Iraq Economic News and Points To Ponder Friday Afternoon 7-26-24

Economist Reveals Reasons For Rising Prices Of Goods And Products: Lack Of Government Support And Exchange Rate

Posted On2024-07-26 By Sotaliraq  Financial and economic researcher Diaa Al-Mohsen revealed the reasons for the rise in prices of goods and products in Iraq, indicating that among these reasons is the absence of government support and the rise in the dollar exchange rate in local markets.

Al-Mohsen said, "The problem of rising prices of meat and other products is due to reasons that may include the exchange rate of the dollar against the Iraqi dinar, which is the last reason that caused this increase."

He pointed out that "there are important reasons that the government has not been able to find realistic solutions for, including the weak support for animal breeders and farmers. When we talk about support, it does not necessarily have to be financial, as there is moral support for them that gives them a strong push that the government views them as an important segment in ensuring food security for the consumer."

He noted that "there are several types of this support, including providing feed at subsidized prices, vaccines, seeds and fertilizers, all of which contribute to lowering the prices of the products that these people offer to local markets.

Then, activating the law to protect the local product and activating taxes on imported goods contributes to the interest of animal breeders and farmers in what they offer to the markets and increasing the quantities offered because the local product has a flavor that differs from other imported products."

Al-Mohsen added that “one of the reasons that led to the rise in the prices of meat and other products is the reason related to religious occasions, and it is known to everyone that Iraqis buy large quantities of meat or other agricultural products on such occasions, and this is due to the generosity of Iraqis and their dedication to the love of the Ahl al-Bayt, peace be upon them.

 As for the dollar exchange rates, the monetary authority must find a solution for this matter, by searching for means that result in reducing inflation rates.

Then the executive authority must work to alleviate the impact of the rise in the prices of goods and products by activating the agricultural sector, the manufacturing sector, and the rest of the sectors related to them.

Then we will find a noticeable decrease in the demand for the dollar, which means that the dollar exchange rate will respond to the mechanism of supply and demand, and not as is happening now, where we find a significant increase in the sales of the Central Bank of Iraq of the dollar, and in return the dollar exchange rate rises in the black market.”

Among the most important crops that must be banned from import and approved locally are “wheat, barley, and corn grains, in addition to vegetables and fruits, in addition to livestock products such as meat, dairy, and table eggs, which in turn raise the prices of local products in the country.” LINK

Economist: Faw Port Is An Important Step Towards Sustainable Economic Development And A Major Gateway For Maritime Trade

Posted On2024-07-26 By Sotaliraq  Economic researcher, Haider Al-Sheikh, considered the Grand Faw Port project an important step towards sustainable economic development and a major gateway for maritime trade.

Al-Sheikh said that “the Grand Faw Port is one of the most important strategic projects in Iraq,” indicating that “the project enhances Iraq’s position on the world trade map, and constitutes an important step towards sustainable economic development, in addition to its strategic location that makes it a major gateway for maritime trade in Iraq and the Middle East region.”

He added, "The port contributes to revitalizing the Iraqi economy by providing new job opportunities and enhancing commercial and industrial activities."

The economic researcher pointed out that “the port allows Iraq to export and import goods more easily, which reduces costs and improves the efficiency of transportation and distribution.”

He pointed out that the project “contributes to the development of the southern regions of Iraq by improving infrastructure and services,” noting that “the port is expected to generate significant revenues for the state through customs duties and taxes related to the movement of goods.”

Iraq laid the foundation stone for the large port project in the southern city of Basra more than 13 years ago, and it was described at the time as “the most prominent sign of the new phase in Iraq.”

In addition to the container terminal and port works, the project will include the construction of one of the largest undersea tunnels in the world, leading to the shallow port of Umm Qasr, as well as new roads to improve communications with Basra, according to Global Construction, a website specializing in construction work around the world.

In February, Iraq completed about 60 percent of an undersea tunnel linking the country's southernmost coastal region to international trade links via Turkey, according to Reuters.

The 2,444-metre-long immersed tunnel is expected to run along the road from the major commercial port of Faw in Basra as part of a larger plan to develop the port.

Iraq hopes the tunnel will create a shorter transport corridor between the Middle East and Europe to increase its trade revenues from transporting goods.  LINK

Parliamentary Efforts To Amend The Investment Law To Improve The Iraqi Economy And Attract Foreign Companies

Posted On2024-07-26 By Sotaliraq  The investment law is still looming on the horizon, amid talk of government facilities to develop and strengthen the investment sector, as parliamentary signs have emerged of the legislative house moving towards making amendments to the investment law in order to keep pace with the need and solve the problem in it after many years of its legislation.

The Iraqi Investment Law No. 13 of 2006 consists of 37 articles divided into several axes and paragraphs that regulate investment work in all economic joints within the country. However, experts continue to point out the existence of difficulties that require consideration in order to accelerate the wheel of projects, attract foreign capital, and provide a safe environment for them.

The Parliamentary Committee on Economy and Development called on the Iraqi government to make amendments to 12 paragraphs of the current investment law, with the aim of improving the investment environment and attracting foreign investments to the country.

The committee chairman, Hassan Al-Khafaji, explained that the committee discussed with the relevant parties, including university deans and the National Investment Commission, ways to improve the Iraqi investment law.

Al-Khafaji stated that “the committee was able to obtain the government’s approval to amend 4 out of 12 articles that were proposed, but he considered that the amendments that were approved “are still below the required level.”

Among the most important points discussed by the committee was one related to investment opportunities that investors obtain.

Al-Khafaji pointed out that some unsound companies exploit these opportunities, which leads to the flight of capital and the disruption of projects.

Al-Khafaji stressed that the committee is striving to change this paragraph of the law, to ensure that serious investors have real opportunities to invest in Iraq.

In addition to the amendments to the investment law, the committee also discussed several other economic laws, including laws to combat price increases and open new cities.

These efforts by the committee come within the framework of its efforts to improve the Iraqi economy and attract foreign investments, which will create new job opportunities and improve the standard of living of citizens.

For his part, member of the Parliamentary Economic and Investment Committee, Mohammed Al-Ziyadi, said, “The committee is in the process of amending the investment law in the coming days due to the great need to advance many vital sectors and large projects that are to be built to address crises, such as housing, commercial complexes, and others.”

Al-Ziyadi added, “The National Investment Commission is involved in this amendment and the articles that should be considered are being discussed. The amendment came to consider many unclear points in implementing the law and granting investment licenses to unauthorized parties. The process of granting exceptions from the higher government committees in the Prime Ministry must also be re-corrected.”

He stressed that “exceptions are not always correct, and we must be patient and give the matter importance to the relevant authorities, to consider those exceptions. Therefore, amending the investment law will be accompanied by another amendment to the fair arbitration law that will protect foreign capital from international financial sanctions, and it is on the committee’s table where it will be read initially to stimulate commercial investment in the country.”

Al-Zayadi believes that “the arbitration law is no less important than the investment law due to Iraq’s great need to open up horizons for external trade cooperation through investing foreign funds in its projects.”

He pointed out that “the upcoming amendments to the investment law will address the large bureaucracy in granting licenses and approvals from the relevant government departments and ministries, and support will be high for the investment sector through its new organization.”

It is noteworthy that Iraq is ranked fourth according to the FDI ranking of the best emerging markets for investment issued by the “FDI Intelligence” website, which specializes in global investment affairs for the year 2024. This rank was given to Iraq among 10 countries that were evaluated according to several criteria, including gross domestic product, inflation rate, growth in capital spending in foreign direct investment, and growth rate in foreign direct investment projects.  LINK

Finance Discusses Regulating The Work Of Government Banks With International Auditing Firm Ernst & Young

Thursday 25 July 2024 21:15 | Economic Number of readings: 368  Baghdad / NINA / Minister of Finance Taif Sami discussed with the international auditing and oversight company Ernst & Young the work plan and necessary steps to merge and organize a number of institutions of the Iraqi Ministry of Finance.

According to a statement by the Ministry of Finance: During the meeting chaired by Minister Sami, Thursday, at the ministry's headquarters with representatives of the company, a draft was presented by the auditing company on organizing and restructuring Rafidain and Rashid Banks.

 In addition to discussing the proposed plan and implementation stages and determining the frameworks of the contract and formulating it in line with the priorities of reform and development.

The Minister of Finance stressed the importance of benefiting from the expertise of solid international companies such as Ernst & Young in the field of organizing and restructuring financial institutions. The ministry aims to make Iraqi banks internationally and locally acceptable to provide better services to citizens.

 The auditing company's expertise will also contribute to improving the efficiency and effectiveness of financial institutions, as it is expected that merging and organizing financial institutions will improve the quality of banking services provided and enhance investor confidence in the Iraqi economy. / https://ninanews.com/Website/News/Details?key=1143553

Oil Rises At Settlement On Strong US Economic Data

Friday 26 July 2024 04:20 | Economic Number of readings: 201  Baghdad / NINA / Oil prices closed higher on Thursday, after strong US economic data boosted expectations of higher demand for crude, but concerns about lower Chinese oil imports limited gains.

Brent crude futures for September delivery rose 66 cents, or 0.81 percent, at settlement to $82.37 a barrel, while US West Texas Intermediate (WTI) crude futures for September delivery rose 69 cents, or 0.89 percent, to $78.28 a barrel.

US Commerce Department data showed on Thursday that the US economy grew faster than expected in the second quarter as inflation eased, boosting expectations that the US Federal Reserve will cut interest rates in September.

Lower borrowing costs are expected to stimulate economic activity, which could increase oil consumption.

According to Chinese government data, oil imports and refinery throughput this year are set to decline compared to 2023 due to lower fuel demand amid slowing economic growth.

China's central bank on Thursday unexpectedly cut interest rates in a move to boost the country's struggling economy.  Both crudes had fallen more than $1 a barrel earlier in the session. / https://ninanews.com/Website/News/Details?key=1143593

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Seeds of Wisdom RV and Economic Updates Friday Afternoon 7-26-24

Good Afternoon Dinar Recaps,

UK travellers told to SWAP FOREIGN CURRENCY NOW ahead of coming SWITCH

"If you still have the notes from your travels you may find it hard to swap them back next year."

"UK holidaymakers are being advised to exchange any leftover Bulgarian Levs or Romanian Leu ahead of a significant financial shift which was due next year. Both nations are preparing to adopt the Euro, joining the eurozone, which will render their current native currencies obsolete and potentially complicate the process of converting them back into sterling."

"Bulgaria has been growing in popularity as a family holiday destination for UK travellers since 2018, with its beach resorts being named the most affordable in Europe. Hundreds of thousands of Brits now choose Bulgaria for their annual holiday each year."

"A similar situation is expected for the Lev and Leu, sparking concerns among tourists and expats. Mario Van Poppel, founder of Leftover Currency, said: "With Bulgaria and Romania joining the eurozone, British travellers holding onto Levs or Leu need to act promptly. "Once the Euro is adopted, it will become increasingly difficult and costly to convert these currencies back to sterling."

"He warned: "The window of opportunity is closing fast. If people don't exchange their levs or leu before the transition, they might face significant hurdles. Banks in the UK may no longer accept these currencies, and travellers might find themselves forced to travel back to Bulgaria or Romania just to get their money's worth."

"This is not only inconvenient but can also lead to financial losses."

@ Newshounds News™

Read more:  Liverpool Echo

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Israel selects 14 participants for Digital Shekel Challenge

In May the Bank of Israel unveiled the Digital Shekel Challenge, inviting participants to propose novel central bank digital currency (CBDC) applications through the use of application programming interfaces (APIs). It was inspired by a similar BIS and Bank of England initiative, Project Rosalind.

Today it announced the selection of 14 teams. Given the deep technical skill base in Israel, it’s not surprising that around a dozen of the teams are Israeli.

We believe just two teams don’t have direct Israeli links. One is IDEMIA France, known for its offline CBDC functionality. The other is OxPay, although there are several companies that go by that name.

Apart from IDEMIA which has more than $3 billion in revenues, two of the larger participants are Fireblocks and PayPal (Israel). Technically Fireblocks is U.S. based but is Israeli founded. It’s best known for its custody technology and the Fireblocks Network and recently has been using that network to target payments. Fireblocks is also a partner of the Tel Aviv Stock Exchange (TASE) in the development of digital government bonds and digital assets.

The full participant list is:

▪️Bits of Gold
▪️Brinks Israel Ltd. + Committed Digital Ltd
▪️COTI
▪️Credics Technologies LTD
▪️Team Energy, led by Viacheslav Pozharskii
▪️Fireblocks
▪️Idemia France SAS
▪️Kima Finance
▪️Open Finance LTD
▪️0xPay
▪️Paypal Israel LTD
▪️Qedit
▪️Shva
▪️Team Levana, led by Doron Asor

CBDC use cases
Meanwhile, the use cases range from connecting the CBDC to other payment systems to split payments, conditional payments and sub wallets. The participants will also explore implementing various technologies while using the digital shekel for payment.

Trials run for three months start in early August.

@ Newshounds News™

Read more:  Ledger Insights 

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RIPPLE- SEC UPDATE ON CLOSED-DOOR MEETING JULY 25

1. SEC did not ask Ripple to pay $102.6 million in penalty, attorney Jeremy Hogan says it was a legal argument.

 
2. SEC vs. Ripple lawsuit awaits final ruling from Judge Analisa Torres.

 
3. XRP hovers around psychological support level at $0.60, early on July 26.

"Pro-crypto attorney says Securities & Exchange Commission (SEC) and Ripple could settle in a “compromise” and not a win for the two parties. Attorney Bill Morgan, Fred Rispoli and Jeremy Hogan commented on the recent events in the SEC vs. Ripple lawsuit, the closed-doors meeting and the likelihood of a settlement. "

"Pro crypto attorney Jeremy Morgan says that the SEC did not ask Ripple for $102.6 million in its filing. Instead, the regulator noted that even by Ripple’s argument the fine would be $102.6 million, far exceeding the remittance firm’s $10 million offer. "

"Ripple had argued in its filing that a $10 million fine would be apt for the alleged securities law violation.  

Attorney Fred Rispoli predicted that the SEC vs. Ripple lawsuit will end by the end of July 2024. In a recent tweet attorney Bill Morgan commented on the closed-doors meeting with the SEC and said that a settlement is most likely with a compromise rather than a win for the parties. "

@ Newshounds News™

Read more:  FX Street 

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Philippines to launch wholesale CBDC by 2029 latest

Bangko Sentral ng Pilipinas (BSP) is working on Project Agila for wholesale central bank digital currency trials (wCBDC) trials. During a press briefing on the topic, Deputy Governor Mamerto Tangonan said he expected the wCBDC to go live within the term of new BSP Governor Eli Remolona Jr which runs until 2029. FinTech News reported that the launch would be early in the term.

The purpose of the current trials is to help both the central bank and ten participating commercial banks to go up the learning curve.

The Deputy Governor outlined three uses cases. The highest priority requirement is for interbank settlement on weekends and holidays. Another is the settlement of securities. And a third is cross border payments. Notably, the BSP is an observer of the mBridge project involving the BIS and the central banks of China, Hong Kong, Thailand, the UAE and Saudi Arabia.

@ Newshounds News™

Read more:  Ledger Insighta

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WHAT IS A NON-MARKET ECONOMY AND WHICH COUNTRIES ARE IN THIS CLASS

Nonmarket Economy Status under U.S. Trade Laws

The Department of Commerce has the authority to designate countries as NMEs for the purpose of U.S. antidumping and countervailing duty (AD/CVD) laws. An NME is a country that Commerce determines “does not operate on market principles of cost or pricing structures, so that sales of merchandise in such country do not reflect the fair value of merchandise.”

In designating a country as an NME, Commerce considers the extent to which :
(1) the country’s currency is convertible;
(2) its wage rates result from free bargaining between labor and management;
(3) joint ventures or other foreign investment are permitted;
(4) the government owns or controls the means of production; and
(5) the government controls the allocation of resources and price and output decisions.

"Commerce may also consider other factors that it considers appropriate. An NME designation remains in effect until revoked by Commerce. There are currently 12 countries, including Vietnam, designated as NMEs. Commerce designated Vietnam as an NME in 2002 during its antidumping investigation into Vietnamese catfish exports."

VIETNAM
"The U.S. Commerce Department said on Wednesday it has delayed a difficult decision on whether to upgrade VIETNAM to market economy status by about a week until early August, citing IT disruptions from the CrowdStrike software bug.

A decision on the upgrade that Hanoi has long sought had been due by Friday. The upgrade is opposed by U.S. steelmakers, Gulf Coast shrimpers and honey farmers, but backed by retailers and some other business groups."

"VIETNAM has long argued it should be freed of the non-market label because of recent economic reforms, and it said that retaining the moniker is bad for increasingly close two-way ties that Washington sees as a counterbalance to China.

Opponents of upgrading VIETNAM - one of 12 economies labeled by Washington as non-market, including China, Russia, North Korea and Azerbaijan - argue that Hanoi's policy commitments have not been matched by concrete actions and it operates as a planned economy governed by the ruling Communist Party."

@ Newshounds News™

Read more:  CRS Reports, Reuters

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Silver Falls As Dollar Index Rebounds Amid Key Economic Data Analysis.

Silver prices experienced a significant decline of 4.2%, settling at 81,331 due to the fluctuating dollar index as traders assessed key economic data. 

The U.S. economy demonstrated stronger-than-expected growth in the second quarter, with a 2.8% annualized rate increase in GDP, as reported by the Commerce Department's Bureau of Economic Analysis. 

Despite substantial rate hikes by the Federal Reserve in 2022 and 2023, the U.S. economy remains robust, buoyed by a resilient labor market even though the unemployment rate has risen to a 2-1/2-year high of 4.1%.

Additionally, the Labor Department reported a larger-than-expected decrease in new applications for unemployment benefits, with a drop of 10,000 to a seasonally adjusted 235,000 for the week ending July 20. This reduction is partly attributed to the fading impact of weather-related distortions and temporary automobile plant closures.  

The previous week saw a rise in claims due to disruptions from Hurricane Beryl and retooling closures in the automobile sector. In a surprising move, China's central bank reduced its one-year medium-term lending facility rate by 20 basis points to 2.3%, the most significant cut since April 2020. This unexpected rate cut aims to stimulate economic activity amid global economic uncertainties.

From a technical perspective, the silver market is experiencing fresh selling pressure, with a 6.52% increase in open interest, bringing it to 29,188. Prices have fallen by 3,563 rupees, indicating a bearish trend. Currently, silver is receiving support at 79,830, and if this level is breached, it could test 78,330. On the upside, resistance is anticipated at 83,665, with a potential move above this level leading to a test of 86,000.

Silver Price Today

Open 27.99

High 28.22

Low 27.75

Prev close 27.98

@ Newshounds News™

Read more:  Investing  

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RKF Jr. says he would include Bitcoin, gold, and platinum in a basket to back Treasury bills

(Kitco News) – The list of politicians calling on the U.S. government to purchase and hold Bitcoin (BTC) as a strategic reserve asset continues to grow, with Presidential candidate Robert F. Kennedy Jr. becoming the latest to advocate for holding the top crypto in the Treasury.

Kennedy spoke during industry day at Bitcoin 2024, the annual Bitcoin conference currently underway in Nashville, Tennesse, where he unveiled a plan that could see the U.S. become the world’s largest BTC holder.

During a conference panel with Roundtable’s Scott Melker and Custodia Bank CEO Caitlin Long, RFK Jr. admonished the Federal Reserve, saying the central bank had the interest of bankers, not the general public, at heart.

“The relationship between Congress and the Fed is both parasitical to our country, and it’s a symbiotic relationship,” he said. “The Fed is not a public institution … The decision-makers are appointed by the banking industry. Its function with these cycles of quantitative easing followed by high interest rates are… strip-mining cash and equity from the American middle class and pumping it upward to this new oligarchy of billionaires.”

"The coup de grâce was the lockdowns during Covid, which shut down all the small business in this country, which is what we should be nurturing, and kept open the Walmarts, and the Amazons, and Facebook, and the oil industry, and the processed food industries, and Big Ag, they all flourished during that period,” he added. “And meanwhile, Main Street just got liquidated.”

To help start the process of leveling the playing field and returning the U.S. to a system of sound money, Kennedy recommended the creation of a basket of hard currencies and other assets that could be used to provide solid backing for the U.S. dollar.

“I would be willing to add Bitcoin to the balance sheet. I’m going to do that. I’m gonna actually do a basket of hard currencies of maybe platinum and gold and other hard currencies and begin issuing at least the class of Treasury bills that are anchored to hard currency,” he said. “Let’s say the first year by 1% and then maybe the next year by 2% to watch how that goes because that will inject discipline into the product and ultimately get up to 100%.”

“I would like to have the federal government begin to buy Bitcoin and over my term of office [and] ultimately have an equivalent amount of Bitcoin that we have gold,” he added. “Because Bitcoin is an honest currency, it’s a currency that’s based upon proof of work.”

 The plan, as laid out by RFK Jr., would see the government purchase enough BTC to equal the amount they hold in gold – currently estimated at 8,134 tons worth approximately $615 billion.

According to data provided by Arkham, the Department of Justice currently holds 213,239 Bitcoin that were acquired through various enforcement actions, meaning that to achieve Kennedy’s goal, the Treasury would need to acquire more than 9 million additional BTC at the current market price – equal to 45% of all the BTC that will ever exist.

For perspective, MicroStrategy, the largest corporate holder of Bitcoin, owns 226,331 BTC, and BlackRock, the largest spot Bitcoin ETF manager, controls 334,000 BTC.

 Kennedy said the goal of the move is to redefine monetary policy and enhance fiscal discipline within the federal government.

 He also appealed to the crypto community’s ideals of personal freedom, property rights, and governmental integrity, saying, “Bitcoin is not only an offramp to this inflationary highway which is the highway to hell, but it also is a way of restoring integrity to our government. It’s a way of restoring personal freedoms, it’s a way the middle class can isolate itself from inflation, which is just a form of government theft.”

As president, he vowed to reform the Fed, block the creation of a central bank digital currency (CBDC), and end “money printing” to fund budget deficits. 

@ Newshounds News™

Read more:  Kitco 

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MilitiaMan: IQD Update - Iraqi Dinar Revaluation Update - Key Players - Exchange Rate Stability - Inevitable

IQD Update - Iraqi Dinar Revaluation Update - Key Players - Exchange Rate Stability - Inevitable

MilitiaMan and Crew:  7-26-2024

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=ieNQLV-lxKo

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

Parliamentary Finance: The Central Bank Of Iraq’s Measures To Change The Exchange Rate Did Not Achieve Results

Economy | 12:32 - 07/25/2024  Mawazine News – Baghdad  The Parliamentary Finance Committee confirmed, on Thursday, that the procedures of the Central Bank of Iraq to change the exchange rate of the dollar in the local Iraqi markets did not have any effect and did not achieve any real actual result, revealing a legal violation related to the Governor of the Central Bank of Iraq, Ali Al-Alaq.

Member of the Finance Committee, Mohammed Nouri, said in an interview followed by / Mawazine News /, that "the Central Bank of Iraq is still continuing its wrong procedures that did not have any effect and did not achieve any real actual result in changing the exchange rate of the dollar in the local Iraqi markets, which was negatively reflected on the Iraqi reality and inflation rates rose significantly in the past days."

He added, "There is work on this issue by the Parliamentary Finance Committee, whether it was interrogations or changing the Governor of the Central Bank due to the legal age, as he exceeded the legal age, and this is a violation of the Civil Service Law,"

noting that "many topics will be addressed by the Council in the coming days, especially the dollar file due to the major delays, in addition to the control of foreign banks owned by owners of foreign capital, which causes a disruption to national security and Iraqi economic security."

For some time now, the dollar price has been declining in the parallel market, where it has stabilized at 145,000 dinars per 100 dollars throughout the past period, but it has risen again to exceed 150,000 dinars a few days ago.

Since the beginning of last year, Washington has intervened to limit the smuggling of dollars from Iraq, which has led to the dollar price rising in the local market to a record level of 170,000 dinars per 100 dollars, due to the decline in the Central Bank's dollar sales, given that it is subject to the international "SWIFT" financial system.

It is noteworthy that the Central Bank has decided to finance trade in euros, Chinese yuan, Emirati dirhams and Indian rupees, in steps to reduce demand for the dollar. https://www.mawazin.net/Details.aspx?jimare=251934

Saleh: The Central Bank's Dollar Reserves Are Solid And The GDP Rate Is Very Optimistic

Time: 2024/07/25 09:45:53 Read: 1,898 times  {Economic: Al Furat News} 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

Economist: The Iraqi Banking Sector Has Achieved Significant Growth

Banks  Economy News – Baghdad  Today, Thursday, the head of the “Iraq Al-Mustaqbal” Foundation for Economic Studies and Consultations, Manar Al-Obaidi, confirmed that the Iraqi banking sector has been able to achieve growth in many areas during the past period.

Al-Obaidi said in a tweet followed by “Al-Eqtisad News” that the data of the Iraqi banking sector between 12-31-2022 and 5-31-2024 indicate that the banking sector, despite all the challenges and shocks it faced during this period, was able to achieve growth in many areas, specifically in financial inclusion, as well as an increase in bank assets and maintaining the volume of deposits despite everything that was raised about the sector.

Al-Obaidi published a table showing all the figures related to the Iraqi banking sector between December 13, 2022, and May 31, 2024. At Link Below is the table published by Al-Abidi:217 views 07/25/2024 - https://economy-news.net/content.php?id=45590

Al-Sudani Receives The Approval Of The Coalition Of Companies That Won The Investment Opportunity For The Baghdad Metro

Local |  07/25/2024  Mawazine News – Baghdad  Prime Minister Mohammed Shia al-Sudani received today, Thursday, the approval of the coalition of companies that won the investment opportunity for the Baghdad Metro.

Al-Sudani's office stated in a statement received by / Mawazine News /, that "the Prime Minister chaired, today, Thursday, a meeting dedicated to following up on the Baghdad Metro project, as His Excellency received the approval of the coalition of companies; Vaskhod & Wonter International Capital, which won the investment opportunity to design, implement, operate, maintain, finance and transfer ownership (DBOMFT) for the Baghdad Metro project, according to the specific criteria specified in the investment portfolio, and the coalition includes French, Spanish and Turkish companies, with a German bank."

According to the statement, Al-Sudani pointed out "the importance of this strategic project, the largest of its kind in the region, and what it means for a large city like Baghdad, with the latest international specifications, and in a manner that suits the service required to be provided, and keeps pace with future developments."

The statement added, "The negotiation process will start between the Baghdad Municipality, the Investment Authority and the coalition, to set the technical, financial and executive details of the contract, which the coalition won, according to the investment opportunity for the Baghdad Metro, stated in Cabinet Resolution No. (23374) for the year 2023.

The coalition includes the French groups Systra and SNCF, the Spanish companies Alstom, Talgo, and SENER, and Turkish companies specializing in construction, in addition to the German Deutsche Bank."

https://www.mawazin.net/Details.aspx?jimare=251958

The Stock Market Ends The Week In Green

Market  Economy News – Baghdad  The Stock Exchange ended Thursday's session in green, after its index rose by 0.35%.

The closing session witnessed the trading of 3.6 billion shares, worth 1.9 billion dinars.

591 deals were executed on the shares of 35 traded companies.

The value of the shares of 10 companies increased, while the shares of 9 other companies decreased.

52 views 07/25/2024 https://economy-news.net/content.php?id=45599

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

“Tidbits From TNT” Friday Morning 7-26-2024

TNT:

Tishwash:  Pentagon: No US personnel injured in Ain al-Assad base bombing

A spokesman for the US Department of Defense "Pentagon" confirmed today, Friday, that an attack took place in the area near the Ain al-Assad air base in Iraq, but no US military personnel were injured as a result of this attack.

The spokesman said, according to Sputnik Agency: "We can confirm that the strike was carried out in an area outside the base (Ain al-Assad) and there were no damages or injuries."

He added: "At this time, we do not have information about what shells were launched and how many." link

Tishwash:  Iraq and the German Development Bank sign an amendment to the loan agreement to finance a number of development projects

The Ministry of Finance and the German Development Bank (KFW) signed, today, Thursday, an amendment to the loan agreement to finance a number of development projects.

The Ministry of Finance said in a statement received by the Iraqi News Agency (INA): "Today, at the headquarters of the Ministry of Finance, an amendment to the agreement to extend financing loans granted by the German Development Bank (KFW) for a number of development projects was signed."

It added, "The amendment was signed between the Minister of Finance, Taif Sami Muhammad, and the bank's representative in Iraq."

The new amendment stipulates - according to the ministry's statement - extending the disbursement period for projects financed by loans, as follows:
- Extending the loan agreement to rehabilitate the infrastructure to provide electricity in the liberated areas (phase three) in the amount of 140 million euros until 15/1/2027.

- Extending the loan agreement to rehabilitate the infrastructure of roads, bridges, water and sanitation in the amount of 90 million euros until 31/12/2026.  link

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

Tishwash:  President of the Republic: Security and stability in Iraq inspire optimism

President of the Republic Abdul Latif Jamal Rashid stressed, today, Thursday, that the security and stability witnessed by Iraq inspires optimism and requires everyone to unite to maintain it, while he appreciated the efforts of the Iraqi embassy cadres in France to facilitate the procedures required for Iraq's participation in the Paris Olympics.

The media department of the Presidency of the Republic said in a statement received by the Iraqi News Agency (INA): "The President of the Republic visited the Iraqi Embassy in Paris, where he met with Ambassador Wadih Batti and the embassy staff."

The President of the Republic appreciated - according to the statement - "the efforts of the embassy staff regarding Iraq's participation in the Paris Olympics and facilitating the required procedures," stressing "the importance of strengthening them towards serving the Iraqi community residing in France, and strengthening Iraq's relations with France as an important global vital center."

The President stressed "the Presidency's keenness to strengthen Iraq's foreign relations and build its partnerships at various levels and its steps towards restoring Iraq's natural role as an influential force and a positive factor in achieving peace and stability."

The President of the Republic reviewed "the conditions witnessed by Iraq in more than one field," explaining that "the security and stability witnessed by Iraq inspires optimism and requires everyone to work together to sustain it." 

The President explained that "many positive steps have been achieved in the human rights file through the Presidency's cooperation with the relevant authorities, which resulted in the release of 13,000 detainees," noting that "there are clear laws regulating Iraq's position on various humanitarian issues."
For his part, the Ambassador appreciated "the interest of the President of the Republic and his kind directives and comments in order to enhance the role of the embassy in providing the best for the Iraqi community."   link

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

Tishwash:  Al-Nusairi identifies treatments for the fluctuations in the dinar exchange rate and expectations of its return to the equilibrium price in the parallel market

The advisor to the Iraqi Private Banks Association, Samir Al-Nusairi, explained today, Thursday, that the stability of the exchange rate in the parallel market will remain in a state of fluctuation until the completion of the stages of financial and banking reform.

Al-Nusairi said, in an interview with "Al-Eqtisad News", that "the stability of the exchange rate in the parallel market will remain in a state of fluctuation until the completion of the measures currently taken to implement the stages of financial and banking reform specified in Axis Twelve and Articles 1 to 7 and the daily efforts made by the Monetary Authority to complete the regulation of foreign trade financing and strengthen and reform the public and private banking sector

Which focus on compliance with international standards and agreements and ongoing negotiations with the US Treasury and global banks and the completion of the selection of the international auditing company to audit foreign transfers for banks to enhance their balances in foreign currencies that deal in currencies other than the US dollar and the completion of the final agreements with Chinese correspondent banks to start dealing in the Chinese yuan after the temporary suspension of foreign transfers with China, as well as helping private banks find correspondent banks to deal with them after the Central Bank's decision to cancel the electronic platform inevitably during this year."

 He added, "The information confirms that there will be a breakthrough very soon by completing the above procedures and finding other correspondent banks to deal in Chinese Yuan, UAE Dirham and Euro. Efforts are also continuing with the US Treasury and the company tasked with auditing foreign transfers of the sanctioned banks in order to lift the restrictions on them by using the US dollar."

 Al-Nusairi explained: “What also needs to be completed to reform the private banking sector is taking the decision to merge the willing banks as well as the weak and troubled banks in order to reach the real size of banking activity that covers the actual need for economic requirements, and the urgent need to restore work when the electronic platform is cancelled,” stressing that “the important measure that the government is responsible for is to stop illegal imports and cancel unofficial border crossings.”

 He continued: “We must not forget, clearly and precisely, that there is an organized lobby working against achieving monetary stability, led and implemented by multiple parties linked to speculators and corrupt people who have an agenda to weaken the national economy and harm it by fabricating news, statements and short-sighted economic analyses and transforming them from reassuring news for the market and citizens into news that confuses the market and creates panic among citizens, and this is what is actually happening now.”

 Al-Nusairi explained that "the return of stability in the exchange rate to its targeted and balanced rates in the parallel trading market is achieved with the support of the relevant authorities in the government by activating other productive sectors and supporting the procedures of the Central Bank in implementing its plans to reform the financial and banking sector

And draw up clear financial policies in coordination with the monetary authority and its currently approved applications and tools and overcoming the challenges of achieving economic stability, which means achieving stability in the financial and monetary system.

This is not only the duty of the Central Bank alone, but rather it is a basic duty of financial policy and the government's methodology in managing the economy and activating sources of national income other than oil and supporting, protecting and encouraging local production and generalizing the activation of dealing in the Iraqi dinar in all internal monetary trading activities and expanding the use of electronic payment methods whenever possible."

He concluded his speech by saying: "My expectations are that the exchange rate will return to stability after completing the reform, regulatory and negotiation procedures, and this does not take a long time."  link

Mot:  ..... Huh!!! --- What Happened?????

Mot:  . getting tough it is 

Seeds of Wisdom RV and Economic Updates Thursday Evening 7-25-24

Good Evening Dinar Recaps,

XRP ETF Expected as Ripple Partner SBI Enters US ETF Market

SBI Holdings plans to enter the US ETF market, sparking speculation of an XRP ETF due to its strong partnership with Ripple and digital asset focus.

Ripple partner SBI Holdings is making headlines as it prepares to enter the ETF market. This move has led to speculation about a potential XRP ETF, given SBI’s strong partnership and association with Ripple, a company that holds the largest share of XRP.

For instance, on July 1, SBI Holdings began minting non-fungible tokens (NFTs) for the upcoming 2025 World Expo in Osaka, Japan. SBI leaders have also consistently endorsed XRP.

Now, a local report reveals that SBI Holdings plans to establish an investment management company with Franklin Templeton, a major US investment firm. This new venture will focus on digital assets, with SBI holding a 51% stake and Franklin Templeton 49%.

The new company from SBI Holdings and Franklin Templeton, expected to form by the end of the year, will focus on crypto assets, reports suggest. Notably, SBI will hold 51% of the company, while Franklin Templeton will hold 49%.

Launching XRP ETF Makes Sense
In June, Ripple President Monica Long had argued that launching an XRP spot ETF in the US market makes sense.

She highlighted that XRP, consistently among the top 10 cryptocurrencies, meets key criteria for such an investment product. However, Nate Geraci, President of The ETF Store, suggested that the market is not ready for an XRP spot ETF. He noted that an XRP futures ETF must precede a spot ETF, emphasizing the need for a regulated trading history.

Industry Opinions on XRP
Recall Yoshitaka Kitao, Chairman and CEO of SBI Holdings, had shared his optimistic views on XRP’s future, expressing confidence that XRP would benefit significantly if Ripple ultimately wins its ongoing legal battle with the US Securities and Exchange Commission (SEC).

On his hand, Crypto expert The Bearable Bull predicts that XRP will hit new all-time highs this cycle. He asserts there’s “0% chance XRP won’t go to new all-time highs.” According to him, XRP’s price has often depended on Bitcoin’s rise. With the approval of a BTC ETF and new record values, he expects XRP ETFs in 2025.

The Bearable Bull identifies several bullish catalysts for XRP. These include its relisting on all exchanges, the launch of AMMs, the Xahau sidechain, Ripple’s stablecoin, and the Metaco custody solution. He also mentions a potential Ripple IPO, increased political focus on crypto, and expected regulatory clarity. Additionally, Ripple’s legal case is likely to conclude this summer.

@ Newshounds News™

Read more:  The Crypto Basic

~~~~~~~~~

Gold price collapses to two-week low amid robust US economic data

—Gold prices fall 5% from July 17 peak of $2,483 to $2,364.
—US Q2 GDP beats expectations, strengthening the US Dollar and impacting gold.
—Market certainty grows for a Fed rate cut in September as Treasury yields decline.

Gold price tumbled to a two-week low on Thursday after the US Bureau of Economic Analysis reported that the economy in the United States (US) fared better than expected in the second quarter of 2024. This weighed on the precious metal, which lost over 1.30%, and XAU/USD trades at $2,364 at the time of writing.

Bullion prices hit their highest level on July 17, at $2,483; since then, they have fallen about 5% toward the current spot price. XAY/USD’s fall is mostly attributed to profit-taking as US Treasury yields also dropped while the Greenback remained firm.

US data revealed that the Gross Domestic Product in Q2 was better than expected, crushing the first-quarter numbers. Meanwhile, the number of Americans filing for unemployment benefits dipped compared to the week ending July 30. Durable Goods Orders contracted more than -6%, though excluding aircraft and transport, they recovered from May’s drop.

Despite all that, the US 10-year Treasury note coupon edged lower by more than four basis points (bps) and ended at 4.245% on Thursday. According to the CME FedWatch Tool data, investors seem 100% certain that the Federal Reserve will slash interest rates a quarter of a percentage point at the September meeting.

Daily digest market movers: Gold price on the backfoot as US GDP advances
—US GDP for Q2 2024 jumped from 1.4% to 2.8% QoQ, exceeding forecasts of 2% on its advance reading.
—US Initial Jobless Claims for the week ending July 20 rose by 235K, less than the estimated 238K and lower than the previous week's 245K.
—US Durable Goods Orders plummeted by -6.6% MoM in June, significantly below the estimated 0.3%. However, Core Durable Goods, which excludes aircraft, expanded by 0.5% MoM, up from -0.1% and above the consensus projection of 0.2%.
—The Fed’s preferred measure of inflation, the Core PCE, is expected to dip from 2.6% to 2.5% year-over-year (YoY).

@ Newshounds News™

Read more:  FX Street

~~~~~~~~~

Copper: Demand expectations melt down – TDS
7/25/2024

Prices are more likely to overshoot to the downside, notwithstanding the likely overly pessimistic sentiment surrounding demand, TDS senior commodity strategist Daniel Ghali notes.

Demand sentiment may be nearing a local bottom
Our gauge of demand sentiment embedded within the cross-section of commodities prices is now nearing its lowest levels of the year. These levels are now quantitatively inconsistent with recent history, and considering macro vol has been fairly muted, commodity demand sentiment now appears oversold.

This is a massive shift from just a few short months ago when demand sentiment appeared extremely overbought, contributing to the speculative fervor that catalyzed a momentous rally in Copper prices. Today, we now estimate that 80% of discretionary length in the red metal has already been liquidated, and we now see signs that the top traders in Shanghai are notably covering their shorts.

That being said, CTA trend followers still hold a substantial amount of dry-powder to sell and now have only a narrow margin of safety against selling programs. In fact, our simulations of future prices also suggest that a flat tape can now spark large-scale CTA selling activity over the next week. Overall, this suggests that prices are more likely to overshoot to the downside, notwithstanding the likely overly pessimistic sentiment surrounding demand.

@ Newshounds News™

Read more:  FX Street

~~~~~~~~~

Setting Sail for Success: TLIP and IOTA’s Role in Maritime Advancements through the EU-Funded MISSION Project

—The EU-funded MISSION project aims to address the maritime industry’s challenges by leveraging IOTA’s TLIP infrastructure, which uses distributed ledger technology for secure and seamless data sharing.

—The MISSION project also aims to integrate TLIP with AI-driven smart contracts thereby enhancing responsiveness to exchanged data.

Maritime transport, which accounts for nearly 80% of the global trade has been facing major challenges with the fragmented IT infrastructure. So far, this sector has been using disparate IT systems used by different intermediaries within the supply chain involving port community systems and fleet performance management systems.

Although these systems can automate data for real-time data sharing, they usually operate in isolation and separately leading to resource-intensive efforts in order to maintain essential information. However, this inefficiency in real-time communication largely disrupts the maritime supply chain as all actors are not in sync to receive the updated information.

In the absence of a comprehensive system for planning and monitoring port operations and sea traffic, most maritime ports operate the ships on a first-come-first-serve basis instead of working in a well-orchestrated and planned scheme. this leads to greater inefficiencies and delays within the maritime industry.

In order to address all these challenges, the EU-funded MISSION project is working on a new communication and logistics platform to optimize planning, orchestrate port operations, and coordinate port traffic. Thus, to solve all the crucial challenges associated with the maritime industry, project MISSION will leverage IOTA’s TLIP infrastructure.    

https:///t.co /61tsZqWABe
🚢🚢🚢🚢🚢🚢🚢🚢🚢🚢🚢

🚢🌍 IOTA plays a pivotal role in the EU-funded MISSION project! Using its distributed ledger technology, IOTA ensures secure and seamless data sharing within the Trade and Logistics Information Pipeline (TLIP). This enhances port operations by decreasing traffic, costs, and...

pic.twitter.com/61tsZqWABe
🚢🚢🚢🚢🚢🚢🚢🚢🚢🚢🚢

Leveraging IOTA’s TLIP Infrastructure
The IOTA TLIP infrastructure uses distributed ledger technology to facilitate seamless integration with existing systems while using APIs and state-of-the-art data standards, per the CNF report. TLIP’s role would be very crucial in the implementation of the MISSION project, thereby ensuring the security and auditability of shared data even within complex environments.

One of the key advantages of TLIP is inherent interoperability which facilitates a seamless integration of the MISSION platform into the European Blockchain Service Infrastructure (EBSI), as updated by Crypto News Flash. This integration will boost the platform’s data-sharing capabilities significantly.

Along with being crucial for just-in-time port call optimization, TLIP will improve the planning and alignment of port operations with better coordination of vessel arrivals and departures. It addresses the challenges posed by ships at sea with limited bandwidth and unstable connections, making it an essential component of the MISSION project. TLIP revolutionizes data sharing, fosters collaboration, and propels port operations into a new era of innovation.

Moving ahead, project MISSION is planning to integrate TLIP with AI-driven smart contracts thereby enhancing responsiveness to exchanged data while including alarms for non-compliance and delays. This integration of TLIP in the MISSION project highlights IOTA’s commitment to improving global supply chains via the industrial adoption of its technology, as reported by CNF.

Amid the broader market sell-off, the IOTA cryptocurrency is currently trading 7.1% down at $0.1575 with a market cap of $529 million and daily trading volumes shooting by 53%.  

@ Newshounds News™

Read more:  Crypto News Flash

~~~~~~~~~

Charles Hoskinson Envisions Cardano Surpassing Bitcoin: ADA’s Growth Trajectory and Upcoming Chang Hardfork

—Cardano’s founder has unveiled the plans to topple Bitcoin in the near future.

—He believes in giving developers the tools to create usable tools that can add value.

Cardano (ADA) founder Charles Hoskinson is highly optimistic about the blockchain taking up Bitcoin (BTC) position as the leading digital asset. The founder hinted at the disclosure, ADA’s growth movement, and the upcoming Chag Hardfork upgrade in an interview on Altcoin Daily.

Hoskinson Touts Cardano as a Major Bitcoin Contender
The Cardano founder said his interest in crypto stems from the profound effect it has on the economic, and socio-political systems of the world. Hoskinson highlighted that Cardano has lived up to what Satoshi started with the creation of Bitcoin. According to him, the Cardano ecosystem is built on a growth engine that continuously adds people, absorbing the technology of its competitors.

“At some point, you just outgrow, and then you wake up, and it’s a multi-trillion-dollar ecosystem with trillions of dollars of value moving around every single day,” he added.

Hoskinson claims the key to flipping Bitcoin is to enable various teams within the Cardano community with the tooling necessary to get to the next level. He emphasized that Bitcoin has stalled over the years, the only valuable proposition being its size.

“It’s not some new technology, it’s not some new capability, it’s not the fact that it’s super easy to use for something interesting; it’s big and successful,” Hoskinson stated.

He drew historical comparisons between the rise of more flexible and inventive solutions and the demise of companies like Yahoo, Microsoft, MySpace, and BlackBerry. He also cited how Artificial Intelligence (AI) search engines are becoming a huge threat to the usability of Google.

Challenge With Bitcoin Flexibility
Furthermore, Hoskinson claims Bitcoin’s relevance over the last 10 years is due to the simplicity of its model, but like Gold, Bitcoin cannot grow above a certain floor. Cardano, on the other hand, seeks to provide the foundation for international payment networks, credit, and voting systems, offering a higher utility. ☝️

The Cardano founder says the way to remain relevant is to embrace decentralization, preserve the integrity of systems, create the right incentives for users, and embrace new ideas.

Per blockchain, Hoskinson says Ethereum (ETH) is currently suffering from its inflexibility to innovation, with Layer-2s emerging as a major competitor.

“Yeah, I do believe we can do this, this is why we are so focused on the fundamentals because you can’t stop that once it is going fast enough,” stated Hoskinson.

Update on Cardano’s Chang Hardfork Upgrade
Hoskinson also highlighted the relevance of good governance in guaranteeing the long-term viability of blockchain initiatives. His words coincide with anticipation of the Chang Hardfork, which is scheduled for later this year.

He went into further detail on the pros and cons of on-chain governance, highlighting the need for a system that allows for quick decision-making. Hoskinson noted that the Hardfork will be initiated as soon as 70% of stake operators upgrade to the final version of Node 9.0.

Meanwhile, ADA, the native coin of the Cardano blockchain, is currently trading sideways. At press time, ADA declined by 5.6% in the past day to trade at $0.3955, with the market cap pegged at $14 billion. Nonetheless, Cardano’s Total Value Locked (TVL) recently surged by 38%, as noted in our earlier article.

@ Newshounds News™

Read more:  Crypto News Flash

~~~~~~~~~

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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

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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

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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!!

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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……..

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