Iraq Economic News and Points To Ponder Thursday Afternoon 7-25-24

Black Money" Fuels The Investment Stock Exchange.. Countries That Flourished With Iraq's Looted Money

 Politics | Today, 11:00 |  Baghdad today – Baghdad   Today, Thursday (July 25, 2024), former MP Manar Abdul Muttalib identified the features of  black money in the Iraqi Investment Stock Exchange, indicating that this money stolen from the Iraqi treasury has revived the economies of several countries.

 Abdel Muttalib said in an interview with "Baghdad Today",  "There is no accurate figure on the amount of money looted in Iraq after 2003, but  all indicators indicate that it is hundreds of billions of dollars, some of which were smuggled abroad and others were transferred to support the building of economic wings for parties, forces, and companies."

She added,  "The investment environment in Iraq is going against the trend in the world, in that anyone who has $100,000 can invest in a project worth $100 million.

 This is a paradox, especially since the state is providing land for free, and it is investing in customers' money, especially in housing projects, which represent a fertile environment for attracting... "Money." Abdul Muttalib pointed out that black money (referring to corrupt and plundered money) “is present in all sectors, including investments,  but the possibility of detecting it is difficult and complicated because there is no money in the names of politicians.

 However, seeing the level of prosperity and opulence and comparing it with their situation years ago gives an indication of the extent of corruption.”. 

She explained that  "corrupt money smuggled to neighboring countries and was put into large investment projects that revived the economies of several capitals, to the point that those countries do not actually cooperate with Baghdad in order to clarify the fate of Iraq's money

 because they benefited in different ways," indicating that

"searching for Iraq's previous money is difficult."

 But what is most important is to reconsider the investment file,

      bring it within a scope that serves the country’s economy, and

      adopt serious steps to combat corruption in order to preserve the remaining wealth of the country.”  

 https://baghdadtoday.news/254151-المال-الأسود-يغذي-بورصة-الاستثمارات.-دول-انتعشت-بأموال-العراق-المنهوبة.html    

The Central Bank Of Iraq "Warns" Against The Circulation Of Souvenir Notes Denomination Of One Million US Dollars

 July 25, 2024  The Central Bank of Iraq renews its warning against the promotion of souvenir bills in the denomination of “one million” US dollars that are used to defraud and defraud citizens.

Emphasizing that the security and regulatory authorities will pursue the people who promote these memorial papers and take legal measures against them.

Pointing out that the highest denomination in circulation for the US dollar is the $100 denomination.

It is noteworthy that the aforementioned commemorative note is not circulated in the global money markets as it is issued by the American Millionaires Association.

This note is not considered a banknote because it is not issued by the US Federal Bank and does not represent any financial bond, and is used for gifting purposes only.

In February 2020, the Central Bank of Iraq warned against the circulation of the “one million” dollar bill because it is a non-cash paper.  Central Bank of Iraq  information Office  25 - July – 2024  https://cbi.iq/news/view/2625   

Parliamentary Finance Reveals A Legal Violation Involving The Governor Of The Central Bank.. What About The Dollar?

Policy     2024-07-25 | Alsumaria News     2,909 views  Alsumaria News – Politics  Today, Thursday, July 25, 2024, the Parliamentary Finance Committee confirmed that the

Central Bank of Iraq’s procedures to change the exchange rate of the dollar in Iraqi local markets

      did not have any impact and

     did not achieve any real actual results,

 revealing a legal violation involving the Governor of the Central Bank of Iraq, Ali Al-Alaq.

 A member of the Finance Committee, Muhammad Nouri , said in an interview with Al-Sumaria News,

 “The Central Bank of Iraq is still continuing with its wrong procedures that have not achieved any effect and have not achieved any real actual result in changing the exchange rate of the dollar in the Iraqi local markets, which has negatively affected the Iraqi reality and has increased.” "Inflation rates have increased significantly in recent days." 

He added,   “There is work on this issue by the Parliamentary Finance Committee, whether it is interrogations or changing the governor of the Central Bank due to the legal age, as he has exceeded the legal age, and this is a violation of the Civil Service Law,” pointing out that

 “many topics will be addressed by the Council in the coming days, especially the dollar file.”

Because of the great delays, in addition to the control of foreign banks owned by foreign capital owners, this causes an imbalance in national security and Iraqi economic security.”

 Some time ago, the price of the dollar decreased in the parallel market, as it stabilized at 145 thousand dinars for every 100 dollars over the past period, but it rose again to exceed 150 thousand dinars a few days ago.

 Since the beginning of last year, Washington has intervened to limit the smuggling of dollars from Iraq, which led to a rise in the price of the dollar in the local market to a record level of 170,000 dinars per 100 dollars, due to the decline in the Central Bank’s sales of dollars, given its subjection to the international “SWIFT” financial system..

 It is noteworthy that the Central Bank decided to finance trade in the euro, the Chinese yuan, the Emirati dirham, and the Indian rupee, in steps to reduce the demand for the dollar.  

 https://www.alsumaria.tv/news/politics/494857/المالية-النيابية-تكشف-عن-مخالفة-قانونية-تخص-محافظ-البنك-المركزي-ماذا-ع    

Iraq’s Gold Reserves Rise To 148.3 Tons

Amr Salem July 25, 2024   Gold bars. Baghdad (IraqiNews.com) – Recent data released by the International Monetary Fund (IMF) showed that Iraq and Qatar increased their gold reserves.

 According to the IMF, Iraq’s gold holdings climbed by 2.64 tons in May 2024, bringing its total gold holdings to 148.3 tons.

 Additionally, the report indicated that in June 2024, Qatar added 3.11 tons to its gold reserves, bringing them to 106.4 tons.

 This growth reflects Iraq’s ongoing efforts to diversify its foreign reserves and improve long-term financial and monetary stability.

 Gold is a traditional safe haven for investors, particularly during times of economic and geopolitical instability.

 In its latest report issued in April, the World Gold Council revealed that Iraq maintained its position as the 30th-largest gold-holding country out of 100 countries, as its gold possessions remained 142.6 tons, representing 8.4 percent of the rest of its other reserves.

The World Gold Council mentioned earlier that Iraq purchased approximately 12.25 tons of gold in 2023.

The Central Bank of Iraq (CBI) purchased 34 tons of gold in June 2022, representing an increase of 35 percent in its holdings at that time.

 Iraq is one of the countries that possess large amounts of gold reserves in the Arab region.

 It ranks fourth after Saudi Arabia, Algeria, and Morocco.

This increase in Iraq’s gold reserves is considered a positive indicator, reflecting the strength of the Iraqi economy.    https://www.iraqinews.com/iraq/iraqs-gold-reserves-rise-to-148-3-tons/    

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

Economist’s “News and Views” Thursday 7-25-2024

BRICS Now Controls 72% of the World’s Rare-Earth Metals

We love Africa:  7-24-2024

In a significant geopolitical shift, the BRICS nations—Brazil, Russia, India, China, and South Africa—have now emerged as custodians of an astonishing 72% of the world’s rare-earth metals. After consolidating control over a significant portion of global oil supplies, this new monopoly on rare-earth elements presents profound implications for global trade, technology, and the balance of power in the international arena.

Rare-earth metals are a group of 17 elements essential for the production of high-tech devices, renewable energy technologies, and various defense applications. Items ranging from smartphones, electric vehicles, and wind turbines to military equipment rely heavily on these metals. As the world increasingly pivot towards technology and sustainable energy solutions, the demand for these precious resources has skyrocketed.

The BRICS nations, by controlling such a substantial share of rare-earth metals, position themselves as crucial players in an increasingly competitive global economy. Imagine if BRICS decided to trade these materials in currencies other than the US dollar. Such a strategy could undermine the dollar’s role as the world’s primary reserve currency, disrupting established commercial practices and inciting economic volatility.

This potential disruption could lead to a significant shift toward a multipolar world, where power and influence are distributed among several nations rather than being concentrated in a few Western countries. The implications of this could resonate across numerous sectors, including technology, industry, and defense. With dominance over essential resources, BRICS would have leverage in negotiations, partnerships, and global policy decisions.

The BRICS nations controlling 72% of the world’s rare-earth metals represents both a seismic shift in global economics and the potential for lasting geopolitical ramifications. If they leverage this power effectively, it could catalyze a transition to a multipolar world where Western dominance is challenged.

As the global landscape continues to evolve, businesses, governments, and societies must adapt to these changes. The strategic approaches adopted by both BRICS and the Western nations in response will undoubtedly shape the contours of the future economy and international relations. The world is on the brink of a new era—one where resources dictate power and alliances are more crucial than ever.

https://youtu.be/GqD6pv9Q0ng

Powerful Economic Indicator Signaling "Hard Landing" May Have Started

George Garmin:  7-24-2024

https://www.youtube.com/watch?v=k8HRPhrXEu8

Is the US Dollar’s Dominance Coming to an End?

Kitco News: 7-24-2024

In a recent illuminating interview on Kitco News, anchor Jeremy Szafron had the opportunity to converse with Tavi Costa, a Partner and Macro Strategist at Crescat Capital. Their discussion touched on some of the most pressing concerns in the economic landscape today: the future of the U.S. dollar, growing sovereign debt concerns, and the implications for global markets. As inflationary pressures mount and geopolitical tensions escalate, these topics are increasingly relevant for investors and everyday citizens alike.

Lower interest rates could potentially create a temporary alleviation of debt obligations, but they may also spur inflationary pressures, diminishing the dollar’s purchasing power. This, Costa believes, will have cascading effects across global markets, especially in commodities.

The forecasts may look grim for the dollar, they open the door for substantial investment opportunities in the commodities sector. Investors looking for a hedge against inflation and currency risk might find solace in allocating their assets towards tangible commodities.

Costa’s insights on the U.S. dollar, sovereign debt, and global markets are both sobering and enlightening. His bearish outlook prompts a reconsideration of long-held assumptions about currency strength and encourages a shift toward commodities as a potential safeguard against economic instability. As we navigate through these challenging times, the perspectives shared in this interview serve as a crucial reminder of the interconnectedness of global financial systems and the importance of proactive investment strategies.

https://youtu.be/TngMlys_bmc

“Tidbits From TNT” Thursday 7-25-2024

TNT:

Tishwash:  Black Money" Fuels Investment Stock Exchange.. Countries That Prospered with Looted Iraqi Money

 Former MP Manar Abdul Muttalib, on Thursday (July 25, 2024), identified the features of black money in the Iraqi investment stock exchange, indicating that this money stolen from the Iraqi treasury has revived the economies of several countries .

Abdul Mutalib said in an interview with Baghdad Today, "There is no accurate figure for the amount of money looted in Iraq after 2003, but all indications indicate that it is hundreds of billions of dollars, some of which was smuggled abroad and some of which was turned into support for building economic wings for parties, forces and companies ."

She added, "The investment environment in Iraq is going against the trend in the world in that anyone with $100,000 can invest in a project worth $100 million. This is a paradox, especially since the state provides the land for free and it builds with customers' money, especially in housing projects that represent a fertile environment for attracting money ."

Abdul Muttalib pointed out that black money (referring to corrupt and looted money) “exists in all sectors, including investments, but the possibility of uncovering it is difficult and complicated because there is no money in the names of politicians. However, seeing the level of prosperity and extravagance and comparing it with their situation years ago gives an indication of the extent of corruption .”

She explained that "corrupt funds were smuggled to neighboring countries and were thrown into large investment projects that revived the economies of several capitals, to the extent that those countries do not actually cooperate with Baghdad in order to clarify the fate of Iraq's funds because they benefit in different ways," indicating that "searching for Iraq's previous funds is difficult, but the most important thing is to reconsider the investment file and make it within a scope that serves the country's economy and to approve serious steps to combat corruption in order to preserve what remains of the country's wealth  link

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

Tishwash:  Saleh: The Central Bank's dollar reserves are solid and the GDP rate is very optimistic

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed the cohesion of foreign reserves, especially the dollar, at the Central Bank of Iraq.

Saleh told Al Furat News Agency, "Covering urgent expenses in dollars, as they represent the desired demand for foreign currency, in addition to the level of sufficiency of incoming foreign currency flows and the level of maintaining the country's reserves of the total foreign currency held by the Central Bank, is subject to two main factors."

He explained that the first factor is "the nature of the oil asset cycle, which is still at its highest levels of global price increases due to the strength of global demand for energy, and that economic expectations indicate that potential price fluctuations towards a decline are still out of reach and are largely linked to the end of military operations in Ukraine, and the return of the flow of Russian gas and oil, especially to European markets, as the Russian Federation is the second largest oil-producing country in the world and leads the production and export of gas to major consumer markets in the European continent directly." 

The other factor, according to Saleh, “is related to the surplus in the current account of the Iraqi balance of payments, as estimates issued by international financial institutions indicate that this percentage of the surplus in the current account of the Iraqi balance of payments to the country’s gross domestic product is no less than {positive 6%}, which is a very optimistic positive percentage.”

He explained that "both factors indicate the cohesion of the country's foreign reserves, which are generated by high oil export revenues to date, versus control over outward cash flows of foreign currency to meet local demand for imported goods, services and foreign benefits, as the current account of the balance of payments indicates that it is in a positive and stable position and is consistent with the general budget's spending tendencies during the current fiscal year 2024."  link

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

Tishwsh:  Central Bank Under Wide Criticism After Failure To Control Exchange Rate

The Central Bank of Iraq announced today, Wednesday, the total sales of foreign currency through the electronic window. The window recorded the total amounts of transfers abroad (remittances, credits) at $267,587,912, while the total cash sales amounted to $7,050,000, bringing the total to $274,637,912.

The Central Bank set the selling price for transfers and cash at 1,310 dinars per dollar, while documentary credits and international settlements for electronic cards were set at 1,305 dinars.

The Central Bank of Iraq is facing widespread criticism from various economic and political circles due to its current policies and its inability to control the exchange rate of the dinar against the dollar. Under the government of Mohammed Shia al-Sudani, who decided to reduce the exchange rate to 1,320 dinars per dollar, the Central Bank was unable to actually control the price, which led to the emergence of a parallel market benefiting private banks that were described as similar to shops for exchanging dollars.

The instability of the exchange rate and the emergence of the parallel market have increased pressure on the Iraqi economy. These private banks are one of the biggest beneficiaries of the current situation, as they can buy dollars at lower prices than the official market and sell them at higher prices in the parallel market. This situation leads to economic instability and increases the burden on citizens who face rising prices due to the fluctuation of the exchange rate.

These problems reflect the weakness of the Central Bank of Iraq’s management and the inability to take effective measures to limit the influence of the parallel market. Many experts believe that the Central Bank needs to adopt more stringent policies and coordinate with government agencies to achieve tangible economic stability. The current situation requires serious steps to narrow the gap between the official and parallel markets and ensure price and exchange rate stability.

It is imperative that the Central Bank of Iraq strengthens oversight of the financial market and takes strict action against banks that exploit the situation to make illicit profits. The Iraqi government must also support the Central Bank through comprehensive economic policies that contribute to the stability of the local currency and the strengthening of the national economy.

The biggest challenge facing the Central Bank of Iraq and the Iraqi government remains achieving economic stability and ensuring fair distribution of opportunities and resources among all segments of society. Addressing the problem of the exchange rate and the parallel market requires joint efforts from all concerned parties to reach radical and sustainable solutions.  link

Mot: .. Don't Worry!! -- Beeee Happy!!

https://www.youtube.com/watch?v=wIm-tMAktTo

Iraq Economic News and Points To Ponder Thursday AM 7-25-24

The Iraqi Banking System: A Noticeable Increase In The Number Of Bank Accounts And The Size Of Citizens’ Deposits

 Time: 07/24/2024 13:01:43 Read: 1,898 times  {Economic: Al-Furat News} The banking system in Iraq is regaining citizens’ confidence in it little by little, with the increase in the number of bank accounts in banks and banks spread throughout the country.

 Banking systems around the world face increasing challenges in light of rapid economic and financial changes.

 To ensure the stability of these systems and protect depositors' funds, many countries are moving to join the International Association of Deposit Insurers.

This membership is not just a formality, but rather a strategic step that carries with it great benefits for member states and their banking systems.

In Iraq, economic and political challenges over the decades have provided a strong justification for keeping money at home rather than putting it in banks.

 However, the joining of the Iraqi Deposit Insurance Company (ICDI) to the International Organization of Deposit Insurers came as a decisive step in improving confidence in the banking system.

 Since its accession, Iraq has witnessed a

      noticeable increase in the number of bank accounts and the

     size of deposits,

 which reflects a significant improvement in citizens’ confidence in banks.

 This development enhances Iraq’s ability to

      attract investments and

     support economic growth

  by converting savings into productive investments.

 In a world of increasing economic and financial interconnectedness, countries cannot act in isolation from each other.

Membership in international deposit insurance bodies reflects countries' commitment to international cooperation and exchange of experiences, and confirms their tireless pursuit of achieving financial stability and protecting depositors' funds.

This membership is not just a formality, but rather a strategic investment in the future of the banking system and the national economy as a whole.

 International cooperation: the cornerstone of deposit guarantee

 International bodies provide a unique platform for exchanging experiences and knowledge between member states.

 National financial institutions can benefit from the successful experiences of other countries in the field of deposit insurance, and avoid the mistakes that some countries have made.

 This continuous exchange contributes to the development and modernization of deposit insurance policies and procedures in line with global best practices.

 Joining the International Association of Deposit Insurers (IADI) enhances the transparency and credibility of the national banking system.

 The state's commitment to strict international standards in the field of deposit insurance sends a positive message to citizens and investors that

      their deposits with member banks of the deposit insurance system are in safe hands and that the

      banking system is subject to effective local monitoring and supervision.

 International bodies not only provide a platform for exchanging experiences, but also provide technical and advisory support to their members.

National institutions can benefit from the expertise of international specialists in developing and implementing effective deposit insurance policies, assessing potential risks, and preparing for financial crises.

 By adhering to international standards and applying best practices, national institutions can reduce the risks of financial crises and enhance the stability of the banking system.

 This stability is not a goal in itself, but rather a means to achieve broader economic and social goals, such as increasing economic growth rates and providing job opportunities.

 When citizens and investors trust the banking system, they are more willing to deposit their money in banks.

 This increased confidence leads to an increase in the volume of deposits available for investment, which supports economic activity and contributes to achieving sustainable development.

 The impact of membership in international bodies is not limited to enhancing financial stability and confidence in the banking system,

but rather extends to supporting economic development.

Increasing the volume of deposits available for investment can

     contribute to financing development projects,

      providing loans to small and medium enterprises, and

     creating new job opportunities.

 Malaysia:

 Malaysia joined the International Association of Deposit Insurers, which helped improve deposit insurance policies and increase confidence in the banking system.

 This accession led to an increase in the volume of bank deposits and greater financial stability, which contributed to supporting economic growth in the country.

 South Korea:

After the Asian financial crisis in the late 1990s, South Korea joined the International Association of Deposit Insurers.

 International membership helped restore confidence in the banking system and strengthen the stability of the national economy, allowing South Korea to achieve a rapid economic recovery.  

 https://alforatnews.iq/news/النظام-المصرفي-العراقي-زيادة-ملحوظة-في-عدد-الحسابات-البنكية-وحجم-الودائع-للمواطنين    

Iraq Suspends Banking Transactions In Chinese Yuan

Amr Salem July 24, 2024 The Central Bank of Iraq. Photo: AFP   Baghdad (IraqiNews.com) – Member of the parliamentary finance committee, Moeen Al-Kadhimi, revealed that Iraq has chosen to discontinue using the Chinese yuan in financial transactions.

 Al-Kadhimi told Al-Forat News that the decision was made due to worries about potential manipulation and other difficulties with certain transfers.

 Iraq has been ordered by the US Federal Reserve to stop trading in Chinese yuan, citing discrepancies and specific issues with transactions, according to Al-Kadhimi.

 The Iraqi lawmaker clarified that the US Federal Reserve receives $3.5 million generated from Iraq’s daily oil exports, noting that the money is regulated through transfers that the Central Bank of Iraq (CBI) authorizes.

 Before transferring cash to the specified Iraqi organizations, the Federal Reserve has to authorize these transfers and the related commercial activities.

 In order to provide the CBI and Iraqi businesses additional alternatives, Al-Kadhimi added that the parliamentary finance committee will push the CBI to address this problem and diversify its currency basket.

 In February 2023, the CBI announced that the financing of foreign trade with China will be regulated directly in the Chinese yuan through two options.

 The first option includes strengthening the balances of Iraqi banks that have accounts with Chinese banks in the Chinese yuan, while the

 second option includes strengthening the balances of Iraqi banks through the accounts of the CBI, in the Chinese yuan, with the J.P. Morgan bank, and the Development Bank in Singapore.

 Later in 2023, Iraq enhanced its balances in the yuan currency through the Singapore Development Bank to finance the country’s trade with China by about $12 billion annually.

 Baghdad also increased its assets in UAE dirham and was negotiating to increase its balances in euros to finance trade with the European Union.    https://www.iraqinews.com/iraq/iraq-suspends-banking-transactions-in-chinese-yuan/    

Drilling Techniques And Oil Reserves

Economical 07/24/2024  Walid Khaled Al-Zaidi   It is an axiom of work in oil fields that advanced, highly efficient drilling mechanisms produce important results at the level of extraction and new discovery, especially the quantities of reserve crude that lie in the depths of those fields and in the southern regions in particular.

 This is confirmed by a group of specialized geologists that the statistics are based to a large extent.

 To data estimated decades ago that unexplored fields in Iraq may contain much larger oil reserves than originally indicated, and

 Iraq may exceed its fifth place in the world in terms of oil reserve quantities at the level of oil-rich countries.

 What reinforces these indicators are the actions taken by the Ministry of Oil these days and by updating Drilling mechanisms in some southern fields through the inauguration of the giant drilling rig in Iraq, which operates with a power of up to (2000) horsepower, in the Majnoon field specifically.

 The impact of the drilling process with this device, which is the largest in Iraq, has many benefits that other less powerful devices have not been able to achieve, and

 its positive effects on the production process in the aforementioned field are worthy of attention because it is characterized by a superior ability to drill greater depths compared to devices with less power than it,

 because all its equipment Manufactured with high technology for the purpose of reaching deep levels of drilling operations that can achieve the desired purpose, which is mostly drilling exploratory and appraisal wells,

in addition to the technical technology to address situations and problems that may occur during drilling operations deep into the targeted wells, as well as

 providing geological information about the rock layers that can be It adds new numbers to the size of national reserves in addition to what was confirmed in

 previous statistics that showed that Iraq is ranked fifth among the best countries that possess growing oil reserves,

 according to statistics from the Italian oil company Eni, and among the ten largest countries in the world, with an amount of (145) billion barrels, before Approximately two years, with a growth rate that can change upwards

 The modern uses that the Ministry of Oil is working on, through its well-drilling company, have all the possibilities at the level of new exploration, including recording modern numbers in the field of field reserves in all regions of Iraq, and on an increasing basis, after widely varying estimates regarding these indicators and through the numbers of the US Department of Energy before For almost two decades, I indicated that Iraq has (112) billion barrels of reserve.

The US Geological Survey previously estimated Iraqi oil reserves at (78) billion barrels in 1995,

 but local oil sources expected at the time that the potential reserves might reach (300) billion barrels.

 After these indicators, evidence comes to indicate beyond doubt that the actions and procedures of those in charge of the oil sector, and through modernization and investment in drilling operations, lead to the fact that the levels of oil reserves in Iraq are rising in a proportional manner with those procedures and through the great efforts that the Ministry of Oil seeks to achieve development goals.

 Determining the graphical indicators for everything related to this field and the successes it can achieve in the long term, which will bring oil, which is the vital economic factor, to great positive effects on the comprehensive development of our country.     https://alsabaah.iq/99883-.htm

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

MilitiaMan: Iraq Dinar Update - IQD Revaluation-Key Indicators - Deposit Insurance -Arbitration law - Guarantees

Iraq Dinar Update - IQD Revaluation-Key Indicators - Deposit Insurance -Arbitration law - Guarantees

MilitiaMan and Crew: 7-24-2024

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=W99J2Oy-fik

Seeds of Wisdom RV and Economic Updates Wednesday Evening 7-24-24

Good Evening Dinar Recaps,

XRP WHALES Go On $84 MILLION Buying Spree To Lock Down 140 Million Tokens

"XRP whales look to have regained their confidence in the XRP token, with recent data showing an accumulation trend among these investors. This is significant as XRP eyes the $1 mark and as these XRP whales could play a role in facilitating such a price rally. "

"Crypto analyst Ali Martinez recently shared data from the on-chain analytics platform Santiment, which shows that XRP whales bought over 140 million XRP ($84 million) this past week."

"This increase in whale accumulation is also a factor that could contribute to such a rally, as these investors could use their market influence to push XRP’s price to new highs. Santiment recently noted that XRP’s impressive rebound is supported by the rising level of coins held by xrp whales and sharks with over 100,000 tokens. According to Santiment, this category of investors now holds over 51 billion XRP tokens, a new all-time high (ATH).

"n addition to this significant whale accumulation, network activity on the XRP ledger (XRPL) also paints a bullish picture for XRP. Santiment revealed that the XRPL is witnessing a notable increase in new addresses created and total addresses interacting on the network. Both metrics are at their highest levels since March.

"Specifically, data from Santiment shows that 1,721 new XRP wallets were created on July 18 and that 47,363 individual addresses interacted on the network that day. This is also a bullish signal as it suggests that retail investors are also flocking into the XRP ecosystem in anticipation of higher prices from the crypto token. XRP’s technicals also suggest that a significant price rally is on the horizon. "

@ Newshounds News™

Read more:  Bitcoinist

~~~~~~~~~

South African Startup Neonomad to Launch Rand-Backed STABLECOIN

"South African fintech startup Neonomad, a hybrid exchange platform, is set to launch Zarcoin (ZARC), a rand-backed stablecoin. The goal of Zarcoin is to bridge the gap between traditional and crypto finance while enabling seamless local and cross-border transactions."

"According to a report, the STABLECOIN is set to cater to both unbanked and banked South Africans, utilizing Solana Pay for instant and low-cost transactions."

"For his part, Devon Krantz, COO of Neonomad, stated that the STABLECOIN and the firm’s app are intended to facilitate multiple offerings, even in the decentralized finance (defi) space. He added that Neonomad’s platform is specially designed to transition users from traditional banking platforms to the startup’s “secure STABLECOIN ecosystem.”

"Meanwhile, the report revealed that the hybrid exchange platform also plans to launch an educational program to boost cryptocurrency usage among South Africans. Neonomad aims to achieve this by launching a coworking space for crypto enthusiasts in Cape Town sometime during the last quarter of 2024."

@ Newshounds News™

Read more:  Bitcoin

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

Iraq, US Agree To Reach Understanding On Concept Of New Phase Of Security Relationship

Wednesday 24 July 2024 | Politics Number of readings: 192  Baghdad / NINA / Iraq and the United States of America agreed to reach an understanding on the concept of a new phase of the bilateral security relationship, which includes cooperation through liaison officers, training, and traditional security cooperation programs.

The two sides agreed, in a joint statement issued after the second round of talks in Washington, to commit to developing Iraq's security and defense capabilities and their determination to deepen security cooperation across a full range of issues to advance the common interest of both countries in the security and sovereignty of Iraq, and in the stability of the region.

The 2024 Joint Security Cooperation Dialogue builds on the discussions held during the visit of the Iraqi-Sudanese Prime Minister to Washington, DC, in April of this year and the inaugural Joint Security Cooperation Dialogue last summer.

They agreed to establish a bilateral High Military Committee to analyze three factors, the threat from ISIS, operational requirements, and the capability levels of the Iraqi security forces, in addition to continuing consultations on enhancing bilateral cooperation to ensure the lasting defeat of ISIS after more than a decade of cooperation between the international coalition and Iraq.

The Joint Security Cooperation Dialogue continued on the basis of the work of the High Military Committee over the past six months and in recognition of the upcoming tenth anniversary of the Global Coalition to Defeat ISIS military mission in Iraq.

A detailed joint statement on the future of the Global Coalition’s mission and presence in Iraq is scheduled to be issued shortly after the conclusion of the Higher Military Committee.

The two sides affirmed the importance of Iraq’s continued support for the Global Coalition to Defeat ISIS in Syria and around the world.

In addition, the delegations reached an understanding on the concept of a new phase in the bilateral security relationship, which includes cooperation through liaison officers, training, and traditional security cooperation programs.

The delegations also discussed efforts to build the operational capacity of Iraqi security forces through U.S. military assistance and security cooperation programs, including through Foreign Military Sales and Foreign Military Financing.  

The two sides emphasized the importance of continued cooperation to ensure the sustainability of U.S. military equipment used by Iraqi security forces. The delegations emphasized the value of professional military education and technical training programs and decided to enhance both.

In support of Iraq’s sovereignty and security, the delegations emphasized that the advisory mission is in Iraq at the invitation of the Iraqi government to support Iraqi security forces in the fight against ISIS and to support and develop Iraqi security forces, including Kurdish security forces.

The Iraqi representatives affirmed their absolute commitment to protect U.S. and Coalition personnel, advisors, convoys, and diplomatic facilities.

Delegations discussed the continued urgent need to return displaced persons and detainees currently in northeastern Syria to their countries of origin and to support reintegration efforts into local communities in Iraq. Repatriations represent an important line of effort in the ongoing fight against ISIS./ End    https://ninanews.com/Website/News/Details?Key=1143380

Iraqi Banking System.. A Significant Increase In The Number Of Bank Accounts And The Volume Of Deposits For Citizens

Time: 2024/07/24 13:01:43 Read: 1,716 times  {Economic: Al Furat News} The banking system in Iraq is gradually regaining citizens’ confidence with the increase in the number of bank accounts in the country.

Banking systems around the world are facing increasing challenges in light of rapid economic and financial changes. To ensure the stability of these systems and protect depositors’ funds, many countries are moving towards joining the International Association of Deposit Insurers. This membership is not just a formality, but a strategic step that carries significant benefits for member countries and their banking systems.

In Iraq, economic and political challenges over the decades have provided a strong justification for keeping money at home rather than in banks. However, the accession of the Iraqi Deposit Insurance Corporation (ICDI) to the International Association of Deposit Insurers was a decisive step in improving confidence in the banking system.

Since its accession, Iraq has witnessed a significant increase in the number of bank accounts and the volume of deposits, reflecting a significant improvement in citizens’ confidence in banks. This development enhances Iraq’s ability to attract investment and support economic growth by converting savings into productive investments.

In a world characterized by increasing economic and financial interdependence, countries cannot operate in isolation from each other. Membership in international deposit insurance bodies reflects countries’ commitment to international cooperation and exchange of expertise, and confirms their relentless pursuit of financial stability and the protection of depositors’ funds.

This membership is not just a formality, but a strategic investment in the future of the banking system and the national economy as a whole.

International cooperation: the cornerstone of deposit insurance

International bodies provide a unique platform for the exchange of expertise and knowledge between member states. National financial institutions can benefit from the successful experiences of other countries in the field of deposit insurance, and avoid the mistakes made by some countries.

This ongoing exchange contributes to the development and modernization of deposit insurance policies and procedures in line with international best practices. Joining the International Association of Deposit Insurers (IADI) enhances the transparency and credibility of the national banking system.

A country’s commitment to strict international standards in the field of deposit insurance sends a positive message to citizens and investors, stating that their deposits with banks that are members of the deposit insurance system are in safe hands and that the banking system is subject to effective local monitoring and supervision.

 International bodies do not only provide a platform for the exchange of expertise, but also provide technical and advisory support to their members.

National institutions can benefit from the expertise of international specialists in developing and implementing effective deposit insurance policies, assessing potential risks, and preparing for financial crises.

By adhering to international standards and implementing best practices, national institutions can reduce the risk of financial crises and enhance the stability of the banking system.

This stability is not an end in itself, but rather a means to achieve broader economic and social goals, such as increasing economic growth rates and creating job opportunities. When citizens and investors trust the banking system, they are more willing to deposit their money in banks.

This increased confidence leads to an increase in the volume of deposits available for investment, which supports economic activity and contributes to achieving sustainable development.

The impact of membership in international bodies is not limited to enhancing financial stability and confidence in the banking system, but extends to supporting economic development. Increasing the volume of deposits available for investment can contribute to financing development projects, providing loans to small and medium enterprises, and creating new job opportunities.

Malaysia:

Malaysia joined the International Association of Deposit Insurers, which helped improve deposit insurance policies and increase confidence in the banking system.

This accession led to an increase in the volume of bank deposits and greater financial stability, which contributed to supporting economic growth in the country.

South Korea:

After the Asian financial crisis in the late 1990s, South Korea joined the International Association of Deposit Insurers. International membership helped restore confidence in the banking system and stabilise the national economy, allowing South Korea to achieve a rapid economic recovery.  LINK

"Vigilant Guardian"... Harmonious Supervisory Cooperation To Guarantee Citizens' Deposits In Iraqi Banks

Time: 2024/07/24  Reading: 923 times  {Economic: Al Furat News} At the heart of the Iraqi financial system, the harmonious cooperation between the Banking Control Department and the Iraqi Deposit Insurance Corporation (ICDI) is evident as two fundamental pillars in the edifice of financial stability.

Despite the apparent overlap in their duties, a deeper look into the details of their roles reveals a precise functional integration that ensures the safety and strength of the country’s banking sector.

The Banking Control Department’s mission is to supervise and closely monitor banking institutions operating in Iraq. It acts as a vigilant guardian that ensures strict adherence to applicable financial and accounting standards.

The department’s responsibilities extend to assessing banks’ financial performance and ensuring their compliance with relevant banking laws and regulations, particularly with regard to liquidity and solvency requirements. In times of crisis, the department intervenes decisively to contain the repercussions and provide the necessary support to maintain the stability of the banking system and prevent its collapse.

On the other hand, the Iraqi Deposit Insurance Corporation (ICDI) plays a pivotal role in protecting and ensuring the safety of public deposits. It is a safety net that protects savings from loss in the event of a bank going bankrupt.

By providing guarantees on bank deposits up to a certain limit, ICDI instills confidence in depositors and encourages them to save and invest in banks instead of hoarding, which contributes to increasing the liquidity available to the national economy, thus driving growth and development.

The integration between the Banking Supervision Department and the ICDI lies in the harmonious distribution of roles and tasks that ensures the achievement of the ultimate goal, which is to preserve the banking system and enhance its stability.

While the Department plays the role of the “guardian” that monitors and guides, the ICDI plays the role of the “safe haven” that protects and provides reassurance. This precise functional integration reflects the close cooperation between the two institutions, and demonstrates that their roles are not conflicting, but rather complementary and harmonious to achieve a common goal, which is to protect deposits and ensure their successful and safe use by banks.

The Iraqi experience is the best evidence of the effectiveness of this integration. Following Iraq’s accession to the International Association of Deposit Insurers, the country witnessed a significant improvement in the stability of its financial system, and a significant increase in the volume of bank deposits, indicating the growing confidence of citizens in the banking system.

These positive results confirm that close cooperation between the Banking Supervision Department and the ICDI plays a crucial role in achieving the desired financial stability.

In conclusion, there is no doubt that the integration between the Banking Control Department and the Iraqi Deposit Insurance Corporation constitutes a model to be emulated for constructive cooperation between state institutions.

This integration contributes to achieving the common goals of protecting depositors’ funds, enhancing financial stability, and driving sustainable economic development in Iraq.  LINK

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

Seeds of Wisdom RV and Economic Updates Wednesday Afternoon 7-24-24

Good Afternoon Dinar Recaps,

PUTIN WANTS RUSSIA TO EMBRACE THE DIGITAL RUBLE

"The digital ruble has proven its viability and it is time to move on to a wider use of the currency, Russian President Vladimir Putin said at a meeting about the economy."

"Digital currency works much the same way as national currencies used by central banks of various countries, making transactions more transparent and easier to track. 

Russia is not the first country to think about going digital; the leader in this sphere is China, which was among the first nations to widely introduce digital currency with the digital yuan, Natalya Milchakova, lead analyst at Freedom Finance Global, explained to Izvestia. Only a few countries have fully switched over to using digital currencies, mostly countries in the Caribbean, such as the Bahamas and Jamaica."

""Russia wants to be at the cutting edge of modern technologies, including financial services. The DFA (tokens) market is already taking off in the country, including those issued by major industrial enterprises in order to inject money into promising projects," Milchakova explained.

Putin wants to take this a step further: to move on to a wider large-scale implementation of the digital ruble in the economy, business and finance. This may help the government in terms of controlling the budget, cutting the cost of budget payments and easing trans-border transactions."

"The digital ruble has a chance to become a full-fledged payment instrument for individuals and companies but to make this a reality, the government has a lot of work to do, and it must learn from past mistakes made by other countries when implementing such currencies.

There, people saw certain risks for financial confidentiality or restrictions of financial freedom," the legislator noted in a conversation with Izvestia."

@ Newshounds News™

Read more:  TASS

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WHAT IS "JUNK SILVER?"

"United States 90% silver coins were minted to be used as money, were used as money, and could be used as money again.  Minted before 1965, they are called junk silver coins because they have no collector or numismatic value.  The coins are bought and sold for the value of their silver content."

"When minted, a bag of 90% junk silver coins contained 723 ounces of silver, but because of wear a smelted bag of dimes or quarters will net about 715 ounces. A bag of half-dollars will net a little more, maybe 718-720 ounces because half-dollars did not circulate as much as dimes and quarters, and, therefore, did not suffer as much wear."

"Because a “bag” ($1000 face) contains approximately 715 ounces of silver, it tracks the spot price of silver. If silver goes up ten cents, a bag of US silver coins rises $70 or so; however, when junk silver coins are in short supply their premiums can increase."

"Although many investors buy junk silver coins as bullion investments, other investors buy junk US silver coins for “survival purposes.” These buyers fear the worst for the dollar, that it will be printed until it becomes worthless. If this “worst-case scenario” were to become reality, US silver coins would be used for the purpose they were originally minted: as money."

@ Newshounds News™

Read more:  CMI Gold & Silver

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STABLECOIN ACTIVITY IN ARGENTINA

"A graph of Bitso crypto exchange activity in Argentina demonstrates the high level interest in stablecoins. Stablecoins entirely dominate the daily volumes as opposed to other cryptocurrencies. It would be easy to assume that Argentinians are not interested in Bitcoin, but that’s not quite true."

"At first we thought there might be a mistake. However, there are several rationales for both these graphs to be accurate. 

Take the scenario of someone who lives in Argentina. When they receive their wages they convert them to dollar stablecoins. Then whenever they want to spend money, they draw down dollars. That would create a lot of stablecoin activity. The same person could still have their savings in Bitcoin. Hence. the daily transactions could be evidence of everyday spending."

@ Newshounds News™

Read more:  Ledger Insights

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What’s keeping silver down while gold hold above $2,400?

"(Kitco News) - Gold has been able to maintain a solid uptrend, building a new base with each rally; however, this momentum has not filtered through the entire sector as silver struggles to find its footing."

"While gold is fighting for support at higher lows around $2,400 an ounce, silver is struggling around $29 an ounce. Silver's underperformance compared to the yellow metal has pushed the gold/silver ratio to its highest level in two months, back above 82 points."

"Some analysts have said that gold is benefiting as a safe-haven asset because of rising geopolitical uncertainty, fueled by the U.S. elections in November."

“Silver usually follows the price movements of gold disproportionately. However, this has recently only applied to the downside. The previous upward movement in gold following the US inflation figures was more or less ignored by silver,” said Carsten Fritsch, Commodity Analyst at Commerzbank.

“The relative weakness in silver is likely due to the weakness in base metals. This is because industrial applications are expected to account for almost 60% of silver demand this year.”

"Although silver continues to struggle, many investors are still not ready to give up on the precious metal. In a recent interview with Kitco News, Robert Minter, Director Of Investment Strategy at abrdn, said that he expects silver to eventually outperform gold as the Federal Reserve starts to cut interest rates."

@ Newshounds News™

Read more:  Kitco

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SENATOR CYNTHIA LUMMIS RELEASES REPORT ATTACKING BIDEN'S MINING TAX

The pro-crypto senator claimed that Bitcoin mining consumes as much energy as household appliances such as tumble dryers.

On July 23, Senator Cynthia Lummis released a report arguing against the Biden administration’s proposed 30% excise tax on the energy consumed by Bitcoin miners.

The report, titled "Powering Down Progress: Why A Bitcoin Mining Tax Hurts America", put the Bitcoin
BTC mining industry into sharper focus, highlighting the benefits of the critical mining infrastructure to the United States' energy grid.

Lummis cited the Bitcoin Energy and Emissions Sustainability Tracker as evidence that Bitcoin mining is cleaner than is commonly imagined, noting that up to 52.6% of BTC mining might be emissions-free.

A breakdown of sustainable Bitcoin mining. Source: Batcoinz

The pro-crypto senator then turned her attention to the increasing role of Bitcoin mining facilities in securing the energy grid. Mining facilities represent large, dynamic electrical loads that can be used to balance and redistribute energy to electrical grids during times of need.

Perhaps no other example illustrates this more than the ongoing efforts between the Electrical Reliability Council of Texas (ERCOT) and Bitcoin miners to stabilize electrical grids. The GOP lawmaker explained that in 2022, Bitcoin miners were able to sell 1500 megawatts of energy back to the grid during peak demand. A similar pattern played out in 2024, with Bitcoin mining infrastructure acting as a Controllable Load Resource for Texas’ grid during winter storm Heather.

A 30% tax would hurt the environment that regulators claim to protect
The Wyoming senator explained that levying a 30% excise tax on Bitcoin miners would disincentivize them from seeking sustainable forms of energy and novel energy recycling techniques. Although Lummis gave the example of sequestering methane from trash dumps to mine Bitcoin, similar examples can be seen in El Salvador, where the government mined 474 Bitcoin using volcanic energy.

Another example of the energy efficiencies introduced by Bitcoin mining can be found in the Satakunta region of Finland, where an entire community of 11,000 individuals is warmed by excess heat produced by a Marathon Digital mining facility.

The mining giant also signed an agreement with Kenya’s government earlier this year to further develop the country’s renewable energy sector, a thriving industry already delivering up to 80% of the country’s energy needs.

The Laffer Curve will get the final laugh
Lummis concluded her report by arguing that increasing taxes on Bitcoin miners will lead to the industry leaving the United States, reducing the sought-after tax revenues. This inverse relationship between tax rates and tax revenue is known as the Laffer Curve.

A chart highlighting Bitcoin hashrate dominance between global powers from 2019-2022. Source: Powering Down Progress by Senator Cynthia Lummis

The senator pointed out that this has already happened in China, where the 2021 mining ban drove out the once-thriving mining industry.

Before the ban, Chinese miners controlled a majority of the Bitcoin network’s hashrate.

@ Newshounds News™

Read more:  Coin Telegraph

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What are the strongest currencies in the world? (2024)

Ever wondered which is the strongest currency in the world? There are lots of factors which can push a currency up the global rankings, from low inflation to a strong economy, to interest rates or oil and gas exports.

What is currency strength?
According to Nasdaq a strong currency is:

“A currency whose value compared to other currencies is improving, as indicated by a decrease in the direct >exchange rates for the currency”.

Put simply, the definition of a ‘strong currency’ is when a currency is worth more than another country's currency. ‘Currency strength’ refers to how strong or weak a currency is at any given time.

What are the top 10 strongest currencies?

1. Kuwaiti dinar
The Kuwaiti dinar (KWD) is the world’s strongest currency, and this is for a number of reasons. For starters, Kuwait has one of the largest oil reserves in the world.

It’s also a wealthy country, whose government has prioritised the growth of the country’s private sector, the diversification of the economy and responsible budgetary policies. All of these factors have contributed to the stability and resilience of the Kuwaiti dinar.

Today     1 USD = 0.305640 KWD     

2. Bahraini dinar
The second most valuable global currency is the Bahraini dinar (BHD). Oil and gas again play a part in the Bahraini dinar’s strength, as a major part of the country’s income derives from exports of gas and oil.

Bahrain has also become a regional financial hub, which has attracted international capital and helped to expand the country’s economy.

Today     1 USD = 0.377000 BHD   

3. Omani rial
The Omani rial (OMR) is another of the world’s strongest currencies, again thanks to exports of oil and gas. However, the government in Oman is working on lessening the country’s dependence on oil markets. It has taken steps to support other industries in order to diversify the economy, which should help to sustain the resilience of the rial.

Today    1 USD = 0.385015 OMR   

4. Jordanian dinar
The Jordanian dinar (JOD) is high up the list of the world’s strongest currencies for a combination of reasons. It is an oil and gas exporting nation, but is less dependent on this than some of its neighbours.

Other factors contributing to the dinar’s success include the actions of Jordan’s central bank, which has taken a cautious approach to monetary and fiscal policy. It is dedicated to price stability and exchange rate flexibility, as well as keeping ample foreign exchange reserves to protect against external shocks.

Today     1 USD = 0.708500 JOD

5. British pound
Now we come to a familiar currency - the British pound sterling or GBP. The pound is the fifth-strongest world currency in 2024, despite the turbulence of Brexit and uncertainty surrounding ties between the UK and the EU. The UK has also experienced political upheaval, such as the ‘mini budget’ by then-PM Liz Truss which triggered a major drop in the value of the pound.

While the pound may have experienced volatility over the last few years, it remains one of the most popularly traded currencies. Its strength and resilience is partly down to the UK’s reputation as one of the world’s biggest countries by Gross Domestic Product (GDP).

Today    1 USD = 0.773784 GBP

*️⃣NOTE:  Since this article was published the British pound has moved to 6th place and the Gibraltar pound has move up to the 5th position.

6. Gibraltar pound  
In the sixth spot on our list is the Gibraltar pound (GIP). The driving force behind its stability and strength is its relationship to the British pound (GBP). The GIP is pegged to the GBP, and the two countries maintain a close relationship.

Today    1 USD = 0.773754 GIP

7. Cayman Islands dollar    
The Cayman Islands dollar (KYD) derives its strength and stability due to the territory’s status as a leading global financial hub. The islands are home to a wide range of financial institutions, enterprises and investment funds, all attracted by a robust regulatory system, advanced banking infrastructure and advantageous tax policies.

Today    1 USD = 0.820000 KYD

8. Swiss franc
The 8th strongest global currency is the Swiss franc (CHF). The Swiss National Bank (SNB) ensures the stability of the currency with a range of crucial measures. This includes implementing monetary policy, maintaining price stability and supervising banks and the financial sector in Switzerland. All of this bolsters investor confidence in the Swiss franc.

Today    1 USD = 0.884350 CHF

9. Euro
The euro (EUR) is one of the world’s major reserve currencies, whose value is influenced by a large number of variable factors. This is because it is the currency of 20 EU member countries, all with their own economic policies.

However, monetary policy and price stability within the region is overseen by the European Central Bank (ECB). The bank has taken steps to maintain the stability and reliability of the euro, primarily by careful management of inflation.

Today    1 USD = 0.921700 EUR

10. US dollar
Last, we have the US dollar (USD) - the world’s 10th strongest currency. You might be surprised not to see the dollar higher up the list, as it is by far the most traded currency on the planet. Plus, the US economy is the biggest in the world in terms of GDP. The dollar is used to price commodities, and it’s also one of the world’s largest reserve currencies. Major US banks are also global leaders.

However, the strength of a currency is determined by complex factors, including supply and demand in the foreign exchange market.

What is the weakest currency in the world?
The Iranian rial (IRR) is the weakest currency in the world.5

What is the most traded currency in the world?
The US dollar is the world’s most traded currency.²

How is foreign currency priced?
There are two main ways that foreign currency is priced. The first uses a floating rate, which is determined by the open market through global supply and demand. If the currency is in demand, its value usually increases.

The second pricing method is a fixed rate, also known as a pegged rate. This is determined by the government through its central bank, and is set against another major global currency (such as USD or EUR, for example).

What is the most stable global currency?
The Swiss franc (CHF) is generally considered to be the most stable currency in the world in 2024.6

What is the strongest currency pair?
The strongest currency pair is the euro (EUR) and US dollar (USD),7 as it is one of the most commonly traded and both locations have large and strong economies.

How do I know which currency is stronger?
One of the easiest ways to work out which currency is stronger is to compare one currency to another, using exchange rates. A higher exchange rate suggests that a currency is stronger compared to the other.

In what country is GBP worth the most?
To determine where GBP is worth the most, you would typically look at exchange rates against other currencies. But remember that exchange rates fluctuate constantly based on factors such as economic conditions, interest rates and geopolitical events.

This means you’ll need to look at exchange rate data to see which country's currency offers the most favourable exchange rate against the British pound at any given time. When researching, watch out for hidden fees to make sure you’re getting the fairest price. At Wise, we’re transparent and upfront about the cost, we use the mid-market rate, and never hide fees*.

@ Newshounds News™

Read more:  Wise

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Chris Macintosh: We are Facing a 1 in 100-Year Financial Rebalancing

Chris Macintosh: We are Facing a 1 in 100-Year Financial Rebalancing

Palisades Gold Radio:  7-24-2024

Tom Bodrovics welcomes a new guest to the show Chris Macintosh. Chris is the founder of CapitalistExploits and a seasoned hedge fund manager with experience in seven countries.

They engage in a discussion revolving around ongoing recalibrations and rotations in capital markets, focusing primarily on the deindustrialization of the West and financialization as significant shifts over the last few decades.

Chris underlines the disconnect between Western nations' massive market caps and their actual production capabilities. He also discusses short-term changes such as the increasing dominance of few companies in the S&P 500, accounting for a substantial percentage of market capitalization, and passive capital flows from Western economies affecting investing, particularly smaller companies.

Chris expands on the potential consequences of a mere 10% rebalance in Western markets, emphasizing instability arising from massive sovereign debts, derivative markets, and potential debt cycle inflation. He highlights the anomaly of passive capital flows toward large cap stocks and the importance of asymmetry in investing for low downside risk with significant upside potential.

 Chris mentions automation selling during a downturn and seeking contrarian sectors as an alternative investment strategy. The conversation shifts to cover geopolitical risks, including the possibility of 'great taking' or conflict, having assets outside the financial system in counter-cyclical, counter-jurisdictional asset classes like food, shelter, agriculture, precious metals, and maintaining a long-term perspective.

Chris discusses the importance of education, problem-solving skills, diversification, and taking action to deal with fear. He prefers Latin and South America for living and investing.

 He advocates for banking in multiple jurisdictions and investing in cash-flowing businesses.

Time Stamp References:

0:00 – Introduction

 1:07 - Economic Overview & Trends

14:30 - Derivatives & Rebalancing

 24:14 - A Silent Bull Market

27:59 - Liquidity Analysis

31:30 - Great Taking & Risks

36:05 - Cloudstrike & Russia

39:08 - War & Capital Shifts

42:57 - Politics Stability & Capital

 49:07 - Interesting Jurisdictions

 54:19 - Banking & Diversification

58:24 - Fear, Volatility & Action

 1:04:13 - Wrap Up

Talking Points From This Episode

- The West's massive market caps vs production capabilities create instability due to debt and derivative risks.

- The impact of passive capital flows on investing, with unloved sectors offering potential protection.

 – Preparing for a rotation away from overvalued equities and towards undervalued sectors.

https://www.youtube.com/watch?v=YjrkdxSpVp8

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

Causing A Huge Financial Inflation.. Al-Saadi Identifies A Parliamentary "Point Of Contention" Regarding The Drug Law

Policy  2024-07-24 |404 views Alsumaria News - Special:  Today, Wednesday, the Deputy Chairman of the Parliamentary Legal Committee, Murtada Al-Saadi, revealed the most prominent differences with the Parliamentary Health Committee regarding the Drug Law, while he pointed out the position of the Ministry of Interior regarding the naming of the law.

Al-Saadi told Sumaria News: "I submitted the drug law proposal at the beginning of the session and we worked on it for more than a year. There were many hostings and its first reading was completed after our efforts with the parliamentary health committee"

He added that "there is a point of disagreement about naming the site and whether it will be an agency, a commission or a directorate," indicating that "the legal committee stresses that it should remain a general directorate for drugs and this is an important part."

He pointed out that "parties in the Ministry of Interior are working hard to make it a body, and we objected to it because it will cause significant inflation and save huge sums of money, which will result in flabbiness like the rest of the bodies."

He explained that "the committee is now with the Ministry of Health and the vision is one to proceed with preparing the report and working to complete this important law and withdraw all the observations submitted by the representatives."

Earlier this month, the head of the Parliamentary Health Committee,    Majid Shankali, said that "the committee will work during the current legislative session on the first amendment   to the Narcotics Law of 2017." LINK

President Of The Republic: Iraq Is Politically, Security-Wise And Economically Stable And Supports Human Rights

Time: 2024/07/23 Reading: 169 times

President of the Republic: Iraq is politically, security-wise and economically stable and supports h Screenshot-gallery-97 

{Politics: Al Furat News} President of the Republic Abdul Latif Jamal Rashid confirmed today, Tuesday, that Iraq seeks to develop its relations positively with various countries of the world, based on the stability it is witnessing on the security, political and economic levels.

The Presidency of the Republic stated in a statement received by {Al Furat News}, that "Rashid received at the Baghdad Palace, the German Federal Ambassador Christine Hohmann, the Chargé d'Affairs of the Kingdom of the Netherlands Laetitia Van Asch, the Canadian Chargé d'Affairs Marie Therese Hilal, in addition to the Political Advisor to the Embassy of the United Kingdom Angus Clarkson."

The President of the Republic pointed out that "the Iraqi government is working on developing comprehensive plans to rehabilitate and operate factories and plants, and attract investors due to the existence of equal and promising opportunities for companies to invest in Iraq through vital and developmental projects, especially since Iraq today enjoys political, security and economic stability."

He stressed, "Iraq's efforts in combating violence against women and children, finding solutions to the issues of displaced persons, supporting human rights in general, and the means to activate joint international cooperation in this field,"

noting that "Iraq cares about and supports human rights in a distinctive way, and supports its principles and adopts them as a basis for legislating its laws and organizing community work, as all complaints in this regard receive attention and follow-up from the Presidency of the Republic and the relevant authorities."

In turn, representatives of diplomatic missions expressed their happiness with the "development taking place in Iraq," stressing "their countries' keenness to support Iraq's stability and expand the horizons of cooperation with it in various fields."  LINK

Parliamentary Investment: Approval Of The Arbitration Law Will Protect Foreign Capital From Sanction

Economy  Information / Baghdad ..   Member of the Parliamentary Economic and Investment Committee, MP Mohammed Al-Ziyadi, confirmed today, Tuesday, that the approval of the arbitration law will protect foreign capital from international financial sanctions.

Al-Ziyadi said in a statement to / Al-Maalouma / agency, "Tomorrow's session will witness the first reading of the arbitration law, which is a step towards activating commercial investment in Iraq."

He pointed out that "Iraq is in dire need of approving this law because it will open up horizons for commercial cooperation and investment of funds, in addition to thinking about ways that help attract investors and capital."

Al-Ziyadi stressed the "necessity of not touching the foundations of the state and the integration of government institutions."

It is noteworthy that the Presidency of the Iraqi Council of Representatives included the first reading paragraph of the draft arbitration law in its session that will be held tomorrow, Wednesday. LINK

The Government Approves A Package Of New Decisions

Economy  ,  07/24/2024 10:23  , Number of readings: 162 Baghdad - Iraq Today:  The Iraqi Council of Ministers approved a package of decisions in various economic and service sectors, most notably the construction of dozens of schools in a number of governorates.

The Prime Minister's Media Office stated in a statement that the Council held its thirtieth regular session chaired by Muhammad Shiaa Al-Sudani, during which the general situation in the country was discussed, and the implementation of the government program priorities was followed up. The session reviewed the most important files related to development and economic aspects, as well as considering the topics on the agenda, and making decisions about it.

Al-Sudani stressed that the ministries and security agencies must rely on what is available at the Military Industrialization Authority, especially since the equipment and products it produces conform to standards and at an appropriate cost, which represents an essential factor in achieving autonomy.

He stressed that these industries could be a base for developing multiple civil industries, because part of the factories serve civil ministries, including the electrical transformer rehabilitation factory.

1- Increasing the total cost of the project (acquisition of the plot of land numbered (5686/1) m 43, Yaramjah al-Sharqiya/Mosul, Nineveh Governorate)/Ministry of Justice.

2- Approval of the amount of the increase due on undisbursed dues, within Cabinet Resolution 301 of 2021, in (Contract 1 Direct Invitation/2012), a project to build (251) school buildings, using the prefabricated concrete construction method, in the governorates except Baghdad.

In the project contract (4/assignment/2012), which includes the construction of (73) schools using the prefabricated concrete construction method in the governorates of Baghdad and Babylon, with (60) schools in Baghdad and (13) in Babylon. In the draft contract (1/assignment/2012), the construction of (65) schools in place of those in danger of collapse, of various capacities, using the prefabricated concrete construction method, with (20) in Babylon, (41) in Muthanna, and (4) in Diwaniyah.

3- Approving the amount of the increase in the total costs and the reserve percentage for the projects recorded in the letter of the Ministry of Planning, dated July 8, 2024, which includes the previously executed spare orders, which are required to be implemented ( the second phase), and the spare orders resulting from the amount of uncompleted works in accordance with the decision of the Council of Ministers (301 For the year 2021).

4- Increasing the amount of reserve for the contract (construction of the North Tikrit Bridge) and its approaches (first phase) within the project (construction of the Tikrit Concrete Bridge (North Tikrit Bridge) and its approaches).

8- Increasing the amount of reserve and the total cost of the main project (paving streets in the center of Basra Governorate with sidewalks, number 7).

In the course of treatments for the electric power sector, the Council of Ministers approved the recommendation of the Central Committee for Review and Approval of Referral in the Ministry of Electricity, regarding the signing of a contract addendum with BFT Company within the investment plan, which Includes the design, equipping and implementation of electric power transmission lines by the concerned company, according to the following: 1-

Adopting the prevailing standard costs that serve the interest of the Ministry of Electricity.

2- Determine the lines that will be implemented within the contract, after obtaining the necessary approvals, provided that they do not exceed the contractual financial ceiling specified in the contract annex, and only mention the total lengths of the lines.

3- BFT Company shall bear the previous bank commissions, while the General Company for Electricity Transmission/Central Region shall bear the integrity and accuracy of contractual procedures, in accordance with laws, regulations and instructions.

Within the framework of developing and supporting the national industry, the Council approved the recommendations of the minutes of the meeting of the Dry Gas Committee for Investment Projects, regarding (Khor Al-Zubair Fertilizer Factory/ Southern Fertilizers General Company, Abu Al-Khaseeb Fertilizer Project/ Under Referral Procedures, and New Projects), taking into account the comments of the Minister of Industry and Minerals at the minutes, including:

1- Determining the price of dry gas supplied to the Southern Fertilizers Factory: 50 dinars/mqm, for the General Company line, and the partnership line with the private sector, and the price of gas for the attached projects shall be 75 dinars/mqm, and the new projects that are announced shall be according to a price equation agreed upon between the Ministries of Oil and Industry, and with the approval of the Ministerial Council for the Economy.

2- The Ministry of Oil is committed to allocating and equipping new industrial projects planned to be established in partnership with the private sector, by public companies in the Ministry of Industry and Minerals, with quantities of dry gas, according to the need of those projects for quantities, and according to a timetable for equipping, and at prices that achieve the economic feasibility of establishing those projects, and the quantities and prices are regulated through an agreement between the Ministries of Oil and Industry, and with the approval of the Ministerial Council for the Economy.

3- The Ministry of Industry and Minerals shall restore the economic balance of the partnership contracts that have been concluded, or that are under contract to establish new industrial projects, by renegotiating with the companies participating with it, to reach an economically feasible formula that ensures the continuation and continuation of implementation, in a manner that does not harm the interests of both parties.

The Council of Ministers approved the recommendations of the competent authority in the Ministry of Industry and Minerals (Industrial Development and Organization Department), based on the Iraqi Products Protection Law (11 of 2010) amended, as follows:

1- Extending the imposition of an additional customs duty of 65% of the unit of measurement of the product (plastic ampoules), imported to Iraq from all countries of origin, for a period of 4 years and without reduction.

2- Imposing an additional customs duty of 30% of the unit of measurement of a product (aluminum cans for soft drinks, juices and energy drinks).

3- The Ministry of Finance/General Authority of Customs shall apply the customs duty on the aforementioned products and notify the Ministry of Industry and Minerals/Department of Industrial Development and Organization, with a periodic notification about the imported quantities, the value of the additional duties on the imported foreign product, the exporting countries and the importing entities.

In the oil sector file, the Council of Ministers approved the recommendation of the Ministerial Council for Energy (24062 T) for the year 2024 regarding the authority to purchase and implement, which includes raising the authority to purchase and implement the Oil Projects Company for the project (the connecting pipeline network for the unit/FCC, in the Basra refinery), from 100 million dinars to 500 million dinars, based on the instructions to facilitate the implementation of the Federal General Budget Law of the Republic of Iraq (1 of 2023 ).

The Council approved the recommendation of the Ministerial Council for the Economy (24225 Q), regarding the approval of the report of the committee formed in accordance with the Diwani Order (24573 of 2024), issued by the Office of the Prime Minister, regarding studying the economics of the oil and gas sector in Iraq, leading to approving and showing the real costs along the way. The value chain, according to economic principles.

In the process of developing the infrastructure of border crossings to receive visitors and expatriates, the Council of Ministers approved the Ministry of Finance allocating an amount of (5) billion dinars to Wasit Governorate from the emergency reserve, based on the provisions of the Federal General Budget Law (13 of 2023), for the rehabilitation and establishment of a “transport square.”

 Visitors at the Zurbatiyah border crossing with its annexes, in a regular, geometric manner befitting the status of Iraq and the reception of visitors.

The Council also approved the Ministry of Finance allocating an amount of (7) billion dinars to Maysan Governorate from the emergency reserve, in accordance with the provisions of the General Budget Law, for the purpose of urgent rehabilitation of the Al-Shayb border crossing, Including the establishment of 3 squares, in preparation for the influx of visitors to the holy shrines on the fortieth anniversary of Imam Hussein. ‘

Maysan Governorate should follow the direct invitation method, as an exception to the instructions for implementing government contracts (2 of 2014) for the purpose of implementation, and assigning Maysan Governorate to implement the project (establishing the new Al-Shayb border crossing) in a turnkey format, as an exception to the controls attached to the instructions for implementing government contracts.

The Council also approved the Ministry of Finance allocating an amount of (3.5) billion dinars to Diyala Governorate from the emergency reserve, based on the Federal General Budget Law, for the purpose of rehabilitating the Al-Mundhiriya border crossing, in preparation for receiving visitors , and authorizing Diyala Governorate to have direct implementation authority for the purpose of implementing the project, and it includes (Project Establishment of the new Al-Mundhiriya border crossing) within Diyala Governorate's allocations from the Liberated Governorates Reconstruction Fund.

In this regard, and in order to benefit from the experience of the Supreme Authority for Hajj and Umrah in the processes of delegation and reverse delegation; The Council approved the following:

1. Authorizing the Authority to contract with private transport companies for the purpose of renting (2000) buses, as an exception to the Government Contracts Implementation Instructions No. (2) of 2014, and the controls attached there for the purpose of transporting visitors to Imam Hussein (peace be upon him) during the fortieth visit. The Ministry of Finance allocates the required amount from the budget of the Prime Minister's Office.

2. Reducing the percentage of tax withheld from contracted transport companies on contracts concluded from (3%) to (1%), according to the authority vested in the Ministry of Finance.

3. Approval of the guarantees submitted to the Supreme Authority for Hajj and Umrah by the companies to be contracted with, in accordance with the fundamental mechanisms and procedures followed by the Authority for contracting purposes.

4. Approval of subscription receipts for companies to be contracted with in the Department of Labor and Social Security.

5. The Supreme Authority for Hajj and Umrah is responsible for the validity and safety of contractual procedures, and the Prime Minister’s Office forms committees to follow up and monitor the work mechanism.

In order to develop the work of the Iraqi air system and raise its level of efficiency, the Council agreed to exempt the General Company for Airport and Air Navigation Management from contracting methods and instructions for implementing government contracts (2 of 2014), in implementing projects related to developing the infrastructure for special devices and equipment for air traffic management systems.

Navigation, radars, air guidance and automated landing systems, communications for air navigation and cybersecurity systems, as well as what is related to restructuring Iraqi air routes,

 linking them to the global network of neighboring countries, transforming the navigation system in Iraq, and reducing the longitudinal separation between aircraft, which contributes to increasing the density of aircraft movement. In the Iraqi airspace, it maximizes the company's resources.

It was approved to authorize the Ministry of Education to contract, in a direct referral manner, with the Iraqi Media Network and the House of Cultural Affairs in the Ministry of Culture, to complete the printing of school curricula.

The Council authorized the Ministry of Construction, Housing, Municipalities and Public Works to choose the appropriate agreement method, as an exception to Government Contracts Implementation Instructions No. (2 of 2014) for the purpose of repairing the minaret of the Al-Khalifa Mosque.

It was also approved to exempt the Central Agency for Standardization and Quality Control from the provisions of Article Seven of Instructions No. (1 of 2023), the provisions to facilitate the implementation of the Federal General Budget Law, with regard to purchasing and equipping laboratories with the devices, equipment, and laboratory supplies necessary for the work of the device, based on the aforementioned instructions.    LINK 

Iraq Economic News and Points To Ponder Tuesday Evening 7-23-24

Two Reasons Behind The Rise In The Dollar Exchange Rates In Iraq.. What Are The Expectations About Its Fate? 
 
Economy/Localities | Today, 16:42 |Baghdad today – Baghdad  Today, Tuesday (July 23, 2024), economic expert Alaa Al-Fahd revealed that
 
there are two reasons behind the return of the dollar exchange rates against the Iraqi dinar in the local market, while
 
he expected it to gradually decline.  Al-Fahd told "Baghdad Today",
 
"The rise in the price of the dollar in the parallel market came due to the
 
     Central Bank of Iraq implementing a new mechanism, selling dollars to travelers, in addition to the presence of a crisis in
 
     checking remittances in the Chinese yuan, and
 
this matter was quickly resolved by the Central Bank of Iraq."".

 Al-Fahd stated,  "We expect that there will be a gradual decline in the dollar exchange rate in the coming days.
 
This rise is common with the implementation of any new policy by the Central Bank of Iraq, as speculators try to exploit this in order to increase their profits."  He added,
 
"The Central Bank of Iraq has discussions and procedures with the US Federal Bank in order to control the exchange rate in the parallel market, and
 
this rise is due to the rise in illicit trade, but the
 
Central Bank of Iraq emphasized control over the dollar file and
 
there are positive discussions with the American side."".
 
Since Eid al-Adha, the exchange rate of the dollar has risen to more than 152 thousand dinars in the parallel market and money exchangers, after hovering around 145 thousand dinars for every 100 dollars.
 
Prices returned to decline last week, with the dollar now hovering around 149 thousand dinars for every 100 dollars.
 
The Central Bank imposed a mechanism that prevents the delivery of dollars to travelers except at airports, which increased the demand for dollars in the parallel market after illicit trade was financed through the parallel market via travelers’ dollars.   
 
https://baghdadtoday.news/254073-سببان-وراء-ارتفاع-أسعار-صرف-الدولار-في-العراق.-ما-التوقعات-حول-مصيره؟.html   

The Role Of The Iraq Stock Exchange In Supporting Monetary Policy In Iraq
 
July 23, 2024 Last updated: July 23, 2024  Lawyer and banking expert Saif Al-Halafi
 
The world is now moving with rapid steps, racing with the wind, in the role of stocks supporting monetary policies, especially since the old classical theories considered that stock markets were not among the tools of monetary policy.

This concept reflected a traditional understanding, where monetary policy was focused on tools such as interest rates, monetary facilities, and monetary reserves. For banks
 
The development of theories and the different models of economic studies vary with the development of research, studies, and the financial market from one country to another.
 
It is difficult to make a theory apply to all different countries and economies, from emerging economies to more complex economies, and because of this dialectic based on trying to understand and establish the nature of the relationship between financial markets and politics.
 
Cash is becoming more evident in many countries
 
Stock markets have become part of the general economic strategy of governments and central banks, especially after the introduction of the idea of ​​cryptocurrencies and digital banks, as they directly affect consumption, investment, and economic confidence.
 
Iraqi market
 
In the case of the Iraqi model and the long years of economic stagnation in that it is a rentier economy that relies mainly on oil to finance its annual budgets and the case of price speculation on the stability of the dollar exchange rate in local markets or what is known as the parallel dollar situation, we can look at the Iraqi market Securities as a supportive tool for monetary policy and influential in the case of a rentier economy.
 
This is done through:
 
1- Encouraging local and foreign investment.
 
The stock market can be a quick and important means of bringing in local capital, especially cash in circulation, and trying to return it to banking incubators and putting it into short-term investments through price maneuvers on the shares of emerging companies listed on the Iraq Stock Exchange for securities or investments. Long-term by pumping these cash blocks into the shares of profit generating companies, which are companies that regularly achieve lucrative annual financial profits,
 
thus reinforcing the idea of ​​withdrawing the hoarded liquidity and returning it to bank incubators in a way that reduces immediate and temporary speculation on the parallel dollar in the local market.

It also creates real opportunities for the entry of foreign capital that moves between emerging markets, which provides them with the opportunity for quick entry, profitable investment, and safe exit.
 
2- Diversification of the economy indicates severe over-reliance on oil.
 
The stock market can be used to encourage local and international investments in sectors that create greater economic diversification than usual and a state of rapid price sales and maneuvers for shares of promising companies in Iraq
 
3- Absorption of liquidity
 
The stock market can play an important role in absorbing excess liquidity in the economy, which helps in controlling inflation, and
 
this depends on the ability of the Iraqi market to be quick in price deliberations of buying and selling through the shares of companies listed in it and putting pressure on companies.
 
Mediation in applying and activating the latest smart systems and phone applications for the daily operations of sales and contracts executed therein, and also encouraging the publication of financial statements of Iraqi companies in international platforms that encourage understanding of the culture of shares of Iraqi companies.
 
One of the most important economic theories that supports that financial markets can be an effective tool in monetary policy is the Wealth Effec[t] theory, which is summarized and almost consistent...in understanding the dialectic of the Iraqi economy and the stock market economy, and is more consistent with the Iraqi model called the theory.
 
Wealth effect theory, written by Gregory Mankiw.
 
Its summary is that the rise in the value of individuals’ financial assets gives them an incentive to withdraw money and re-inject it into purchasing new assets and stocks in order to increase wealth and gives them a feeling of wealth, which prompts them to spend on consumption and develop the national economy.
 
The bottom line is that all of these theories and studies support the idea that financial markets can be an effective and successful tool in achieving economic stability and promoting growth, especially in emerging markets such as Iraq
 

If the Iraqi stock market is exploited in the correct way that brings local and international investments, it can help in diversifying The Iraqi economy and creating new opportunities driving economic integration in Iraq, which makes the Iraqi stock market a valuable tool for monetary policies    https://mustaqila.com/دور-سوق-العراق-لأوراق-المالية-في  

Completion Bonds (Second Issue)

July 23, 2024   :diamonds: demand for trading in national bonds ( Enjaz Bonds / First Issuance the request of the Ministry of Finance, this bank will offer ( Enjaz Bonds / Second Issuance ) on behalf of the aforementioned Ministry for an amount 1,500,000,000,000. (of) high Due to the and at) dinars Iraqi (one trillion and five hundred billion Iraqi dinars) ... For more, click here : https://cbi.iq/static/uploads/up/file-172172636358958.pdf    https://cbi.iq/news/view/2620

Next Year: The Opening Of 3 International Airports

 The first 07/21/2024  Baghdad: Batoul Al-Hassani

 Next year, the Ministry of Transport will open three new international airports within the southern and northern regions of the country.

Director of the Ministry's Media Office, Maytham Al-Safi, explained to Al-Sabah that the ongoing work through local and international companies within the international airports of Holy Karbala, Nasiriyah and Mosul is continuing at an increasing pace and according to the prepared and predetermined timetable for completion.

He revealed coordination with the Imam Hussein Shrine to implement and complete the Karbala International Airport project, which is considered one of the vital projects important to strengthen the aviation infrastructure in the country, as a British company is responsible for its construction at a total cost of $500 million.

 The airport is expected to receive six million visitors annually, making it the largest. in the country.

Al-Safi stated that work is underway at Nasiriyah Airport in Dhi Qar Governorate, by two companies, the

 first of which is Chinese and is carrying out its construction according to international standards, and the

second of Turkey is supervising the implementation, while the designs of Mosul Airport are being completed by a consulting party, in addition to the continuation of contracting, manufacturing and factory inspections. And training for navigational systems, devices and specialized equipment Consecutively.

He stressed that the three airports will be opened next year, which is expected to contribute significantly to

improving the air transport infrastructure in Iraq, in addition to

strengthening economic and tourism ties with various countries of the world and

opening new international destinations through them.   https://alsabaah.iq/99674-.html