Iraq Economic News and Points To Ponder Wednesday Evening 7-10-24

Prime Minister Chairs Meeting To Follow Up Efforts To Develop The Work Of Government Banks

Banks  Economy News – Baghdad  Prime Minister Mohammed Shia Al-Sudani chaired a meeting today, Wednesday, to follow up on efforts to develop the work of government banks.

The Prime Minister's Media Office said in a statement received by "Al-Eqtisad News", "Prime Minister Mohammed Shia Al-Sudani chaired a meeting to follow up on efforts to develop the work of government banks."

He added that "the meeting was attended by representatives of Ernst & Young for auditing and financial consulting."  225 views 2024/07/10 - https://economy-news.net/content.php?id=45068

Al-Sudani Directs To Finalize Procedures For Developing Rafidain Bank's Work

Politics | 02:22 - 10/07/2024  Baghdad - Mawazine News   Prime Minister Mohammed Shia Al-Sudani chaired a special meeting on Wednesday to develop the work of government banks, in the presence of representatives of Ernst & Young for auditing and financial consulting, while directing the finalization of procedures for developing the work of Rafidain Bank.

The Prime Minister's media office stated in a statement received by Mawazine News that "Al-Sudani was briefed on the technical and administrative procedures for the Rafidain Bank development project, which were taken during the period following the signing of the contract with the company specialized in structuring and developing work in the banking sector."

The Prime Minister stressed "the need to continue intensive meetings between the higher committee concerned with the project, which includes the Central Bank of Iraq and government banks, and the consulting company, in order to resolve all matters related to developing the work of Rafidain Bank."

It is noteworthy that the Rafidain Bank development plan includes a comprehensive review and evaluation of the bank’s work, and implementing structural administrative reforms, aiming to provide a package of integrated banking services to citizens and companies, relying on advanced electronic programs, modern technology in all banking transactions, optimal use of human and technical resources, and transition to automated work, which helps the bank’s ability to meet global banking requirements.   https://www.mawazin.net/Details.aspx?jimare=251100

4 New Decisions From The Central Bank Of Iraq Regarding Government Banks

Banks  Economy News – Baghdad  The Central Bank of Iraq revealed a new plan regarding government banks, including Rafidain and Rashid.

According to a document issued by the Central Bank of Iraq and received by "Al-Eqtisad News", "the meetings that took place with the Prime Minister, in the presence of the Governor of the Central Bank and the Minister of Finance, regarding the decision of the Council of Ministers held on 1/2/2024 and the proposed idea of ​​transforming the Industrial Bank into a public joint-stock company with the contribution of local and foreign investors, and that the second phase would include the Agricultural Cooperative Bank, we explain to you below the new plan regarding the bank and other government banks

1- Rafidain Bank is being restructured by dividing it into two banks (the old one for government accounts, and the new one as a commercial bank/public joint-stock company).

2- After that, Rashid Bank will be merged with the new Rafidain Bank.

3- The Industrial Bank will be transformed into a public joint-stock company, and then the Agricultural Cooperative Bank will be acquired.

4- At a later stage, the Real Estate Bank will be merged with the Housing Fund.

225 views 2024/07/10 - https://economy-news.net/content.php?id=45078

Oil price declines drag Gulf markets

Economy News - Follow-up  Gulf stock markets closed lower on Wednesday ahead of quarterly earnings season as oil prices fell despite improved sentiment on rising bets on an imminent U.S. interest rate cut.

The US economy is "no longer overheating" as the labour market slows from its peak during the Covid-19 pandemic, Federal Reserve Chairman Jerome Powell said in remarks to Congress, suggesting that interest rate cuts are more likely.

Saudi Arabia's index closed flat after four sessions of gains, with Aramco shares down 0.2 percent.

The Saudi Stock Exchange saw limited movement today and remained relatively stable as the market continued on its uncertain path within the price range, said Joseph Dahrieh, Managing Director at TechMill.

The financial news website "IFR" reported that the Saudi oil giant Aramco began selling bonds in three stages.

A source familiar with the matter told Reuters earlier that the company could raise at least $3 billion.

Dubai's index rose 0.1 percent, supported by a 1.3 percent increase in Emirates Central Cooling Systems Corporation.

The Abu Dhabi index settled at the close.

Crude oil prices, a catalyst for financial markets in the Gulf region, stabilized as the Organization of the Petroleum Exporting Countries (OPEC) maintained its forecast for oil demand growth over the current and next years.

Meanwhile, U.S. crude and gasoline inventories likely fell last week.

Brent crude futures fell 11 cents, or 0.1 percent, to $84.55 a barrel, after falling 1.3 percent in the previous session.

Outside the Gulf, Egypt's blue-chip index fell 0.6 percent as Talaat Moustafa Holding fell 1 percent.

51 views   2024/07/10 - https://economy-news.net/content.php?id=45090

The Dollar Declines Relatively In Baghdad With The Closure Of The Stock Exchange

Economy | 06:25 - 10/07/2024   Baghdad - Mawazine News  The exchange rate of the dollar against the dinar recorded a new relative decline today, Wednesday, compared to the exchange rate this morning.

The Baghdad Stock Exchange closed at 148.900 dinars per hundred dollars, after opening at 149.100.

While the exchange rates in currency exchange offices reached 150,250 dinars for the selling price per hundred dollars, and 148,250 dinars for the purchase price.

https://www.mawazin.net/Details.aspx?jimare=251119

Find Out Today's Dollar Auction Sales

Economy | 02:52 - 10/07/2024  Baghdad - Mawazine News  The Central Bank's dollar sales recorded a significant increase during today's auction, Wednesday, as they amounted to more than $273 million, compared to yesterday, Tuesday.

The Central Bank sold in its auction today an amount of $273 million, 691 thousand, and 666, which was covered by the basic exchange rate of 1310 dinars per dollar for documentary credits and international settlements for electronic cards, and 1310 dinars per dollar for foreign transfers, while the cash exchange rate reached 1305 dinars per dollar.

The largest part of today's dollar sales went to strengthening balances abroad in the form of transfers and credits, as they totaled $247 million, 701 thousand, and 666, representing an increase of 90% compared to cash sales, which amounted to $25 million and 990 thousand.

https://www.mawazin.net/Details.aspx?jimare=251104

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

Seeds of Wisdom RV and Economics Updates Wednesday Afternoon 7-10-24

Good Afternoon Dinar Recaps,

IS THE US MILITARY CONSIDERING BLOCKCHAIN ADOPTION?

"The United States Senate Committee on Armed Services has taken a significant step towards integrating advanced technology into national defense. As part of the fiscal year 2025 National Defense Authorization Act (NDAA) report, the committee has directed Secretary of Defense Lloyd Austin to investigate potential applications of blockchain technology within the military. This directive, issued on July 9, focuses particularly on enhancing supply chain management and strengthening national security."

"Secretary Austin is required to provide a briefing by April 1, 2025, outlining plans for blockchain integration in national security applications. The briefing must address pilot programs, benefits and risks, current adoption in industry and by foreign countries, and implementation feasibility."

"This move coincides with growing political interest in cryptocurrencies. The Republican National Committee recently included support for Bitcoin mining and digital asset self-custody in its draft policy platform. This development signifies increasing recognition of blockchain and cryptocurrency technologies in U.S. government and military planning, potentially shaping future national security strategies."

@ Newshounds News™

Read more:  CoinGape

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MICA REGULATIONS GAIN TRACTION IN ITALY

"The Bank of Italy is preparing to implement the European Union’s (EU) Markets in Crypto-Assets (MiCA) regulation. Notably, this significant move aims to preserve the smooth functioning of the payment system, according to recent reports. Besides, the upcoming guidelines by the bank will clarify how the new rules will apply, signaling a transformative phase for Italy’s crypto market."

"Besides, this strategic move by the Bank of Italy underscores its commitment to integrating crypto assets into the traditional financial system. By implementing MiCA, Italy aims to create a regulated and secure environment for crypto transactions. The guidelines will provide clarity and direction for market participants, fostering confidence in the evolving digital asset landscape."

WHERE DOES THE US STAND WITH CRYPTO REGULATION? There seems to be a lagging behind in the United States compared to the rest of the world.

@ Newshounds News™

Read more:  Coin Gape

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STABLECOINS GAINING ACCEPTANCE IN THE PHILIPPINES

"Gaming-centric sidechain Ronin announced Monday the launch of the first Philippine peso-pegged stablecoin on its network. "
“Over 80 million Filipinos transact online using the Philippine Peso, but the financial infrastructure available is often slow and expensive. That’s why Coins.PH is launching PHPC on Ronin,” Ronin said."

"PHPC’s launch comes as the Philippines prepares to introduce a crypto regime. The country’s Securities and Exchange Commission said in May that it would be ready by the second half of this year."

 @ Newshounds News™

Read more:  Daily Coin

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JANET YELLEN ADMITS TO DE-DOLLARIZATION

"When US Treasury Secretary Janet Yellen on Tuesday testified before the House Financial Services Committee, she said that one of her concerns is how best to protect the international status of the US dollar as US financial sanctions have pushed more countries seek alternative financial transaction methods that do not involve the US dollar, VOA reported."

 "The remarks from Yellen have shed light on growing concerns regarding US dollar hegemony. Experts believe that the weaponization of the US dollar will reduce its dominance as the world moves toward local currency settlements and accelerate policies to facilitate de-dollarization. China and other countries are actively promoting local currency settlements and multilateral cooperation, offering more choices and possibilities for the global financial order."

"For a long time, the US has abused its dollar hegemony, shifting domestic crises and harvesting global wealth by damaging the economic and financial stability and well-being of other countries. It is also used as a tool to impose financial sanctions, isolating other countries from the dollar payment system."

"In June, Saudi Arabia joined a central bank digital currency initiative for international trade, which may set the stage for wider local currency payments for oil trade between China and Saudi Arabia and reduce the reliance on the US dollar."

@ Newshounds News™

Read more:  Global Times

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WHOLESALE CBDC's ARE GAINING GROUND IN INTERNATIONAL TRADE

"Last week China’s President Xi Jinping visited Kazakhstan.  The Chinese government reported that the country supports Kazakhstan becoming a member of BRICS and President Xi penned an article in a Kazak newspaper. The National Bank of Kazakhstan and the People’s Bank of China signed a memorandum of understanding to cooperate on digital currency"

"Last October China signed a similar agreement with the UAE and used the digital renminbi to settle a crude oil transaction later that month. The UAE is also a founding participant of mBridge the cross-border central bank digital currency (cross-border CBDC) project where China developed the technology. Additionally, the UAE was the first to execute a live transaction on mBridge, making a Dirham 50 million ($13.6m) payment to China in January."

"The National Bank of Kazakhstan is not a participant in mBridge but is an observer on the project, alongside another 22 central banks. The country has been working on CBDC, with plans to go live next year. When it released a status report last year it said the initial focus was retail CBDC for consumer transactions with a clear path to production. However, it said it was researching wholesale CBDC and its use for interbank settlements and cross border payments."

@ Newshounds News™

Read more:  Currency Insider

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WILL THE US HAVE A CBDC AND IF SO WHAT WILL IT LOOK LIKE?

Newshounds News has been reporting on CBDC's and their implementation around the world but the United States has yet to introduce either a wholesale or retail version.

"A U.S. central bank digital currency (CBDC) would be a tokenized and blockchain-based version of the U.S. dollar, maintained and issued by the Federal Reserve. This form of digital fiat money would be similar to cryptocurrencies in that a blockchain would be used, but a CBDC would be regulated by the Federal Reserve, recognized as legal tender, and backed by the full faith and credit of the U.S. government."

"The United States doesn't yet have a CBDC as of 2024, but it's important to understand the concept with this option under discussion, as well as the benefits and risks attached and steps taken so far."

"Fiat currency is a government-issued currency that's not backed by a physical commodity such as gold or silver. It's backed by the government that issues it. This type of money is the dominant means of making transactions in most countries. People use it to facilitate the exchange of goods and services in an economy. Generally, a country's central bank issues fiat currency for the nation's use. The Federal Reserve plays this role in the U.S."

"A U.S. CBDC would serve as a complement to existing central bank reserve account balances and widely used fiat currency. As a bonus, it should provide a medium for executing instant and seamless cross-border transactions. "

WHAT US CITIZENS ARE LOOKING FOR IS A CBDC THAT'S BACKED BY GOLD AND NOT THE FIAT DOLLAR.

@ Newshounds News™

Read more:  Investopedia

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JANET YELLEN SAYS TREASURY NOT RESPONSIBLE FOR 'QUARTERBACKING' BETWEEN SEC, CFTC OVER CRYPTO RULES

"Yellen also responded to questions about concentrated risk and Russia potentially bypassing US sanctions via crypto and stablecoins."

"US Secretary of the Treasury Janet Yellen said the Treasury is not responsible for ‘quarterbacking’ between the CFTC and the SEC regarding their opposing positions toward crypto regulation."

"Yellen made the statement during a July 9 hearing before the House Financial Services Committee."

Opposing positions
"House Financial Services Committee Chairman French Hill said that the SEC and CFTC have taken opposing legal positions in federal court on crypto and asked if the Treasury’s Financial Stability Oversight Council (FSOC) is working to unite the two regulators."

"Hill said the council is “supposed to quarterback for financial risk.” However, Yellen disagreed, stating:

“It’s not the job of the Financial Stability Oversight Council to adjudicate.”

She noted that the Treasury had published a report on crypto risks, partly addressing risks arising from a lack of agreement between regulators.

"Earlier in her testimony, Yellen told Hill she remains committed to achieving a regulatory framework for digital assets and hopes the efforts “reach a good conclusion.”"

Concentrated risk, Russian stablecoins
"Yellen also responded to other questions related to crypto. Congressman Mike Flood asked Yellen whether decentralized trading protocols require a different approach to regulation from centralized services."

Yellen answered that the SEC and CFTC are looking at the issue and added that some matters “may fall under the regulatory umbrella of the banking agencies as well.”

"Flood also questioned whether SEC rulemaking could reduce custodial options for crypto. He asked Yellen if a limited number of approved custodians available to registered investment advisors (RIAs) for Bitcoin ETFs would introduce concentrated risk."

"The Treasury secretary responded that the trend could pose a “potential” risk but declined to answer with certainty without more details."

"Congressman Brad Sherman commented on the Russian central bank’s plans to bypass Western sanctions with crypto. Yellen said that the Treasury is “very attentive” to the use of crypto and stablecoins but does not believe that Russia’s activities are substantial."

@ Newshounds News™

Read more:  Crypto Slate

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Economist’s “News and Views” Wednesday 7-10-2024

The Fuse Is Lit: Dollar Hegemony Ending | Andy Schectman

Liberty and Finance:  7-10-2024

Andy Schectman joins Dunagun Kaiser at the Rule Symposium in Boca Raton, Florida.

Schectman discusses the continued dedollarization around the world and the growing influence of the BRICS alliance.

With financial and political chaos around the world, safeguarding your wealth is more important than ever, he notes.

INTERVIEW TIMELINE:

 0:00 Intro

2:04 Weekly market update

 6:45 BRICS+ & dedollarization

20:50 Safeguarding our wealth

https://www.youtube.com/watch?v=0u1qe1GP7XY&list=PLank8aMTYJBY1L49VT6P23msnwUJAHYHf

De-dollarization Shocked the US: BRICS End Dollar Hegemony

Fastepo:  7-9-2024

The term "de-dollarization" refers to the process of reducing reliance on the US dollar in international trade and finance.

While the concept has been discussed for several decades, its prominence has grown in recent years due to geopolitical shifts and economic strategies by various countries.

 The exact first use of the term is difficult to pinpoint, but it has gained significant attention particularly after the 2008 financial crisis.

 In recent years, countries like China and Russia have actively pursued de-dollarization to mitigate the impact of US economic sanctions and to diversify their foreign reserves.

This trend aims to reduce reliance on a single currency and enhance economic stability by using various local currencies. By focusing on their own currencies, nations aim to minimize geopolitical risks and bolster their domestic economies.

This shift is reshaping global trade and financial systems, potentially lessening the worldwide dominance of the US dollar.

In this video, we explore the growing movement of BRICS+ countries, decreasing their reliance on the US dollar for international transactions.

We examine the motivations behind these choices and provide insights into their economic tactics. Furthermore, we highlight the de-dollarization initiatives within the BRICS+ alliance, showcasing significant steps these nations have taken to diversify the currencies used in global trade.

https://www.youtube.com/watch?v=JeMRF_1XwMc

Vince Lanci: 'If West Wants To Trade With BRICS, They Need More Gold'

Arcadia Economics:  7-10-2024

Vince Lanci: 'If West Wants To Trade With BRICS, They Need More Gold'

As the BRICS nations continue to move their plans forward to a potential gold-backed trade settlement currency, you have to wonder how that will affect the west over time.

Because if an oil producer can sell their oil and receive currency with a partial gold-backing, will they still want to accept treasuries in the current environment?

So in this morning's show, Vince Lanci talks about how if the west is going to continue to trade with the resource rich BRICS nations, they're going to need more gold.

 To find out why, click to watch the video now!

https://www.youtube.com/watch?v=6aRWrviaRz0

Iraq News Highlights and Points To Ponder Wednesday AM 7-10-24

What Is The Relationship Between Customs And The Rise In Exchange Rates In Iraq?

Local  Economy News – Baghdad  Today, Wednesday, economic expert Ahmed Al-Hedhal identified the relationship between the rise in the dollar exchange rate and the customs file, while stressing the importance of controlling the northern and southern borders.

Al-Hathal said, in an interview followed by "Al-Eqtisad News", that "the problem of the high exchange rate of the dollar in Iraq is customs," stressing the importance of "controlling the northern and southern borders."

He pointed out the "necessity of controlling fictitious invoices and facilitating the task of small traders, and involving the Central Bank in auditing invoices from the borders," adding: "Electronic payment and forcing people to use it and to deal in the dinar has nothing to do with the rise of the dollar."

The economic expert said, "Electronic payment has become a tool that facilitates the process of reverse transfers and black transfers," indicating that "the hasty decisions that are taking place are due to escaping from reality."

 Al-Hathal confirmed that "the domestic dollar is being smuggled out in 'trucks'."

Views 37  2024/07/10 - https://www.economy-news.net/content.php?id=45077#hathalyoum

5 Billion Riyals Is The Volume Of Trade Exchange Between Saudi Arabia And Iraq

Money  and business  Economy News – Baghdad  The Saudi-Iraqi Business Council estimated the volume of trade exchange between the two countries at 5 billion riyals, with an annual growth of 12%, according to the council’s chairman, Mohammed Al-Kharif.

The Council stated in a report reviewed by "Al-Eqtisad News" that the Council is working to develop Saudi investments in Iraq, in conjunction with the interest of the private and governmental sectors in the Kingdom in investing in Baghdad.

He pointed out that Iraq is preparing to propose a law to protect Saudi-Iraqi investment and discuss it before Parliament in preparation for its approval in the coming few months, to enhance economic cooperation between the Kingdom and Iraq, according to a statement issued by the Federation of Saudi Chambers.

In December of last year, Saudi Arabia and Iraq signed a partnership agreement in the field of private sector industrial investments, while the Kingdom’s ambassador at the time confirmed that there were many investment opportunities being studied.

Last November, Saudi Investment Minister Khalid Al-Falih also announced that the Kingdom is studying the launch of the first free economic zone with Iraq, in the border area of ​​Arar, expressing his hopes that the zone would be the first free economic zone with a neighboring country without taxes, fees or entry visas to serve investors in both countries.

5 Billion Saudi Riyals Equals 1,333,082,700.00 US Dollars.  2024/07/10 https://economy-news.net/content.php?id=45074

An Economic Vision That Defines The Relationship Between Neighboring Countries And The Rise Of The Green Currency In Iraq

Money  and business   Economy News – Baghdad  Today, Tuesday, economic expert, Dhurgham Muhammad Ali, identified the relationship between neighboring countries and the rise in the dollar exchange rate in Iraqi markets, while confirming that these countries opened factories inside the country as a result of the ban on importing their goods.

Ali said in a televised interview followed by "Al-Eqtisad News", "There is a demand for the dollar from countries with which Iraq has trade relations, from countries economically sanctioned by America, and therefore it is forbidden to make any financial transfers to them."

He added: "Therefore, cash is withdrawn from the markets, and payments are made directly to merchants for the goods from which the goods are imported, which are Iran, Syria and Lebanon," indicating that "these countries do not obtain the dollar officially, but they sell using the cash sales system."

He pointed out that "Syrian, Iranian and Lebanese goods are cheap, medium-cost and of high quality, so they are in great demand in local markets and dominate the Iraqi market, especially in the fruit and vegetable sector and food industries."

Regarding the goods whose import is prohibited, he said, “These countries have opened factories in Iraq in order to manufacture the goods whose import is prohibited during the government of Adel Abdul Mahdi, inside the country and transfer the profits to them.”

[rtl]Exchange rates in the Iraqi markets have witnessed a significant increase recently, reaching 150,000 dinars for every 100 dollars. 78 views 07/09/2024 - https://economy-news.net/content.php?id=45034

Calls To Put A Limit On Exchange Rates In Erbil

In video  2024-07-10 | 07:20  Dollar exchange rate: Discontent with exchange rate fluctuations and demands to put a limit on pricing

Currency traders in Erbil province expressed their dissatisfaction with the fluctuation of the dollar exchange rate, amid calls for the federal government to put an end to controlling the pricing.

Details in this report with Riyad Aziz.     LINK

MP Points Out 5 Government “Failures” In The Dollar Issue.. And Threatens To Hold The “Highest Authority” Accountable

Baghdad Today - Baghdad   Member of the Parliamentary Legal Committee, Representative Raed Al-Maliki, reviewed today, Tuesday (July 9, 2024), 5 joints in which the government failed in the dollar exchange rate file, which led to the instability of exchange rates, while he threatened to hold accountable "the highest government agency."

Al-Maliki said in a statement received by "Baghdad Today", that "after more than 18 months since the beginning of the problem of the decline in the value of the Iraqi currency and the occurrence of a large gap between the official dollar exchange rate and the parallel rate, it has been confirmed beyond doubt that the procedures of the Central Bank and the "procedures of the government" and its advisors have failed to achieve stability for the dinar and reduce the gap between the two prices."

He added, "Therefore, we have no choice but to hold the relevant authorities accountable, especially the (Central Bank Administration) and the (government) for this failure that costs the state huge sums of money (trillions) that are wasted outside the budget, and billions that go into the pockets of the corrupt, whose addresses are many, and the people bear a great burden as a result of the dependence of the prices of most goods on the exchange rate in the parallel market, which is much higher than the official selling price."

He stressed that "the government will be questioned at its highest level due to the failure to achieve important points in the government programme and the waste of huge sums of money that our people are in great need of."

He explained that "in order not to be accused of speaking without knowledge and without understanding the nature of the problem and diagnosing the governmental failure and negligence, I will specifically identify the most prominent sources of failure that the procedures of the Central Bank and the government caused in the continuation of the problem and the waste of money, and they are:

1- The failure of the Central Bank and the government to determine Iraq’s position towards America in dealing with countries that the United States prohibits from using the dollar and restricts trade with, such as Iran and Syria, unlike other countries that succeeded in agreeing with America on a formula for dealing with Iran, Syria and Turkey without facing restrictions like those facing Iraq.

2- The government’s failure to control the ports and informal trade that depend on the parallel dollar. This is due to the government’s failure to unify customs policy and prevent informal ports, especially in Kurdistan, where there are more than 32 unofficial and uncontrolled ports or crossings.

3- The government’s failure to address the issue of (small traders), whose number exceeds, according to government information, (400,000) four hundred thousand traders and suppliers of goods in Iraq, who practice trade outside the official framework, and rely on the parallel dollar to cover their imports, as they evade using platforms and official transfer for tax reasons and to bypass the delay resulting from auditing transfers.

4- The failure of the Central Bank and the government to address the problem of speculation and commissions received by banks, as they buy the dollar at the official price of 132 and sell it at a price exceeding 140, without showing this in their records, and without deterrent legal accountability procedures.

5- The failure of the Central Bank and the government’s procedures to provide travelers with dollars, and this file turned into a corruption file, the cost of which was estimated at (600 billion dinars) according to oversight data, due to the collection of dollars for travel purposes without verifying the travel or the actual need (fictitious cases).

These five points represent the most prominent reasons for the problem of the gap in the dollar price and its instability, and because of them billions are lost and wasted. In addition to that, Arab and foreign banks entered and took over the currency auction under the pretext of facilitating the procedures for dealing with international banks, so their profits increased at the expense of Iraq.

He explained that "in light of this, our responsibility as representatives who are not participating in this government and who oppose the quota system, and who have sworn to protect the interests of the people, requires us to take all constitutional, legal and popular means to stand up to this failure and mismanagement that has wasted the people's money and harmed the Iraqi economy.

We will join hands with all those who stand with us from the honorable representatives from the other blocs, who we know are not satisfied with the situation and we hope they will rise up against it."  LINK

“Tidbits From TNT” Wednesday Morning 7-10-2024

TNT:

Tishwash:  91% of the Iraqi currency is outside the banking system

Economist Munar Al-Obaidi announced that the money supply rose to more than 102 trillion dinars until last June.

Al-Obaidi said, "The currency issued by the Central Bank of Iraq rose to reach 102.3 trillion Iraqi dinars at the end of June, with an annual growth rate of 2.4% and a monthly growth rate of 3%."

He added that the value of the currency outside the banking system rose to 93 trillion Iraqi dinars, after it was 90 trillion Iraqi dinars in March.

He pointed out that the percentage of cash outside the banking system reached 91%  link

Tishwash:  A new branch of Rafidain Bank applies the comprehensive system.. this time in Diyala

Rafidain Bank announced today, Wednesday, the implementation of the comprehensive banking system in Diyala.  

The bank's media office stated in a statement that "in implementation of the government program to move from paper transactions to electronic transactions to provide the best services to citizens, the comprehensive banking system has been implemented in the Baladruz branch in Diyala, thus joining the branches that have activated the comprehensive system in Baghdad and the governorates in addition to the border crossing branches (Zurbatiya - Safwan - Arar - Trebil), so that the number of effective and completed branches of the system becomes (32) branches in an important step to strengthen the banking system and achieve its requirements and leave paper work and move completely to electronic systems."

 The bank confirmed that "the digital transformation plan and the adoption of the comprehensive banking system are proceeding according to the scheduled timings to include all branches of the bank in the implementation of the system, especially since the priorities and adoptions of the government program include electronic transformation in financial transactions, reducing the circles of routine for citizens, shortening time, simplifying procedures, overcoming obstacles, and intensifying efforts to improve the level of services provided to customers and completing their transactions."  link

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Tishwash:  Hot legislative session for parliament with amnesty, oil and property laws - Urgent

The Parliamentary Oil and Gas Committee revealed, on Wednesday, a number of draft laws that will be voted on during the second legislative term of the third legislative year of the House of Representatives.

“There are a number of draft laws that will be voted on during the second legislative term of the third legislative year, including the twenty-first amendment to the Personnel Law No. 25 of 1960, which includes a wide segment of employees of the ministries in the state, in addition to the general amnesty law that does not include terrorists and ISIS members, but there are oppressed people in prisons, as well as the law amending the Martyrs Foundation Law, and also among the important draft laws is the service and retirement law for the fighters of the Popular Mobilization Authority,” said committee member MP Alaa Al-Haidari in a statement to Al-Rabia.

He added that "there are also a number of proposals, including a draft law to include some victims of natural disasters, including the Ibn al-Khatib Hospital incident, the incident of teachers in one of the schools in the Safwan Cases Center in Basra Governorate, the incident of students in the al-Hartha district in Basra, and other incidents in Maysan Governorate," noting that "these proposals will be discussed and put forward for the purpose of voting on them and providing justice to their families."  link

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Tishwash:  Parliamentary effort to question the Central Bank: Costs Iraq trillions and threatens the economy

Member of the Legal Committee, Raed Al-Maliki, announced on Tuesday that he is seeking to hold the relevant authorities accountable, especially the Central Bank administration and the government, due to the failure of their procedures to address the crisis of the decline in the value of the Iraqi currency and the large gap between the official dollar exchange rate and the parallel rate.

Al-Maliki said, in a press statement received by Shafaq News Agency, that the continued failure of the Central Bank and the government to achieve stability of the dinar and reduce the gap between the two prices led to the waste of huge sums of money and exacerbated the suffering of citizens. 

He pointed out that these conditions resulted in the state incurring trillions of dinars and enriching the corrupt at the expense of the people, as the prices of most goods depend on the parallel price, which is much higher than the official price.

Al-Maliki also pointed out that the failure of the government and the Central Bank to deal with the exchange rate crisis was embodied in several main aspects, the first of which is the government’s inability to determine Iraq’s position on countries banned from using the dollar, as it failed to reach an agreement with the United States on how to deal with Iran and Syria, while other countries were able to find formulas of understanding in this regard.

The "second failure," according to Al-Maliki, is embodied in the government's inability to control the ports and informal trade. It has failed to unify customs policy and prevent informal ports in the Kurdistan Region, which includes more than 32 informal ports.

The third failure, MP Al-Maliki says, is the failure to address the issue of small traders, whose number exceeds 400,000 traders in Iraq, who rely on the parallel dollar to avoid official procedures and taxes.

Regarding the fourth failure, the government and the Central Bank, according to Maliki’s statement, failed to address the problem of speculation and commissions in banks, as banks buy the dollar at the official price and sell it at higher prices without any legal accountability.

Finally, the fifth failure, according to the statement, is embodied in turning the file of providing travelers with dollars into a corruption case that cost 600 billion dinars, as dollars are collected for fictitious travel purposes without verifying the actual need for travel.

Al-Maliki added that these points represent the most prominent reasons for the continuation of the exchange rate crisis and the waste of money, pointing out that Arab and foreign banks have entered the currency auction and increased their profits at the expense of Iraq.

The MP stressed that he will use all constitutional, legal and popular means to confront this failure and mismanagement, calling on MPs from other blocs to support these efforts in order to protect the interests of the Iraqi people.

For his part, MP Majid Shankali called on the Council of Ministers to take decisive and bold decisions related to the financial reality in Iraq.

In a statement received by Shafaq News Agency, Shankali stressed the necessity that these decisions be preceded by the process of building trust between the citizen and the banking system, which is currently suffering from a significant lack of this trust. 

In this context, Shankali called for banning dealing and trading in dollars in buying and selling operations, in a step aimed at enhancing the use of the Iraqi dinar and reducing dependence on foreign currency. He also called for not allowing citizens to hoard amounts exceeding ten thousand dollars or its equivalent outside banks, in order to limit financial evasion and enhance official banking practices.

Shankali also stressed the need to encourage and stimulate electronic dealing in financial transactions, pointing out the need to start implementing these decisions gradually to avoid creating new crises, stressing that these procedures must be well thought out and based on gradual steps to ensure achieving the desired financial goals without causing additional problems for citizens.   link

Mot: Say - How Hot Was it there Today!!!! 

Mot: .. Maybe avoid Death Valley this week

Iraq Economic News and Points To Ponder Tuesday Evening 7-9-24

Sudanese Advisor: The Iraqi Central Bank Will Address The Rise In The Dollar.. What About The Inflation Rate?

 Money  and business  Economy News – Baghdad  Adviser to the Prime Minister for Economic Affairs, Mazhar Muhammad Saleh, said that the Central Bank of Iraq will address the recent rise in the dollar exchange rate, noting that  annual inflation in the country only exceeds 3%.

 In an attempt to control dollar smuggling, the Central Bank issued in previous times a number of measures with the aim of contributing to raising the value of the dinar or reducing the large demand for the dollar.

 The difference between the official exchange rate of 1,320 dinars per dollar and what is sold in the market still encourages dollar smuggling networks to increase their activity to achieve profits, in addition to the impact of this matter on the daily life of the Iraqi citizen.

Recently, the exchange rate of the US dollar against the Iraqi dinar rose to about 1,495 dinars.

 "Highest international reserve base"

 Mazhar Muhammad Salih said, “The fixed exchange rate system in Iraq is based on a base of international reserves that are the highest in the history of Iraq and its monetary policy, and the foreign currency covers a percentage of more than 100% of the total currency currently exported.”  He explained,

"In light of the strength of the official central exchange market, the exchange rate of the dollar to the dinar in the parallel market today in our country does not constitute any relative importance in influencing the stability of the general price level, which has become stable in its components and trends as a result of the influence of the exchange rate factor."

The official financing currently dominates foreign (import) trade financing, amounting to 1,320 dinars per dollar. Saleh pointed to

 “the stable trend of the exchange rate, centered around the stable external value of the dinar, which is embodied by the state of stability in the relative prices of goods and services to a large extent, as annual inflation in our country does not exceed only 3%.” The Prime Minister’s Advisor for Economic Affairs noted that,

  “In light of the strength of the foreign reserves supporting the Iraqi dinar, whose value as liquid foreign assets exceeds 100 billion dollars, the official exchange market, as a general trend, will remain dominant in containing any colored noise or ambiguous information that is affected by the parallel market.” For disbursement in short periods, due to urgent international or regional political events here and there, or in adapting some instructions regulating the monetary market.  Saleh stressed that

 "The decline of the phenomenon of dollarization"

 “after the decline of the phenomenon of dollarization in internal transactions, especially in contracts, obligations and payments inside the country since last year and its legal ban, the parallel exchange market has begun to have its general impact today only on a narrow economic scope of prohibited transactions, practiced by informal markets at a rate of 10%.” “Of the total transactions of supply and demand for the currency.” 

He explained that   “the stability of the dinar-to-dollar exchange rate that the country is witnessing, even in the secondary markets mentioned above, is a real and established stability.

 Rather, it is derived from the strength of the influence of the price and quantitative factors of the monetary and financial policies, and

 their integration in imposing overall price stability in the country, and containing the inflationary expectations that they were causing.” Parallel exchange market forces during the past years.

 The Prime Minister's Advisor for Economic Affairs pointed out that

 "the informal secondary market, due to the freedom of external transfer, is under the influence of the official exchange market rate, whose operations are constantly expanding in the interest of dealing at the fixed official exchange rate.  - https://economy-news.net/content.php?id=44995     

91% Of The Iraqi Currency Is Outside The Banking System

 Money  and business  Economy News – Baghdad   Economist Manar Al-Obaidi announced that the monetary supply had risen to more than 102 trillion dinars as of last June. Al-Obaidi said,

  “The cash currency issued by the Central Bank of Iraq increased to reach 102.3 trillion Iraqi dinars at the end of June, with an annual growth rate of 2.4% and a monthly growth of 3%.”  He added that the

 value of cash outside the banking system rose to 93 trillion Iraqi dinars after it was 90 trillion Iraqi dinars in March.  He pointed out that the percentage of cash outside the banking system reached 91%.

 observations 373     07/09/2024 - https://economy-news.net/content.php?id=45032   

Adviser To The Prime Minister: Iraq Is In The Process Of Repaying Long-Term Development Loans To The World Bank

 Economy    6-07-2024, 12:11  Baghdad - IA - Nassar Al-Hajj   The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Saturday, that the  zeroing of debts to the International Monetary Fund reflects the high and solid creditworthiness of Iraq, while he indicated that  Iraq is in the process of repaying long-term development loans to the World Bank.

Saleh said to the Iraqi News Agency (INA):  “Iraq entered into about 5 programs with the International Monetary Fund from the year 2004 until the end of the year 2018, including 3 credit preparedness programmes, and

 all of them were characterized by providing loans whose function was to support a state of stability and economic reform in Iraq and in two directions: the

First: Loan Programs: Iraq received loans from the International Monetary Fund to help it overcome economic crises, as  these loans included supporting the general budget and financing economic stability programs, especially during the war on ISIS terrorism. 

He added:  “As for the other trend: in the field of economic reforms, the International Monetary Fund usually requires countries that receive loans to implement certain economic reforms.

 In the case of Iraq, these reforms included improving the management of public finances and the banking sector, enhancing transparency, combating corruption, and reforming the financial sector.” energy". 

He pointed out that  "these loans did not exceed $5 billion per loan, and the actual withdrawal from them would not exceed $3 billion or more in each case, according to a repayment program that takes place every 6 months with grace periods for two years before repayment, with moderate annual interest, which usually does not exceed 4.5%, and the terms of these loans do not exceed five years.” 

He pointed out that   "Iraq has repaid the loans that were withdrawn during the last twenty years and according to regular payment mechanisms, and   stage of zeroing is approaching unless they are all zeroed today,

 which reflects the high and solid creditworthiness of the Republic of Iraq in repayment before the international financial community in particular and before international financial organizations." multilateralism in general. 

He continued:   “But certainly there are long-term development loans belonging to the World Bank that are still in place, which is another development financial organization, and for a number of billions, they are in the process of being repaid, and

 some of them are still in the process of committing to withdrawing them to be spent on completing the development projects contracted with the World Bank, and  they are long-term soft loans as well.”".

He stressed that  "cooperation relations continue between Iraq and the International Monetary Fund in various fields, including providing technical advice and supporting economic policies," noting that

 "the relationship between Iraq, the International Monetary Fund and the World Bank is important for achieving economic stability and sustainable development in the country."  He pointed out that

 "Iraq is a founding member of the International Monetary Fund and the World Bank since 1945."  

 https://www.ina.iq/212088--.html

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

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

If you aren't rich, you should always look useful.  - Louis-Ferdinand Celine

He who can lick can bite.  - French proverb

When a man comes to me for advice, I find out the kind of advice he wants, and I give it to him. - Josh Billings

We only make a dupe of the friend whose advice we ask, for we never tell him all; and it is usually what we have left unsaid that decides our conduct.  - Diane de Poitiers

I give myself, sometimes, admirable advice, but I am incapable of taking it.  - Mary Wortley Montagu

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

http://famousquotesandauthors.com/quotes_by_topic.html

Seeds of Wisdom RV and Economics Updates Tuesday Afternoon 7-9-24

Good Afternoon Dinar Recaps,

RUSSIA'S PROSPERITY INCREASES AFTER US SANCTIONS
DE-DOLLARIZATION CONTINUES

"Russia, one of the leading nations in the world, has now added one more feather to its cap. The nation’s GDP has reportedly exploded post-sanctions. Russia is now one of the most prosperous nations in the world, with its per capita income ranging from $14,250 annually. The nation is also spearheading efforts to derail the US Dollar by echoing the multipolar currency narrative."

"It is particularly interesting to note, considering that the US has sanctioned Russia by cutting its access to the SWIFT payment system. Despite encountering a major financial blow, the Russian economy is projecting an upward ascent, displaying its mettle against global nations."

"Russia is exclusively heading the de-dollarization agenda. Being an active part of the BRICS alliance, the nation, alongside China, India, Brazil, and South Africa, is currently planning to launch an independent currency system rivaling the USD’s prestige. At the same time, Russia is also conducting active trade proceedings with China in local currency, ditching USD usage in every possible way."

© Newshounds News™

Read more:  Watcher Guru

~~~~~~~~~

BRICS duplicating THE BRETTON WOODS structure?

"Jim Rickards: Notice what the BRICS are doing, they COPIED the World bank AND the IMF…they are DUPLICATING the Bretton Woods structure.
They're also building underseas {fiber optics} telecom channels so they can BYPASS channels like SWIFT & others that are controlled by the West."

BRICS has been building this infrastructure for 15 years.

© Newshounds News™

Read more:  Twitter
~~~~~~~~~

SAB 121 SET FOR VETO VOTE ON WEDNESDAY

"The US House of Representatives is scheduled to vote on significant crypto legislation on Wednesday, July 10. This vote might override President Joe Biden’s veto of the Securities and Exchange Commission’s (SEC) resolution to repeal Staff Accounting Bulletin 121 (SAB 121)"

"The SEC issued SAB 121 in 2022, which mandates that banks holding cryptocurrency must disclose these assets as liabilities on their balance sheets. Many in the crypto industry have questioned this accounting treatment, claiming that the additional regulatory burden deters banks and other institutional actors from dealing with digital assets."

"Ron Hammond of the Blockchain Association highlighted the unusual political dynamics at play, noting that “crypto has now found itself to be a campaign issue.”

© Newshounds News™

Read more:  Bitcoinist  

~~~~~~~~~

BITCOIN ETF'S GAINING ACCEPTANCE IN AUSTRALIA

"Australia's leading stock exchange, the Australian Securities Exchange (ASX), has approved listing the second Bitcoin exchange-traded fund (ETF) on its platform. On July 9th, the ASX gave the green light to digital asset manager DigitalX to launch a spot Bitcoin ETF. The new ETF will begin trading on July 12th under the ticker BTXX."

"The flurry of new Bitcoin investment vehicles hitting the Australian market reflects the growing interest in Bitcoin exposure. Investors are increasingly looking to gain Bitcoin exposure through regulated fund structures rather than direct ownership."

"ETFs provide an easy avenue to invest in the asset class without needing to custody Bitcoin directly. Many expect more countries to approve Bitcoin ETFs as the instruments gain traction and regulatory acceptance expands.

"By greenlighting another Bitcoin ETF, Australia's main securities exchange demonstrates a favorable shift in attitudes toward Bitcoin assets within one of the world's top financial markets."

© Newshounds News™

Read more:  Bitcoin Magazine

~~~~~~~~~

"Banque de France partners HKMA to explore interoperability between wholesale CBDC infrastructures"

WE'RE SEEING EUROPE JOINING IN WITH CHINA AND THE EAST LINKING WHOLESALE CBDC'S

"The Banque de France (BDF) has signed a memorandum of understanding with the Hong Kong Monetary Authority (HKMA) to explore how their differing infrastructures can support cross-border settlement using wholesale central bank digital currencies (wCBDCs), building on their mutual participation in the European Central Bank’s (ECB) Eurosystem CBDC exploratory project."

"The testing will focus on “real-time cross-border and cross-currency payments”, according to the central bank, and will explore the optimization of settlement efficiency by strengthening the compatibility of financial market infrastructures between different jurisdictions. From this month up until November, the group will be tasked with exploring the mock settlement of domestic payments, foreign exchange PvP transactions and “a wide set of securities-related use cases”, as per the ECB’s June announcement."

© Newshounds News™

Read more:  Currency Insider

~~~~~~~~~

GLOBAL RACE FOR CRYPTO REGULATION SPEEDING UP

"HK maturing, Singapore cautious, Dubai pragmatic, EU comprehensive, US promising"

"There has been a marked recognition amongst global regulators that to build the guardrails to protect investors - we must collaborate. And policymakers have listened, supported and reacted."

Hong Kong advances crypto regulation with strategic developments
"Over the last 12 months, Hong Kong has pushed forward a raft of regulatory announcements in a bid to develop a tightly regulated home for the digital asset industry. From implementing a licensing regime for virtual asset trading platforms, to working on a framework for fiat-referenced stablecoins."
A major milestone was reached with the introduction of bitcoin and ether ETFs.

In December 2023, the Securities and Futures Commission, alongside Hong Kong’s Monetary Authority (HKMA) released a joint statement in which they detailed the requirements that must be met for the regulator to approve ETFs with more than 10% of holdings in crypto. Within four months of this circular, spot crypto investment products in Hong Kong received the green light."

Singapore strengthens crypto ecosystem with robust regulations
"Meanwhile, Singapore continues to enhance its regulatory framework for cryptocurrencies. While cryptocurrency trading and possession are legal, the Monetary Authority of Singapore (MAS) maintains a cautious approach, particularly concerning the public advertisement of crypto services. 

Against this regulatory backdrop, Singapore is spearheading forward-thinking initiatives like Project Guardian. This project, a distinct yet complementary approach to Hong Kong’s e-HKD program, also explores blockchain’s potential across different financial sectors and demonstrates how tokenization can significantly enhance market and transaction efficiencies."

Dubai attracts crypto firms with a defined regulatory framework
"The UAE has signalled its intent to become a global hub for the sector by outlining clear guidelines for firms looking to operate in the region. In 2022, Dubai established the world’s first independent regulator for virtual assets, the Virtual Assets Regulatory Authority (VARA), to serve as a transparent and trusted guiding authority for the emerging world of crypto. Firms operating in the cryptocurrency space in the UAE must obtain a licence from the Securities and Commodities Authority, ensuring they meet the required AML and know-your-customer standards."

Europe presents unified approach through MiCA
"Europe has taken a proactive stance with the introduction of the Markets in Crypto-Assets (MiCA) regulation.

This comprehensive framework is the first of its kind globally. The crypto measures aim to create a unified regulatory landscape across 27 countries in the EU, ensuring consumer protection, facilitating legal certainty for businesses and attracting more investment to the region."

Promise of progress in the United States
"In the United States, the recent passage of the Financial Innovation and Technology for the 21st Century Act (FIT21) by the US House of Representatives is a landmark development, after large industry players quit the country due to regulatory crackdown and uncertainties that have made investments in the US higher risk.

FIT21 aims to clarify the regulatory responsibilities of the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission over digital assets and update existing securities and commodity laws to accommodate blockchain technology applications, including decentralized protocols. It categorizes digital assets into restricted digital assets, digital commodities, and permitted payment stablecoins, each with distinct regulatory oversight."

@ Newshounds News™

Read more:  The Asset

~~~~~~~~~

WHY IS TOKENIZATION OF TRADE FINANCE TRANSFORMATIVE FOR INVESTORS? 

Standard Chartered and Synpulse paper explains why digital assets are critical to addressing financing requirements of companies

Institutional investors are always looking for new, fast-growing markets.  Trade finance tokenization provides exposure to emerging market assets.  For banks, "tokenization can help raise their net interest income and optimize their capital structure."

Standard Chartered Bank's new paper titled “Real-World Asset Tokenization: A Game Changer for Global Trade” written in collaboration with global consulting company Synpulse gives some insights into tokenization of trade finance.

"In its simplest form,

TOKENIZATION  --- is —   the process of issuing digital representations of real or traditional assets in the form of a token on a distributed ledger which can be fractionalized into smaller and transferable units. "

"This ability to produce bite-sized assets for ownership is a game changer for asset classes that are struggling to secure funding and liquidity."

"Tokenizaboutation could support companies in need of trade financing by opening a viable channel for institutional investors such as asset management companies and sovereign wealth funds to provide capital.  MMEs are especially active in fast-developing regions such as the Middle East, Asia, and Africa. They represent a vast and largely unaddressed market, offering an immense yet unrecognized opportunity for investors."

"Banks stand to gain from increased tokenization of trade finance assets as well. With the increased pressure to comply with Basel IV requirements by 2025 on the calculation of risk-weighted assets, banks need to be strategic with their balance sheets."

"Through tokenization, banks can adopt an originate-to-distribute model for trade finance by distributing trade finance instruments they have initially financed to the capital markets and the emerging digital asset markets, thereby providing companies in need of trade financing, access to a global pool of institutional investors seeking returns."

Learn more about the role of banks in the tokenization of trade finance and how the tokenization of trade finance is a win-win for both banks and institutional investors globally by reading the entire article and pdf below.

@ Newshounds News™

Read more:  The Asset

Read more:  Real-World Asset Tokenization: A Game Changer for Global Trade

~~~~~~~~~

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Thank you Dinar Recaps

Iraq Economic News and Points To Ponder Tuesday 7-9-24

Parliamentary Effort To Hold The Central Bank Accountable: It Costs Iraq Trillions And Threatens The Economy

 Politics     breaking     Central Bank of Iraq     Dollar crisis  2024-07-09 09:03  Shafaq News/ Member of the Legal Committee, Raed Al-Maliki, announced on Tuesday that he was seeking to hold the concerned authorities accountable, in particular the management of the Central Bank and the government, due to the failure of their measures to address the crisis of the devaluation of the Iraqi currency and the large gap between the official dollar exchange rate and the parallel price.

 Al-Maliki said, in a press statement received by Shafaq News Agency, that the continued failure of the Central Bank and the government to stabilize the dinar and reduce the gap between the two prices led to the waste of huge amounts of money and exacerbated the suffering of citizens.

He pointed out that these conditions resulted in the state incurring trillions of dinars and enriching the corrupt at the expense of the people, as the prices of most goods depend on the parallel price, which is much higher than the official price.

 Al-Maliki also pointed out that the failure of the government and the central bank to deal with the exchange rate crisis was embodied in several main aspects.

 The first of these aspects is the government’s inability to determine Iraq’s position on countries banned from using the dollar, as it failed to reach an agreement with the United States on how to Dealing with Iran and Syria, while other countries were able to find formulas of understanding in this regard.

The "second failure," according to Al-Maliki, was embodied in the government's inability to control unofficial ports and trade.

 It was unable to unify customs policy and prevent unofficial ports in the Kurdistan region, which includes more than 32 unofficial ports.

 As for the third failure, Representative Al-Maliki says, it is the failure to address the issue of small merchants, as they number more than 400,000 merchants in Iraq, who depend on the parallel dollar to avoid official procedures and taxes.

 Regarding the fourth failure, according to Al-Maliki’s statement, the government and the Central Bank were unable to address the problem of speculation and commissions in banks, as banks buy the dollar at the official price and sell it at higher prices without any legal accountability.

 Finally, the fifth failure, according to the statement, is to turn the file of providing travelers with dollars into a corruption case amounting to 600 billion dinars, as the dollar is collected for fictitious travel purposes without verifying the actual need for travel.

 Al-Maliki added that these points represent the most prominent reasons for the continuation of the exchange rate crisis and the waste of money, pointing to the entry of Arab and foreign banks into the currency auction and the increase in their profits at the expense of Iraq.

The representative stressed that he will use all constitutional, legal and popular means to confront this failure and mismanagement, calling on representatives from other blocs to support these endeavors in order to protect the interests of the Iraqi people.

 For his part, Representative Majid Shankali called on the Council of Ministers to take decisive and bold decisions related to the financial reality in Iraq.  In a statement received by Shafaq News Agency,

 Shankali stressed the need for these decisions to precede the process of building trust between the citizen and the banking system, which is currently suffering from a significant lack of this trust.  In this context,

 Şengali called for prohibiting dealing and trading in the dollar in buying and selling operations, in a step aimed at enhancing the use of the Iraqi dinar and reducing dependence on foreign currency.

He also called for not allowing citizens to hoard amounts exceeding ten thousand dollars or its equivalent outside banks, in order to limit... Financial evasion and the promotion of formal banking practices.

 Şengali also stressed the encouragement and stimulation of electronic dealing in financial transactions, noting the

 necessity of starting to implement these decisions gradually to avoid creating new crises, stressing that

these measures must be thoughtful and based on gradual steps to ensure achieving the desired financial goals without causing additional problems for citizens.  https://www.shafaq.com/ar/سیاسة/سعي-نيابي-لمسا-لة-البنك-المركزي-يكلف-العراق-تريليونات-ويهدد-الاقتصاد   

Economic: Stopping Trading In The Yuan Caused The Dollar To Rise

Today 19:59  Information/private..  Today, Tuesday, economic expert, Diaa Mohsen, explained the most important reasons for the rise in dollar prices in Iraq, while confirming that the exchange rate has not reached 160.

 Mohsen said in a statement to the Al-Ma’louma Agency,   “The Central Bank of Iraq’s blunders and its bad management in this file raised the price of the dollar against the Iraqi dinar,” noting that

“stopping remittances in the Chinese yuan, whose trade price amounts to 53 billion dollars, had a great impact.”  He continued, "The volume of trade with China is large, and dealing in dollars cannot be done according to American dictates," pointing out that  "limiting the sale of dollars inside Iraqi airports is a wrong decision and a major cause of the dollar crisis."

 It is noteworthy that dollar prices rose during the past week, after the Central Bank’s decisions to sell dollars at airports and stop transactions with Chinese remittances, until it reached 151 thousand dinars, compared to 100 dollars.

 https://almaalomah.me/news/69858/economy/اقتصادي:-إيقاف-التعامل-باليوان-تسبب-بارتفاع-الدولار

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

Provoking Thoughts and Points to Ponder on Advice :

But one must know where one stands, and where the others wish to go.  - Goethe

No man ever listened himself out of a job.  - Calvin Coolidge

Thanksgiving comes after Christmas.  - Peter Kreeft

The proverb warns that, "You should not bite the hand that feeds you." But maybe you should, if it prevents you from feeding yourself.  - Thomas Szasz

I remember my father telling me the story of the preacher delivering an exhortation to his flock, and as he reached the climax of his exhortation, a man in the front row got up and said, 'O Lord, use me. Use me, O Lord - in an advisory capacity!'  - Adlai Stevenson

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

http://famousquotesandauthors.com/quotes_by_topic.html

Some “BRICS News” Tuesday 7-9-2024

BRICS Launches Intra-bank Payment System: What's next?

Wealth Insights:  7-8-2024

Discover how Russia and Iran, both BRICS members, have achieved a major milestone in economic cooperation by integrating their national payment systems.

 Recently finalized, this integration links Iran's SEPAM system with Russia's SPFS, enabling trade and financial transactions in their national currencies—ruble and rial.

By bypassing the U.S. dollar and SWIFT system dominated by Western powers, this move aims to reduce reliance on international sanctions.

Witness how this integration not only strengthens economic ties between Russia and Iran but also underscores their efforts to build financial independence and counter Western economic pressures. Stay informed about the evolving landscape of global finance and geopolitical strategy with our latest update.

https://www.youtube.com/watch?v=mr3JMDbJDAo

Huge BRICS Power Play & A Global Trend Towards Physical Gold

Gold and Silver with Mike Maloney:  7-8-2024

In today’s video, Alan Hibbard dives deep into the accelerating expansion of BRICS and its significant implications for the US dollar and global economic power dynamics.

 We'll explore how countries are realigning their economic strategies, the impact of Western sanctions on Russia, and the growing movement towards de-dollarization.

Plus, we'll discuss the trend of gold repatriation and its importance in today's volatile geopolitical climate.

Stay tuned for an insightful analysis that connects the dots between economic decisions and military strategies on the world stage.

https://www.youtube.com/watch?v=f0nAfqFmN3w

“Tidbits From TNT” Tuesday 7-9-2024

TNT:

Tishwash:  Al-Sudani receives a delegation from the US Department of Defense

The Prime Minister's Media Office stated in a statement that "Prime Minister Mohammed Shia al-Sudani received the US Deputy Assistant Secretary of Defense for Middle Eastern Affairs, Daniel Shapiro, and his accompanying delegation, in the presence of the US Ambassador to Iraq."

He added, "During the meeting, the procedures for proceeding with ending the mission of the international coalition to fight ISIS and activating bilateral relations between Iraq and the United States were discussed," noting that "the meeting witnessed discussion of the situation in the region and the continued aggression on Gaza."

Al-Sudani pointed to "the suffering of the Palestinian people, the difficulty of accessing humanitarian aid and relief supplies under the stifling siege, and the failure of the international community to assume its responsibilities in pressuring the Netanyahu government to stop the genocide."

The Prime Minister stressed "the need for a firm stance against the aggression, and the necessity of preventing escalation that threatens to expand the scope of the conflict."

For his part, the American official pointed out "the importance of Iraq's role in reducing tensions in the region, and the inevitability of continuing the approach of communication and cooperation between the two countries in the areas of armament and security and raising the combat level of the Iraqi forces, in a way that supports Iraq's security and sovereignty, economic development and progress at all levels."  link

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

Tishwash: Politician: America is continuing the dollar chaos scenario in Iraq

Today, Monday, the leader in the coordination framework, Jabbar Odeh, accused America of repeating the dollar chaos scenario in Iraq.

Odeh said in an interview with Al-Maalouma, “Since 2003, America has sought to make Iraq's economy hostage to the policies of the White House, and to use the dollar bill as a pressure tool to confront any movement outside the context of its interests in the region.”

He added, "The recent rise in the exchange rate is nothing but a scenario of chaos through pressure on the parallel market and raising exchange rates," stressing that "Iraq's economy will not be safe as long as Washington exploits oil revenues through the Federal Bank."

He pointed out that "the statements of the new American ambassador carried three clear agendas in Baghdad, which are using the economic card, selling oil supplies, and trying to escalate the security situation and interfering in the country's affairs," adding that "Baghdad's exit "From the pressure of the dollar will free the country from dangerous restrictions imposed by the White House administration." For more than 20 years.”

It is noteworthy that the dollar exchange rates witnessed a noticeable increase, raising many question marks amid accusations that an American agenda is behind what is happening.   link

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

LouNDebNC: Stocks could fall 30% as US heads for a deep recession, analyst warns

Do you have a lot of your wealth tied in the stock market?

 A new analyst note from BCA Research suggests the S&P 500 could slide as much as 30% within the next year as the U.S. economy enters a deep recession.

There may be trouble looming on the horizon for the U.S. stock market, according to BCA Research.

In a note to clients last week, BCA Research chief global strategist Peter Berezin warned that, contrary to popular belief, the economy will fall into a recession either this year or in early 2025. 

Should that happen, the S&P 500 could tumble to 3,750, which marks a 30% drop from current levels.

Berezin's prediction hinges on the belief that the labor market will slow notably in coming months, which will weigh heavily on consumer spending – a major driver of economic growth. The relationship between inflation and unemployment is measured by something called the "Phillips curve."

"The reason the U.S. avoided a recession in 2022 and 2023 was because the economy was operating along the steep side of the Phillips curve," he wrote. "When the labor supply curve is nearly vertical, weaker labor demand will mainly lead to lower wage growth and falling job openings. In other words, an immaculate disinflation."

Berezin also foresees widespread economic pain, with growth slowing sharply in Europe and China. This scenario could further weaken global growth and weigh heavily on international stocks.

Stocks notched a new record in mid-May, with the Dow Jones Industrial Average topping 40,000 for the first time ever, but they have since fallen from those highs. 

The indexes opened slipped Monday morning as investors await key jobs data from the Labor Department. The S&P benchmark was down about 12 points as of mid-morning.

The forecast from BCA Research – one of the gloomiest on Wall Street – comes after a volatile year for the market.

All three indexes tumbled in mid-2023 amid fears the Federal Reserve would raise interest rates higher than previously expected – and hold them at peak levels for longer. However, they have recouped those losses and more, with the S&P 500 up more than 29% since it hit bottom at the end of October. 

Since the start of the year, the benchmark index is up about 15%, while the Dow Jones Industrial Average has climbed 3.7%. The tech-heavy Nasdaq Composite, meanwhile, has increased about 20% year to date.

https://www.foxbusiness.com/markets/stocks-could-fall-30-us-heads-painful-recession-analyst-warns

Mot:  all that is needed is an Attitude Adjustment - Get a new Doctor!!

Mot . Today's Quote!!!

MilitiaMan: Iraq Dinar-IQD Update-Key Global Factor-PM Al-Sudani-Monetary Reforms-Stability-Exchange Rate Change

Iraq Dinar-IQD Update-Key Global Factor-PM Al-Sudani-Monetary Reforms-Stability-Exchange Rate Change

MilitiaMan and Crew:  7-8-2024

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=msbmhBbo8l8