano, the bridge will help strengthen users’ appeal for the blockchain as more capital flows into ADA-based DeFi platforms. Our latest report covered that the XRPL Decentralized Exchange has surpassed $20 billion in liquidity, highlighting XRP’s expanding role in DeFi.

Also, thanks to this bridge, XRP users are encouraged to explore Cardano’s ecosystem more. This attention toward the network can lead to greater adoption of Cardano’s native smart contracts and Decentralized Applications (dApps).

Regarding XRP, the new bridge can unlock staking, borrowing, lending, and yield farming opportunities previously unavailable to XRP holders. The bridge can also elevate XRP’s role in multi-chain ecosystems, extending its potential beyond traditional payments and remittances.

For the broader market, the new bridge demonstrates that achieving a more interconnected blockchain environment is possible. It also demonstrates the growing importance of interoperability in the blockchain industry and ensures that cryptocurrencies are not isolated.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

BRICS CONFIRMS DEVELOPMENT OF NEW PAYMENT SYSTEMS IN 2025

Brazil, which chairs the upcoming BRICS summit in 2025 confirmed that they plan on the formation of new payment systems. Under the leadership of Brazilian President Luiz Lula da Silva, the alliance will discuss alternative payment options to the US dollar.

The BRICS Sherpas meeting will take the ideas forward and the upcoming 17th summit could see massive changes in the way the bloc operates and settles cross-border transactions.

The move could lead to a paradigm shift in global trade and tilt the financial powers from the West to the East. Developing countries are looking to cut ties with the US dollar and strengthen their local currencies in the forex markets.

The US dollar is in the crosshairs of a major shift that could pave the way for native currencies to take the driver’s seat of the financial markets.

BRICS: New Payment Systems in 2025 Could Be a Reality

Brazil’s President Luiz Lula da Silva made a strong statement saying that BRICS will continue advancing the de-dollarization agenda. The President also added that under their leadership, BRICS will work towards developing new payment systems as an alternative to the US dollar.

“Brazil is going during the period of its presidency to fully develop transparent and safe payment systems,” he said. 

The bloc will work towards launching safe payment systems to uplift their GDP and strengthen their native economies. The move will give a boost in the arm to their local currencies making businesses thrive.

The next BRICS summit is scheduled to be held in Brazil’s Rio De Janeiro on July 6th and 7th. All the nine member countries will meet at the summit and discuss policies and sign new trade deals. Details on the new payment systems could be revealed at the 17th summit in July this year.

@ Newshounds News™

Source:  Watcher Guru

~~~~~~~~~

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