MilitiaMan: Iraqi Dinar - Dinar Update-2024 Budget-Acceleration to WTO-Value Chains-SAAVI-Formal and Historic

Iraqi Dinar - Dinar Update-2024 Budget-Acceleration to WTO-Value Chains-SAAVI-Formal and Historic

MilitiaMan and Crew:  7-15-2024

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

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

https://www.youtube.com/watch?v=lW7oeToeMRg

Seeds of Wisdom RV and Economics Updates Monday Evening 7-15-24

Good Evening Dinar Recaps,

UNITES STATES CONSULTING FIRM SIGNS CONTRACT FOR IRAQ DEVELOPMENT ROAD

"By John Lee. Iraq's Minister of Transport, Razzaq Muhibis Al-Saadawi, announced the signing of a contract with Oliver Wyman, a consultancy firm, to provide advisory services for the Development Road project. Al-Saadawi stated that the consultancy will assist the ministry in marketing the project and overseeing investment opportunities. The contract, signed by Younis Khalid Jawad."

@ Newshounds News™

Read more:  Iraq Business News

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What is IOTA?

IOTA (MIOTA) is one of only 8 ISO 20022 compliant coins.

Iota aims to be the economic layer for the Internet of Things, bringing microtransactions and data storage to a network of connected devices. It uses a distributed ledger technology called the Tangle, which is based on directed acyclic graph technology rather than blockchain.

Iota began as a pivot from an IoT microprocessor venture called Jinn. The Jinn team held a crowds ale in September 2014, promising holders of its native Jinn token a share in the company’s profits.

 The team pivoted following concerns around the regulatory soundness of Jinn tokens. In 2015, the project announced Iota, a cryptocurrency network for IoT devices that utilized some of the cryptographic techniques researched and developed at Jinn.

Iota does not have blocks, miners or transaction fees as are featured in most public blockchain networks like Bitcoin or Ethereum. This is to allow the scalability and speed necessary for machine-to-machine microtransactions, which are denominated in its native token, MIOTA. Instead, each transaction validates the previous two transactions, achieving consensus first locally, then globally.

The Iota Foundation, a German nonprofit, is currently building out the Iota ecosystem.

@ Newshounds News™

Read more:  CoinTelegraph

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Cardano and XRP Win Fresh Listing

Horizon Protocol, a leading innovator in the DeFi derivatives space, has announced, in a tweet, the much-anticipated listing of XRP, Cardano (ADA), and Chainlink (LINK) on its flagship derivatives platform, Horizon Futures.

This exciting development, approved through Horizon Improvement Proposal 16 (HIP-16), signifies a significant step forward for Horizon Protocol in its mission to enhance user experience and expand access to diversified trading opportunities.

The upcoming launch, scheduled for Thursday this week, will allow users to leverage Horizon Futures’ robust features to trade XRP, ADA, and LINK with competitive advantages. This includes access to low fees, a user-friendly interface, and the ability to leverage positions up to 27.5 times.

Horizon Protocol emphasizes the importance of community involvement and acknowledges the valuable role its users played in the approval of HIP-16. This collaborative approach underscores Horizon’s commitment to fostering a thriving DeFi derivatives ecosystem.

Strategic Listings Bolster DeFi Offerings
Horizon Protocol views the listing of XRP, ADA, and LINK as a strategic move to bolster its existing suite of offerings and cater to a wider range of investors. These cryptocurrencies, all boasting an established market presence and strong communities, represent a valuable addition to the Horizon Futures platform.

Their inclusion aligns perfectly with Horizon’s vision of enriching users’ trading strategies and providing them with the tools they need to navigate the dynamic DeFi landscape.

To ensure a seamless integration process, Horizon Protocol will implement necessary system adjustments to accommodate XRP, ADA, and LINK on Horizon Futures. The team will also closely monitor the performance of these newly listed assets to inform future enhancements and potential additions to the platform.

Building on a Strong Foundation...

@ Newshounds News™

Read more:  Times Tabloid

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Seeds of Wisdom RV and Economics Updates Monday Afternoon 7-15-24

(Due to some unforeseen new computer glitches this afternoon post was delayed)

Good Afternoon Dinar Recaps,

VND/USD EXCHSNGE RATE AS OF 7/15/24

"Reference exchange rate drops slightly at week’s beginning

The State Bank of Vietnam (SBV) set the daily reference exchange rate at 24,245 VND/USD on July 15, down 3 VND from July 13.

With the current trading band of +/- 5%, the ceiling rate applicable for commercial banks during the day is 25,457 VND/USD and the floor rate 23,033 VND/USD.

At commercial banks, the opening-hour rates also fluctuated slightly.

At 8:20 am, Vietcombank listed the rates at 25,237 VND/USD (buying) and 25,457 VND/USD (selling), both down 3 VND from the rates two days ago.

BIDV also cut both rates by 3 VND, listing the buying rate at 25,237 VND/USD and the selling rate at 25,457 VND/USD."

@ Newshounds News™

Read more:  Vietnam Net

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News Update: Fedwire ISO 20022 Timeline

In 2022, the Fed announced that the Federal Reserve Banks planned to adopt the ISO 20022 standard for the Fedwire Funds Service in a single-day implementation strategy on March 10, 2025. 

ISO 20022 is a globally accepted messaging standardization approach introduced in 2005 by the International Organization for Standardization with the goal of using the same language for all financial communications. 

The Fedwire migration marks a significant turning point in the modernization of the American payment system that complies with best practices and international standards.

Here are three key updates you need to know about the upcoming migration schedule/planned timeline.

Compliance Window:
At the end of October 2024, the compliance testing window will officially close. Any financial institution that wants to remain in compliance with ISO20022 needs to complete its testing with the Federal Reserve by that time.  

Post-Launch Integration
Compliance testing will resume two weeks following the launch (around late March).

Managing Non-Approvals
Organizations may choose to keep using the current method without paying penalties if they have not achieved compliance by the testing deadline. It's crucial to remember that ongoing use of Fedwire Direct requires compliance with ISO standards if a third-party solution is used for data loading. Therefore, financial institutions might not be able to use the solutions that are already available if these standards are not adopted and will be forced to manually load their wire transactions to the Fedwire Direct portal.

In partnership with the Federal Reserve, Alacriti has been proactive about ISO 20022. Alacriti’s solutions have all APIs built to the ISO 20022 standard, which is imperative for the RTP® network and the FedNow® Service, and also to accommodate the implementation that Fedwire has planned for 2025.

@ Newshounds News™

Read more:  Alacriti, ISO 20022 Timeline 

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SAB 121 IN THE NEWS AGAIN?

"The crux of the problem is the accounting rule forces assets under custody to be disclosed as both an asset and liability on the balance sheet, contrary to accounting convention.
This expands the size of the balance sheet on which banks have their capital requirements assessed. Hence, providing crypto custody would require banks to set aside large amounts of capital, making it prohibitively expensive."

"The saga has taken up a considerable legislator time. In May both the House (228 v 182) and Senate (60 v 38) voted in favor of a resolution to cancel SAB 121, followed by a Presidential veto. Last year the Government Accountability Office (GAO) ruled that SAB 121 was a rule that should have received Congressional approval. Plus, legislators wrote to bank regulators about SAB 121 multiple times."

"In March 2022 the SEC published SAB 121, apparently without consulting banking regulators. The rule impacts all listed firms, not just banks. However, if the potential impact on banks was immediately obvious to journalists, it’s odd that the SEC didn’t consider it."

"The issue is bigger than cryptocurrency. It’s widely believed that tokenization – of securities, funds and other real world assets – will see the rewiring of the financial system. The Bank of International Settlements, the central bank of central banks, frowns on crypto but is making a big push on tokenization.

In order for tokenization to progress in an institutional framework, it’s essential for assets to be held in custody by banks. The world’s largest custodian banks are American. BNY Mellon, State Street, JP Morgan, Citi and Northern Trust provide custody for $160 trillion in assets."

"While the United States prides itself on its sophisticated markets, institutional work on tokenization is happening elsewhere."

"Several U.S. firms are involved in the Singapore and European work. Resolving the custody issue could see a significant acceleration in activity on home soil."

@ Newshounds News™

Read more:  Ledger Insights

~~~~~~~~~

Newshound's Daily Breakdown Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps

Iraq Economic News and Points To Ponder Monday Afternoon 7-15-24

Iraq Resumes Negotiations To Join WTO

WTO  Money  and business  Economy News – Baghdad  Minister of Trade and head of the Iraqi team concerned with joining the World Trade Organization, Athir Dawood Al-Ghariri, announced on Monday the resumption of negotiations to join the World Trade Organization, after a hiatus that lasted more than 16 years.

A statement by the ministry, seen by "Al-Eqtisad News", quoted the Director General of the Department of Foreign Economic Relations, Riyadh Fakher Al-Hashemi, as saying that "the Iraqi negotiating teams have begun their preparatory meetings at the headquarters of the World Trade Organization in Geneva, in preparation for the third meeting of the working group on Iraq's accession." Al-

Hashemi added that "the first preparatory meeting was held at the organization's headquarters with the Director of the Accession Department and the organization's experts in goods, services and intellectual property, headed by the Director General of the Department of Economic Relations and the membership of negotiators representing the Iraqi ministries and the Kurdistan Region; to discuss the most important files and documents submitted by Iraq in the previous stage."

He pointed out that "the third official meeting of the working group, which will be headed by the Minister of Trade representing Iraq, will witness a review of the files and documents completed by the National Committee concerned with accession."

He continued, "This is the first time that the Iraqi negotiating team has reached this level of experience in the field of negotiation, which reflects the development of their capabilities and efficiency in dealing with complex issues related to WTO membership."

Views 66  Added 2024/07/15 - https://economy-news.net/content.php?id=45272

Global Oil Prices Decline

Economy |  07/15/2024  Follow-up - Mawazine News    Oil prices fell for a second day in a row on Monday, as the dollar rose amid political uncertainty in the United States following an attack on US presidential candidate Donald Trump, while investors monitored the progress of talks on a ceasefire in Gaza.

Brent crude futures fell 55 cents, or 0.7 percent, to $84.48 a barrel by 01:09 GMT, after closing down 37 cents on Friday.  US West Texas Intermediate crude fell 56 cents, or 0.7 percent, to $81.65 a barrel.

US stocks rose on Monday, while US bond futures fell, as investors bet that the attack on Trump would make his victory in the upcoming presidential election more likely.

In the Middle East, talks to end the conflict in Gaza between Israel and Hamas stalled on Saturday after three days, and uncertainty surrounding the volatile situation kept the geopolitical value of oil high.

https://www.mawazin.net/Details.aspx?jimare=251333

Iraq Advances One Place In The World's Gold ReservesMarket  Economy News – Baghdad  The World Gold Council announced today, Monday, that Iraq has advanced one place in the list of countries with the largest reserves of the precious metal in the world.

According to the latest table published by the Council in July, which was reviewed by Al-Eqtisad News, it advanced to 30th place out of 100 countries listed in the table with the largest gold reserves, after it was ranked 31st globally, and fourth in the Arab world after Saudi Arabia, Lebanon and Libya.

According to the table, Iraq maintained its gold holdings unchanged, reaching 1,457 tons, which represents 10% of its other reserves.

The Council pointed out that "the United States of America tops the list of countries with the largest gold holdings in the world, with 8,133.5 thousand tons, followed by Germany with 3,351.5 thousand tons, then Italy with 2,814 thousand tons, while Suriname came in last with 1.2 thousand tons."

The World Gold Council is headquartered in the United Kingdom, has extensive experience and deep knowledge of the factors that cause market change, and its members consist of the largest and most advanced gold mining companies in the world.

124 views  2024/07/15 - https://economy-news.net/content.php?id=45255

Central Bank Of Iraq Sells $270 Million In Auction Today

Time: 2024/07/15 15:42:39 Reading: 598 times

{Economic: Al Furat News} The Central Bank of Iraq’s dollar sales on Monday amounted to more than 270 million in a currency auction.

The bank sold in its auction today 270 million, 626 thousand and 37 dollars, covering it at a basic exchange rate of 1310 dinars per dollar for documentary credits and international settlements for electronic cards, and at the same price per dollar for foreign transfers, and at a price of 1305 dinars per dollar in cash.

Most of the dollar sales went to boost balances abroad in the form of transfers and credits, which amounted to $252 million, 324 thousand and 37, an increase of 93% over cash sales of $18 million, 302 thousand.

The number of banks that purchased cash dollars was one bank, while the number of banks that met requests to enhance balances abroad was 14 banks, and the total number of exchange and brokerage companies participating in the auction was 6 companies.   LINK

Stock Market Index Down 0.4%

  Market  Economy News – Baghdad  The stock market index fell by 0.4% on Monday.

The number of traded shares reached 746.1 million shares, with a value of 809.1 million dinars.

During the session, 577 transactions were executed on the shares of 30 companies.

The shares of 5 companies also rose, including United Bank and Agricultural Products.

107 views  Added 2024/07/15 - https://economy-news.net/content.php?id=45256

Dollar Closes Lower In Baghdad

Economy | 05:25 - 07/15/2024  Baghdad – Mawazine News  The US dollar prices fell against the Iraqi dinar, today, Monday, in Baghdad markets with the closing of the stock exchange.

Our correspondent said that the dollar prices fell with the closing of the two main stock exchanges in Baghdad, Al-Kifah and Al-Harithiya, to record 148,900 dinars for $100, while this morning it recorded 149,150 dinars for $100.

He pointed out that the selling prices in exchange shops in local markets in Baghdad fell to 149,750 dinars for $100, while the purchase price reached 147,750 dinars for $100. https://www.mawazin.net/Details.aspx?jimare=251366

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

Iraq Economic News and Points To Ponder Monday AM 7-15-24

An Economic Expert Calls For Canceling The Currency Sale Window

 July 14 10:22   Information / Baghdad... Economist Diaa 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." 

https://almaalomah.me/news/70242/economy/خبير-اقتصادي-يدعو-الى-الغاء-نافذة-بيع-العملة    

The exchange rate of the Iraqi dinar is fixed and established: there is no influence of the parallel market
  
July 14, 2024 Last updated: July 14, 2024  The Independent/- Advisor to the Iraqi Prime Minister for Financial Affairs, Mazhar Muhammad Salih, confirmed that 

the exchange rate in the parallel market does not affect the stability of the general level of prices in the country.
 
Highlights of the statement:
 
    External factor: International banking compliance controls affect the demand for dollars from Iraqi bank accounts.
 
    Internal factor: Some people exploit the external factor to achieve profitable gains.
 
    Dominance of fixed exchange rate system: Strong international reserves covering 100% foreign currency.
 
    Strength of the central exchange market: The official exchange rate of the dollar against the dinar in the parallel market does not affect price stability.
 
    Financing foreign trade: 90% of Iraq’s foreign trade is financed at the official exchange rate (1,320 dinars to the dollar).
 
    Price stability: Annual inflation in Iraq does not exceed 3%.
 
    Foreign reserves: exceeding $100 billion.  The
 
    official exchange market: dominant to contain any fluctuations in the parallel market.
 
    Decline of the dollarization phenomenon: Internal transactions are carried out in Iraqi dinars.  The
 
    influence of the parallel market is limited: only 10% of the total currency supply and demand transactions.
 
    Exchange rate stability: real and well-established resulting from strong monetary and fiscal policies.
 
    Inflation containment: There are no longer any inflationary expectations generated by the parallel market.

The Iraqi dinar is characterized by real and well-established stability in its price, and is not affected by the fluctuations of the parallel market.
 
This stability is due to the
 
     strength of the fixed exchange rate system, the
 
     effectiveness of monetary and financial policies, and the
 
     high value of foreign reserves.   
 
https://mustaqila.com/سعر-صرف-الدينار-العراقي-ثابت-وراسخ-لا-ت/   

Iraqis Keep 90 Trillion Dinars Inside Homes: A Crisis Of Confidence Or An Economic Crisis?
 
Special Sumerian     2024-07-14 | 07:23  Alsumaria - Iraq News  Iraqis keep 90 trillion dinars inside homes: a crisis of confidence or an economic crisis?
 
Due to the decline of the banking system, Iraqis keep a cash supply estimated at 90 trillion dinars inside their homes
 
Due to the lack of confidence and the decline of the banking sector, Iraqis are hoarding about ninety trillion dinars inside their homes,
 
a step that specialists say has caused a significant decline in the monetary supply within the market.
 
How can the Iraqi government restore citizens' confidence in the banking sector?   
 
https://www.alsumaria.tv/news/alsumariaspecial/493790/العراقيون-يحتفظون-بـ-90-تريليون-دينار-داخل-المنازل-أزمة-ثقة-أم-أزمة-اق  

The Controversy Of Foreign Banks Taking Over The “Iraqi Dollar Auction”... A Comprehensive Breakdown Of The Reasons

 Economy  2024-07-14 | 3,518 views  Alsumaria News-Economy   Today, Sunday, the researcher in banking and economic affairs, Mustafa Hantoush, reviewed the reasons for foreign banks’ acquisition of the largest percentage of shares in some banks inside Iraq and their acquisition of the currency auction, as the

 strengths of these banks are that they are owned by foreign banks that are able to open accounts easily in application of international standards. American banks that supply the dollar.  Hantoush told Al-Sumaria News,

 “Some foreign investors and foreign banks obtained a percentage of shares of more than 51% in some banks inside Iraq, even though the Companies Law prohibits giving the foreign investor more than 49%.”

 However, Hantoush reviewed the existence of a “legal loophole” that enabled the Central Bank to grant foreign investors greater percentages than those stipulated in the Companies Law, noting that

 Article 107 of the Banking Law No. 94 of 2004 gives the authority to the Board of Directors of the Central Bank to determine the percentage of foreign investor ownership in banks without Compliance with general laws. 

He considered that  this paragraph is not supposed to mean that the percentage be more than 50%, but rather that it be less,

but the loophole is that the legal article gave absolute authority without mentioning that the percentage be less or more than 49%. 

He explains that   “there is no grant in the world of a share greater than 50% except in countries where there is a high circulation of funds, as they are bankrupt countries that do not possess wealth and fear the control of foreign banks.” 

He explained,  "According to this strategic mistake,  foreign banks were given more than 60% of the shares in banks inside Iraq, and

 today we began to observe the fruits of this mistake, when the American side became aware of the presence of currency smuggling operations and trade with Iran and Syria, and  they set conditions for compliance.

 The bank failed."

 The Central Bank of Iraq and Iraqi banks apply the standards or the possibility of opening accounts for Iraqi banks in American banks to achieve oversight and fund their accounts in dollars.”  He pointed out that

"when this happened and the scene became empty of Iraqi banks capable of taking on this role, these

foreign banks operating in Iraq were put forward, and

through the governors of the central banks of the countries of origin of these banks, they

presented themselves as a solution before Washington instead of presenting themselves as a mediator between Iraq." And America.”  He stressed that

 "Indeed, American banks relied on these foreign banks operating in Iraq, and

they opened accounts for them in Citibank and JP Morgan, for their parent banks in other countries, which own the largest part of these banks inside Iraq,

even though these banks in Iraq do not perform well." To achieve 5 points in global standards, it relied on its parent banks located in other countries.

 Accordingly, Iraq are financed is now taking the dollars it owns in the US Federal Reserve,

and through them the accounts of these banks open in the accounts of Jeep Morgan and Citi Bank,

 and from there the dollars are transferred to the rest of the world for Iraqi merchants,

and the merchants deposit the dinars in the Central Bank of Iraq.".  He explained,

 "Iraqi banks cannot play this role because they cannot open accounts in Citibank and Jeep Morgan because they do not have branches in countries trusted by the American banking system.

 Also, the Central Bank of Iraq failed to guarantee Iraqi banks in front of American banks, and it succeeded earlier in 5 banks."

 But it only lasted a month and then these banks were punished, and

 they were also guaranteed by Jordanian banks.”  He stressed that

"it is not possible to rely on foreign banks to manage the Iraqi banking system.

This model has failed in India because of its reliance on the foreign banking system, as the

foreign bank gives profits to its parent branches abroad, and does not reinvest the profits here inside Iraq,"

 calling on the Central Bank to

      "Finding a solution for trade with Iran and Syria,

     strengthening the Iraqi banking system and guaranteeing it to American banks, and

      opening accounts for Iraqi banks to experiment with American banks."  

https://www.alsumaria.tv/news/economy/493779/جدلية-استحواذ-مصارف-اجنبية-على-مزاد-دولار-العراق-تفصيل-شامل-للأسباب    

Iraq Records A Huge Jump In Non-Oil Revenues Within 5 Months Of 2024

 July 14, 2024 Last updated: July 14, 2024  The Independent / Follow-up / - The latest financial data revealed that non-oil revenues in Iraq witnessed a huge jump during the first five months of 2024 compared to the same period last year.

A source in the Ministry of Finance confirmed that Iraq's total revenues rose by 20.1%, reaching 54.70 trillion Iraqi dinars, compared to 45.55 trillion Iraqi dinars in the same period in 2023.

The source indicated that non-oil revenues rose significantly, reaching 7.06 trillion Iraqi dinars, which represents a contribution rate of 11.5% of the total revenues, compared to only 0.09 trillion Iraqi dinars in the same period last year, which represented 0.19. Only % of total revenue.

 The source explained that the increase in non-oil revenues is due to the increase in taxes on income and wealth by 118.6%, and production fees by 285.4%, in addition to the huge increase in capital revenues by 375.2%.

He added that other revenues also saw a significant increase of 453.4%.

Regarding oil revenues, they increased by 6.5%, reaching 48.41 trillion Iraqi dinars, compared to 45.46 trillion Iraqi dinars in the same period last year.

Despite this increase, the percentage of oil revenues’ contribution to total revenues decreased from 99.81% to 88.5%.

Transfer taxes also rose by 121.9%, reflecting government efforts to improve the tax system and increase revenues from non-oil sources.

However, the source stressed that there are major challenges facing the government in maintaining this momentum and further diversifying revenue sources.

On the other hand, the data did not show the method or size of the corresponding expenditures, and whether there was a surplus or deficit in the budget during the same period.

It is noted that the Ministry of Finance may deliberately or refuse to publish a list of expenditures, whether operational or investment, for fear of being exposed to criticism from the media or observers and those interested in economic and political affairs.

Financial statements for the first five months of 2024 reflect a significant improvement in Iraq's non-oil revenues, which contributes to enhancing the country's financial and economic stability.

However, the Iraqi government remains facing major challenges in diversifying the economy and increasing reliance on non-oil revenues to ensure sustainable economic growth.

The question remains about expenditures and the extent of their transparency, which may reveal other aspects of the economic challenges facing the country.   https://mustaqila.com/العراق-يسجل-قفزة-هائلة-في-الإيرادات-غي/    

“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

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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

~~~~~~~~

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 

~~~~~~~~~

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

~~~~~~~~~

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

~~~~~~~~~

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/