Goldilocks' Comments and Global Economic News Thursday Evening 2-15-24

Goldilocks' Comments and Global Economic News Thursday Evening 2-15-24

Good Evening Dinar Recaps,

"The Hashgraph Association and Saudi Arabia's Ministry of Investment have launched a $250M DeepTech Venture Studio in Riyadh, supporting over 500 companies in developing advanced AI, blockchain, and VR solutions."

Saudi Arabia's new partnership with DeepTech Venture Studio will go a long way in expanding their partnerships with several countries paying for oil in local currencies through the new digital economy.

This will enable them to make shifts when needed as new companies arise in an ever-changing World from fossil fuel to electronic venues.

Saudi Arabia is shaping up to be a digital hub in the Middle East. New digital developments such as these will allow Saudi Arabia to transition into the QFS.

This new liquidity and investment into Quantum Technologies will allow Saudi Arabia to continue being a leader in innovative relationships with companies around the world through bilateral smart contracts on the Hashgraph Digital Network.

Hedera's hashgraph consensus mechanism enables developers to build smart contracts securing both sides of the trade as capable of movement forward in digital payment systems.  Blockchain

© Goldilocks

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“We need a framework for stablecoins,” Powell said, according to a source at Tuesday’s meeting. Powell added that he is “very supportive and am glad that we are close.” 

As we have discussed in this room, these new tokenized assets are going to need coins to pay for them. It is really good to hear a confirmation that they are so close.

The use of stablecoins that represent a country's currency will increase money velocity and give more value to our currencies over time.

These new venues will level the playing field for all countries around the world. Isn't it amazing to watch these new developments take shape that will govern our new digital economy?  Ledger Insights

© Goldilocks

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February 14, 2024

Washington, D.C. — "The Commodity Futures Trading Commission Open Meeting scheduled for Thursday, February 15, 2024, has been canceled. The matters under consideration are being resolved through the Commission’s seriatim process."

The Commission's Seriatim is a process whereby the Commission takes action without convening a meeting of the Commissioners (CFTC). What's the hurry?

The following two items along with many others are on the table to be discussed:

* Requirements for Designated Contract Markets and Swap Execution Facilities

* Foreign Boards of Trade

"Foreign board of trade means any board of trade, exchange or market located outside the United States, its territories or possessions, whether incorporated or unincorporated."

© Goldilocks
CFTC 1
CFTC 2
Law Cornell
SEC

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"Duquesne Family Office, the investment vehicle belonging to famed macro investor Stanley Druckenmiller, dumped shares of Alphabet Inc., Amazon.com (AMZN) and Broadcom Inc. (AVGO) while scooping up shares of beaten-down gold miners Barrick Gold Corp. (GOLD) and Newmont Corp. (NEM), according to a Wednesday filing with the Securities and Exchange Commission."

The move from stocks to tokens, and now, gold has begun. Watch the big players. They know when to shift their money.

All roads lead to gold, and gold will set us free.  Morning Star

© Goldilocks

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Chinese, Indian, Pakistani currencies to join UAE-based cross-border payment system - News | Khaleej Times

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As payment markets evolve, further progress hinges on open access facilitated by infrastructure modernization. In this Predict 2024 episode, Paul Ruggieri, Senior Vice President, Real-Time Payments, Product Management, at Mastercard, discusses growth opportunities for clearing houses and scheme operators, emphasizing the need for standardized communication strategies between operators and payment systems.

We explore the significance of interoperability and the prioritization of standardization to enhance cross-border transactions. Additionally, we explain the key methods for ensuring seamless transactions across borders, leveraging ISO 20022 data and AI for fraud prevention, resilience, and scalability across all 13 markets.  FinExtra

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World Bank Classifying XRP As Stablecoin, Says Ex-Ripple Director |   CoinGape

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Liquidity is moving more and more each day from the old Financial system to the New Digital one.

© Goldilocks

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BRICS: Egypt Officially Ditches US Dollar For Trade | Watcher Guru

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Iraq Economic News and Points to Ponder Thursday Afternoon 2-15-24

Iraq Economic News and Points to Ponder Thursday Afternoon 2-15-24

Tlm724 Administrator Bondlady’s Corner

An Economic Emphasis On The Importance Of Relying On Private Banks To Improve National Income

Reports | 06:20 - 02/15/2024  Mawazine News – Baghdad  Economic affairs specialists urged the necessity of seeking to direct the loans and credit facilities granted by banks to the private sector, towards activating and increasing production processes, indicating that these facilities exceeded 50 trillion dinars last year 2023, but they did not contribute to increasing the rates of domestic product.

 Overall, stressing at the same time the importance of building more bridges of trust between investors, businessmen and companies with government and private banks with the aim of facilitating the granting of loans directed towards increasing local production.

Unofficial statistics, reported by the economist, Manar Al-Obaidi, showed that “the credit facilities provided by the banking sector to the private sector exceeded the barrier of 50 trillion Iraqi dinars during the past year 2023, which is the first time that this number of credit facilities provided by the banking sector has been recorded.” "The Iraqi."

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Al-Obaidi pointed out that “the value of credit facilities provided to the private sector represents 14 percent of the total Iraqi domestic product,” noting that “despite the increase in the volume of credit facilities provided to the private sector during 2023 by 11 percent compared to the year 2022, the credit ratio The percentage of GDP is still low compared to the percentage of Arab countries, as the percentage reached, according to the World Bank, about 55 percent of the GDP.”

Al-Obaidi explained, “Cash credit facilities increased by 19 percent compared to 2022, as the credit facilities amounted to 40 trillion Iraqi dinars, while the pledged facilities provided by the banking sector to the private sector amounted to 12.5 trillion Iraqi dinars,” suggesting at the same time that “the percentage will rise in the coming years.”

As a result of the increase in the value of deposits with banks, which is considered the most important factor for the banking sector’s ability to provide direct credit facilities to the private sector,” indicating that “increasing the domestic product from non-oil sectors will lead to an increase in demand for credit facilities during the coming years, which will improve the reality of credit provided to the sector.” private" .

In turn, the economic expert, Dr. Ali Daadoush, during his speech to “Al-Sabah” followed by Mawazine News, believes that the first step to the success of the partnership between the two parties is to build confidence between businessmen, merchants and investors from the private sector on the one hand, and with the banks on the other hand.

Daadoush stressed, “In order to empower the private sector, we should move towards activating what he called “moral persuasion” as part of the monetary policy that can be followed with the aim of revitalizing the role of the private sector, by directing the banks by the Central Bank to work in accordance with supporting the private sector by increasing... Investment credit, that is, supporting local production,” indicating that this step “is capable of achieving a lot if the banks move towards this matter.”

Daadoush pointed out that most of the funds granted to the private sector in the past went to finance imports and were not invested in building a production base for local industries, and thus this matter led to deepening imports and weakening local production further.

The Association of Private Banks called on the House of Representatives to intervene to “address” the issue of the US sanctions imposed on it.

A statement by the House of Representatives’ Economy, Industry and Trade Committee, received by Mawazine News, stated that it was “hosting the Association of Iraqi Banks and directors of private banks, to discuss the sanctions imposed by the US Federal Bank on some of them.”

She added, “I listened to a detailed explanation provided by the Association and the directors of private banks about the most important problems and obstacles that private banks suffer from, including “freezing their balances abroad and stopping foreign transactions and transfers with correspondent banks.”

The Association of Private Banks stated, according to the statement, that the ban imposed on these banks “He came in a letter from the Central Bank of Iraq without explaining the reasons,” calling on the House of Representatives and the Parliamentary Economics Committee to “intervene to address this issue in cooperation with the Central Bank and the Council of Ministers.”

https://www.mawazin.net/Details.aspx?jimare=242163

Advisor To The Association Of Banks: Government Support For The Private Sector Is The Main Pillar For Achieving Economic Reform

Economy News – Baghdad  The economic and banking advisor to the Iraqi Private Banks Association, Samir Al-Nusairi, confirmed today, Thursday, that government support and special care for the national private sector is the main pillar for achieving economic reform and is the solution to all the economy’s problems.

Al-Nusairi said, in an interview with Al-Iqtisad News, that “through discussion, analysis and study of the economic reality that Iraq is going through, it is necessary to determine, with logical, scientific and economic analysis, the most prominent axes that require finding solutions in the next stage with the aim of building sound premises for the transition to... Proper construction of the economy and giving a role to the private sector in making economic decisions.

This will be supported by the Prime Minister’s presidency of the Private Sector Development Council, the general assembly of which was held last month in the Ministry of Planning, which is currently responsible, in conjunction with representatives of the private sector, for preparing the internal regulations of the Council in order to initiate actual work to achieve its goals. Private sector development strategy for the years 2014-2030.

Al-Nusairi added: “For the purpose of implementing the strategy, it is required that the government and the private sector in all its banking, industrial, agricultural and service fields participate and cooperate in implementing the government’s plans contained in the government curriculum in the axis of supporting the private sector and developing its activities in directions that achieve interim, medium and long-term goals, and this means involving the private sector in a greater role.” In managing the economy and making economic and development decisions.”

I suggest that “there should be a representative of the private sector in the Council of Ministers in the capacity of observer and participate in expressing opinion and advice, and that the private sector be represented in the boards of directors and opinion bodies in ministries and government production institutions according to the areas of each sector and in the follow-up committees for following up on the implementation of the decisions of the Council of Ministers, and that there be a vision.”

"A clear vision of the role of the private sector for the new phase and the involvement of experts, non-governmental specialists and academics in implementing the desired comprehensive economic, financial and banking reform programme."  119 views 02/15/2024 - https://economy-news.net/content.php?id=40499

Oil Declines After A Signal From The Energy Agency That Demand Growth Is Slowing

Arab and international  Economy News - follow up  Oil prices fell slightly, Thursday, after the International Energy Agency expected a slowdown in growth in demand this year and data showed that US crude inventories increased more than expected.

By 13:24 GMT, Brent crude futures fell 17 cents, or 0.2 percent, to $81.43 per barrel.

US West Texas Intermediate crude futures also fell 16 cents, or 0.2 percent, to $76.48 per barrel.

The International Energy Agency said in its monthly oil market report on Thursday that global demand is losing momentum.

The agency reduced its demand growth forecast in 2024 to 1.22 million barrels per day from 1.24 million barrels.

On the supply side, the IEA expected supply to grow by 1.7 million barrels per day this year, compared to previous expectations of 1.5 million barrels per day.

The two benchmarks lost more than a dollar per barrel yesterday, Wednesday, due to the rise in US crude inventories, with refining falling to its lowest levels since December 2022.

The Energy Information Administration said that US crude inventories jumped by 12 million barrels to 439.5 million barrels in the week ending February 9, far exceeding analysts’ expectations in a Reuters poll of an increase of 2.6 million barrels.

However, EIA data showed that gasoline and distillate inventories fell more than expected.

Gasoline stocks fell by 3.7 million barrels to 247.3 million barrels, compared to expectations for a decrease of 1.2 million barrels.

Distillate stocks fell by 1.9 million barrels to 125.7 million barrels, compared to expectations for a decrease of 1.6 million barrels.

Official data showed that Britain entered a state of recession in the second half of 2023 after the GDP contracted by 0.3 percent in the last quarter of the year, in addition to a contraction of 0.1 percent in the third quarter.

Japan also entered a state of recession at the end of last year, contrary to expectations, giving up its position as the third largest economy in the world to Germany.

Views 18 02/15/2024 - https://economy-news.net/content.php?id=40515

Stability Of The Dollar Exchange Rate On The Baghdad Stock Exchange

Economy   Thursday, February 15, 2024 10:42 AM   Baghdad/National News Center   Dollar prices stabilized today, Thursday, in the markets of the capital, Baghdad.

The price of the dollar on the Al-Kifah and Al-Harithiya stock exchanges recorded 152,300 Iraqi dinars against 100 dollars, which are the same prices that were recorded yesterday, Wednesday.

Selling prices in money exchange shops in local markets in Baghdad reached 153,250 Iraqi dinars, while purchasing prices reached 152,250 dinars for every 100 dollars.   https://nnciraq.com/250530/

The Central Bank Sold More Than $208 Million At Auction Today

Money  and business  Economy News – Baghdad   On Thursday, the Central Bank of Iraq announced its sales of hard currency, amounting to more than 208 million dollars in today’s transactions, according to the official rate of 1310.

Bank data showed that the total cash withdrawals amounted to $22,890,000, while the total amounts of transfers abroad, which include remittances and credits, amounted to $185,517,735, while the total sale amounted to $208,407,735.  Views 63 02/15/2024 - https://economy-news.net/content.php?id=40500

The Stock Market Closed Up By 0.14%.

Market  Economy News – Baghdad  The Iraqi Stock Exchange 60 index rose by 0.41% at the end of Thursday's session, closing at 912.04 points.

This rise was supported by a rise in the shares of the banking, communications and industrial sectors.

The session witnessed the trading of 537.03 million shares, worth 721.82 million Iraqi dinars, through 407 transactions.

Asiacell Communications Company shares rose by 1.10% to close at 10.11 dinars, Al-Mansour Bank shares rose by 0.77% to close at 1.31 dinars, while National Bank shares fell by 1.61% to close at 3.06 dinars, and Baghdad Soft Drinks shares fell by 0.24% to close at Level 4.13 dinars.

Views 65 02/15/2024   https://economy-news.net/content.php?id=40501

To read more current and reliable Iraqi news please visit BondLady’s Corner: https://www.bondladyscorner.com/ 

Points To Ponder on Anxiety about the Future

Don't be afraid your life will end; be afraid it will never begin.  - Grace Hansen

Some people are so afraid to die that they never begin to live.  - Henry Van Dyke

Death is the last enemy: once we've got past that I think everything will be all right. - Alice Thomas Ellis

The worst of all fears is the fear of living.  Theodore Roosevelt

Life is to life in such a way that we are not afraid to die.  - Teresa of Avila

Those who fear life are already three parts dead.  - Bertrand Russell 

http://famousquotesandauthors.com/topics/anxiety_about_the_future_quotes.html 

Iraq Economic News and Points to Ponder Thursday AM 2-15-24

Iraq Economic News and Points to Ponder Thursday AM 2-15-24

Tlm724 Administrator Bondlady’s Corner

Reduced Gas Burning By 38%

 Economical 02/15/2024   Baghdad: Al-Sabah    A government source expected that approximately 95% of flaring gas would disappear during the year 2027, stressing the

continuation of significant government support to reduce flaring gas and work to exploit it optimally.

 These confirmations come a day after the Dutch Shell Company submitted an official apology to the Ministries of Oil and Industry for continuing to work on the Nebras Chemical Industries Project, indicating the

continuation of its partnership with the Basra Gas Company in order to provide support for the project, while the  Prime Minister directed the Ministries of Industry and Oil to study other options.

More responsive to the new gas reality after signing the investment contract with the French company Total, as well as re-studying the size of the project, its design capacity, and other technical details.

The government source stated in a press statement that

“the steps taken by the Ministry of Oil, with the continued support of the Prime Minister, have reduced gas burning by about 38%,” suggesting that

“gas burning during the current year will decrease to 32%.”  He added,

“The phenomenon of gas burning may disappear by 95% in 2028,” pointing out that

75% of Iraqi gas reserves are gas associated with oil.    https://alsabaah.iq/91856-.html

Rentier Economy And Market Need

 Economical 02/15/2024   Muhammad Fadel Al-Khafaji     The rentier economy refers to a type of economy that relies on the export of natural resources such as “oil or natural gas” and reliance on the revenues generated from those resources to finance the state’s needs.

However, you find that the heavy reliance on the rentier economy is not enough to meet the state’s needs.

 We point out that the rentier economy is unbalanced and unsustainable, as

 it depends heavily on the rise and fall in the prices of natural resources, which causes great economic instability.

When the prices of natural resources are high, government expenditures rise, and

when prices fall, government revenues decline.

This fluctuation in revenues It constitutes a major challenge to the state's financial sustainability, and

urgent solutions must be developed for this economic situation.

The maintenance of the rentier character of the economy leads to enhanced dependence on imports.

The vast majority of countries with a rentier economy follow an approach that relies on importing most of the basic goods and products that citizens need.

This means that the state spends a large portion of its revenues on importing basic products, which reduces the available resources. To invest in other sectors such as education, infrastructure and health.

The step required to enhance the reality of the economy requires building factories and attracting investment,

which are the only solution to achieve economic and social development in the country, as

building factories leads to

     opening new doors for employment,

     providing job opportunities for young people, and

     reducing unemployment rates, as building factories also leads to

     increasing production and

     diversifying local products, which It

     enhances the country's ability to export goods and increase national revenues.

Attracting foreign direct investment is necessary to enhance economic growth, as

attracting foreign investment results in improving infrastructure and

developing public services in the country, which attracts more new investments and enhances economic stability, in addition to the fact that

“foreign investment” contributes to the transfer of technology and knowledge to the host country. Which contributes to developing local capabilities and raising the level of skills among workers.

In this way, building factories and attracting investment can contribute to promoting comprehensive development and achieving prosperity and economic and social stability in countries.

We know that a rentier economy leads to a lack of economic diversification.

When economies rely heavily on one type of resources, they become vulnerable to economic shocks,

which requires us to think clearly about the diversification of financial revenues in light of the availability of the elements of economic development.   https://alsabaah.iq/91853-.html

To read more current and reliable Iraqi news please visit BondLady’s Corner: https://www.bondladyscorner.com/ 

Points To Ponder on Anxiety about the Future

We fear our highest possibility (as well as our lowest one). We are generally afraid to become that which we can glimpse in our most perfect moments.  - Abraham Maslow

We fear the thing we want the most.  - Dr. Robert Anthony

We should not let our fears hold us back from pursuing our hopes.  - John F. Kennedy

The ambitious climb high and perilous stairs, and never care how to come down; the desire of rising hath swallowed up their fear of a fall.  - Thomas Adams

It is not death that a man should fear, he should fear never beginning to live.  - Marcus Aurelius

http://famousquotesandauthors.com/topics/anxiety_about_the_future_quotes.html 

"Tidbits From TNT" Thursday Morning 2-15-2024

TNT:

Tishwash:  Al-Sudani leaves Baghdad for the Netherlands on an official visit

Today, Thursday, Prime Minister Muhammad Shiaa Al-Sudani left the capital, Baghdad, heading to the Netherlands on an official visit. 

A statement issued by the Prime Minister’s Media Office, received by Mawazine News, stated that “Prime Minister Muhammad Shiaa Al-Sudani left the capital, Baghdad, heading to the Netherlands.” 

He pointed out that "the visit came after an official invitation from the Dutch side."  link

CandyKisses:  Parliament or government? Who is responsible for amending the 2024 budget law?

Economy News - Baghdad

Today, Thursday, the Finance Committee clarified the powers of the federal government and the role of the House of Representatives in the current year's budget.

A member of the parliamentary finance committee, Mustafa al-Karawi, said in an interview with "Economy News" that "amending the federal budget law or not is related to the government and the extent of its need to make amendments to some sections and items according to the need and requirements."

He added that "the House of Representatives obligated the Council of Ministers, in accordance with Article 77 II of the Constitution, to send tables related to its forecasts of revenues and the actual volume of spending for 2024, while the rest of the budget items are supposed to be in force."

"If the government requests the amendment of some items, the House of Representatives will discuss them and work to reformulate them in a way that suits the government program and the requirements of the Council," the finance committee member said

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CandyKisses:  Who wins and loses from the "withdrawal" of the international coalition forces from Iraq?

 Baghdad today - follow-up

A report published by the British BBC network, today, Wednesday (February 14, 2024), reviewed the parties who gain and lose from ending the presence of the international coalition in Iraq.

The network quoted journalist and human rights activist Haider Al-Basir as believing that "American forces will not withdraw from Iraq in the near future and that the negotiations are to buy more time on the part of Washington."

Regarding the parties that lose from a possible American withdrawal, Al-Basir says that the Iraqi Kurdistan Regional Government and the Iraqi Sunnis will be the most prominent losers.

He says: "The Kurds and Sunnis refuse the evacuation of American forces, because they know full well that the Iraqi government is weak, and that Iran's influence may exceed Washington's influence in their country."

"Iran has Shiite factions loyal to it, Turkey is fighting the Turkish Kurdistan Workers' Party (PKK), which is active in northern Iraq, and the withdrawal will be in the interest of both countries."

Therefore, Sunnis and Kurds fear such a withdrawal because it will create a major vacuum, at a time when it is losing trust with Iran, whose recent improvement in relations with Saudi Arabia has not been reflected in its relations with Sunnis and Kurds in Iraq, according to Haider al-Basir.

Mohamed Abbas Nagy, a researcher at the Al-Ahram Center for Political Studies in Cairo, believes that the government, Iraqi factions and Iran are the main winners in the event of a withdrawal.

"The withdrawal means that Iran will automatically fill the resulting vacuum, so the first beneficiary will be the main regional adversary of the United States. Iran will portray it as a victory — as it did in Afghanistan — and will benefit greatly from it."

In addition, the Iraqi Shiite factions will benefit, and will "seek to strengthen their position and replicate the experience of the Lebanese Hezbollah in Iraq."

The government of Prime Minister Mohamed Shia al-Sudani will also benefit because the removal of coalition forces is part of its political program, and thus declare it a success for its political program, Naji said.

"The withdrawal will also give Russia, Turkey and Iran a great opportunity to put in place security and political arrangements in Iraq and Syria in the post-US withdrawal phase."

Source: BBC

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Tishwash:  UNAMI: Plasschaert's departure from Iraq has nothing to do with allegations of corruption in the United Nations mission

On Wednesday, the United Nations Mission in Iraq (UNAMI) issued a clarification regarding what it called “misleading information” regarding the departure of the Special Representative of the Secretary-General of the United Nations, Jeanine Hennis-Plasschaert, indicating that the departure is a practice followed by the usual rotation of senior officials and has nothing to do with reports about... Corruption in the mission.

The mission said in a statement received by Shafaq News Agency, “UNAMI would like to set the record straight regarding the misleading reports that were recently circulated in a number of traditional Iraqi media and social media regarding the departure of Ms. Jeanine Hennis-Plasschaert, Special Representative of the Secretary-General of the United Nations.” United Nations and Head of the United Nations Assistance Mission for Iraq (UNAMI) in May. 

UNAMI stressed that “the departure of the Special Representative of the Secretary-General in May is consistent with established practices within the United Nations, including the usual rotation of senior United Nations officials.”

Regarding The Guardian’s report on corruption allegations, the United Nations Development Program (UNDP) issued a statement on 23 January 2024. “Furthermore, we would like to emphasize that UNAMI and UNDP have different administrative and financial structures.”

UNAMI called on the media to “prioritize accuracy and refrain from circulating misleading information. More broadly, the impact of false and misleading information cannot be overestimated.”

On Tuesday, January 23, in a shocking report, the British newspaper "The Guardian" revealed the truth about major suspicions of corruption by the United Nations in its development program in Iraq, stressing that the United Nations has fueled the culture of bribery that has permeated Iraqi society since the overthrow. With Saddam Hussein in 2003.

The British newspaper "The Guardian" said, "United Nations employees in Iraq are demanding bribes in exchange for helping businessmen win contracts for reconstruction projects in the country."

The Guardian newspaper found that UNDP employees “demanded bribes of up to 15 percent of the contract value,” according to three employees and four contractors. 

In return, the employee helps the contractor navigate the complex UNDP bidding system to ensure it passes the audit process.

One of the contractors, without The Guardian revealing his identity, said that UNDP employees “contacted them demanding bribes.”  link

Mot: and then the ""Day After""

Mot:  ...... Close Enough!!!!

Goldilocks' Comments and Late Breaking Global Economic News Late Wednesday Evening 2-14-24

 Goldilocks' Comments and Late Breaking Global Economic News Late Wednesday Evening 2-14-24

Good Evening Dinar Recaps,

Franklin Templeton filed for a spot ether ETF, becoming the latest company to enter the race.

“The Shares are intended to offer a convenient means of making an investment similar to an investment in ether relative to acquiring, holding and trading ether directly on a peer-to-peer or other basis or via a digital asset platform,” the filing said.

Other issuers, such as Ark 21Shares and BlackRock, submitted S-1s for their potential funds at the end of last year.

Franklin was one of nearly a dozen firms to launch a bitcoin ETF back in January after the Securities and Exchange Commission gave the issuers the green light.

According to the Monday filing, Franklin is also interested in staking the ether (ETH) held by the proposed fund. Ark 21Shares updated its prospectus last week to include language around staking. The language had not been included in earlier filings, nor does it appear in filings from BlackRock. Block Works

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 EUROPEAN PARLIAMENTARY HAS ENDORSED THE REGULATION MANDATING "INSTANT PAYMENTS" MARCH 2024  A REMINDER........

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👆 Finally, instant payments are here. Look for them in March, 2024.

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Coinbase & Ledger Collaborate, Increasing Access to Crypto | FintechMagazine

Crypto onramp and infrastructure provider Coinbase partners with Ledger to streamline crypto purchases and increase accessibility for new users.

Coinbase the leading onramp and infrastructure provider for on-chain builders, has partnered with global digital assets provider Ledger to help streamline the crypto purchasing process and increase the accessibility of crypto to new users.

The partners say together they can bring accessible, seamless and secure purchases to crypto users, creating easier pathways for the exchange of self-custody. 

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 Twitter

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The Eurosystem is gearing up for wholesale settlement trials for DLT networks using central bank money. It opened the call for applications in December, with tests to start in earnest in May. Last month it held its sixth meeting of the industry contact group. As with most previous sessions, various companies outlined potential use cases One of them was Onyx by JP Morgan.

This sixth contact group meeting will be the last until June, which will be an in-person meeting, presumably to get feedback about the trials. 

When the DLT initiative first launched, the emphasis was on securities settlement. As tokenized deposits (https://www.ledgerinsights.com/tokenized-deposits/) and deposit tokens have moved up the agenda, there are likely to be multiple use cases where central bank money (CeBM) will be used to settle interbank payments. In the most recent contract group meeting, two groups proposed this use case – the ABI Lab which is part of the Italian Banking Association and Onyx by JP Morgan. Ledger Insights

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A Glossary Of Basic Banking Terms – Forbes Advisor

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Zimbabwe Will Attempt to Establish Gold-Backed Currency

Zimbabwe Will Attempt to Establish Gold-Backed Currency

February 14, 2024   Columbus Mavhunga 

HARARE, ZIMBABWE — Zimbabwe’s government said Monday it is introducing a gold-backed currency to replace the country’s nearly worthless dollar, which most businesses have shunned, preferring the U.S. dollar or South African rand.

Minister for Finance and Economic Development Mthuli Ncube told reporters in an online press conference that Zimbabwe was making the move to ensure sustained growth.

“Really this is a quest for currency stability,” Ncube said. “What has emerged over the years is the U.S. [dollar] being the most dominant.

“Going forward, we want to make sure that the growth we have achieved so far — which is very strong — is maintained and even increased,” he said. “We can only do that if we have further stability in the domestic currency. ... And the way to do that is perhaps to link the exchange rate to some hard asset such as gold.”

He did not say when Zimbabwe will introduce the gold-backed currency.

Since Zimbabwe’s independence in 1980, the country has introduced new currencies several times after citizens and businesses shunned the previous money.

The present-day currency, known as the dollar, bondnotes or ZWL, was introduced in 2014. Within months it started losing value, something economists attributed to the government overprinting notes and businesses failing to have confidence in the currency.

It now trades at 20,000 for 1 U.S. dollar.

Prosper Chitambara, a senior economist with the Labor and Economic Development Research Institute of Zimbabwe, said the move will help control money supply.

“It also helps to stabilize the value of the currency because, ultimately, the value of the currency would be determined to a greater extent by the value of gold,” he said. “On paper, it sounds [like] a good idea to link your currency to an underlying asset such as gold.”

Ultimately, Chitambara said, Zimbabwe needs to exercise fiscal responsibility if it wants a stable domestic currency.

“We need to ensure fiscal sustainability through ensuring there is fiscal discipline, fiscal consolidation, restructuring public spending with a view of eliminating waste and nonproductive spending,” he said.

To continue reading, please go to the original article here:

https://www.voazimbabwe.com/a/zimbabwe-will-attempt-to-establish-gold-backed-currency/7486799.html

To Read More:

Zimbabwe’s Government Considers Using Gold to Back Its Currency

President signaled authorities considering a currency revamp

Zimbabwe dollar has slumped almost 50% so far this year

https://www.bloomberg.com/news/articles/2024-02-12/zimbabwe-dollar-may-get-gold-backing-finance-minister-says

Goldilocks' Comments and Global Economic News Wednesday Evening 2-14-24

Goldilocks' Comments and Global Economic News Wednesday Evening 2-14-24

Good Evening Dinar Recaps,

Yesterday's CPI index reading or inflation index did not reveal what the Federal Reserve or Investors wanted to see. This caused a pullback in the market from investors whose hopes of a first or second-quarter pivot or reduction of interest rates have been threatened.

Many are beginning to ask themselves, is the debt so great that inflation may never go back to 2% as the Federal Reserve hopes under the current system?

At this point, traders are reassessing how they are going to approach the market. Many investors are putting their money inside tokenized assets such as gold and crypto. This is why we didn't see crypto follow the market yesterday.

A great deal of investors have been investing in crypto, but we have yet to see many move over into hard assets such as gold and silver like we have crypto. It's coming.

Traders are realizing that the Federal Reserve's tools for reducing inflation may not come soon enough without draining their personal reserves and holding on to a dream that may never come.

At this point, we can expect the markets to get even more volatile than they already are and more distorted due to money flowing into other countries from ours in aid to support them.

This will prop the dollar up until that flow of money is cut off or the flow of institutional money and whales become so great inside the new digital asset-based economy that influences on the market begin to change.

Consumers make up 70% of the US economy. It's time for the people to speak and make their opinions known. When crypto and commodities become the choice of the people, voices will be heard. New choices will be made. The new people's economy will emerge.  https://www.bls.gov/cpi/

© Goldilocks
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"The mission discussions covered policies to restore macroeconomic stability and improve growth prospects, focusing on finalizing the transfer of the RBZ’s quasi-fiscal operations to the Treasury and addressing other sources of fiscal pressures; liberalizing the foreign exchange market and establishing an effective framework for exchange rate and monetary policies; and progressing on reforms to improve economic governance."

IMF Staff Completes 2024 Article IV Mission to Zimbabwe. Article 4 with the IMF is a bilateral discussion on monetary policies that will allow them to move forward with direction. It will allow a country's consultation with them to fully inform all involved of a good path forward.

This is the second country in Africa to be given the green light to move forward with free-floating exchange rates. This will allow Zimbabwe to put their money on a supply and demand platform allowing the markets to determine their new exchange rates.   IMF

© Goldilocks

~~~~~~~~~~

"Regulatory licensing is a process by which businesses obtain permission from government authorities to operate within a specific industry or jurisdiction."

Simply put, cryptocurrency custody solutions are digital storage providers that store and secure services for cryptocurrencies in large amounts of an asset class to be held in a custody wallet safely.

In this case, Ripple is agreeing to acquire Standard Custody & Trust Company. It is an enterprise-grade regulated platform for digital assets. Ripple is moving forward with regulated compliance protocols that will make this asset a trusted virtual asset in the new digital banking economy.

Standard Custody & Trust Company is a custody and escrow service, chartered under a grant given by the New York State Department of Financial Services. This service is under compliance with federal legislation.   CoinTelegraph   LawInsider

© Goldilocks

~~~~~~~~~~

Trade Announcement:

"Nigeria-Vietnam trade chamber partners UNILAG to revolutionize microchip industry."

Nigeria and Vietnam are making bilateral trade agreements to move forward with the microchip industry.

As we learned just a few days ago, Nigeria is moving to a free floating rate exchange allowing supply and demand to determine their exchange rate.

Microchips and semiconductors play a critical role in the Global Economy, and these new demands will increase new economic influences in each other's countries and the world.

There is no doubt that this particular move between Nigeria and Vietnam in the microchip industry will influence the exchange rate in both countries.   Business AM Alive.    Wikipedia

© Goldilocks

~~~~~~~~~~

In recent years, a transformative wave has been sweeping the financial industry, reshaping the credit landscape in emerging markets. Credit scoring in these regions has historically relied heavily on factors such as employment history and income, with the underbanked and those without formal employment finding themselves excluded due to rigid criteria. New innovations are set to be the turning point for financial freedom in these regions.

At the forefront of this innovation drive are alternative data, artificial intelligence/machine learning (AI/ML) algorithms, and agile cloud platforms employed to build credit scores for underbanked communities. Utilizing new technologies allows banks to offer better financial solutions and increase access to individuals and communities traditionally excluded from formal financial institutions.
InternationalBanker 

~~~~~~~~~~

Understanding Stablecoins:

Price stability: Unlike volatile cryptocurrencies, stablecoins are pegged to real-world assets like fiat currencies (USD, EUR) or a basket of assets. This stability attracts investors seeking refuge from volatile price swings.

Bridging the gap: Stablecoins act as a bridge between traditional finance and crypto, enabling easier entry and exit from crypto markets.

Diverse use cases: From facilitating payments and lending to powering decentralized finance (DeFi) applications, stablecoins have broad utility.

Liquidity and Stablecoin Expansion:
Increased investment: As stablecoin adoption grows, more capital flows into crypto markets, boosting overall liquidity.

Efficient trading: Stablecoins provide readily available assets for buying and selling other cryptocurrencies, reducing friction and improving trading efficiency.

Deeper DeFi markets: DeFi protocols rely heavily on stablecoins for lending, borrowing, and other financial activities. Increased stablecoin supply fuels these activities, expanding DeFi market sizes and functionalities.

Reduced volatility: A larger pool of stablecoins can help absorb market shocks, potentially dampening overall crypto market volatility, and attracting further investment.  Blockchain Magazine

~~~~~~~~~~

WELCOME TO THE FUTURE? 🤔

The Central Bank in Zimbabwe has accumulated nearly a ton of gold since introducing a law that forces mining companies to pay part of their royalties using gold.

Now, they are working on backing the nation’s currency with gold.

Zimbabwe has applied to join the BRICS New Development Bank.

The BRICS development bank has said they aim to start loans in local currencies to lessen dollar dependency and foster a multipolar global financial system.

Gold will play a massive role in the future, just like it has in the past.

We are living in transformational times.

Grab a seat.

Read: https://x.com/goldtelegraph_/status/1757560869079425206?s=46

~~~~~~~~~~

Yellow Card known for its user-friendly platform and expansive presence across 20 African countries, is set to elevate user experience by integrating USDC on the Stellar network. This integration combines the robust features of the Stellar network, such as low transaction fees and lightning-fast transactions with the rapid growth of one of the world's fastest-growing digital currencies, USDC, offering users a seamless, near-instant, and cost-effective solution for various financial transactions. With this integration, users on the Yellow Card app can now send USDC on the Stellar network.

https://stellar.org/press/yellow-card-introduces-usdc-on-stellar

~~~~~~~~~~

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Iraqi News Highlights and Points to Ponder Wednesday Evening 2-14-24

Iraqi News Highlights and Points to Ponder Wednesday Evening 2-14-24

Iraq Ranks At The Bottom Of The 2023 Prosperity Index

Posted On 02-14-2024 By Sotaliraq

The UAE ranked first in the Arab world on the prosperity index for the year 2023, and ranked 44th globally. Qatar was followed by second place in the Arab world and 46th place in the world according to the Legatum Institute’s Prosperity Index.

The UK-based Legatum Institute ranks 167 countries. It measures several criteria, the most important of which are the quality of the economy, the ease of doing business, achieving security and security, health care and education, the business and governance environment, as well as personal freedoms.

For the third year in a row, the 2023 Legatum Prosperity Index finds that prosperity remains stable around the world, the main reason being the general trend toward deterioration of democratic institutions and processes.

At the top of the index, prosperity improved slightly faster in Western Europe than in North America. In recent years, North America has fallen from first place due to deteriorating safety and security.

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

The countries that ranked first as the most prosperous and prosperous countries in the world in 2023 are: Denmark, followed by Sweden (2), then Norway (3), Finland (4) and Switzerland (5).

The countries that came at the bottom of the index are: South Sudan (167), Yemen (166), Central African Republic (165), Afghanistan (164).

But since 2013, the MENA region has been stagnant due to deteriorating safety, security, and deteriorating governance.

According to the report, the main weaknesses in the Middle East and North Africa region lie in institutions. It has deteriorated most in the areas of safety, security, personal freedom, and governance, and is ranked last or second to last for each of these pillars. The region has witnessed escalating terrorism and conflict, further repression of freedom of expression and association, and worsening political accountability and executive restrictions. As a result, the region fell further behind the rest of the world.

However, it has seen some improvement in education through improved adult skills, pre-primary education, and living conditions due to improved connectivity and protection from harm, as well as access to markets and infrastructure.

The UAE ranked first among the Arab countries and 44th globally in the list of the most prosperous and prosperous countries in the world in 2023. Qatar ranked second in the Arab world and 46th globally. Then Kuwait ranked 60th globally, then Bahrain ranked 62nd globally, and the Sultanate of Oman ranked 67th globally and fifth in the Arab world.

As for Iraq, it was ranked 140th globally and 15th in the Arab world in the index list of the most prosperous and prosperous countries in the world in 2023. Yemen was the least prosperous and prosperous Arab country in 2023. LINK

Electronic Payment. Money Is Hoarding In Homes And Education Is Not At The Required Level

Economy   Ultra Iraq   MANY CHALLENGES

Not long ago, Iraq took the first steps to move towards attempts to activate the electronic payment system, as these steps began by localizing the salaries of employees, and then installing electronic payment devices in several places, including gas stations, but many experts and specialists still believe that the culture of electronic payment is not at the required level, for many reasons, including those related to economic and electronic culture, as well as the widespread corruption in the country, hinders its full application.

Economists saw that education for electronic payment in Iraq is not at the required level so far

According to experts, the Iraqi government, through attempts to apply electronic payment, aims to withdraw the cash mass in circulation in Iraq, which amounts to 84 trillion dinars.

The economic expert, Nasser al-Kinani, believes that the application of the electronic payment system in all governmental and non-governmental sectors is difficult to obtain in Iraq, due to the lack of electronic culture among citizens of all segments, noting that "cash payment cannot be stopped and will remain partially due to its necessity."

Al-Kinani told Ultra Iraq that "money is naturally hoarded by citizens and the possibility of withdrawing it and making it electronic in digital payment cards cannot be obtained without planning and persuasion."

The best way for the success of electronic payment is for the central bank to carry out the process of removing 3 zeros from the currency, printing new currencies, and announcing a period of one month for citizens to go to exchange all their money for a new edition, which will give an impression of the strength of the dinar against the dollar and the rest of the currencies," al-Kinani said.

When this step is achieved, the government and Kinani's words "replace 10% of the money and hand it over to citizens, while the rest is placed in a bank account that is opened for each citizen, depositing his money and giving him an electronic card to withdraw through," stressing that "this step will eliminate cash circulation, corruption and hoarding, as well as currency smuggling in one way and another."

Education for electronic payment is not at the required level now, and its application at gas stations and determining the period of total commitment to it is impossible to achieve because the problems that occur in this process now with the breakdown of payment devices and not others in the rest of the economic interests give many question marks about the seriousness of reducing the deduction of more than pricing," al-Kinani said.

Al-Kinani also said that "the government's step now to talk about electronic payment and oblige citizens is a step about a thousand miles with this project compared to successful experiences in many countries such as the United States of America, represented by the Federal Bank, whose electronic card is used everywhere, in addition to the Lebanese Byblos Bank and its card, which is used as an example in Baghdad, which spreads a global culture for these countries, unlike the poor culture of these transactions in Iraq, because the citizen lost confidence in the state after 2003 due to improvised political decisions." and the absence of real planning."

An economist said that cash payment cannot be stopped and will remain partially due to its necessity

Despite the "difficulty" of implementing the electronic payment system, the World Bank claimed on February 7th that Iraq's electronic payment infrastructure "is among the best in the region", according to a statement issued by the Central Bank of Iraq.

On the sidelines of Sudani's participation in the Davos Economic Forum in January, a government statement said the World Bank supports measures to develop the banking sector, especially the electronic defense system, which attempts are being made to adopt in Iraq.

Electronic payment. Money is hoarding in homes and education is not at the required level Mail?url=https%3A%2F%2Fultrairaq.ultrasawt.com%2Fsites%2Fdefault%2Ffiles%2Fstyles%2Freadmore%2Fpublic%2F2024-02%2Fimage.jpg%3Fitok%3DrXGA6bK8&t=1707848898&ymreqid=f5de60c9-c421-4a21-1cfd-bd001a01d700&sig=tMF.2Iz.Onu

World Bank says Iraq's electronic payment systems are among the best in the region

On January 17, 2023, the Iraqi Council of Ministers approved the recommendation of the Council of Ministers for the Economy to activate the electronic payment service, stating that "the system enjoys a high level of protection and safety, shortens time and effort, and contributes to activating the movement of the economy."

The previous government decision obligated the central bank to "facilitate the procedures for granting licenses to collect bank cards and exempt all transactions with electronic payment (POS) from taxes."

Ali Dadoush, a researcher in economic affairs, identifies the most prominent points through which the application of electronic payment systems in Iraq can be successful.

Daadoush said, in an interview with "Ultra Iraq", that "the application of electronic payment needs a culture and the dissemination of intensive simplified advertisements for the citizen and taking into account the experiences of countries where electronic payment systems have succeeded and gradually turned into a cashless society, such as Sweden, for example."

Experts talk about one of the reasons for moving away from the electronic payment system, which is the citizen's loss of confidence in the state after 2003

Daadoush called for "the need to emphasize transparency in the dissemination of sufficient information that allows the simple citizen to know what he has and what he owes, such as how much the commission of each company, how to export the payment card, how much its ceiling and others," saying that "these steps will facilitate the procedures for dealing with electronic payment systems in the country."

Electronic payment. Money is hoarding in homes and education is not at the required level (ultrasawt.com)

Iraq Economic News and Points to Ponder Wednesday Afternoon 2-14-24

Iraq Economic News and Points to Ponder Wednesday Afternoon 2-14-24

Tlm724 Administrator Bondlady’s Corner

Private Banks Call On Parliament To Intervene To Address US Sanctions

Economy | 02/14/2024  Mawazine News – Baghdad   , today, Wednesday, the Association of Private Banks called on the House of Representatives to intervene to “address” the issue of the American sanctions imposed on it.

A statement by the House of Representatives’ Economy, Industry and Trade Committee, received by Mawazine News, stated that it was “hosting the Association of Iraqi Banks and directors of private banks, to discuss the sanctions imposed by the US Federal Bank on some of them.”

She added, “I listened to a detailed explanation provided by the Association and the directors of private banks about the most important problems and obstacles that private banks suffer from, including “freezing their balances abroad and stopping foreign transactions and transfers with correspondent banks.”

The Association of Private Banks stated, according to the statement, that the ban imposed on these banks “He came in a letter from the Central Bank of Iraq without explaining the reasons,” calling on the House of Representatives and the Parliamentary Economics Committee to “intervene to address this issue in cooperation with the Central Bank and the Council of Ministers.”

https://www.mawazin.net/Details.aspx?jimare=242086

Globally: A Decline In Oil Prices Due To The Increase In US Inventory

Economy | 09:23 - 02/14/2024  Mawazine News – Baghdad   Oil prices suffered losses in early Asian trading on Wednesday, after the American Petroleum Institute announced that crude inventories increased more than expected last week and with investors’ expectations declining for the Federal Reserve (the US central bank) to reduce interest rates.

Price action

Brent crude futures fell 29 cents, or 0.4 percent, to $82.48 when the market opened at 0000 GMT.

US West Texas Intermediate crude futures fell 22 cents, or 0.3 percent, to $77.65 per barrel.

American Petroleum Institute figures released late Tuesday reported that crude oil inventories in the United States increased by 8.52 million barrels in the week ending February 9.

The increase was much larger than the 2.6 million barrels expected by analysts polled by Reuters

https://www.mawazin.net/Details.aspx?jimare=242055

Timor: The Oil Law Would Regulate Oil Extraction And Marketing, And We Are Seeking To Approve It

Iraq   Wednesday, February 14, 2024 Exclusive / National News Center  Member of the House of Representatives, Jay Timur, confirmed today, Wednesday, that the Oil and Gas Law would regulate the extraction and marketing of oil.

In an interview with the National News Center, Timur said, “The oil and gas law was one of the agendas of the state administration coalition, which was imposed by the Kurdistan Democratic Party coalition on the new government to include this law, work to end it, and decide on it within 6 months, and this did not happen.”

He added, "It is not possible for a country like Iraq, where 95% of its imports depend on oil and gas, to not have a law regulating the extraction and marketing of oil."   https://nnciraq.com/250471/

Stability Of Dollar Prices In Baghdad Markets

Economy  Wednesday, February 14, 2024 Baghdad/National News Center  The prices of the US dollar against the Iraqi dinar stabilized in Baghdad markets today, Wednesday, as the central Kifah and Harithiya stock exchanges recorded an exchange rate of 152,300 Iraqi dinars against 100 US dollars.

The selling price in banking shops and local markets reached 153,250 dinars, while the purchasing price reached 152,250 dinars per 100 dollars.    https://nnciraq.com/250400/

An Egyptian Delegation Expresses Its Desire To Invest In Iraq.. What Did It Say To The Sudanese?

money and business   Economy News – Baghdad  Today, Wednesday, during its meeting with the Prime Minister, Muhammad Shiaa Al-Sudani, a delegation of Egyptian investors expressed its desire to work in Iraq through the available investment opportunities in the fields of infrastructure and the pharmaceutical industry.

Al-Sudani’s media office stated, in a statement received by Al-Eqtisad News, that the latter “received a delegation of Egyptian businessmen and investors, who specialize in infrastructure projects, the housing sector and the pharmaceutical industry. Al-Sudani welcomed the delegation,” stressing “Iraq’s keenness to sustain bilateral cooperation relations with... Egypt and its private sector.

Al-Sudani pointed to "expanding the horizons of cooperation in various fields, which came as a result of the continuation of mutual visits and the activation of joint committees. It also embodies Iraq's economic openness towards the Arab and global environment, and the opening of windows of cooperation with major Arab and foreign companies."

For their part, the members of the Egyptian delegation expressed their "desire to work in Iraq through the available investment opportunities, in the fields of infrastructure and the pharmaceutical industry, cooperation with the Iraqi private sector, and building economic partnerships that are in the interest of the two brotherly countries."Views 72 02/14/2024 https://economy-news.net/content.php?id=40450

In Today's Auction, The Central Bank Transferred About $205 Million Abroad

The Central Bank of Iraq announced, on Wednesday, its sales of hard currency, amounting to more than 215 million dollars in today’s transactions, according to the official rate of 1310.

The bank's data showed that the total cash withdrawals amounted to $10,210,000, while the total amounts of transfers abroad, which include remittances and credits, amounted to $205,284,808, while the total sale amounted to $215,494,808.

Views 66 02/14/2024 - https://economy-news.net/content.php?id=40446

To read more current and reliable Iraqi news please visit BondLady’s Corner: https://www.bondladyscorner.com/ 

Points To Ponder on Anxiety about the Future

To be ambitious for wealth, and yet always expecting to be poor, to be always doubting your ability to get what you long for, is like trying to reach east by traveling west. ... No matter how hard you work for success, if your thought is saturated with the fear of failure, it will kill your efforts, neutralize your endeavors and make success impossible.  - Charles Baudouin

Studies by Medical Corps psychiatrists of combat fatigue cases ... found that fear of killing, rather than fear of being killed, was the most common cause of battle failure, and that fear of failure ran a strong second.    - S. L. A. Marshall

Think like a queen. A queen is not afraid to fail. Failure is another step-pingstone to greatness.  - Oprah Winfrey

Half the things that people do not succeed in are through fear of making the attempt.  - James Northcote

A champion is afraid of losing. Everyone else is afraid of winning.  - Billie Jean King

http://famousquotesandauthors.com/topics/anxiety_about_the_future_quotes.html 

MilitiaMan: Iraq Dinar -- Iraqi Dinar Updates -- Freedom to Transfer Money

Iraq Dinar -- Iraqi Dinar Updates -- Freedom to Transfer Money

MilitiaMan and Crew:  2-13-2024

The Crew:  Samson, PompeyPeter, Petra, Angel1,  Daytrader, Sunkissed, GIGI and Militia Man

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

.https://www.youtube.com/watch?v=NwC8AJITXGA

Iraq Economic News and Points to Ponder Wednesday AM 2-14-24

Iraq Economic News and Points to Ponder Wednesday AM 2-14-24

Tlm724 Administrator Bondlady’s Corner

Parliamentary Oil Reveals The Reason For The Government’s Move Towards Electronic Payment At Gas Stations

 Time: 02/12/2024 16:25:10 Read: 4,888 times  {Economic: Al-Furat News} The Parliamentary Oil Committee revealed, today, Monday, the government’s approach to electronic payment at gas stations.

Committee member, Zainab Al-Moussawi, said {to Al-Furat News}:

“We, the coordinating framework, strongly support the government’s economic measures, including moving toward cash payment with electronic cards, since

electronic payments are inherently safer than paper ones, whether on the health and safety side of the transmission of viruses, or on the side of not counterfeiting.” Sukuk.” She explained,

"Bank cards provide double security from any fraud attempt, and the various controls and successive verification processes contribute to making the payment process more secure."

 Al-Moussawi added, "In addition,  individuals can track all their transactions online, which contributes to increasing financial awareness and improving the management of expenses and the personal budget."  She pointed out that"other features of electronic payment

enhance the financial security of individuals, as carrying cash exposes people to theft and loss, while

electronic payment provides an additional layer of protection and encryption for financial transactions."

On January 30, 2024, the Petroleum Products Distribution Company, in cooperation with Rafidain Bank, launched the service of issuing electronic payment cards immediately at gas stations.

The Petroleum Products Directorate of the Ministry of Oil announced the continuation of cash payment at fuel filling stations until next April.

In its regular session, the Council of Ministers approved the following regarding commissions for electronic payment operations:

1. (The recipient bears electronic payment commissions from the private and public sectors, and the payer does not bear any electronic payment commissions), and

the government compensates a percentage (50%) of electronic payment commissions. paid by the holder (the merchant, the employer, and all private sector entities),

provided that it is used to pay the holder’s obligations to the state exclusively through electronic payment, such as renewing licenses, paying taxes, customs, fees, municipal fees, electricity fees, and everything owed to the state, and it cannot be recovered in cash in any case. Conditions.

2. Determine all electronic payment commissions (at a percentage determined by the Central Bank of Iraq), with a maximum commission limit that stops at a commission amount (the value of which is determined by the Central Bank of Iraq for both the public and private sectors) and what exceeds that without commissions, and a minimum that is exempt from commissions as well (Exempting small transactions in the public and private sectors from commissions up to a ceiling determined by the Central Bank of Iraq.

3. The contracts signed based on what was stated in the decisions of the Council of Ministers related to electronic payment, especially the decisions of the Council of Ministers (23044 and 23620 of 2023) etween state institutions and electronic payment companies, will continue to be effective until December 31, 2024, and  the contracting institution may submit a reasoned request to the Central Bank of Iraq in If she wishes not to extend the approval process.

4. The decision will be re-evaluated in light of the results of the application before the end of this year 2024.

5. This decision will be implemented starting March 1, 2024.

https://alforatnews.iq/news/النفط-النيابية-تكشف-سبب-التوجه-الحكومي-للدفع-الالكتروني-في-محطات-الوقود

Specialists Urge Directing Loans To Increase Domestic Product

Economical 02/13/2024   Baghdad: Haider Falih Al-Rubaie  Specialists in economic affairs urged the necessity of seeking to direct the loans and credit facilities granted by banks to the private sector, towards activating and increasing production processes,

indicating that these facilities exceeded 50 trillion dinars last year 2023,

but they did not contribute to increasing output rates. GDP, stressing at the same time the importance of building more bridges of trust between investors, businessmen and companies with government and private banks with the aim of facilitating the granting of loans directed towards increasing local production.

Unofficial statistics, reported by the economist, Manar Al-Obaidi, showed that

“the credit facilities provided by the banking sector to the private sector exceeded the barrier of 50 trillion Iraqi dinars during the past year 2023, which is the first time that this number of credit facilities provided by the banking sector has been recorded.” "The Iraqi." 

Al-Obaidi pointed out that  “the value of credit facilities provided to the private sector represents 14 percent of the total Iraqi domestic product,” noting that

“despite the increase in the volume of credit facilities provided to the private sector during 2023 by 11 percent compared to the year 2022, the credit ratio The percentage of GDP is still low compared to the percentage of Arab countries, as the percentage reached, according to the World Bank, about 55 percent of the GDP.”

 Al-Obaidi explained,  “Cash credit facilities increased by 19 percent compared to 2022, as the credit facilities amounted to 40 trillion Iraqi dinars,

while the pledged facilities provided by the banking sector to the private sector amounted to 12.5 trillion Iraqi dinars,” suggesting at the same time that “the percentage will rise in the coming years.”

As a result of the increase in the value of deposits with banks, which is considered the most important factor for the banking sector’s ability to provide direct credit facilities to the private sector,” indicating that

“increasing the domestic product from non-oil sectors will lead to an increase in demand for credit facilities during the coming years,

which will improve the reality of credit provided to the sector.” private" .

In turn, the economic expert, Dr. Ali Daadoush, said during his speech to “Al-Sabah” that

the first step to the success of the partnership between the two parties is to build confidence between businessmen, merchants and investors from the private sector on the one hand, and with the banks on the other hand.  Daadoush stressed,

“In order to empower the private sector, we should move towards activating what he called “moral persuasion” as part of the monetary policy that can be followed with the aim of revitalizing the role of the private sector,

by directing the banks by the Central Bank to work in accordance with supporting the private sector by increasing... Investment credit, that is, supporting local production,” indicating that  this step “is capable of achieving a lot if the banks move towards this matter.”

 Daadoush pointed out that  most of the funds granted to the private sector in the past went to finance imports and were not invested in building a production base for local industries, and  thus this matter led to deepening imports and weakening local production further.  https://alsabaah.iq/91687-.html

To read more current and reliable Iraqi news please visit BondLady’s Corner: https://www.bondladyscorner.com/ 

Points To Ponder on Anxiety about the Future

The sheer rebelliousness in giving ourselves permission to fail frees a childlike awareness and clarity. ... When we give ourselves permission to fail, we at the same time give ourselves permission to excel.  - Eloise Ristad

He is much to be dreaded who stands in dread of poverty. - Publilius Syrus

I was nervous and confident at the same time, nervous about going out there in front of all of those people, with so much at stake, and confident that I was going to go out there and win.  - Althea Gibson

There are those who are so scrupulously afraid of doing wrong that they seldom venture to do anything.  - Vauvenargues

Real courage is when you know you're licked before you begin, but you begin anyway and see it through no matter what.  - Harper Lee

http://famousquotesandauthors.com/topics/anxiety_about_the_future_quotes.html