“Tidbits From TNT” Monday Morning 7-15-2024

TNT:

Tishwash:  Angry demonstrations in Al-Shafi'iyya: Protests and burning tires to demand basic services

Al-Shafi'iyah district in Diwaniyah Governorate, southern Iraq, began on Monday morning with angry demonstrations that included burning tires to demand improved services.

A local source told Al-Mustaqilla that the protesters are demanding the improvement of basic services, most notably electricity, which is in severe shortage in the region.

Hundreds of citizens took to the streets to express their dissatisfaction with the deteriorating service conditions.  link

Tishwash:  An economic expert calls for canceling the currency sale window

The economic expert, Dhia Al-Mohsen, called for canceling the currency selling window, pointing out that some beneficial political blocs were behind the continuation of this window to achieve financial gains.

Al-Mohsen told Al-Maalouma, “The citizen's interest necessitates the government to go towards canceling the currency selling window, in order to end the confusion occurring in monetary policy.”

He added, "The late former Central Bank Governor Sinan Al-Shabibi was behind opening the currency selling window for 4 years at that time in order to eliminate the inflation taking place in the country after its rate reached 50%."

He stated that "some political blocs have financial interests that push for the continuation of the operation of the currency selling window, to make it a gateway to financial gain, despite the absence of the need for it."   link

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Tishwash:  U.S. Consulate in Erbil Renews Support for Digital Financial System: Electronic Payments Are More Secure

The U.S. Consulate General in Erbil on Sunday, July July 14, 2024, renewed its support for the digital financial system, explaining that electronic payments are the most secure process.

The US Consulate General said in a statement, seen by Kurdistan 24, that "electronic payments are a safer way to access the US dollar, as it can be traded at its official price when used while traveling abroad."

The digital financial system will enhance access to "formal banking services such as loans, insurance, payments and savings, while reducing the risk of loss, theft and financial crime, and providing more investment channels," the statement said.

Washington's consulate in Erbil stressed continued support for the U.S. government and U.S. companies "to provide an accessible financial system for all" and urged "everyone to conduct their transactions through official banking channels."

Digital transformation is one of the top priorities of the ninth government formation of the Kurdistan Region. Therefore, the KRG through the Information Technology Department has committed to announcing and disseminating the KRG's first digital transformation strategy, which includes the following six core strategic activities: digital governance, digital engineering, human capital, user-centered design, security and data privacy, and procurement.

The strategy is key to achieving the KRG's vision, and its main objective is to make the KRG a hub of government digital maturity and thus one of the leading digital governments in the region by 2025. This means that it ensures that services are easily and quickly found and used by citizens. It is also designed to eliminate bureaucracy and enhance the efficiency of institutions in the public interest through the adoption of modern technology.  link

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Tishwash:  this was in Iraq's news

The International Monetary Fund warns the United States of a possible decline in demand for its government bonds   

The International Monetary Fund said that the United States risks facing a sudden decline in demand for its government bonds due to the authorities' inability to restore stability in the American financial system.

“Financial stability risks could manifest themselves in the form of an unexpected decline in foreign demand for US fixed-income securities, which constitute a major component of the country's external liabilities,” the fund's report said.

The International Monetary Fund warned that this threat may materialize if the American authorities are unable to restore financial stability in the national economy.

According to the Fund's forecasts, the possibility of such a risk remains moderate due to the dollar's dominant position as a reserve currency.
US Treasury bonds first appeared when the United States decided to enter World War I and found itself in need of money to finance the war. Bonds due for payment after a certain number of years and at a specific interest rate were issued to raise money from the public and institutions. The American government has continued to obtain financing for spending and filling the budget deficit through the sale of Treasury bonds to this day, while China is considered the most important foreign owner of these bonds.  link

Mot: . Ya KNows What They Says bout Mornings!! – siiggghhhhhhhh

Mot:  . Dang It!!!

MilitiaMan: IQD Update-Iraq Dinar-CBI in Washington-Exchange Rate-Stability-2X Revenue-UST Positive-HoR Resolved

IQD Update-Iraq Dinar-CBI in Washington-Exchange Rate-Stability-2X Revenue-UST Positive-HoR Resolved

MilitiaMan and Crew:  7-14-2024

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=iyClIINM3wA

Iraq Economic News and Points to Ponder Afternoon 7-14-24

Stability Of The Dollar Exchange Rate Between The Targeting Of The Central Bank And The Impact Of Regulatory And Random Variables

Dr. Haitham Hamid Mutlaq Al Mansour  With the fluctuation in the value of the dinar against the dollar since last week, it was noted that there are some predictions and signals from here and there that hint directly or indirectly that the dollar contract will disintegrate to a state in which it will move far away from the target level.

In fact, some have predicted that the dollar will escape from the control of the Central Bank. Here we had a pause with these predictions and signals.

It is self-evident in the logic of supply and demand that we sense a rise in the exchange rate of the dollar against the dinar for reasons related to the tightening measures of the official supply, as the Central Bank targets the stability of the actual exchange rate and is trying to achieve a reduction in the gap between the nominal and real prices.

Therefore, it is not surprising that the dollar exchange rate has risen these days and for a week in particular. In this case, we say that the rise and fluctuation in the levels of the actual exchange rate cannot be judged based on it and concluded from it that the actual exchange rate may be exposed to a breakdown in the short term, because the fluctuation towards an increase during the week is not considered a fluctuation in the life of short-term changes, and also that the buffers of monetary policy are present and strong to maintain the stability of the exchange rate, because it uses monetary, financial and operational tools that aim to reduce the price level and keep inflation within an acceptable level.

And maintaining the level of foreign reserves within the desired growth rate and supporting the level of the dinar exchange rate against the dollar according to the fixed exchange rate system, which amounts to about 120 billion dollars, works to cover the source of currency.

The official exchange rate of the Central Bank is still maintaining its level and short-term rates, a path with an acceptable general trend within the controlled levels based on the effects of And external, organizational or random variables. It is also not possible to conclude that the dollar exchange rate will slip out of control in the short term, since the short-term price level did not rise beyond the 1515 range to the 1600 threshold or more, but rather returned to 1500 on Saturday evening.

In addition, the overall inflation index is controlled by the fiscal and monetary policy measures, as is known, through controlling the growth rate of foreign reserves and stabilizing the general price level resulting from reducing the internal supply of cash dollars in transactions, payments, contracts and commercial obligations since last year, criminalizing and regulating them.

The parallel exchange market has become of low impact outside the official exchange market, with a gap ranging around 10-18 for the total dollar demand and supply.

Therefore, it can be concluded that the clear stability witnessed by the dinar in its real levels is due to the stability of the exchange rate at this gap, in addition to the measures and policies of the Central Bank supporting the reduction of the gap between the two exchange rates for about a year, including the legal and monetary ones. Since the recent fluctuation was limited to the aforementioned 10-18 range, which means that the effectiveness of targeting is still within the acceptable level, since the parallel price system is considered subordinate to the targeted price system, since the first Based on the second in the mathematical and economic effects.

Therefore, it is too early to predict the dollar exchange rate will deteriorate in the presence of these political and procedural variables. 2024/07/14 https://economy-news.net/content.php?id=45216

Foreign Minister: US Treasury Positively Assessed Central Bank's Efforts

Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein confirmed that the US Treasury Department positively evaluated the efforts of the Central Bank.

Hussein said in a press conference held in the US capital Washington that "our visit to Washington was to attend the NATO summit at the invitation of the US side, and on the sidelines of the summit we held intensive meetings with leaders of several countries, and we held a meeting with the US Treasury Department to discuss issues related to monetary policy and banking signs."

He added that "the US Treasury Department positively evaluated the efforts of the Central Bank," indicating that "a military delegation will visit Washington to hold talks on the security agreement concluded between Iraq and the United States."  https://www.radionawa.com/all-detail.aspx?jimare=38852

Federation Of Iraqi Industries: The Government Has Focused All Its Attention On The Private Sector

Money  and business  Economy News – Baghdad  The Iraqi Industries Federation confirmed, on Sunday, that the government has focused all its attention on the private sector, which has provided significant support that has given it strength in the market and the ability to contribute to supporting government projects.

The head of the union, Adel Aqab, said in a statement reported by the official news agency, and reviewed by "Al-Eqtisad News", that "the union works in cooperation with the government, the private sector and the International Labor Organization and implements programs that benefit the private sector, which is clearly supported by the government," noting that "the government has focused its attention on this sector, which has given it clear strength in the market and a greater ability to support government projects."

Regarding the government's interest in infrastructure before paving operations, Aqab explained that "any paving operation without infrastructure is a waste of public money, as these stages are temporary and immediate, so paving operations must precede infrastructure projects, which is what the government is currently working on and is supported by the Federation of Industries and the private sector in providing the necessary materials for the work."

Views 43   2024/07/14 -   https://economy-news.net/content.php?id=45226

Iraq Is The Fourth Largest Oil Exporter To America During The Week

Economy | 09:00 - 07/14/2024  Baghdad - Mawazine News  The US Energy Information Administration announced on Sunday that Iraq's oil exports to the United States increased last week.

The administration stated that "the average US imports of crude oil last week from 9 major countries amounted to 5.635 million barrels per day, up by 235 thousand barrels per day from the previous week, which amounted to 5.400 million barrels per day."

It added that "Iraq's oil exports to America amounted to 217 thousand barrels per day last week, up by 22 thousand barrels per day from the previous week, which amounted to 195 thousand barrels per day."

The administration indicated that "the largest oil revenues to America last week came from Canada at a rate of 3.889 million barrels per day, followed by Mexico at an average of 417 thousand barrels per day, followed by Saudi Arabia at 239 thousand barrels per day, and from Colombia at 226 thousand barrels per day, then Brazil at a rate of 217 thousand barrels per day."

According to the table, "the amount of US imports of crude oil from Nigeria was at a rate of 170 thousand barrels per day, from Ecuador 162 thousand barrels per day, then Libya at a rate of 44 thousand barrels per day."    https://www.mawazin.net/Details.aspx?jimare=251283

More Than $250 Million In Foreign Transfers To The Central Bank Of Iraq At Today's Auction

Time: 2024/07/14 {Economic: Al Furat News} Sales of foreign remittances in the Central Bank auction, today, Sunday, increased by 92% over cash sales, reaching more than $255 million.

Today, the Central Bank sold during its auction for buying and selling the US dollar 275 million, 781 thousand, and 251 dollars, covering it at a basic exchange rate of 1310 dinars per dollar for documentary credits and international settlements for electronic cards, and at a rate of 1310 dinars per dollar for foreign transfers, and at a rate of 1305 dinars per dollar in cash.

Most of the dollar sales went to strengthen the balances abroad in the form of transfers and credits, which amounted to 255 million, 431 thousand, and 251 dollars, an increase of 92% over cash sales amounting to 20 million, 350 thousand dollars.

The number of banks that purchased cash dollars was two, while the number of banks that met requests to enhance balances abroad was 15 banks, and the total number of exchange and brokerage companies participating in the auction was 6 companies   LINK

Dollar Prices Close At 150 Thousand Dinars

Economy | 07/14/2024  Baghdad – Mawazine News  The dollar exchange rates closed on Sunday stable in the local markets of the capital, Baghdad.

Our correspondent said, "The dollar prices stabilized with the closing of the Al-Kifah and Al-Harithiya stock exchanges, recording 150,250 Iraqi dinars for every 100 dollars, which are the same prices recorded yesterday, Saturday." He added, "The selling prices in exchange shops in the local markets in Baghdad stabilized, as the selling price reached 151,250 dinars, while the purchase price reached 149,250 dinars for every 100 dollars." https://www.mawazin.net/Details.aspx?jimare=251303

Stock Exchange.. Sunday's Session Ends In Red

Market  Economy News – Baghdad  The stock market index declined on Sunday, ending the first day of this week in red.   The index fell by 0.35%.   The number of traded shares reached 8.4 billion shares, worth 3.4 billion dinars. During the session, 518 deals were executed on the shares of 30 companies.

The shares of six companies rose, while the shares of 10 others fell.

72 views 2024/07/14 -https://economy-news.net/content.php?id=45224

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

Seeds of Wisdom RV and Economics Updates Sunday Afternoon 7-14-24

Good afternoon Dinar Recaps,

ARE THE LARGEST BANKS IN THE WORLD STARTING TO INVEST IN CRYPTO?

"The largest investment banks in the world are rolling out crypto services and investing in crypto companies.
JP Morgan. BNY Mellon. Goldman Sachs. They all foresee global adoption in the IMMEDIATE FUTURE
From consumers to financial institutions the world is getting ready to use crypto as money."

@ Newshounds News™

Source:  Twitter

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XRP Climbs 10% In Bullish Trade

XRP was trading at $0.4968 by 00:26 (04:26 GMT) on the Investing.com Index on Saturday, up 10.07% on the day. It was the largest one-day percentage gain since March 11.

The move upwards pushed XRP's market cap up to $27.5901B, or 1.29% of the total cryptocurrency market cap. At its highest, XRP's market cap was $83.4407B.

XRP had traded in a range of $0.4738 to $0.4968 in the previous twenty-four hours.

Over the past seven days, XRP has seen a rise in value, as it gained 15.53%. The volume of XRP traded in the twenty-four hours to time of writing was $1.7086B or 3.08% of the total volume of all cryptocurrencies. It has traded in a range of $0.4036 to $0.4968 in the past 7 days.

At its current price, XRP is still down 84.90% from its all-time high of $3.29 set on January 4, 2018.

@ Newshounds News™

Read more:  Investing 

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Ripple Finds a Spot in a Very Prestigious List: Details

“The digital asset space was buoyed in 2024 by strong price movements in cryptocurrencies,” CNBC and Statista noted.

Ripple was named one of the top 250 fintech companies for 2024 in the “digital assets” category by CNBC and Statista.

The company has received multiple awards, including the PAY360 Award and recognition as a top workplace by Fortune Magazine.

Ripple’s Latest Recognition
The American business news channel – CNBC – and the global industry statistics database – Statista – conducted a mutual study to find out the top 250 fintech companies for 2024. One of the awarded firms in the “digital assets” section is Ripple. It is one of the three entities placed on that list last year, with Coinbase and OpenSea being the others.

CNBC and Statista explained that the “digital assets” category comprises firms that make it “easier to access and use” cryptocurrencies and blockchain-based applications. They also noted the industry’s success in 2024, reminding that Bitcoin (BTC) hit an all-time high price of over $70,000 in March.

The entities revealed that 116 of the top 250 fintech companies are located in the United States (including Ripple, which is headquartered in San Francisco). The United Kingdom follows next with 30 firms, while India is home to 11 entities on the list.

The Previous Awards
This is not the first time Ripple has found a place in such a category. In October last year, it won the payment prize in the UK – the PAY360 Awards. The company topped the ranking for being the leader in digital currencies/assets in financial services.

One of the people acknowledging the achievement was Sendi Young – Managing Director of Ripple’s European operations. “Such an honour to win in this UK’s most prestigious payments awards,” she said at the time.

Prior to that, Fortune Magazine placed Ripple in the 13th position (out of 50) as “the best workplace in technology” for 2023. According to the business magazine, 94% of the firm’s employees consider it “a great place to work.” 98% of the staff said they were warmly welcomed upon starting their journey at the company, while 96% were supportive of the management team.

Last but not least, People Magazine included Ripple in its list of “top 100 companies who care for employees and society.” Other well-known corporations that were part of that club were American Express, NVIDIA, Deloitte, MasterCard, and more.

@ Newshounds News™

Read more:  Crypto Potato

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Five Major Reversal Indicators for Crypto Market in July: Goldman Sachs, ETH ETF S-1 filings and More

U.Today - The crypto market is gearing up for a potential turnaround in July, which will be fueled by several crucial factors. Here are five major indicators to watch:

Federal Reserve's potential rate cuts
The Federal Reserve may cut interest rates as early as September, according to recent rumors, and again in December. The markets will gain liquidity from these cuts, according to analysts, and cryptocurrencies might benefit from another positive CPI print.

Progress on Ethereum ETF S-1 filings
The Ethereum ETF issuers received their S-1 forms back from the SEC recently, with a request for small changes. Before being approved, these issuers must respond to the criticisms and resubmit, passing at least one more review round. It is a result of drawing in more institutional investors.

CFTC chair's stance on crypto regulation
According to recent comments made by the CFTC chair, between 70% and 80% of cryptocurrencies are not securities, underscoring the necessity for the CFTC to regulate these assets in accordance with the Commodities Exchange Act. This position may end the protracted discussion about whether cryptocurrencies are better classified as commodities or securities, providing much-needed regulatory clarity and enhancing investor confidence.

Goldman Sachs' tokenization projects
By the end of the year, Goldman Sachs wants to introduce three tokenization initiatives, with an emphasis on U. S. as well as European markets. These initiatives, which are led by tokenization and cryptocurrency enthusiast Mathew McDermott, have the potential to attract major institutional interest and investment into the crypto business.

JPMorgan's optimistic Bitcoin outlook
In a report released today, JPMorgan forecasts a bullish bounce for Bitcoin in August. In spite of recent market downturns, the bank is still bullish about Bitcoin's prospects. The analysis emphasizes that less downward pressure is anticipated as the recent wave of cryptocurrency liquidations fades. To better reflect the current state of the market, JPMorgan has also lowered its estimate of the year-to-date crypto net flow from $12 billion to $8 billion.

@ Newshounds News™

Read more:  Investing

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Gold Prices Forecast: Bullish Momentum Builds on Rate Cut Expectations

Key Points:
—Gold surges above $2,400 as Fed rate cut expectations soar. Inflation data fuels rally, with markets now pricing 96% chance of September cut.

—Fed officials turn dovish, boosting gold's appeal. Daly and Goolsbee signal potential rate cuts as disinflation trend resumes. Third weekly gain for gold.

—Global uncertainties support gold's safe-haven status. Central banks continue buying spree. Traders eye potential new record highs amid dovish sentiment.

@ Newshounds News™

Read more:  FX Empire

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Economist’s “News and Views” Sunday 7-14-2024

Stocks At ‘1929’ Peak; 'Storm' About To Hit, Force Fed Capitulation | Tavi Costa

David Lin:  7-13-2024

Tavi Costa, Portfolio Manager at Crescat Capital, discusses the dangers of stock market valuations, the coming steepening of the yield curve, the deteriorating economy, and the Fed's response to current macroeconomic conditions.

0:00 - Intro

2:00 - Yield curve steepening

 10:45 - Currencies

12:20 - Bull vs. Bear steepener

 18:40 - Financial vs. “real” assets

20:57 - Fed cuts

24:00 - China’s “gold rush”

26:47 - Gold price outlook

 29:50 - Dollar outlook

32:30 - Which “real asset” will outperform?

37:00 - Mining industry

47:30 - Gold’s price “floor”

https://www.youtube.com/watch?v=eAFJTcmDZx4

Japan Dumps $22B USD In Desperate Currency Rescue, US Instructs EU To Cut Away China Investments

Sean Foo:  7-13-2024

Japan has had enough and begins its currency intervention. The Bank of Japan dumps $22 Billion dollars in order to prop up the Yen, but this is pointless.

Meanwhile, the economic war is escalating with the US telling Europe to cut investments into China. Here's what you must know!

Timestamps & Chapters:

0:00 Japan's Desperate Currency Rescue

2:45 BOJ Hiding From Janet Yellen

5:29 US Tells EU To Stop Investing In China

 8:31 America's True Agenda

 11:17 Economic War Escalate

https://www.youtube.com/watch?v=gyuGnSt405I&t=27s

US Pressure on Africa to Choose World Bank Over China: What is going on?

Fastepo:  7-14-2024

Over the past two decades, China has significantly expanded its infrastructure projects across nearly every African country. This involvement includes massive investments in roads, railways, ports, and other critical infrastructure, amounting to over $140 billion in loans for various projects.

As of 2020, around 49 African countries had signed agreements under China's Belt and Road Initiative (BRI), highlighting the extensive reach of these projects.

China-Africa trade surged from $11.67 billion in 2000 to $257.67 billion in 2022, making China the leading trading partner for many African countries, surpassing traditional partners like the UK and the US.

Chinese FDI flows to Africa rose from $75 million in 2003 to a peak of $5 billion in 2021. Western critics, popularized the term "debt-trap diplomacy" to describe China's strategy.

This term suggests that China provides loans for infrastructure projects that recipient countries cannot afford to repay, ultimately allowing China to exert strategic control over these nations. Examples often cited include Zambia and Uganda.

Zambia, for instance, is heavily indebted to China, with approximately $5.05 billion owed, which is about 30% of its total external debt and roughly 20% of its GDP. In Uganda, there are fears that the Entebbe International Airport could be taken over by China due to the terms of their loan agreements.

However, this perspective is contested. Proponents argue that China's investments have brought significant infrastructure improvements and economic benefits to Africa. They note that many Chinese projects have created jobs, enhanced business opportunities, and facilitated connectivity.

For instance, Chinese telecommunications company Huawei has expanded digital connectivity across 40 African countries. Furthermore, Chinese-built railways, like the one connecting Nairobi to Mombasa in Kenya, are seen as critical to boosting local economies.

Critics from the West argue that these benefits are overshadowed by the long-term economic risks and the lack of transparency in Chinese loan agreements. They assert that the opacity and potentially exploitative nature of these loans can undermine the sovereignty and financial stability of African nations. In contrast, defenders of China's involvement highlight the historical context of Western colonialism and the ongoing need for infrastructure in Africa, which Western countries have not adequately addressed.

They argue that labeling Chinese investments as "debt-trap diplomacy" oversimplifies the complex economic relationships and the mutual benefits derived from these projects. In this video, we delve into the heart of China's relationship with Africa, investigating why many African countries favor partnerships with China over those with Western nations.

Additionally, we discuss the initiatives by the European Union and the United States—Global Gateway and Build Back Better World (B3W)—and how these compare to China's efforts.

https://www.youtube.com/watch?v=tsDB-QJtm30

Iraq Economic News and Points to Ponder Sunday AM 7-14-24

Iraq Moves To Break Restrictions On The Dollar In Crucial Talks With Washington

 July 13, 2024 Last updated: July 13, 2024   Al-Independent / Follow-up / - Iraq has begun a round of talks in Washington with representatives of the US Treasury Department to address issues related to restrictions imposed on the dollar, as announced by Iraqi Foreign Minister Fuad Hussein during a press conference broadcast by the Iraqi government media channel.

 Hussein described the meetings as “very useful,” indicating that they would continue.

 Topics scheduled for future discussions include further talks on the list of Iraqi banks subject to US sanctions, and the status of Iran’s money accumulated in Iraq.

Hussein said:   “There are serious steps to resolve these issues.”

 Iraq witnessed a shortage in the availability of dollars last year, after the Federal Reserve Bank of New York began closely examining transfers to Iraqi banks.

 Iranian companies and individuals have long used banks in neighboring Iraq to access dollars and circumvent US sanctions.

 The Central Bank of Iraq pledged to restrict all internal commercial transactions starting this year, in an attempt to limit dollar transactions outside the Iraqi banking sector, and limit its smuggling abroad.  Hussein indicated that the

talks with the US Treasury Department aim to ease these restrictions and ensure the dollar flows more smoothly into the Iraqi economy.

 It is expected that these talks will contribute to developing sustainable solutions to the financial issues facing Iraq, and relieving pressure on the national economy.  In conclusion, Hussein stressed that  there are serious steps to resolve these issues, and that the  talks will continue to ensure tangible results in the near future.   https://mustaqila.com/العراق-يتحرك-لكسر-القيود-على-الدولار-ف/

Sources: The Governor Of The Central Bank Of Iraq Made An Unannounced Visit To Washington Regarding The Chinese Yuan

 Economy     Washington     breaking     Visit     Governor of the Central Bank  2024-07-12 23:06   Shafaq News/ Informed sources revealed, on Saturday, that the Governor of the Central Bank of Iraq, Ali Al-Alaq, is making an officially unannounced visit to the United States of America to discuss with officials in Washington regarding the US Federal Reserve’s decision to stop Baghdad’s dealings with the Chinese yuan.

 The sources told Shafaq News Agency that  Al-Alaq left for Washington last Tuesday to meet with officials at the Federal Reserve and the US Treasury.  She added that

Al-Alaq is discussing with American officials the decision to stop Iraq's dealings with the Chinese yuan, indicating that the

 Governor of the Central Bank is also discussing during his visit the required obligations regarding Iraqi banks that are deprived of dealing with the dollar.

The visit of the Governor of the Central Bank of Iraq, Ali Al-Alaq, to ​​Washington coincides with a significant jump in the exchange rate of the dollar against the dinar, and more than two months after the visit of Prime Minister Muhammad Shia Al-Sudani to the United States.  https://shafaq.com/ar/اقتصـاد/مصادر-محافظ-البنك-المركزي-العراقي-اجرى-زيارة-غير-معلنة-لواشنطن-بش-ن-اليوان-الصيني    

The Central Bank's Monetary Policy And Lack Of Transparency Threaten The Iraqi Economy

July 13, 2024 Last updated: July 13, 2024   Independent / Follow-up / - Economic and media sources revealed that the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, refused to publish the financial tables of the Central Bank for the year 2023, as the list published on the bank’s website showed that the last published table dates back to November of last year.

 The sources confirmed to the Independent that the reasons for the governor’s refusal to publish financial schedule data are due to the large volume of new currency issuance.

 The sources explain that a state of inflation in liquidity has reached enormous numbers due to the absence of oversight by the House of Representatives over the work of the Central Bank, in addition to clear corruption in the file of the dinar exchange rate against the dollar.

In this context, independent politician Hussein Al-Falluji warned against excessive issuance of new currency and its impact on the Iraqi economy.  In his article published by Al-Mustaqila, Al-Faluji said:

  “In light of the economic challenges facing Iraq, the importance of issuing new currency as a monetary policy tool to achieve economic growth and financial stability appears.

Unfortunately, these funds were ineffectively directed towards consumer sectors rather than productivity, leading to increased inflation and depletion of hard currency balance.”

 According to available statistics, the volume of cash issued at the end of 2017 amounted to more than 44 trillion Iraqi dinars, while the volume of the monetary mass exceeded 103 trillion Iraqi dinars at the end of 2023.

Al-Falluji indicated that these funds were directed towards the salaries and subsidies sector instead of being directed towards sectors Productivity. He stressed that

if these funds had been directed wisely towards the industrial, agricultural, tourism and mining sectors, the economic situation in Iraq would be much better than it is now. Al-Falluji concluded by

 stressing the need to reconsider the use of new cash and adopt a strategy that focuses on directing funds towards productive sectors that generate income in hard currencies and supporting the private sector, to improve the economic situation in the country in a sustainable manner.

 Does inflation continue to threaten the Iraqi economy?

 This case highlights the urgent need to carry out radical reforms in the monetary and supervisory policy of the Central Bank, and to find effective mechanisms to reduce corruption and ensure transparency in the management of public funds to achieve real and sustainable economic development in Iraq.    https://mustaqila.com/السياسة-النقدية-للبنك-المركزي-وغياب-ا/     

The Financial Supervision Authority Announces The Preparation Of A Draft Of The Updated Unified Accounting System

 Office of Financial Supervision Building

money and business Economy News - Baghdad  On Thursday, the Financial Supervision Bureau announced that  measures had been taken to develop and improve the accounting and auditing professions in Iraq, and while it referred to the issuance of the internal control guide binding on all government agencies,

 it confirmed the preparation of a draft of the updated unified accounting system in accordance with international standards.

 The Assistant Head of the Financial Supervision Bureau, Qaiser Al-Saadi, said in a statement reported by the official news agency, and seen by Al-Iqtisad News, that

 “the Federal Financial Supervision Bureau seeks to achieve its goals specified in accordance with its founding law, including developing the accounting and auditing professions in Iraq.”  He explained that

"one of the most prominent steps taken by the Bureau is issuing reports evaluating internal control systems in ministries and entities not affiliated with a ministry and governorates," indicating that

 "the goal of this is to

      raise the level of performance of these formations,

     enhance efforts to combat financial and administrative corruption,

     improve institutional performance, and

     work on the principle of preventive oversight." To reduce this phenomenon.  He pointed out that

  “the Bureau has issued an internal control guide that has been circulated to all government agencies for mandatory adoption starting from 7/1/2024,” noting that

“this guide aims to help these agencies accomplish their work in a way that ensures tight supervision and control.” on financial transactions and preservation of public money.”  He added,

 "The Bureau has finished preparing the draft of the updated unified accounting system in accordance with international standards.

This draft has been circulated to government agencies, unions, and universities for the purpose of expressing opinions and making appropriate amendments in preparation for its actual implementation in the near future."  He continued:

 "The Bureau also contributed to the holding of the first session of the Regulatory and Accounting Standards Council in the Republic of Iraq for the year 2024 after a break of more than four years.

 During this session, oversight and accounting issues were discussed and appropriate decisions were taken regarding them, which contributes to developing the work of the profession in Iraq."  He pointed out,

 "These steps come within the framework of the Bureau's commitment to

     developing and improving the accounting and auditing professions in Iraq in line with

     international standards and contributing to

     enhancing integrity and transparency in government institutions."  He continued,

 “The Bureau relies, in performing its work, on international standards issued by the International Organization of Supreme Audit Institutions (INTOSAI), and

the Bureau is also a

      prominent member of the organization and has many contributions, including participating as a

      member of (5) working groups and attending seminars between INTOSAI and the United Nations.” 

 And cooperation with the INTOSAI Development Initiative in its various programs, in addition to the Bureau assuming the presidency of the organization’s strategic planning committee.”  Al-Saadi stated that

 “the Bureau has cooperation with international and local organizations and counterpart supervisory bodies such as the

      Dutch Court of Audit, in the field of performance evaluation and peer review, the

      Court of Accounts in Morocco in the field of judicial oversight, the

      Polish Oversight Service in the field of auditing according to the risk method, as well as the

      German Cooperation Agency (German Cooperation Agency) Giz), the

      Korea International Cooperation Agency (Koica), the

      Japan International Cooperation Agency (Jika) and the

      Indian Technical and Economic Cooperation (ITEC) programme. 

He pointed out,

  “the numerous activities with the regulatory bodies in the Arab and Islamic countries, such as the

      General Accounting Bureau in the Kingdom of Saudi Arabia, the

      Audit Bureau in the State of Qatar, the

      Turkish Court of Accounts, the

      Supreme Court of Audit in the Islamic Republic of Iran, the

      Accounting Council in the Republic of Algeria, and many others,” pointing out that

 “these Standards and evidence, along with international cooperation, contribute to enhancing the effectiveness and efficiency of the Bureau in exercising its oversight work in a way that ensures transparency and integrity in government institutions.” He stressed

  “the commitment of the Federal Financial Supervision Bureau to enhance transparency and integrity in all state institutions by working in accordance with international standards and effective cooperation with regulatory authorities and international organizations,” stressing

 “continuing efforts in

     developing the accounting and auditing professions and

     providing technical and accounting support to ensure performance is achieved.” Optimization and preservation of public money, as well as attaching great importance to

     supporting the role of youth in building the future by enhancing their capabilities to be true partners in combating corruption and evaluating government performance in order to achieve the desired goals.”

 views 258    07/11/2024 - https://economy-news.net/content.php?id=45129    

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

“Tidbits From TNT” Sunday Morning 7-14-2024

TNT:

Tishwash:  Al-Sudani invites Saudi and Egyptian businessmen to invest in hotels and entertainment facilities

On Saturday, July 13, 2024, Prime Minister Mohammed Al-Sudani held a meeting with a delegation of Egyptian and Saudi businessmen, inviting them to invest in hotels and entertainment facilities.

Al-Sudani received, according to a statement from his office, which was reviewed by "Ultra Iraq", a delegation of Egyptian, Saudi and Iraqi businessmen, including; Chairman of the Board of Directors of TMG Company Hisham Talaat Moustafa, Chairman of the Board of Directors of Al-Muhaidib Group Suleiman Abdul Qader Al-Muhaidib, CEO of the group Essam Abdul Qader, Director of Development in the group Raed Ibrahim Al-Madhiem, Director of Al-Maysara Group Yasser Qasim Zagher, and businessman Ahmed Talaat Hani,

All of whom are specialized in real estate development and the establishment of integrated and smart residential cities, in the presence of the Saudi Ambassador to Iraq Abdulaziz bin Khalid Al-Shammari."

Hisham Talaat Moustafa is one of the most prominent businessmen and politicians in Egypt. He was sentenced to death for his conviction in the murder of Lebanese singer Suzanne Tamim. The Cairo Criminal Court then sentenced him to 15 years in prison instead of the death penalty , before Abdel Fattah el-Sisi's regime decided to pardon him and release him from prison.

Al-Sudani called on "Egyptian and Saudi company owners to invest in the field of tourist resorts, hotels and entertainment facilities, as Iraq has many diverse tourist destinations," indicating that "development and progress in Iraq serve the economic interests of the rest of the Arab countries."

He pointed out that "Iraq is witnessing rapid growth and a phase of recovery, and there are many promising investment opportunities, especially in the field of housing and new city projects, as the country needs about 3 million housing units," stressing that "the government is moving towards building integrated cities that include all sectors, services, entertainment and commercial facilities, and are linked to the capital, Baghdad, by an advanced network of transportation routes."

Al-Sudani explained that "the government has offered projects for 5 new cities for investment in Baghdad and some governorates, and it is moving towards launching 11 new cities, just as it supports successful investment experiences," noting that "what is important about modern cities is that they contribute to solving the housing crisis, especially for low-income groups."

 ************

Tishwash:Chinese CETC Group expresses interest in Iraq's infrastructure and economic projects

The Chinese CETC Group, specializing in energy, construction technology, and infrastructure, expressed to PM Mohammed Shia Al-Sudani its desire to participate in Iraq's infrastructure and economic projects.

According to a statement from the Prime Minister's office, Al-Sudani received a delegation from the prominent Chinese group. He highlighted the government's economic approach of embracing "productive partnerships and enhancing Iraq's investment environment to attract global companies."

Moreover, the Iraqi Prime Minister stressed that the government aims to "attract investments and strengthen partnerships with the Iraqi private sector by providing supportive guarantees."

The Chinese delegation expressed their interest in expanding cooperation with both the Iraqi public and private sectors across various economic and investment fields.

Notably, Iraq and China are partners in many areas. Iraq is one of the top oil suppliers to China, and Chinese companies operate in various sectors in Iraq, including oil and gas extraction and school construction. Additionally, both countries are cooperating on the Belt and Road Initiative and the Development Road project.   link

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

Tishwash: Iraq in Talks With US Treasury Over Banks, Dollar Restrictions (bloomberg)

Iraq has engaged in discussions in Washington with representatives from the US Treasury to address dollar restriction issues, Iraqi Foreign Minister Fuad Hussein said during a press conference aired on state-run media al-Iraqiya.

Describing the meetings as “very useful,” Hussein indicated that they would continue. Topics slated for upcoming discussions include further talks on the list of Iraqi banks under US sanctions and the status of accumulated Iranian funds in Iraq. “There are serious steps to resolve these issues,” Hussein said.

Iraq experienced dollar shortages last year after the New York Fed began scrutinizing transfers to Iraqi banks more closely. Iranian businesses and individuals have long used banks in neighboring Iraq to access the greenback and get around US sanctions.

Iraq’s central bank pledged to restrict all internal commercial transactions as of this year, in an apparent attempt to curb dealings of the dollar outside Iraq’s banking sector and limit its smuggling abroad.

Last week, the exchange rate for the dollar against the Iraqi dinar in the unofficial market rose from 1,450 to nearly 1,500 dinars per dollar. Local news agencies, citing a lawmaker, attributed this increase to measures by the Federal Reserve, which halted transactions from dollars to yuan aimed at supporting Iraq’s foreign trade.  link

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

Why did Iraq stop dealing in the Chinese yuan?

The Parliamentary Finance Committee revealed the reasons behind Iraq’s suspension of dealing in the Chinese yuan, while indicating that many of the Central Bank’s procedures are governed by American will.

Committee member Moeen Al-Kazemi said in a press statement that "the US Federal Bank imposed on Iraq to stop dealing in the Chinese yuan, under the pretext that there was manipulation in some transfers or certain problems occurred, indicating that "Iraq's money, as we know, is included in the US Federal Bank as a result of the sale of oil at an amount of 3.5 million barrels per day, and this money enters the Federal Bank and is not transferred to Iraq in cash. It witnessed a transfer to Iraq through corruption transfers from the Central Bank and the Federal Declaration."

Al-Kadhimi continued, "Many of the central bank's measures for the government are governed by American will, and this will may be explained by administrative and financial reasons, not financing terrorism, and others," and he announced that "the reasons are political with the aim of pressuring the Iraqi government."

Is the Chinese currency canceled?

Al-Kadhimi stressed that "the merchant and the Central Bank must have multiple options and not only deal in dollars, so this suspension is temporary and not permanent," noting that "the committee will ask the Central Bank to address the issue and have a diverse price basket, so that the options are more for the Central Bank and Iraqi merchants."

Al-Kadhimi stated earlier that "China's remittances in yuan have been temporarily suspended until auditing mechanisms are found."

He continued, "During the past period, there have been major manipulations of China's affairs." link

Mot.... Buying New FURniture in da Future - Tips!!!! 

Mot: He Tries - He Really Does!! –

Economist’s “News and Views” Saturday 7-13-2024

Financial Blow Up: Little Time Left Before Wheels Come Off System Warns David Morgan

Daniela Cambone: 7-12-2024

 "So now all they want is control, saying, 'I own you because you have to pay me interest. And when you can't pay interest, what happens? They take over the property,'" warns David Morgan, founder of The Morgan Report.

He emphasizes that we don’t have much time left to address these issues. However, he expresses his optimism about the silver market. "Silver's not at an all-time high, but it's at an 11-year high or close to it," says Morgan.

He explains to Daniela Cambone that strong monetary demand for silver, combined with steady or increasing industrial demand, could lead to a situation where both forces compete for the same supply, potentially driving prices higher.

 "Around 60% of the silver market is driven by industrial demand, especially in areas like solar energy and electric vehicles.

 As currency wars and financial instability continue, the monetary demand for silver could increase significantly."

https://www.youtube.com/watch?v=AungGWFAxB8

BRICS Launched Intra-bank Payment System, Crashing USD & SWIFT System!

We Love Africa:  7-12-2024

Has BRICS accidentally ended dollar dominance? BRICS has launched an intra-bank payment system, posing a significant challenge to the supremacy of the US dollar.

This development could lead to a decline from which the dollar may not recover. However, this shift is not unexpected; BRICS has been working for years to achieve this goal.

As the dollar's decline becomes more imminent and its value continues to drop, one must ask: Does the United States have any plans to revive its currency?

More importantly, is it even possible for the US to revive the dollar at this stage, even if it wants to? Let’s find out.

https://www.youtube.com/watch?v=ldBKUztNjS4

JPMorgan, Bank Of America & Citigroup Are in Big Trouble

Atlantis Report:  7-13-2024

The 2008 financial crisis significantly impacted the global economy, revealing vulnerabilities in the banking sector and leading to government intervention.

The collapse of Lehman Brothers and subsequent bailouts highlighted the need for strong regulatory frameworks to prevent similar crises.

 In response, major banks were required to create "living wills."

These living wills ensure that even the largest banks can be dismantled in an orderly manner, reducing risks to the broader economy. However, recent reports from the Fed and the FDIC have raised concerns about the adequacy of these plans for three major American banks. JPMorgan, Bank Of America & Citigroup Are in Big Trouble

https://www.youtube.com/watch?v=brtcunILwh4

“Tidbits From TNT” Saturday 7-13-2024

TNT:

CandyKisses:  Sources: The Governor of the Central Bank of Iraq made an unannounced visit to Washington on the Chinese yuan

Informed sources revealed on Saturday that the Governor of the Central Bank of Iraq Ali Al-Alaq is making an unannounced visit to United States to discuss with officials in Washington about the US Federal Reserve's decision to stop Baghdad's dealings with the Chinese yuan.

The sources told Shafaq News that the relationship left for Washington last Tuesday to meet with officials of the Federal Bank and the US Treasury.

She added that Al-Alaq is discussing with US officials the decision to stop dealing Iraq in the Chinese yuan, indicating that the Governor of the Central Bank is also discussing during his visit the required obligations regarding Iraqi banks deprived of dealing with the dollar.

The visit of the Governor of the Central Bank of Iraq Ali Al-Alaq to Washington coincides with a significant jump in the exchange rate of the dollar against the dinar, and more than two months after the visit of Prime Minister Mohamed Shia Al-Sudani to the United States.

Iraqi military delegation visits Washington regarding security agreement

Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein revealed today, Friday, that an Iraqi military delegation will soon visit Washington to hold security talks.

Hussein said in a press conference held in the US capital, Washington, that "our visit to Washington was to attend the NATO summit at the invitation of the American side, and on the sidelines of the summit we held intensive meetings with leaders of several countries, and we held a meeting with the US Treasury Department to discuss issues related to monetary policy and banking signs."

He added that "a military delegation will visit Washington to hold talks on the security agreement concluded between Iraq and the United States."

He continued: "We discussed the future of the international mission in NATO meetings in cooperation with the Iraqi Ministry of Defense."  link

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

Tishwash:  Foreign Minister from Washington: US Treasury positively assessed Central Bank's efforts

Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein confirmed that the US Treasury Department evaluated the efforts of the Central Bank positively, while indicating that a military delegation will visit Washington to hold security talks.

"Our visit to Washington was to attend the NATO summit at the invitation of the US side, and on the sidelines of the summit we held intensive meetings with leaders of several countries, and we held a meeting with the US Treasury to discuss issues related to monetary policy and banking signs," Hussein said in a press conference held in the US capital Washington, attended by the Iraqi News Agency (INA).

He added that "the US Treasury positively evaluated the efforts of the Central Bank," indicating that "a military delegation will visit Washington to hold talks on the security agreement concluded between Iraq and the United States."

He continued: "We discussed the future of the international mission in NATO meetings in cooperation with the Iraqi Ministry of Defense."  link

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

Tishwash:  Financial expert to Iraq Observer: Western Union has set a ceiling for its money transfers from Iraq and has not stopped them completely

Financial and banking expert Mustafa Hantoush believes that Western Union Banking Company has set a ceiling for sending money transfers from Iraq and has not suspended them permanently.

Hantoush told Iraq Observer, “Western Union has reduced the size of its money transfers. For example, instead of transferring an amount of $1,000, it will become $500.”

He added, "The Central Bank has not issued any official statement regarding the suspension of Western Union Company for money transfers from Iraq," noting that this information must be verified from its primary source, which is the Central Bank."

Local news agencies reported that the world's largest money transfer company, Western Union, has stopped its money transfers from Iraq without providing further details, at a time when the dollar is witnessing a continuous rise. Meanwhile, a prominent financial source who preferred to remain anonymous told Iraq Observer that the matter is related to setting a ceiling for money transfers issued by Western Union from Iraq, ruling out a final halt.

The financial markets in Iraq are witnessing a state of instability in the exchange rate of the dollar against the Iraqi dinar, as it has been approaching 150,000 for days, in anticipation of the visit of the Governor of the Central Bank of Iraq to the United States of America.

Economic researcher Ziad Al-Hashemi said in a tweet on the X platform: The governor of the Central Bank was sent to New York to discuss the issue of the failure of yuan transfers to China, which the Central Bank relied heavily on to sell dollars and provide the dinar needed to feed the government’s finances.

He added: The causes of the problem remaining unresolved and the strong parties hovering around the Central Bank and searching for the dollar, without accountability, neutrality or internal Iraqi restrictions, will make all the pledges that Al-Alaq will present without any real value, as the same person has previously presented the same pledges throughout the past ten years, and the same problem is still ongoing without a solution, according to him.  link

Mot: Stay Cooooool !!!!!

Mot:  .. Yes - Taking sum Time to Reflect  

Seeds of Wisdom RV and Economics Updates Saturday Afternoon 7-13-24

Good Afternoon Dinar Recaps,

NIGERIAN MINISTER URGES SEC TO TACKLE CRYPTO REGULATION CHALLENGES

Nigeria’s cryptocurrency regulations are currently being updated.

The Nigerian Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has called on the newly inaugurated Securities and Exchange Commission (SEC) board to address the complexities of cryptocurrency regulation.

According to local media, Edun emphasized the need to ensure stringent oversight, especially in fast-moving and complex areas such as cryptocurrencies, to maintain market integrity in Nigeria’s capital market during the board’s inauguration in Abuja.

Minimal registration requirements
Edun warned that companies might exploit minimal registration requirements to falsely claim they are licensed, undermining market integrity. Highlighting the potential for regulatory arbitrage, he urged the SEC to implement top-notch corporate governance practices, swiftly identify and disclose conflicts and adhere to global best practices.

The minister also encouraged the newly inaugurated SEC board members to adopt innovative strategies to regulate the country’s capital market effectively. He stressed the importance of staying informed and proactive amid rapid developments in artificial intelligence, digital currency and overall digital transitions.

“Unlike basic industries with settled technologies, the financial sector is rapidly evolving with innovations in fintech, AI and crypto. To provide necessary approvals and guidance, the SEC must stay informed and adaptable.”

SEC pledges innovation and growth
In response, the Chairman of the SEC board, Mairiga Katuka, assured the minister that the board would leverage its collective expertise, innovation and passion to drive growth.

@ Newshounds News™

Read more:  CoinTelegraph 

~~~~~~~~~

RIPPLE's APPEAL TO CENTRAL BANKS:  SPEED, SECURITY, AND DIGITAL INNOVATION  

—Ripple’s appeal to central banks lies in its promise of speed, security, and digital innovation, challenging traditional banking methods with blockchain technology for instant global transfers.

—Ripple positions itself as a key player in CBDC solutions, offering infrastructure for governments to deploy their digital currencies.

For many decades, the global central banks have maintained unchallenged control of the global economy by following traditional banking methods. However, with blockchain seeing rising adoption, players like Ripple have come to the forefront offering instant settlement solutions for global transfers.

Last year, Ripple unveiled its own CBDC platform that serves as a one-stop solution allowing governments to deploy their CBDCs providing all the necessary infrastructure for deploying and maintaining the currencies.

Central banks are considering Ripple for its speed, security, and modern appeal. Traditional transfer methods, once slow and cumbersome, can now be transformed into swift, secure blockchain transactions. Moreover, Ripple enables transaction settlements in fractions of a second instead of days, with cryptographic security ensuring maximum protection. This innovation has even the most conservative bankers excited about the possibilities Ripple brings to the table.

By adopting Ripple solutions, central banks have the opportunity to transition into new-age technological platforms instead of being perceived as outdated institutions. This could bring a fundamental change in the way we conduct global transactions more efficiently and securely.

The adoption of CBDCs on Ripple’s platform has the potential to revolutionize the financial industry. Central banks now stand at a crossroads, with the opportunity to lead the digital transformation of finance.

@ Newshounds News™

Read more:  Currency Insider 

~~~~~~~~~

HEDRA HASHGRAPH LEADS BLOCKCHAIN INNOVATION WITH NEW SCALABILITY BREAKTHROUGH

—The Hedera Foundation has launched two pilot Request for Proposals (RFPs) aimed at addressing specific ecosystem needs, inviting global developers to apply for grants.

—The initiative aims to enhance transparency and collaboration, providing up to 10 million HBAR in support, to accelerate the growth and development of the Hedera ecosystem.

On Thursday, July 11, the HBAR Foundation announced its pilot Request for Proposal (RFP) to deliver a more transparent and community-supported element to grant giving. Hedera stated that they are piloting two separate RFPs for building solutions thereby meeting specific ecosystem needs. Besides, this development comes as Hedera has been leading in crypto development activity, per the CNF update.

The Hedera Foundation is launching two pilot RFPs aimed at addressing specific needs within the ecosystem. they have also invited developers from across the globe to apply for these grants, with the selection process incorporating open and public community input.

The goal of this pilot is to gather insights from the initial RFPs to enhance and formalize the foundation’s grant program. This would ultimately accelerate the growth and development of the Hedera ecosystem.

We’re excited to announce the launch of our pilot Request For Proposal (RFP) process to to deliver a more transparent, #Hedera community-supported element to grant giving 🤝 pic.twitter.com/VNnatTK5GY

— HBAR Foundation (@HBAR_foundation) July 11, 2024

Hedera Targets Lending Markets With RFP Pilots
The pilot initiative will include two distinct RFPs designed to meet specific requirements:

Credit Market Development: This grant will follow the structure of a standard THF development grant, with funding allocated based on the completion of well-defined development milestones.

Credit Market Liquidity: This grant will be modeled after a network utilization incentive pool. The incentive pool will be evergreen and may be replenished based on ecosystem needs.

The Foundation is initially committing up to 10 million HBAR in support, available to eligible teams. Given the evergreen nature of the pool, project teams can apply multiple times depending on their liquidity needs. Each proposal must align with specific growth objectives, and applicants are required to outline milestones and goal KPIs. The Hedera Foundation also mentioned some of the benefits of conducting the pilot which include:

Increased Transparency and Clarity: By clearly outlining funding intentions, the Hedera Foundation (THF) can provide more timely updates to the community about key priorities. This approach offers further clarity to teams who may not qualify for a grant, not due to inadequacy but because their proposals might not align with the network’s most pressing needs.

Enhanced Ecosystem Collaboration and Diversification of Ideas: By inviting broader participation, THF aims to foster greater collaboration between itself, applicants, and the community, all working together to find better solutions. Additionally, creating more opportunities for builders to share their visions, ideas, and educational insights directly with the community before launching products or platforms will add significant value throughout the development cycle.

Moreover, the Hedera blockchain has been part of some key projects. As reported by Crypto News Flash, Sweden’s central bank tested its retail banking solutions on the Hedera network. Additionally, consulting giant Deloitte also joined hands with Hedera to build next-generation blockchain solutions, per the CNF update.

@ Newshounds News™

Read more:  Crypto News Flash

~~~~~~~~~

DWS MOVES TOWARD FIRST GERMAN-REGULATED EURO STABLECOIN

German asset management company DWS has launched a new company in a step towards creating the first German-regulated cryptocurrency.

Deutsche Bank-owned DWS announced the launch of the company as part of their wider plan to go live with the new euro stablecoin next year, marking a significant step for the European financial sector considering DWS manages assets worth €941 billion.

The cryptocurrency is set to be regulated by Germany’s Federal Financial Supervisory Authority (BaFin) as DWS looks to be the first company being granted a German e-money licence for a stablecoin.

The newly created company, AllUnity, is a collaboration between DWS, Flow Traders, and Galaxy Digital, working together to introduce the new stablecoin.

Stefan Hoops, CEO of DWS, commented that the stablecoin will gain interest from a broad range of clients, including digital asset investors and industrial applications.

“In the short term, we expect demand from investors in digital assets, but by the medium term we expect wider demand, for instance from industrial companies working with ‘internet of things’ continuous payments,” Hoops stated.

@ Newshounds News™

Read more:  Currency Insider

~~~~~~~~~

JAPAN'S CURRENCY HAS STEADILY LOST VALUE AGAINST THE USD OVER THE LAST 12 MONTHS

Japan likely conducted a $22 billion intervention yesterday to support its currency.

Japan spent a record $62 billion in May to prop up the yen.

@ Newshounds News™

Read more:  Twitter

~~~~~~~~~

Ripple’s Appeal to Central Banks: Speed, Security, and Digital Innovation

"Ripple positions itself as a key player in CBDC solutions, offering infrastructure for governments to deploy their digital currencies.

For many decades, the global central banks have maintained unchallenged control of the global economy by following traditional banking methods. However, with blockchain seeing rising adoption, players like Ripple have come to the forefront offering instant settlement solutions for global transfers."

"Last year, Ripple unveiled its own CBDC platform that serves as a one-stop solution allowing governments to deploy their CBDCs providing all the necessary infrastructure for deploying and maintaining the currencies."

@ Newshounds News™

Read more:  Crypto News Flash

~~~~~~~~~

CENTRAL BANKS ARE BUYING GOLD TO PREPARE FOR A NEW GOLD STANDARD

"Record buying of gold by central banks, which are matching their gold reserves relative to GDP with other countries, revived the debate about the possibility of a reboot of the current monetary system based on a new gold standard."

"Global central banks have been buying record amounts of gold since the beginning of 2022. The pace and regularity with which central banks accumulate gold is unprecedented, as they have been mostly sellers of the precious metal throughout history. This extraordinary demand for gold by central banks, the largest in 55 years, is attributed to a desire to diversify their reserves and reduce dependence on the dollar."

"But beyond the intrinsic capacity of physical gold to maintain its value in the face of economic uncertainty, some indicators suggest that this accumulation of gold by central banks is just the prelude to a restart of the international monetary system and a possible return to the gold standard."

"The bad monetary policies that caused the housing bubble and the way fiat currencies have been managed since the 2008 crisis, depreciating the dollar and exporting US domestic problems to the rest of the world, along with economic sanctions on countries not aligned with Western geopolitical and economic interests, have undermined the credibility of the international monetary system. An alternative based on a new, multipolar, more stable and less inflationary gold standard seems closer than ever, and global central banks want to be included."

@ Newshounds News™

Read more:  11onze

~~~~~~~~~

JPMorgan Chase, Wells Fargo Suffer $3,500,000,000 in Losses As US Banks Report Massive Surge in Bad Debt

Two of the largest banks in the US are declaring a loss on a staggering $3.5 billion in debts that customers can’t pay back.

JPMorgan Chase says its net charge-offs, which are delinquent debts that banks do not expect to receive, hit $2.2 billion in the second quarter of the year.

That’s a $200 million increase from the previous quarter and an $800 million increase from Q2 of 2023.

Meanwhile, Wells Fargo says its net charge-offs surged from $764 billion in Q2 of 2023 to $1.3 billion last quarter – a 70% increase.

Although the pace of inflation has reduced, Wells Fargo’s chief financial officer Michael Santomassimo tells the New York Times that many customers are clearly struggling as their credit card balances rise and savings dwindle.

“[Inflation is] still cumulatively having a bit impact. The folks on the lower end of the wealth or income spectrum are struggling more than folks that are on the higher end.”

In addition to its charge-offs, JPMorgan declared an additional $500 million in losses from failing mortgage investments.

US banks have been sounding the alarm on its customers’ growing credit card balances and issues in the commercial real estate industry since last year.

In its new report, Wells Fargo says it earned a Q2 profit of $4.9 billion, although the bank’s shares tumbled 6% on Friday after net interest income fell short of estimates.

JPMorgan Chase reported a quarterly profit of $13.1 billion as its stock hovers near its all-time high.

@ Newshounds News™

Read more:  DailyHodl

~~~~~~~~~

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Iraq Economic News and Points To Ponder Saturday Afternoon 7-13-24

Can The Iraqi Government Manage The Country’s Financial Reserves?

July 13, 2024  Opinions / Iraq Observer   Financial and banking expert Mahmoud Dagher answers the question: Can the Iraqi government manage the country’s financial reserves? Look what he answered..

 ~~~~~

 [ approximate, incomplete translated transcript of https://www.youtube.com/watch?v=bG8Lp8pp5RE ]

 Transcript

0:00  peace

0:01   You must represent foreign reserves

0:05  The economy's total foreign assets as well

0:10  Monetary gold and special drawing rights

0:13  International Monetary Fund, also called Net

0:17  the findings

0:20  Avoid mistakes

0:22  It is common to believe that governments can

0:27  Influence or direct access to these

0:33  The reality is that reserves are the central bank

0:38  It is the only body that manages this

0:44  Reserves and these reserves themselves

0:49  It is warranty and support

0:52  And trust in the national currency

0:57  To stabilize its exchange rate

1:00  In a country like

1:03  Iraq Thank you

https://www.youtube.com/watch?v=bG8Lp8pp5RE  

https://observeriraq.net/الخبير-المالي-والمصرفي-محمود-داغر-يجي/     

A Financial Expert Reveals The Reasons For The Rise In The Dollar And Expects A New Rise In The Exchange Rate

 Economy   Rising dollar prices    breaking    Central Bank of Iraq    Parallel market  2024-07-09 04:46   Shafaq News/ The official spokesman for the currency market in Sulaymaniyah, Jabbar Gorran, revealed today, Tuesday, the reasons for the rise in the exchange rate of the US dollar against the Iraqi dinar in the parallel market. Jabbar Gorran said in a statement to Shafaq News Agency:

"The issue of the high exchange rate of the dollar against the Iraqi dinar is related to the financial measures taken by the Central Bank of Iraq."  He added,  "The Central Bank of Iraq took some good measures in the past,  but the increase that has occurred now is due to other measures that the Central Bank has not taken so far, including that the bank agreed that external dealing should not be limited to the US dollar only, but this measure has not been taken yet, as well as not linking...

 All banks on the electronic platform have stopped working with it, with the exception of only seven banks, and  they do not accommodate the foreign trade exchange process, which annually amounts to about 50 billion dollars, and I do not expect those seven banks to absorb this volume of trade exchange.” 

He stated that  "one of the other reasons that led to the rise in the exchange rate of the dollar against the dinar is the reduction in cash pumping by the Central Bank of Iraq, with the exception of today."  He explained,

 "The demand for the dollar these days is abnormal, and I do not expect that opening the dollar exchange window for travelers at airports will be a reason for the dollar exchange rate to rise, even though now is the travel season."

He explained that  "the large number of banking offices and companies in Iraq and Kurdistan and the inability of the Central Bank of Iraq to meet their needs for the US dollar, as there are about 1,200 banking companies in Iraq and in Kurdistan, about 2,500 companies have not yet been merged with each other, reaching about 400 actual companies."

 All these companies and offices need more than $50 million daily.” Kuran stressed that   “the rise in the dollar this time is not linked to a political or economic crisis or external factors, but rather it is linked to the actions of the Central Bank of Iraq, and

 it is possible for the bank to control this rise,” expecting the dollar exchange rate to rise to more than 150 thousand dinars for every 100 dollars, ruling out At the same time, it may reach high levels, as happened in previous periods.

 https://shafaq.com/ar/اقتصـاد/خبير-مالي-يكشف-عن-سباب-ارتفاع-الدولار-ويتوقع-صعودا-جديدا-بسعر-الصرف

Baghdad And Washington Are Discussing The Stability Of The Dinar's Exchange Rate Against The Dollar

 Economy     2024-07-12 | 15:35  3,535 views  On Friday, Deputy Prime Minister and Foreign Minister Fouad Hussein discussed with the Undersecretary of the US Treasury for Terrorism and Money Laundering the issue of stabilizing the dinar’s exchange rate against the dollar.

 stated A statement from the Iraqi Ministry of Foreign Affairs reported to Al-Sumaria News,

 “The Deputy Prime Minister and Minister of Foreign Affairs, Chairman of the Ministerial Council for the Economy, Fuad Hussein, met on Friday, July 12, 2024, with the Under Secretary of the US Treasury for Terrorism and Money Laundering, Brian Nelson, in the presence of the two accompanying delegations at the headquarters The ministry was in Washington, D.C., and discussed the issues that the two parties are working on in accordance with their previous reform agreements. 

  Hussein stressed  "the Iraqi government's commitment to moving forward with its reform and economic measures related to the Iraqi banking system and the energy sector."

 He explained that  "the government's policy seeks to 

      achieve Iraqi energy independence through associated gas investment projects, and to

      develop the working mechanism of Iraqi banks in line with international standards to ensure transparency and provide open data, so that banks can provide the services that the Iraqi people need,"

 calling on the American side to reconsider the plan. Sanctions imposed on about 32 Iraqi banks, as they engaged in the structural reform process.”  Hussein pointed out that

"the stability of the exchange rate of the Iraqi dinar against the US dollar represents a fundamental pillar for achieving economic, social and political stability in Iraq, which is what the government seeks to achieve,

calling on the relevant American institutions to review it and build on it."  For his part,

 Nelson praised the steps taken by the Iraqi government

    to support the Iraqi economy and

     address the challenges facing it.

 He stressed that the relevant American institutions understand the seriousness of the Iraqi government in modernizing the work mechanisms in Iraqi institutions,

expressing the readiness of the American side to help Iraq in addressing the obstacles to its reforms.

 This will reflect positively on the Iraqi economy.”  

https://www.alsumaria.tv/news/economy/493703/بغداد-وواشنطن-تبحثان-استقرار-سعر-صرف-الدينار-مقابل-الدولار    

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