Dinar Recaps 20 7/19/24 Dinar Recaps 20 7/19/24

“Iraq News” Posted by Clare at KTFA 7-19-2024

KTFA:

Clare: Iraq announces the imminent offering of 100 investment opportunities to international companies

7/19/2024 Baghdad - WAA - Chairman of the National Investment Commission, Haider Makiya, announced today, Friday, that 100 investment opportunities will soon be offered to international companies in all Iraqi governorates.

Makiya said in a statement received by the Iraqi News Agency (INA): "The National Investment Commission and the Iraqi Economic Council have completed all preparations to hold a major investment forum in which about 100 investment opportunities will be presented in all Iraqi governorates."LINK

KTFA:

Clare: Iraq announces the imminent offering of 100 investment opportunities to international companies

7/19/2024 Baghdad - WAA

- Chairman of the National Investment Commission, Haider Makiya, announced today, Friday, that 100 investment opportunities will soon be offered to international companies in all Iraqi governorates.

Makiya said in a statement received by the Iraqi News Agency (INA): "The National Investment Commission and the Iraqi Economic Council have completed all preparations to hold a major investment forum in which about 100 investment opportunities will be presented in all Iraqi governorates."LINK

Clare: Minister of Trade: All countries are keen on Iraq's return as a global economic player

7/19/2024 Baghdad - WAA -

Minister of Trade Athir Dawood Al-Ghariri confirmed today, Friday, that negotiations for Iraq's accession to the World Trade Organization are proceeding at a rapid pace, while indicating that all countries are keen on Iraq's return as a global economic player.

He expressed his "aspiration for the fourth round of negotiations to be held during the first quarter of next year," stressing that "this acceleration means that the negotiations are proceeding very quickly towards Iraq's accession to the World Trade Organization, considering Iraq an important economic bloc and all countries are keen for Iraq to return as an economic player in a multilateral system."

For his part, the Saudi Ambassador to the World Trade Organization, Saqr Abdullah Al-Muqbil, told the Iraqi News Agency (INA): "There is a positive view that we will find Iraq joining a multilateral trade system as it is one of the largest economies outside this organization."

Al-Muqbil stressed that "the Kingdom of Saudi Arabia has a priority to achieve Iraq's desire to join the organization."

In turn, the official responsible for Iraq's accession to the World Trade Organization said: "The member states were happy with the Iraqi delegation, and we hope that the Iraqi delegation has completed this long journey."

She added: "We seek to see Iraq become a member of the World Trade Organization."
The Minister of Trade and head of the Iraqi team concerned with joining the World Trade Organization, Athir Dawood Al-Ghariri, announced last Monday the resumption of negotiations to join the World Trade Organization, after a hiatus that lasted more than 16 years.LINK

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Clare: Removing Zeros from the Iraqi Currency: Talk Returns and Possibility of Implementation

Sadiq Al-Azraqi7/19/2024

Removing zeros from a currency is a procedure undertaken by some countries in order to revalue the national currency and simplify financial transactions. This is done by removing a specific number of zeros from the nominal value of the currency, making it appear less inflationary and more stable.

For example, if the currency is the “dinar” and its value is equal to 1,000 dinars, after removing three zeros, its value will become one new dinar.

One of the possible reasons for deleting zeros is to combat inflation. When a currency suffers from high inflation, the nominal values can become very high and impractical to be offered in large quantities in daily transactions. Deleting zeros can contribute to enhancing confidence in the national currency, facilitating accounting operations and financial transactions; this may contribute to improving the country's image before investors and the international community.

Potential challenges of deleting zeros include printing new currency, modifying accounting systems, and training on how to use the new currency. It may initially cause some confusion among residents and consumers, and if the deletion process is not implemented well, it may lead to economic disruptions. As a result, deleting zeros is not a solution to all economic problems, but rather a procedure that requires good planning and careful implementation to ensure that the desired goals are achieved, according to experts.

Examples of countries that have taken this action include Turkey in 2005 when it removed six zeros from its currency, Brazil on several occasions in the 1980s and 1990s, Zimbabwe, which removed twelve zeros from its currency in 2009, and Venezuela, which removed five zeros in 2018. The number of cases in the world in which currency zeros were removed is estimated at 70 cases witnessed by the world since 1960.

In a renewed statement by the Governor of the Central Bank of Iraq, Ali Al-Alaq, he said that “the project to remove zeros from the currency is still ongoing,” meaning removing three zeros from the Iraqi dinar. For example, the value of the 1,000-dinar banknote will be replaced with a one-dinar note from the new currency, five thousand with five dinars, ten thousand with ten dinars, and so on.

According to experts, the actual value of the money people own does not change after deleting the zeros, but this step contributes to simplifying the buying and selling processes for individuals and companies, and makes the financial amounts simpler and more understandable. Instead of dealing with huge numbers such as a trillion or a million (1,000,000 Iraqi dinars), they can be converted to just one thousand 1,000 dinars after deleting three zeros.

Removing zeros helps in issuing small currencies such as coins, enables the re-pricing of small goods at lower prices, facilitates their circulation and their survival in the markets, and gives a positive psychological boost to the population with the fact that the Iraqi dinar can now buy more goods and services.

Therefore, countries aim to remove zeros to restore confidence in the local currency among residents and investors, to increase demand for it, and for the local currency to become more competitive with foreign currencies and to be less replaced by other currencies.

The policy of deleting zeros is often linked to broader economic reforms, such as raising interest rates on bank deposits, to encourage people to save in banks and benefit from high interest rates on their bank deposits, in an attempt to withdraw liquidity from the market, reduce consumption and lower prices.

This also entails exploiting this liquidity to expand productive projects, attract local and foreign investments within the country and create many job opportunities so that the local economy can ultimately recover.

But on the other hand, deleting zeros may cost Iraq money to print new banknotes. For example, after deleting 3 zeros from the Iraqi dinar, when we talk about a 200-dinar banknote, it is actually equivalent to 200,000 dinars. As a result, it may be necessary to print 4 more 50-dinar banknotes instead of the 50,000-dinar banknote.

However, according to the available results, this may not have a clear impact on improving the local economy if it is not part of a package of economic reforms that help reduce the amount of money circulating among people and stimulate the economy, especially since Iraq's economy is an oil economy that needs to stimulate other productive sectors to drive the local economy.

Could removing zeros from the Iraqi dinar be a real start to stimulating the Iraqi economy, after it became clear that all plans were unable to rescue the dinar from its declining value?

In a statement by the financial advisor to the Iraqi government, Mazhar Muhammad Salih, he said that “the phenomenon of multiplying zeros in the monetary unit or adding zeros usually comes as a result of economies being exposed to rampant waves of inflation or sharp increases in the price level that continue for years due to wars, blockades and conflicts that lead to financing the deficit of government budgets through the issuance of money,” noting that the continuous rise in prices without stopping leads to the erosion of the value of the monetary unit, which necessitates the issuance of larger denominations of money due to the lack of value of smaller denominations of money and the disappearance of their ability to cover high-value transactions and exchanges in the market, according to his description.

Former member of the Parliamentary Finance Committee, Ahmed Hama Rashid, believes that “Iraq is not prepared for the project of deleting zeros,” and explains, “We always hear the Central Bank’s statements about implementing a project, only to then back down from implementation for undisclosed reasons.”

Regarding the implementation of the project to remove zeros from the Iraqi currency, banking consultant Abdul Rahman Al-Shaikhli recalls that the printing of the Iraqi dinar in the nineties of the last century was done by poor printing presses and that “the first factor that stood in the way of the project was the discrepancy between the official exchange rate (now 1332 dinars per dollar) and the parallel market exchange rate (now rising above 1500 dinars) and it constituted an obstacle to the implementation of the project.”

He points out that "the project will be successful if an exchange rate of one thousand dinars for every one dollar is reached. At that time, deleting the three zeros will achieve its economic feasibility, as the exchange rate will be transformed into one dinar for every one dollar, and this is what the late former governor of the Central Bank, Sinan Al-Shabibi, aspired to," he said.

Al-Shaikhli added that the other factor that affected the project to remove zeros from the Iraqi currency was the call made by the government of former Prime Minister Nouri al-Maliki for the years 2006-2014, to legislate the infrastructure law, which was opposed by a number of political blocs in parliament at the time, as it leads to an increase in investments in Iraq through deferred payment, which limits the value of the monetary project, he said. LINK

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Clare: THE WTO FULL ACCESSION HAS NEVER BEEN A REQUIREMENT FOR A RATE CHANGE.

DON'T LOSE SIGHT OF THE VIDEO THAT WAS RELEASED IN IRAQ & ARAB NATIONS EXPLAINING ALAQ'S COMMENT ABOUT THE DELETION OF THE ZEROS.... THAT WAS HUGE!!!

THIS IS WHAT WE WANT THE DELETION OF THE ZEROS!!!! COME ON CBI...LOL

THE SLEW OF ARTICLES LIKE WS & FRANK TOLD US HAVE STARTED!!! IMO

STAY TEMPERED AND SMART!

Clare: Mikati visits Iraq at Al-Sudani's invitation

7/19/2024

Lebanese Prime Minister Najib Mikati is scheduled to visit Iraq in the coming hours, responding to an invitation from Prime Minister Mohammed Shia al-Sudani.

The Lebanese newspaper "Al-Jumhuriya" quoted government sources in the country as saying that Mikati will be accompanied on his visit by a ministerial delegation that includes: Minister of Energy Walid Fayyad, Minister of Economy Amin Salam, Minister of Agriculture Abbas Hajj Hassan, and Minister of Industry George Bouchikian, in addition to a number of advisors.

The Iraqi government agreed in July to unload the fuel shipment despite Beirut not paying the financial dues it owes to Baghdad.

This comes after a call made by Lebanese Prime Minister Najib Mikati to his Iraqi counterpart, Mohammed Shia al-Sudani, and after Minister Fayyad had made several calls to his counterpart, Iraqi Oil Minister Hayan Abdul Ghani, the Iraqi Prime Minister’s Office, and the Iraqi Embassy in Lebanon, to address the fuel dues crisis and spare Lebanon total darkness.

The Lebanese Minister had previously announced that the Iraqi Oil Marketing Company (SOMO) had stopped unloading fuel oil tankers exported to Lebanon due to non-payment of the due funds for the second year in a row.

Fayyad said, "For the fifth consecutive month, the Central Bank of Lebanon has not transferred the price of fuel shipments to the Iraqi government's account, and thus Lebanon becomes financially exposed to Iraq, as the due funds have not been transferred for the second consecutive year," according to the Lebanese newspaper Al-Akhbar. LINK

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Clare: Government advisor reveals Iraq's gold reserves have risen to 150 tons... and the reason for its high price

7/18/2024

The economic advisor to the Prime Minister, Mazhar Muhammad Salih, revealed today, Thursday, that Iraq’s gold reserves have risen to 150 tons, while noting the reason for its high price.

Saleh told {Euphrates News} that: "Gold is one of the most important safe investment havens in the world, which is resorted to by the investment portfolios of central banks and various investors through international financial markets, including the Central Bank of Iraq, which currently holds less than 150 tons of cash gold within Iraq's international reserves, relying on a standard rule for optimal diversification of the investment portfolio of Iraq's international reserves."

He added, "It is a rule adopted globally by multilateral international financial organizations such as the International Monetary Fund, the World Bank and others, within the principle of ensuring the liquidity of investment portfolios and protecting them from various financial and economic risks and various fluctuations affecting the value of financial assets, by resorting to safe and optimal diversification of investment portfolios."

Saleh pointed out that "there is an inverse correlation between gold and oil on the one hand and the value of the dollar on the other hand. Whenever the value of the US currency declines or investment returns in the US currency decline, such as the returns on dollar-denominated bonds or interest on dollar deposits, investors go towards the safe haven, which is gold, which is stable in value and guaranteed purchasing power."

"Gold is a rare asset whose (asset cycle) is long and stable, mostly without serious fluctuations, which encourages this stability by investing in the market value of gold and within the standard limits required by investment portfolios in terms of growth and stability in the value of its components in a balanced manner without incurring {unrealized} losses, as they are called in accounting,"

Saleh continued, "noting that countries can issue gold-backed bonds (gold bonds) in order to borrow from the financial market, as the gold guarantee is one of the basic attractive and desirable guarantees in global financial markets."

He continuedby saying, "We cannot fail to mention that 17% of the world's gold is currently stored in the vaults of central banks in countries, and that 77% of the world's gold wealth has been extracted," noting that "50% of that wealth has been manufactured for various purposes, such as woven goods, industrial or craft materials, and other jewelry."

Saleh concluded by saying, “The value of gold in the world is currently estimated at about 15 trillion dollars, which represents a percentage of the annual global gross product of about 14% only, while the quantities of gold discovered from the depths of the earth {currently in circulation and stored} are estimated at about 187 thousand tons distributed in various parts of the world.”

Raghad LINK

DINARRECAPS8 7/19/24 DINARRECAPS8 7/19/24

Seeds of Wisdom RV and Economics Updates Friday Afternoon 7-19-24

Good Afternoon Dinar Recaps,

State Street Panning Tokenized Deposits and Stablecoin – Report

Today Bloomberg reported that State Street is exploring participating in various digital currency initiatives. The bank is already an investor in Fnality, the interbank DLT payment solution backed by 20 institutions. Bloomberg cited a source saying it was exploring participating in other DLT payment consortia, as well as tokenized deposits and a stablecoin.

While the mention of tokenized deposits is no surprise, it’s the stablecoin plans that stand out. It’s highly unlikely that U.S. banking regulators would sanction the bank issuing a stablecoin. However, State Street has a significant asset management subsidiary, so that could be a different story.

State Street Global Advisors (SSGA) recently partnered with Galaxy Asset Management to launch crypto-related ETFs. Notably, Galaxy is collaborating on the AllUnity Euro stablecoin with another bank-affiliated asset manager, Deutsche Bank’s DWS.

Good Afternoon Dinar Recaps,

State Street Panning Tokenized Deposits and Stablecoin – Report

Today Bloomberg reported that State Street is exploring participating in various digital currency initiatives. The bank is already an investor in Fnality, the interbank DLT payment solution backed by 20 institutions. Bloomberg cited a source saying it was exploring participating in other DLT payment consortia, as well as tokenized deposits and a stablecoin.

While the mention of tokenized deposits is no surprise, it’s the stablecoin plans that stand out. It’s highly unlikely that U.S. banking regulators would sanction the bank issuing a stablecoin. However, State Street has a significant asset management subsidiary, so that could be a different story.

State Street Global Advisors (SSGA) recently partnered with Galaxy Asset Management to launch crypto-related ETFs. Notably, Galaxy is collaborating on the AllUnity Euro stablecoin with another bank-affiliated asset manager, Deutsche Bank’s DWS.

The need for asset manager stablecoins
The settlement of tokenized assets triggers the need for a stablecoin. It’s likely SSGA may want to tokenize funds. Many of the incumbents that have launched tokenized funds on public blockchain support settlement using stablecoins, including Franklin Templeton.

ETF issuer WisdomTree, which is also a Fnality stockholder, is planning to issue its own stablecoin and recently received a trust license to do so.

If asset managers are willing to offer redemptions using stablecoins, then they ideally have to have a significant stablecoin balance. However, stablecoins don’t pay interest. On the other hand, if the asset manager has its own stablecoin, it will earn the interest on the Treasuries that back the stablecoin.

While BlackRock doesn’t have its own stablecoin, stablecoin issuer Circle has offered to buy back any BlackRock BUIDL tokens – BUIDL is the asset manager’s tokenized money market fund. BlackRock is both an investor in Circle and manages most of its reserves.

Tokenized deposit initiatives
Turning to tokenized deposits, JP Morgan has its JPM Coin and Citi has its Citi Token Services. That’s useful for multinational companies that deal with the same bank in different countries. But the interesting work is happening for payments involving more than one bank.

There are numerous initiatives, but State Street isn’t involved in the high profile ones. For example, in the U.S. there Regulated Settlement Network is starting another round of trials co-ordinated by SIFMA. Participants include JP Morgan, Citi, Wells Fargo, Visa and Mastercard. State Street’s biggest competitor, BNY Mellon, is a project contributor.

Time will tell which projects State Street plans to join.

@ Newshounds News™

Read more: Ledger Insights

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IS THE RUSSIAN RUBLE PEGGED TO GOLD?

Vladimir Putin’s gold strategy explains why sanctions against Russia have failed.

"In early 2022, Russia pegged its currency, the ruble, to gold, and 5,000 rubles will now buy an ounce of pure gold. The plan was to shift the currency away from a pegged value and into the gold standard itself so the ruble would become a credible gold substitute at a fixed rate."

"Since 2013, Russia has been preparing for western sanctions and managed to isolate its economy from transactions requiring American dollars. There are more than 16,000 sanctions imposed against Russia. "

"The U.K., the United States and Canada will not touch Russian gold. But others will. The United Arab Emirates (U.A.E.) imported 96.4 tonnes (US$6.2 billion) of Russian gold in 2022 following the British sanctions. That’s up 15 times from the 2021 imports of only 1.3 tonnes (US$84.5 million)."

"The other big client of Russian gold is Switzerland.

In 2022, Switzerland imported 75 tonnes of Russian gold (US$4.87 billion). In 2023, it imported about US$8.22 billion in gold from the U.A.E., which doesn’t produce its own but buys enormous sums from Russia, and US$3.92 billion from Uzbekistan, Russia’s next-door neighbor. Billions upon billions of dollars of Russian gold is being freely traded at top dollar while avoiding every one of those 16,000 sanctions."

"That’s why global sanctions against Russia haven’t derailed a thing. In order for Putin’s plan for economic resilience through gold to work, however, gold needs to increase in value. His long-term goal is that gold, not the U.S. dollar, will be the global trading currency."

@ Newshounds News™

Read more: The Conversation

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Fact Check: Is The Russian Ruble Already Backed By Gold?

"Russia’s central bank has resumed buying gold at a set fixed price of 5,000 rubles ($52) per gram and analysts say this could be the starting point for a shift to a new gold standard across the world."

"Meanwhile, Russia’s Ministry of Finance also referred to gold as an “ideal alternative” to the U.S. dollar.

“This is potentially a very big deal. This is basically pegging the ruble to gold,” said Joseph Brown of Heresy Financial in a YouTube video. If Russia is at the point of having enough gold to back up the ruble, “then they can price oil in gold and then accept gold or the ruble for payment,” Brown said. “They can literally take this, in just a few steps, and force the whole world into a new gold standard. Like a new Brenton Woods.”

"Russia’s fixed price for gold is reminiscent of what the U.S. did during the “gold standard” years — 1879 to 1914 — when one ounce of gold would represent $21. In the 1930s, the U.S. banned gold ownership and raised the value of the dollar in gold from $20.67 to $35 per ounce."

"In 1971, Richard Nixon put a halt on the U.S. dollar’s convertibility into gold, making it difficult for other countries to redeem dollars for gold. This marked the end of the gold standard."

"By pegging its currency to gold, Russia has effectively ratcheted up the ruble’s value against the dollar. Pegging one gram of gold to 5,000 rubles means one troy ounce of gold (32 grams) would now cost 158,183.78 rubles in Russia. At the current exchange rate, 32 grams of gold would cost roughly $1,600 in Russia instead of the $1,928 it cost outside Russia."

"“Russia’s intention would be for the value of the ruble to be linked directly to the value of gold,” Gainesville Coins precious metals expert Everett Millman told Kitco News. “Setting a fixed price for rubles per gram of gold seems to be the intention. That’s pretty important when it comes to how Russia could seek funding and manage its central bank financing outside of the US dollar system.”

@ Newshounds News™

Read more: Moguldom

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EU, UK regulators launch consultations on digital asset data reporting and wallets

Tech consultation season has kicked off in Europe, with regulators from the United Kingdom and the European Union seeking feedback on digital asset-related issues.

On July 15, the European Banking Authority (EBA), an independent EU Authority in charge of prudential regulation and supervision across the European banking sector, launched a consultation on draft guidelines for digital asset issuer reporting requirements.

The same day, the U.K. Payments Systems Regulator (PSR) and Financial Conduct Authority (FCA) announced they were jointly seeking views on the benefits and risks digital wallets bring to people and businesses.

EBA guidelines on reporting requirements

The EU banking regulator is seeking feedback on draft guidelines aimed at ensuring that “competent authorities” have enough information to supervise the compliance of digital asset issuers with the Markets in Crypto Asset Regulation (MiCAR)—parts of which came into force this June, with the full provisions scheduled to kick in by the end of the year.

The landmark MiCAR provides rules for offering and admission to trading asset-referenced tokens (ARTs), e-money tokens (EMTs), and other types of digital assets, as well as rules for those providing digital asset services in the EU. It sets out a range of regulatory requirements, including authorizations, conduct, and prudential requirements for issuers and mandates for issuers of certain tokens to report “data points” to the authorities.

When MiCAR’s stablecoin rules came into force on June 30, issuers of ARTs—stablecoins that purport to maintain a stable value by referencing another value or right—and EMTs—stablecoins pegged to a fiat currency—had several new obligations, including a requirement to be authorized by the Central Bank, prudential requirements, and conduct and governance requirements around marketing, dealing with conflicts of interest, and disclosure of information.

Regarding this latter obligation, the EBA has decided that the reporting requirements placed on issuers of ARTs and EMTs were “not enough to allow competent authorities and the EBA to discharge their supervisory tasks and the significance assessment tasks under MiCAR.”

Having identified these so-called “data gaps,” the banking regulator is consulting on draft guidelines specifying common templates and instructions for issuers to provide the necessary information to fill the gaps.

In addition, the draft guidelines include common templates and instructions that issuers should use to collect the data they need from the relevant Crypto-Asset Service Providers (CASPs).

The EBA said it would accept comments on the consultation paper up to October 11, 2024.

PSR and FCA call for information on digital wallets

Meanwhile, across the pond, the FCA—the U.K.’s top finance sector watchdog—and the PSR—its independent subsidiary focused on payment systems—are seeking views on the benefits and risks of digital wallets.

Building on the PSR’s previous work on contactless mobile payments and the FCA’s work on big tech activity in financial services, this consultation aims to better understand the impact on consumers and businesses that digital wallets’ increasing popularity creates.

“The use of digital wallets has grown rapidly over the last few years, and it’s likely that more than half of UK adults now use one. With Apple Pay, Google Pay and PayPal being three of the most widely used digital wallets in the UK today” said Monday’s announcement.

The PSR said it was particularly interested in understanding how digital wallets impact consumers’ choice of payment options at checkout.

“Digital wallets are steadily becoming a go-to payment type and while this presents exciting opportunities, there might be risks too,” said David Geale, the PSR’s Managing Director.

“ We look forward to hearing views and evidence from a wide range of stakeholders throughout this process.”
The regulators hope to hear from stakeholders across the payments and wider financial services landscape, including digital wallets, technology providers, and their service users.

The call for information is open until September 13. After that, the regulators said they would analyze all responses received and provide an update by Q1 2025.

FCA Chief Executive Nikhil Rathi stated. “We want to make sure we can maximise the opportunities and benefits for consumers and businesses while protecting against any risks this technology may present.”

@ Newshounds News™

Read more: CoinGeek

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ASSET TOKENIZATION TODAY AND TOMORROW

The estimated worth of asset tokenization today is as much as $3.5 billion. And with projections that it could reach $16 trillion by 2030, the tokenization market represents a massive opportunity. So, what’s holding the technology back from fully realizing its potential? That was the question posed during the London Tokenization Policy Summit held earlier this year hosted by Ripple and the Imperial College Business School’s Centre for Financial Technology.

Tokenization Use Cases: The “Real Deal” of Digitization

With a promise to remove payment gateway intermediaries; improve payment processor efficiencies; ensure data protection, data privacy and transparency; and enable real-time settlement, tokenization is championed as the “real deal” function of blockchain technology. It's potential for significant impact across a broad range of sectors is massive.

Tokenized mortgages, consumer loans and microloans have all helped make private credit and debt the second fastest growing sector, while property purchases and treasury notes also stand to benefit. Additional tokenization use cases include enhanced capital flows for small- and medium-sized enterprises, improved efficiencies in carbon credit trading and better price discovery compared to traditional assets.

But despite tokenization’s potential as a new asset class, challenges to mainstream adoption persist. A lack of well-established Special Purpose Vehicles makes it difficult to tokenize real-world assets. Cross-chain protocols are needed to improve interoperability. Limited liquidity in secondary markets means an elevated risk on investment. And there is a clear need for providers that can simplify tokenization into a single offering to help break down silos between financial ecosystems.

To overcome these hurdles and scale tokenization, there are three key areas of emphasis: 1. collateralization, 2. valuation and 3. passkeys. Ensuring that tokens are backed by sufficient reserves, hold the same value internationally and are protected through secure passkeys and proper key management will help to foster trust and—ultimately—adoption.

A New Financial Framework
Central to the topic of tokenization is the importance of a robust regulatory framework to underpin the tokenized economy. Once in place, this framework would provide the necessary structure, safeguards and confidence needed for sustainable growth and development.

Looking Ahead
One thing is abundantly clear: tokenization is more than just a buzzword, it’s a rapidly growing movement that is poised to reshape the financial landscape.

Banks, traditional finance players and regulators are all key to furthering this adoption of tokenization.

@ Newshounds News™

Read more: Ripple

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DINARRECAPS8 7/19/24 DINARRECAPS8 7/19/24

Iraq Economic News and Points To Ponder Friday Afternoon 7-19-24

Trade: The Third Negotiating Meeting Of Iraq With The World Trade Organization Is Held At Its Headquarters In Geneva

Thursday 18 July 2024 18:25 | Economic Number of readings: 239 Baghdad / NINA / The Ministry of Trade announced today, Thursday, that the third negotiating meeting of Iraq with the World Trade Organization will be held at the organization's headquarters in Geneva.

The ministry's statement stated that "the Minister of Trade, head of the team concerned with Iraq's accession to the World Trade Organization, chaired the Iraqi side in the third negotiating meeting, in the presence of the Deputy Director-General of the Organization, Zhang Xing Chen, head of the working group for Iraq's accession, and the gentlemen and members of the team and representatives of the WTO countries."

Minister Al-Ghariri pointed out during a speech he delivered at the meeting, the importance of Iraq being part of the rules-based multilateral trading system.

Trade: The Third Negotiating Meeting Of Iraq With The World Trade Organization Is Held At Its Headquarters In Geneva

Minister Al-Ghariri pointed out during a speech he delivered at the meeting, the importance of Iraq being part of the rules-based multilateral trading system.

The minister stressed that we are pleased with the holding of the third meeting of the working group after sixteen years since the last meeting of the working group, which represents a fundamental step for us, government and people, on our way to joining, in addition to being a means through which we seek to achieve the development and diversification of our national economy and our integration with the global economy.

The minister pointed out that the Iraqi government is committed to its economic reform program by strengthening trade policy, improving the business environment, and creating favorable conditions for foreign investment, and that joining the World Trade Organization will contribute significantly to enhancing transparency, encouraging competition, and stimulating sustainable economic growth for Iraq.

He stressed that the new Iraqi government, led by Prime Minister Mohammed Shia al-Sudani, and within its government program, has set a clear vision for the future of economic liberalization in Iraq, which included setting timetables to achieve the liberalization process and focusing on sectors with high potential such as agriculture, industry and services, which stipulated supporting local and foreign investments and unifying customs policies at all borders and other measures to facilitate trade and investment and create investment opportunities.

The minister stressed that the government also attached special importance to aligning its trade policy and regulatory legislation with international capabilities, rules and standards and strengthening institutional capabilities to effectively meet the requirements of the World Trade Organization. /End8 https://ninanews.com/Website/News/Details?key=1142112

Minister Of Trade: Iraq's Accession To The World Trade Organization Will Contribute To Stimulating Economic Growth

Minister of Commerce Athir Al-Ghariri Money and business Economy News – Baghdad Minister of Trade Athir Dawood Salman Al-Ghurairi confirmed on Thursday that Iraq’s accession to the World Trade Organization will contribute to stimulating economic growth, during his speech at the third negotiating meeting with the World Trade Organization in the Swiss city of Geneva.

The Ministry of Trade said in a statement, seen by "Economy News", that "the Minister of Trade and the head of the team concerned with Iraq's accession to the World Trade Organization headed the Iraqi side in the third negotiating meeting with the World Trade Organization, in the presence of the Deputy Director-General of the Organization, Zhang Xing Chen, the head of the working group for Iraq's accession, members of the team and representatives of the WTO countries at the organization's headquarters in Geneva."

The minister pointed out - according to the statement - during a speech he gave at the meeting to "the importance of Iraq being part of the rules-based multilateral trading system," stressing that "we are pleased with the holding of the third meeting of the working group after sixteen years since the last meeting of the working group, which represents a fundamental step for us, government and people, on our way to joining, in addition to being a means through which we seek to achieve development and diversification of our national economy and our integration with the global economy."

The minister pointed out that "the government of Iraq is committed to its economic reform program by strengthening trade policy, improving the business environment and creating favorable conditions for foreign investment," indicating that "joining the World Trade Organization will contribute significantly to enhancing transparency, encouraging competition and stimulating sustainable economic growth for Iraq."

He continued, "The new Iraqi government, led by Prime Minister Mohammed Shia al-Sudani, and within its government program, has set a clear vision for the future of economic liberalization in Iraq, which includes setting timetables to achieve the liberalization process and focusing on sectors with high potential such as agriculture, industry and services, which stipulate supporting local and foreign investments and unifying customs policies at all borders and other measures to facilitate trade and investment and create investment opportunities."

The minister explained that "the government has also given special importance to aligning its trade policy and regulatory legislation with international capabilities, rules and standards and strengthening institutional capabilities to effectively meet the requirements of the World Trade Organization."191 views 2024/07/18 - https://economy-news.net/content.php?id=45361

Proposed Vision To Activate The Government And Central Bank Procedures In Economic And Banking Reform

Samir Al-Nusairi By analyzing the efforts and measures taken by the government and the Central Bank to implement what is stated in the government program of the government of the Sudanese Prime Minister, which is the ninth government after the change in 2003, and which has been in charge for approximately one year and eight months, and which has been able to achieve an acceptable percentage of the specified goals in the field of economic, financial and banking reform, and which included many economic sectors and fields that occupied almost most of the axes of the government program, but without achieving comprehensive and radical economic reform that begins with financial and banking reform, the government’s complete goals and visions cannot be achieved.

Therefore, the government program, as I see it, is a four-year strategy to achieve the revolution of economic, financial and banking reform.

The reason for launching this strategy is “because Iraq, after 20 years of economic failures, mismanagement, and mismanagement of public funds due to administrative and financial corruption, the loss of a sound economic approach, political conflicts, and instability in the business environment, has led to reliance on oil as a primary source of revenues from the general budget, which constitutes approximately 93% of the total resources and approximately 60% of the gross domestic product, and the failure to activate the productive sectors that generate national income.”

Which led to "a blurred vision and lack of clarity in the decisions of the reform process of previous governments, except for some achievements made by the Central Bank of Iraq during the past years, in which it overcame the challenges of monetary policy at rates that enabled it to maintain the stability of the dinar exchange rate during the previous years despite the economic crises and challenges.

Unfortunately, the fluctuation in exchange rates returned after the amendments made to the official exchange rate in 2020 and 2023 for many reasons, most notably the lack of control over financing foreign trade, non-compliance with international banking standards, the presence of unofficial border crossings, illegal inter-trade, and speculators in the foreign exchange market and their access to cash dollars allocated to travelers, which constitutes less than 10% of the supply for foreign transfers.

However, the Central Bank was able to build excellent foreign exchange reserves and maintain the general level of prices and the annual inflation rate at around 4% after it was 7.5% at the beginning of 2023. This confirms that the government and the Central Bank reviewed previous reform policies in 2023 through diagnosis and analysis and concluded that economic problems are the cause of most of Iraq's crises and that "the real solution to Iraq's crises is to work with a comprehensive change approach.

First - Starting a systematic movement to draw a roadmap for economic, administrative and legal reform carried out by the Iraqi elites and economic, financial and banking competencies (government and private sector) by establishing the Supreme Economic Council, with the private sector in all economic sectors as a member thereof, and the private banking sector as a basic member of its membership as the financing and investment sector that must contribute to sustainable development.

The reform movement should be based on several important economic pillars that adopt a new methodology for managing the economy and achieving the central goal of moving the economy from rentier to productive and from cash to digital, and activating the non-oil productive sectors to reach 30% of the general budget revenues in 2026, creating sustainable development, achieving diversity in resources, and developing economic and human structures for the sound construction of the national economy and building the preliminaries for the transition to a social market economy, provided that its recommendations, after approval by the Council of Ministers, are binding for implementation by the ministries, agencies and relevant bodies.

Second: Forming a (Central Follow-up Committee) linked to the Prime Minister’s Office to follow up on the implementation of decisions and has the authority to monitor and evaluate. It is formed under the chairmanship of the Prime Minister and includes a group of government advisors and experts and private sector experts.

Thirdly - Moving to central management of the economy so that the principle of (central planning and decentralization of implementation) is implemented. This means that the Supreme Council of the Economy will undertake the drawing up of plans and policies centrally and distribute their implementation to the ministries and specialized bodies within the government structure after approval by the Council of Ministers.

Fourth: Providing soft loans to finance small, medium and large projects in accordance with the national lending strategy recently launched by the Central Bank, and establishing a legal and institutional system to manage, develop and advance them, and issuing a special law for them. As well as issuing and amending the laws of the legal environment to regulate the economic process, which means issuing new laws instead of the laws issued in 2004, due to the changes that have occurred in the national economy during the past two decades.

Fifth: Activating investment in the agricultural, industrial, energy, tourism, services and housing sectors, as well as working to reform, develop and grow the banking sector through monetary policy applications and regulating the relationship and restrictions governing financial and monetary policies, in addition to the serious trend towards reforming the tax, financial and customs system. Addressing cases of failure to achieve the required growth rates in national income and overcoming the rise in unemployment and poverty rates.

Sixth: Developing a new methodology to overcome the challenges of instability in the financial and monetary systems. This means developing coordinated and balanced plans to overcome the challenges of monetary policy, the challenges of the deficit in non-oil revenue, and the deficit in the balance of payments and the trade balance.

Seventh: Accelerating the implementation of the e-government program and coordinating it with the electronic payment system, and the procedures for digital transformation in banking transactions, and focusing on activating the procedures of the Central Bank to implement the objectives of its third strategy, and following up on the decisions issued by the government regarding the use of electronic payment in commercial exchanges and banking operations, and establishing the National Company for Electronic Payment, which was announced by the Central Bank.

Eighth - Reviewing the banking market in Iraq towards activating the implementation of government decisions regarding government banks and the decisions of the Central Bank.

By classifying private banks, merging them, increasing their capital, and adopting them as solid international banks as correspondent banks, activating and accelerating joint procedures from the US Treasury regarding lifting sanctions and restrictions on the use of the US dollar in international transactions, and activating mechanisms, instructions, and controls for private banks’ commitment to complying with international banking standards.

Ninth: The necessity of having a representative of the private banking sector on the Board of Directors of the Central Bank and forming an advisory council for the Central Bank of experts and consultants working in the private banking sector and academics specializing in monetary policy in universities to study policies and programs and express an opinion on them before referring them to the Board of Directors to take the necessary decisions for implementation.

216 views Added 2024/07/18 - https://economy-news.net/content.php?id=45342

For current and reliable Iraqi news please visit: https://www.bondladyscorner.com/

Dinar Recaps 20 7/19/24 Dinar Recaps 20 7/19/24

Economist’s “ News and Views” Friday 7-19-2024

Gold & Silver Prices Crash Again, While Global Tech Outage Shuts Down Airlines & More

Arcadia Economics: 7-19-2024

Gold and silver prices continued their sharp selloff on Friday morning, which follows a selloff in the stock markets this week.

And before the markets were opening, a global tech outage hit airlines and business services.

There's a lot happening this morning.

Gold & Silver Prices Crash Again, While Global Tech Outage Shuts Down Airlines & More

Arcadia Economics: 7-19-2024

Gold and silver prices continued their sharp selloff on Friday morning, which follows a selloff in the stock markets this week.

And before the markets were opening, a global tech outage hit airlines and business services.

There's a lot happening this morning.

And fortunately Vince Lanci is here to break it all down and explain how it's impacting the markets.

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

https://www.youtube.com/watch?v=z20y9sEeFxc

Gold becoming legal tender Feat. Rob Kientz - LFTV Ep 182

Kinesis Money: 7-19-2024

In this week’s episode of Live from the Vault, Andrew Maguire and Rob Kientz of Gold Silver Pros discuss the changing world order, shifting market sentiments worldwide, and the transformative potential of sound money in fostering economic stability.

The precious metals experts delve into the principles of the Citizens for Sound Money movement, critically examine global Central Bank Digital Currency (CBDC) projects and issue a powerful call to action for today’s youth.

Timestamps

00:00 Start

02:45 Rob’s involvement with Citizens for Sound Money

11:15 Central Bank Digital Currencies

21:50 Physical gold’s impact and future

29:00 What’s happening in America

38:00 The United Kingdom and the youth

44:00 Retail and wholesale market sentiment

54:00 The dedollarisation process, war and geopolitcal change

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

BRICS Leave IMF and WTO: What are the alternatives?

Fastepo: 7-18-2024

At the upcoming BRICS summit in Kazan, one of the key topics on the agenda is the reform of international financial institutions, specifically the International Monetary Fund (IMF) and the World Trade Organization (WTO).

Russian Foreign Minister Sergey Lavrov has emphasized the importance of addressing these issues to enhance the global economic governance system and make it more inclusive and representative of emerging economies.

The BRICS nations, which include Brazil, Russia, India, China, and South Africa, are pushing for reforms that will better reflect the economic realities of the 21st century.

They argue that the current structures of the IMF and WTO disproportionately favor developed countries and do not adequately represent the interests of the Global South.

This includes calls for revising the IMF's quota system to give more weight to developing nations and for restoring the full functionality of the WTO's dispute settlement mechanism.

In this video, we explore the reasons behind the dissatisfaction with the IMF and WTO by examining cases where their policies have caused significant issues for borrowing countries.

We also discuss the solutions proposed by the Global South to address these challenges.

https://www.youtube.com/watch?v=omM52PEIgIQ

Dinar Recaps 20 7/19/24 Dinar Recaps 20 7/19/24

“Tidbits From TNT” Friday 7-19-2024

TNT:

Minister of Trade: All countries are keen on Iraq's return as a global economic player

Minister of Trade Athir Dawood Al-Ghariri confirmed today, Friday, that negotiations for Iraq's accession to the World Trade Organization are proceeding at a rapid pace, while indicating that all countries are keen on Iraq's return as a global economic player.

Al-Ghariri told the Iraqi News Agency (INA): "The resumption of negotiations for Iraq's accession to the World Trade Organization is a qualitative event and a testament to what the government promised through its program to reform the economic situation, considering the private sector as an essential part and the backbone of the Iraqi economy."

TNT:

Minister of Trade: All countries are keen on Iraq's return as a global economic player

Minister of Trade Athir Dawood Al-Ghariri confirmed today, Friday, that negotiations for Iraq's accession to the World Trade Organization are proceeding at a rapid pace, while indicating that all countries are keen on Iraq's return as a global economic player.

Al-Ghariri told the Iraqi News Agency (INA): "The resumption of negotiations for Iraq's accession to the World Trade Organization is a qualitative event and a testament to what the government promised through its program to reform the economic situation, considering the private sector as an essential part and the backbone of the Iraqi economy."

He expressed his "aspiration for the fourth round of negotiations to be held during the first quarter of next year," stressing that "this acceleration means that the negotiations are proceeding very quickly towards Iraq's accession to the World Trade Organization, considering Iraq an important economic bloc and all countries are keen for Iraq to return as an economic player in a multilateral system."

For his part, the Saudi Ambassador to the World Trade Organization, Saqr Abdullah Al-Muqbil, told the Iraqi News Agency (INA): "There is a positive view that we will find Iraq joining a multilateral trade system as it is one of the largest economies outside this organization."
Al-Muqbil stressed that "the Kingdom of Saudi Arabia has a priority to achieve Iraq's desire to join the organization."

In turn, the official responsible for Iraq's accession to the World Trade Organization said: "The member states were happy with the Iraqi delegation, and we hope that the Iraqi delegation has completed this long journey."

She added: "We seek to see Iraq become a member of the World Trade Organization."
The Minister of Trade and head of the Iraqi team concerned with joining the World Trade Organization, Athir Dawood Al-Ghariri, announced last Monday the resumption of negotiations to join the World Trade Organization, after a hiatus that lasted more than 16 years. link

Tishwash: Al-Rafidain announces the implementation of the comprehensive banking system in 33 branches

Al-Rafidain Bank announced today, Friday, the implementation of the comprehensive banking system in the Al-Nour branch in Kirkuk, while indicating the implementation of the comprehensive banking system in 33 branches.

A statement from the bank received by Al-Mada stated that, “In implementation of the government program to move from paper transactions to electronic ones to provide the best services to citizens, Al-Rafidain Bank announces the implementation of the comprehensive banking system in the Al-Nour branch in Kirkuk, thus joining the branches that have activated the comprehensive system in Baghdad and the governorates in addition to To the branches of the border crossings (Zurbatieh - Safwan - Arar - Trebil), bringing the number of branches in force and completed for the system to (33), in an important step to strengthen the banking system, achieve its requirements, abandon paper work, and move completely to electronic systems.

The bank confirmed that “the plan for digital transformation and adoption of the comprehensive banking system is proceeding according to the set timings to include all branches of the bank in implementing the system, especially since one of the priorities and adoptions of the government program is electronic Transformation in financial transactions, reducing episodes of red tape for citizens, reducing time, simplifying procedures, removing obstacles, and intensifying efforts to improve the level of services provided.” customers and complete their transactions. link

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Tishwash: An economist warns against Arab and foreign banks taking over their Iraqi counterparts: they control the dollar

On Thursday, economic affairs researcher Ahmed Abd Rabbo warned of the acquisition of Iraqi banks by many Arab and foreign banks, while stating that these banks control the dollar exchange rate in local markets in Iraq.

Abd Rabbo said, “The takeover of the sanctioned local banks’ accounts by Arab and foreign banks affects, to some extent, the banking sectors in Iraq.” Pointing out, “This acquisition is the participation of these foreign banks in the Iraqi banking sector, but it amounts to a sale and delivery, and it is as happened in the local industrial and agricultural sector, as these sectors have become imported, so the The banking sector has also become imported.”

Abd Rabbo pointed out in his interview with (Al-Mada), that “foreign banks control the dollar exchange rate, as they found the appropriate opportunity to acquire the shares of Iraqi banks after some Iraqi banks were exposed to American sanctions.”

He added, "Iraq needs to some extent to correct the course of monetary policy in a way that is compatible with the Iraqi economic situation, and to give Iraqi banks a great opportunity to take their role in the monetary arena."

Since the US Treasury imposed sanctions on Iraqi banks, as a result of dollar smuggling to Iran, foreign banks have dominated the financial arena and controlled a large percentage of dollar sales in Iraq, as the National Bank of Iraq accounts for a third of foreign currency sales, which are considered the main source of the Iraqi economy, as they are Many of the shares in this bank are owned by Arab and foreign banks. link

Tishwash: Proposed vision to activate the government and central bank procedures in economic and banking reform

By analyzing the efforts and measures taken by the government and the Central Bank to implement what is stated in the government program of the government of the Sudanese Prime Minister, which is the ninth government after the change in 2003, and which has been in charge for approximately one year and eight months, and which has been able to achieve an acceptable percentage of the specified goals in the field of economic, financial and banking reform.

And which included many economic sectors and fields that occupied almost most of the axes of the government program, but without achieving comprehensive and radical economic reform that begins with financial and banking reform, the government’s complete goals and visions cannot be achieved. Therefore, the government program, as I see it, is a four-year strategy to achieve the revolution of economic, financial and banking reform.

I mean here drawing a strategic and executive roadmap to activate the procedures for economic, financial, banking, administrative and legislative reforms by adopting radical change for the coming years while benefiting from the experience of institutions and experts in the government and the private sector in confronting crises and activating the reform procedures of the government and the Central Bank, and according to the proposed vision that I put before the eyes of the Prime Minister, the Governor of the Central Bank and the Ministerial Council for the Economy, as follows:

First - Starting a systematic movement to draw a roadmap for economic, administrative and legal reform carried out by the Iraqi elites and economic, financial and banking competencies (government and private sector) by establishing the Supreme Economic Council, with the private sector in all economic sectors as a member thereof, and the private banking sector as a basic member of its membership as the financing and investment sector that must contribute to sustainable development. The reform movement should be based on several important economic pillars that adopt a new methodology for managing the economy and achieving the central goal of moving the economy from rentier to productive and from cash to digital, and activating the non-oil productive sectors to reach 30% of the general budget revenues in 2026, creating sustainable development, achieving diversity in resources, and developing economic and human structures for the sound construction of the national economy and building the preliminaries for the transition to a social market economy, provided that its recommendations, after approval by the Council of Ministers, are binding for implementation by the ministries, agencies and relevant bodies.

Eighth - Reviewing the banking market in Iraq towards activating the implementation of government decisions regarding government banks and the decisions of the Central Bank.

Mot: .... When ur Finally Growded Up

Mot: . What Goes Around - Comes Back Around!!! ---

Dinar Recaps 20 7/19/24 Dinar Recaps 20 7/19/24

Breaking World News: Friday 7-19-2024

Breaking World News:

BREAKING - London stock market hit by technical fallout‼

BREAKING: Major US airlines including American Airlines, Delta and United grounding all of their flights due to IT issues

BREAKING : A significant Microsoft outage has occurred, causing major issues to dozens of services and affecting thousands to millions of users nationwide

BREAKING: Global IT outage live: Computer havoc caused by Crowdstrike outage could take days to fix - ABC News

Breaking World News:

BREAKING - London stock market hit by technical fallout‼

BREAKING: Major US airlines including American Airlines, Delta and United grounding all of their flights due to IT issues

BREAKING : A significant Microsoft outage has occurred, causing major issues to dozens of services and affecting thousands to millions of users nationwide

BREAKING: Global IT outage live: Computer havoc caused by Crowdstrike outage could take days to fix - ABC News

Widespread technology outage disrupts flights, banks, media outlets and companies around the world

CHARLOTTE GRAHAM-McLAY and ELAINE KURTENBACH

Updated Fri, July 19, 2024 at 7:09 AM EDT

WELLINGTON, New Zealand (AP) — A global technology outage grounded flights, knocked banks and hospital systems offline and media outlets off air on Friday in a massive disruption that affected companies and services around the world and highlighted dependence on software from a handful of providers.

Cybersecurity firm CrowdStrike said that the issue believed to be behind the outage was not a security incident or cyberattack — and that a fix was on the way. The company said the problem occurred when it deployed a faulty update to computers running Microsoft Windows.

But hours after the problem was first detected, the disarray continued — and escalated.

Long lines formed at airports in the U.S., Europe and Asia as airlines lost access to check-in and booking services at a time when many travelers are heading away on summer vacations. News outlets in Australia — where telecommunications were severely affected — were pushed off air for hours. Hospitals and doctor's offices had problems with their appointment systems, while banks in South Africa and New Zealand reported outages to their payment system or websites and apps.

Some athletes and spectators descending on Paris ahead of the Olympics were delayed, but Games organizers said disruptions were limited and didn't affect ticketing or the torch relay.

DownDectector, which tracks user-reported disruptions to internet services, recorded that airlines, payment platforms and online shopping websites across the world were affected — although the disruption appeared piecemeal and was apparently related to whether the companies used Microsoft cloud-based services.

Cyber expert James Bore said real harm would be caused by the outage because systems we’ve come to rely on at critical times are not going to be available. Hospitals, for example, will struggle to sort out appointments and those who need care may not get it.

“There are going to be deaths because of this. It’s inevitable,’’ Bore said. “We’ve got so many systems tied up with this.”

Microsoft 365 posted on social media platform X that the company was “working on rerouting the impacted traffic to alternate systems to alleviate impact” and that they were “observing a positive trend in service availability.”

The company did not respond to a request for comment.

CrowdStrike said in an emailed statement that the company “is actively working with customers impacted by a defect found in a single content update for Windows hosts.”

It said: “This is not a security incident or cyberattack. The issue has been identified, isolated and a fix has been deployed.”

The Austin, Texas-based company's Nasdaq-traded shares were down nearly 15% in premarket trading early Friday.

A recording playing on its customer service line said, “CrowdStrike is aware of the reports of crashes on Microsoft ports related to the Falcon sensor,” referring to one of its products used to block online attacks.

Meanwhile, governments, officials and companies across the world scrambled to respond.

New Zealand's acting prime minister, David Seymour, said on X that officials in the country were “moving at pace to understand the potential impacts,” adding that he had no information indicating it was a cybersecurity threat.

The issue was causing “inconvenience" for the public and businesses, he added.

On Friday morning, major delays reported at airports grew, with most attributing the problems in booking systems of individual airlines.

In the U.S., the FAA said the airlines United, American, Delta and Allegiant had all been grounded.

Airlines and railways in the U.K. were also affected, with longer than usual waiting times.

With athletes and spectators arriving from around the world for the Paris Olympics, the city's airport authority said its computer systems were not affected by the outage, but that disruptions to airline operations was causing delays at two major Paris airports. The Paris Olympics organizers said the outage affected their computer systems and the arrival of some delegations and their uniforms and accreditations had been delayed.

But the impact was limited, the organizers said, and the outages had not affected ticketing or the torch relay.

In Germany, Berlin-Brandenburg Airport halted flights for several hours due to difficulties in checking in passengers, while landings at Zurich airport were suspended and flights in Hungary, Italy and Turkey disrupted.

The Dutch carrier KLM said it had been “forced to suspend most” of its operations.

Amsterdam’s Schiphol Airport warned that the outage was having a “major impact on flights” to and from the busy European hub. The chaotic morning coincided with one of the busiest days of the year for Schiphol.

Widespread problems were reported at Australian airports, where lines grew and some passengers were stranded as online check-in services and self-service booths were disabled — although flights were still operating.

In India, Hong Kong and Thailand, many airlines were forced to manually check in passengers. An airline in Kenya was also reporting disruption.

While the outages were being experienced worldwide, Australia appeared to be severely affected by the issue. Disruption reported on the site DownDetector included the banks NAB, Commonwealth and Bendigo, and the airlines Virgin Australia and Qantas, as well as internet and phone providers such as Telstra.

National news outlets — including public broadcaster ABC and Sky News Australia — were unable to broadcast on their TV and radio channels for hours. Some news anchors went on air online from dark offices, in front of computers showing “blue screens of death.”

Hospitals in several countries also reported problems.

Britain’s National Health Service said the outage caused problems at most doctors’ offices across England. NHS England said in a statement said the glitch was affecting the appointment and patient record system used across the public health system.

Some hospitals in northern Germany canceled all elective surgery scheduled for Friday, but emergency care was unaffected.

Israel said its hospitals and post office operations were disrupted.

In South Africa, at least one major bank said it was experiencing nationwide service disruptions as customers reported they were unable to make payments using their bank cards in stores. The New Zealand banks ASB and Kiwibank said their services were down as well.

Shipping was disrupted too: A major container hub in the Baltic port of Gdansk, Poland, the Baltic Hub, said it was battling problems resulting from the global system outage.

Kurtenbach reported from Bangkok. Associated Press journalists around the world contributed. LINK

DINARRECAPS8 7/19/24 DINARRECAPS8 7/19/24

Seeds of Wisdom RV and Economics Updates Thursday Evening 7-18-24

Good Evening Dinar Recaps,

An Update on Vietnam’s Quest for Crypto Regulation

An article by Hudson Reporter dated April 21, 2024 titled: Vietnam’s Path to Crypto Regulation by 2025: A Governmental Necessity, gives an update on Vietnam's quest for Crypto Regulation.

The article states that Vietnam plans to develop a legal framework for cryptocurrency regulation by May 2025 to address ownership risks and prevent illegal activities such as money laundering

Key Takeaways from the article: 1. Cryptocurrencies are not banned in Vietnam but regulation is urgently needed.

2. The Finance Ministry has been tasked to draft a regulatory framework by May 2025.

3. Measures against misuse, like money laundering, are also being studied. @ Newshounds News™

Good Evening Dinar Recaps,

An Update on Vietnam’s Quest for Crypto Regulation

An article by Hudson Reporter dated April 21, 2024 titled: Vietnam’s Path to Crypto Regulation by 2025: A Governmental Necessity, gives an update on Vietnam's quest for Crypto Regulation.

The article states that Vietnam plans to develop a legal framework for cryptocurrency regulation by May 2025 to address ownership risks and prevent illegal activities such as money laundering

Key Takeaways from the article:

1. Cryptocurrencies are not banned in Vietnam but regulation is urgently needed.
2. The Finance Ministry has been tasked to draft a regulatory framework by May 2025.
3. Measures against misuse, like money laundering, are also being studied.

@ Newshounds News™

To learn more: Hudson Reporter

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DE-DOLLARIZATION CONTINUES TO BE THE THEME OF BRICS NATIONS

"All are trying to make themselves safe. Information leaked not long ago that in the environment when the United States and the whole collective West want to steal Russian money Saudi Arabia is thinking how to reduce dependence on the dollar. THE PROCESS OF DE-DOLLARIZATION IS UNDERWAY, IT CANNOT BE STOPPED, he said."
Quote from Russian Foreign Minister Sergey Lavrov

@ Newshounds News™

Read more: X

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Crypto Regulations in Vietnam 2024

The post Crypto Regulations in Vietnam 2024 appeared first on Coinpedia Fintech News

Vietnam, a socialist country in Southeast Asia, has a population of 99.46 million and covers 331 thousand square kilometers. It has developed a strong market economy with socialist influences, making it one of the fastest-growing economies in terms of GDP. This economic growth has attracted significant foreign investment.

Vietnamese Government on Cryptocurrencies

Cryptocurrency is not banned in Vietnam, but a legal framework is needed to ensure its proper development and mitigate risks, according to a representative from the Ministry of Justice. Cao Dang Vinh, Deputy Director of the Department of Economic and Civil Legislation, noted on April 12 that there are varying understandings of virtual assets, digital currencies, and cryptocurrencies, with different countries adopting diverse management approaches.

Cryptocurrency is not banned in Vietnam: Ministry Cao Dang Vinh noted global variations in cryptocurrency perspectives and the absence of specific regulations in Vietnam. Vietnam lacks a legal framework for cryptocurrencies, stressing the need for regulation.

Cryptocurrencies carry risks that can lead to appropriation or money laundering. Vietnam currently lacks regulations to manage their development, and cryptocurrency is not considered a legal asset. Vinh emphasized the need for a legal framework to prevent these risks and illegal activities. The Ministry of Finance will provide specific proposals, and the Ministry of Justice will offer detailed opinions accordingly.

In addition to this, the Vietnamese state authorities are working on the possible applications of blockchain technology in the country.

Blockchain for Vietnam’s Cashless Society

The deputy Prime Minister of Vietnam, Vuong Dinh Hue signed out a policy decision in 2017, setting out the government’s plan to reduce the cash transactions in the country to less than 10%. The State Bank of Vietnam also announced the development of $700 million cashless payment network in collaboration with South Korean payment service provider Alliex.

Another bank, Tien Phong Commercial Joint Stock Bank(TPBank) moving one step further in the use of blockchain technology, joined hands with Japan’s SBI Ripple Asia to develop Ripplenet blockchain-based global payment network for processing cross-border transactions.

Launch of the First Money Transfer Service between Japan and Vietnam that Utilize Distributed Ledger Technology (DLT). TPBank is the latest financial institution supported by SBI Ripple Asia to leverage Ripple

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Cryptocurrencies law

In Vietnam, cryptocurrencies were not considered legal means of payment but could be bought, held, and traded. The government continued to reevaluate its approach to the crypto space, with the central bank maintaining that cryptocurrencies were not legal tender.

Cryptocurrencies were categorized as assets or goods under the 2015 Civil Code and the Commercial Law of 2005. These laws defined property broadly to include objects, money, valuable papers, property rights, and movable property, including future assets, allowing cryptocurrencies to be traded within the country.

What led to look over the need of Regulations?

The government of Vietnam cites many official reasons for the need for regulations and ban them as a means of payment,

—The crypto industry has no government supervision and therefore prone to illegal activities.

—Cryptocurrencies lack customer protection as they are volatile in nature which leads to price instability, security concerns, and market manipulation.

—Cryptocurrencies are open to illegal activities such as tax evasion, money laundering, terrorist funding and hacking.

The cryptocurrencies might possess the capacity to destabilize existing financial systems which can affect the nation’s economy.

Regulatory RoadMap of Cryptocurrencies

Vietnam has made several efforts to regulate the country’s cryptocurrency space. On 21 August 2017, the Prime Minister, Nguyen Xuan Phuc approved a project to complete the legal framework for managing digital assets and their activities.

On April 11, 2018, a directive was issued to the relevant authorities to manage crypto transactions in order to analyse the negative impact on the nation’s economy. In the directive, Bitcoin and similar cryptocurrencies were banned for using them as a mode of payments for any goods or services. But the users were free to invest in Cryptocurrencies. Those who found guilty would be penalised with a fine up to VND 200 million ($ 9,000).

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In February 2019, The Ministry of Justice also filed a report that reviewed the current legislation on crypto-related business in the country. They proposed three different policies that the government could consider and start working on the policy selected by the government. They are:

1. Floating and lax Regulatory approach

2. Straightforward approach

3. Legislation of digital Assets transactions under specific conditions.

Recently on May 11 2020, the Vietnamese Finance Ministry has approved to establish a research group to review, analyse and develop various regulatory policies around crypto-assets. The research group would be comprised of nine members of the group of the following departments,

—General Department of Taxation

—National Institute of Finance

—General Department of Vietnam Customs

—Department of Banking and Financial Institutions of the State Bank of Vietnam

The research group would be led by the Vice-Chairman of State Securities Commission, Pham Hong Son.

Authorities in Vietnam to Establish Crypto Research Group to Evaluate Policy. On May 11, the Ministry of Finance in Vietnam said it will come up with a research group responsible for examining & making policy proposals about crypto and virtual assets

1. Taxation and Mining

2. Taxes on Cryptocurrencies

As you have already aware of the fact that, Bitcoin and other cryptocurrencies are not considered as legal tenders and are banned to use them as a mode of payment, the tax policies are also not framed yet. Cryptocurrency taxation in Vietnam remains uncertain due to the lack of a clear legal framework.

The tax authorities have lost a lawsuit against a local citizen who was been taxed on the Bitcoin earnings. As the cryptocurrencies are not considered as a legal asset under Vietnamese law, the court ruled the authorities that they have no right to tax him.

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Mining of Cryptocurrencies

The Cryptocurrencies remain illegal as of now and restricted with the use of payment methods and so the mining. It is also considered illegal The government has also has passed a law which bans the import of bitcoin mining equipment into Vietnam.

However, the Ministry of Industry and trade expressed displeasure towards the ban and also showed concern over the decline in the mining business. The ministry sent a proposal to the Prime Minister of Vietnam, called the Document 5964 / BTC – TCHQ, mentioning that the mining pieces of equipment are not listed in the banned list of import or unsafe list. Hence the import should be allowed which was accepted by the government.

12-04-2024: Vietnam Does Not Ban Cryptocurrency, Confirms Ministry of Justice

A Ministry of Justice representative clarified that while cryptocurrency isn’t banned in Vietnam, there’s a need for a legal framework to guide its development and mitigate risks. Cao Dang Vinh, Deputy Director of the Economic and Civil Legislation Department, noted varying global perspectives on virtual assets, digital currencies, and cryptocurrencies.

Concluding Note

The Vietnamese Government has now acquired a progressive approach towards regulating the cryptocurrencies and initiated various steps. The various other approaches, however, are still vague and lack clarity.

More laws and reforms are required to ascertain the secured flow of cryptocurrency transactions in the country so that no scams or fraud occur risking the investor’s funds. The future of the cryptocurrencies are more secure and reliable in the country when these regulatory frameworks are put in place.

Read more: Binance

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BASEL 3 AND GOLD REGULATIONS

"Basel III is a set of financial reforms developed by the Basel Committee on Banking Supervision. It introduces stricter capital requirements to increase the resilience of banks. The main focus is on improving the quality of capital, particularly Tier 1 capital, which is essential for absorbing losses."

The Significance of Gold in Basel III Regulations

"Gold’s role in Basel III significantly changes how banks handle this asset. With the new Basel III Bank Accords, gold is taking center stage again as an important asset for financial institutions. The most significant change is that Basel III regulations treat gold held in vaults as a zero-risk asset, a status previously reserved for cash. This change elevates gold’s importance in ensuring the stability and liquidity of banks."

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Impact on Liquidity and Stable Funding

"Gold significantly impacts banks’ liquidity. Under Basel III’s measures, banks must maintain a specific Liquidity Coverage Ratio (LCR) to ensure they have enough high-quality liquid assets to survive financial stress. Gold can be considered part of these High-Quality Liquid Assets (HQLA)"

"Basel III regulations make gold a more attractive asset for banks by allowing bullion held in vaults or on an allocated basis to be treated as cash with a 0% risk weight. "

"Basel III demands that financial institutions hold a higher proportion of physical gold, rather than trading in derivatives. This change increases financing costs and demands more robust liquidity buffers. Banks must now hold physical assets to meet liquidity requirements, pushing the preference for tangible gold. As a result, this regulation stabilizes the gold market by reducing reliance on paper gold and emphasizing the importance of physical gold holdings. This shift supports higher demand and potentially boosts the price and stability of gold in the long term."

"With Basel III, gold is now considered a High-Quality Liquid Asset (HQLA)"

@ Newshounds News™

Read more: Metals Edge

~~~~~~~~~

BASEL 3 ENDGAME

"Many parts of Basel III are already in place worldwide, including the U.S. However, the final changes, called Basel III Endgame and agreed upon in 2017, have been delayed for years by the COVID-19 pandemic and banks calling for more time to adjust to and lobby against the new regulations."

"12 Deadlines have come and gone, with mid-2025 the latest date for when the rules are supposed to go into effect in the U.S., which means announcing them months earlier to provide regulators, banks, and other stakeholders the time needed to prepare to meet the new standards. Banks would start using the rules on July 1, 2025, with the goal of having them fully in place three years later."

What Affect Would Basel III Have on Small and Medium-Sized Banks?
"While Basel III primarily targets very large, internationally active banks, critics charge that its regulations would also affect small and medium-sized banks. "

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

When Does Basel III Go Into Effect?

"Since the Basel III Endgame process began, bank requests for more time to digest and comment on the plans, COVID-19, and shifts in the post-pandemic economy have all pushed back the deadlines. As it stands now, the regulations should start taking effect July 1, 2025, followed by a three-year phase-in period to give banks time to transition to the new rules. While previous deadlines have come and gone, the commentary period is over, which offers U.S. federal regulators more room to maneuver in going ahead with implementation."

@ Newshounds News™

Read more: Investopedia

~~~~~~~~~

Chainlink’s tokenization sandbox cuts trials to days instead of months

The sandbox could lead to more financial institutions adopting asset tokenization solutions.

Chainlink is ushering in a new turnkey solution for institutions looking to conduct tokenization trials in the latest development for the tokenization industry.

Chainlink has introduced its new Digital Assets Sandbox (DAS) for financial institutions, which aims to accelerate digital asset innovation.

DAS will enable financial institutions to quickly experiment with new revenue-generating opportunities, like bond tokenization, with improved time-to-market and greater overall efficiency.

According to Angela Walker, the global head of banking and capital markets at Chainlink Labs, the new sandbox was born due to institutional demand for secure digital asset experimentation environments.

@ Newshounds News™

Read more: Coin Telegraph

~~~~~~~~~

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Dinar Recaps 20 7/18/24 Dinar Recaps 20 7/18/24

KTFA Members “News and Views” Thursday 7-18-2024

KTFA:

Clare: FRANK TOLD US LAST NIGHT THAT WALKINGSTICK SAID, FOR FRANK TO PUSH THAT WE ALL REALLY PAY ATTENTION TO THE TURKMEMISTAN ARTICLE WHICH I HAVE REPOSTED FOR YOU IN POST #23... FOR YOUR CONVENIENCE. ALL THE HIGHLIGHTS WERE DONE BY WALKINGSTICK HIMSELF YEARS AGO.

FROM WALKINGSTICK

BR..... FOR EDUCATIONAL PURPOSES ONLY, NOT INCLUSIVE...AND/ OR MAY NOT BE DEFINING THE EXACT MANNER IN WHICH IRAQ WILL EMPLOY THEIR CURRENCY REFORM...

Turkmenistan ......New Money

FINANCE & DEVELOPMENT, December 2013, Vol. 50, No. 4

Introducing a new currency is a complex process—one that Turkmenistan completed successfully

KTFA:

Clare: FRANK TOLD US LAST NIGHT THAT WALKINGSTICK SAID, FOR FRANK TO PUSH THAT WE ALL REALLY PAY ATTENTION TO THE TURKMEMISTAN ARTICLE WHICH I HAVE REPOSTED FOR YOU IN POST #23... FOR YOUR CONVENIENCE. ALL THE HIGHLIGHTS WERE DONE BY WALKINGSTICK HIMSELF YEARS AGO.

FROM WALKINGSTICK

BR..... FOR EDUCATIONAL PURPOSES ONLY, NOT INCLUSIVE...AND/ OR MAY NOT BE DEFINING THE EXACT MANNER IN WHICH IRAQ WILL EMPLOY THEIR CURRENCY REFORM...

Turkmenistan ......New Money

FINANCE & DEVELOPMENT, December 2013, Vol. 50, No. 4

Introducing a new currency is a complex process—one that Turkmenistan completed successfully

A popular destination for visitors to the IMF’s Washington, D.C., headquarters has long been a 40-foot-long display of each member country’s currency.

Most countries have their own currency, which is an important part of their national identity, though some belong to a monetary union and share a common currency with the union’s members; others use that of another, often larger, country.

On occasion, a country must introduce a new currency. Turkmenistan, the former Soviet republic in central Asia, decided in 2008 to undertake a currency reform.

A major gap between the official exchange rate and the informal or market rate meant that Turkmenistan’s price system had become complex and inefficient. This, in turn, created complexities in accounting and statistical reporting. So the government decided to introduce a new currency before launching market-oriented reforms. Currency reform was regarded as the foundation for further strengthening the macroeconomic framework, particularly monetary transmission: the more the population relies on the local currency rather than U.S. dollars, the more control the government has over macroeconomic policy.

The total and orderly overhaul of Turkmenistan’s currency system in 2008–09 in many respects serves as a model for other countries.

Big decisions

The introduction of a new currency is not undertaken lightly. The motivation could be hyperinflation, exchange rate collapse, massive counterfeiting of the existing currency, or even war. Or it could be an intentional change—for example joining a monetary union, such as the European Monetary Union.

Changing a national currency is a highly political decision. Sometimes the existing currency does not meet the economy’s needs.

The typical economy in need of currency reform is cash based and highly dollarized, with multiple currencies circulating at the same time.

The single most important price in any economy is the price of its currency vis-à-vis other currencies. Countries that assign non-market-based exchange rates for different goods or services—or for imports versus exports—tend to have significant distortions in their economy. Over time, this usually leads to slower growth overall. Eventually, the general public, the business community, and politicians may start pressing for currency reform and the introduction of a new currency.

Currency reforms are typically complex and risky: global experience confirms that a successful outcome is never guaranteed. The main ingredient in the successful introduction of a new currency is a strong commitment by the central bank together with the government to take the steps needed to ensure that the new currency is perceived as stable by companies, the general public, and the international community.

Introduction of a new currency comprises four phases. First, the necessary preconditions—sound macroeconomic policies and strong financial sector legislation—should ideally be in place or under way. Next, careful preparation is required, setting up the policies and processes behind the reform and drafting a detailed budget for the entire currency reform (including the cost of printing and minting the new cash currency). Then comes production of the new currency, and finally the most challenging phase: implementation.

Setting the stage

A government facing currency reform often has limited ability to pursue macroeconomic policy. If the country is suffering from hyperinflation, its macroeconomic policies to date by definition were unsound. In some cases, a currency reform must be implemented despite a difficult macroeconomic situation. Currency reform alone is unlikely to resolve such problems and will yield its benefits only if underpinned by fiscal and monetary action. But psychologically, introducing a new currency can itself facilitate the stabilization of an economy. It is sometimes combined with exchange rate unification—to eliminate the complications of both an official exchange rate and unofficial market rate.

Turkmenistan was able to achieve favorable macroeconomic conditions before it implemented exchange rate unification and currency redenomination. During 2006–07, the economy was growing more than 11 percent a year, inflation was in single digits, and fiscal and external balances were strong.

A currency reform must be supported by financial sector legislation. Existing legislation—including the law establishing the central bank and regulation of banks and other financial institutions—should be reviewed to ensure consistency with international best practices. A law and regulations on the specific currency reform are also necessary, and other legislation—for example, governing accounting and financial reporting—may require updating. This work can be supported by technical advice from the IMF and other countries’ central banks. Such technical assistance includes initial general guidance as well as detailed recommendations based on currency reforms in other countries.

In a crisis situation, the government has little, if any, control over the circulation of different currencies. For that reason, the economy tends to be highly dollarized—that is, many transactions are made with a foreign currency, often the U.S. dollar.

Moving forward, the government should favor a currency regime that supports open trade and free markets—one that allows international competition and is not overly protectionist.

The central bank is the arm of the state responsible for introducing a new currency, but it is not necessarily in a position to do so.

It may lack staff with relevant experience, or sufficient branches throughout the country from which to operate, or even the funds necessary to finance a reform. Strengthening the institutional capacity of the central bank and ensuring it has the resources needed are critical preconditions for currency reform.

Private banks also play a key role in currency reform. But the banking sector may be weak or, in some cases, virtually nonexistent. In some parts of the world, informal funds transfer systems such as hawala and hundi are more vibrant or have nationwide networks that surpass those of banks. In such cases, collaboration between the central bank and these payment system operators is critical to the success of the reform.

The central bank must assess the extent to which counterfeit banknotes circulate. Together with the ministry of finance and the commercial banks, it should formulate a strategy to avoid an increase in counterfeit currency during the critical implementation stages of the currency reform.

The central bank should prepare a budget for the entire currency reform early on and revise it as necessary over time. The IMF can offer technical advice on preparing such a budget.

Introducing a new national currency is a highly complex project, which requires a well-functioning accounting system. Throughout the various stages, tested systems must be in place for independent auditors to safeguard the integrity of the currency reform, by ensuring correct reporting and accounting of the currency exchange. Failure in this area is not only costly but also potentially devastating to the currency reform’s reputation.

Important as all these preparations are, the success of a currency reform depends just as much on a successful public education campaign. The central bank needs to coordinate this campaign with other agencies, financial sector representatives, merchants, and the general public. A delicate balance must be struck between providing sufficient public information and the need for confidentiality to avoid releasing clues to counterfeiters that could be used to undermine the integrity of the new currency.

The information campaign should encourage people to deposit their cash currency in accounts at banks. The campaign must make it clear that once the currency reform is initiated, account holders can withdraw their money in the form of new banknotes.

A second important point for the public education campaign is timely information on the stages of the currency reform to discourage a run on banks with temporary liquidity problems.

In Turkmenistan, the central bank conducted a proactive public communications strategy that began early in the currency reform.

The terms of the redenomination were carefully defined and announced in advance. An awareness campaign was carried out throughout the country. Booklets, illustrating the new banknotes to be distributed, were published in national and local newspapers along with explanatory articles. In addition, pocket-size cards comparing the denomination of old and new manat were distributed to the public. And the Central Bank of Turkmenistan set up a phone hotline to answer questions from businesses and the public.

Lights, camera, action

A new currency’s name is a psychologically important decision for the government. One option is to emphasize continuity with the old currency by retaining the old name or adding “new” to it. Alternatively, the government may choose to underscore a break with the past by giving a completely new name to the currency to mark the start of a new monetary era.

In Turkmenistan, the government decided to keep the name “manat” for the redenominated currency. However, in line with an international convention among countries and central banks, the International Standards Organization changed the three-digit ISO 4217 code from TMM for the pre-2007 manat to TMT for the new Turkmen manat.

The banknote printer and the minter of coins should be selected competitively and in the international market. Even if domestic producers are available, they should be required to compete for the contract. It is not uncommon, by the way, for various banknote denominations to be produced by different international firms.

Turkmenistan’s banknotes were printed by the British firm De La Rue, and the coins were minted by another U.K. company, the Royal Mint. De La Rue is now testing production of the banknotes from paper produced with local raw materials—Turkmen cotton, renowned since ancient times for its high quality.

Decisions on the artistic design of banknotes are almost always complex and time consuming. The design must be integrated with necessary security features: the higher the denomination, the more advanced security features are required. These often include watermarks, security threads, see-through registers, and hidden numerals. Decisions also need to be made on the size of banknotes—a uniform size as for U.S. banknotes or a different size for each denomination as for euro banknotes. Finally, the color scheme should be determined—again, uniform colors, like U.S. banknotes, or clearly different colors as for most other banknotes.

Hyperinflation and exchange rate collapse slash the value of a national currency, forcing the issuance of banknotes in ever higher denominations. In Yugoslavia in 1993, a banknote reached 500 billion dinars, and Zimbabwe’s highest banknote issued was 100,000 trillion Zimbabwe dollars in 2008. In such situations, a redenomination of the currency is not only appropriate but also necessary. Redenominating a currency means administratively changing its face value. In itself, a redenomination makes no one richer or poorer. Technically most redenominations of currencies are undertaken by using factors of 10, 100, or 1,000 and simply moving the decimal point a certain number of steps to the left to establish a new value. Such a change is simple to explain to the general public and easy for companies to implement. It also represents a clear way of monitoring whether price gouging is taking place.

The first step in the Turkmen currency reform was to unify the exchange rate. In the past, because of a shortage of foreign exchange, there had been a dual exchange rate system made up of an official rate pegged at 5,200 manat per U.S. dollar and an informal parallel market rate of about 23,000 manat per U.S. dollar.

Later, the government devalued the official rate to 6,250 manat per dollar and introduced a commercial rate of 20,000 manat per dollar at which banks could trade freely with the public. The two markets were successfully unified on May 1, 2008—at the rate of 14,250 manat per dollar, a level consistent with the country’s strong external position.

Currency exchanges were located wherever customers might want to exchange dollars for manat, offering easy and official access at close to the informal rate, thus killing off demand for the informal market.

At the beginning of June 2008, the Turkmen government issued new foreign exchange regulations under which the Central Bank of Turkmenistan began providing banks and authorized currency changers ready access to foreign exchange, which in turn became available to the market-oriented private sector. Previously the central bank had been propping up the official, unrealistically low, exchange rate by restricting access to dollars. The provision of sufficient foreign exchange to an extensive network of exchange bureaus across the country eliminated the black market rate.

While unifying the exchange rate is important, the authorities must also modernize the national currency for a currency reform to be comprehensive. In Turkmenistan, the modernization entailed issuing a new family of banknotes that were smaller in size than the unnecessarily large old banknotes.

It also included the reintroduction of coins. The Turkmen economy had been cash oriented for a long time, and the U.S. dollar was extremely popular. The weakness of the manat to the dollar, which required thousands of manat in an exchange conversion, was deemed unacceptable. One way to correct this was to redenominate the national currency.

After the successful exchange rate unification, the authorities moved forward with the introduction of the new manat, revaluing the currency by a factor of 1 to 5,000. The pegged exchange rate of 14,250 manat per dollar resulted in an exchange rate of 2.85 new Turkmen manat to the dollar.

A presidential decree issued August 27, 2008, announced the introduction of the redenominated manat on January 1, 2009.

Even without redenomination, the denomination structure of a new cash currency is worth considering. Usually, lower denominations are eliminated and higher denominations added. There is generally a shift into coins from denominations that were previously issued in banknotes. Cultural and sociological preferences must be considered. For example, in some countries, such as Somalia and South Sudan, coins are not popular. In other countries, such as Germany, people want access to very high-denomination banknotes. A rule of thumb often applied in developing economies is to set the highest denomination of the national currency no lower than the equivalent of 20 dollars.

Money in hand

Turkmenistan issued six new banknote denominations on January 1, 2009: 1, 5, 10, 20, 50, and 100 new manat. This was a major expansion of the upper denominations—the previously highest denomination, 10,000 old manat, now corresponded to a mere 2 new manat. The six newly issued banknotes each differed in size and were all shorter and narrower than previous banknotes. The design of the front of the banknotes presented prominent historic Turkmen personalities. The reverse side, as in the past, portrayed new key buildings and monuments of modern Ashgabat, the Turkmen capital.

In parallel, new coins were issued in the following denominations: 1, 2, 5, 10, 20, and 50 tenge; and the following year, two more coins were circulated with 1 manat and 2 manat denominations. This represented a de facto reintroduction of coins after high inflation and intense exchange rate pressure had rendered the previously issued coins valueless.

Once the design and denominations of a new currency are selected, the central bank must decide how much to produce, based on research on the demand for money in general and on various cash currency denominations in particular. Data on past orders of banknotes and coins should give reasonable estimates, which must be assessed in light of recent changes in public demand for the currency compared with other currencies. Technical advice is available from international banknote printing firms such as De La Rue and Giesecke &Devrient, and for coin denominations from mints such as the Royal Mint.

The next phase of currency reform is the conversion from old cash currency to new. The authorities must decide—at first privately—when the currency exchange will begin, when it will end, and whether or not to cap, in absolute terms, the amount to be exchanged.

Then, decisions on the announcement of and publicity for the currency exchange must be made. Other essential decisions include the conversion rate and how financial assets, resident/nonresident accounts, and existing currency contracts will be treated in the currency exchange.

In addition to the guidance of the central bank and the ministry of finance, the views of the ministries of justice, commerce, and defense; the police force; the chamber of commerce; bank representatives and representatives of the informal payment system (if it plays an important role in the country); the general public; nongovernmental organizations; and key media outlets should be considered.

The key stakeholders, under the leadership of the central bank, should develop a detailed plan for distribution of the new currency. They must identify exchange points (places where the public can exchange the old money for new and where cash currency can be stored temporarily); establish facilities for more permanent storage of currency, such as vaults and strongboxes; and address various logistic issues, including exchange point staffing.

In its plan for the currency reform, the central bank must decide how to handle the soon obsolete cash currency. Old banknotes that have been exchanged for new currency should be immediately invalidated via ink markings or holes drilled in the currency.

After a second counting, the then invalidated banknotes should be destroyed by shredding or burning. Routines should also be established for the collection and transportation of old coins, which may be sold by the central bank for scrap metal and ultimately melted down.

In line with common international practices, the Turkmen central bank allowed the two sets of banknotes to be circulated during 2009. By 2010, all banks were expected to exchange the old currency for new manat. And after that, the old currency was demonetized and retained only numismatic value.

The IMF’s currency display was recently dismantled to allow for repairs to the building. If and when the display is restored and updated, there will be several new currencies for visitors to view, including the new Turkmen manat. ■

http://www.imf.org/external/pu.....nnberg.htm

Clare: Al-Sudani receives a call from Mohammed bin Salman

7/17/2024

Prime Minister Mohammed Shia Al-Sudani received a phone call on Wednesday evening from the Crown Prince of the Kingdom of Saudi Arabia, Prince Mohammed bin Salman bin Abdulaziz Al Saud.

A statement from Al-Sudani's office stated that during the call, bilateral relations between the two countries and ways to develop and grow them in various fields were discussed, in addition to discussing the latest developments in the region.

The call also addressed a number of issues of common interest, especially in the political, economic and developmental aspects, which will lead to achieving integration and mutual benefit between the two countries. LINK

Paulette: Interesting timing considering Sadia Arabia just educated its citizens that Iraq plans to "delete the zeros" through the Sadia Arabia Argaam financial Services video.....

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Alicia2015: A change in Iraq's monetary value appears to be immanent. This is a speculative investment, so the question is will it meet our expectations or not.
Nobody knows for certain, but logic seems to point in the direction of "yes it will be". Regardless, I'm glad something is finally happening and looking forward to the completion of this part of our journey. IMO

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Clare: Selling commemorative coins to collectors

July 18, 2024

The Central Bank of Iraq announces the sale of currently circulating and withdrawn banknotes and commemorative coins for collectors

♦ Application form for purchasing commemorative coins and their prices .. For more click here LINK

Dinar Recaps 20 7/18/24 Dinar Recaps 20 7/18/24

“Tidbits From TNT” Thursday 7-18-2024

TNT:

Tishwash: 100 investment opportunities next November100

The National Investment Commission has completed its preparations for holding a major investment conference next November.

The head of the authority, Haider Makiya, explained that the authority has completed all its preparations to hold a major investment conference in which about 100 investment opportunities will be presented in all of Iraq’s governorates, noting that invitations have been sent to ambassadors, officials, and all ministers.

TNT:

Tishwash: 100 investment opportunities next November100

The National Investment Commission has completed its preparations for holding a major investment conference next November.

The head of the authority, Haider Makiya, explained that the authority has completed all its preparations to hold a major investment conference in which about 100 investment opportunities will be presented in all of Iraq’s governorates, noting that invitations have been sent to ambassadors, officials, and all ministers.

He pointed out that Prime Minister Mohammed Shia Al-Sudani will attend the conference as he is the biggest supporter of such conferences to see the extent of the readiness of major companies to invest in Iraq as a fertile and promising land, pointing out that the role of embassies is great in this matter, as they conveyed an appropriate image of Iraq and its enjoyment of unparalleled security and economic stability during this important stage of its history.

Makiya added that the conference, which will be held on November 2-3, will be a major economic event in the capital, Baghdad, to present exceptional investment opportunities that the world's largest companies can work on. link

Tishwash: Minister of Trade stresses importance of Arab support for Iraq's accession to WTO

Minister of Trade, Athir Dawood Al-Ghariri, stressed today, Thursday, the importance of Arab support for Iraq's accession to the World Trade Organization.

A statement by the Ministry of Commerce, received by "Al-Eqtisad News", stated that "Minister of Commerce Athir Dawood Al-Ghariri met with the Saudi Ambassador and Head of the Working Group on Iraq's Accession to the World Trade Organization, Saqr Al-Muqbil, in the presence of the ambassadors of the Arab countries in the organization, to discuss mobilizing Arab support for Iraq's accession file to the World Trade Organization."

The statement added, "During the meeting, the progress made by Iraq in meeting the requirements for accession and the challenges it faces in this path were reviewed."

During the meeting, Minister Al-Ghariri stressed the "importance of Arab support to strengthen Iraq's position and achieve its goals in joining the organization."

At the same time, the Minister pointed out "the economic and commercial benefits that will accrue to Iraq and the Arab countries through this accession."

For their part, the Arab ambassadors expressed their "readiness to support Iraq in its efforts," stressing "the importance of strengthening Arab cooperation in international organizations link

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Tishwash: The Economic Situation in Iraq: Challenges and Future Prospects

Iraq is currently going through a critical economic phase, as the country faces many challenges that hinder its growth and stability. The Iraqi economy is one of the most diversified in the region, but it continues to suffer from the effects of internal conflicts and fluctuations in global oil prices.

Economic Challenges

One of the most prominent challenges facing the Iraqi economy is high unemployment among young people, with statistics indicating that the unemployment rate exceeds 25%. This is attributed to the decline in foreign and local investments as a result of the security and political unrest that the country has witnessed over the past years.

Financial and administrative corruption is another obstacle to economic growth. Iraq ranks high in global corruption indices, which negatively impacts the business environment and limits the ability to attract foreign investment. This corruption affects all sectors of the economy, from oil and gas to infrastructure and public services.

Economic Reforms

In the face of these challenges, the Iraqi government is implementing a package of economic reforms aimed at enhancing economic growth and achieving financial stability. Among these reforms are improving the management of oil revenues and diversifying sources of income by supporting non-oil sectors such as agriculture, industry and tourism.

The government is also working to improve the business environment by simplifying administrative procedures and fighting corruption. Oversight bodies have been established to enhance transparency and accountability in the management of public resources.

Future Prospects

Despite the major challenges, there are signs of hope that Iraq’s economic situation can improve. Government initiatives to diversify the economy and boost investment in vital sectors could create new jobs and improve living standards for the population.

In addition, the stability of global oil prices represents an opportunity for Iraq to generate additional revenues that can be used to finance development projects and improve infrastructure.

In conclusion, achieving an economic renaissance in Iraq requires concerted efforts between the government, the private sector, and civil society, in addition to benefiting from international support to enhance economic and social stability. link

Tishwash: A military delegation headed by Yarallah will visit Washington soon...and the American withdrawal may take 3 to 5 years

Baghdad has not yet commented on the attempt to assassinate former US President Donald Trump, while Muqtada Al-Sadr, the leader of the Sadrist movement, described what happened as a “clip from a movie.”

Since the beginning of this year, Baghdad and the United States have been engaged in dialogues about the Western military presence in the country, which have reached the procedures stage, according to the parties to the coordination framework.

A former politician and attempted MP warns that the assassination of Trump, whose interpretations of the incident are now limited to an individual act, may affect Washington's policy in Iraq at a later time.

The Iraqi military leadership is supposed to meet with American officials this July in Washington to complete negotiations on withdrawal.

The two parties held three meetings in Iraq about the fate of the coalition forces, while it is likely that Abdul Amir Yarallah, Chief of Staff of the Army, will lead the next delegation.

A few days ago, Foreign Minister Fuad Hussein said while he was in Washington to attend NATO meetings that "a military delegation will visit Washington to hold discussions about the security agreement concluded between Iraq and the United States."

There is still a conflict in statements between Baghdad and Washington regarding the nature of the negotiations that began at the beginning of this year, regarding whether the United States will withdraw or stay for a longer time.

According to leaks from political circles, the military delegation that will soon go to the United States will ask for “3 or 4 months to finalize the withdrawal arrangements.”

But there are other political parties who doubt the possibility of withdrawing forces so quickly, and talk about the United States requiring between “3 to 5 years” to evacuate the forces.

Ali Nimah, a member of the Security and Defense Committee in Parliament, says that the issue of removing foreign forces from Iraq will not end “overnight,” noting that it is hoped that the transition to bilateral relations will begin during the next year.

Last June, the government confirmed that it had begun new measures in preparation for the withdrawal of coalition forces present since 2014, by developing military infrastructure.
Meanwhile, Hassan Fadaam, a former leader of the Popular Mobilization Forces, said in contact with (Al-Mada) that “the decision to withdraw is final and final, and there is no retreat from the Iraqi government.”

Fadam, a former representative of the Al-Hikma Movement, points out that “the withdrawal is within the government program and also within the political agreement that occurred between all political parties and was informed by the American authorities through diplomacy and by the political forces in all their meetings with American officials.”

Fadham, a member of the coordination framework, confirms that there are major changes in this file. “Work has moved from dialogues to procedures. There are daily procedures in preparation for withdrawal.”

The former MP revealed that a recent visit by a US Defense Department official to Baghdad was part of these arrangements, as he "visited the American bases to begin the withdrawal."

A week ago, Al-Sudani's office reported that the latter received the US Deputy Assistant Secretary of Defense for Middle Eastern Affairs, Daniel Shapiro, in Baghdad.

The office confirmed in a statement that the meeting included talk about "proceeding procedures to end the mission of the international coalition to fight ISIS, and to activate bilateral relations between Iraq and the United States."

Hassan Fadaam says that the United States may try to reverse the withdrawal under various pretexts, “but Iraq is monitoring these moves that Washington could use to disrupt the withdrawal.”

Last February, the Iraqi factions retreated from targeting American forces in an undeclared truce, to give the government the opportunity to negotiate with Washington.

The number of American forces in Iraq since the beginning of 2003 was about 130,000, and it remained fluctuating between 100,000 and 150,000, but it rose again to about 170,000 with the intensification of violence in 2007.

At the end of 2011, the United States withdrew its forces during the era of former President Barack Obama. Except for a few military advisors.

However, with the spread of ISIS in 2014, Washington doubled its forces to more than 5,000 members, before reducing them again to 3,000 in 2021, then to about 2,500 this year.

Withdrawal...and Trump is the example of Alusi, the politician and former MP, who says that the presence of American forces in Iraq was “always the focus of discussion in all American governments after 2003,” but he did not raise, not Once, either secretly or publicly, the idea of “reducing the level of forces to zero.”

Successful American administrations, according to Al-Alusi, who spoke to Al-Mada, were thinking about withdrawing the strike force "and leaving elite forces that represent the American moral and strategic presence in Iraq."

A few days ago, Arab media close to Tehran said that the United States “withdrew an official announcement to schedule a reduction in the number of its forces in Iraq.” It is likely that this is related to the process of withdrawing American forces from Niger.

America, according to Al-Alusi, will reduce the military presence in Iraq and not the political, diplomatic or economic presence if it finds that "the government is part of American ideas and interests, but the opposite will happen if the militia penetration and preoccupation With opening camps for the Houthis in Iraq continues.”

The United States will soon enter into a sensitive political situation with the approaching presidential elections, which may not greatly affect the nature of relations with Iraq, according to Al-Alusi, a former member of the Foreign Relations Committee in Parliament.

He says that the change in the US government “affects foreign relations on major issues with Russia and China,but not with Iraq and Iran.”

But on the other hand, he points out the possibility that the attempt to assassinate Trump may affect Washington policy if it is proven that the perpetrator, whose action is explained as an isolated incident, influenced Iraqi and Iranian propaganda against the nominated president, especially if he wins the elections.

In 2021, an Iraqi court issued an arrest warrant against Trump, against the backdrop of the assassination of Abu Mahdi Al-Muhandis and Qassem Soleimani.

So far, Baghdad has not commented on the assassination attempt, at a time when Muqtada al-Sadr said in a tweet on the “Just allegations.”

Al-Alusi advised the Iraqi government to denounce the assassination attempt, "not for Trump's sake, but in rejection of the assassination attempts that the authorities in Iraq accused of against activists and protesters." link

Mot: Gunna be un of Those Daze!!!

Mot: Seeeeeeeeee -- Ya Can Always Find the ""Positive"" of things!!!

DINARRECAPS8 7/18/24 DINARRECAPS8 7/18/24

Iraq News Highlights and Points To Ponder Thursday AM 7-18-24

Economist Calls On The Government To Delay Joining The World Trade Organization

Money and business Economy News – Baghdad Today, Thursday, economic expert, Bassam Raad, called on the Iraqi government to delay Iraq's accession to the World Trade Organization.

Raad said in an interview with Al-Eqtisad News, "Iraq, which has observer status in the World Trade Organization, seeks to join it after the removal of political restrictions that prevented this, including its exit from Chapter VII procedures of the United Nations Charter."

He added, "This endeavor has positive effects, including expanding economic partnerships and integrating it into the global economy, but on the other hand it represents a problem, especially since the demands of the World Trade Organization are to allow the access of its members' trade to the markets and to free trade from all restrictions, as it is an organization of producing and manufacturing countries, which means opening the Iraqi local markets to imports, and thus negatively affecting any attempt to rebuild the productive, industrial and agricultural sectors and leaving the economic horizon dependent on consumer imports coming from abroad."

Economist Calls On The Government To Delay Joining The World Trade Organization

Money and business Economy News – Baghdad Today, Thursday, economic expert, Bassam Raad, called on the Iraqi government to delay Iraq's accession to the World Trade Organization.

The economic expert explained that "since Iraq depends on oil exports and oil is not subject to customs barriers by importing countries, it should be cautious before seeking to join the World Trade Organization and work towards economic reform and begin implementing plans to diversify local production and build industrial capabilities that support the trend towards exporting abroad, which contributes to enhancing the positive effects of the accession process."

113 views 2024/07/18 - https://economy-news.net/content.php?id=45350

Minister Of Trade Stresses Importance Of Arab Support For Iraq's Accession To WTO

Local Economy News – Baghdad Minister of Trade, Athir Dawood Al-Ghariri, stressed today, Thursday, the importance of Arab support for Iraq's accession to the World Trade Organization.

A statement by the Ministry of Commerce, received by "Al-Eqtisad News", stated that "Minister of Commerce Athir Dawood Al-Ghariri met with the Saudi Ambassador and Head of the Working Group on Iraq's Accession to the World Trade Organization, Saqr Al-Muqbil, in the presence of the ambassadors of the Arab countries in the organization to discuss mobilizing Arab support for the file of Iraq's accession to the World Trade Organization."

The statement added, "During the meeting, the progress made by Iraq in meeting the requirements for accession and the challenges it faces in this path were reviewed."

During the meeting, Minister Al-Ghariri stressed the "importance of Arab support to strengthen Iraq's position and achieve its goals in joining the organization."

At the same time, the Minister pointed out "the economic and commercial benefits that will accrue to Iraq and the Arab countries through this accession."

For their part, the Arab ambassadors expressed their "readiness to support Iraq in its efforts," stressing "the importance of strengthening Arab cooperation in international organizations." 2024/07/18 - https://economy-news.net/content.php?id=45340

An Expert Calls On The Government To End The Waste Of Billions Of Dollars On Importing Gas

Economy , 07/18/2024 11:59 Number of readings: 129 Baghdad - Iraq Today: The expert in energy economics, Kofd Sherwani, called on the government to accelerate the implementation of gas isolation projects associated with oil extraction operations, while he stated that importing natural gas from countries costs Iraq billions of dollars.

Sherwani said, “Iraq possesses huge natural gas reserves amounting to 132 trillion standard cubic feet.” Pointing out, "Projects for isolating associated gas in the southern fields must be expedited, so that they can be used in operating electrical power plants."

Sherwani added in a press interview, “These projects were supposed to be accelerated more than ten years ago so that Iraq would reach the stage of sufficiency and dispense with importing natural gas and electricity from any other source.”

He pointed out, "The rate of burning gas in Iraq decreased from 40% to 35%, according to the statements of the Ministry of Oil, that stopping gas burning will occur within three years, while sufficiency of natural gas will occur within five years " Noting that, “This matter will save the state billions of dollars, amounting to 4 or 5 billion dollars spent annually on importing natural gas and electricity.”

He continued, “The reason for the interruptions of imported natural gas from Iraq is that the areas from which gas is supplied from countries are already in need of gas, and this need increases in some seasons, because this gas is used in power stations and to equip some laboratories, because they represent the regions."

In the final distribution network, there is always little flow and many stops, and this causes interruptions that directly affect the supply of electrical energy, some of whose stations depend on imported Iranian gas at an amount of 50 million cubic meters per day.”

The energy economics specialist stated, “The United States has placed restrictions within the sanctions imposed on Iran, while placing restrictions on sending the financial compensation for imported gas and electricity, and when these payments are delayed, Iran sometimes reduces or cuts the quantities processed as a form of pressure on the Iraqi government to pay what it owes.” Accumulated costs of supplied gas.

He stressed, “Iraq has already paid all of Iran’s dues for the price of gas and electricity, but despite that we hope that the Ministry of Oil’s projects in isolating gas and investing in it will be accelerated to reach the stage of sufficiency, and save These amounts, and perhaps in the event of strengthening the capabilities to produce gas, Iraq is reaching a stage.” Export for the period after five years or a little more.” LINK

Despite Objections, Basra Council Prepares To Vote On 2024 Budget

Economy |Baghdad Today – Basra Basra Governorate Council confirmed, today, Thursday (July 18, 2024), its intention to pass the budget for the current year 2024 at the end of next week, as the study of the project plan for the current year 2024 will be completed and approved in general.

The head of the Design Bloc in the provincial council, Aqil Al-Furaiji, told Baghdad Today, "The council will work to host officials from the directors of all departments to discuss the sectors included in the projects of the current year 2024, as they are the beneficiaries, to involve them in the discussions and for the purpose of reviewing them in detail."

He explained that "the committee's work continues even on holidays to complete the plan and submit it to the provincial council for approval at the end of next week," noting that they are "promising projects that will benefit the Basra citizen."

Basra Governorate MP Dhurgham Al-Maliki had confirmed in previous press statements that the governorate was counting on the 2023 budget, of which only 30% had been spent.

MP Al-Maliki said that Prime Minister Mohammed Shia Al-Sudani confirmed to him that there is 70% of Basra’s money remaining and has not been circulated. It is a trust with the government and will be spent with what was allocated to Basra in the current year’s budget.

Al-Maliki pointed out that there are accumulated amounts of Basra's dues from petrodollar amounts estimated at 20 trillion dinars, and that schedules and a mechanism for disbursement must be established, noting that many projects have been allocated to Basra in the 2023 budget and are awaiting the release of funds to complete them.

He explained that Basra is not counting on the 2024 budget, but rather on last year's budget to complete projects.

Members of the Basra Council and representatives of the province in the House of Representatives had criticised and objected to the decision to reduce the financial allocations for the province from 2 trillion and 900 million dinars to only 850 billion.

This came as a great shock to the governorate, which is the economic capital of Iraq, as the allocations are not even enough to cover the debts of companies and contractors tasked with service projects, according to official statements, stressing the need to reconsider the decision in a manner that is consistent with the size of the governorate and its needs for projects. LINK

Dinar Recaps 20 7/18/24 Dinar Recaps 20 7/18/24

MilitiaMan: IQD Update - Iraq Dinar - Iraqi Dinar Update - WTO - Global Economy Trade - International Support

IQD Update - Iraq Dinar - Iraqi Dinar Update - WTO - Global Economy Trade - International Support

MilitiaMan and Crew: 7-17-2024

The Crew: Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man Be sure to listen to full video for all the news……..

IQD Update - Iraq Dinar - Iraqi Dinar Update - WTO - Global Economy Trade - International Support

MilitiaMan and Crew: 7-17-2024

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=VYWwTXvL_DY