Seeds of Wisdom RV and Economic Updates Thursday Afternoon 8-1-24

Good Afternoon Dinar Recaps,

TOKENIZED US TREASURY BILLS ON XRP LEDGER

"Tokenization platform OpenEden has announced that it will bring tokenized US Treasury bills (T-bills), a short-term US government debt obligation backed by the US Department of the Treasury, to the XRP Ledger (XRPL) and its users for the first time."

"The tokenization of T-bills onto the XRPL is a demonstration of how institutional access to decentralized finance (DeFi) is being driven by the tokenization of traditional real-world assets (RWAs).

The assets backing OpenEden’s TBILL tokens are invested in short-dated US T-bills and reverse repurchase agreements collateralized by US Treasuries. Minters are subject to stringent KYC and AML screening to ensure the highest security and regulatory compliance standards."

"Markus Infanger, Senior Vice President, RippleX. "Institutions are increasingly looking at where to tokenize their real-world assets and the arrival of T-bills on the XRPL powered by OpenEden reinforces the decentralized Layer 1 blockchain as one of the leading blockchains for real-world asset tokenization.”

"“Bringing tokenized T-bills to the XRP Ledger is the next step in our exciting journey. Purchasers will be able to mint our TBILL tokens via STABLECOINS, including Ripple USD (RLUSD) when it launches later this year.”

@ Newshounds News™

Read more:  Ripple
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USDC TRADING VOLUME SOARS 48% in July, driven by MiCA

"Circle’s stablecoin trading volume spiked in July thanks to a surge in market inflows and new European (MICA) rules for digital assets.

 According to a July 31 report by CCData, the trading volume for USD Coin pairs on centralized exchanges reached $135 billion as of July 25, while its market capitalization rose 5.4% to $33.6 billion."

"With the implementation of the European Union’s Markets in Crypto-Assets (MiCA) regulatory framework, Circle became the first stablecoin issuer to be approved by regulators in the region on July 1."

"According to DefiLlama, USDT retains the largest market share of any stablecoin at nearly 70%. In addition, on July 31, Tether reported record profits of $5.2 billion in the first half of 2024."

"Several crypto exchanges in Europe delisted stablecoins ahead of the implementation of new rules on June 30."

@ Newshounds News™

Read more:  Coin Telegraph

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"In a July 2024 CBDC report, it is documented that Russia’s CBDC pilot program has been successful and will extend the number of participants from 34 to 1200 banks/merchants in the second half of 2024."

There’s only 396 operating banks in Russia meaning that the 1200 participants that the CBDC will extend to EVERY BANK IN RUSSIA.

"Therefore, Russia is conveniently passing legislation to allow “international cross border cryptocurrencies” right before they ramp up CBDC usage in 2024"

@ Newshounds News™

Read more:  https://x.com/SMQKEDQG/status/1818676859527184787

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Russia's top senator announces progress on BRICS digital payment system

Amid endless sanctions and Russia’s disconnection from SWIFT, the Bank of Russia has developed its own payment system, which many countries have already joined, Valentina Matviyenko noted

MOSCOW, August 1. /TASS/. Plans to create a BRICS digital payment platform are moving steadily forward, Russia’s Federation Council Speaker Valentina Matviyenko told a press conference.

"The creation of the independent financial payment platform BRICS Bridge, a standalone mutual payment system on a firm joint platform, is now being discussed within BRICS. I have spoken both with the Central Bank and the Finance Ministry, things are moving along nicely," she said. 

"It is being discussed with colleagues from central banks, finance ministries of all BRICS countries, including new members," Matviyenko said, adding that Russia, as the BRICS chair, is in charge of all this.

"If it works it will be a bombshell globally, in the best sense," the upper chamber head noted. She expressed hope that this issue would be considered at the summit of BRICS heads of states in Kazan in October. 

"Perhaps it will be approved then, or at least the discussions will lead to a decision on when and in which format it should be finalized, meaning this is no longer just an idea, it is moving forward in practice," she stressed.

Amid endless sanctions and Russia’s disconnection from SWIFT, the Bank of Russia has developed its own payment system, which many countries have already joined, Matviyenko noted. "This shows that there is a light at the end of every tunnel," she added.

The Federation Council Speaker pointed out that the dollar is becoming weaker globally amid an overflowing US national debt, while the system of mutual settlements in national currencies is expanding.

"I hope that the system that has been created by BRICS, will become a trend, an example that not only BRICS nations, but many other countries as well will join later," she said, adding that the issue is being discussed by the Shanghai Cooperation Organization (SCO) as well.

@ Newshounds News™

Read more:  TASS

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MF'S GLOBAL RESERVE ASSET- SDR'S- PAY ATTENTION TO THIS ONE

"Congratulations to members, staff, and leadership on the 80th anniversary of the IMF’s foundation at Bretton Woods, New Hampshire.

The Fund is the crown jewel of the post–World War II international architecture. It was designed by idealists determined to construct a set of institutions to deter aggression among the major powers and prevent resumption of the interwar economic and financial unilateralism."

"The IMF’s principal purpose, according to its Articles of Agreement, is to promote international monetary cooperation by providing “the machinery for consultation and collaboration on international monetary problems.” In the turbulent period following the end of US dollar convertibility to gold in August 1971, members demonstrated that principle and quickly completed the Smithsonian Agreement by December. 

The agreement’s new par values for fixing currencies to the US dollar did not hold, though, and within two years, the Bretton Woods exchange rate regime dissolved into a system of managed floating exchange rates."

"The most enticing opportunity is the IMF’s global reserve asset, SPECIAL DRAWING RIGHTS (SDRs)."

"More than 50 years ago, members approved the first amendment to the Articles of Agreement authorizing the IMF to allocate special drawing rights. The negotiations lasted the better part of the 1960s. "

"SDRs are allocated in proportion to IMF members’ quotas. Each member receives an interest-bearing reserve asset and corresponding long-term liability on which it pays the same rate. The SDR’s value is based on a BASKET OF CURRENCIES with weights adjusted periodically by the IMF board. 

Its interest rate is a weighted average of the short-term government interest rates for the constituent currencies.An  SDR allocation adds to a member’s unconditional liquidity.

Unlike unconditional liquidity derived from borrowing or current account surpluses, the liquidity is costless until the SDRs are transferred to another holder."

"The initial allocation of SDRs annually over a three-year period starting in 1969 proved to be too little too late to save the Bretton Woods exchange rate regime, but nevertheless it was a pathbreaking and historic example of international monetary cooperation.

The second amendment to the articles, in 1978, not only preserved the IMF’s authority to allocate SDRs but also established a two-part obligation for members to collaborate on “better international surveillance of international liquidity” and “making the special drawing right the PRINCIPAL RESERVE ASSET of the international monetary system."

"SDRs are not a magic bullet that alone will solve today’s pressing global economic and financial challenges, but they are one of many instruments that can contribute."

@ Newshounds News™

Read more:  IMF

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Iraq Economic News and Points To Ponder Thursday Afternoon 8-1-24

During July, The Iraqi Market Trades Shares Worth More Than 60 Billion Dinars

Banks  Economy News – Baghdad  The Iraq Stock Exchange announced on Thursday that it will hold 21 trading sessions in July 2024, at a rate of five sessions per week. The sessions will not be held on the first and tenth of Muharram, which falls during the month.

According to the trading indicators for the month of July, the number of traded shares reached (61,327,427,127) shares, an increase of (80%) over the month of June, with a financial value of (60,199,416,955) dinars, an increase of (76%) over the month of June.

According to the index, the number of executed contracts reached (11,309) contracts, an increase of (26%) over the month of June.

The ISX60 index closed at 896.25 points in the last session of July 2024, up 1.6% from its June closing of 882.03 points.

The ISX15 free float index closed at (1008.30) points in the last session of July 2024, achieving an increase of (0.2%) from its closing in June (1005.49) last. 218 views  Added 2024/08/01 - 11:31 AM   https://economy-news.net/content.php?id=45822

Iraqi Central Bank Sales Rise To Nearly $300 Million In Today's Auction

Economy | 03:05 - 01/08/2024   Mawazine News – Baghdad  The Central Bank of Iraq's sales recorded an increase in today's auction, Thursday, amounting to nearly 300 million dollars.

 https://www.mawazin.net/Details.aspx?jimare=252509

The Paper Is Above 150 Thousand Dinars.. The Dollar Exchange Rate Rises Against The Iraqi Dinar

Economy | 01/08/2024  Mawazine News – Baghdad  Mawazine News publishes today, Thursday, the exchange rates of the dollar against the Iraqi dinar in exchange shops in local markets in Baghdad.

- Selling 150250 dinars for every 100 dollars.   - Buying 148250 dinars for every 100 dollars.

https://www.mawazin.net/Details.aspx?jimare=252518

Oil Jumps Nearly 3 Percent As US Inventories Fall

Thursday 01 August 2024 07:28 | Economic Number of readings: 315  Baghdad / NINA / Oil futures jumped about three percent amid investor concerns about the expansion of the conflict in the Middle East, and after a sharp decline in US crude inventories.

Brent crude futures for September delivery rose $2.09 per barrel, or 2.66 percent, to $80.72 per barrel at settlement, while the more active October contracts rose $2.77 to $80.84.

US West Texas Intermediate (WTI) crude futures rose $3.18 per barrel, or 4.26 percent, to $77.91 per barrel at settlement, in their biggest daily gain since October 2023.

However, Brent crude ended July with a monthly decline of seven percent, while WTI crude fell by about four percent during the month. "

Government data showed that US crude inventories fell by about 3.4 million barrels last week."

Stocks fell for the fifth week in a row, the longest streak of declines since January 2021./End2

https://ninanews.com/Website/News/Details?key=1144886

Iraq Signs Mou With British Company To Develop Kirkuk Fields

Money  and business  Economy News – Baghdad  Prime Minister Mohammed Shia al-Sudani sponsored, today, Thursday, the signing ceremony of a comprehensive petroleum memorandum of understanding between the Ministry of Oil and the British Petroleum Company (BP) to develop Kirkuk fields for oil and gas production.

According to a statement, the Iraqi side was signed by Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul-Ghani, while the BP CEO Murray Auchincloss signed on behalf of the company.

The statement added, “The memorandum includes the rehabilitation and development of the four fields of the North Oil Company in Kirkuk, which are the Kirkuk field with its two domes (Baba and Avana), the Bai Hassan field, the Jambur field and the Khabbaz field,

as well as the possibility of agreeing on other fields or exploration areas by agreement of the two parties, in light of the government’s efforts to optimally invest in promising opportunities in the energy sector, with the aim of increasing and enhancing oil production and gas and solar energy investments in this region.”

118 views   08/01/2024 - https://economy-news.net/content.php?id=45818

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

Economist’s “News and Views” Thursday 8-1-2024

U.S. Banks Report Unprecedented 23% Surge in Delinquencies As Losses Increase

Atlantis Report:  8-1-2024

The U.S. banking sector is currently facing challenges as it deals with a significant surge in delinquency rates, leading to mounting losses.

Recent reports have revealed a shocking 23% increase in delinquencies, causing concern for both banks and borrowers nationwide.

This sharp rise in borrowers falling behind on their payments has increased bank losses, impacting their profitability and stability.

https://www.youtube.com/watch?v=4-ro9iJPJ3k

Jim Willie: ¨Rate Cuts & BRICS 'Unit' Will Drive Gold Higher¨

Arcadia Economics:  8-1-2024

In the midst of a chaotic election season, a Fed meeting, and more progress by the BRICS on their 40% gold backed 'Unit,' who better to check in with than Dr. Jim Willie.

Jim talks about the the policies that Trump is going to implement if elected, how that will affect the gold market, and the latest he's hearing about the BRICS plan for their 'Unit' payment currency.

Especially at such a volatile time in the financial and political markets, you'll want to hear the latest from Jim. So click to watch the video now!

https://www.youtube.com/watch?v=9JGuBsC8C5U

BRICS Trade 23.9% UP Amid US and EU Decline: What next?

Fastepo:  8-1-2024

The growth of trade volume between China and BRICS member states has seen a remarkable upward trajectory, significantly reshaping global trade dynamics.

 In 2022, trade between China and the BRICS countries reached unprecedented levels, reflecting robust economic partnerships and strategic collaborations. China’s trade with the existing BRICS nations has been characterized by substantial increases across various sectors.

For instance, trade with Russia alone hit $190 billion in 2022, while bilateral trade with Brazil reached $165.6 billion. Trade with India and South Africa also showed significant growth, indicating deepening economic ties despite political and geographical challenges.

 Collectively, China’s trade with BRICS members totaled 2.38 trillion yuan (about $325.7 billion), up 19.1% year-on-year. Exports reached 1.23 trillion yuan, up 23.9%, while imports were 1.15 trillion yuan, up 14.3%.

 The inclusion of new BRICS members, each bringing unique economic strengths, is expected to further diversify and expand trade volumes.

Saudi Arabia and the UAE, as major oil producers, will enhance energy trade. Ethiopia and Egypt will add to Africa’s representation, potentially increasing infrastructure investments and economic development projects across the continent.

Conversely, trade between China and Western economies has shown signs of decline. In the first half of 2023, trade between China and the EU fell for the first time in four years, reflecting increasing geopolitical tensions and economic sanctions.

 Similarly, trade with the United States experienced a downturn, with bilateral trade declining by 11.6% in 2022 compared to the previous year. These declines highlight the shifting trade dynamics as China pivots towards stronger economic relationships with BRICS countries and other emerging markets.

 In this video, we delve into the transformative shift in global trade patterns, moving away from the traditional East-West axis towards a burgeoning South-South framework.

This emerging trend is reshaping not only trade routes but also the broader global order. The increasing trade and economic cooperation between countries in the Global South is heralding a new era of geopolitical influence, challenging the longstanding dominance of Western powers.

This shift signifies a profound change in the global economic landscape, with significant implications for international relations and economic policies worldwide

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

Iraq News Highlights and Points To Ponder Thursday AM 8-1-24

{Theft Of The Century} Returns To The Forefront... And The Integrity Commission Reveals Shocking Information

Time: 2024/08/01 Read: 2,405 times  {Local: Al Furat News} The head of the Integrity Commission, Judge Haider Hanoun, announced today, Thursday, the extradition of one of the major defendants in the tax deposit theft case.

Hanoun said in a press conference, followed by {Euphrates News}, that "the accused Nour Zuhair is bailed and will be tried. The theft of tax deposits is deposited with the judiciary, and the Integrity Commission is only responsible for implementing the laws. This case will not die and the government gives it full priority."

He added, "The accused Qasim Muhammad Muhammad was extradited from the Kurdistan Region after he had been a fugitive in Turkey. He holds the position of Managing Director of the Humpbacked Whale Company. The theft recorded against the accused is 988 billion Iraqi dinars, and these are not final figures."

He added, "Another accused was arrested, namely Mohammed Falah Al-Janabi, the managing director of Al-Qant Company. He is accused of stealing more than a trillion dinars through 79 forged checks. The third accused of stealing tax deposits is detained in the Emirates and we will recover him soon."

"Abdul Mahdi Tawfiq, who is accused of stealing more than two trillion, was arrested. He is also the managing director of the Humpbacked Whale Company. The fourth accused of stealing tax deposits is Alaa Khalaf Maran, who is now a fugitive in Lebanon or Turkey.

He was affiliated with Al-Kadhimi's office and had 890 billion dinars in his pocket," he explained, adding that "two dual nationals were arrested by the Kuwaiti authorities and the amounts owed to them amounted to 124 million dollars and will be returned to Iraq."

He concluded his speech by saying, "The final amount of the theft of tax deposits exceeds what was announced, and the recovery of more than two million dollars and 155 million that had been buried underground in Babylon, in addition to 9 properties of a former general manager in the General Directorate of Railways, and we are in the process of investigating him regarding the inflation of funds." LINK

Judge Hanoun: The Final Amount Of The Theft Of Tax Deposits Exceeds What Is Announced

Thursday 01 August 2024 13:53 | Politics Number of readings: 73

Judge Hanoun: The final amount of the theft of tax deposits exceeds what is announced 1144975-9b3b2da0-be23-4f5b-9b11-6249dcb26a3e

Baghdad / NINA / Judge Haider Hanoun, head of the Integrity Commission, confirmed: "The final amount of the theft of tax deposits exceeds what is announced, because the Tax Authority has not yet informed us of the actual amount of stolen money.

Hanoun called on the Ministry of Finance and the Tax Authority to provide the Integrity Commission with the names and accounts of the companies from which those funds were stolen and have now become Iraqi money owned by the people. Otherwise, after 15 days, the head of the Tax Authority will be asked to hand over those documents or proceed with all legal measures.

He pointed out: "The amount offered today belongs to the former Director General of the Railway Directorate, which is more than two million dollars and another amount in Iraqi dinars in addition to 9 properties, 5 of which are worth more than 8 billion Iraqi dinars."

He continued: "We are coordinating with the State of Kuwait to extradite two other accused, who are two brothers who were working with the main accused, Nour Zuhair. https://ninanews.com/Website/News/Details?key=1144975

Will America Resort To Tightening The Economic Noose On Baghdad?

2024-08-01 | 1,515 views   Following repeated security breaches, observers: Washington may resort to tightening the economic noose on Iraq

Observers expect that it will resort toWashingtonTo tighten the economic stranglehold onIraqAfter the deadline with the factions expired and the targeting of military headquarters resumed, others hold the government responsible for the delay in liberating the Iraqi economy from American control. Follow the full details in this report from Alsumaria   LINK

Urgent Study To Localize Gold In Iraq

Time: 2024/08/01 Reading: 377 times  {Economic: Al Furat News} Minister of Trade Athir Dawood Al Ghurairi discussed this morning, Thursday, with a number of gold traders the obstacles they face in their work inside Iraq and working to provide the necessary facilities to localize the gold industry in the country.

During the meeting, the Minister of Trade confirmed, according to a statement by the ministry, a copy of which was received by {Al-Furat News}, that “the Ministry of Trade, within its ministerial program and concerned with formulating trade and foreign policy, is working to support and organize the work of commercial sectors, including the gold trade sector, due to its great weight in the country’s economy.”

Al-Ghariri said, “Through this meeting, we want to identify the work mechanisms and obstacles in order to provide the appropriate environment for economic growth and develop policies that contribute to strengthening the position of the gold sector in the local and international market.”

The Minister of Trade pointed out that "the Ministry is ready to cooperate with traders and begin taking steps to overcome obstacles and provide the appropriate environment to achieve the localization of the gold industry within Iraq according to the needs of the market and the consumer, so that this industry returns as it was before, and even stronger, in light of the government's direction to support the commercial and industrial sector in the country."

Minister Al-Ghariri announced, "While speaking about regulating commercial sectors, instructions will soon be issued to regulate e-commerce in Iraq. This is a step towards updating commercial policies and keeping pace with developments in this area to provide a safe and prosperous commercial environment that contributes to driving the national economy."

For their part, the gold traders thanked the Minister for his interest and support, and raised a number of problems and challenges facing their work, expressing their hope that these meetings would contribute to improving and developing this sector.

According to the statement, the meeting resulted in “an agreement to submit a comprehensive study to localize this industry, following the example of developed countries that have been famous for this industry in recent decades.

A period of fifteen days was set to prepare the study, and another meeting will be held to explain the study, its basic aspects, and its returns, in order to come up with recommendations to be presented to the relevant government agencies and take the appropriate decision.”  LINK 

With The Document.. The Central Bank Prohibits The Sale Of Dollars To Travelers Through Sanctioned Travel Companies Locally Or Internationally

Time: 2024/08/01 Read: 1,664 times  {Economic: Al Furat News} The Central Bank of Iraq informed government and private banks and exchange companies not to accept travel tickets issued by airlines and travel and tourism companies included on local or international sanctions lists in the sale of cash dollars for travelers.  LINK

“Tidbits From TNT” Thursday Morning 8-1-2024

TNT:

Tishwash:  Parliamentary Committee: Parliament will host the Central Bank Governor for this reason

The Presidency of the Council of Representatives agreed to host the Governor of the Central Bank of Iraq, Ali Al-Alaq, during the upcoming sessions of the Council of Representatives.

Member of the Parliamentary Integrity Committee Hadi Al-Salami confirmed, in a statement to the National Iraqi News Agency / NINA /, that "the Presidency of the Council of Representatives approved hosting the Governor of the Central Bank in the session of the Council of Representatives, the date of which will be determined later, within the framework of the supervisory role of the work of the Central Bank and its Governor, and in accordance with the Council of Representatives Law No. 13 of 2018, Articles 27-29 thereof."

He added, "Hosting the Governor of the Central Bank will be to answer the oral question before the Council of Representatives regarding the exchange rate in the parallel market, and the large financial difference from the official exchange rate, as well as what is related to the application of the standards of transparency and confidentiality and not announcing the daily bulletin of the Central Bank."  link

US State Department: We will take all measures to protect our interests in the Middle East

 The US State Department announced today, Wednesday, July 31, 2024, that Washington will take every possible measure to protect American individuals and interests in the Middle East.

The US State Department said in a statement, "We have seen Hamas' statement regarding Haniyeh, but we do not want to speculate on any repercussions or reactions to the incident," referring to the assassination of Ismail Haniyeh.

She pointed out that "the US commitment to Israel's security and its defense against any reckless attacks that Iran may launch is firm and unwavering."

She noted that "her efforts to reach a deal and bridge the gaps are still ongoing and represent a priority for us and for the region."  link

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Tishwash:  Official to Reuters: US carried out strike in Iraq

 The United States carried out a strike in Iraq on Tuesday in self-defense, a U.S. official told Reuters, hours after Israel struck Iranian-backed Hezbollah in Lebanon and as tensions escalated in the Middle East.

The official, who spoke on condition of anonymity, said the strike was caused by a threat to US-led coalition forces.

Explosions took place on Tuesday inside a base used by Iraq's Popular Mobilization Forces south of Baghdad, killing four of its members and wounding four others, police and medical sources told Reuters.

The Popular Mobilization Forces is an official security agency that includes several armed groups allied with Iran.

Hospital sources said the initial death toll was one, but two people who were seriously injured in the blasts later died, and another body was recovered from the blast site.

The explosions came after several missiles were fired at Iraq's Ain al-Asad air base, which houses US-led forces, late Thursday, causing no damage or injuries, US and Iraqi sources said.

In a statement issued after the explosions, the Popular Mobilization Forces did not make any accusations, referring to an explosion of unknown origin.

Later, another statement by the Popular Mobilization Forces said that missiles launched by drones targeted two Popular Mobilization Forces patrols in the town of Jurf al-Sakhar, south of Baghdad.

An Iraqi military official said the cause of the explosion was still unclear and authorities would begin investigating the incident.

Two local leaders of Iraq's Popular Mobilization Forces accused the United States of carrying out airstrikes targeting the Popular Mobilization Forces base. There was no immediate comment from the US military.

Witnesses said ambulances rushed to the area where the camp is located, 50 kilometres south of Baghdad.

Iraq has seen a surge in tit-for-tat attacks since the war between Israel and Hamas broke out in October. It is a rare ally of both Tehran and Washington, hosts 2,500 US troops and has Iranian-backed militias linked to its security forces.  link

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Tishwash:  Iraqi Army receives seven Bell 505 helicopters from US

The Iraqi Army Aviation Command announced Tuesday that it has received seven Bell 505 helicopters from the United States.

The Bell 505 Jet Ranger X is an American/Canadian light helicopter developed and manufactured by Bell Helicopter.

In a statement, the Iraqi Ministry of Defense said the delivery is part of "pre-arranged contracts aimed at advancing the country's military training programs. The handover ceremony was attended by the representative of the Commander-in-Chief of the Armed Forces, the Air Force Commander, senior officers from the Ministry of Defense, the US Military Attaché, and a representative from Bell Helicopter."

"This batch will significantly update and improve our training system with modern aircraft," said Major General Mohammed Abdul Karim Awfi, Commander of Army Aviation. "It will also help in preparing skilled pilots capable of protecting Iraq's airspace and executing missions with high efficiency."

In turn, the US Military Attaché described this step as "a pioneering to enhance the command's capabilities and train pilots under ambitious and advanced plans."  link

Mot: .. Bye! - Bye! --

Mot:  They Say with NESARA - Things Will Be Going Back to the 1950s - What Ya Think???

Iraq News Highlights and Points To Ponder Wednesday Evening 7-31-24

A Parliamentarian Reveals Gold Smuggling In An “Innovative” Way.. What Is Its Relation To The Rise Of The Dollar?

Economy News – Baghdad  Member of Parliament, Alia Nassif, revealed today, Wednesday, innovative gold smuggling operations, while she mentioned the story of the death of Qarun.

Nassif said in a post on the Aks platform, followed by “Al-Eqtisad News”, that “after more than 5,000 years since the death of Qarun, a new Qarun is born, to become the crocodile of corruption in Iraq,” adding: “In short, there is currently an innovative method to destroy the Iraqi economy, which is to buy gold (local and imported), melt it, turn it into ingots, and smuggle it abroad!”

She continued: “I call on the Central Bank, the Anti-Money Laundering and Terrorism Financing Office, the Organized Crime Directorate, the Federal Integrity Commission, and all regulatory agencies to investigate the sources of funds transferred through the currency sales window to purchase gold and precious metals during 2024, and to verify the validity of the procedures in customs and the Central Agency for Standardization and Quality Control, and to verify the sales operations in the markets and who are the beneficiaries of buying gold.”

She pointed out that "the reason for the increase in dollar sales is the import of large quantities of gold (which are not sold in the markets), but are remelted and smuggled out of Iraq, taking advantage of the difference between the official and parallel exchange rates, in addition to financing suspicious operations and giving legitimacy to money coming through financial corruption and extortion." 2024/07/31 - https://economy-news.net/content.php?id=45778

Experts: Dollar Stability Depends On Creating A “New Platform” With Iran And Syria

Economic  2024/07/31  Financial and economic experts believe that the stability of the dollar exchange rate depends on creating a new platform for trade with Syria and Iran, and dealing with countries banned from the dollar in another currency.

Like the euro or the Chinese yuan.

The exchange rate yesterday in the parallel market was recorded at 149 thousand dinars for every 100 dollars, although the official rate at the Central Bank is 132 thousand dinars for every 100 dollars. Economic researcher Mustafa Al-Faraj said in a statement to “Sabah” that “the parallel market for the dollar is facing great pressure

By traders and travelers to Iran, Syria and other countries banned from using the dollar,” noting that “this increases the demand for the dollar and thus prices rise.”

He pointed out that "the solution to this problem lies in finding a new platform with these countries and dealing with them in a currency other than the dollar, such as the euro and the yuan, with the importance of finding an appropriate formula for the US Treasury that removes sanctions from our banking sector."

Al-Faraj explained that “Iraq lacks economic diversity and is completely dependent on oil, which has weakened other economic sectors,” explaining that supporting the productive sector can limit the drain on hard currency for imports.

For his part, the official spokesman for the currency market in Sulaymaniyah, Jabbar, explained:

Kuran said that “the rise of the dollar this time is not linked to a political or economic crisis or external factors, but rather is linked to the measures of the Central Bank of Iraq, and it is possible that the bank will control this.”   Height".

The Central Bank called for "taking measures that could reduce the dollar shortage in local markets."

In addition, economic researcher Alaa Al-Fahd expected the dollar exchange rate to gradually decrease in the coming days, explaining that this increase 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 Reserve in order to control the exchange rate in the parallel market, and we hope that these discussions will yield positive results." https://alsabaah.iq/100272-.html

Economist Explains The Objectives Of Monetary Policy: Reducing Unemployment And Achieving Stability Of The Local Currency

Posted On2024-07-30 By Sotaliraq   Economic researcher Diaa Al-Mohsen explained the objectives of monetary policy in the country, explaining that it reduces unemployment rates and achieves stability for the local currency against foreign currencies.

Al Mohsen said, “Monetary policy is adopted to control the profit rate paid for short-term borrowing, to allow for a reduction in inflation rates or interest rates, ensuring price stability and high confidence in the value and stability of the local currency.” He noted that “monetary policy has other objectives, the most important of which may be achieving GDP stability and reducing unemployment rates.”

Al Mohsen added that “monetary policy aims to achieve stability of the local currency against foreign currencies, as the monetary authority is responsible for implementing monetary policy, which includes two types of policies that differ from each other. The first is called an expansionary policy, as it works to reduce interest rates imposed on loans.

Here, this mechanism works to increase demand for loans for investment purposes, which results in increased demand for investment goods and increased demand for goods and commodities.” He pointed out that “this mechanism works to increase demand for labor for the purpose of expanding production to meet the growing demand, as we notice here the consumer’s lack of interest in keeping cash. ‘

This policy ensures the decline of the local currency against foreign currencies, and then the foreign investor can put his money in to buy local goods at a lower price than usual, which increases demand for these goods, which increases the accelerating multiplier, which results in an increase in wages and a decrease in unemployment rates.”

“The other policy is the opposite of the first, and we call it a contractionary policy. Here, the monetary authority works to raise interest rates to withdraw the largest amount of local currency available in the market.

When interest rates are high, we find that consumers are less willing to buy goods and services. On the other hand, we find that consumers are more willing to save because interest rates are rewarding. ‘

However, this negatively affects investment, due to the high interest rates imposed on loans, which results in reducing opportunities for increased production and increasing unemployment rates. We also notice that investors are not willing to buy locally produced goods because their prices are high compared to their foreign counterparts,” Al Mohsen added.

He continued, “Monetary policy is a necessity undertaken by the monetary authority, in order to maintain the stability of the monetary system. The above is also fundamentally linked to the ability of the monetary authority to monitor the market in the cases of expansion and contraction. It is also necessary to remember the necessity of having a developed financial market.”

The problems of the banking sector and its urgent need for radical reforms in the monetary and supervisory policy of the Central Bank, and the creation of effective mechanisms to reduce corruption and ensure transparency in the management of public funds to achieve real and sustainable economic development in Iraq, are highlighted. With the ongoing dollar crisis and the absence of effective solutions, there must be a real need to establish a monetary policy that establishes the foundation for creating economic stability while preserving the country’s interests and putting an end to the US Federal Reserve’s sanctions against Iraqi banks.  LINK

MP: The Iraqi Banking Sector Is Being Executed In Favor Of Arab Banks

Policy  ,  07/31/2024 10:38  , Number of readings: 168  Baghdad - Iraq Today:   MP Alia Nassif Jassim expressed her dissatisfaction with the current situation of Iraqi banks, considering that there is an “execution” of these banks.

The MP wrote in a recent post on the X platform, “This is how Iraqi banks are being executed! A license was granted to the Jordanian Arab Bank and the Emirates Union Bank to work in #Iraq and they will start their work at the beginning of next September alongside the National Bank

 The license will also be granted to two banks (Kuwaiti and Qatari), while many Iraqi banks continue to stop and more of them will stop due to the management of the Central Bank of Iraq, which did not. address the problem during the past period, but rather worked to enter them into contracts with K2 and pay them money without result!

The banking sector is being punished for mistakes made in previous years during which it was under the supervision of the same current management of the Central Bank, so why was this management not punished for failure to fulfill its duty to supervise the work of these banks?”

These statements come at a time when the banking sector in Iraq is witnessing major challenges, with increasing criticism of the Central Bank's management.  LINK

Parliamentary Integrity: Transparency Is Absent In The Dollar Auction

July 29, 2024  Baghdad/Al-Masala: The Parliamentary Integrity Committee accused, on Monday, the Central Bank of Iraq of not being transparent regarding the dollar auction, and not providing data on the destinations where hard currency is spent, stressing that it will hold the bank’s governor, Ali Al-Alaq, accountable.

Committee member Hadi Al-Salami said, “There is a lack of transparency in the dollar auction, and the daily bulletin is not disclosed to know where the dollar goes and is sold through the auction. The bulletin is still secret, and only the amount of dollars sold is announced, and we do not know where this amount goes.”

He pointed out that "there is a parliamentary movement to hold the Central Bank Governor, Ali Al-Alaq, accountable, and the first step is to direct an oral parliamentary question, and we are waiting for his presence inside the parliament dome for the purpose of holding him accountable."

He added, "There is an effort by some representatives to question the Governor of the Central Bank, Ali Al-Alaq, due to the failure, especially in the issue of controlling the dollar exchange rate, which is still significantly higher in the parallel market than the official price."

Al-Salami stressed that “some blocs and parties refuse to question the governor of the Central Bank, as there is political protection for him, despite the failure in tasks and work, and there are indicators and observations in the work of the Central Bank, especially the currency auction.” https://almasalah.com/archives/97046

Advisor: Budget Implementation Instructions {Procedural Issue}

First  2024/07/31    Baghdad: Shaima Rashid  The Prime Minister's Financial Advisor, Mazhar Muhammad Salih, stated that the budget schedules have become a reality, and that issuing implementation instructions to institutions is a "procedural matter" that does not affect financial obligations.

Saleh told WAA: “The legal options available to implement the provisions of the federal general budget have become more flexible for the federal financial authority, in addition to the availability of the federal financial management law itself, which allows financial transactions - even if any approval of the general budget formalities is delayed in principle - especially allowing the continuation of spending or disbursement on investment projects approved in the three-year general budget as ongoing projects, as well as operational spending, or any financial transactions.”   https://alsabaah.iq/100297-.html

Al-Sudani's Advisor: Budget Implementation Instructions Are A Procedural Matter

Money  and business  Economy News – Baghdad  The Prime Minister's Financial Advisor, Mazhar Muhammad Salih, stated that the budget schedules have become a reality, and that issuing implementation instructions to institutions is a "procedural matter" that does not affect financial obligations.

[rtl]Saleh said: “The legal options available to implement the provisions of the federal general budget have become more flexible for the federal financial authority, in addition to the availability of the federal financial management law itself, which allows financial transactions –

even if any approval of the general budget formalities is delayed in principle - especially allowing the continuation of spending or disbursement on investment projects approved in the three-year general budget as ongoing projects, as well as operational spending, or any financial transactions.” Views 62 2024/07/31 https://economy-news.net/content.php?id=45764

Seeds of Wisdom RV and Economic Updates Wednesday Afternoon 7-31-24

Good Afternoon Dinar Recaps,

RUSSIA LEGALIZES BITCOIN AND CRYPTO TRANSACTIONS FOR GOVERNMENT AND BUSINESSES

"In a significant legislative move, Russian lawmakers have passed a bill permitting businesses to use Bitcoin and other cryptocurrencies in international trade, according to a report by Retuers.

 This development is part of Russia's strategy to circumvent Western sanctions imposed following the invasion of Ukraine. The new law, expected to take effect in September, aims to address delays in international payments, particularly with key trading partners like China, India, and the UAE."

"Central bank Governor Elvira Nabiullina, a proponent of the law, announced that the first cryptocurrency transactions will occur before the year's end. The central bank will establish an "experimental" infrastructure for these payments, with further details pending."

"The legislation also includes regulations on cryptocurrency mining and the circulation of other digital assets but maintains the ban on cryptocurrency payments within Russia. The central bank highlighted that payment delays have caused an 8% drop in Russian imports in the second quarter of 2024.

"Despite efforts to shift to trading partners' currencies and develop an alternative BRICS payment system, many transactions still rely on dollars and euros via the SWIFT system, risking secondary sanctions. Nabiullina emphasized that these sanctions have complicated import payments, extending supply chains and increasing costs."

" Anatoly Aksakov, the head of the Duma lower house of parliament, reportedly told lawmakers, "We are taking a historic decision in the financial sphere" by passing this legislation. "

@ Newshounds News™

Read more:  Bitcoin Magazine

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DIGITAL RUSSIAN RUBLE SET FOR MASS DISTRIBUTION JULY 2025

"MOSCOW, July 30. /TASS/. If the digital ruble is successfully tested its mass introduction is possible starting July 2025, Russian Central Bank Governor Elvira Nabiullina said addressing the Federation Council (upper house of the parliament)."

"Now I can say that if everything goes as we plan further on, with pilots implemented successfully, we will be able to shift from tests to massively introducing the digital ruble from July 2025. We target those dates, though it will be a gradual process, a gradual process of using digital rubles," she said.

"Russian President Vladimir Putin said earlier that the platform of digital ruble showed efficiency and reliability as it was tested."

"The Bank of Russia has been implementing a pilot project with real digital rubles since August 15, 2023. At the first stage, active operations are tested, such as opening wallets in digital rubles for banks and clients (individuals and legal entities), transferring digital rubles between clients, and payments at trade and service enterprises."

@ Newshounds News™

Read more:  TASS

~~~~~~~~~

Statement of Commissioner Caroline D. Pham in Support of Foreign Boards of Trade Final Rule
July 29, 2024

I support the Foreign Boards of Trade (FBOT) Final Rule because it promotes access to markets for U.S. participants, competition, and liquidity.  I would like to thank Maura Dundon, Roger Smith, and Alexandros Stamoulis in the CFTC’s Division of Market Oversight for their work on this rulemaking.

I will reiterate key points from my statement on the FBOT proposed rule. [1] As a CFTC Commissioner, I have made it clear that I believe in good policy that enables growth, progress, and access to markets.[2]  

Accordingly, I am pleased to support Commission efforts that take a pragmatic approach to issues that hinder market access and cross-border activity.  I continue to believe that this rulemaking exemplifies policy that ensures a level playing field, and I applaud this step in the right direction for market structure.

FBOTs have been a critical piece of the CFTC’s markets for decades and provide access for U.S. market participants to non-U.S. markets in realization of the global economy and international business.[3]  

The main substantive amendment in the FBOT Final Rule is to Regulation 48.4, which will now include

1. introducing brokers (IBs)[4] as a permissible intermediary,  in addition to
2. futures commission merchants (FCMs),
3. commodity pool operators (CPOs), and
4. commodity trading advisors (CTAs),

to enter orders on behalf of customers or commodity pools via direct access on a registered FBOT.[5]  

I believe that the FBOT Final Rule will provide more choice in brokers and broker arrangements for U.S. market participants that trade foreign futures and ensure that appropriate customer protections are in place.

As sponsor of the CFTC’s Global Markets Advisory Committee (GMAC),[6] I have devoted a significant part of my Commissionership to supporting solutions that will enhance the resiliency and efficiency of global markets.[7]  The FBOT Final Rule is policy that mitigates market fragmentation and the associated impact on liquidity, and promotes the overall competitiveness of our derivatives markets.  I am pleased to support the FBOT Final Rule.

@ Newshounds News™

Read more:  CFTC

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GOLD ON THE MOVE with Fed Rate Cut Speculation

"The latest economic data has sparked renewed optimism in the gold market, with prices climbing over $20 as investors digested signs of cooling inflation and robust economic growth"

"The central bank’s actions in the coming months could have far-reaching implications for gold prices and the broader financial landscape."

@ Newshounds News™

Read more:  Dedollarize News

~~~~~~~~~

Bank of England seeks feedback for wholesale CBDC trials

Today the Bank of England published a discussion paper on innovation in money and payments. While it covers payments across the board, it aims to gather feedback for planned wholesale central bank money trials. This will include both a wholesale central bank digital currency (wCBDC) and a synchronization solution enabling DLT transactions to settle using the real-time gross settlement (RTGS) system.

The report states, “We judge that these risks are an  order of magnitude greater than the risks posed by retail use cases.”

At a retail level, the UK is now testing tokenized deposits through the Regulated Liability Network initiative. However, the paper warns of the need for progress. “Commercial bank money needs to keep pace with the needs of consumers and so carry functionalities to deliver safe and sustainable innovation in payments,” wrote the authors. “Absent such innovation, central banks may be left as the only game in town insofar as retail payments innovation is concerned.”

Regarding the wholesale CBDC trials,
in conjunction with the BIS Innovation Hub, the Bank already ran Project Meridian, which enabled a digital real estate transaction to settle via connectivity with the RTGS. Currently it’s running Project Meridien FX with the European Central Bank.

The paper outlines a series of planned wholesale tests for both the wCBDC and the synchronization solution. It envisages the latter as being a third system that integrates between the RTGS and various DLTs. It wants to run the tests side-by-side so it can make comparisons between the wCBDC and synchronization risks and complexity.

The tests encompass delivery versus payment (DvP).  Other uses cases will involve payment versus payment (PvP). Synchronization is already being trialed as part of Project Meridian FX, but it also wants to explore wCBDC.

Finally, it will test interoperability with global initiatives such as the BIS Project Agorá for cross-border payments in which the Bank is a participant.

@ Newshounds News™

Read more:  Ledger Insights

~~~~~~~~~

UAE residents can now trade crypto directly with their bank accounts

The new integration enables the direct conversion of UAE dirhams into Bitcoin and Ether using M2’s spot market.

Crypto exchange M2 announced that it will allow residents in the United Arab Emirates to buy and sell Bitcoin and Ether directly using their bank accounts.

In an announcement shared with Cointelegraph, the digital asset custodian said that the new integration allows UAE residents to directly convert their dirhams into Bitcoin and Ether. Through trading pairs listed on M2’s spot markets, users can trade BTC and ETH for dirhams and vice versa. In addition, users can also deposit and withdraw dirhams.

The M2 team believes that the new integration enables users to “swiftly adapt to market changes,” allowing them to easily convert their local currency into crypto.

Wider accessibility of virtual assets in the UAE
According to M2, the new integration allows the exchange to expand its offerings amid a rapidly evolving landscape. The team also believes the new integration is a milestone for the “wider accessibility of virtual assets in the region.”

Kimmel told Cointelegraph that the new integration could also help everyday investors, especially those who are not “fully entrenched” in the nuances of the trading environment.

UAE is one of the world’s “strictest” in consumer protection.  In addition, the executive highlighted that this move is also regulated by the UAE government, which he described as one of the world’s “strictest regulatory frameworks” that prioritizes consumer protection.

@ Newshounds News™

Read more:  Coin Telegraph

~~~~~~~~~

HOW MUCH MONEY IS IN CRYPTO?
HAVE YOU EVER CONSIDERED THE MARKET CAP ON THE LARGEST CRYPTOCURRENCIES?

IT MIGHT SURPRISE YOU

1. BITCOIN               1.3 Trillion
2. ETHEREUM         398 Billion
3. TETHER-USDT    114 Billion
4. BNB                        86 Billion
5. SOLANA                 84 Billion
6. XRP                        35 Billion
7. USDC                     33 Billion
8. DOGE                     18 Billion
9. TON                        17 Billion
10. CARDANO ADA   18 Billion        

@ Newshounds News™

Read more:  Coin Market Cap

~~~~~~~~~

What Is Market Capitalization?

"Market capitalization, or "market cap," represents the total dollar market value of a company's outstanding shares of stock. Investors use this figure to determine a company's size instead of sales or total asset value."

"Market capitalization estimates a company's value by extrapolating what the market thinks it is worth for publicly traded companies and multiplying the share price by the number of available shares. After a company goes public and begins trading on an exchange, its share price is determined by supply and demand. As market prices move, the market cap becomes a real-time estimate of the company's value. "

Market Cap and Digital Currency
Because new digital currency offerings theoretically thin the value of existing coins, tokens, or shares, a different market cap formula can be used to calculate the market cap for all authorized shares or tokens. Analysts use diluted market cap to understand potential changes to a security, token, or coin's price."

@ Newshounds News™

Read more:  Investopedia

~~~~~~~~~

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BRICS to Leave World Bank: What are alternatives?

BRICS to Leave World Bank: What are alternatives?

Fastepo:  7-30-2024

Are the World Bank and IMF Truly Serving the Global South, or Is It Time for Change? The effectiveness of the World Bank and the International Monetary Fund (IMF) has come under increasing scrutiny from BRICS nations, which argue that these institutions are dominated by Western interests and fail to address the needs of developing countries.

Critics highlight the stringent loan conditions imposed by the World Bank and IMF, which often do not align with local priorities and can exacerbate economic and social challenges.

Indian Prime Minister Narendra Modi has publicly criticized the World Bank's governance structure, describing it as outdated and disproportionately favoring Western nations. Modi has called for a more equitable system that provides greater representation and decision-making power to developing countries.

This stance reflects India's broader push for reforms in international financial institutions to ensure fairer treatment of emerging economies.

South Africa's experiences with the World Bank have also been contentious. The country has faced significant challenges due to the stringent conditions attached to World Bank loans, particularly those affecting its economic policies and social programs.

In the 1980s and 1990s, South Africa was subject to structural adjustment programs mandated by the World Bank and IMF, which included austerity measures, privatization of state-owned enterprises, and trade liberalization. These policies are widely believed to have undermined South Africa's economic sovereignty and increased social inequalities.

 Nobel laureate economist Joseph Stiglitz has been a vocal critic of the IMF and World Bank, particularly in the context of Russia. Stiglitz argues that the rapid privatization and market liberalization policies advocated by these institutions in the 1990s led to severe economic and social turmoil.

These policies resulted in a significant decline in GDP, increased poverty rates, and greater economic inequality, with a dramatic fall in life expectancy and rising unemployment.

 Critics argue that the World Bank's policies perpetuate Western influence, marginalizing the unique economic contexts of Global South nations.

 In response, BRICS has established the New Development Bank (NDB) to support infrastructure and sustainable development projects, providing an alternative to traditional financial institutions.

Geopolitical considerations also play a crucial role in BRICS' stance. The bloc's resistance to Western sanctions and efforts to trade in non-dollar currencies illustrate its push for a more equitable global financial system.

These actions underscore the growing desire among BRICS nations to reduce dependency on the US dollar and create a more inclusive economic order.

This video explores the criticisms of the World Bank, examining its historical Western control and the contentious programs that have had mixed impacts on global development.

 It delves into the reasons behind the Global South's shift towards alternatives like the NDB, emphasizing the need for financial systems that support more sustainable and equitable growth.

https://www.youtube.com/watch?v=XWBcZ1FkQdY

MilitiaMan: IQD Update - Iraq Dinar News - Time to Move - US FED - Not able to Wait - A Moments Notice #2

IQD Update - Iraq Dinar News - Time to Move - US FED - Not able to Wait - A Moments Notice #2

MilitiaMan and Crew:  7-31-2024

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=EcHMhxdHg3I

Iraq Economic News and Points To Ponder Wednesday AM 7-31-24

Experts: The Stability Of The Dollar Depends On The Creation Of A “New Platform” With Iran And Syria

Economical 07/31/2024  Baghdad: Ahmed Al-Janabi   Financial and economic specialists believe that the stability of the dollar exchange rate depends on creating a new platform for trade with Syria and Iran, and dealing with countries banned from the dollar in another currency. Euro or Chinese yuan.

 Yesterday, the exchange rate in the parallel market recorded 149 thousand dinars for 100 dollars, although the official price in the Central Bank is 132 thousand dinars for every 100 dollars. Economic affairs researcher Mustafa Al-Faraj said in a statement to Al-Sabah that  “the parallel market for the dollar is facing great pressure.”

By merchants and travelers to Iran, Syria, and other countries banned from the dollar,” noting that  “this increases the demand for the dollar and thus prices rise.” 

He pointed out that  “the solution to this problem lies in finding a new platform with those countries and   dealing with them in a currency other than the dollar, such as the euro and the yuan,   with the importance of finding an appropriate formula for the US Treasury  that removes sanctions from our banking sector.” 

Al-Faraj explained that  “Iraq lacks economic diversification and depends entirely on oil, which has weakened other economic sectors,” explaining that supporting the productive sector can limit the depletion of hard currency imports.

 For his part, the official spokesman for the currency market in Sulaymaniyah, Jabbar, explained  Curran said,  “The rise in the dollar this time is not linked to a political or economic crisis or external factors, but rather  it is linked to the actions of the Central Bank of Iraq, and it is possible that the bank will control this.” Height".

He called on the Central Bank to “take sufficient measures that can reduce the scarcity of the dollar in local markets.”

 In addition, economic affairs researcher Alaa Al-Fahd expected a gradual decline in the dollar exchange rate in the coming days, explaining that

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 gains.  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 we hope that these discussions will produce positive results."     https://alsabaah.iq/100272-.html

  At An American Request, The Iraqi Central Bank Is Moving To Merge Banks Prohibited From Dealing In Dollars

 Economy     breaking     US Department of the Treasury     Central Bank of Iraq     US sanctions     Iraqi banks   2024-07-30   Twilight News/ Informed sources revealed, on Tuesday, the existence of a new American request to the Central Bank The Iraqi bank includes merging banks banned from dealing in dollars in the currency auction.  She said Sources told Shafaq News Agency,

 “The US Treasury and the Federal Reserve A request from the Central Bank of Iraq to merge and close banks restricted from using the dollar Some distressed banks.

She added Sources said,   “The Central Bank of Iraq is required today to take rapid measures to merge And closing troubled banks in order to return to banking, which reflects positively on The exchange rate, and for this reason the

Central Bank contracted with an international company to present a plan for the sector Banking, which will include merging banks and closing some of them.”  And revealed Informed sources said,

 “This company, on the recommendation of the Americans, is similar to the work of K2 Company, without revealing its name or disclosure more details".  https://shafaq.com/ar/اقتصـاد/بطلب-مريكي-المركزي-العراقي-يتجه-لدمج-المصارف-الممنوعة-من-التعامل-بالدولار    

Nassif: The Banking Sector Is Being Punished For Mistakes Made In Previous Years

Member of Parliament Alia Nassif commented on Tuesday after granting a license to the Arab Jordanian Bank and the Emirates Federation to work in Iraq, stressing that this method is killing Iraqi banks.

Nassif said in a tweet on the (x) platform, this method is killing Iraqi banks. A license was granted to the Arab Jordanian Bank and the Emirates Federation to work in Iraq and they will start their work at the beginning of next September, along with the National Bank.

The license will also be granted to two banks (Kuwaiti and Qatari), while many Iraqi banks continue to stop and more of them are stopped due to the management of the Central Bank of Iraq, which did not address the problem during the past period.

She added: Paying them money without results. The banking sector is being punished for mistakes for previous years in which it was under the supervision of the same current management of the Central Bank, so why was this management not punished for failing to fulfill its duty to supervise the work of those banks?!   https://www.radionawa.com/all-detail.aspx?jimare=39029

Iraq’s Reserves Of Liquefied Gas Rise To More Than 133,000 Tons

    Amr Salem July 30, 2024 An employee turns a valve at the Nahr Bin Omar natural gas field, north of the southern Iraqi port of Basra. Photo: AFP

Baghdad (IraqiNews.com) – The Iraqi Ministry of Oil revealed on Tuesday that its output of liquefied gas had increased to over 7,000 tons and that its reserves had reached over 133,000 tons.

 The Oil Ministry’s Undersecretary for Gas Affairs, Izzat Saber, mentioned in a statement that the daily production rate of liquefied gas in Iraq reached 7,370 tons.

 The Iraqi Prime Minister and the Oil Minister both support the gas industry, Saber said, adding that

 the government’s gas utilization projects are the reason behind the increase in liquefied gas output.

The Director of Iraq’s Gas Filling and Services Company, Anmar Ali Hussein, said that the company succeeded in meeting the needs of citizens and service sectors in the capital, Baghdad, and the rest of the Iraqi governorates.

 Compared to the daily rate of gas consumption in Iraq, which is 5,700 tons, there is a surplus in the quantity of gas generated nationwide, according to Hussein.

According to the government plans, Hussein said, there will be several initiatives in the upcoming stage that will aid in the expansion and development of the gas industry.  

https://www.iraqinews.com/iraq/iraqs-reserves-of-liquefied-gas-rise-to-more-than-133000-tons/    

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

MilitiaMan: IQD Update - Iraq Dinar News - Iraq Dinar News - Time to Move - US FED - At Moments Notice

IQD Update - Iraq Dinar News - Iraq Dinar News - Time to Move - US FED - At Moments Notice

MilitiaMan and Crew: 7-30-2024

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=Dx6gVI9LfXA