Iraq Economic News and Points to Ponder Friday Evening 5-17-24

Iraq Economic News and Points to Ponder Friday Evening 5-17-24

New American Positions Towards Resuming The Export Of Kurdistan Oil... And Foreign Companies Set A Condition

05-17-2024 |  4,488 views  Alsumaria News – Economy  The US State Department confirmed the continuation of its contacts with officials in Baghdad, Ankara, Erbil and American companies, to resume oil exports from Kurdistan through the Turkish port of Ceyhan, while foreign companies operating in Kurdistan confirmed that they are ready to resume exports on the condition that their funds related to previous and future exports are guaranteed.

Deputy Spokesman for the US State Department, Vedant Patel, said in a press conference held in Washington, “Developing different ways to deliver Iraqi energy to global markets is in the interest of Iraq and the United States,” noting that “we are in direct and continuous contact with officials in Baghdad, Ankara, and Erbil.” And American companies affected by the cessation of oil exports, in relation to the opening of the Iraqi-Turkish oil pipeline.”

Meanwhile, Assistant Secretary of State for Energy Affairs Jeffrey Pyatt was visiting Erbil, and he said during his visit that today’s visit left a strong impression on me regarding the abundance of energy in this region, its importance for achieving energy self-sufficiency in all of Iraq, as well as the extent to which we face... They all have some of the same challenges.”

For its part, the Federation of Foreign Petroleum Companies Operating in Kurdistan said that it welcomes the visit of the US Assistant Secretary of State for Energy Affairs, and that the companies are ready to resume exports, provided that agreements are reached that provide for ensuring payment for previous and future exports and maintaining commercial and economic conditions.

Miles B. Caggins, the official spokesman for the Kurdistan Oil Industry Association, said: “Ambassador Bayat’s visits to both Baghdad and Erbil underscore the importance of immediate and cooperative action by all stakeholders to restore exports through the Iraq-Turkey pipeline.” He

stressed that “the companies remain members .” APICOR is keen to resolve the export impasse and would welcome the invitation to participate in this process.”   LINK

Railways: Installing Electronic Payment Devices At Passenger Ticket Reservation Stations

Time: 05/17/2024 Read: 754 times   {Local: Al-Furat News} The Ministry of Transport announced today, Friday, the installation of electronic payment devices at passenger ticket reservation stations.

The Director General of the General Company for Iraqi Railways, Younis Al-Kaabi, said in a statement, a copy of which was received by {Al-Furat News}, that “according to the directives regarding the transition from cash payment to electronic payment and the confirmations of the Minister of Transport on the application of the electronic payment system in all formations of the ministry, payment devices have been installed and activated.”

Electronic exchange by the exchange company and the Arab company, by providing one or two devices in fourteen stations to reserve passenger train tickets.

He added: "Electronic payment has been activated for eleven administrative regions (the cashier unit), and workers within the cashiers and employees of the ticket reservation units have been trained on the devices by the electronic payment team at the Railways and the teams of the exchange and Arab electronic payment companies."   LINK

A Delegation From The Retirement Authority Discusses With The World Bank Reform Of The Retirement System In Iraq

Friday 17, May 2024 14:12 | Economical Number of readings: 164  Baghdad / NINA / The Retirement Authority delegation discussed with the World Bank reform of the retirement system in Iraq.

A statement by the Ministry of Finance stated that, within the framework of providing technical assistance to reform the retirement system in Iraq, a delegation from the National Retirement Authority headed by the head of the authority, Maher Hussein Rashid, attended the coordination meeting with a group of members of the World Bank in Istanbul to discuss the issue of reforming the retirement system in Iraq, in an important step towards... Ensuring its sustainability and improving future opportunities for citizens,

he explained that during the meeting technical, technical and technical assistance was provided by the bank to facilitate the process of providing services to retirees./End 9 https://ninanews.com/Website/News/Details?key=1127090

Oil Prices Are Heading For Their First Weekly Increase In 3 Months

Money  and business  Economy News - follow up  Oil prices rose today, Friday, with Brent crude, the global benchmark, heading for its first weekly increase in three weeks thanks to signs of improving global demand amid stronger economic indicators from major consumers China and the United States.

Brent crude prices rose 21 cents, or 0.25 percent, to $83.48 a barrel by 0314 GMT. we. West Texas Intermediate crude futures rose seven cents, or 0.09%, to $79.30 a barrel.

Markets were also boosted by Chinese industrial output growing by 6.7% year-on-year in April as the pace of recovery in the manufacturing sector accelerated, indicating the potential for increased demand in the future.

The decline in oil and refined product inventories in major global trading centers also created optimism about oil demand growth, reversing the trend of rising inventories that had severely impacted crude oil prices in previous weeks.

Recent economic indicators from the United States have fueled optimism about global demand. we. Data on Wednesday showed that consumer prices rose less than expected in April, boosting expectations of lower interest rates in the country.

These expectations were further strengthened by data on Thursday, which showed the stability of the US economy.

Lower interest rates could help ease the US economy. dollar, which would make oil cheaper for investors holding other currencies and boost demand. Views 85 05/17/2024 - https://economy-news.net/content.php?id=43493

New American Positions Towards Resuming The Export Of Kurdistan Oil... And Foreign Companies Set A Condition

 Economy     2024-05-17 | 2,424 views  Alsumaria News-Economy   The US State Department confirmed the continuation of its contacts with officials in Baghdad, Ankara, and Erbil and American companies, to resume oil exports from Kurdistan through the Turkish port of Ceyhan,

 while foreign companies operating in Kurdistan confirmed that they are ready to resume exports on the condition that their funds related to previous and future exports are guaranteed.

 Deputy spokesman for the US State Department, Vedant Patel, said in a press conference held in Washington,

 “Developing different ways to deliver Iraqi energy to global markets is in the interest of Iraq and the United States,” noting that

 “we are in direct and continuous contact with officials in Baghdad and Ankara.” And Erbil and American companies affected by the cessation of oil exports, regarding the opening of the Iraqi-Turkish oil pipeline.”

Meanwhile, Assistant Secretary of State for Energy Affairs Jeffrey Pyatt was visiting Erbil, and

 he said during his visit that today’s visit left a strong impression on me regarding the abundance of energy in this region, its importance for achieving energy self-sufficiency in all of Iraq, as well as the extent to which we face... "They all have some of the same challenges."

For its part, the Union of Foreign Petroleum Companies Operating in Kurdistan said that

it welcomes the visit of the US Assistant Secretary of State for Energy Affairs, and that

 the companies are ready to resume exports, provided that agreements are reached that provide for ensuring payment for previous and future exports and maintaining commercial and economic conditions.

 Miles B. Caggins, spokesman for the Kurdistan visits Oil Industry Association, said:

 “Ambassador Bayat’s to both Baghdad and Erbil underscore the importance of immediate and cooperative action by all stakeholders to restore exports through the Iraq -Turkey pipeline.” He stressed that

 "APIKOR member companies are still keen to resolve the export impasse and will welcome the invitation to participate in this process."  https://www.alsumaria.tv/news/economy/488845/مواقف-أمريكية-جديدة-تجاه-استئناف-تصدير-نفط-كردستان-والشركات-الأجنبية-ت      

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

Provoking Thoughts and Points to Ponder on Advice :

Fewer things are harder to put up with than the annoyance of a good example.  - Mark Twain

The only thing to do with good advice is to pass it on. It is never of any use to oneself.  - Oscar Wilde

A good scare is worth more to a man than good advice.  - Edgar Watson Howe

There is little serenity comparable to the serenity of the inexperienced giving advice to the experienced.  - Anonymous

Advice is seldom welcome; and those who want it the most always like it the least.  - Lord Chesterfield

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

http://famousquotesandauthors.com/quotes_by_topic.html

Goldilocks' Comments and Global Economic News Friday Evening 5-17-24

Goldilocks' Comments and Global Economic News Friday Evening 5-17-24

Good Evening Dinar Recaps,

Iraq: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Iraq  

Domestic stability has improved since the new government took office in October 2022. This has facilitated the passage of Iraq’s first three-year budget, which entailed a large fiscal expansion starting in 2023. The non-oil economy has rebounded strongly in 2023 after stalling in 2022 and was largely unaffected by the ongoing conflict in the region.

Nonetheless, Iraq remains highly vulnerable to oil price fluctuations, and private sector activity is hindered by the large state footprint—including as an employer of first resort—corruption, red tape, underdeveloped infrastructure, and poor access to credit.    IMF

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DTCC explores posting fund NAV data on blockchain with JPM, BNY Mellon, Chainlink - Ledger Insights

The Depository Trust and Clearing Corporation DTCC just made public the result of a proof of concept (PoC) test exploring the posting of tokenized funds by setting net asset values (NAV) data onto a blockchain.

In order to reach a real value on an asset, the value of an asset is reached by deducting the asset's liabilities from the market value of all of its shares. Then, you divide that number by the number of issued shares.

This is what happens in a reset when values across the board on the market have been inflated beyond their actual worth.

Until these calculations are completed across the board of the markets, it's hard to say we are going to have a crash or a rise in values of these new assets that are being tokenized and supported by gold and other commodities.

Forex will go into these equations as well finding representations of a real value for currencies giving them a Level Playing Field in the purchasing power of Global currencies around the world. This will give us a Global Currency Reset.

These correlated calculations will link themselves to the banking system causing the reformation of new values inside our new digital asset-based trading system.

This is the credit valuation adjustment we spoke of about a month ago that was going to start taking place. We are in the testing phase, but these assets will soon be interfaced onto the QFS reflecting new values in the new Financial System.

"The ten participants in the Smart NAV trial were American Century Investments, BNY Mellon, Edward Jones, Franklin Templeton, Invesco, JP Morgan, MFS Investment Management, Mid Atlantic Trust d/b/a American Trust Custody, State Street and U.S. Bank."      Ledger Insights
© Goldilocks

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CME Stock Exchange is planning to launch Bitcoin trading. This is currently in the discussion phase, but if it does go any further it will connect CME and the Swiss EBS.

The Chicago Mercantile Exchange is a global derivatives marketplace based in Chicago. The Swiss Electronic Bourse (EBS) is a "computer linking system between the former stock exchange trading floors in Zurich, Geneva, and Basel, Switzerland."

The connection would allow trades to be executed on all three of these trading floors onto Digital Ledger Technologies.

This is why it is so important to complete the MICA regulations. Currently, the integration at the full QFS is being set into motion.   Cryptonomist    Nasdaq  

© Goldilocks

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China Sells Record Sum of US Debt Amid Signs of Diversification | Finance Yahoo 

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Rep. Massie Introduces Federal Reserve Board Abolition Act to "End the Fed" | U.S. Representative Thomas Massie

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Trafigura, IXM caught in COMEX copper short squeeze as prices hit record | StreetInsider

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The state of play and what’s to come with CBDCs | London Blockchain Conference | Youtube

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Final Rules on Measuring Domestic Control of REITs | FTI

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Palo Alto Networks and IBM on Wednesday announced a significant partnership in which the two companies will jointly provide cybersecurity solutions, and IBM will deliver consulting services across Palo Alto’s platforms.

Palo Alto Networks is an American multinational cybersecurity company with headquarters in Santa Clara, California. The core product is a platform that includes advanced firewalls and cloud-based offerings that extend those firewalls to cover other aspects of security. The company serves over 70,000 organizations in over 150 countries, including 85 of the Fortune 100. It is home to the Unit 42 threat research team and hosts the Ignite cybersecurity conference. It is a partner organization of the World Economic Forum.   SecurityWeek   Wikipedia

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World Bank to issue Swiss digital bond settled in wholesale CBDC - Ledger Insights

Yesterday the World Bank announced it has priced a CHF 200 million digital bond to be issued on June 11 on the SIX Digital Exchange (SDX) and settled using the Swiss Franc wholesale central bank digital currency (wholesale CBDC).

The Swiss National Bank (SNB) is currently in pilot mode for its wholesale CBDC on the SDX DLT platform as part of Project Helvetia. Several digital bonds have used it for settlement. However, the World Bank, or rather the International Bank for Reconstruction and Development (IBRD), is the first international issuer to use the wCBDC. 

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We are beginning to witness how Digital Ledger Technologies, Tokenized Assets, and Stablecoins are currently being tested and regulated to go into law by the end of June 2024.

Do you see how these three networks work together to complete the functionality of the QFS?

Once these functionalities are complete, we will move into credit valuation adjustments to determine real values going forward.

The system will be tweaked during this time as the rest of the world catches up and interfaces their assets onto the system.

© Goldilocks

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Regulators Preparing to Finalize Basel IV | Insights | Mayer Brown

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Visa Reinvents the Card, Unveils New Products for Digital Age | Visa

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Press release: Basel Committee publishes report on the digitalisation of finance | BIS

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URGENT NEWS: Emergency Meeting on Iraq 2024 Budget #iqd  Rate in Budget | Youtube

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The modern CEO job is completely broken — but AI could make executives useful again | Business Insider

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Overview | World Bank

Iraq has a mixed economic system with some private freedom, but weak centralized economic planning and government regulation. The country's economy is dominated by oil exports, which serve as the basis of its GDP. Successive governments have done little to wean Iraq off this heavy dependency on oil rents and diversify the economy. 

However, non-oil growth has rebounded strongly in 2023, while inflation has receded. The World Bank has highlighted the importance of banking reforms and promoting digital financial services to increase financial intermediation and promote financial inclusion. 

The Iraq Vision 2030 plan includes diversifying the economy, reducing dependence on oil, promoting innovation, supporting SMEs, and attracting foreign investment. The plan also promotes sectors such as agriculture, tourism, manufacturing, and technology. 

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How Gold Affects Currencies | Investopedia

Gold can add value to a country's currency. Gold is used as a standard of value for currencies worldwide, and the price of gold can influence a country's currency value. For example, if a country exports gold, the value of its currency will increase when gold prices increase.

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BIS DROPS A BOMBSHELL! They Referenced Ripple/XRP On Their Panel!  You Will Regret Not Owning XRP! | Youtube

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14 Fireside chat - Technological innovation to enhance existing infrastructures | Youtube

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“Tidbits From TNT” Friday 5-17-2024

TNT:

Tishwash:  Among them are Russia and China... Members of the Security Council support ending the mission of the UNAMI mission in Iraq

 Yesterday, Thursday, a number of members of the UN Security Council, including Russia and China, supported Baghdad’s request to end the mission of the United Nations mission in Iraq by next year, but Washington did not immediately provide its support for this step.

Last week, the Iraqi government asked the United Nations to end, by the end of 2025, its political mission that it has been performing in the country for more than 20 years, considering that it is no longer necessary.

Iraq's Deputy Representative to the United Nations, Abbas Kadhim Obaid Al-Fatlawi, repeated the request before the Council, yesterday, Thursday, saying, "The mission achieved its goals."

Russian envoy Vasily Nebenzia supported this view, saying: “Iraqis are ready to take responsibility for the political future of their country.”

He added: "The remaining problems must not become an excuse for the United Nations mission to remain in the country indefinitely."

China's Deputy Representative to the United Nations, Geng Shuang, noted that within the framework of the annual renewal of the mission, whose mandate expires at the end of May, the Council must "propose a plan in order to ensure gradual withdrawal and a smooth transition towards final withdrawal."

Given that UN missions can only operate with the consent of the host country, Britain and France have also expressed their support for the shift in the partnership between Iraq and the UN.

The position of the United States was more ambiguous, as Ambassador Linda Thomas-Greenfield said that the United Nations Mission (UNAMI) still had “important work to perform,” and did not address Baghdad’s request.

She emphasized the mission's key role in many important political issues, such as supporting the organization of elections and promoting human rights, although Iraq clearly requested that the mission focus more directly on economic issues.

In an assessment requested by the council, German diplomat Volker Perthes said in March that UNAMI, which had more than 700 staff as of late 2023, “appears in its current form to be too large.”

Perthes called on the mission to "begin transferring its tasks to the national institutions and the United Nations team in the country in a responsible, organized and gradual manner within an agreed upon time frame."  link

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CandyKisses:  Gold prices are heading for gains for the second week in a row

Economy News - Baghdad

Gold prices looked poised for a second straight weekly gain on Friday, following recent U.S. gains.

Inflation data reinforced expectations that the Federal Reserve may cut interest rates this year.

By 0236 GMT, spot gold was up 0.1 percent at $2,379.14 an ounce.

Bullion prices are up 0.7% so far this week.

Gold futures settled at $2,383.20.

The dollar index fell (. DXY), down 0.6% for the week so far, against its rivals, making gold less expensive for holders of other currencies.

Data this week showed signs of slowing inflation in the United States. The Federal Reserve is good news, but policymakers have yet to publicly change their views on the timing of the interest rate cuts that investors believe will begin this year.

Bullion is known as an inflation hedge, but higher interest rates increase the opportunity cost of holding non-yielding gold.

Spot silver fell 0.2 percent to $29.53 an ounce after hitting a three-year high in the previous session, and palladium fell 1.1 percent to $982.77.

Platinum rose 0.3% to $1,060.15, after hitting its highest level since May 12, 2023 in the previous session. The metal has gained about 7% since the beginning of the week.

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CandyKisses:  Monetary Fund’: ‘Internal stability has improved since the new government took office in October 2022’

Economy News-  Washington, D.C. – On May 13, 2024, the Executive Board of the International Monetary Fund (IMF) concluded Article IV consultations with Iraq and examined and approved staff assessment.

Internal stability has improved since the new government took office in October 2022, facilitating the adoption of Iraq’s first three-year budget, which necessitated a major financial expansion starting in 2023, supporting that strong recovery in Iraq’s non-oil economy after a contraction in 2023. 2022.

Iraq has largely not been affected by the conflict in the region, and domestic inflation fell to 4% by the end of 2023, reflecting lower international food prices, the currency’s revaluation as of February 2023, and the return of trade finance to normal.

Continued financial expansion is expected to boost growth in 2024.

*Evaluation of the Executive Board*:

Executives approved the content of the staff assessment, welcoming the strong economic recovery, low inflation, and improved local conditions that led to the implementation of the first-ever three-year budget.

The managers agreed that the immediate implementation of customs and revenue management reforms, the full implementation of the unified Treasury account, strict control and the limitation of the use of extrabudgetary funds and government guarantees, are essential to support fiscal consolidation.

Managers praised the central bank’s efforts to tighten monetary policy and strengthen the liquidity management framework.

Better coordination between financial and monetary operations would help absorb excess liquidity and promote the transition of monetary policy.

Directors agreed that accelerating the restructuring of large state-owned banks is essential. They were supported by the modernization of the private banking sector, by facilitating the establishment of correspondent banking relationships, reducing regulatory uncertainties, and enhancing the efficiency and competitiveness of private banks.

The directors agreed that improving governance and anti-corruption are also essential, and encouraged further strengthening the anti-money laundering and terrorist financing framework, strengthening public procurement and business systems, and addressing shortcomings in the electricity sector.

Directors welcomed renewed efforts towards WTO accession and encouraged authorities to improve coverage and timing of statistics.

Directors welcomed the authorities’ request to create a policy coordination tool.

The next Article IV consultations with Iraq are expected to take place in the standard 12-month session.

Mot: .. Yeppers... They Have Come Up with the Perfect Treatment!!!! 

Mot:  ..... I fought the lawn & the lawn won!

Escobar: De-Dollarization Bombshell - The Coming Of BRICS+ Decentralized Monetary Ecosystem

Escobar: De-Dollarization Bombshell - The Coming Of BRICS+ Decentralized Monetary Ecosystem

by Tyler DurdenWednesday, May 15, 2024 - 10:40 PM

Authored by Pepe Escobar,

Get ready for what may well be the geoeconomic bombshell of 2024: the coming of a decentralized monetary ecosystem.

Welcome to The Unit  – a concept that has already been discussed by the financial services and investments working group set up by the BRICS+ Business Council and has a serious shot at becoming official BRICS+ policy as early as in 2025.

According to Alexey Subbotin, founder of Arkhangelsk Capital Management and one of the Unit’s conceptualizers, this is a new problem-solving system that addresses the key geoeconomic issue of these troubled times: a global crisis of trust.

He knows all about it first-hand: a seasoned financial professional with experience in investment banking, asset management and corporate matters, Subbotin leads the Unit project under the auspices of IRIAS, an international intergovernmental organization set up in 1976 in accordance with the UN statute.

The Global Majority has had enough of the centrally controlled monetary framework put in place 80 years ago in Bretton Woods and its endemic flaws: chronic deficits fueling irresponsible military spending; speculative bubbles; politically motivated sanctions and secondary sanctions; abuse of settlement and payment infrastructure; protectionism; and the lack of fair arbitration.

In contrast, the Unit proposes a reliable, quick and economically efficient solution for cross-border payments. The - transactional - Unit is a game-changer as a new form of international currency that can be issued in a de-centralized way, and then recognized and regulated at national level.

The Unit offers a unique solution for bottlenecks in global financial infrastructure: it is eligible for traditional banking operations as well as for the newest forms of digital banking.

The Unit can also help to upend unfair pricing in commodity trading, by means of setting up a new – fair and efficient – Eurasian Mercantile Exchange where trading and settlement can be done in a new currency bridging trade flows and capital, thus paving the way to the development of new financial products for foreign direct investment (FDI).

The strength of the Unit, conceptually, is to remove direct dependency on the currency of other nations, and to offer especially to the Global Majority a new form of apolitical money - with huge potential for anchoring fair trade and investments.

It is indeed a new concept in terms of an international currency - anchored in gold (40%) and BRICS+ currencies (60%). It is neither crypto nor stablecoin – as it’s shown here.

The Beauty of Going Fractal

The Global Majority will instantly grasp the primary purpose of the Unit: to harmonize trade and financial flows by keeping them outside of political pressure or “rules” that can be twisted at will. The inevitable consequence translates as financial sovereignty. What matters in the whole process are independent monetary policies focused on economic growth.

That’s the key appeal for the Global Majority: a full ecosystem offering independent, complementary monetary infrastructure. And that surely can be extended to willing Unit partners in the collective West.

Now to the practical level: as Subbotin explains, the Unit ecosystem may be easily scalable because it comes from a fractal architecture supported by simple rules. New Unit nodes can be set up by either sovereign or private agents, following a detailed rule-book in custody of the UN-chartered IRIAS.

The Unit organizers employ a distributed ledger: a technology that ensures transparency, precluding capital controls or any exchange rate manipulation.

This means that connection is available to all open DEX and digital platforms operated by both commercial and Central Banks around the world.

The endgame is that everyone, essentially, may use the Unit for accounting, bookkeeping, pricing, settling, paying, saving and investing.

No wonder the institutional possibilities are quite enticing – as the Unit can be used for accounting and settlement for BRICS+; payment and pricing for the Eurasian Economic Union (EAEU); or as a reserve currency for Sub-Saharan Africa.

And now comes the clincher: the Unit has already received backing by the BRICS Business Council and is on the agenda at the crucial ministerial meeting in Russia next month, which will work out the road map for the summit next October in Kazan.

That means the Unit has all it takes to be on the table as a serious subject discussed by BRICS+ and eventually be adopted as early as in 2025.

Will Musk and the NDB Be on Board?

As it stands, the priority for the Unit conceptualizers – whom I followed for over a year during several, detailed meetings in Moscow - is to inform the general public about the new system.

The Unit team is not interested at all in getting straight into political hot waters or to be cornered by ideologically-laden arguments. Direct references to inspiring but sometimes controversial concepts or authors like Zoltan Pozsar may bury the Unit concept into pigeon holes, thus limiting its potential impact.

What may lie ahead could be extraordinarily exciting, as the Unit appeal could extend all the way from Elon Musk to the BRICS’s New Development Bank (NDB), hopefully engaging an array of crucial actors. After a positive evaluation by Finance Minister Anton Siluanov – who remains on the post in the new Russian government - it’s not far-fetched to imagine Putin and Xi discussing it face to face this week in Beijing.

As it stands, the major takeaway is that the Unit should be seen as a feasible, technical solution for the theoretically Unsolvable: a globally-recognized payment/trade system, immune to political pressure. It’s the only game in town – there are no others.

Meanwhile, the Unit conceptualizers are open for constructive criticism and all manners of collaboration. Yet sooner or later the battle ranks will be lined up – and then it will be a matter of seriously upping the game.

“Academically Sound, Technologically Innovative”

Vasily Zhabykin, co-author of the Unit white paper and founder of CFA.Center, Unit’s technological partner at Skolkovo Innovation Hub in Moscow, crucially stresses: the Unit “represents apolitical money and can be the connector between the Global South and the West.”

He’s keen to point out that “the Unit can keep all the wheels turning unlike most of the other concepts that feature ‘dollar killers’, etc. We do not want to harm anybody. Our goal is to improve efficiency of currently broken capital and money flows. The Unit is rather the ‘cure for centralized cancer’’’.

Subbotin and the Unit team “are keen to meet new partners who share our approach and are ready to bring additional value to our project.” If that’s the case, they should “send us 3 bullet points on how can they help and improve the Unit.”

A bold follow-up step should be, for instance, a virtual conference on the Unit, featuring leading Russian economist Sergey Glazyev, Yannis Varoufakis, Jeffrey Sachs and Michael Hudson, among others.

By email, Glazyev, a member of the Russian Academy of Sciences and the Minister of Integration and Macroeconomics of the Eurasia Economic Union (EAEU) , summed up the Unit’s potential:

“I have been following the development of Unit for more than a year and can confirm that Unit offers a very timely, feasible solution. It is academically sound, technologically innovative and at the same time complementary to the existing banking infrastructure.

Launching it under the auspices of an UN institution gives Unit legitimacy, which the current Bretton Woods framework is clearly lacking. Recent actions by the US administration and loud silence from IMF clearly indicate the need for change.

A decentralized approach to emission of potential global trade currency, whose intrinsic value is anchored in physical gold and BRICS+ currencies, makes Unit the most promising of several approaches being considered. It balances political priorities of all participants, while helping each sovereign economy develop along its optimal path.

The New Development Bank (NDB) and BRICS+ shall embrace the concept of Unit and help it to become the pinnacle of the new emerging global financial infrastructure, free from malign political interferences while focused instead on fair trade and sustainable economic growth.”

A clear, practical example of possible Unit problem-solving concerns Russia-Iran trade relations. These are two top BRICS members. Russian trade with Iran is unprofitable due to sanctions – and both cannot make payments in US dollars or euros.

Russian companies suffer significant losses after switching to payments in national currencies. With each transfer, Russian businesses on average lose as much as 25% due to the discrepancy between the market rate in Iran and the state rate.

And here’s the key takeaway: BRICS+ as well as the Global Majority can only be strengthened by developing closer geoeconomics ties. The removal of Western speculative capital shall free up local commodity trading, and enable the pooling of investable capital for sustainable development. To unlock such a vast potential, the Unit may well be the key.

Read full post here: https://www.zerohedge.com/geopolitical/escobar-de-dollarization-bombshell-coming-brics-decentralized-monetary-ecosystem

Goldilocks' Comments and Global Economic News Thursday Evening 5-16-24

Goldilocks' Comments and Global Economic News Thursday Evening 5-16-24

Good evening Dinar Recaps,

Wirex chooses OpenPayd to launch embedded accounts across UK and EEA | PRN Newswire

"The partnership between the two entities aims to provide named virtual IBANs to Wirex customers across the UK and European Economic Area (EEA), aligning with Wirex's mission to offer secure payment methods to its customers.

Under this partnership, OpenPayd will issue virtual IBANs to Wirex customers in over 30 countries across the UK and EEA. These customers will gain access to the Faster Payments network in the UK and Single Euro Payments Area (SEPA) Instant payments for Euro-denominated deposits and withdrawals."

This service will be interfaced into Wirex's infrastructure using OpenPayd's single API.

Banking API is the process of integrating banking functions to a web service. It will decentralize the banking system inside the new QFS. This unique feature will allow access to third-party companies.

Wirex customers will get unique IBANs. IBAN is an International Bank Account Number. It will facilitate transfers of EUR and GBP between Wirex and bank accounts.

OpenPayd's SEPA Instant Payments transactions will occur in real-time. Here we go. The beginning stages of instant payments.    PRN Newswire

© Goldilocks

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The integration of Digital Payment Systems, Digital Ledger Technology, and Digital Payment Sources are all in process of being interfaced onto the QFS.

The new rules and regulations to govern them are in process of becoming law by the end of June.

Europe will begin the Global Reset. It will be up to the rest of the world to follow the Regulations they are building at the present time.

The rest of the world will build around these new Banking and Market guidelines. It is a process that begins the end of June 2024.

© Goldilocks

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The Gold Iraqi Dinar | The Economic Ninja | Youtube

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Iraq maintains its 30th rank with the largest gold reserves | Iraqi News

"Iraq's central bank, the Central Bank of Iraq (CBI), has been buying gold since 2022 to diversify its foreign assets."

Every time Iraq buys more gold. They are adding more value to the net worth of their currency.

"When gold is set free, so are we."

© Goldilocks

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"Due diligence procedures in inquiring about customers of exchange companies category (A, B) and brokerage companies that buy and sell foreign currencies."

Brokerage companies that buy and sell foreign currencies with Iraq and their new registered A&B categorization of the Iraqi Dinar have been given due diligence procedures.

Due diligence procedures include information gathered about the clients who are participating in an exchange.   It includes background checks, risk assessments, and more.  CBI   Investopedia   Signicat

© Goldilocks

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Mastercard executes first tokenized deposit transactions with StanChart subsidiaries - Ledger Insights 

Mastercard has executed its first live test of the Mastercard Multi-Token Network

() (MTN) involving tokenized deposits and tokenized assets in collaboration with Standard Chartered Bank Hong Kong (SCBHK) and subsidiaries. Mastercard introduced MTN in mid-2023.

This proof of concept was completed as part of the Hong Kong Fintech Supervisory Sandbox. It involved a client of Standard Chartered’s Hong Kong digital bank, Mox Bank, buying a carbon credit.

 Mox requested SCBHK to tokenize the carbon credit, a task executed by Libeara, the tokenization platform incubated by Standard Chartered’s SC Ventures. Mastercard’s MTN was used to tokenize the deposit and execute an atomic swap between the tokenized deposit and the carbon credit. Ultimately the Mox client received the tokenized carbon credit in their wallet.

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Financial Services and Markets Act 2022 | Monetary Authority of Singapore

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Escobar: De-Dollarization Bombshell - The Coming Of BRICS+ Decentralized Monetary Ecosystem | ZeroHedge

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BIS’ Project Agorá Opens to Private Sector for Tokenised Cross-Border Payments | Fintech Singapore

Project Agorá, an initiative by the Bank for International Settlements (BIS) alongside major central banks and the Institute of International Finance (IIF), is moving forward and inviting private sector involvement.

The project aims to explore how tokenization can improve wholesale cross-border payments. Private sector financial institutions are encouraged to apply for participation in Project Agorá and the application window is open until 31 May 2024.

Project Agorá involves seven central banks, including the Bank of France (Eurosystem), Bank of Japan, Bank of Korea, Bank of Mexico, Swiss National Bank, Bank of England, and the Federal Reserve Bank of New York.

The initiative will build on the unified ledger concept proposed by BIS, aiming to integrate tokenized commercial bank deposits with tokenized wholesale central bank money.

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The Rise of Tokenised Economy: Unified Ledger, RLN, RSN & More..| Linkedin

In simple terms, a unified ledger could be considered a “common venue” where money and other tokenized objects come together to enable seamless integration of transactions and open the door to entirely new types of economic arrangement.   3 days ago

EU wholesale DLT settlement trials start - Ledger Insights - blockchain for enterprise | Ledger Insights 

Yesterday, the Oesterreichische Nationalbank participated in the first trial of wholesale DLT settlement transactions as part of the Eurosystem experiments.

As reported last month,  16 institutions were onboarded to participate in the first wave of DLT trials, which use real central bank money. In addition, there are experiments involving simulations.

The Oesterreichische National bank example was a simulation involving the tokenization and simulated settlement of government bonds against central bank money – a delivery versus payment (DvP) transaction.

The ECB says upcoming trials and experiments will include
DvP transactions in primary and secondary markets securities lifecycle management automated wholesale payments, and payment-versus-payment transactions.

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Ripple’s Latest Move Bolsters It As A Digital Asset Custody Provider | Mitrade

Ripple is transitioning into a full-service digital asset custody provider, following its acquisition of Metaco, a Swiss-based leader in the sector, for $250 million in May 2023. This development represents a significant expansion of the fintech’s capabilities into the institutional crypto custody market—a segment that is expected to experience substantial growth over the next decade.

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Bankster Boss Christine Lagarde Reveals Plan for Europe’s GREAT RESET | Awake in 3D

“A hotter climate and the degradation of natural capital are forcing change in our economy and financial system. We must understand and keep up with this change to continue to fulfill our mandate.”
Christine Lagarde, President European Central Bank

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I hope the above information gives you a more detailed understanding of what is taking place this month.

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JUST IN: 🇺🇸 Senator Cynthia Lummis calls for Senate approval on bill allowing highly regulated financial firms to hold Bitcoin and crypto.   https://t.me/c/1545617426/78718

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DTCC, Chainlink Complete Pilot to Accelerate Fund Tokenization with JPMorgan, Templeton, BNY Mellon Participating | Coindesk

The Depository Trust and Clearing Corporation (DTCC), the world’s largest securities settlement system, completed a pilot project with blockchain oracle Chainlink (LINK) and multiple major U.S. financial institutions, aiming to help accelerate the tokenization of funds, according to a Thursday report published by DTCC.

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Find information in faster & easier ways with AI Overviews in Google Search - Google Search Help

AI Overview
Learn more…  Opens in new tab
Yes, due diligence is part of a foreign currency exchange. The Bank Secrecy Act (BSA) regulatory requirements for due diligence programs for foreign financial institutions include detecting and reporting money laundering and any potential suspicious activity. 

The goal of section 312 of the USA PATRIOT Act is to help prevent money laundering through accounts that give foreign financial institutions a base for moving funds through the U.S. financial system. U.S. financial institutions covered by the final rule must establish a due diligence program that includes appropriate, specific, risks.

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Iraq repays IMF loans in full | Search 4 Dinar

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U.S. Senate Votes to Kill SEC's Crypto Accounting Policy, Testing Biden's Veto Threat | Coindesk

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Follow Goldilocks' Roadmap

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“Tidbits From TNT” Thursday 5-16-2024

TNT:

Tishwash:  A license for brokerage companies to trade in shares on international stock exchanges

The Securities Commission is studying the possibility of licensing brokerage companies to trade in shares on international stock exchanges.

The head of the authority, Faisal Al-Haims, said in a statement: “The authority has begun studying the licensing of brokerage companies to trade in shares on global stock exchanges through a technical committee within it.”

He added, “The Authority is working seriously to support and develop the stock market by studying the licensing of brokerage companies to enable them to trade in shares on international stock exchanges for the first time in Iraq.”

He explained, “This step comes in the context of protecting the rights of citizens to trade through brokerage companies that practice this activity without an official license from the Securities Commission, which seeks to develop the financial markets in the country,” noting that “the Commission is working to provide a stimulating and regulated investment environment.” “It contributes to enhancing confidence among investors and raising Iraq’s position in global financial markets.”  link

CandyKisses:  Iraq confirms its keenness to achieve energy self-sufficiency

Economy News – Baghdad

Today, Wednesday, Prime Minister Muhammad Shiaa Al-Sudani affirmed the government’s keenness to implement its executive approach within the axis of achieving energy self-sufficiency, while indicating that the memorandums of understanding that were signed during his visit to the United States of America last April are being implemented on the ground.

The Prime Minister’s Media Office stated in a statement received by Al-Iqtisad News, “Al-Sudani received the US Assistant Secretary of State for Energy Resources Affairs, Jeffrey Payette, in the presence of the US Ambassador to Iraq,” noting that “the most prominent files of cooperation in the field of energy, in all its forms, were reviewed.” And ways to develop it, in a way that contributes to achieving common interests.”

During the meeting, the Prime Minister stressed, “The government’s keenness to implement its executive approach within the axis of achieving energy self-sufficiency, in the areas of exploiting locally produced natural and associated gas, generating electricity, providing petroleum derivatives, and producing chemical fertilizers and petrochemical materials,” explaining that the memorandums of understanding that were signed during His visit to the United States of America last April is being implemented on the ground.”

Al-Sudani pointed to “the government’s efforts and steps in the field of economic and financial reform, especially in the areas of tax, customs, and the banking sector, and completing the elements of the ideal investment environment,” calling on “American companies to work and invest in Iraq.”

For his part, Payet praised “the efforts of the Iraqi government to develop the energy sector,” pointing to “the joint statement of the Prime Minister and US President Joseph Biden, which represents a road map and framework for fruitful work and cooperation.”

He stressed “the desire of American companies to invest and expand their activities inside Iraq.”

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CandyKisses:  US negotiations to supply Iraq’s electricity with 3,000 megawatts

Shafaq News / Iraqi Minister of Electricity Ziad Ali Fadel discussed with the US Assistant Secretary of State for Energy Affairs Jeffrey Payat on Wednesday that the electrical system was supplyed by about 3,000 thousand new megawatts through the implementation of new energy projects.

This came during the reception of the Iraqi Minister of Electricity, of the US Assistant Secretary of State for Energy Affairs, in the presence of the US Ambassador in Baghdad, Alena Romanoski, according to a statement received by Shafaq News.

During the meeting, the two sides discussed cooperation between the two countries in the field of energy, where Fadel reviewed the projects it is implementing by the ministry in the production, distribution and transport sectors, and its plans to diversify energy supply sources through a package of projects for electrical connection and other projects in the field of clean energy.

The meeting touched on the role of American and foreign companies in contributing to the modernization of the infrastructure of the electricity sector in Iraq. The Minister of Electricity referred to the contracts concluded with (GE) to qualify and maintain production plants for 5 years, as well as the conversion of gas stations from simple cycles to the complex cycles currently implemented by the American company in more than one location in Iraq.

The two sides discussed, according to the statement, accelerating the implementation of the terms of the memorandum of cooperation concluded during the recent visit of Prime Minister Mohammed Shiaa Al-Sudani to Washington, including the supply of the electrical system by about 3,000 thousand new megawatts through the implementation of new energy projects.

The Iraqi Minister of Electricity called on American companies to submit their offers for the smart transformation project in the electrical system, which the ministry is implementing in selected areas of Baghdad and the provinces as a first stage, expecting that this project will contribute to improving the performance of the electrical network and securing processing hours for citizens 24 hours a day.

For his part, the US official stressed Washington's interest in supporting the Iraqi government's steps in enhancing the performance of its electrical system, and moving towards investment in clean energy projects suitable for the environment 

Mot: ......... Just So Ya Knows!!!

Mot:  .. not to brag 

Iraq Economic News and Points to Ponder Thursday AM 5-16-24

Iraq Economic News and Points to Ponder Thursday AM 5-16-24

The Association Of Private Banks Praises The Iraqi Central Bank’s Approach To Establishing Digital Banks

 Expenses  Economy News – Baghdad    The Executive Director of the Iraqi Private Banks Association, Ali Tariq, praised the Central Bank’s approach to establishing digital banks to keep pace with the great development in the global banking sector.

 Tariq said in an interview with Al-Iqtisad News,

 “The world is moving towards the digitization of banking services, and

 Iraq has begun its first steps in establishing digital banks, as

until now there is a digital bank licensed inside Iraq, and

it provides its services normally to the public.” He pointed out that "the

Central Bank of Iraq issued instructions to license banks, which

     set their number at a rate not exceeding 10% of the total banks operating inside the country, with

     a capital of 100 billion dinars, with traditional banks participating at a rate of 30%."

He added,  "Digital banks are similar to traditional banks, but

 they differ in that they do not have branches, and

 most of their services are via mobile phones," noting that the

size of central banks in the world has increased significantly and has reached more than 500 digital banks. Tariq noted that

  “traditional banks are still providing their services through applications, and

 they are keeping pace with the development taking place in the banking sector.”

 views 481     Added 05/13/2024 - https://economy-news.net/content.php?id=43371    

Arab Banks Sweep The Dollar Platform.. Washington Sanctions Freeze The Iraqi Government And The Central Bank Is Content With Silence

     May 14 20:03      Information/Private..

 The false and twisted policy of the United States of America towards Iraq is being exposed day after day in many cases, including the dollar crisis that Washington created to impose dictates and blackmail the government publicly after punishing Iraqi banks in two installments and imposing strict measures in exchange for obtaining the dollar from the electronic platform.

This made the opportunity available for Arab banks to invade the platform and dominate the sale of the dollar with clear laxity and in violation of the law from the Central Bank, which abandoned the matter of lifting sanctions on Iraqi banks and continued to grant licenses to Jordanian, Emirati, Gulf and foreign banks, which undermined the work of the local.

 *Central violations

 Speaking about this file, Al-Fath Alliance member Ali Al-Zubaidi criticizes the Central Bank’s controls for granting licenses to foreign and Arab banks to operate in the Iraqi banking sector, while he stressed that continuing to grant the dollar at reduced prices to these banks amounts to wasting the country’s share of the dollar. 

 Al-Zubaidi said in an interview with the Maalouma Agency, “Granting licenses to these banks should be in the field of investment, construction, loans, and initiatives, and not working on the electronic platform,” noting that

 “these banks have undermined the work of Iraqi banks to a very large extent.” 

He continues,   "The entry of Jordanian, Emirati, and Gulf Arab banks into the dollar selling platform will make them compete directly with Iraqi banks," calling on "the Central Bank to reconsider these licenses or limit the points they offer in general."  Al-Zubaidi continues his speech:

 “These banks’ possession of the dollar must be ended by buying the dollar at reduced prices and selling it at a higher price,” pointing out that

 “there is a clear error in the Central Bank’s controls in granting licenses to foreign and Arab banks to work in the Iraqi banking sector.” 

*US sanctions

 In addition, economic expert Nabil Al-Marsoumi confirms that the US Federal Reserve’s sanctions revealed the falsity of the strict US administration on Iraqi banks only, while he stressed that

the current central bank law has made Arab banks dominate Iraqi banks.

Al-Marsoumi said in an interview with the Maalouma Agency,

 “The American ambassador contradicts the statements by talking about the development of the Iraqi banking system at a time when the Federal Reserve continues to issue sanctions,” noting that

 “the recent sanctions reduced the number of Iraqi banks to only five banks on the electronic platform.”  He continues,

 "Arab capital opened banks with Iraqi names and management in order to enter the currency auction and the electronic platform," adding that

 "the issue of granting licenses requires reconsideration of Arab and foreign investments within the country."  Al-Marsoumi continues his speech:

  “The basic law stipulates that the percentage of Arab banks is not allowed to increase by more than 49%,

but the current Central Bank law allows Arab banks a percentage of up to more than 80%,” adding that

“the current Central Bank law has made Arab banks dominate the Iraqi banks.

 *Bank profits

 For its part, an informed source reveals that Jordanian, Kuwaiti, and Qatari banks operating in Iraq achieved profits estimated at 200 billion dinars in just three months, while he confirmed that the

Kuwaiti-owned Bank of Baghdad recorded profits worth 88.3 billion dinars, while the

 National Bank (of Jordan) recorded profits worth 88.3 billion dinars. Its profits amounted to 84.4 billion dinars.

 The source, who preferred to remain anonymous, said in an interview with the Maalouma Agency,

 “During the same period, Al-Mansour Bank, which belongs to Qatar, achieved profits amounting to 27 billion dinars,” indicating that

 “the error began with granting licenses to Arab banks to work in... Iraqi Financial Market.  He added,

 "The Central Bank's policy will contribute to losing control over the banking system, which will remain in the hands of the United States and Jordanian banks," warning against "exploiting this file politically in the future."

 Many political and popular parties criticized the courtesy shown by the Iraqi governments towards the Jordanian, Emirati and Gulf banks and granting them privileges, facilities and illegal licenses, in light of their hostile policy towards the country on many issues, as well as their support for the usurping Zionist entity against the Palestinian people who have reached... Use of airports, equipment and military aircraft. Ended 25/J   

https://almaalomah.me/news/64530/economy/المصارف-العربية-تكتسح-منصة-الدولار-عقوبات-واشنطن-تجمد-العراق   

Iraq Has The Tenth Worst Economic Growth In The Last 5 Years

May 10, 2024 Follow-up/National News Center   Iraq ranked highly globally among the countries with the least economic growth during the last 5 years, while poor economic growth was concentrated in the countries of Africa and the Middle East due to Corona and then the conflicts that have existed so far.

Iraq ranked 10th globally out of 190 countries around the world, as the tenth worst country in terms of economic growth during the years between 2020 and 2024.

 Iraq's economic growth during these last five years

     reached negative 0.8,

     ranking it tenth globally, and the

     third worst Arab economic growth after Sudan and Yemen.

Sudan came in first place as the worst country in terms of economic growth between 2020 and 2024, reaching negative 5.6%.

 On the contrary, Albania ranked last on the list of countries with poor economic growth, which makes it first in the world in terms of economic growth during 2020 to 2024, with a growth rate of 3.3%, according to “Seaworld.”     https://nnciraq.com/255477/    

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

Provoking Thoughts and Points to Ponder on Advice :

Be frank and explicit. That is the right line to take when you wish to conceal your own mind and to confuse the minds of others.  - Benjamin Disraeli

To make pleasure pleasant, shorten.  - Charles Buxton

Put all thine eggs in one basket and - watch that basket.  - Mark Twain

It has seemed to be more necessary to have regard to the weight of words rather than to their number.  - Cicero

Don't offer me advice, give me money.  - Spanish proverb

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

http://famousquotesandauthors.com/quotes_by_topic.html

MilitiaMan: Iraq Dinar - IQD Study - Extraordinary Plans - Al-Sudani - Political Week - Progress Internationally

Iraq Dinar - IQD Study - Extraordinary Plans - Al-Sudani - Political Week - Progress Internationally

MilitiaMan and Crew:  5-15-2024

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

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

https://www.youtube.com/watch?v=ZH2EBUgiLJ0

Goldilocks' Comments and Global Economic News Wednesday Evening 5-15-24

Goldilocks' Comments and Global Economic News Wednesday Evening 5-15-24

Good Evening Dinar Recaps,

"The European Securities and Markets Authority (ESMA) recently revealed that four applications are pending. One of those is from Germany’s 21X (https://www.21x.eu/), the only one of the quartet that has applied for a DLT trading and settlement systems (DLT TSS) license.

If approved, this would allow it to both operate a secondary market (DLT MTF) and run the settlement systems (DLT SS). We were the first DLT TSS applicant in Europe. We do have a first mover advantage that we are hoping to realize,” 21X CEO Max Heinzle told Ledger Insights."

A secondary market allows investors and traders the ability to exchange with each other when a primary Market adds an item for sale. Securities can be directly traded between two entities without having to go through the primary issuer.

This allows the actual price of an item to be driven by supply and demand. An actual value begins to surface over several trades.

It is a system that allows large and small traders to invest in Market transactions such as stock markets and over-the-counter markets.

Foreign currency exchanges are traded on the secondary Market. Examples of stock markets (or secondary markets) include:

* the NYSE and Nasdaq in the U.S.
* the London Stock Exchange
* the Hong Kong Stock Exchange
* the Bombay Stock Exchange
* the Frankfurt Stock Exchange

(https://www.ledgerinsights.com/esma-explains-why-dlt-pilot-regime-hasnt-taken-off/) 
When Stablecoins and Tokenized Assets become law on June 30th, 2024, we will have a Digital Ledger System capable of recording these transactions going forward.  Germany’s 21X (https://www.21x.eu/),  

 Ledger Insights    Investopedia 1   Banking Frontiers   Soft Serve Inc    Investopedia 2

© Goldilocks

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"Deutsche Bank today announced it has joined the Monetary Authority of Singapore’s (MAS) Project Guardian (as part of the asset and wealth management workstream). The collaborative initiative is dedicated to testing the feasibility of asset tokenization applications in regulated financial markets.

Project Guardian is a multi-year project involving global policymakers (including the United Kingdom’s FCA, Switzerland’s FINMA, and Japan’s FSA) and financial services industry representatives.

As part of the asset and wealth management workstream, the bank will test an open architecture and interoperable blockchain platform to service tokenized and digital funds. It will then propose protocol standards and identify best practice to contribute to industry progress."

The Deutsche Bank connects to all banks around the world, and their proposed "protocol standards" from this project test will move us towards Global unification inside the new digital asset economy.   Deutsche Bank   The Block   Fintech Futures

© Goldilocks

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The Monetary Authority of Singapore is finalizing their rules for their new over-the-counter derivatives reporting regimen.

These final regulations come into operation on October 21, 2024. It will introduce the Unified Payments Interface, Unique Transaction Identifier or swaps transaction identifier, cardholder data environment, and ISO 20022 in reporting.

These new developments just so happen to be taking place in the same month of the next BRICS summit.   Exchange Protocols and Regulations are clearly being interfaced onto the QFS during this time. Traction Fintech   DowJones

© Goldilocks

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How Trading Works on OTC Markets | Youtube

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What are Secondary Markets? | Youtube

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Philippines Central Bank Launches Peso-Linked Stablecoin Trials | Bitrue FAQ

Philippines Stablecoin Announcement:

The Philippines will now test a peso-backed stablecoin in payments, trading, hedging, and DeFi applications.

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Finastra certifies multiple solutions for ISO 20022 compliance | The Paypers

Tuesday 14 May 2024 15:05 CET | News

Global provider of financial software applications Finastra has announced the completion of testing and certification for ISO 20022.  (https://thepaypers.com/search/index.aspx?search=Finastra) 
 
This achievement positions Finastra as one of the early vendors in the industry to complete the certification process for multiple solutions. The certification pertains to four of Finastra’s payment processing solutions, allowing financial institutions across the United States to enhance their innovation capabilities. 

The certified solutions include Payments To Go, Global PAYplus, PAYplus USA, and PAYplus Connect, offering a range of options for financial institutions to comply with ISO 20022 standards for FedWire. Financial institutions are required to conduct their own testing to meet ISO 20022 compliance standards by the end of 2024, emphasizing the importance of selecting a suitable payment processor with the necessary technology.

👆  Goldilocks pointed to this article

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Digital ID Regulations Start THIS MONTH mandatory by 2026. | TheNationalPulse

The Digital Identity Regulation (eIDAS 2.0), the European Union’s latest set of digital ID rules, will take effect on May 20. Big Tech firms and EU member nations must now comply in supporting the EU Digital Identity (EUDI) Wallet, though work on the project remains ongoing, with pilot programs scheduled for 2025.

According to recently published standards by the European Council, the EUDI Wallet must be fully implemented across the continent by 2026. Initial usage will encompass scenarios such as accessing government services and age verification.

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Financial Services and Markets Act Announcement:

Singapore has commenced its second phase of implementing the Financial Services and Markets Act (FSMA). The Act was passed into law in April 2022 to give the Monetary Authority of Singapore (MAS) additional powers to address misconduct, technology, and virtual asset risks.   20 hours ago

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Andrei Belousov: The Economist in Charge of Russia’s Army | The Moscow Times

n economist and technocrat with no military background, Russia's new Defense Minister Andrei Belousov has been tasked with deploying his number-crunching skills and bureaucratic oversight to secure Russian victory against Ukraine.

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China considers local government purchases of unsold homes, Bloomberg News says | Yahoo News

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Government Acquisition, Regulation of Private Property. Initiative Constitutional Amendment. |  LAO CA Gov

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The Unseen Battles in Iraq USD IQD Ex Rate Value Up | Youtube

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Silver Price Hasn't Done This In Over A Decade ($30 BREAKOUT Imminent) | Youtube

~~~~~~~~~

Yesterday, the Oesterreichische National Bank participated in the first trial of wholesale DLT settlement transactions as part of the Eurosystem experiments. As reported last month, 16 institutions (https://www.ledgerinsights.com/ecb-wholesale-dlt-trials-first-participants/) were onboarded to participate in the first wave of DLT trials, which use real central bank money. In addition, there are experiments involving simulations.   LedgerInsights

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09 May 2024 (BIS):
BIS added 37 entities to the Entity List under the destination of the PRC for the following reasons:

Supporting the High Altitude Ballon that overflew the United States in February 2023;
Having connections to companies that provided such support;
Acquiring and attempting to acquire U.S.-origin items, applicable to unmanned aerial vehicles, to be used by Chinese military entities;
Being involved in the shipment of controlled items to Russia since its invasion of Ukraine in February 2022;
Acquiring and attempting to acquire U.S.-origin items in support of advancing China’s quantum technology capabilities; and Being involved in advancing China's nuclear program development. https://overruled.com/china/

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The essential metals for humans: a brief overview - PubMed

~~~~~~~~~

S&P Global Rankings Urges Asset Managers To Embrace Tokenization | TheDefiant

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The DCSA Digital Trade initiative was designed to facilitate universal acceptance and adoption of a standards-based electronic Bill of Lading, applicable to both original Bill of Ladings and Seaway Bills. 

Using open source Application Programming Interfaces (APIs), DCSA BL standard enables straight-through processing of BL data, eliminating paper and manual intervention from BL processes.

Standardised digitalisation of BL data and processes will help create a more secure, agile and sustainable supply chain ecosystem. DCSA is also working closely with eBL solution providers on technical and legal interoperability to enable seamless digital transfer of original BLs across different platforms and stakeholders, which will facilitate the global uptake of BL standards.  DCSA

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Follow Goldilocks' Roadmap

Follow Goldilocks' Timeline 

Goldilocks' Telegram Room

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Goldilocks on the Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps

KTFA Members “News and Views” Wednesday 5-15-2024

KTFA:

Clare: The Prime Minister receives the Vice President of the World Bank for the Middle East and North Africa

5/15/2024- Baghdad

Prime Minister Muhammad Shiaa Al-Sudani received Al-Abaa, Vice President of the World Bank for the Middle East and North Africa.

The Prime Minister's Media Office said in a statement, seen by Al-Iqtisad News, that "Prime Minister Muhammad Shiaa Al-Sudani received the Vice President of the World Bank for the Middle East and North Africa region."  LINK

Clare:  Securities: We are studying the possibility of licensing brokerage companies to trade in shares on international stock exchanges

5/15/2024  Baghdad

Chairman of the Securities Commission, Faisal Al-Haims, confirmed today, Wednesday, that the authority is studying the possibility of licensing brokerage companies to trade in shares on international stock exchanges.

Al-Haims said in a statement received by Al-Iqtisad News, “The Authority has begun studying the licensing of brokerage companies to trade in shares on global stock exchanges through a technical committee within it.”

He added, "The Authority is working seriously to support and develop the stock market by studying the licensing of brokerage companies to enable them to trade in shares on international stock exchanges for the first time in Iraq."

He explained, "This step comes in the context of protecting the rights of citizens to trade through brokerage companies that practice this activity without an official license from the Securities Commission, which seeks to develop the financial markets in the country," noting that "the Commission is working to provide a stimulating and regulated investment environment." “It contributes to enhancing confidence among investors and raising Iraq’s position in global financial markets.”   LINK

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

Clare:  The reform process will begin with the government banking sector, which represents 85% - Sudanese Advisor

5/15/2024  Baghdad –

Mazhar Saleh, advisor to the Prime Minister for Financial Affairs, said today, Wednesday, that the government banking sector represents 85% of banking work in Iraq, and there is a reform process that will begin from it, indicating that the sanctions that affected the banks are an opportunity for reform.

Saleh confirmed in a statement to the official agency, followed by the 964 Network , that “Prime Minister Muhammad Shiaa Al-Sudani is keen to protect national capital, in addition to the fact that banking institutions need reform,” indicating that “what happened in depriving some banks of foreign currency is an opportunity to restore Structuring and organizing it.”

He added, “There is a program to reform the banking sector by starting with the government sector because the government banking sector dominates 85 percent of banking work and the rest of the small emerging markets, although their capital constitutes 78 percent of the banking system’s capital, but they need to be reorganized and restructured to transform into Correct market institutions integrate with the global economic system and have a role in finance and economic development.”

He pointed out that “there is a reform process in Iraq that begins with the government banking sector and then the private sector,” pointing out that “the injustice that happened to the banks is an opportunity for reform.”  LINK

***********

Clare:  Al-Sudani briefs Washington on economic and financial reform efforts and calls on its companies to invest in Iraq

5/15/2024

On Wednesday, Prime Minister Muhammad Shiaa Al-Sudani briefed US Assistant Secretary of State for Energy Resources Affairs Jeffrey Payette on the government’s efforts and steps in the field of economic and financial reform, calling on American companies to work and invest in Iraq.

In the meeting, which was attended by the US Ambassador to Iraq, the most prominent files of cooperation in the field of energy, in all its forms, and ways to develop it were reviewed, in a way that contributes to achieving common interests, according to a statement issued by Al-Sudani’s office and received by Shafaq News Agency.

During the meeting, Al-Sudani stressed the government’s keenness to implement its executive approach within the axis of achieving energy self-sufficiency, in the areas of exploiting locally produced natural and associated gas, generating electricity, providing petroleum derivatives, and producing chemical fertilizers and petrochemical materials, pointing to the memorandums of understanding that were signed during his visit to The United States of America last April, which is being implemented on the ground.

Al-Sudani pointed to the government's efforts and steps in the field of economic and financial reform, especially in the areas of tax, customs, and the banking sector, and completing the elements of the ideal investment environment, calling on American companies to work and invest in Iraq.

For his part, Payet praised the efforts of the Iraqi government in developing the energy sector. He also referred to the joint statement of the Prime Minister and US President Joseph Biden, which represents a road map and framework for fruitful work and cooperation, stressing the desire of American companies to invest and expand their activities inside Iraq.  LINK

Frank26:  "AN EXTRAORDINARY SESSION... FOR AN EXTRAORDINARY ANNOUNCEMENT!!!".....F26

 Sudanese directs to hold an extraordinary session next Sunday to discuss the 2024 budget schedules

- Baghdad

Today, Tuesday, Prime Minister Muhammad Shiaa Al-Sudani directed that an extraordinary session of the Council be held next Sunday to discuss the federal budget schedules for the year 2024.

Al-Sudani’s media office stated in a statement received by Mawazine News, “The Prime Minister directed that an extraordinary session of the Council be held on Sunday.” Next, corresponding to May 19, to discuss the federal budget schedules for the year 2024.

He added, "Al-Sudani also directed the formation of a committee headed by a representative of the Ministry of Planning and membership of representatives of the Ministry of Finance, the Council of Advisors, the General Secretariat of the Council of Ministers, and the Federal Public Service Council, which will undertake a re-examination of (the draft law on the Public Service Institute), and submit its recommendations within a working month to the Council of Ministers for consideration." "The appropriate decision."  LINK

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Frank26:  "SHOULDER TO SHOULDER!!!"...........F26

The Prime Minister and Barzani stress the continuation of dialogues at various levels

5/14/2024  Baghdad - 

The Prime Minister, Muhammad Shiaa Al-Sudani, and the President of the Iraqi Kurdistan Region, Nechirvan Barzani, stressed the continuation of dialogues and meetings between the two sides at various levels.

The Prime Minister's Media Office stated in a statement received by the Iraqi News Agency (INA), that "Prime Minister Muhammad Shia al-Sudani received, today, Tuesday, the President of the Iraqi Kurdistan Region, Nechirvan Barzani, and during the meeting, the general conditions in the country and a number of issues at the national level were discussed." As well as the situation in the Kurdistan region of Iraq, and the government’s actions in implementing its strategic plans, which relate to strengthening the Iraqi economy and achieving development and prosperity for all the Iraqi people.”

He added: "The meeting also witnessed discussion of a number of common files, and an emphasis on continuing dialogues and meetings between the two sides at various levels, within the framework of reaching sustainable solutions within the constitution and the law."  LINK

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Clare: A deficit exceeding 75 trillion, and this is the date of its arrival.. Parliament’s finances talk about the 2024 budget

5/13/2024   Baghdad

Today, Monday, the Parliamentary Finance Committee expected the schedules of the general budget law from the government to reach the House of Representatives this week, while it determined the expected deficit percentage.

Committee member Faisal Al-Naeli said, in an interview followed by Al-Iqtisad News, that “the House of Representatives is awaiting the arrival of the budget schedules and the start of discussing its provisions and making the necessary amendments to them by the Finance Committee to ensure the proper implementation of the government curriculum.”

He pointed out that "indicators confirm that the schedules will reach the House of Representatives this week in order to proceed with their approval as quickly as possible."

In turn, a member of the Parliamentary Finance Committee, Moin Al-Kadhimi, revealed the expected deficit in the current year’s budget, indicating that it may exceed 75 trillion dinars.

Al-Kadhimi said, “The current year’s budget amounts to 228 trillion dinars, with a planned deficit of up to 75 trillion.”

He added, "The budget included total revenues and spending in the amount of 150 trillion dinars, indicating that the government seeks for actual spending to be 228 trillion."

He pointed out that "the committee will amend the budget schedules during the second reading." LINK

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DeepWoodz:  snippet..”Al-Kadhimi said, “The current year’s budget amounts to 228 trillion dinars, with a planned deficit of up to 75 trillion.”

A “PLANNED DEFICIT” is very telling. To me, an uneducated electrician, this means they plan on adding 75 billion more dollars to their re-construction efforts once the rate changes. 

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Paulette:  IMO.......Iraq is on the UN Agenda for tomorrow.......again on 5/30..........and, UNAMI mandate is scheduled to end 5/31

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Clare:  International Development opens a new branch in Times Square in Basra

5/15/2024

The International Development Bank announced the opening of a new branch in the Times Square Center in Basra Governorate, confirming its adoption of a new strategy to enhance banking services and stimulate investment in southern Iraq.

He said in a statement received by Shafaq News Agency, “The first day of yesterday (May 13), the International Development Bank opened its second branch in Basra Governorate, in Times Square Mall, to provide its banking services to citizens and businessmen in this vital region of southern Iraq.”

He stated that this opening comes within the bank's strategy to expand and modernize its effective network of branches, with the aim of providing high-quality and convenient banking services to customers.

The bank's authorized director, Saad Faiq, said that this branch will be an important tributary to economic development in Basra and will enhance investment and growth opportunities in the region. LINK

“Tidbits From TNT” Wednesday 5-15-2024

TNT:

Tishwash:  Will the volume of trade exchange between Iraq and China increase to about 55 billion dollars?

 Today, Wednesday, the Iraqi-Chinese Business Council expected the volume of trade exchange between Iraq and China to rise to about 55 billion dollars, calling for the necessity of financial regulation of this trade.

Council member Sabah Al-Daraji said in an interview followed by Al-Iqtisad News, “The development of relations between Iraq and China in various sectors is leading to a noticeable increase in the volume of trade exchange to more than last year, which amounted to 53 billion dollars, with the increase in projects and agreements as well as the proximity of... “Working on the path of development,” expecting that “the volume of trade exchange will exceed about 55 billion dollars.”

Al-Daraji added, "The volume of trade between Iraq and China requires finding financial solutions to regulate it," pointing out that "many Iraqi merchants are still in a spiral of routine with Iraqi banks and the requirements of the electronic platform."

The Chinese Deputy Ambassador, Xu Haifeng, had revealed in previous press statements that “China has a great interest in developing trade and economic relations with Iraq because of its economic weight in the world and the Middle East region,” adding that “the volume of trade exchange between the two countries reached in 2023.” It reached 53.37 billion dollars, an annual increase of 43.1 percent, while the volume of China’s imports from Iraq reached 39.38 billion dollars, an annual increase of 47.8 percent,” stressing, “China is the largest buyer of Iraqi oil.”  link

CandyKisses: Iraq can add 75,000 barrels per day of oil to its OPEC+ quota

Kazakhstan opened a thorny debate on OPEC+ production levels later on Tuesday, saying it believes it should be allowed to pump more oil in 2025, when all current production cuts for the group of producers end.

OPEC+ has tasked three companies – IHS, Wood Mackenzie and Rystad Energy – to assess the capabilities of all members to use in benchmark production – figures by which production cuts or increases are calculated – from 2025. Reviews are scheduled to take place by 2025. End of June.

Five OPEC+ sources said that as a result, the issue will not be raised at the June 1 meeting, allowing the group to decide on policy for the rest of 2024 more easily. But it also means that the June meeting won't give the market much policy guidance for 2025, when all the current cuts are over.

"Figures on production capacity will not be presented at the June meeting," said one OPEC+ source, who asked not to be identified, adding that "the reason is that some countries have not fully concluded their discussions with secondary sources."

The UAE is expected to gain up to 180,000 bpd of additional capacity until 2027, while Kazakhstan is expected to reach 80,000 bpd of new capacity, according to JPMorgan estimates. Iraq could add another 50,000 to 75,000 bpd.

The IMF estimates that Saudi Arabia needs the oil price of $96.20 this year to balance its budget, then drop to $84.70 in 2025.

Iraq's budget needs a price of $90 for oil next year, and Algeria and Kazakhstan need prices well above $100.

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Tishwash:  After implementing electronic systems, Customs announces a “historic” increase in its revenues

The General Authority of Customs announced today, Tuesday, achieving what it described as a historic increase in its revenue rate during the first quarter of this year, while it expected a doubling of revenues once the automation project is completed.

The head of the General Authority for Customs, Hassan Al-Ugaili, told the Iraqi News Agency (INA): “During the years 2022 and 2023, the General Authority for Customs achieved an increase in the percentage of its revenues, and last year it reached 28%.”

He added, "In the first quarter of this year, the Authority achieved an increase of 120% over the first quarter of last year, as the first quarter of this year is the highest revenue since the founding of the Customs."

He continued, "The increase came as a result of a set of measures by the authority through simplifying procedures, in addition to monitoring and implementing some electronic systems," pointing out that "the authority is in the process of generalizing the application of electronic systems in all ports of the Iraqi state, and we hope in the middle of next year to end automation in all Customs centers. 

He pointed out that “the authority is looking forward to achieving an increase in revenues this year to more than 100% over the previous year,” expecting that “if automation is completed and fully disseminated, the increase may reach three times.” link

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Tishwash:  Al-Sudani told an American official: The memorandums of understanding concluded between the two countries are being implemented on the ground

Today, Wednesday, Prime Minister Muhammad Shiaa Al-Sudani, with US Assistant Secretary of State for Energy Resources Affairs Jeffrey Payette, in the presence of the US Ambassador to Iraq, reviewed the most prominent files of cooperation in the field of energy, in all its forms, and ways to develop it, in a way that contributes to Achieving common interests.

During the meeting, Al-Sudani stressed, according to a statement from the Prime Minister’s Office, a copy of which {Al-Furat News} received, “the government’s keenness to implement its executive approach within the axis of achieving energy self-sufficiency, in the areas of exploiting locally produced natural and associated gas, generating electricity, providing oil derivatives, and producing chemical fertilizers.” And petrochemical materials,” referring to “the memorandums of understanding that were signed during his visit to the United States of America last April, and which are being implemented on the ground.”

 Al-Sudani pointed to "the government's efforts and steps in the field of economic and financial reform, especially in the areas of tax, customs, and the banking sector, and completing the elements of the ideal investment environment, calling on American companies to work and invest in Iraq."

For his part, the American official praised the efforts of the Iraqi government in developing the energy sector. He also referred to the joint statement of the Prime Minister and US President Joseph Biden, which represents a road map and framework for fruitful work and cooperation, stressing the desire of American companies to invest and expand their activities inside Iraq. link

Mot: The Angry Ghost

Mot: Sooooon to Change - Right!!!!