Iraq Economic News and Points To Ponder Saturday Afternoon 8-17-24

Profit Sharing"... Iraq Is Making The Biggest Change In The Way It Deals With Oil Companies In Decades
 
Economy     2024-08-15 | 4,627 views   Alsumaria News – Economy  Iraq has made the biggest change in the way it deals with international oil companies in decades, by relying on profit sharing in contracts for developing oil and gas production projects and developing reserves.
 
According to the Specialized Energy Platform (based in Washington), the 13 new contracts signed by the Ministry of Oil yesterday, Wednesday, August 14 (2024), relied on a profit-sharing model instead of technical service conditions.

Iraq has made the biggest change in decades in the way it deals with international oil companies in an attempt to attract more money to the oil and gas sector in order to develop its huge reserves.

Baghdad signed preliminary agreements for 13 blocks and oil and gas exploration fields, which a number of companies won in a May licensing round, giving the companies profit-sharing contracts that include more attractive terms than those for technical services.
 
Details of new contracts
 
Profit-sharing models provide a share of revenue after deducting royalties and cost recovery expenses, an oil ministry official told Reuters.
 
Iraq adopted profit-sharing contracts for the May licensing round instead of formulating deals based on prior technical service terms to try to attract more investments.
 
The recent oil licensing rounds aimed to grant licenses to about 29 projects in 12 Iraqi governorates, to international and local companies, as 22 companies competed to develop the proposed fields and blocks.
 
Traditional technical services contracts pay a fixed price for each barrel of oil produced after offsetting costs, and are less lucrative for foreign investors than production sharing terms.
 
Last year, Iraq struck a $27 billion oil deal with France's Total Energy by offering a faster, lower-risk recovery through greater revenue sharing, a model it said at the time could be replicated to attract more foreign companies.
 
Oil investments in Iraq
 
Many major oil companies have complained that the terms of traditional oil service contracts mean they cannot benefit from higher oil prices, and lose out when production costs rise.
 
Iraq is the second largest producer in the Organization of the Petroleum Exporting Countries (OPEC) after Saudi Arabia, and currently has the capacity to produce approximately 5 million barrels per day.
 
Foreign investment in the oil sector in Iraq has declined since the wave of deals that followed the US invasion of the country more than a decade ago, which contributed to the stagnation of oil production.
 
Last year's Total deal was widely praised as a major achievement in attracting major Western companies to Baghdad.

Chinese companies dominated the bidding round last May, which offered 29 oil and gas projects, winning 10 of the oil and gas blocks and fields put up for auction.
 
The competition activities for the licensing rounds in Iraq (the fifth supplementary and the sixth) continued for 3 days during last May, as 7 Chinese companies acquired the license to develop a number of Iraqi oil projects, while no licenses were granted to any of the other foreign or Arab companies applying, other than... Local companies.
 
The Iraqi Ministry of Oil said that the agreements would increase production by 750,000 barrels of crude and 850 million standard cubic feet of gas.
 
Through the licensing round, Iraq seeks to increase the production of natural gas, which it wants to use to operate power plants that rely heavily on gas imported from Iran.
 
Oil Minister Hayan Abdul Ghani said that increasing gas production may allow more flexibility to supply gas to electric power stations.  https://www.alsumaria.tv/news/economy/497157/تقاسم-الأرباح-العراق-يجري-أكبر-تغيير-بطريقة-تعامله-مع-شركات-النفط-منذ   

Minister Of Oil: We Stopped Burning 65% Of The Gas

August 15, 22:15   Information / Baghdad...  Deputy Prime Minister for Energy Affairs and Oil Minister Hayan Abdul Ghani confirmed today, Thursday, the contracting of all gas fields and the cessation of burning 65% of its quantities, while pointing out that

 Iraqi gas is distinguished globally by containing ethane used in petrochemical industries.

 Abdul Ghani told the official agency and his follower, “Al-Ma’louma”, that

 “there are no difficulties or technical problems in the process of developing exploratory fields and patches within the fifth complementary and sixth licensing rounds, as all the information needed by the companies that were signed with is available in an information bag that includes many standards and information.

” Through which companies can submit their prices, in addition to that there are deadlines set for companies to submit these offers, as the process took more than six months to study this information.”  He added,

 "During this period, the Ministry of Oil was answering all inquiries submitted by these companies, with the aim of facilitating the process of submitting offers and preparing them at the required level."  He pointed out,

 "The expected production rates for the patches are estimated at 700 to 750 thousand barrels per day, in addition to investing 850 mqmq per day of gas, but

it is hoped that the real levels will be higher than the speculative levels," noting,

 "There are fields that are now producing large quantities." From the gas that is used to the national grid that equips the various power stations, the percentage of gas investment has reached more than 65 percent, while the quantities that are currently burned and have not been invested so far do not exceed 35 percent of the total gas quantities.”  He continued,

 "All gas fields have been contracted to invest and employ them through various contracts," pointing out,

 "There are contracts in Dhi Qar Governorate that have been signed and are now being implemented in contract with (the American Baker Hughes Company), where the completion rate has reached more than 65 percent." %, and there are contracts signed with the French company Total to invest gas from five oil fields, which are (Majnoon field, West Qurna 2 field, Luhais field, Tuba field, and Artawi field), and through these contracts, all the gas that is currently being burned will be invested.”  He stressed,

  “The Ministry of Oil plans to completely stop burning gas at the beginning of 2028, and use all the gas produced to generate electric power and other industries,” adding that

 “Iraqi gas is distinguished internationally by a specification that differs from other types of gas, as it contains a high percentage of the ethane compound.” Which can be employed and used in the petrochemical industries.” Ended 25 n  

 https://almaalomah.me/news/73464/economy/وزير-النفط:-أوقفنا-حرق-65-من-الغاز    

Financial Advisor To The Prime Minister: Iraq's Total External Debt Does Not Exceed $9 Billion

Baghdad Times    Financial Advisor to the Prime Minister, Mazhar Muhammad Salih:

 Iraq’s total external debt does not exceed $9 billion, and

 the general budget provides annual allocations to tighten it and its benefits under the heading of debt amortization.

 Saleh: Iraq has not recorded any default on its debts for 20 years, which gave it a stable credit rating.   

 https://baghdad-times.net/مستشار-رئيس-الوزراء-المالي-مجموع-الدي/    

Internal debt increased by 11%... Iraq borrows 10 trillion dinars
 
August 13, 2024
Baghdad / Iraq Observer
 
The head of the “Future Iraq” Foundation for Economic Studies and Consultations, Manar Al-Obaidi, revealed that the Iraqi government borrowed 10 trillion dinars during the past 6 months, which led to an increase in internal debt by 11%.
 
Al-Obaidi said in a blog post on Facebook followed by Iraq Observer,
 
“In just 6 months, the government borrowed 10 trillion dinars, and the following came:
 
     3 trillion dinars from government banks,
     4 trillion dinars from commercial banks, and
     3 trillion dinars from selling bonds,”
 
pointing out that this Borrowing increased the internal debt by 11% within six months.”  He added,
 
“The total borrowing from these parties amounted to 21 trillion dinars, representing
 
     17% of the volume of commercial and government bank deposits and representing
     10% of the banks’ assets, in addition to the obligations of the Ministry of Finance to the Central Bank, amounting to 41 trillion dinars, representing
     21% of the assets of the Central Bank.”
 
“In other words, approximately 15% of the financial sector’s funds exist as debts with the central government.”
 
It would have been better to invest this money in an investment fund that would provide revenues for the state that would increase the volume of non-oil revenues and would be a guarantee for the future of generations, according to Al-Obaidi.   https://observeriraq.net/الدين-الداخلي-ازداد-11-العراق-يقترض-10-ترل/   

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

“Tidbits From TNT” Saturday 8-17-2024

TNT:

Tishwash:  Romanowski confirms that her country is looking forward to deepening its security relations with the Kurdistan Government

U.S. Ambassador to Iraq Elena Romanowski welcomed the new U.S. Consul in the Kurdistan Region, Steve Bitner.

In a post on platform X, Romanowski stressed that her country is looking forward to deepening its strong security relations with the Kurdistan Regional Government.

She pointed to the desire of the United States "to expand educational ties between it and the Kurdistan Region, and to monitor free and fair elections on October 20 October."

Earlier, the U.S. Ambassador expressed her sincere thanks to former Consul Mark Straw for his services at the Consulate General in Erbil.

Over the past year, your leadership has helped strengthen economic, security, and cultural ties between the United States and the Kurdistan Region. link

Tishwash:  Attracting investors and limiting currency smuggling.. Specialist explains the importance of "digitizing" Iraqi banks

Financial and economic expert Nawar Al-Saadi revealed, today, Friday (August 16, 2024), the importance of the benefits of "digitizing" financial transactions for Iraqi banks, while pointing out that digitization can enhance financial inclusion by attracting users who do not deal with traditional banks by providing easy-to-access and easy-to-use services.

Al-Saadi told Baghdad Today that “digitizing financial transactions in Iraqi banks can provide significant benefits, especially in terms of reducing currency smuggling,” indicating that “by adopting digital systems, banks can track all financial transfers with greater accuracy and transparency. This means that each transaction is automatically recorded and saved in a central database that can be reviewed at any time. This allows the relevant authorities to monitor and quickly detect suspicious financial activities, making it difficult for smugglers to exploit the financial system to smuggle currencies.”

“Digitizing the banking system contributes to reducing money laundering cases, as these operations usually depend on exploiting loopholes in traditional systems, but with an advanced digital system, these operations become more complex. Digitization also allows the use of advanced technologies such as artificial intelligence to analyze patterns in banking data and identify any abnormal or suspicious transactions,” he added, stressing that “this helps prevent money laundering by early identification of unusual activities and reporting them to the competent authorities.”

Al-Saadi explained that “to implement this digital transformation in Iraq, there is a need for investments in technological infrastructure and developing the institutional capabilities of banks,” noting that “this requires providing modern technology, training employees to use it effectively, in addition to developing legislation and laws that protect users and encourage digital transactions. It is also important to enhance customer awareness of the benefits of digital transactions and build their confidence in the new systems.”

He stressed that “digitization in banks contributes to achieving more transparency and credibility in the financial system, as each transaction can be easily tracked and reviewed. It also improves the operational efficiency of banks by completing transactions faster and at a lower cost. In terms of security, digitization provides higher levels of protection against fraud and theft through advanced encryption technologies.”

The financial and economic expert concluded by saying, “Digitization can enhance financial inclusion by attracting users who do not deal with traditional banks by providing easy-to-access and easy-to-use services. Digitizing financial transactions in Iraqi banks also has great potential to enhance economic stability and reduce the risks associated with money laundering and currency smuggling, leading to a safer and more efficient financial system.”  link

Mot:  This is probably the best answer l've ever heard to the question, "Why did God create evil?"

READ THIS...

Why did God create evil? The answer struck me to the core of my soul!

A professor at the university asked his students the following question:

- Everything that exists was created by God?

One student bravely answered:

- Yes, created by God.

- Did God create everything? - a professor asked.

"Yes, sir," replied the student.

The professor asked :

- If God created everything, then God created evil, since it exists. And according to the principle that our deeds define ourselves, then God is evil.

The student became silent after hearing such an answer. The professor was very pleased with himself. He boasted to students for proving once again that faith in God is a myth.

Another student raised his hand and said:

- Can I ask you a question, professor?

"Of course," replied the professor.

A student got up and asked:

- Professor, is cold a thing?

- What kind of question? Of course it exists. Have you ever been cold?

Students laughed at the young man's question. The young man answered:

- Actually, sir, cold doesn't exist.

According to the laws of physics, what we consider cold is actually the absence of heat. A person or object can be studied on whether it has or transmits energy.

Absolute zero (-460 degrees

Fahrenheit) is a complete absence of heat. All matter becomes inert and unable to react at this temperature.

Cold does not exist. We created this word to describe what we feel in the absence of heat.

A student continued:

- Professor, does darkness exist?

— Of course it exists.

- You're wrong again, sir. Darkness also does not exist. Darkness is actually the absence of light. We can study the light but not the darkness.

We can use Newton's prism to spread white light across multiple colors and explore the different wavelengths of each color. You can't measure darkness. A simple ray of light can break into the world of darkness and and illuminate it. How can you tell how dark a certain space is? You measure how much light is presented. Isn't it so? Darkness is a term man uses to describe what happens in the absence of light.

In the end, the young man asked the professor:

- Sir. does evil exist?

This time it was uncertain, the professor answered:

- Of course, as I said before. We see him every day. Cruelty, numerous crimes and violence throughout the world. These examples are nothing but a manifestation of evil.

To this, the student answered:

- Evil does not exist, sir, or at least it does not exist for itself. Evil is simply the absence of God. It is like darkness and cold—a man-made word to describe the absence of God. God did not create evil. Evil is not faith or love, which exist as light and warmth. Evil is the result of the absence of Divine love in the human heart. It's the kind of cold that comes when there is no heat, or the kind of darkness that comes when there's no light.

The student's name was Albert Einstein.

Seeds of Wisdom RV and Economic Updates Saturday Morning 8-17-24

Good Morning Dinar Recaps,

XRP Ledger Sets New $1 Trillion Trust Limit in Ripple USD (RLUSD)

▪️A significant event on the XRP Ledger involved setting a $1 trillion trust limit for Ripple USD (RLUSD), though no actual issuance of RLUSD has occurred yet.

▪️This action serves as a preparatory framework for future transactions, reflecting the XRP Ledger’s scalability and users’ confidence in the ecosystem.

Popular crypto analyst Amelie has brought the XRP community’s attention to a significant event taking place on the XRP Ledger. As tweeted by Amelie, the XRP Ledger has set a new trust limit of $1 trillion in Ripple USD (RLUSD).

Let’s first understand the concept of Trust lines and Trust limits on the XRP Ledger. A trust line helps the user build a trusted relationship with the currency issuer on the XRP Ledger.

After setting up the trust line, users enable the recei[t of the issuer’s currency up to a certain predefined limit also known as the trust limit. This limit basically safeguards users from receiving more of the currency than they are willing to trust.

In the case of Ripple, a trust line was created for RLUSD, setting up the trust limit of $1 million. This figure represents the maximum amount of RLUSD the account holder is willing to trust.

However, there’s no RLUSD transfer or creation in the process. Instead, this action simply establishes the framework for future transactions involving RLUSD on the ledger.

Last week, Ripple started beta-testing the RLUSD stablecoin facilitating cross-border transactions between the XRP Ledger and Ethereum, reported CNF.

XRP Ledger Implications and Community Reaction

The $1 trillion trust limit even in the absence of the actual asset shows high flexibility and scalability of the XRP Ledger. Also, the ability of users t also prompts questions about the role trust lines play in the issuance and circulation of digital assets on the XRP Ledger.

With Ripple expanding its range of products and services including the introduction of the RLUSD stablecoin, it becomes increasingly crucial to understand the technical workings of the XRP Ledger.

RLUSD will compete in the highly competitive stablecoin landscape currently dominated by Tether’s USDT and Circle’s USDC, reported CNF.

Interestingly, this announcement of the $1 trillion trust limit has also sparked some reactions from the community. Many users were actually curious to under the purpose behind this trust limit. One community member Aron Madarasz confused it with some illicit activity stating: 

“It means that this is a fake. RLUSD isn’t issued yet. This is a trustline on the XRPL everybody can create, and everybody can name it as wanted. RLUSD will be issued by Ripple on the ledger but not as a trustline thing.”

Madarasz clarified that while a trust line for RLUSD has been established, Ripple has not yet issued the asset. As a result, the substantial trust limit set does not represent an asset currently in circulation.

Rather, it serves as a preparatory measure within the XRPL, while enabling users to set up trust lines in anticipation of RLUSD’s future issuance.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

Dubai court recognizes crypto as a valid salary payment

UAE lawyer Irina Heaver said the ruling shows the growing acceptance of crypto in employment contracts, recognizing the evolving nature of Web3 financial transactions.

In a significant update to the United Arab Emirates’ judiciary approach to crypto, the Dubai Court of First Instance recognizes salary payments in crypto as valid under employment contracts.

Irina Heaver, a partner at UAE law firm NeosLegal, explained that the ruling in case number 1739 of 2024 shows a shift from the court’s earlier stance in 2023, where a similar claim was denied because the crypto involved lacked precise valuation.

Heaver believes this shows a “progressive approach” to integrating digital currencies into the country’s legal and economic framework.

Dubai court recognizes inclusion of tokens in salary
Heaver said that the case involved an employee who filed a lawsuit claiming that the employer had not paid their wages, wrongful termination compensation and other benefits.

The worker’s employment contract stipulated a monthly salary in fiat and 5,250 in EcoWatt tokens. The dispute stems from the employer’s inability to pay the tokens portion of the employee’s salary in six months.

In 2023, the court acknowledged the inclusion of the EcoWatts tokens in the contract. Still, it did not enforce the payment in crypto, as the employee failed to provide a clear method for valuing the currency in fiat terms.

“This decision reflected a traditional viewpoint, emphasizing the need for concrete evidence when dealing with unconventional payment forms,” Heaver said.

However, the lawyer said that in 2024, the court “took a step forward,” ruling in favor of the employee and ordering the payment of the crypto salary as per the employment contract without converting it into fiat. Heaver said:

“This decision reflects a broader acceptance of cryptocurrency in employment contracts and highlights the court’s recognition of the evolving nature of financial transactions within the Web3 economy.”

Heaver added that the court’s reliance on the UAE Civil Transactions Law and Federal Decree-Law No. 33 of 2021 in both judgments shows the consistent application of legal principles in wage determination. 🍳

Far-reaching implications for UAE crypto adoption

According to Heaver, the decision also sets a positive precedent that encourages the further integration of digital currencies in everyday financial transactions. The lawyer believes that this fosters a more inclusive and innovative business environment. Heaver said:

“This ruling affirms that if an employment contract includes such terms, both the company and the employee must honor them. It is reassuring to see the court recognize that wages, whether paid in fiat or cryptocurrency, are the rightful entitlement of the employee for their agreed-upon work.”

Heaver added that it’s a win for employees and a significant step forward in the UAE’s journey toward becoming a digital economy leader.

@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

Bank of Ghana unveils draft rules for cryptocurrency exchanges

The Bank of Ghana introduces draft guidelines to regulate digital assets, focusing on exchanges and consumer protection measures.

The Bank of Ghana (BoG) has proposed fresh regulatory measures for digital assets following an extensive internal review of Bitcoin, Tether, USDT, and other cryptocurrencies.

On Aug. 16, the central bank of the West African nation issued draft guidelines on digital assets while seeking feedback on the upcoming crypto regulations from the public and industry stakeholders.

According to the BoG, data collected over three years shows a significant increase in Ghana’s appetite for crypto. As a result, it intends to implement laws targeting risks related to money laundering and terrorism financing, fraud and other measures for consumer protection.

The central bank proposed an eight-pillar framework for crypto regulations, mainly intensifying the registration and reporting requirements of cryptocurrency exchanges or virtual asset service providers (VASPs).

Ghana pays special attention to crypto exchanges

If signed into law, the proposed regulations will require crypto exchanges to monitor and report suspicious transactions and comply with the Financial Action Task Force’s Travel Rule. Additionally, the bank plans to collaborate with external stakeholders such as commercial banks and offshore regulators.

“The Bank would collaborate with the Securities and Exchange Commission (SEC) to develop distinct complementary regulatory frameworks that encompass various applications or use cases of digital assets.”

Curating crypto laws based on public feedback
Exchanges will also need to register with the BOG and undergo sandbox testing before being allowed to provide trading services in Ghana. The bank is currently seeking recommendations from industry players, experts and the public until Aug. 31.

“The bank will consider these inputs in determining the next steps forward,” the draft proposal said.

@ Newshounds News™

Read more:  CoinTelegraph

~~~~~~~~~

NEWS BRIEFS from the NEWSHOUNDS

▪️Trump Organization to launch crypto real estate initiative says Eric Trump | Crypto Briefing

▪️Xaman Wallet Partners with Mastercard’s Immersve to Roll out Self-Custody Web3 Cards  |  The Crypto Basics

▪️Cantor Fitzgerald CEO to co-lead Trump transition team |  Coin Telegraph

~~~~~~~~~

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Economist’s “News ad Views” Saturday 8-17-2024

Rafi Farber: 1970s Are Repeating, and That Is Good News for Gold

Arcadia Economics:  8-16-2024

Despite the rise to $2,500 an ounce, gold is still below where it was in 1971 in terms of percentage of assets on the Federal Reserve's balance sheet.

Back on August 15, 1971 - exactly 53 years ago yesterday - gold made up 12% of Fed assets.

Today, even at $2,500, it makes up less than 9%.

By those metrics, we are lower now at $2,500 than we were at $35 in 1971. From that point, gold rose by a factor of 24x to the 1980 top.

A repeat of that move brings us to a top of about $60,000 per ounce. That rally also ended with a 15:1 gold to silver ratio. That brings us to $4,000 per silver ounce in a full blown monetary panic.

This is not a prediction. It's just simple math, and if we do have a repeat of the 1970s, that it where the math leads. To learn more, click the button to watch the video now!

https://www.youtube.com/watch?v=IPvNlTzKL0Y

The 'Biggest Black Swan' That 'Scares' Rick Rule

David Lin:   8-17-2024

Rick Rule, Rick Rule, Founder of Rule Media, and co-founder of Battle Bank, answers viewer questions, including whether or not the economy is heading into a "global depression", outlook for commodities, and how he picks mining stocks.

0:00 - Intro

1:00 - Are we in a recession?

3:30 - Copper

6:35 - Rising debt

12:20 - Building prosperity

15:00 - Inflation

17:50 - Market sentiment

21:26 - Liquidity concerns

24:33 - Mining stocks

30:15 – Mining M&A

 34:00 - Commodities and AI

38:00 - Copper deficits

40:30 - Rick's stock picking strategy

https://www.youtube.com/watch?v=I2EA1SFNyHc

Dollar Liquidity Flooding Ahead, Sovereign Debt Crisis Looms - How to Monetize Chaos: Jack Mallers

Kitco News:  8-17-2024

Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News, interviews Jack Mallers, CEO and Founder of Strike, who warns that markets will be flooded with dollar liquidity “in a major way” before the year-end.

Mallers discusses the state of the U.S. economy, the Federal Reserve’s next moves, and implications for the equity markets and Bitcoin.

 He explains how the U.S. government deals with its debt trap, stating that the only way out is by debasing the U.S. dollar, printing more money, and creating massive asset bubbles.

 Mallers weighs in on how to “monetize” this chaos. He shares his thoughts on Bitcoin as a reserve asset, giving his latest Bitcoin price outlook for the short and longer term.

Mallers also explores the potential for Bitcoin as both a store of value and a medium of exchange, along with its role in the global financial system.

https://www.youtube.com/watch?v=IV2dVE6S2yM

Iraq Economic News and Points To Ponder Saturday AM 8-17-24

Warnings Of The Collapse Of The National Currency: Leave The Rotation Of Positions
 
August 15, 2024 Baghdad/Iraq Observer   Professor of political thought, Talib Muhammad Karim, warned today, Thursday, of the collapse of the national currency due to the spread of corruption and suspicions in the Central Bank of Iraq, while
 
criticizing the phenomenon of “rotation of positions.”
 
Talib said in an interview with “Iraq Observer,” that
 
“careful specialization to match the state’s economy with the actual need achieves economic growth and stability for local markets and maintains the individual’s income in proportion to his daily living.” 

He added,  "Corruption and suspicions are not far from the Central Bank of Iraq, which has caused great damage to the reserves and level of the national currency." 

The professor of political thought stated,   “The central bank has loose addresses and failed steps, which paralyzed the movement of the market and the private sector, which led to a major depression that may increase the phenomenon of poverty, layoffs of the workforce, and increase the area of ​​unemployment.”  https://observeriraq.net/تحذيرات-من-انهيار-العملة-الوطنية-اترك/   

A Deputy Reveals The Results Of The War On “Hard Currency” Smuggling

July 15, 20:17  Information / Baghdad...  On Thursday, Representative Yasser Iskandar revealed the results of the war on the smuggling of hard currency from Iraq.  Iskandar said in an interview with Al-Maalouma, “The 
 
 smuggling of hard currency is one of the tools that
 
     drain the economy and
     creates an anomaly in the balance of exchange rates and
     pushes the parallel market to rise, which
     leads to excessive prices in the markets, the price of which is paid by the simple people.” 

He added,   
"The efforts of the Ministry of Interior with the Central Bank and supporting formations contributed to reducing the file of hard currency smuggling by 80%, while directing 11 qualitative strikes to companies and offices dealing in the file of selling currency illegally."

He pointed out that   
"currency smuggling is part of corruption that requires exceptional efforts to dismantle it, and
 
government committees are continuing to expose it day after day."
 
It is noteworthy that the smuggling of hard currency leads to an increase in exchange rates in Iraq, which puts pressure on the markets and leads to the emergence of excessive prices. Ended 25 F   
 
https://almaalomah.me/news/73456/economy/نائب-يكشف-نتائج-الحرب-على-تهريب-العملة-الصعبة   

Digital Banks... Fears Of Money Laundering And Currency Smuggling To Banks That Do Not Have Branches (Witness)
 
Special Sumerian   2024-08-15 | Source:  Sumerian   1,697 views  Alsumaria News - Local
 
Fears have been raised recently that so-called digital banks are being used for the purposes of money laundering and currency smuggling, especially since
 
they are nothing more than electronic pages that do not have branches on the ground,
 
thus opening a new door to corruption that directly harms the country's economic reality.
 
Economic affairs specialist Ali Tamer said in an interview with Al-Sumaria that
 
merchants and manipulators are lurking to exploit this (digital) card, as
 
this card has adopted the secret numbers of its holders, but these numbers can be adopted by other people as they are a number and not a handprint, indicating that the bank’s oversight The Central Bank has established a mechanism for dealing with this card that can limit these manipulations and currency smuggling outside Iraq.
 
Also, the issue of conducting financial transactions through a phone application and digital cards, some believe that it may open a wider door to corruption, especially since this process is not subject to close monitoring, and this facilitates making deposits at home, withdrawals from abroad, and smuggling money.
 
In an interview with Al-Sumaria, an economic affairs specialist, Duraid Al-Anazi, said that
 
money could be smuggled under the pretext of importing goods, but these goods did not arrive and the money was smuggled.
 
On the other hand, economists confirm that the idea of ​​establishing digital banks that provide their services through electronic channels without the presence of real branches on the ground raises suspicion and fear that it will contribute to confusing the economic situation through incomprehensible operations that could be exploited to harm the country’s economy.
 
To view the report, see the main image above   
 
https://www.alsumaria.tv/news/alsumariaspecial/497144/المصارف-الرقمية-تخوفات-من-غسيل-اموال-وتهريب-عملة-لبنوك-ليس-لها-فروع-شا   

It Attracts Investors And Limits Currency Smuggling.. A Specialist Explains The Importance Of “Digitizing” Iraqi Banks
 
Economy | Yesterday, 15:00 |  Baghdad today – Baghdad  Today, Friday (August 16, 2024), Nawar Al-Saadi, an expert in financial and economic affairs, revealed the
 
importance of the benefits of “digitizing” the financial transactions of Iraqi banks, while noting that
 
digitization can enhance financial inclusion by attracting users who do not deal with traditional banks remotely. By providing services that are accessible and easy to use.  Al-Saadi told “Baghdad Today” that
 
 “digitizing financial transactions in Iraqi banks can provide great benefits, especially with regard to reducing cases of currency smuggling,” noting that
 
“by adopting digital systems, banks can track all financial transfers with greater accuracy and transparency.”
 
This means that every transaction is automatically recorded and saved in a central database that can be reviewed at any time.
 
This allows the relevant authorities to quickly monitor and detect suspicious financial activities, making it difficult for smugglers to exploit the financial system to smuggle currency.”  He added,
 
"The digitization of the banking system contributes to reducing cases of money laundering, as these operations usually depend on exploiting loopholes in traditional systems,
 
but with the presence of an advanced digital system, these operations become more complex, and
 
digitization allows the use of advanced technologies such as artificial intelligence to analyze patterns." in banking data and identifying any abnormal or suspicious transactions,” stressing that
 
“this helps prevent money laundering by early identifying unusual activities and reporting them to the competent authorities.”  Al-Saadi explained,
 
 “To implement this digital transformation in Iraq, there is a need for investments in technological infrastructure and developing the institutional capabilities of banks,” noting that
 
“this requires providing modern technology, training employees to use it effectively, in addition to developing legislation and laws that protect users and encourage On digital transactions,
 
it is also important to enhance customers’ awareness of the benefits of digital transactions and build their confidence in the new systems.”  He stressed that
 
"digitalization in banks contributes to achieving more transparency and credibility in the financial system, as every transaction can be easily tracked and reviewed.
 
It also works to improve the operational efficiency of banks by completing transactions more quickly and at a lower cost.
 
From a security standpoint, digitization provides higher levels of security." Protection against fraud and theft through advanced encryption technologies.  The expert in financial and economic affairs concluded by saying,
 
 “Digitization can enhance financial inclusion by attracting users who do not deal with traditional banks by providing easy-to-access and easy-to-use services.
 
The digitization of financial transactions in Iraqi banks also carries great potential to enhance economic stability and reduce the risks associated with it.” Money laundering and currency smuggling, leading to a safer and more efficient financial system.” 
 
https://baghdadtoday.news/255745-تجذب-المستثمرين-وتحد-من-تهريب-العملة.-مختص-يبين-أهمية-رقمنة-المصارف-العراقية.html 

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

MilitiaMan: Iraq Dinar News - IQD Update - Past Shows Future - Banks Restructured - UST - Timing - Digitization

Iraq Dinar News - IQD Update - Past Shows Future - Banks Restructured - UST - Timing - Digitization

MilitiaMan and Crew:  8-16-2024

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=8ZK451vBefQ

Seeds of Wisdom RV and Economic Updates Friday Afternoon 8-16-24

Good Afternoon Dinar Recaps,

U.S. Crypto Bill Can Happen This Year, Senate's Schumer Tells Crypto Backers of Harris

At the opening Crypto4Harris event, industry supporters of the Democratic presidential candidate suggested Harris will lead a crypto surge, though she hasn't yet shared her view.“something passed out of the Senate.”

▪️U.S. Senate Majority Leader Chuck Schumer came out guns-blazing during a Crypto4Harris event, saying what's been considered a longshot idea of getting some kind of crypto legislation out this year could really happen.

▪️Billionaire Mark Cuban said former President Donald Trump and his party are primarily interested in crypto to make rich digital assets investors richer.

Sens. Debbie Stabenow and Kirsten Gillibrand joined nearly a dozen other Democratic lawmakers, as well as industry titans like Mark Cuban and Anthony Scaramucci, in a virtual event to garner crypto support for Vice President Kamala Harris's presidential bid.

U.S. crypto legislation can happen this year, Senate Majority Leader Chuck Schumer (D-N,Y,) said Wednesday at the first major event in which crypto insiders have come out for Vice President Kamala Harris as their favored presidential contender.

@ Newshounds News™

Read more: CoinDesk

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Stablecoins Can Make the World a Safer Place. Regulators Should Encourage Them  - OPINION

The global financial system will be better off if stablecoins are fully adopted and foreign exchange risk goes the way of the dinosaurs, says Christopher Perkins, president of CoinFund.

In 1974, German regulators liquidated Herstatt Bank because it was unable to settle its foreign exchange obligations. Time zone differences and a lack of global settlement technology led to its demise. 

In the aftermath of this and other bank failures, central bankers formed the Basel Committee on Banking Supervision that same year to set standards for bank capital, liquidity and funding.

Fifty years later, “Herstatt” risk is synonymous with foreign exchange settlement risk, and the Basel Committee has become a powerful forum for global bank supervision because of the regulatory capital standards it sets. Its Basel Rules are designed to ensure that banks are sufficiently capitalized based on the underlying risks of their activities.

However, across the $7.5 trillion a day global foreign exchange markets, Herstatt risk remains. While the financial services industry has sought to modernize its infrastructure, many currencies still take as long as two days to settle. 

And across the $700 trillion derivatives market, lumbering daily batch settlement processes fail to keep pace with the real time volatility of the markets that they seek to collateralize.

But breakthroughs in technology have the potential to banish settlement risk to a thing of the past. There’s a crucial role for blockchain technology to play. Stablecoins, tokens designed to be pegged to an underlying currency and settled on blockchains, can now reduce currency settlement latency from days to a matter of seconds.

The global financial system will be better off if stablecoins are fully adopted and Herstatt risk goes the way of the dinosaurs

Stablecoins, a form of cryptocurrency, are not without risk. Unregulated stablecoins have “de-pegged” in the past because of design flaws or the failure of traditional banks that held their fiat reserves.  

But, strong policies and thoughtful regulations that require transparency and minimum reserve asset standards mitigate these risks. Bank insolvency risk — an issue stemming from traditional, not cryptocurrency markets — can be reduced through more effective capital standards, diversification or policies that allow for the bankruptcy remoteness of stablecoin reserves. or policies that allow for the bankruptcy remoteness of stablecoin reserves.

Properly regulated and backed by quality reserves, stablecoins — with their instant and simultaneous settlement on blockchains — reduce counterparty risk because obligations are satisfied immediately. 

From payments to collateral to foreign exchange markets, this undoubtedly improves the safety and soundness of the global financial system. Clearly, today’s foreign-exchange settlement system is in dire need of a technology overhaul, and regulations should incentivize the adoption of technologies, like stablecoins, that mitigate risk.

Last month, the Basel Committee published a framework describing how stablecoins can achieve “preferential” capital treatment. But, to the Basel Committee, this means that projects achieving these standards will simply receive the same capital treatment as the underlying fiat currency tokenized by the stablecoin.

The banking sector and the global financial system will be better off if stablecoins, settled over blockchains, are fully adopted and Herstatt risk goes the way of the dinosaurs. It’s time for regulators to actually incentivize their use.

@ Newshounds News™

Read more:  Coin Desk,  BIS

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INTERVIEW WITH BOB LOCK on his new book, " MANAGING SUDDEN WEALTH THROUGH SMART TEAM BUILDING A Guide For The Post-RV World  ".  

Listen on Youtube Currency Facts

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NEWS BRIEFS from the NEWSHOUNDS

▪️Donald Trump Holds Over $1M in Ether, Also Receives NFT Licensing Fees  |  CoinDesk 

▪️Bitcoin, Ether Held in BlackRock ETFs Cross Those of Grayscale’s for the First Time  |  CoinDesk

▪️Dubai court recognizes crypto as a valid salary payment  |  CoinTelegraph 

▪️Coinbase, KuCoin join list of crypto exchanges seeking licenses in Turkey | Crypto . News

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159 Countries Set to Adopt BRICS New Payment System

159 Countries Set to Adopt BRICS New Payment System

Joshua Ramos   August 16, 2024

Amid the alliance’s continued efforts to create a SWIFT alternative, the economic alliance has sought to create its very own BRICS payment system. It will play a major role in the alliance trade dealings. Specifically, allowing unilateral settlement to be done without the need for the US dollar.

The move is poised to be vital for the bloc and participating nations, and it appears there will be a lot of them. According to one Russian official, there are already 159 countries seeking to adopt the system currently. With a potential launch coming in October, it could have massive global market ramifications.

Countries Flock to BRICS Payment System as SWIFT Opposition Emerges

The past several years have seen the BRICS alliance committed to enhanced de-dollarization efforts. With the impact of Western sanctions on Russia, the move is a clear promotion of local currency and alternative settlement methods. Although many have been skeptical, there is no denying its popularity to this point.

According to Russia’s Central Bank Governor, Elvira Nabiullina, 159 countries are ready to adopt the BRICS payment system when it goes live. Indeed, these foreign participants are looking to explore an expansion to Russia’s System for Transmitting Financial Messages (SPFS) platform.

Nabiullina said the system “is an alternative to SWIFT.” Moreover, she added, “Similar infrastructure exists in some other countries. We are holding discussions on the interaction of such platforms, but here the interest and technical readiness of our partners are important.”

The payment system has become increasingly important for the alliance. The mechanism is a priority of the upcoming BRICS 2024 Summit, according to the head of Russia’s BRICS Presidency Council, Viktoria Panova.

“Active efforts are underway to create a financial payment mechanism that would make cooperation between BRICS countries easier, maintaining their sovereign trade and economic exchanges,” she said. “This issue tops the agenda because every member of the group sees it as important,” she added.

The system’s debut should come with immediate activity. Additionally, it could open the door to expanded trade dealings for the alliance. With a plethora of nations seeking membership, they could opt to embrace the system when it launches. At this point, there is a chance it is ready for October’s critical summit.

Read full post here:    https://watcher.guru/news/159-countries-set-to-adopt-brics-new-payment-system?c=515

Iraq Economic News and Points To Ponder Friday Afternoon 8-16-24

The Iraqi Digital Path Diagnoses The Errors Of The Electronic Payment System And Confirms: We Must Start At The Top Of The Pyramid

Posted On2024-08-16 By Sotaliraq  The head of the Iraqi Digital Path Council, Dr. Safad Al-Shammari, identified several errors in the electronic payment system, which the government is calling for to address from time to time, while he stressed that to address these problems, it is necessary to start with the state ministries.

Al-Shammari said, “The electronic payment system in Iraq requires a set of basic requirements, including, foremost, the technical infrastructure, with the availability of fast and reliable internet networks, the development of modern and secure electronic payment platforms, and improving the means of connection between financial institutions, banks and electronic payment companies, not to mention security and protection, by ensuring digital security through data encryption and protection of sensitive information.”

Al-Shammari pointed out that “the success of electronic payment requires the development of anti-electronic fraud measures, such as multi-factor verification, and the availability of strong legislation to protect users from cybercrimes, which should be accompanied by awareness and digital culture, by spreading awareness among users about the benefits and mechanisms of using electronic payment.”

 He added, “In return for a basic need, which is integration with banks and financial institutions, by enhancing cooperation between electronic payment companies and banks to provide integrated services, and enabling instant money transfers between different accounts, which are regulated by the legal and regulatory framework, by establishing clear laws and legislation to regulate electronic payment services, with real government oversight to ensure that all parties adhere to the required standards.”

Al-Shammari stipulates that “for this system to succeed, this government must support public policies by providing incentives and encouragements to companies and citizens to use electronic payment, in an effort to build users’ confidence in the system through reliable and transparent experiences, in addition to ensuring the stability and reliability of the system at all times.”

He stressed that “the electronic payment process was launched as a popular digital financial culture for all citizens, before it started at the top of the pyramid, represented by the state ministries themselves, which was a concern for all citizens when it started working on it, while it faced a challenge represented by the resistance of some of the parties assigned to implement this process in various ways and pretexts, which did not support the opportunities for generalization as a prevailing culture in Iraqi society, in addition to a number of technical factors, most notably the weakness of the technical infrastructure, lack of internet coverage or slow speed.

” Pointing out that “this makes access to electronic payment services difficult or unreliable, and the lack of advanced devices and systems in some rural or remote areas, not to mention security and privacy concerns, with increased concerns about electronic fraud and cyber attacks, and lack of confidence in the system’s ability to protect personal and financial data, which was reflected in individuals’ hesitation to switch from cash to digital payment methods due to old habits or lack of understanding of technology.

” Noting that “this matter has increased the chances of some sectors or even the people working in them resisting change, for fear of losing control or being exposed to new risks.”

Al-Shammari concludes, “Despite the great benefits that the electronic payment system can provide, there are some potential negative effects that must be taken into account, including what is known as the digital divide.

The spread of electronic payment may widen the gap between different groups in society, especially between those who have good access to technology and those who lack it, such as the elderly or residents of rural areas. In addition to the security threats resulting from the increasing reliance on digital systems, there may be an increase in electronic fraud and cyber attacks.

” He indicated that “this exposes users’ data and financial accounts to risk, and the loss of privacy, as it requires collecting more data about individuals and their transactions, which raises concerns about privacy and how this data is used, in addition to what is known as financial exclusion, when some individuals or small companies find it difficult to join the electronic payment system due to costs or technical requirements, which may lead to their exclusion from the digital market.

 These are requirements and factors that must be carefully considered to reach the stage of sound digital dealings.”

It is noteworthy that the Iraqi government decided last year to oblige all its institutions - in addition to private schools and universities, gas stations, stores, restaurants, pharmacies, medical clinics, and others - to use electronic payment tools, and gave them a deadline to completely switch to this approach until the beginning of next June.  LINK

WFP: Iraq Moving On A Positive Path Due To Security Stability

The World Food Programme (WFP) praised the situation in Iraq, noting that it is moving on a "positive path" as a result of security improvements and stability, while explaining that its role in Iraq is shifting from emergency response to building resilience and long-term sustainable development.

The Relief Web website reported a WFP brief on Iraq, stating that "recent improvements in the security environment and political stability have created opportunities for Iraq to move on a positive path. However, the harmful effects of climate change are affecting agricultural productivity, with increased salinity, desertification, reduced water flow in the Tigris and Euphrates rivers, and reduced rainfall, which has led to the loss of 12 million hectares of arable land, significantly impacting agricultural production."

The brief noted that "the repercussions of the climate change crisis have disproportionately affected the most vulnerable communities, and in a strategic move, WFP in Iraq is shifting its role from emergency response to building resilience and long-term sustainable development," indicating that "this shift is particularly important given Iraq's vulnerability to climate change, which is particularly evident in the southern region of the country."

He added, "The World Food Programme is working to align the targeting of beneficiaries through the National Bridges Programme for Skills Development and Youth Economic Empowerment, climate-friendly agricultural practices activities, and strengthening the safety net of the national social protection system to ensure alignment with strategic objectives and expand outreach to areas that previously suffered from a lack of services."  https://www.radionawa.com/all-detail.aspx?jimare=39189

Oil Falls As Middle East Calm Attempts Continue

Local |  08/16/2024  Mawazine News – Baghdad  Oil prices fell in early trading on Friday, but benchmark Brent crude was still hovering above $80 a barrel, which it had managed to regain yesterday. Today's decline in oil comes despite positive US economic data that calmed investors' fears about a possible recession in the United States, the world's largest oil consumer.

With the economic data calm, oil markets are likely to return to full focus on geopolitical tensions, with expectations of Iranian attacks against the Israeli occupation, while a new round of negotiations began yesterday to reach a ceasefire in the Gaza war.

The talks, which Hamas did not attend, were extended and are scheduled to resume in the Qatari capital, Doha, today. Investors were renewed optimistic about US economic growth after a series of data released this week, the latest of which were retail sales and unemployment claims, which helped calm fears of a sharp slowdown in the US economy.

Brent crude futures for December delivery fell $0.3, or 0.35%, to $80.83 a barrel by 03:40 a.m. GMT. US West Texas Intermediate (WTI) crude futures for September delivery fell $0.3, or 0.4%, to close at $77.7 a barrel. By the end of trading on Thursday, Brent crude futures rose 1.6% to $81.04 a barrel, while WTI crude futures rose 1.53% to $78.16 a barrel.

The data reinforced market expectations that the US Federal Reserve will begin cutting interest rates at its September meeting, which could boost economic activity and oil consumption.

 Continued concerns about slowing global demand continue to limit gains, after China reported a slowdown in factory production growth in July and a fourth month of declines in refinery output, confirming the country's weak economic recovery.

Alongside Middle East tensions, markets are monitoring the conflict between Russia and Ukraine after Moscow announced Yesterday it said it would bolster its border defences and send in additional troops days after Ukraine launched its biggest attack on Russian territory since the war began. https://www.mawazin.net/Details.aspx?jimare=253371

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

Economist’s “News and Views” Friday 8-16-2024

Is the dollar doomed? Feat. Andy Schectman - LFTV Ep 186

Kinesis Money:  8-16-2024

n this week’s episode of Live from the Vault, Andrew Maguire is joined by Andy Schectman, President & Owner of Miles Franklin, one of the first companies to be approved as an authorised reseller of minted products.

 The precious metals experts open with a discussion about the Bank of International Settlements Project mBridge, before discussing the widespread repatriation of gold by global central banks amid continued developments in the BRICS saga.

https://www.youtube.com/watch?v=X5mFb4NtPzw

These 2 Powerful Countries Got Invited To Attend BRICS 2024 Summit! What's Going On?

We Love Africa:  8-15-2024

BRICS rolled out their first two invitations to Venezuela and Bolivia to attend the 2024 summit.

Venezuela was the first country to receive the invitation and President Nicolas Maduro will attend the summit. “As BRICS chair, President Vladimir Putin invites President Nicolas Maduro to attend the BRICS+ summit,”

 The Eastern European nation Bolivia is the second country to have received the BRICS invitation for the 2024 summit. The Bolivian President Luis Arce will attend the summit along with his delegates. “He (the President) has been invited to the summit in Kazan in October,” State news agency ABI said.

Both Venezuela and Bolivia are interested in joining the alliance to revive their respective native economies.

The 16th BRICS summit will be held from October 22 to 24, 2024 in the Kazan region of Russia. Decisions about inducting new countries, de-dollarization, and new currency status could be discussed.

In addition, bloc is keen on de-dollarization and aims to push local currencies ahead of the US dollar for cross-border transactions.

The 2024 BRICS summit will decide the prospects of the US dollar that could affect the American economy.

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

Germany Nord Stream Bombshell, Japan Crashes & PM Resigns, Prepare For U.S. Price Controls

Sean Foo:  8-16-2024

Germany drops a big update on the Nord Stream saga. However, this doesn't change the fact their economy is still in real danger with deindustrialization not stopping.

Meanwhile, Japan's Prime Minister resigns and US Price Controls might be coming if Harris wins!

Timestamps & Chapters:

 0:00 Nord Stream Saga Big Update

2:18 Goodbye To Cheap Russian Gas

6:08 Japan's Kishida Shock Resignation

9:20 US Crazy Price Controls Plan

https://www.youtube.com/watch?v=KoT8N43bo2Q

Iraq News Highlights and Points To Ponder Friday AM 8-16-24

Parliamentary Meeting Soon To Follow Up On The Increase In Oil Revenues

Money and business  Economy News – Baghdad    Member of the Parliamentary Finance Committee Mustafa Al-Karawi said, “The last meeting held by the Finance Committee aimed to follow up on the government’s measures to increase non-oil measures, considering that they are important in light of the continuous fluctuation in oil prices, and seeking to increase them is the best solution to achieve stability for the Iraqi economy and the possibility of implementing the budget that was voted on in the House of Representatives.”

Al-Karawi said, "The details of the revenues were discussed and periodic meetings will be held almost every month in order to follow up on the progress made in increasing non-oil revenues."

He added, "The most important risks that threaten the financial and economic situation in Iraq are that the budget depends by ninety percent or eighty-five percent on oil revenues, and thus the instability or decline of the oil price causes a problem in implementing the budget."

80 views   2024/08/16 - https://economy-news.net/content.php?id=46368

Nineveh Oil Fields Plan To Raise Production To 50 Thousand Barrels Per Day

2024-08-16 04:42  Shafaq News/ A source in the Iraqi North Oil Company reported on Friday that there is a trend to increase production by 50 thousand barrels per day to cover the needs of Baiji refineries.

The source told Shafaq News Agency, "The Minister of Oil, Hayan Abdul Ghani, directed the North Oil Company to raise its production to the highest levels, as it is currently limited to 350 thousand barrels per day from Kirkuk oil fields, and this quantity does not meet the needs of the Baiji refineries, whose production capacity exceeds 350 thousand barrels per day."

He added, "The company has completed the work of replacing the crude oil pipelines from Batma station to Ain Zala station in the Nineveh Oil Fields Authority, with exceptional efforts to increase production, develop our oil fields, and facilitate the flow of crude oil within the operating stations."

The source confirmed that "the company's upcoming plan is to add 50,000 barrels per day from Nineveh fields."

A source in the company reported last Monday that technical and engineering crews had restored life to an oil well in the Batma field in Nineveh, noting that they were working to raise the field’s production to 10,000 barrels per day.

The source pointed out that "an engineering and technical team has begun preparing a plan to develop and raise the capacities of oil fields throughout Nineveh Governorate in order to increase production, support the national economy, and provide the state treasury with funds."

In this context, oil expert Ali Khalil explained to Shafaq News Agency, "The Ain Zalah field was discovered in Nineveh in 1939, and in 1953 the Batma oil field was discovered, and after 2003, exploration was carried out in a number of oil sites in Nineveh within the oil licensing rounds."

He added, "Four oil fields are being developed by the Federal Ministry of Oil: Sasan near Badush, Alan near Al-Ayadhiya west of Nineveh, Qasab, and Jawn south of Mosul. The fields currently being worked on are Qayyarah, Najma, Ain Zalah, Batma, and Wasifa."

He stressed that "Mosul's oil fields were discovered in December 1932 by Iraqi, Italian, British, German, French, Dutch and Swiss companies, and their investment was made by these companies in exchange for mortgaging the oil at a rate exceeding 50%. At that time, 71 wells were discovered, and only 27 of them were exploited, 10 of which were giant and produced oil at different levels."

The oil expert pointed out that "doubling interest in Nineveh fields could raise production to more than 500 thousand barrels for the North Oil Company, meaning that Nineveh fields have the capacity to produce 150 thousand barrels per day."  LINK

"Secret Procedures" And "Great Privileges"... What Is The Story Behind The Increase In Mps' Salaries In Iraq?

Money and business   Economy News – Baghdad  Over the past two days, the media and social networking sites have been buzzing with the story of the “secret procedures” that took place inside the Iraqi parliament in the session of last Wednesday, August 7, regarding adding “privileges and raising the salaries of members of the House of Representatives.”

The story was revealed by the Ishraqat Kanun bloc "partially", where it talked about the MPs not being informed of the tables that were intended to raise the MPs' salaries, and that this matter was confidential, while no information or clarifications were issued after that about the story.

According to following the context of the session and what was read during this session, the parliament presidency's presentation of this matter came in conjunction with "exploitation" of the first reading of the amendment to the House of Representatives Law, which was included for reading and amendment based on a decision by the Federal Court declaring the unconstitutionality of some phrases in Articles 48 and 50 related to the House of Representatives' appointment of advisors.

However, the parliament went further than that, amending several articles in the House of Representatives Law, including articles related to the privileges of MPs and adding personal guards for MPs, not just for the Speaker of Parliament and his two deputies, in addition to making these guards designated for the MP even after the end of his term and service in Parliament.

At the same time, and based on Article 64 of the House of Representatives Law, this article allows the Speaker of Parliament and his two deputies to issue instructions allocating their salaries and the salaries of the deputies and employees of the Council, meaning that they are not subject to a unified law, but rather instructions issued by the Speaker of Parliament and his two deputies to set the required figures for salaries.

In general, this amendment and move coincided with a response to a decision issued by the Federal Court separately from the decision of the unconstitutionality of Articles 48 and 50 of the House of Representatives Law, as the Federal Court issued a decision based on a lawsuit filed by one of the representatives, which led to reducing the salaries of the general managers in the House of Representatives in their capacity as employees, and their salaries were not reduced or the decision to reduce their salaries issued since 2017 in the Abadi government was not implemented.

Based on the decision of the Federal Supreme Court, the reduction even included the salaries of members of the House of Representatives who hold a preparatory certificate and a bachelor’s degree, while the salaries of those with a master’s degree remained stable or decreased slightly, with a slight increase in the salaries of those with a doctorate.

In general, the average salary of a representative decreased from 8 million and 200 thousand dinars to about 6 million dinars, which prompted the parliament presidency to implement paragraph 64 of the House of Representatives Law, which includes “issuing instructions on raising the salaries of representatives,” but no details were revealed about the size of the increase in these salaries and how much they will amount to, as the representatives have not yet seen any tables related to them.

Before the reduction, the salaries of the representatives ranged between 10 and 15 million dinars, but they currently range between 8 and 10 million, before the reduction to 6 million for the majority of the members of the council, meaning that there is a widening gap between the members of parliament so that the salaries may be between 6 and 10 million dinars.

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 385 views 2024/08/16 - https://economy-news.net/content.php?id=46372

Al-Sudani announces readiness to launch the “largest” electricity production project in Iraq

Posted On2024-08-15 By Sotaliraq  Prime Minister Mohammed Shia al-Sudani announced on Thursday that his government is ready to launch the “largest” electricity production in Iraq at a rate of 10,000 megawatts.

Al-Sudani said in a speech during the ceremony to launch the executive works of the projects of three power stations in Karbala Governorate, that this project is a strategic project in electrical energy, which will be implemented according to a new economic model and a new vision that will be announced to the private sector, after it has been studied by a team of consultants specializing in electricity.

He stressed that the stability of energy sources is an encouraging factor for investment and development, and pushes for the development of sources of income by activating all other economic sectors, in addition to the ongoing work to improve the transportation and distribution sector, to deliver electricity service in a sustainable manner to the citizen, without it being a burden on the state and its financial budget.

Al-Sudani also pointed out that the combined cycle projects and solar energy projects are part of the government's plans to reform the electricity system, indicating that the launch of the solar energy project in Karbala and Babylon will continue with the rest of the governorates, which is happening for the first time in Iraq.

He stressed the importance of supporting the private sector, which represents a support for the government in facing crises, emphasizing the special nature of Karbala Governorate, which is visited by millions of visitors throughout the year from inside and outside Iraq.

The three projects launched by Al-Sudani in Karbala are: the combined cycle of the Karbala gas station with a capacity of (132 megawatts), the Karbala investment solar energy station with a capacity of (300 megawatts), and the Karbala secondary transformer station, 400 KV, with a capacity of (1500 megawatts).

It is worth noting that the three station projects will achieve an increase in the production of electrical energy, as the combined cycle of the Karbala gas station contributes to adding (132) megawatts to the currently operating station, with a total design capacity of (250) megawatts, while the Karbala solar energy investment station project is one of several important contracts concluded by the government in the field of renewable energy projects with a number of specialized international companies, including signing a contract to implement a solar energy station with a private sector company with a capacity of (300) megawatts.

As for the Karbala Banks Secondary Station 400 KV, with a capacity of (1500) megawatts, it is being implemented within the second phase of the electrical energy transmission projects, under the contract with the German company Siemens, and is the first transformer station of its kind in Karbala, and will contribute to relieving bottlenecks in the network, thus raising the level of stability and meeting the needs of the various sectors in the Middle Euphrates region.  LINK