Iraq News Highlights and Points To Ponder Wednesday AM 8-7-24

For Categories (A - B).. The Trade Bank Of Iraq Invites Exchange Companies To Participate In The Dollar Selling Window

Economy |Baghdad Today - Baghdad   Today, Wednesday (August 7, 2024), the Trade Bank of Iraq called on all exchange companies of categories (A - B) to visit its branches to participate in entering the window for buying and selling foreign currency for cash dollars for travelers .

The bank said in a statement received by "Baghdad Today", "Based on the directives of the Central Bank of Iraq and to achieve the objectives set by the management of the Trade Bank of Iraq, in order to facilitate and simplify the procedures for selling cash dollars to travelers, the Trade Bank of Iraq calls on all exchange companies of categories (A, B) licensed by the Central Bank of Iraq to visit its branches to open a special bank account to participate in entering the window for selling and buying foreign currency for cash dollars for travelers.

It is noteworthy that the Central Bank of Iraq decided on July 4, 2024, to start selling dollars to travelers, exclusively through corporate and bank outlets at international airports.

Meanwhile, the Central Bank decided to grant category “AB” exchange companies the ability to record internal and external remittance activities via the FITR platform.  LINK

Financial Disaster Looms: Two-Thirds Of Oil Revenues Spent On Salaries And Welfare

August 7, 2024  Baghdad/Al-Masala: Iraq is facing a serious financial crisis that threatens the stability of its national economy, as figures reveal that a large portion of oil revenues is spent on salaries and social costs.

With alarming figures showing that more than two-thirds of oil revenues are spent on salaries and social welfare, concerns are real about the country's ability to cope with potential fluctuations in global oil prices.

As pressure on the general budget continues, the big question arises: How will Iraq deal with the upcoming economic challenges in light of increasing financial dependence on oil revenues?

Economic analyst Nabil Al-Marsoumi said that salaries and social welfare consume a large portion of Iraq's oil revenues, leaving the national economy vulnerable to fluctuations in global oil prices.

The state's actual accounts for the first half of 2024 showed worrying data indicating that:

- Salaries of employees on the permanent staff amounted to 28.189 trillion dinars.

- Social care costs amounted to 12.244 trillion dinars.

- Total salaries and social care amounted to 40.433 trillion dinars.

These numbers represent:

-69% of general expenses

-77% of operating expenses

-69% of oil revenues

This means that more than two-thirds of oil revenues are spent on salaries and social welfare, putting significant pressure on the public budget and limiting the ability to finance other projects.

And the drop in the price of a barrel of oil to $60 will result in oil revenues being barely enough to cover salaries and social welfare costs alone.

The economic analyst commented, saying: “May God prolong the life of oil, raise its price, and keep the horror of decline away from it,” expressing hope that oil prices would continue to rise to avoid negative effects on the national economy.

This warning comes at a time when global markets are facing significant fluctuations in oil prices, making it necessary for the Iraqi government to take measures to improve resource management and enhance non-oil sources of income to ensure financial and economic sustainability. https://almasalah.com/archives/97832

Dollar Exchange Rates Rise In Iraqi Stock Exchanges

Economy  2024-08-07 2,626 views  Alsumaria News – Local Alsumaria News publishes the exchange rates of the dollar against the Iraqi dinar in the local Iraqi markets for Wednesday, August 7, 2024.

The dollar prices rose slightly at the opening of the Al-Kifah and Al-Harithiya stock exchanges in Baghdad, recording 149,950 dinars for every 100 dollars. As for the selling prices in the exchange shops in the local markets in Baghdad, they rose, as the selling price reached 151,000 dinars for every 100 dollars, while the buying price reached 149,000 dinars for every 100 dollars.

On February 7, 2022, the Council of Ministers announced its approval to amend the dollar exchange rate to 1,320 dinars per dollar.

For about a year, specifically since the Central Bank began operating the electronic platform and the international financial transfer system "SWIFT", the dollar exchange rate in Iraq has not witnessed stability despite the government and the Central Bank's attempts to control the exchange rate in parallel markets.  LINK

Economist Explains The Impact Of Regional Tension On Iraqi Oil Exports

Economy  Information/Baghdad...  Economic expert Safwan Qusay accused America and the Zionist entity of creating tensions in the region and affecting oil exports.

Qusay told Al-Maalouma, "Oil prices have fallen to $77 per barrel, but the value of the decline is less than the decline in the value of stocks."

He added, "There is a fear of the expansion of the circle of conflict in the region, especially since Iran is a large country and the process of its entry into a conflict in the Middle East requires time and funding. Certainly, the American economy will shift from a development zone to a war zone, which will affect industrial and technological companies."

He added, "Oil supplies will be affected in the event of a comprehensive war in the Strait of Hormuz, as exports from this region represent 20 percent of the world's oil exports."

He explained that "the Strait of Hormuz represents a pivotal point, as any conflict in this strait will negatively affect Iraqi oil exports as well as revenues." He explained that "Iraq has a reserve at the level of the Central Bank that can finance operating expenses for no less than 360 days only." LINK

Finance Figures Lead Experts Into A “Fiery Debate”… Continuous Bleeding Of Iraq’s Financial Future

Economy  2024-08-07   1,313 views   Alsumaria News – Economy  Experts and those interested in economic affairs in Iraq are immersed in a deep discussion about the size of the "old renewed" danger, which the spending and revenue figures remind us of from time to time with an increase in the risk rate, as a result of the increase in the size of spending monthly and annually in Iraq.

The latest report of the Ministry of Finance’s accounts revealed the size of revenues and expenditures in Iraq during the first half of the current year.

The report showed that employee salaries and social welfare consume two-thirds of the budget revenues, with a continuous increase due to continued employment and continued increase in allocations, with expectations that salary amounts will rise above the 50 trillion barrier for the first time by the end of the current year, in contrast to indicators of a decline in Iraq’s revenues due to the decline in oil prices.

Employee salaries in Iraq have reached more than 28 trillion dinars and social welfare more than 12 trillion dinars, so that the total welfare salaries and salaries are more than 40 trillion dinars during the first half of this year, which was described by the economic expert Nabil Al-Marsoumi as more than two-thirds of public expenditures and oil revenues are spent on salaries and welfare. Al-

Marsoumi explained that if the price of a barrel of oil falls to $60, oil revenues will be enough to cover salaries and social welfare only.

Accordingly, this means that Iraq is separated by less than $20 per barrel, so that all investment projects and all types of Iraqi expenses will stop, even the ration card perhaps, and the expenses of commodity supplies for schools, hospitals, and others.

Accordingly, Al-Marsoumi comments by saying: "May God prolong the life of oil, raise its price, and keep the horror of the decline away from it!"

Economic expert Munar Al-Obaidi said two days ago that it is expected that government sector salaries for the year 2024 will exceed the 50 trillion Iraqi dinar barrier for the first time in Iraq's history, reaching 56 trillion Iraqi dinars and representing more than 44% of total expenditures after representing less than 40% of total expenditures in previous years. The

total value of government sector salaries until mid-2024 amounted to 28 trillion Iraqi dinars, an increase of 19% compared to last year. In contrast, total revenues for the current year are expected to decrease by 3% compared to the previous year, according to Al-Obaidi.

Amidst this raging debate about the ongoing indicators of the slow collapse, death and gradual bleeding of Iraq's financial power and its financial fate, with rapidly rising expenditures and declining revenues, specialists describe the most dangerous payments as the monthly payments in a fixed installment that are not linked to the increase or decrease in revenue, namely salaries and the share of retirees in the budget, and the monthly share of care and support in the budget,

 because they are expenses that are difficult to reverse except by the trick of reducing the value of the currency and have become exposed after 2021, or by imposing taxes and withholding allocations, and they will face popular rejection, in a vicious circle from which there is no escape. LINK

“Tidbits From TNT” Wednesday Morning 8-7-2024

TNT:

Tishwash:  Central Bank Governor's Resignation: Admission of Failure or Escape from the Repercussions of the Financial Crisis?

The Governor of the Central Bank of Iraq, Ali Al-Alaq, submitted a request to relieve him of his post to Prime Minister Mohammed Al-Sudani, amid a series of issues and problems in the financial and banking sector in Iraq, which include the failure to control the dollar exchange rate on the black market.

An informed source revealed to Al-Mustaqilla today, Tuesday, that Al-Alaq decided to submit his resignation after facing multiple problems in the financial sector, in addition to his inability to fulfill his promises to control the exchange rate. This request comes at a sensitive time for the Iraqi economy, which suffers from severe fluctuations in exchange rates and direct impacts on the local economy.

The main reasons that prompted Al-Alaq to submit his resignation are related to the ongoing difficulties in managing the financial and banking sector, in addition to the major challenges in controlling the dollar exchange rate on the black market. Since taking office, Al-Alaq has made many promises to achieve financial stability, but he has faced great difficulties in implementing them, which has led to increasing pressure on him.

A document obtained by Al-Mustaqilla today, Tuesday, revealed that the Speaker of Parliament has agreed to host the Governor of the Central Bank, Ali Mohsen Al-Alaq, by the Parliamentary Integrity Committee. This hosting aims to discuss the challenges facing the Central Bank and investigate the reasons that led to the request for his resignation.

Al-Alaq’s resignation could raise questions about the future of financial policy in Iraq. The central bank is central to economic stability, and any change in its leadership could have a significant impact on financial markets and confidence in the banking system.

Iraq faces major economic challenges that require strong and qualified financial leadership. The most prominent of these challenges are: 

Controlling the exchange rate: Iraq needs effective policies to control the dollar exchange rate and prevent speculation that leads to sharp fluctuations.

Banking system reform: Improving the efficiency and transparency of the banking system to keep pace with international standards.

Combating corruption: Promoting integrity and transparency in financial institutions to prevent corruption and restore investor confidence.   link

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

Tishwash:  Finance seeks to improve financial performance and enhance spending efficiency

Finance Minister Taif Sami chaired a meeting of the Ministry's Opinion Board on Tuesday, where it discussed the measures taken to improve the ministry's financial performance and enhance the efficiency of public spending.
The ministry said in a statement received by the Iraqi News Agency (INA): "The Minister of Finance chaired the meeting of the Ministry's Opinion Board, attended by all its members, to discuss a number of important financial and economic topics."

The statement added, "The attendees discussed the current financial policies and procedures and ways to develop them to achieve the ministry's strategic goals and follow up on the implementation of the financial plan for the current year and the challenges it faces."
It continued, "The future directions of financial policies were also discussed in light of local economic variables and the measures taken to improve the ministry's financial performance and enhance the efficiency of public spending."

The meeting stressed - according to the statement - the importance of "continuous coordination between various relevant parties to ensure the achievement of the desired goals."  link

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

Tishwash:  Rafidain announces the implementation of the comprehensive banking system in 37 branches

Rafidain Bank announced today, Wednesday, the implementation of the comprehensive banking system in 37 branches.

The media office of Rafidain Bank stated in a statement received by the Iraqi News Agency (INA), that "in implementation of the government program to move from paper transactions to electronic ones to provide the best services to citizens, the comprehensive banking system was applied in the Al-Amir neighborhood branch in Najaf and the Kut branch, thus joining the branches in which the comprehensive system was activated in Baghdad and the governorates in addition to the branches of the border crossings (Zurbatiya - Safwan - Arar - Trebil) so that the number of branches in effect and completed for the system becomes (37) branches."

He added, "This important step came to strengthen the banking system, meet its requirements, and move away from paper work and towards completely electronic systems."

 He added that "the plan for digital transformation and adoption of the comprehensive banking system is proceeding according to the set timetables to include all bank branches in implementing the system, especially since the priorities and adoptions of the government program include electronic transformation in financial transactions, reducing the circles of routine for citizens, shortening time, simplifying procedures, overcoming obstacles, and intensifying efforts to improve the level of services provided to customers and completing their transactions." link

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

Tishwash:  Agenda of the House of Representatives session tomorrow, Wednesday

The Iraqi News Agency (INA) publishes the agenda of tomorrow's session of the House of Representatives, Wednesday, according to what was published by the media department.

Iraqi News Agency IRAQI NEWS AGENCY

News   Al-Nawar sat

First: voting on the draft law on public scientific university education (7 articles). private. Heaven Alt

Second: The first reading of the draft law on the first amendment to the Industrial Cities Law No. (2) Economy, Industry and Trade (7 articles).

Third: Report and discuss (the second reading of the draft law on the first amendment to the law establishing the year 2016. (Committee of Martyrs, Victims and Political Prisoners).

Fourth: The first reading of the draft law on the first amendment to the Notary Book Law No. (Legal Committee), (10) articles).

Fifth: The first reading of the proposed law on the first amendment to the Pharmacists Syndicate Law of 1966. (Health and Environment Committee), (31) articles).

Sixth: The first reading of the proposed law on the first amendment to the law of the House of Representatives and its formations, Legal Committee No. (14 articles).

The session begins at one o'clock in the afternoon  link

Mot: ... Sooooooooooooo Ready to Ask!!!!! 

Mot: .. Just Love When I Find Such Positive Vibs on da net!!!!

Seeds of Wisdom RV and Economic Updates Tuesday Evening 8-6-24

Good Evening Dinar Recaps,

Google Pay, Walmart-backed PhonePe to join India’s CBDC pilot

In April, Reserve Bank of India Governor Shri Shaktikanta Das announced plans to expand its retail central bank digital currency (CBDC) pilot beyond banks. Last month the central bank said payment providers would join the digital rupee pilot this quarter.

Now Reuters reported that five payment providers have applied, citing sources. They are Google Pay, Walmart-backed PhonePe, Cred, Amazon Pay and Mobikwik.

PhonePe is India’s leading payments app, followed by GooglePay. Together they make up 85% of transactions and value for UPI, India’s successful instant payment solution, which processes almost 14 billion transactions monthly.

Not mentioned among the digital rupee applicants is third ranked player PayTM, which has a 6% UPI market share. Cred is fourth, AmazonPay is sixth and Mobikwik is sixteenth, but the UPI figures drop off significantly beyond the big three.

If the CBDC follows UPI, then banks might end up playing second fiddle to the payment apps. Three banks rank in the top ten for UPI apps – Axis, ICICI and Kotak Mahindra – with the largest in the fifth spot. However, the three banks combined have a market share of less than one percent.

The percentages reference the user interface used to initiate payments. UPI is for interbank payments, so the money comes from bank accounts.

A Reuters source also stated that the erupee pilots are likely to stay in the pilot stage for a couple of years, which makes sense.

Advanced CBDC functionality takes time
From the early days, the central bank managed expectations, noting that the CBDC was unlikely to compete with the well-established UPI payment infrastructure. 

Without more advanced functionality, there’s no incentive for consumers to switch. And if providers offer cash incentives, the switch could be temporary, as has happened in China with its digital yuan red envelope incentives.

Some of the distinguishing functionalities of India’s CBDC include offline payments and programmable payments, which are still in the early stages. Unlike rolling out the app, both may take a little time to come to fruition.

Plus, both the Ministry of Finance and central bank believe that the CBDC killer app will be cross border payments, especially for remittances. Even more so than the other two features, cross border payments take time to develop through collaboration with other jurisdictions.

@ Newshounds News™

Read more:  Ledger Insights

~~~~~~~~~

Euro stablecoin market surges under MiCA

French and Irish fintech companies have partnered to introduce a euro-backed stablecoin. The coin will launch on the Stellar blockchain a month after MiCA stablecoin laws came into force.

The European Union’s Markets in Crypto-Assets Regulation (MiCA) framework is gradually coming into effect in line with its planned implementation timeline. The initial set of regulations, which took effect on July 1, focused on stablecoins and their issuers.

These clear guidelines have both cleaned out the market of players not able to meet regulatory requirements and created a favorable environment for stablecoins pegged to local currency.

One example is a new partnership between the France-based fintech company Next Generation and Ireland-based electronic money institution (EMI) Decta, which announced a plan to reintroduce a euro-pegged stablecoin, EURT, on the Stellar blockchain.

According to the involved parties, the initiative, which launched on Aug. 5, is fully MiCA compliant.

MiCA rebirth
Next Generation has strong ties to the renowned fintech player Tempo France. This company initially launched EURT in 2017 in collaboration with the Stellar Foundation, pioneering one of the first euro-pegged stablecoins.

However, the absence of a regulatory framework then led to the project’s suspension. However, under MiCA, stablecoins are classified as electronic money tokens (EMTs), aligning them with traditional e-money and necessitating that issuers possess an EMI license or be a credit institution.

This regulatory clarity has transformed the euro-backed stablecoin market, making it more predictable and attractive to investors.

Circle became the first global stablecoin issuer to comply with MiCA and chose France as its European headquarters, citing the country’s “forward-looking” stance on digital asset regulation.

The activation of MiCA is expected to drive substantial growth in the euro-backed stablecoin sector. Market predictions forecast a minimum market capitalization of 15 euros by 2025, reaching 70 billion euros by 2026 and potentially surpassing 2 trillion euros by 2028.

@ Newshounds News™

Read more:  CoinTelegraph

~~~~~~~~~

UBS says ‘going into Japan now is like catching a falling knife,’ warns stock sell-off will continue

“The only reason why the Japanese market is up so strongly in the last two years is because the Japanese yen has been very, very weak.

Once it reverses, you got to get out right and I think they’re all getting out right now as a result of that,” Tay said.

"The yen, which weakened to a 38-year low of 161.99 against the U.S. dollar in June, reversed course during the run-up to the Bank of Japan’s policy meeting."

"It strengthened sharply after the BOJ raised its benchmark interest rate last week to around 0.25% and decided to trim its purchases of Japanese government bonds."

"Currently, the yen was last trading at 144.82, its lowest level against the greenback since January. A stronger yen pressurizes Japanese stock markets, which are heavily dominated by trading houses and export-oriented firms by eroding their competitiveness."

"Tay said the yen can indicate whether the Japanese market will do well. As the yen has strengthened, stocks have declined, “there is still a lot more pressure on the Japanese stock market, unfortunately,” he said.

"While Tay acknowledged that some gains made by the market were due to corporate restructuring efforts by the Tokyo Stock Exchange, “the main driver was the Japanese yen.”

"Now, with the U.S. Federal Reserve signaling rate cuts are on the table and the Bank of Japan raising rates, the interest differential between the two central banks will narrow, making a “carry trade” less attractive, potentially setting the stage for the yen to strengthen further."

EVERYONE IS WONDERING WHY DID THE MARKETS CRASH ON 8/5 AND THEN REBOUND. JAPAN SET THE STAGE WITH A WEAKING NIKKEI. THIS ARTICLE SHEDS LIGHT ON THE CURRENCY SIDE OF THIS EVENT AND HOW THE YEN NEEDS TO STRENGTHEN AGAINST THE DOLLAR

@ Newshounds News™

Read more:  CNBC

~~~~~~~~~

Morgan Stanley, one of the most important financial institutions in the world, has stated that CRYPTOCURRENCIES WILL DISRUPT THE GLOBAL FINANCIAL SYSTEM IN 2024.

In a Banking And Financial Law Journal, it is documented that Morgan Stanley has also stated that Ripple is a LEADING PAYMENT ALTERNATIVE TO SWIFT.

And their own research reports, Morgan Stanley notes that XRP is more efficient than BTC and is closer to what traditional banks do today.

@ Newshounds News™

https://x.com/SMQKEDQG/status/1820783189197017134

@ Newshounds News™

Read more:  

Newshound's Daily Breakdown Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps

Iraq News Highlights and Points To Ponder 8-6-24

Here Are The Dollar Prices In The Iraqi Stock Exchanges

Economy  2024-08-06 | 2,525 views  Alsumaria News – Local Alsumaria News publishes the exchange rates of the dollar against the Iraqi dinar in the local Iraqi markets for Tuesday, August 6, 2024.

The dollar prices decreased with the opening of the Al-Kifah and Al-Harithiya stock exchanges in Baghdad, recording 149,800 dinars for every 100 dollars.

As for the selling prices in the exchange shops in the local markets in Baghdad, they decreased, as the selling price reached 150,750 dinars, while the purchase price reached 148,750 dinars for every 100 dollars.  On February 7, 2022, the Council of Ministers announced its approval to amend the dollar exchange rate to 1,320 dinars per dollar.

For about a year, specifically since the Central Bank began operating the electronic platform and the international financial transfer system "SWIFT", the dollar exchange rate in Iraq has not witnessed stability despite the government and the Central Bank's attempts to control the exchange rate in parallel markets.   LINK

More Than 1000 Contractors Declare Bankruptcy In Sulaymaniyah

2024-08-06 Shafaq News/ The Contractors Union in Sulaymaniyah Governorate renewed, on Tuesday, its demand to pay contractors’ dues for completed projects that have been stopped since 2014, revealing at the same time the bankruptcy of more than 1,000 contractors in the governorate.

The spokesman for the Contractors Union, Sulaymaniyah branch, Zain Abdullah, said during a press conference attended by Shafak News Agency, that contractors have been suffering since 2014 until now from the non-payment of financial dues for completed projects, as well as the non-granting of a financial guarantee letter, and the non-disbursement of insurance related to completed projects.

He added that after holding two separate meetings with the management of the regional bank and the central bank in Sulaymaniyah, it was agreed to form a committee and disburse financial insurance and the financial guarantee letter according to the completion rates of the projects within a period not exceeding three days.

Abdullah also pointed out that during the period from 1/2/2023 to 7/1/2024, a financial amount of 179 billion dinars was disbursed for new projects only in Sulaymaniyah, while the financial amounts were not disbursed for the completed projects implemented in 2014.

The union demanded that all dues be paid as soon as possible and that clearing houses be opened between companies so that funds can be transferred to the companies’ bank accounts.

He continued on behalf of the union that the contractors declared bankruptcy, and out of a total of 1200 contractors in Sulaymaniyah, there are now only 100 contractors working, and the rest have stopped working due to lack of financial liquidity.  LINK

Oil Issues Clarification Regarding Basra-Haditha Pipeline

Tuesday 06 , August 2024 | Economic Number of readings: 50  Baghdad / NINA / The Ministry of Oil issued a clarification regarding the (Basra-Haditha) pipeline.

The ministry stated in a statement: "Despite the many statements published by our ministry, which clearly explained the full truth of the Basra-Haditha crude oil pipeline project with all its details and the economic feasibility of its establishment, some still insist on addressing the project, describing it with inaccurate and unrealistic information.

From time to time, articles are still circulating in the media or on social media insisting on calling the project by a name other than the official name announced for it, drawing unrealistic scenarios that are not consistent with the direction of the ministry, which leads the oil wealth with confident steps and wise policies witnessed by everyone, achieving distinguished successes at all levels of extraction, transportation, refining and distribution."

She added: "The Ministry of Oil has been keen, as is its custom, to be transparent in sharing with the Iraqi people all the developments witnessed by the oil sector and the important achievements made in it, out of its keenness to convey accurate information, as not a period passes without news to our people about completed projects and others under construction or in the process of starting implementation, as these achievements are backed by the tremendous efforts of our ministry's cadres and its various formations."

She continued: "Based on this principle, the ministry is currently preparing to start implementing one of the giant strategic projects in the field of transporting crude oil from Rumaila in Basra Governorate in the south to Haditha in Anbar Governorate in the north, as the project serves two main goals: diversifying export outlets and supplying current and future refineries and power stations with crude oil."

The Ministry clarified in response to the recent article that discussed the project with inaccurate information, the Ministry of Oil would like to say that the officials in our Ministry have stated in more than one forum and occasion that the project does not extend to the port of Aqaba and does not contain any new pipelines outside the borders,

but rather work is being done in parallel with the implementation of the project to link it with the Iraqi-Turkish export pipeline by linking the Haditha warehouse to the (IT1A) station in Baiji with a 200 km long pipeline, where the cadres of our Ministry, represented by the formations of the Oil Projects Company, the Lines and Pipelines Company, and the North Oil Company, have rehabilitated and maintained the pipeline extending from the (IT1A) station in Baiji to the Turkish border point in Fishkhabur,

which was severely damaged during the events that the northern governorates were exposed to during the past years, where the Ministry provided, by resorting to the maintenance option, despite its difficulty, large sums of money estimated at 500 million dollars.

She added that the halt of oil exports through the Turkish port of Ceyhan costs the state large financial fees and causes the loss of customers in Europe and North America, which calls for accelerating the start of this vital project, as all the oil produced from the Kirkuk fields and the northern region is consumed in the refining sector and the halt of crude oil exports from the Kurdistan Region.

She pointed out that the projects implemented by our ministry, especially the strategic ones, are subject to in-depth studies at all technical and economic levels that extend over many years, taking into consideration long-term oil policies and market needs.

Reputable international companies are called upon to prepare technical and engineering documents in order to mature them before they are ready for implementation. Accordingly, the statement that the project is not economically feasible is contrary to reality, as the Ministry of Oil is the most keen on the success of the projects it implements and ensuring their economic feasibility.

She explained that a large part of the oil from this pipeline will be consumed locally by equipping the refineries of the central and southern regions of Nasiriyah, Samawah, Karbala, Najaf, Diwaniyah and the refineries of the northern region, in addition to supplying power stations with crude oil during peak times.

She added that our ministry has repeatedly stated that the Haditha-Aqaba pipeline project is not included in the ministry's plans and that in any case it will be subject to a technical and economic feasibility study, but some people, due to their lack of full understanding of the project's components, continue to present it inaccurately, describing the project in a way that it does not contain, provoking people's emotions in obstructing the project and putting obstacles in the way of the country's progress and prosperity.

She pointed out that the project will be a fundamental pillar in driving the Iraqi economy by maximizing financial resources, raising the country's overall growth level, and delivering Iraqi oil to European and American markets through the port of Ceyhan and perhaps in the future through the port of Tartous or the port of Tripoli on the Mediterranean Sea at competitive costs that allow the sale of oil at rates higher than the price offered for oil available at Gulf ports thanks to the short distance and low shipping costs.

The project, with its large facilities extending along the pipeline route, whether the giant warehouses in both Rumaila and Haditha or the pumping stations, will create significant job opportunities for the country's people.

The project's location near the development road will support the government's orientations to raise the globality of the project and make it a global energy corridor alongside the trade corridor and push surrounding countries to invest in oil and gas transport projects through Iraq, which will positively reflect on the country's economy.

The Ministry of Oil stressed that it is the guardian of the country's oil policy and the guarantor of the success of the projects that are planned accurately and with the most efficient Iraqi expertise and employing the latest technologies by harnessing major international companies in the field of consulting, planning, manufacturing and implementation.

It called on all media interested in the oil field to clarify information from the accredited media outlets in our ministry or through the responsible authorities in the formations of the Ministry of Oil in order to obtain accurate information and an objective and constructive presentation in describing projects in general and the Basra-Haditha crude oil pipeline project in particular. /

https://ninanews.com/Website/News/Details?key=1145998

Iraq Exports More Than 8 Million Barrels Of Crude Oil And Its Derivatives To America In A Month

2024-08-06 Shafaq News/ The US Energy Information Administration announced on Tuesday that Iraq exported more than 8 million barrels of crude oil and its derivatives to the United States during the month of May of this year.

A schedule of the administration, which Shafaq News Agency has reviewed, showed that Iraq's exports of oil and its derivatives in April amounted to 8.460 million barrels, down by 2.52 million barrels from what it recorded in April, which amounted to 10.512 million barrels.

The US Energy Information Administration stated that OPEC's exports of crude oil and its products to America during April amounted to 47 million and 348 thousand barrels, with Saudi Arabia leading the highest rate of exports to America, amounting to 15 million and 69 thousand barrels during the same period of time.

Iraqi oil exports to the United States have increased significantly over recent years, with export figures reaching record levels in some months, due in part to Iraq's ability to increase its oil production, as well as rising global demand for oil.

Oil trade relations between Iraq and the United States play an important role in strengthening economic relations between the two countries, and contribute to enhancing the stability of the global oil market and providing energy to the American and global economies.  LINK

MilitiaMan: Iraq Dinar Update - IQD Revaluation - Central Bank Governor - Stability of Exchange Rate

Iraq Dinar Update - IQD Revaluation - Central Bank Governor - Stability of Exchange Rate

MilitiaMan and Crew:  8-6-2024

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=n-gLlQMWvaY

Economist’s “Financial Crash News and Views” 8-6-2024

Decoding Economics: New Black Monday, Stock Markets Crash

Tuesday, 6 August 2024, 6:35 AM

On a day that will undoubtedly be etched in the annals of financial history, Japan’s Nikkei Index faced an unprecedented fall, plummeting 12.40% to 31,458.42 points. This remarkable downturn has been labeled the new “Black Monday,” a term that conjures images of financial chaos and market panic, reminiscent of previous stock market crashes. But what triggered this massive sell-off, and what does it imply for Japan and the global economy?

The catalyst behind this startling decline was an amalgamation of concerns centered on a potential global recession. Weak economic data emanating from the United States has heightened fears about the broader economic landscape. It isn’t merely the numbers that are alarming; it’s the narratives they weave, signifying a possible slowdown that could ripple through nations and continents.

Prior to this downturn, the Nikkei 225 had been riding high, with a peak of approximately 42,400 points reached in mid-July. Investors were optimistic, buoyed by a robust recovery from the pandemic and strong export performance. However, as global sentiments shifted and indices began to display signs of volatility, the stage was set for a dramatic correction.

One of the critical factors contributing to the Nikkei’s downfall was the sudden and sharp appreciation of the yen, which, although typically a sign of strength, began to pose challenges for Japan’s export-driven economy. A stronger yen makes Japanese goods more expensive for foreign buyers, effectively hurting sales in international markets. Consequently, companies that thrive on export revenues found themselves caught in a tightening vise, resulting in a steep decline in stock prices across the board.

This situation not only affected domestic sectors but had a domino effect on markets in the region. Asian financial markets responded swiftly, with notable declines in Hong Kong, Shanghai, Mumbai, Bangkok, Manila, and Jakarta. Investors’ apprehension was palpable, creating a sense of uncertainty that cast a long shadow over market activities.

The fallout from the Nikkei’s plummet was global. European markets in Frankfurt, Paris, and London experienced significant declines, though they were less severe than their Asian counterparts. Such trends underline a growing interconnectedness within the global financial system, where turmoil in one major economy can lead to widespread unease elsewhere.

Social media platforms lit up with analysis and commentary, as traders, analysts, and economic pundits sought to make sense of the situation. Many expressed a deep concern for the prolonged health of the global economy and the interconnected nature of financial markets. The reactions varied from panic to caution, signaling that investors are weighing their options in a climate of heightened uncertainty.

As we move forward, the question remains: what does this mean for the future? Economists warn that before recovery can commence, stabilizing factors must be addressed. Central banks might need to reassess policy schemes to shield economies from volatility, while businesses might have to adapt their strategies to weather economic headwinds.

Investors will undoubtedly remain vigilant, watching for indicators of recovery in the U.S. and elsewhere. The road ahead could be tumultuous, but it is crucial for market players to recalibrate expectations and remain cautious of potential market overreactions.

In conclusion, Japan’s “Black Monday” serves as a stark reminder of the fragility of markets in the face of economic uncertainty. As we navigate through these turbulent times, vigilance, informed decision-making, and a keen understanding of underlying economic indicators will be essential for investors and businesses alike.

The path to recovery may be long, but one thing is clear: the world is watching, and the ramifications of this day will echo across markets for time to come.

Watch the video below from Decoding Economics for more information.

https://youtu.be/PvZLQREipaA

Is This The "Everything Bust" Of The "Everything Bubble"? | John Rubino

Liberty and Finance:  8-5-2024

The S&P 500 has declined by nearly 10% from its peak. John Rubino (https://rubino.substack.com) highlights the vulnerability of the stock and real estate markets.

He notes that almost all asset classes are experiencing bubble-like conditions. Recent market movements and financial crisis in Japan could signal the onset of a widespread downturn.

We may be witnessing the "everything bust" of the "everything bubble." This situation suggests significant challenges ahead for investors.

INTERVIEW TIMELINE:

0:00 Intro

 1:55 Real estate

13:15 "Emergency" rate cuts

15:50 Fiat collapse

 20:20 The "everything bust"

22:25 Preparedness

https://www.youtube.com/watch?v=Pix9_CyDGT8

Global Market MELTDOWN (this is just the beginning)

Taylor Kenny:  8-5-2024

BREAKING NEWS: Dubbed Black Monday 2.0, the world is witnessing a dramatic global stock MELTDOWN.

With concerns escalating as the Federal Reserve faces calls for an emergency rate cut to prevent an even deeper recession.

Taylor Kenney is here to bring you the latest developments as they continue to unfold.

https://www.youtube.com/watch?v=yVP33pUgC8M

“Tidbits From TNT” Tuesday 8-6-2024

TNT:

Tishwash:  Former MP: Iraq's financial autonomy is lost because of Washington

On Monday, former member of the Finance Committee, Muhammad Al-Shabki, accused Washington of dominating the oil revenues in the US Federal Bank. 

Al-Shabki said in a statement to the “Al-Ma’louma” agency, “There are issues imposed on Iraq and domination of the Iraqi economy by the United States,” noting that “this policy that America placed on Iraq is the reason for the calamity in its economic situation.” 

He added, “Iraq does not have autonomy over its money coming from oil exports in the US Federal Bank,” calling on the government to “be freed from this pressure and have a say in reformulating the relationship with the Americans.” 

He stated that "Iraq is asking the American side for a lot of money, which represents the proceeds of the amounts in the Federal Bank." 

Earlier, a member of the Al-Fatah Alliance, Ali Hussein, warned in a statement to the Al-Ma'louma Agency about the American control over the oil financial revenues in the Federal Bank, accusing Washington of exploiting this control to exert pressure on Iraq. link

Tishwash:  The power of the "Federal Forces"... Iraq is moving to achieve financial autonomy

The United States of America still dominates the Iraqi economy through economic agreements concluded by Washington according to what primarily serves its interests, as the American administration seeks to block the way for those trying to rid the country of its control over Iraqi oil sales funds. 

The United States of America continues to impose its influence on Iraq in many vital files, including depositing the funds from the sale of Iraqi oil in the US Federal Bank, amid clear blackmail by passing many files, most notably the dollar bill, which puts great pressure on the government.  

Iraq seeks to get rid of this dominance by depositing the money in the Federal Bank and sending it directly to the Central Bank. 

Speaking about this file, Al-Fatah Alliance member Ali Hussein calls on the government to seek to find alternatives and take the step of liberating the country from the dominance of the dollar and the continuing American sanctions, while stressing that Iraq's move towards lifting the restrictions of the US Federal Bank is a must.  

Hussein said in an interview with the Maalouma Agency, “It will be a bold step, but it will succeed if the atmosphere is created and contracts are made with alternative international banks,” noting that “it is necessary to bring in companies from international countries.” that do not deal in the US dollar.”  

He continues, “Entering into the Shanghai system and other global organizations will be the first stage of liberation from the dollar,” adding that “the movement to end the dollar’s ​​hegemony over the world, led by major countries, has greatly succeeded.”  

He adds, “Contracting from companies from Eastern countries and bringing them to work inside Iraq will avoid the economic blockade,” pointing out that “the government is required to seek to find alternatives and take the step of liberating the country from the dominance of the dollar and American sanctions."  link

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

Harambe:  Telegram: Reports of 2 American soldiers killed in the bombardment of 7 missiles by the Iranian proxy on the Ain Asad base in Iraq

🔸 Reports of 2 American soldiers killed in the bombardment of 7 missiles by the Iranian proxy on the Ain Asad base in Iraq.

🔸 Report on American military activity at the Arar border crossing between Saudi Arabia and Iraq. Possible US reinforcements on their way to Iraq.

Telegram Link:

https://t.me/beholdisraelchannel/37017

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

Tishwash:  Iraq, EU discuss combating terrorism

Today, Monday, the head of the Counter-Terrorism Service, Karim Al-Tamimi, discussed the file of combating terrorism with the European Union Mission.
A statement by the service received by /Al-Youm Al-Akhbariya/ stated that "the head of the Iraqi Counter-Terrorism Service, Lieutenant General Karim Al-Tamimi, received the head of the European Union Mission and his accompanying delegation today, Monday, at the headquarters of the Counter-Terrorism Service in the capital, Baghdad."

The two sides discussed, according to the statement, "security cooperation in combating terrorism with regard to holding workshops and conferences and exchanging expertise and information with the European Union countries."

The statement indicated that "the discussion addressed the Iraqi national strategy to combat terrorism and the mechanisms of cooperation in its implementation in order to achieve the desired goal of reaching a secure and stable Iraq."  link

Mot: .. Finally - Figured out da problem!!!! 

Mot: ... Sooooooooo - Howd Ur Day Go!!!!!

Seeds of Wisdom RV and Economic Updates Tuesday Morning 8-6-24

Good Morning Dinar Recaps,

STELLAR Blockchain Chosen for New EURT Euro-Pegged STABLECOIN Initiative

"Ireland-based electronic money institution (EMI) DECTA is partnering with French fintech company Next Generation to introduce a new Euro-pegged stablecoin, ‘EURT’.

The collaboration aims to create a fully compliant stablecoin that adheres to the Markets in Crypto-Assets (MiCA) regulations and operates on the Stellar blockchain, alongside three additional platforms."

"Next Generation, which has close ties with Tempo France, previously launched EURT with the Stellar Foundation as one of the first stablecoins in 2017. 

However, the project was suspended due to the lack of a regulatory framework. The implementation of MiCA now provides a structured environment, facilitating the relaunch of this project."

"As of 1 July 2024, the new MiCA regulations permit the issuance of Euro-pegged stablecoins exclusively by credit institutions or EMIs within the EU. With its EMI license from the Central Bank of Ireland, DECTA is well-positioned to be a pioneering issuer under these new regulations."

“The implementation of MiCA has ushered in a new era in the history of modern digital finance in Europe,” said Suren Hayriyan, president of Next Generation. “The demand for Euro stablecoins is extremely high. Companies, entrepreneurs, and private users today lose a lot on forced conversions.

"The firms plan to launch EURT in October, aligning with strategic goals and regulatory milestones. The partners emphasize the SIGNIFICANCE OF REGULATION, indicating that UNREGULATED Euro-denominated stablecoins will no longer have a place in the market"

@ Newshounds News™

Read more:  Digital Pound Foundation

~~~~~~~~~

We’re excited to announce that #Hedera has officially joined the @IIF
 (Institute of International Finance),  joining the likes of @circle @coinbase, and @BlackRock, and other leading institutions to collaboratively foster global financial stability and sustainable economic growth.

@ Newshounds News™

Read more:  Twitter, IIF

~~~~~~~~~

Hedera - HBAR

@ Newshounds News™

~~~~~~~~~

JUST IN: El Salvador bought more #Bitcoin today while everyone else is selling.

@ Newshounds News™

Read more:  Bitcoin Magazine

~~~~~~~~~

ARE CBDC'S A FORM OF CRYPTOCURRENCY?

THIS ARTICLE IS VERY COMPREHENSIVE AND WE HIGHLY RECOMMEND CLICKING THE LINK TO THE FULL ARTICLE FOR REVIEW

"Although CBDCs are a form of digital currency, they are not a cryptocurrency. Compared to cryptocurrencies, CBDCs are centralized, meaning they’re issued and regulated by a monetary authority — in this case, a country’s government.

They’re also considered legal tender and hold the same status as any traditional fiat currency issued by a central bank. Finally, by virtue of the fact that CBDCs are based on fiat currency, they’re far less volatile than cryptocurrencies, whose value is determined by market forces and speculative activity."

"While both CBDCs and cryptocurrencies have their advantages and disadvantages, the general consensus is that they are two very different things, with different implications for the economy and society at large."

"The decentralized nature of cryptocurrencies has also accelerated innovation in cross-border payments — for example, RIPPLE, a Real-Time Gross Settlement system, has successfully built a global payment ecosystem with the XRP cryptocurrency at its core."

"The growing popularity of cryptocurrencies has created increased competition for central banks, which have realized that they need to offer instant, electronic payments to stay current and maintain market share."

"There’s been some confusion recently around the relationship between FedNow and CBDCs, with some wondering whether FedNow is a CBDC. To cut right to the chase: No, it is not, and the two are fundamentally different.

CBDCs are not a payment mechanism, but rather a form of currency and a digital means of storing value. FedNow, however, is a payment mechanism — in other words, it’s a means of moving funds from one bank account to another.

"To put things into perspective, the FedNow Service can be likened to a highway system, providing a fast and efficient infrastructure for the movement of payments between financial institutions.

 CBDCs enable central banks to compete with private-sector offerings by providing a wider array of services to consumers, including a more stable, secure alternative to cryptocurrencies.

There’s also a cost-saving incentive to CBDCs, as electronic payments are less expensive to process — both for governments and financial institutions — than paper-based payments."

"Looking to the future, FedNow, digital payments, ISO 20022, and CBDCs will be transformational not only for businesses within the financial services industry but for anyone who uses financial services. In the long run, they will coexist with cryptocurrencies, providing consumers and businesses with a wide range of complementary mechanisms for the digital transfer of value."

@ Newshounds News™

Read more:  Volantetech

~~~~~~~~~

Newshound's Daily Breakdown Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps 

Iraq Economic News and Points To Ponder Tuesday AM 8-6-24

The National Currency Is Fluctuating.. An Expert To The “Iraq Observer”: We Need A Banking System That Creates Balance

August 5, 2024  Baghdad/Iraq Observer   Dollar prices have witnessed a significant rise recently, with a difference of 20 thousand dinars from the official price, amid the absence of any real solutions to control it and limit its rise.

In this regard, Mustafa Hantoush, a researcher in banking and financial affairs, confirmed to the Iraq Observer that   “the issue of currency stability and the exchange rate is determined according to monetary policy, which is represented by several axes, the most important of which is that the dollar currency and the rest of the foreign currencies are owned by a number of foreign countries.”  He added,  “At the same time, Iraq has policies and understandings with these countries, such as the United States, so the issue of trade with countries such as Iran and Syria must be done according to the platform,” pointing out that

 “this trade is huge and must be financed according to a specific method by purchasing gold or making transfers.” Or goods are imported until there is an understanding with these countries.” 

He continued,  “The United States today prevents dealing with the dollar in official trade,  so how can this trade be financed at a time when it is not allowed to deal in the dollar-denominated dinar?

 The issue of the platform with Iran and Syria may raise the American momentum and reduce tensions, and thus stabilize the currency.”  He pointed out that    “to support and strengthen the national currency, there must be a basket of currencies that needs a banking system.

 Today, the banking system is due to the mistake committed by the Central Bank of Iraq related to the lack of a platform system with countries such as Iran and Syria from day one, unlike countries in the region such as Turkey and others that have created a platform.”

Gold and remittances, as the banking system was stopped, restricted from the dollar, and eliminated with quasi-sanctions, which created a banking problem, and then introduced banks to foreign investors with another mistake.”

 The researcher asked about banking and financial matters:

How are Iraqi banks given to foreign investors?

 This matter led, as a result, to these investors transferring the dollar to their bank branches in their countries, to an account in Citibank and JP Morgan, and

their profits will be in exorbitant amounts transferred to foreign countries, as

 the issue has begun to affect the sovereign financial security of Iraq.”

He explained,  “Iraq needs to build a banking system that strengthens banking standards and

thus enables Iraq to build a banking system that provides a balance for the currency.

 Also, the issue of people is not as important in monetary policies as the policies themselves are important,

 because the presence of a specific person who follows the same policies and does not have any plan, he cannot benefit from it.

”Rather, there must be a plan related to monetary policy to achieve the

    balance of the currency and the banking system,

    plans for financing and attracting deposits, and

     plans related to granting loans.

Whoever has banking policies will be the best.”    https://observeriraq.net/العملة-الوطنية-تتأرجح-خبير-لـعراق-او/    

A Financial Expert Diagnoses A “Fatal Error” In The Iraqi Banking System - Urgent

Economy | Today, 10:00 | Baghdad today – Baghdad  Today, Tuesday (August 6, 2024), financial expert Saleh Al-Banker confirmed that  Iraq is among the top countries in the Middle East in terms of hoarding money, while he diagnosed a grave error in the Iraqi banking system.

The banker said in an interview with “Baghdad Today” that  “the accumulations that have been continuing for many years have led citizens to lose confidence in banks and resort to hoarding money in homes,” noting that  “their percentage reaches 70% of financial flows, and   these are large numbers that indicate that we are among The countries with the highest amount of money in the Middle East.  He added, "Hoarding money in the financial concept is a grave mistake.

It will confuse the financial process and reduce the government's ability to provide cash to pay salaries," explaining that "resorting to electronic payment is a step in the right direction,  but the most important thing is withdrawing cash, and there are several ways." 

The banker pointed out that “the recent offering of treasury bonds is a correct decision,  but the media propaganda to create a culture of safe investment on the street is very weak, and this is what creates low rates for dealing with them, even though the interest rates are attractive.”

 He stressed  "the necessity of seeking to expand the circle of withdrawing liquidity from homes and  creating a movement of money that contributes to increasing the recovery of investment and granting government loans, especially with requests that are five times greater than the amount of funds allocated for loans in any sector, especially housing."

It is noteworthy that the Parliamentary Finance Committee commented on Saturday (July 13, 2024) on the impossibility of lifting US sanctions on some Iraqi banks.

 Committee member Moin Al-Kazemi said in an interview with “Baghdad Al-Youm” that  “there is no weakness in Iraq’s foreign policy and there is no defect in the Iraqi banking system that makes the United States of America not lift the sanctions on Iraqi banks.” 

Al-Kadhimi stated,  “There is a clear intention by the United States of America to continue these sanctions despite the clear development in the banking system and the restriction of foreign transactions through the electronic platform in the Central Bank, but Washington is using this file as a political file towards Iraq.” 

He added,  "The Iraqi government is working with everything it has to lift the sanctions on the banks, especially since those sanctions negatively affected the banking sector and contributed significantly to the dollar crisis."  

https://baghdadtoday.news/254943-خبير-مالي-يشخص-خطأً-فادحاً-في-النظام-المصرفي-العراقي-عاجل.htm l  

Imposing Guardianship On Zain Iraq Bank Reveals The Extent Of The Deterioration In The Banking Reality
 
August 6, 2024 Last updated: August 6, 2024 Independent/- The Central Bank of Iraq placed the “Zain Iraq Islamic Bank” under guardianship, in a step that reflects the improper practices and unsatisfactory performance of the bank’s management, which threatens the independence and integrity of the Iraqi banking system.
 
According to an official document obtained by Al-Independent, the decision of the Board of Directors of the Central Bank, No. 165 of 2024, was issued in accordance with the provisions of Article 59 of the Iraqi Banking Law No. 94 of 2004.
 
Jalal Abdullah Salman was appointed as trustee of the bank, in accordance with the provisions of Article 60 of the same The law, and is granted the powers specified in accordance with this decision. faces
 
The banking reality in Iraq major challenges that negatively affect the stability of the financial system and investor confidence.
 
These challenges include mismanagement of some banks and their lack of transparency and good governance.
 
The recent decision to impose guardianship on Zain Iraq Islamic Bank reflects the weakness of the supervisory procedures and internal controls in this bank.
 
The Central Bank of Iraq is the body responsible for supervising the banking system and ensuring its stability.
 
However, criticism is growing about the effectiveness of this oversight and its ability to detect and prevent financial abuses in a timely manner.
 
The decision to impose guardianship on the “Zain Iraq Islamic Bank” indicates the delay in supervisory intervention, which raises questions about the feasibility of the preventive measures taken by the Central Bank.
 

Oversight of banks and the Central Bank must not be limited to them alone, but the
 
Iraqi Council of Representatives must have an effective role in following up and monitoring financial and banking performance.
 
However, the House of Representatives' oversight role appears weak and often ineffective, leaving the door open to further violations and improper practices.
 
The absence of parliamentary oversight contributes to the exacerbation of financial problems and weakens confidence in the Iraqi financial system.
 
In conclusion, the decision to impose guardianship on “Zain Iraq Islamic Bank” reflects the urgent need for radical reforms in the banking system and strengthening financial oversight by the responsible authorities.
 
It requires joint cooperation between the Central Bank, banks, and the House of Representatives to ensure the stability and safety of the financial system in Iraq.  https://mustaqila.com/مصرف-زين-العراق/  

The Governor Of The Central Bank Chairs The Meeting Of The Supervisory Committee On The Restructuring Process Of Rafidain Bank

 August 05, 2024   The supervisory committee for the restructuring process of Rafidain Bank met under the chairmanship of His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, and in the presence of the committee members from the Ministry of Finance and the advisors of the Prime Minister and the advanced staff at the Central Bank of Iraq, as well as the presence of the international consulting company (Ernst & Young). Ernst & Young).

 The progress of work on the plan adopted by the government was reviewed in coordination with the Central Bank within the framework of the expanded program to reform the banking sector, improve its performance and services, and achieve financial stability.

 The attendees discussed the process of organizing the administrative, financial and technical structure of Rafidain Bank, to move towards the best global banking practices.

  It is worth noting that the aforementioned committee holds a monthly meeting under the chairmanship of the Prime Minister to provide a presentation on the steps taken and to monitor the progress of the process and provide guidance regarding it.

Central Bank of Iraq    information Office     August 5, 2024  https://cbi.iq/news/view/2631    

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

MilitiaMan: Iraq Dinar Update-Central Bank of Iraq-Action-Security-Stability-transparency-Exchange Rates-USD-IQD

Iraq Dinar Update-Central Bank of Iraq-Action-Security-Stability-transparency-Exchange Rates-USD-IQD

MilitiaMan and Crew:  8-5-2024

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=hFkyOQ2wsmI

Seeds of Wisdom RV and Economic Updates Monday Evening 8-5-24

Good Evening Dinar Recaps,

Three-Quarters of Banks Face Digital Banking Infrastructure Issues

The banking industry is experiencing a seismic shift as agile, digital-native FinTechs capture an ever-growing share of the market. 

Burdened by outdated technology, traditional financial institutions face mounting challenges in delivering modern digital services. 

The growing dominance of FinTechs — securing nearly half of all new account openings — highlights the urgency for banks to modernize their infrastructure.

With consumer expectations rapidly evolving toward seamless digital experiences, banks must navigate the high costs and complexities of updating their core systems. 

Exploring incremental modernization through application programming interfaces (APIs) may offer a viable path forward, enabling banks to enhance their digital capabilities and remain relevant in an increasingly competitive landscape.

A recent PYMNTS Intelligence Report, “Core Strength: FIs Must Modernize to Meet the FinTech Challenge,” in collaboration with Galileo, highlights the urgent need for traditional financial institutions to overhaul their outdated systems to keep pace with digital-native competitors. 

The report reveals that 75% of banks struggle with implementing new digital solutions due to their legacy infrastructure, underscoring the critical nature of modernization efforts. 

As FinTechs continue to capture a growing market share, banks face mounting pressure to adopt agile technologies and innovative approaches.

@ Newshounds News™

Read more:  PYMNTS   

~~~~~~~~~

The crypto market has just witnessed its largest three-day sell-off in 12 months amid weak jobs data in the US and revived fears of a recession.

The crypto market has just clocked its most significant three-day sell-off in almost a year, shedding as much as $510 billion from its total market capitalization since Aug. 2.

The sharp crypto sell-off arrived amid faltering equities performance, with the S&P 500 falling as much as 4.4% in the same time frame.

The market stumble has been led by weak employment data, slowed growth among major tech stocks and revived fears of a recession.

Several major companies, including Microsoft and Intel, posted lower-than-expected second-quarter results, and market leader Nvidia was battered by expectations of impending rate cuts in September, which has seen capital flow back into smaller, lagging companies.

The total crypto market capitalization fell by $314 billion on Aug. 5. Source: TradingView

The last time crypto sold off this sharply over a three-day period was in mid-August of 2023.

BTC and ETH are down 20% and 28%, respectively, in the last seven days.

Layer-1 network Solana’s has been the hardest-hit cryptocurrency among the top 10 largest tokens by market cap, falling 30.6% since July 30.

The Crypto Fear & Greed Index — an indicator that tracks market sentiment toward Bitcoin and crypto — has fallen back into “fear” and currently displays a score of 26 at the time of publication, according to Alternative.me.

@ Newshounds News™

Read more:  Coin Telegraph

~~~~~~~~~

Amazon Founder Jeff Bezos sold $1.65 billion worth of $AMZN at the exact top - man deserves a round of applause for these trades!

@ Newshounds News™

Read more:  Twitter

~~~~~~~~~

Why do I hold $XRP? This video should make it clear.

WATCH THE VIDEO IMBEDDED IN THIS TWEET.  WORTH 2 MINUTES.

@ Newshounds News™

Listen Here:  Twitter 

~~~~~~~~~

Japan's three largest financial companies have lost $85 billion in market value over the past two trading days.

Read that again.

History…

@ Newshounds News™

Read more:  Twitter

~~~~~~~~~

Newshound's Daily Breakdown Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps