Iraq Economic News and Points to Ponder Tuesday AM 3-18-25

The Iraqi Economy: Challenges And Opportunities In Light Of Global Financial Transformations

Time: 2025/03/17  Read: 2,790 times  {Economic: Al Furat News} Mazhar Mohammed Saleh, the economic advisor to the Prime Minister, confirmed today, Monday, that the government is working seriously to reduce reliance on the US dollar in domestic trade and promote the use of the Iraqi dinar in financial transactions.

Speaking to Al Furat News Agency, Saleh highlighted "the importance of continued cooperation with the international financial community to alleviate external burdens and restrictions on foreign currency transfers."

He pointed out that "this approach reflects Iraq's strategy to combat foreign currency smuggling, by strengthening cooperation with international financial institutions to monitor illicit money flows. This contributes to the stability of the national economy and supports Iraq's ability to overcome global financial challenges."  LINK

The Minister Of Finance Affirms The Government's Commitment To Adopting International Best Practices In Public Debt Management.

Monday, March 17, 2025 | Economic  Number of reads: 213  Baghdad / NINA / Minister of Finance Taif Sami affirmed, on Monday, the government's keenness to adopt international best practices in public debt management, noting Iraq's aspiration to benefit from international expertise in this field.

The Ministry of Finance said in a statement that "Minister of Finance Taif Sami participated in the fourteenth session of the International Debt Management Conference, organized by the United Nations Conference on Trade and Development (UNCTAD), and held in Geneva during the period from March 17 to 19, 2025."

During the conference, Sami affirmed the Ministry of Finance's commitment to implementing the recommendations issued by the conference within the framework of enhancing the financial and economic performance of the Republic of Iraq, in pursuit of sustainable development and economic well-being for citizens," noting that the conference represents a strategic platform for discussing ways to improve debt management and implement sound financial policies, which contributes to supporting the financial and economic stability of the country.

She expressed her appreciation for "the efforts made by UNCTAD in organizing this important event, which is an opportunity to exchange experiences and review the latest developments in the field of debt management."

On the sidelines of the conference, the Minister of Finance met with Rebecca Krinspan, Secretary-General of the United Nations Conference on Trade and Development, and discussed prospects for cooperation between Iraq and the organization in the areas of debt management and promoting sustainable financial policies.

Sami stressed the importance of the technical support provided by the organization to developing countries, noting that Iraq aspires to benefit from international expertise in this field.

The Minister also met with Paolo Gentiloni, the former Managing Director of Economic Affairs at the organization, and discussed with him the current economic challenges and the importance of developing flexible financial policies that contribute to achieving economic stability.

Sami stressed the Iraqi government's keenness to adopt international best practices in public debt management, praising the benefits of European experiences in this field.

The statement explained that the Minister of Finance's participation comes within the framework of the Iraqi government's efforts to strengthen public debt management mechanisms and develop financial strategies in line with international best practices, in addition to exchanging experiences and opinions with participants from various countries to enhance international economic and financial cooperation. /End  https://ninanews.com/Website/News/Details?key=1192408

To The Ministerial Council For The Economy

Samir Al-Nusairi  Finally, forecasts indicate that the Russian-Ukrainian war is nearing a halt with US intervention. We recall that when the war broke out three years ago, oil prices soared to over $110 a barrel, resulting in a surge in oil revenues for both rentier and oil-producing countries. This included Iraq, given its rentier economy.

Unfortunately, the achieved abundance was not utilized to activate the real economy.

Rather, operational allocations in the general budgets increased, and the deficit exceeded 60 trillion dinars. Now, with the inevitable expectation that the war will soon end, oil prices will fall, and it is expected that its average price will reach less than 60 dollars per barrel.

And we are still without other significant sources of national income. The Iraqi economy, God forbid, will enter a new economic and financial crisis. We expect the deficit to rise, the inflation rate to rise, and the government will be forced to borrow domestically and abroad.

Borrowing from the central bank will be required, foreign exchange reserves will decline, and external and domestic debts will rise. Since these expectations could soon be realized, they require swift action.

Here, we propose that the Ministerial Council for the Economy hold extraordinary sessions to discuss the expected new crisis and prepare for confrontation in a manner that preserves the path of economic, financial and banking reform and finds solutions and remedies to protect our national economy. https://economy-news.net/content.php?id=53476

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

Seeds of Wisdom RV and Economic Updates Tuesday Morning 3-18-25

Good Morning Dinar Recaps,

WILL PAUL ATKINS LEAD THE SEC? SENATE PREPS FOR HIGH-STAKES CONFIRMATION HEARING

▪️Paul Atkins' SEC confirmation faces delays due to financial disclosure issues linked to family.

▪️Senate Banking Chair Tim Scott schedules March 27 hearing to review Atkins’ nomination process.

▪️If confirmed, Atkins may take a crypto-friendly approach, unlike former SEC Chair Gensler.

Paul Atkins, President Donald Trump’s pick for U.S. Securities and Exchange Commission (SEC) chair, is finally moving closer to confirmation after months of delays. The Senate has now set a crucial hearing for March 27 – one that could determine the future of financial and crypto regulations in the U.S.

His nomination hasn’t been smooth sailing. But with momentum building, is he about to take the top job at the SEC? Here’s what you need to know.

Delays and Challenges in Atkins’ Confirmation

Atkins was nominated on December 4, but his confirmation has been delayed due to financial disclosure concerns. The Senate is closely reviewing his financial ties, particularly those linked to his wife’s billionaire family.

His wife’s family is associated with TAMKO Building Products LLC, a major roofing company that generated $1.2 billion in revenue in 2023. Because of these connections, Atkins’ financial holdings are complex and require careful scrutiny before he can be confirmed.

Senate Banking Committee Takes Action

Despite these challenges, Atkins is still expected to secure the position. Senate Banking Chair Tim Scott has scheduled a committee hearing on March 27 to move his nomination forward. Ahead of this, the Senate Banking Committee will hold a bipartisan meeting this Friday to discuss his potential role.

What This Means for Crypto Regulation

If confirmed, Atkins could bring a different approach to crypto regulation. Unlike former SEC Chair Gary Gensler, who was tough on the industry, Atkins is seen as more open to working with crypto firms.

With past experience as an SEC commissioner from 2002 to 2008 and a background as a corporate lawyer, Atkins is known for favoring clearer and fairer financial regulations. Many in the crypto industry hope his leadership will offer more stability and transparency.

Confirmation Process Finally Moving Forward

Atkins has been waiting nearly four months since his nomination—delays that are not unusual for SEC appointments. Both Gary Gensler and Jay Clayton also faced long waits before officially taking office.

If confirmed, Atkins could bring a fresh perspective to the SEC—one that could shake up crypto rules and financial oversight. Either way, all eyes are on March 27.

@ Newshounds News™

Source:  Coinpedia

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SWISS CANTONAL BANK STARTS OFFERING CARDANO AND AVALANCHE TO MEET INCREASED DEMAND

Swiss bank Zuger Kantonalbank has added Cardano and Avalanche to its cryptocurrency offering through a partnership with crypto-focused bank Sygnum.

Zuger Kantonalbank, a Swiss universal bank, has expanded its cryptocurrency offerings to include Cardano Avalanche through a partnership with crypto-focused Swiss bank Sygnum.

In a blog announcement on March 17, Sygnum said the expansion was driven by “increased customer demand” amid what it described as growing regulatory clarity in the U.S. and E.U., as well as the establishment of a U.S. Strategic Bitcoin Reserve. 

The bank’s fiat-to-crypto transactions are facilitated through Sygnum’s gateway, while Zuger Kantonalbank customers can access the service via e-banking and its mobile app.

Jan Damrau, head of corporate management and member of the Zuger Kantonalbank executive board, says the addition of ADA and AVAX enables the bank’s clients to “further develop their crypto portfolios conveniently with their principal bank – at a time when digital assets are approaching a global inflection point in terms of adoption.”

“The latest expansion of Zuger Kantonalbank’s token universe illustrates the strong demand for additional tokens with diverse use-cases to complement major protocols like Bitcoin and Ethereum.”  Fritz Jost, Sygnum Bank chief B2B officer.

In early January, Sygnum raised $58 million in its Strategic Growth Round, pushing its value to over $1 billion and making it a “unicorn.” The funding round was oversubscribed, with Fulgur Ventures, a Bitcoin-focused venture capital firm, as the cornerstone investor. New and existing investors, along with Sygnum team members, also participated in the funding.

@ Newshounds News™

Source:  Crypto News

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“Tidbits From TNT” Tuesday Morning 3-18-2025

TNT:

Tishwash:  Direct implementation of the ASYCUDA system at Abu Fluos Customs in Basra

Director General of the Customs Authority, Thamer Qasim Daoud, announced today, Tuesday, the commencement of work on the ASYCUDA system at the Abu Flus Customs in Basra.

In a statement received by Al-Eqtisad News, Daoud said, "The electronic automation system (ASYCUDA) has been implemented at the Abu Flus Customs in Basra Governorate  link

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Tishwash:  Despite the budget amendments being completed a month and a half ago, there's a "possible" reason behind the delay in the schedules.

More than a month and a half has passed since the 2025 budget amendment was passed, but the 2025 schedules have yet to reach Parliament, raising questions about the reasons behind them.

The initial obstacle to submitting the schedules was the delay in the budget amendment, but it appears the delay stems from the same reason related to Article 12 of the budget, which was amended but did not bear fruit.

Member saysFinance CommitteeParliamentarian, Mustafa Al-Karaawi, told Sumaria News that "the 2025 budget schedules were supposed to arrive before the end of the fiscal year, according to the text of Article 77, secondly, of thelawFinancial managementBut the schedules have not arrived yet, which is considered a violation of this text.

He explained that "there is information that the tables will reachHouse of Representatives"At the end of this month," he said, noting that "the delay in the schedules has disrupted many of the country's economic activities, the launch of operating budgets, and the halting of projects."

He stressed that "there are no appointments or confirmations for specific categories in the current year's budget," noting that "the allocations will be within the previous sections, but with different numbers, so the 2025 budget will be free of appointments."

The delay in sending the schedules for approval was due to the awaited amendment to the budget law, particularly Article 12 related to the Kurdistan Region's oil. After the amendment passed in early February, it was followed by significant tension and disagreements.

Despite about a month and a half having passed since the budget amendment was passed, the schedules have not yet been sent. It appears that the delay in sending the schedules is linked to the delay in resolving the issue of resuming Kurdistan's oil exports due to the ongoing disputes between Baghdad and foreign companies in Kurdistan. The Ministry of Finance and the government are unable to confirm the final expected revenue figures due to the lack of a decision on whether or not oil will be exported from Kurdistan. link'

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Tishwash:  To the Ministerial Council for the Economy

Samir Al-Nusairi

 Finally, forecasts indicate that the Russian-Ukrainian war is nearing a halt with US intervention. We recall that when the war broke out three years ago, oil prices soared to over $110 a barrel, resulting in a surge in oil revenues for both rentier and oil-producing countries. This included Iraq, given its rentier economy.

Unfortunately, the achieved abundance was not utilized to activate the real economy. Rather, operational allocations in the general budgets increased, and the deficit exceeded 60 trillion dinars. Now, with the inevitable expectation that the war will soon end, oil prices will fall, and it is expected that its average price will reach less than 60 dollars per barrel.

And we are still without other significant sources of national income. The Iraqi economy, God forbid, will enter a new economic and financial crisis. We expect the deficit to rise, the inflation rate to rise, and the government will be forced to borrow domestically and abroad.

Borrowing from the central bank will be required, foreign exchange reserves will decline, and external and domestic debts will rise. Since these expectations could soon be realized, they require swift action.

Here, we propose that the Ministerial Council for the Economy hold extraordinary sessions to discuss the expected new crisis and prepare for confrontation in a manner that preserves the path of economic, financial and banking reform and finds solutions and remedies to protect our national economy  link

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Tishwash:  Iraq negotiates first gas deal with Algeria

Sources reported on Tuesday that Iraq is currently engaged in advanced negotiations to conclude a liquefied natural gas deal with Algeria, in an attempt to complete the deal before next summer.

The TAQA platform quoted these sources as saying that the deal is expected to be announced within two months at most, with exports set to begin as soon as Iraq completes the import infrastructure.

The sources explained that the contract will be medium-term, and that the quantities will be approximately one million tons annually. However, negotiations have not yet finalized the quantity.

According to the platform, an Algerian liquefied natural gas deal with Iraq could support Baghdad's electricity sector during the summer of 2025, or perhaps at the beginning of winter.

Iraq is currently preparing the infrastructure at Khor al-Zubair port in Basra Governorate to import liquefied natural gas, which could take the next three to five months.

It is planned to contract for a floating platform for unloading and storage, and connect it to a 40-kilometer pipeline that will transport the gas by connecting it to the national pipeline near the Shatt al-Basra. 

In late February, the Iraqi Oil Ministry's Undersecretary for Gas Affairs, Izzat Sabir, stated that the federal government was studying the possibility of importing gas from Qatar and Algeria after the US president revoked the exemption granted to Iraq to import this material from Iran. Sabir emphasized that the ministry was determined to stop flaring associated gas by 2030.  link

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Mot: ..... This dieting Thingy - Hmmmm -- OK!! - Splain this un!! 

Mot:  guys Asked: Can We Paint the Crane? - Boss -- Sure!!! 

Seeds of Wisdom RV and Economic Updates Monday Evening 3-17-25

Good Evening Dinar Recaps,

ACTING SEC CHAIR UYEDA DIRECTS STAFF TO REEXAMINE PROPOSED CRYPTO CUSTODY RULE

▪️The custody rule, proposed under the former Biden administration and when Gary Gensler led the agency, would expand the current custody rule to include any client assets that an adviser has custody over.

▪️Acting Chair Uyeda’s move to revisit the rule marks the second time this month that the acting chair has asked the SEC staff to reconsider its rules.

The U.S. Securities and Exchange Commission is considering walking back a proposal to tighten cryptocurrency custody requirements, marking the acting chair's latest move under the Trump administration.

SEC Acting Chair Mark Uyeda said commenters had significant concerns over a rule proposed in February 2023 that would require registered investment advisers to keep crypto with a qualified custodian and require those custodians to abide by certain requirements.

"Given such concern, there may be significant challenges to proceeding with the original proposal," Uyeda said on Monday at the Investment Company Institute's 2025 Investment Management Conference in San Diego. "As such, I have asked the SEC staff to work closely with the crypto task force to consider appropriate alternatives."

Uyeda's speech on Monday primarily focused on the SEC's rulemaking process, including potentially withdrawing or re-proposing rules or delaying compliance dates.

The custody rule, proposed under the former Biden administration when Gary Gensler led the agency, would expand the current custody rule to include any client assets that an adviser has custody over and would also add more protections to those assets.

Registered investment advisers are subject to a custody rule, which requires them to maintain those assets with a qualified custodian, such as a bank or broker-dealer.

The rule would extend those standards to the crypto industry, raising concerns about whether that would further limit the number of banks willing to do business with the sector.

Congressional Republicans, crypto firms and traditional finance companies pushed back against the rule when it was proposed. A coalition of bank and financial industry associations, including the American Bankers Association, said at the time that the proposal "could have a material impact on their business."

Uyeda's move to revisit the rule marks the second time this month that the acting chair has asked the SEC staff to reconsider its rules. Last week, Uyeda said he directed the agency's staff to review a proposed rule change that would expand the definition of an "exchange" in a way that could potentially loop in decentralized crypto projects.

Both actions signal a change in course for the SEC under the new Trump administration. During the previous Biden administration, former Chair Gensler said most cryptocurrencies besides bitcoin were securities.

Since the Trump administration's arrival, the SEC has rapidly changed direction on several key crypto policies. In a matter of just a few weeks, it has:

▪️Rescinded controversial crypto accounting guidance
▪️Dropped enforcement actions against major crypto industry players
▪️Created a crypto task force
▪️Issued a statement on memecoins.

The crypto task force's first roundtable to discuss "defining security status" is on Friday. 

@ Newshounds News™
Source:  The Block

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PAKISTAN CRYPTO COUNCIL LAUNCHES TO REGULATE DIGITAL ASSETS

The newly established Pakistan Crypto Council aims to integrate blockchain technology and digital assets into the country’s financial system through clear regulations and innovation-driven policies.

Finance Minister Muhammad Aurangzeb, serving as Chair, emphasized the government’s dedication to fostering a secure and progressive crypto ecosystem.

The initiative reflects Pakistan’s proactive stance on positioning itself as a global player in digital finance while ensuring investor protection and financial stability.

With collaboration between policymakers, regulatory authorities, and industry leaders, the council seeks to create a structured framework for crypto adoption.

Launched in Islamabad, the council will focus on regulatory clarity, stakeholder engagement, and fostering a compliant environment for businesses and investors.

The government-backed initiative is designed to support Pakistan’s economic growth by leveraging blockchain and cryptocurrency advancements.

Aurangzeb highlighted the council’s role in balancing innovation with regulation, ensuring a responsible approach to digital asset integration in the financial sector.

@ Newshounds News™
Source:  BitcoinNews

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