MilitiaMan: IQD Update - Iraqi Dinar News - FED Court Reject Appeal - WTO - Purchase Power of Dinar - Stability

IQD Update - Iraqi Dinar News - FED Court Reject Appeal - WTO - Purchase Power of Dinar - Stability

MilitiaMan:  8-21-2024

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=akVenrvy5UY

Iraq Economic News and Points To Ponder Late Wednesday Evening 8-21-24

Saleh Explains The Reason For The Rise In Foreign Dollar Remittances And Its Impact On The National Economy

2024/08/21 Read: 2,925 times  {Economic: Al Furat News} The financial advisor to the Prime Minister, Mazhar Muhammad Salih, explained the reason for the increase in sales of foreign currency remittances {dollars}.

Saleh told Al Furat News Agency, "The phenomenon of increasing sales of foreign currency transfers is due to the results of the important change that occurred in the policy of the Central Bank of Iraq in dealing with foreign transfers and intervening in the monetary market through the transformation of the mechanisms for financing foreign trade for the private sector from the compliance platform to new mechanisms represented by strengthening the accounts of correspondents of Iraqi banks abroad in foreign currency at studied and sufficient levels that are consistent with the requirements for financing foreign trade for the private sector in foreign currency."

He added, "After the compliance platform had previously rejected nearly 85% of foreign transfer requests during the past months, the policy of strengthening the accounts of Iraqi banks with their correspondents from solid international banks, as an alternative policy, has become so easy, simple and flexible that it has made the implementation of daily foreign transfer requests available and achieved through foreign correspondent banks directly without going through the platform, at a high rate of nearly 85% of the total demand for these daily foreign transfers."

Saleh explained that "this high change in the flexibility of transfers has been reflected positively on the national economy, especially in the stability of the functions of supply and demand within the national economy in two directions, the first of which is {the supply side} and is represented by the availability of a wide supply of goods and services in the local market through flexible imports financed by the fixed official exchange rate of 1320 dinars per dollar."

He explained that "the other direction is {the demand side}, which refers to the process of exchanging the Iraqi dinar for the dollar for the purposes of financing foreign trade through the transfers mentioned above, which means that meeting the demand for the dollar represents a direct meeting of the demand for (foreign goods, services and benefits) for the benefit of the local market."

He pointed out that "meeting the demand for foreign currency represents an important pillar of the monetary policy of the Central Bank of Iraq, and achieving its operational objectives in confronting the levels of local liquidity surplus from the dinar and controlling them, which constitute what is called {surplus demand}, as this control over local liquidity represents a positive intervention by the Central Bank's monetary policy in the money market and controlling the levels of that liquidity."

Saleh continued, "This control leaves positive effects in achieving a balance between the real flow in the overall economy of goods, services and benefits and the monetary flow within the economy itself," indicating that "such a balance between supply and demand achieves stability in the general level of prices and welds growth levels in inflation rates, which is positively reflected in the stability of the purchasing power of the dinar and the general monetary income."  LINK

Nearly $300 Million In Sales From The Central Bank Of Iraq At Today's Auction

2024/08/21 Read: 728 times   {Economic: Al Furat News} The Central Bank of Iraq’s dollar sales, on Wednesday, amounted to more than $283 million in the currency auction.

The bank sold in its auction today 283 million, 616 thousand, and 416 dollars, covering it at a basic exchange rate of 1310 dinars per dollar for documentary credits and international settlements for electronic cards, at a rate of 1310 dinars per dollar for foreign transfers, and at a rate of 1305 dinars per dollar in cash.

Most of the dollar sales went to boost balances abroad in the form of transfers and credits, which amounted to $268 million, 66 thousand, and 416, an increase of 94% over cash sales of $15 million, 550 thousand.

The number of banks that purchased cash dollars was two, while the number of banks that met requests to enhance balances abroad was 17 banks, and the total number of exchange companies participating in the auction was 13 companies   LINK

Al-Mandlawi: The Budget Tables Voted On By The House Of Representatives Are The Same As Those Sent By The Council Of Ministers

Wednesday 21 August 2024 19:50 | Politics Number of readings: 227

Baghdad/ NINA / Acting Speaker of the Council of Representatives Mohsen Al-Mandalawi confirmed that the budget law tables that were approved by the Council of Representatives in its approval session are the same ones that the Council of Ministers sent to the Council of Representatives without any amendment, and that the aforementioned tables are the same ones that were sent to the government after approval, noting that the Council Presidency has formed a higher committee to examine the circumstances raised regarding the subject and determine its truth.

Al-Mandlawi said in a statement today, Wednesday, regarding what was recently raised by some media outlets regarding the existence of additions to the budget tables for the year 2024, that the House of Representatives, in its session numbered (27) held on June 3, 2024, approved the estimates of the tables of the Federal General Budget Law for the year 2024 and its attachments, tables (A, B, C, D, E, F) and the deficit financing table as received from the Council of Ministers without any amendment or additions, with the latter being authorized to transfer allocations of an amount of (2) trillion Iraqi dinars to the governorates not organized in a region and distributed according to population and poverty rates, and this is confirmed by our parliamentary decision No. (64) for the year 2024, a copy of which is attached.

He added that in order to confirm that no amended version was adopted, we reissued a letter from the House of Representatives / Office of the President No. (616) on 7/21/2024, a copy of which is attached, and sent to the Council of Ministers / Office of the President, which clearly indicated (approval of the estimates of the budget law tables and its attachments from the above-mentioned tables with the aforementioned deficit financing table as well as the right to transfer with the same proven amount, which is (2) trillion, referring to a paragraph included in the same book that clearly confirms (that the parliamentary decision included the adoption of the tables sent by the Council of Ministers, which were approved in the session held without any additions).

Al-Mandlawi confirmed his follow-up to all inaccurate talks published and broadcast by some media outlets, and any party that tries to mislead public opinion by concealing the facts and dishonestly transmitting the facts, to achieve illegitimate goals far from the honesty of neutral transmission and objectivity that it should possess, will be subject to legal accountability. / End 5

https://ninanews.com/Website/News/Details?key=1149054

Commerce Holds Virtual Meeting With WTO To Discuss Ways Of Cooperation And Joint Coordination

Wednesday 21 August 2024 09:51 | Economic Number of readings: 232   Baghdad / NINA / The Department of Economic Relations at the Ministry of Trade held a virtual meeting with the Secretariat and the Accession Department of the World Trade Organization, in the presence of the competent employee from (the Ministry's Permanent Representative) in Geneva to discuss prospects for cooperation and joint coordination in light of the outcomes of the third working group meeting held last July in Geneva, and to complete the requirements for Iraq's accession to the World Organization.

The ministry stated in a statement that "the meeting witnessed a discussion of the work plan for the next stage, which includes updating technical files, such as the legislative plan file, the memorandum of the foreign trade system, and the agricultural file, as well as discussing the files of accession of goods and services to the Iraqi market in accordance with the standards and agreements of the World Trade Organization."

The statement indicated that "the meeting shed light on the mechanism of coordination and cooperation between the Department of Foreign Economic Relations and the World Trade Organization, in addition to international organizations supporting Iraq's accession."

He explained: "This cooperation aims to provide the necessary support and technical assistance to complete the requirements for accession, Iraq's full membership in the organization, and the efforts of the Ministry of Trade to enhance Iraq's position at the international and economic levels." / End 11 https://ninanews.com/Website/News/Details?key=1148935

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

Seeds of Wisdom RV and Economic Updates Wednesday Evening 8-21-24

Good Evening Dinar Recaps,

El Salvador launches Bitcoin training for 80,000 public servants

Over the years, El Salvador has stepped up efforts to integrate Bitcoin into its educational system.

El Salvador’s National Bitcoin Office (ONBTC) has launched a Bitcoin training and certification program for 80,000 public servants.

In an Aug. 20 statement, ONBTC confirmed that Bitcoin education is now a vital component of a governance initiative designed for public sector employees.

 This program is part of the Higher School of Innovation in Public Administration (ESIAP), established by President Nayib Bukele in 2021 to elevate governance standards.

The program features nine training modules covering Bitcoin, Blockchain, Cybersecurity, and Artificial Intelligence, among others. Upon completion, participants will receive certification in these areas.

Stacy Herbert, Director of the Bitcoin Office, hinted at a larger announcement on the horizon, noting that this program is just the beginning. She added:

“These education projects are very low time preference commitments to the long term success of El Salvador and its bitcoin (& tech) policy.”

Meanwhile, these trainings are part of El Salvador’s broader effort to advance Bitcoin education nationwide. Since adopting Bitcoin as a legal tender in 2021, the country has introduced three other crypto-focused educational initiatives, including Cuboplus, My First Bitcoin, and Node Nation, which are now part of the public school curriculum.

El Salvador Bitcoin

This move confirms that El Salvador remains steadfast in its Bitcoin strategy despite initially drawing criticism and doubt from international observers.

Indeed, the strategy appears to be finally paying off, as the International Monetary Fund (IMF) recently acknowledged that its anticipated risks of El Salvador adopting Bitcoin as a legal tender have not materialized.

Further, El Salvador’s Bitcoin holdings have yielded a profit of over 35%, largely due to strategic acquisitions made during market downturns. According to Nayibtracker data, the country currently holds 5,848 Bitcoin at an unrealized profit of more than $47 million.

In addition, President Bukele recently announced a $1.6 billion investment by Turkish firm Yilport Holdings to upgrade two ports in the country, one of which will host the proposed Bitcoin City. 

The city, envisioned during the 2021 Bitcoin adoption, is expected to be a tax haven powered by geothermal energy for Bitcoin mining and will attract crypto enthusiasts worldwide.

@ Newshounds News™

Read more:  CryptoSlate

~~~~~~~~~

Crypto Payment Network for AI Agents Launched by Former Ripple Execs

The company, Skyfire, raised $8.5 million to help AI get things done, even when it involves paying for something.

AI systems can do many things: conjure images and videos, write treatises, synthesize terabytes of information, and even replicate human speech patterns and emulate emotions.

But one thing they cannot yet do, as simple as it sounds, is pay for anything.

Two former Ripple developers now seek to eliminate that barrier by fusing blockchain payments with AI to bring forth what they believe will soon emerge as a new chapter for both technologies.

Their novel service, an open-source payment system called Skyfire, will allow autonomous AI agents to zip around the internet, purchasing whatever goods they need to complete assigned missions—everything from data storage and creative assets to airfare and groceries. All such transactions will be powered by USDC, the popular stablecoin.

The company, which today announced an $8.5 million seed raise, is backed by crypto heavy hitters, including Circle—the issuer of USDC—Ripple, Gemini, and the VC firm of prominent Silicon Valley billionaire and Bitcoin advocate Tim Draper. Skyfire currently runs on Polygon, the Ethereum scaling network, but it says it plans to expand to additional blockchains soon.

@ Newshounds News™

Read more:  Decrypt

~~~~~~~~~

Swiss Banks Embrace Instant Payments: Could XRP Become the Go-To Crypto?

▪️Switzerland has taken a step further in embracing crypto with the recent expansion of the instant payment scheme as other banks integrate XRP into their trading platforms.

▪️According to reports, 28% of banks in Switzerland allow or are planning to allow customers to invest in crypto.

According to an announcement by the Swiss National Bank (SNB) and financial infrastructure operator SIX Interbank Clearing Ltd, Switzerland has reached an advanced phase in its effort to leverage the power of instant payment schemes to go cashless.

In the SNB report reviewed by Crypto News Flash, about 60 financial institutions within the country currently can process and receive payment instantly (within 10 seconds). Interestingly, this makes up about 95% of the Swiss retail payment transactions.

The report further discloses that the first institution has launched its retail offering with several others expected to join in the coming months. With this, experts believe that the financial economy could be boosted since private individuals and companies could perform account-to-account transactions around the clock.

This offers significant advantages for individuals, companies and commercial banks. Thanks to shorter settlement chains, risks are reduced and funds received are available immediately. For companies and commercial banks, instant payments expand opportunities for automating processes and linking with other services.

Commenting on this, SNB and SIX disclosed that instant payment could be widely established in Switzerland in the medium term and could be a model for future related innovations.

The technical framework for this new type of payment was put in place with the successful go-live of the new generation of the central Swiss payment system in November 2023.

This market launch represents a further important milestone and reflects the collective stakeholder commitment to the future of cashless payments in Switzerland.

Could XRP be Considered for this Innovation

With the country expected to fully redefine its financial system with the perfect establishment of an instant payment scheme, experts believe that XRP could be integrated in the future.

Fortunately, this possibility is not far-fetched as a Swiss bank fully owned by the government, PostFinance, recently announced the addition of Solana (SOL) and Ripple (XRP) to its trading platform.

According to reports, XRP could get more integration in the future, with 28% of Swiss banks currently allowing clients or planning to enable them to invest in crypto. In addition to PostFinance, the cantonal banks of Zug, St Gallen, and Lucerne have all introduced their crypto offerings.

PostFinance’s history in the crypto industry could be traced beyond 2023, when it partnered with Sygnum Bank to regulate crypto services. The basis of the collaboration was to allow customers to buy, sell, and store cryptos like Bitcoin (BTC), Ethereum (ETH), and now XRP.

Last year, we reported that Swiss banking giant BBVA had expanded its partnership with Ripple-owned Metaco to enable a robust engagement in crypto. 

Priding itself as the first tier 1 bank in the Eurozone to combine crypto custodial and trading services alongside traditional assets, BBVA is expected to lead the way for full XRP integration.

Currently, XRP is being set up to lead the new global financial era, which is marked by its recent integration with MasterCard, while Ripple is working to boost Real-World Asset (RWA) tokenization worldwide.

At press time, XRP traded at $0.59 after declining by 0.12% in the last 24 hours.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

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Some “Iraq News” Posted by Clare at KTFA 8-21-2024

KTFA:

Clare:  Controls

August 21, 2024

♦ Regulatory controls for the classification of domestic systemically important banks (D-SIBs) .. For more, click here

♦ Supervisory work guide for risk management controls in Islamic banks .. For more click here

https://cbi.iq/news/view/2649

Clare:  Commerce holds virtual meeting with WTO to discuss ways of cooperation and joint coordination

8/21/2024

The Department of Economic Relations at the Ministry of Trade held a virtual meeting with the Secretariat and the Accession Department of the World Trade Organization, in the presence of the competent employee from (the Ministry's Permanent Representative) in Geneva to discuss prospects for cooperation and joint coordination in light of the outcomes of the third working group meeting held last July in Geneva, and to complete the requirements for Iraq's accession to the World Organization.

The ministry stated in a statement that "the meeting witnessed a discussion of the work plan for the next stage, which includes updating technical files, such as the legislative plan file, the memorandum of the foreign trade system, and the agricultural file, as well as discussing the files of accession of goods and services to the Iraqi market in accordance with the standards and agreements of the World Trade Organization."

The statement indicated that "the meeting shed light on the mechanism of coordination and cooperation between the Department of Foreign Economic Relations and the World Trade Organization, in addition to international organizations supporting Iraq's accession."

He explained: "This cooperation aims to provide the necessary support and technical assistance to complete the requirements for accession, Iraq's full membership in the organization, and the efforts of the Ministry of Trade to enhance Iraq's position at the international and economic levels."  LINK

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

Clare:  Leader in the Framework: America is obstructing Baghdad’s resort to the “currency basket” to maintain the dollar’s ​​dominance

 8/21/2024   Baghdad

The leader of the Coordination Framework, Issam Al-Kriti, confirmed on Wednesday that America is obstructing Baghdad’s resort to a basket of currencies to maintain the dominance of the dollar.

Al-Kriti said in an interview with Al-Maalouma, “America’s resort to exploiting the dollar in drawing up rules for pressuring countries to achieve an agenda that protects its interests has pushed many capitals to diversify the currency basket in order to avoid sanctions and create flexibility in paying external supplies without any obstacles, which is a correct economic procedure.”

He added, “Washington is obstructing Baghdad from proceeding with steps to diversify the currency basket, especially the Chinese one, in order to maintain the dominance of the dollar, which was exploited by America as a pressure card by reducing the financial liquidity supplies for oil exports in order to pressure the government through the economic card.”

He pointed out that “America is restricting the Iraqi economy through the dollar, stressing the importance of proceeding with a roadmap to liberate the economy and push it towards more stable paths away from any tremors, especially since the American financial situation is likely to suffer major setbacks with the rise of public debt to record levels, which has begun to raise the concerns of countries and push them to take early preventive steps.”

It is noteworthy that America controls the revenues of Iraqi oil through the Federal Reserve, which sends funds to the Central Bank in exchange for selling crude oil.

almaalomah.me

Clare:  Saleh explains the reason for the rise in foreign dollar remittances and its impact on the national economy

8/21/2024

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, explained the reason for the increase in sales of foreign currency remittances {dollars}.

Saleh told Al Furat News Agency, "The phenomenon of increasing sales of foreign currency transfers is due to the results of the important change that occurred in the policy of the Central Bank of Iraq in dealing with foreign transfers and intervening in the monetary market through the transformation of the mechanisms for financing foreign trade for the private sector from the compliance platform to new mechanisms represented by strengthening the accounts of correspondents of Iraqi banks abroad in foreign currency at studied and sufficient levels that are consistent with the requirements for financing foreign trade for the private sector in foreign currency."

He added, "After the compliance platform had previously rejected nearly 85% of foreign transfer requests during the past months, the policy of strengthening the accounts of Iraqi banks with their correspondents from solid international banks, as an alternative policy, has become so easy, simple and flexible that it has made the implementation of daily foreign transfer requests available and achieved through foreign correspondent banks directly without going through the platform, at a high rate of nearly 85% of the total demand for these daily foreign transfers."

Saleh explained that "this high change in the flexibility of transfers has been reflected positively on the national economy, especially in the stability of the functions of supply and demand within the national economy in two directions, the first of which is {the supply side} and is represented by the availability of a wide supply of goods and services in the local market through flexible imports financed by the fixed official exchange rate of 1320 dinars per dollar."

He explained that "the other direction is {the demand side}, which refers to the process of exchanging the Iraqi dinar for the dollar for the purposes of financing foreign trade through the transfers mentioned above, which means that meeting the demand for the dollar represents a direct meeting of the demand for (foreign goods, services and benefits) for the benefit of the local market." 

He pointed out that "meeting the demand for foreign currency represents an important pillar of the monetary policy of the Central Bank of Iraq, and achieving its operational objectives in confronting the levels of local liquidity surplus from the dinar and controlling them, which constitute what is called {surplus demand}, as this control over local liquidity represents a positive intervention by the Central Bank's monetary policy in the money market and controlling the levels of that liquidity."

Saleh continued, "This control leaves positive effects in achieving a balance between the real flow in the overall economy of goods, services and benefits and the monetary flow within the economy itself," indicating that "such a balance between supply and demand achieves stability in the general level of prices and welds growth levels in inflation rates, which is positively reflected in the stability of the purchasing power of the dinar and the general monetary income."

Raghad   LINK

Seeds of Wisdom RV and Economic Updates Wednesday Afternoon 8-21-24

Good Afternoon Dinar Recaps,

IOTA Foundation a Winner in EBSI PCP, Demonstrating Scalability and Sustainability

The IOTA Foundation has successfully completed the final phase of the European Blockchain PCP, developing a scalable, energy-efficient, and secure blockchain solution using its Tangle technology.

As part of the European Blockchain PCP, IOTA created prototypes such as Digital Product Passports for electronics and plastics and an Intellectual Property Rights (IPR) Marketplace.

The IOTA Foundation recently announced that it has successfully completed the third and final phase of the European Blockchain Pre-Commercial Procurement (PCP), a big initiative funded by the European Commission. IOTA was one of the seven projects to participate in the European Blockchain PCP which began back in 2020.

The goal of the European Blockchain PCP is to build new Distributed Ledger Technology (DLT) solutions for integration into the European Blockchain Services Infrastructure (EBSI). 

As reported by Crypto News Flash, EBSI is an open-source permissioned network supporting cross-border credential attestations across the European continent.

Its long-term vision includes the evolution of the infrastructure into the European Digital Infrastructure Consortium for Blockchain (EUROPEUM-EDIC) which will offer scalability, energy efficiency, and secure blockchain applications.

Throughout the phases of this project, IOTA, along with its partners such as Digimarc, Software AG, Uncommon Digital, etc., developed a solution combining the DAG-based tangle DLT with open-source building blocks and APIs. 

This solution includes a core DLT layer built atop the Stardust version of the Tangle protocol, which uses a Decentralized Coordinator with a Proof-of-Authority consensus mechanism involving EU member states and institutions.

It further ensures decentralization, efficiency, interoperability, and scalability, enabled by the “Tangle Tree” data sharding concept and EVM-compatible IOTA Smart Contract Chains. 

Now, with the completion of the European Blockchain PCP, IOTA can apply these innovations and prototypes in the market, thereby contributing to future blockchain services in Europe.

IOTA Builds Innovative Prototypes for European Blockchain PCP

As part of its involvement in the European Blockchain Pre-Commercial Procurement (PCP), the IOTA Foundation built innovative solution prototypes. One such prototype focuses on intellectual property rights (IPR) management by leveraging NFTs, smart contracts, and decentralized identities (DIDs). As reported by Crypto News Flash, IOTA has also created an IPR Marketplace that is accessible through an EU Digital Identity-compatible credential wallet.

Similarly, IOTA has also developed Digital Product Passports (DPPs) for both the electronics and the plastic industries. Thus, the Electronics DPP prototype tracks the entire lifecycle of electronic devices, right from manufacturing to recycling. Similarly, the Plastics DPP prototype focuses on the transformation of agricultural plastic waste into bioplastic, while recording each phase of the process, per the CNF report.

IOTA successfully demonstrated its technology in the European Blockchain PCP across multiple areas such as:

▪️Scalability: IOTA’s Tangle technology achieved 90K confirmed transactions per second by using the Tangle Tree sharding concept, thereby supporting exponential scalability with 100 interconnected Tangles.

▪️Sustainability: The energy consumption for IOTA’s Stardust Tangle has scaled logarithmically with transaction volumes. IOTA noted that this makes it more energy-efficient than other solutions, like Hyperledger Besu.

▪️Security and Privacy: IOTA aligned with industry standards, developed quantum-resistant cryptography, and ensured compatibility with European regulations, enhancing both security and privacy in its blockchain solution.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

Malaysia’s Anwar Ibrahim visits India to reset ties, boost Brics membership bid

The first visit to India by PM Anwar Ibrahim is timely due to China’s rising dominance of Malaysia’s foreign policy space, analysts say

Malaysia’s Anwar Ibrahim on Monday makes his debut trip to India as prime minister, seeking support for his country’s application to join the Brics bloc and to rekindle a bilateral relationship that was worth over US$16 billion in trade last year.

During its first prime minister-led delegation’s visit to India since 2018, Malaysia hopes to bolster ties with one of Asia’s fastest-growing economies. India is the largest buyer of Malaysian palm oil and a key exporter of rice to the Southeast Asian nation.

The application to join Brics, which was submitted to the current chairman Russia, is aimed at cushioning a potential impact on Malaysia from the escalating US-China trade and tech war, analysts say.

Brics comprises founder members Brazil, Russia, India, China and South Africa, as well as Saudi Arabia, Iran, Ethiopia, Egypt and the United Arab Emirates, offering preferential trade and investment with countries covering 45 per cent of the world’s population.

Anwar’s three-day visit is also a chance to reset Malaysia’s relations with India, analysts say, following a hangover from a spat with New Delhi under a previous Malaysian administration and China increasingly dominating the Southeast Asian nation’s foreign policy space.

During his visit, Anwar is scheduled to hold talks with his counterpart Narendra Modi, Malaysia’s foreign ministry said in a statement on Sunday, as well as meet India’s captains of industry and deliver a lecture on Malaysia-India ties.

The visit marks the first top-level visit by a Malaysian leader since former prime minister Mahathir Mohamad in 2019 accused India of having “invaded and occupied” Kashmir. His comments triggered a limited boycott of Malaysia’s palm oil – one of its biggest exports – by Indian traders.

India has been Malaysia’s top export market for its palm oil for 10 years running, buying 2.84 million tonnes in 2023, or nearly 20 per cent of Malaysia’s total palm oil exports, according to Malaysian government data. In contrast, China bought 1.47 million tonnes of palm oil shipments.

Malaysia is also heavily dependent on India for its domestic food supply.

In March, Malaysia’s government put in a request to import an additional 500,000 metric tonnes of rice from the world’s largest rice exporter, as a prolonged drought crimped domestic output and put pressure on national grain stockpiles. The request was on top of an earlier rice export quota of 170,000 metric tonnes allocated for Malaysia for the year.

India also has deep cultural links with Malaysia, whose minority ethnic Indians make hundreds of thousands of annual visits each year to their ancestral family villages and perform religious pilgrimages in temples, mostly in India’s south.

There is also a burgeoning strategic dimension in the relationship to serve as ballast to counter China’s influence, which looms large over the contested South China Sea, analysts say.

“Beijing’s rapid ascendency in the past three decades has transformed the entire power and economic equation in the region, and until recently, there was no adequate power balancer to this new power dynamic apart from the West,” said Collins Chong Yew Keat, a foreign affairs analyst with the University of Malaya.

The visit presents an opportunity for Malaysia to explore deeper defence cooperation with India, which has been upgrading its security and naval capacities and is carving out an increasingly important role in Asia’s regional maritime resilience, Chong added.

It is a role outlined in Modi’s Indo-Pacific Oceans Initiative launched in 2019, which presents the South Asian power as potentially the “primary power challenger” to China, Chong said.

@ Newshounds News™

Read more:  SCMP

~~~~~~~~~

Ripple Enhances XRP Ledger (XRPL) with Launch of New Batch Devnet Servers

▪️Ripple launches Batch-Devnet Servers, boosting XRPL’s development with enhanced testing capabilities.

▪️New Batch Transactions feature on XRPL streamlines complex operations, aiding NFT minting and more.

Ripple Labs developers are taking significant steps to enhance the XRP Ledger (XRPL). Following the new era for XRPL we discussed earlier, Ripple and Archax are working to tokenize millions in real-world assets.

The latest update is the announcement of the availability of Batch-Devnet Servers, which serve as a parallel XRP Ledger test network.

As per a tweet yesterday, RippleX shared that the Batch-Devnet Servers are now available as a parallel XRP Ledger test network.

These test networks provide a platform for testing changes to the XRPL and connecting software without using real funds. It’s important to note that the ledger history and balances on these networks can be reset at any time, and users are advised not to use Testnet or Devnet credentials on the Mainnet.

RippleX also highlighted that users can now explore the new “Batch Transactions” feature. This allows multiple transactions to be bundled and executed as a single unit, enhancing reliability and predictability for complex operations.

All balances and XRP on these networks are separate from the Mainnet. As a precaution, do not use Testnet or Devnet credentials on the Mainnet.

One practical use case for this technology is the minting of non-fungible tokens (NFTs) and creating an offer for them in a single transaction.

Taking into account that the XRP Ledger set a new record with 90 million ledgers closed, as CNF previously highlighted, it was a key achievement highlighting XRPL’s growth and community involvement. According to CoinMarketCap data today, Ripple (XRP) is trading at $0.5946, declined by 1.39% in the past day, and surged by 3.23% in the past week.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

Rescheduled for next week

8 /28/ 2024 Noon Central

Listen Here: Podcast Call Link 
Isaac's Room Link
Replay YouTube Link

 @ Newshounds News™

~~~~~~~~~

Newshound's Currency Facts Youtube and Rumble
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Economist’s “News and Views” Wednesday 8-21-2024

Why Gold Price Ripping is Giving Us Big Clues About Financial System Crashing - Lyn Alden

Daniela Cambone:  8-20-2024

The global financial system is under strain, with currencies around the world failing or on the brink, warns Lyn Alden, founder of Lyn Alden Investment Strategy.

In this interview with Daniela Cambone, Alden explains why there is significant upside for gold in the next five to ten years—and why waiting for small dips could cost you big.

Alden discusses how the U.S. and Europe are sliding toward Japan-style stagnation but without the benefits of a current account surplus or social cohesion.

As public debt and fiscal deficits surge, Alden predicts a more inflationary future and shares insights on how to navigate these challenging times.

CHAPTERS:

00:00 Fed/Small Rate Cuts

4:21 Gold Price

 6:39 U.S. Dollar

9:35 Gold Analysis

 11:12 Silver Market

12:24 Wall Street's Interest in Gold

13:57 Carry Trade Impact

 18:14 AI Bubble Burst

19:56 Financial System Breakdown

23:34 How to Better Prepare

25:00 CBDCs (Central Bank Digital Currencies)

26:30 U.S. Economy Outlook

28:41 Banking Sector Overview

31:22 U.S. Deficit Concerns

33:10 Lessons from Argentina

https://www.youtube.com/watch?v=h5ZNZjG0pJY

BREAKING: A Key Actor in Central Asia Applies to Join BRICS Following Meeting with Russia

Lena Petrova: 8-21-2024

https://www.youtube.com/watch?v=t0lGkBjfHP8

‘Reset Of A Lifetime’; Markets Signal 'Global Deflationary Recession' | Mike McGlone

David Lin:  8-20-2024

0:00 - Intro

1:12 - Bitcoin leading markets

5:38 - Bitcoin vs. stocks

10:45 - 5% unemployment forecast

15:50 – Deflation

 18:30 - Gold vs. stocks

24:45 - CPI vs. PPI

30:11 - Bond market outlook

33:30 - Reset of a lifetime

https://www.youtube.com/watch?v=5hleEr9oKA4

Seeds of Wisdom RV and Economic Updates Wednesday Morning 8-21-24

Good Morning Dinar Recaps,

IOTA Foundation Develops 3 Innovative Solutions for EU_EBSI Funded by European Commission

▪️The IOTA Foundation has introduced three groundbreaking products in collaboration with the European Commission to enhance transparency across various sectors by utilizing blockchain technology.

▪️The new tools include a Digital Product Passport for electronics, a Digital Product Passport for plastics, and an Intellectual Property Rights (IPR) management solution.

In the latest development, the IOTA Foundation recently developed three revolutionary products, which they launched in association with the European Commission. With these products, IOTA focuses on raising levels of transparency in numerous industries and sectors.

Moreover, these innovations come within the framework of the European Blockchain Pre-Commercial Procurement (PCP). For context, PCP focuses on developing enhanced solutions for blockchain. Let’s take a look at all three products from IOTA.

1. Digital Product Passport For Electronics (H2)

The DPP for electronics manages the lifecycle of electronic goods. The IOTA Foundation built it in collaboration with the Technical University of Catalonia and eReuse. This tool uses blockchain to ensure that all electronics right from manufacturing to its disassembling and recycling are well recorded.

The DPP addresses key stages in an electronic device’s lifecycle: procurement of the raw materials, manufacturing, utilization, and disposal of the product. Also, there is a record of each level of the process, which guarantees proper documentation of all information about the device regarding its chemical content, breakdowns, and recycling procedures.

Furthermore, effective record-keeping also boosts the area of accountability. The DPP prototype uses IOTA Smart Contracts in order to record key information and to easily track and validate the history of electronic products throughout the chain, per the CNF report.

2. Digital Product Passport For Plastics (H2)

To tackle the ecological concern of plastic waste, the IOTA Foundation has developed a DPP prototype designed specifically for agroplastic products like agricultural mulch films. For this initiative, IOTA has partnered with Digimarc and Agro2Circula, and together, they will work on tracing the journey of plastics right from use to reuse, recycling, and reuse as products, reported Crypto News Flash.

However, this operation is rather complex and implies the involvement of many parties, and its specifics depend on national legislation. Nonetheless, the solution gives a comprehensive account of the lifecycle of plastic. It also includes the journey in which the waste is disposed of through recycling and upcycling techniques.

This prototype by the IOTA Foundation provides proof of work in tracking the disposed plastic in a transparent and verifiable manner. As such, it assists in minimizing the effects of plastic waste on the environment.

3. Intellectual Property Rights (IPR) Management Solution (H2)

The third innovation is an identification model created to provide more efficient guidance on Intellectual Property Rights related to the media. IOTA was developed keeping in mind the complexity of the process of licensing music used in films. Thus, this tool uses distributed ledger technology and smart contracts for rights management and royalty payments.

The IPR Marketplace system relies on IOTA Smart Contracts that turn conventional negotiations and paperwork into digital contracts that self-execute and self-enforce. Furthermore, it ensures that rights holders can protect and claim their compensation in an orderly manner, reported CNF.

The system also supports Non-Fungible Tokens (NFTs), designed to ensure timely payment for everyone, from the performer to songwriters and record companies. These NFTs also enhance traceability and reduce disputes.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

isaac

Listen and learn from this man. He has facts and shares with us as we all wait. Share with others!
August 21, 2024 12:00 Central Noon, 1 pm ET
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 Directly from Isaac when ask for a bio

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"I have buyers the us treasury , DOD , Admiral , HSBC several big platforms that I have signed contracts with all and they paid already for the inspection several times" Isaac

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@ Newshounds News™

~~~~~~~~~

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Iraq News Highlights and Points To Ponder Wednesday AM 8-21-24

Within 14 days, about 3 million foreign visitors entered Iraq

Local | 08/21/2024   Mawazine News - Baghdad   The Border Ports Authority announced today, Wednesday, the entry of about 3 million foreign visitors within 14 days.

The spokesman for the Border Ports Authority, Alaa Al-Din Al-Qaisi, said in a statement to the official agency, which was followed by / Mawazine News /: "The border ports recorded the entry of 2,937,112 foreign visitors to the country from August 6 to the 20th of the same month, while 1,328,484 of them left."

He added that "the nationalities of these visitors are from Iran, Afghanistan, Pakistan, and Azerbaijan, in addition to different nationalities," noting that "the number of visitors is increasing."

He continued, "There is great cooperation between the border ports and the departments supporting their work, and there is integrated work between the Ports Authority and the Ministries of Health, Transport, Interior, and the rest of the ministries concerned with the Arbaeen visit in order to organize visitors to the holy Karbala."   https://www.mawazin.net/Details.aspx?jimare=253680

Learn About The Mechanism For Depositing Dinars And Receiving Dollars For Travelers From The Airport

Economy  2024-08-20 | 1,717 views  Alsumaria News - Local

The Central Bank of Iraq published the mechanism for depositing the dinar and receiving the dollar for travelers from the airport.

The Central Bank stated in a statement received by Sumarya News, "The process of depositing the dinar and receiving the dollar for travelers from the airport has become easier and safer, in a very smooth electronic manner and without routine complications."  LINK

Here Are The Dollar Prices In The Iraqi Stock Exchanges

2024-08-21 | 2,222 views   Alsumaria News – Economy   Alsumaria News publishes the exchange rates of the dollar against the Iraqi dinar in the local Iraqi markets for Wednesday, August 21, 2024.

The dollar prices recorded a slight increase with the opening of the Al-Kifah and Al-Harithiya stock exchanges, recording 149,300 dinars for every 100 dollars. As for the selling prices in the exchange shops in the local markets in Baghdad, the selling price reached 150,250 dinars, while the purchase price reached 148,250 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

Spending More Than 10 Trillion Dinars Annually To Operate Electricity

2024-08-21 | Energy file.. Iraq spends more than 10 trillion dinars annually on fuel to operate power plants   Day after day, the crisis of providing electricity in the country is getting worse despite spending billions on it, at a time when countries are competing to shift towards renewable energy, which is considered safer and better for the environment.

So what did the economic expert, Duraid Al-Anzi, say about this problem in Iraq? Full details in this report with Hussein Adnan   LINK

Iraqi Ports Reveals The Completion Rates Of The Entrances To The Submerged Tunnel, One Of The Projects Of The Grand Faw Port

Local |  08/21/2024  Mawazine News - Baghdad   The Director General of the General Company for Iraqi Ports, Farhan Al-Fartousi, announced today, Wednesday, the achievement of advanced rates of completion in the entrances to the submerged tunnel, one of the projects of the Grand Faw Port, from both sides (Umm Qasr and Al-Faw).

The Director General of the company said in a statement received by / Mawazine News / that "the ongoing work at the entrances to the submerged tunnel project, one of the projects of the Grand Faw Port, has witnessed advanced achievements, whether in the entrances to the submerged tunnel or in furnishing the submerged parts under sea water."

He explained that "the submerged tunnel consists of two main entrances, one towards the city of Umm Qasr and the other towards the city of Al-Faw, and each of these two entrances consists of (28) pieces that form the approaches to the tunnel."

He continued, "The approaches towards the city of Umm Qasr witnessed the completion of the burial work of (9) pieces completely underground, while the completion rate in the (19) open pieces reached (85%)."

He added, "As for the entrance to the city of Faw, its approaches also consist of (28) pieces, of which (9) pieces are buried underground with a completion rate of (90%), and the (19) open pieces have exceeded (50%) completion."

He pointed out that "according to these figures, it can be said that the completion rate in the approaches to the entrance to the city of Umm Qasr has reached (90%), while the completion rate in the approaches to the entrance to the city of Faw has exceeded (60%)."

He pointed out that "the pieces submerged under sea water in the submerged tunnel project, amounting to (10) pieces, are currently undergoing coating work with insulating and seawater-resistant materials, in addition to implementing most of the finishing works in them." The

submerged tunnel project is one of the five major projects of the Faw Port, and it represents the main nerve linking the Grand Faw Port and the Iraqi Development Road. Due to its strategic importance, exceptional efforts are continuing to complete it to be the first project of its kind in the Middle East, and the second tunnel in the Asian continent after the (Busan) tunnel in South Korea. https://www.mawazin.net/Details.aspx?jimare=253682

“Tidbits From TNT” Wednesday Morning 8-21-2024

TNT:

Tishwash:  Al-Nujaba: The truce is over and the option of striking American bases in Iraq is now available

The Al-Nujaba Movement - one of the Iraqi factions involved in the so-called "Islamic Resistance in Iraq" - considered on Tuesday that the truce that was aimed at giving the government time to negotiate the withdrawal of US forces from the country has ended, and the options of targeting military bases have become available.

“The resistance factions in Iraq have ended this truce, and therefore all options are available to the resistance forces to target all American bases inside Iraq,” Haider al-Lami, a member of the political council of the al-Nujaba movement, told The National.

Al-Lami considered that there was "procrastination and delay" by America regarding the withdrawal of its forces during the talks with the Iraqi government.

"There will be a response in the coming days that may target more than one place, not necessarily in Iraq, Syria and Israel," added Al-Lami, who warned after the Babylon strike that such a move was under consideration.

He said that some forces will remain in the Kurdistan Region until September 2026 to supervise counter-terrorism operations in Syria. The situation there is different from Iraq, as ISIS is stronger in Syria and has strongholds.  link

Reuters: BP's deal with Iraq will be based on profit-sharing model

 An agreement with BP to develop oil and gas fields in Kirkuk will be based on a profit-sharing model, and a final deal is expected by the end of this year, two oil ministry officials told Reuters.

Iraq and BP signed a preliminary agreement this month to develop four oil and gas fields in the Kirkuk region of northern Iraq, an area where BP estimates about nine billion barrels of oil could be extracted.

The two officials said the ministry and BP, which is returning to the region after an absence of about five years, are expected to sign an agreement, the terms of which will not be disclosed, this week under which Iraq will hand over a data package for the four Kirkuk fields and their facilities.

The two officials spoke on condition of anonymity because they were not authorized to speak to the press.

BP has not yet responded to a request for comment.

BP withdrew from the area in late 2019 after a service contract signed in 2013 expired without reaching an agreement to expand the field.  link

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

Tishwash:  An economist places “extortion, bribery and smuggling” as the first causes of the fluctuation of the dollar exchange rate

Today, Tuesday, economic affairs researcher Diaa Al-Mohsen listed the extortion, bribery and smuggling operations carried out by dollar dealers who cannot disclose the sources of their money as the first reasons for the fluctuation of the dollar exchange rate in local markets.

Al-Mohsen explained, “The old authority is still floundering in dealing with the issue of the dollar exchange rate, as all the measures it has taken since it took over the management of the Central Bank hardly touch the real problem that led to these rises , which in one way or another led to a major impact on the economic situation of the Iraqi family.” Noting that, “The Iraqi market depends entirely on securing its needs through imports, which eat up all the revenues obtained from Iraqi oil sales .”

In an interview with (Al-Mada), Al-Mohsen indicated, “There are many reasons for the fluctuation of exchange rates other than the above. Many dealers do not enter dollars for reasons related to the nature of the money they obtain (the national currency). There are those who obtain the Iraqi dinar through bribery, and others who obtain They are subjected to it through blackmail, some of whom trade in drugs and human organs, and many others who cannot disclose the sources of their money nor the ultimate beneficiary of the Sending process abroad, which exposes them to many legal problems and may expose them to penalties according to Iraqi law.” Pointing out, “These people are forced to go to the black market to request the dollar, and thus the exchange rate of the dollar against the Iraqi dinar rises to increase the demand for the dollar. We should also not forget that there are those who smuggle the dollar by tampering with documents for importing goods, and this manipulation occurs at the border crossings, and as a result In the end, the country is the biggest loser, followed by the simple citizen . ”

Regarding the dominance of the dollar, the researcher in economic affairs continued, “There does not seem to be a glimmer of hope on the horizon to get rid of the dominance of the US dollar as long as the bank’s management insists on keeping the Iraqi economy revolving around the US dollar. If there was a real administration working for the benefit of the national economy, it would do everything in its power to do so.” A way to diversify the sources of currencies you deal with, which is what the current administration does not want . “

He continued his speech, "I think that the government should seriously think about revitalizing the economic sectors, especially with the Central Bank of Iraq talking about reserves exceeding 115 billion dollars. It is possible to simplify the procedures for granting loans to project owners who have feasibility studies on the projects that they want to implement and that are in the interest of The Iraqi economy, and grant them soft loans in exchange for the project's guarantee, to reduce the gap between market requirements and imports, and fill this gap by increasing local production to cover the need of the local market and by relying on modern technology with regard to industries, and by relying on modern agricultural techniques with regard to agriculture.” Stressing, “Only here we will have put the Iraqi economy on the right path, and anything other than what we said will be nothing more than plowing into the sea .”

The exchange rate of the dollar in the parallel markets in Iraq has risen again, as the price of the dollar recorded an increase with the closure of the Al-Kifah and Al-Harithiya stock exchanges, reaching 149,300 dinars against 100 dollars, while last Saturday It recorded a decrease with the closure of the Al-Kifah and Al-Harithiya stock exchanges, reaching 149,550 Iraqi dinars against 100 dollars.  link

Mot: . Yeppers!! --- yeee ole Net Helps Again!!!! 

Mot:  .... How they Make it Work! – LOL

Seeds of Wisdom RV and Economic Updates Tuesday Evening 8-20-24

Good Evening Dinar Recaps,

Ripple Important Level of Contact with IMF Revealed in Fresh Palau Report

A recently released report on Palau’s National Government Payment Service has revealed a significant level of contact between Ripple and the International Monetary Fund (IMF).

Prominent XRP community member WrathofKahneman (WoK) unearthed this observation and highlighted it in a recent post on X.

Notably, the report from Palau highlighted the successful completion of Phase 2a of the country’s digital payment initiative. For context, this initiative focuses on developing a stablecoin service, “PSC.” Palau is carrying out this project in collaboration with Ripple, utilizing the XRP Ledger (XRPL).

This recently completed phase analyzed stakeholder requirements in six key socioeconomic areas to develop a framework for a convenient and accessible national payment ecosystem, especially for the unbanked and underbanked.

Additionally, the Palau digital payment system seeks to emulate the services of PayPal and Alipay in ways that precisely fit the context of Palau’s needs. 

Its goals are reducing cash reliance, lowering fuel consumption and travel time, and offering lower fees. The report also reviews the pilot program, incorporating feedback and recommendations for a phased nationwide rollout.

Ripple’s Important Level of Contact with IMF

What stands out in this latest report is the inclusion of the IMF Technical Assistance Team among the stakeholders consulted for the project. According to WrathofKahneman, this points to an important level of technical engagement between Ripple and the IMF.

WoK emphasized the significance of this connection, noting that while the XRP community has long been aware of Ripple’s discussions with the IMF, this report serves as tangible evidence of their collaboration on a practical level.

Furthermore, WoK strengthens his argument by pointing out that the IMF’s recommendations align closely with the objectives of Palau’s National Payment System, which Ripple is helping to develop.

The IMF’s focus on enhancing financial resilience, improving payment systems, and carefully approaching fintech innovations mirrors the goals of the Ripple-Palau collaboration.

WoK believes this alignment suggests that Ripple’s involvement is not just incidental but deeply integrated with IMF-led financial strategies in the region, reinforcing the idea of meaningful contact between Ripple and the IMF.

Essentially, this revelation reinforces the idea that Ripple is not just working in isolation but is actively engaging with major global financial institutions like the IMF. 

Such collaborations could pave the way for Ripple to play a more central role in future financial systems, particularly in regions where digital innovation and financial modernization are priorities.

@ Newshounds News™

Source:  The Crypto Basic

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RFK Jr.'s campaign may drop out to support Trump, says running mate Nicole Shanahan

Both candidates have adopted a pro-crypto position; their collaboration could create a powerful narrative in the 2024 election.

Key Takeaways

▪️ Kennedy's campaign is evaluating a potential endorsement of Trump to avoid splitting votes.
▪️ Trump has become a pro-crypto candidate, promising to support the industry.

Pro-crypto presidential candidate Robert F. Kennedy Jr.’s campaign is mulling quitting the election bid and joining forces with Donald Trump, said Nicole Shanahan, Kennedy’s running mate, on Tom Bilyeu’s Impact Theory podcast. Shanahan’s statements were first shared by Collin Rugg, Trending Politics’ co-owner.

Dropping out of the election race is just one of two possible outcomes. Shanahan said Kennedy’s campaign is also considering continuing their third-party bid, but it comes at the risk of splitting votes with Trump, which could benefit Kamala Harris’ campaign.

“There are two options that we’re currently looking at and one is staying in and forming that new party, but we run the risk of a Kamala Harris and Waltz presidency because we draw votes from Trump,” Shanahan stated.

“Or we walk away right now and join forces with Donald Trump,” she noted, adding that it would not be an easy decision and they would need to justify it to their supporters.

According to Politico, Kennedy’s campaign is struggling financially, with $3.9 million in cash and $3.5 million in debt as of July 2024. Despite efforts to boost fundraising, the campaign’s expenditures have consistently outstripped its income.

If Kennedy’s campaign team chooses to collaborate with Trump’s team, that could create a powerful narrative in the 2024 election as both two figures have adopted a pro-crypto stance.

Trump has positioned himself as a pro-crypto candidate, pledging to retain all Bitcoin held by the US government and to ease regulatory pressures on the crypto industry.

Harris’ position on crypto is unclear, though reports indicate that her campaign team has been working to reconnect with the industry in recent weeks.

Despite crypto’s growing popularity, its potential impact on voting behavior remains uncertain. Voters often make decisions heavily influenced by key issues like economic conditions.

Harris has recently faced criticism for her new economic proposals, with figures like former Obama economist Jason Furman questioning the practicality and sensibility of her plans.

Following her speech on these proposals, Harris’ odds of winning the election dropped to 49% on the decentralized prediction marketplace Polymarket, while Trump’s odds saw a corresponding surge to 49%.

@ Newshounds News™

Source:  Crypto Briefing

~~~~~~~~~

Listen and learn from this man. He has facts and shares with us as we all wait. Share with others!

August 21, 2024 12:00 Central Noon, 1 pm ET

Listen Here - Podcast Room https://t.me/+VAm-AlWWqWPzyK8G

Replays - YouTube Currency Facts - YouTube

Directly from Isaac when ask for a bio

“But understand I do not have contacts. Isaac

"I have buyers the us treasury , DOD , Admiral , HSBC several big platforms that I have signed contracts with all and they paid already for the inspection several times" Isaac

See photos of Isaacs bonds here:

https://telegra.ph/Isaacs-Facts-and-Truth-08-03

@ Newshounds News™

~~~~~~~~~

Newshound's Currency Facts Youtube and Rumble
Newshound's 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 Evening 8-20-24

MP Mustafa Sand: The Government Failed To Control The Dollar File

Buratha News Agency 2024-08-20  Member of the Parliamentary Finance Committee, Mustafa Sand, considered that the government and the Central Bank failed to control the exchange rate of the dollar against the Iraqi dinar.

Sand said in a press statement that "the government did not succeed in controlling the dollar exchange rate due to the policies of the US Federal Reserve, noting that the Iraqi side's discussions with the American side did not achieve any positive results except for a protocol meeting with Biden that did not exceed 20 minutes only."  He pointed out that "there is American guardianship to bring in the Jordan National Bank and its acquisition of hard currency."

https://burathanews.com/arabic/economic/449933

Foreign Remittance Sales At The Central Bank Of Iraq Auction Increased By Nearly 100%

Time: 2024/08/20 Reading: 741 times  {Economic: Al Furat News} Foreign remittance sales rose in the Central Bank auction on Tuesday by 99% over cash sales, reaching more than $264 million.

The bank sold in its auction today 268 million, 304 thousand and 25 dollars, covering it at a basic exchange rate of 1310 dinars per dollar for documentary credits and international settlements for electronic cards, at a rate of 1310 dinars per dollar for foreign transfers, and at a rate of 1305 dinars per dollar in cash.

Most of the dollar sales went to boost balances abroad in the form of transfers and credits, which amounted to $264,954,025, up 99% from cash sales of $3,350,000.

The number of banks that purchased cash dollars was one bank, while the number of banks that met requests to enhance balances abroad was 15 banks, and the total number of exchange companies participating in the auction was 6 companies.   LINK

Government Advisor: Al-Alaq's Upcoming Visit To New York Will Support The Protection And Stability Of The Banking System

Economy  |08/19/2024   Government Advisor: Al-Alaq's upcoming visit to New York will support the protection and stability of the banking system    https://www.mawazin.net/Details.aspx?jimare=253602

Reuters: BP's Deal With Iraq Will Be Based On Profit-Sharing Model

Energy   Economy News – Baghdad   An agreement with BP to develop oil and gas fields in Kirkuk will be based on a profit-sharing model, and a final deal is expected by the end of this year, two oil ministry officials told Reuters.

Iraq and BP signed a preliminary agreement this month to develop four oil and gas fields in the Kirkuk region of northern Iraq, an area where BP estimates about nine billion barrels of oil could be extracted.

The two officials said the ministry and BP, which is returning to the region after an absence of about five years, are expected to sign an agreement, the terms of which will not be disclosed, this week under which Iraq will hand over a data package for the four Kirkuk fields and their facilities.

The two officials spoke on condition of anonymity because they were not authorized to speak to the press.   BP has not yet responded to a request for comment.

BP withdrew from the area in late 2019 after a service contract signed in 2013 expired without reaching an agreement to expand the field.  08/20/2024 https://economy-news.net/content.php?id=46541

Oil Falls To $77.54 Per Barrel

economy | 07:32 - 08/20/2024  Mawazine News – Baghdad  Oil prices fell on Tuesday (August 20, 2024) after Israel accepted a proposal to narrow differences holding up a Gaza ceasefire, helping ease concerns about supply disruptions in the Middle East.

Brent crude futures fell 12 cents, or $2.02, or 0.15 percent, to $77.54.

U.S. West Texas Intermediate (WTI) crude futures for the front month, which expire on Tuesday, were at $74.23 a barrel, down 14 cents, or 0.2 percent.

The more actively traded second-month contract was down 15 cents, or 0.2 percent, at $73.52.

Brent fell about 2.5 percent on Monday, while WTI fell 3 percent.

U.S. Secretary of State Antony Blinken said on Tuesday that Israeli Prime Minister Benjamin Netanyahu had accepted a “rough proposal” from Washington to address differences holding up a Gaza ceasefire, and urged Hamas to accept it as well.

But there is little sign of the war abating or of fears of its spread easing, with Hamas announcing a resumption of suicide bombings inside Israel after many years, claiming responsibility for an explosion in Tel Aviv on Sunday night, and medics saying Israeli military strikes killed at least 30 Palestinians in the Gaza Strip on Monday.

Supply concerns have also been eased by a rise in output from Libya’s Sharara oilfield to around 85,000 barrels per day (bpd) in a move to supply the Zawiya oil refinery, two engineers working at the field told Reuters on Monday.

Libya’s National Oil Corporation declared force majeure on oil exports from the field on August 7 after a blockade by protesters slashed output from the field, which normally stands at 300,000 bpd.

On the demand side, concerns about China’s economic troubles have also weighed on oil prices. After a bleak second quarter, the world’s second-largest economy lost further momentum in July as new home prices fell at the fastest pace in nine years, industrial output slowed, export and investment growth declined and unemployment rose.

Meanwhile, investors are also awaiting a signal on the Federal Reserve’s plans for its next interest rate decision.

The bank will cut rates by 25 basis points at each of its three remaining meetings in 2024, a bigger cut than expected last month. Fed

Chairman Jerome Powell will speak at Jackson Hole on Friday and investors assume he will make a case for a rate cut.

Lower interest rates lower borrowing costs and could boost oil demand in the world’s biggest oil consumer.   https://www.mawazin.net/Details.aspx?jimare=253604

Start Of The Trial Operation Of The Investment Iron And Steel Plant In Basra With A Capacity Of 350 Thousand Tons Annually

Tuesday 20 August 2024 | Economic Number of readings: 117    Basra / NINA / The Chairman of the Basra Investment Commission, Eng. Alaa Abdul Hussein Salman, announced the start of the experimental operation of a new investment iron and steel factory with a production capacity of 350 thousand tons annually, which will contribute to meeting the needs of the governorate and neighboring governorates for iron.

He said in a statement, "The cost of establishing the project in its first phase amounted to $ 54 million on an area of ​​160 acres. The equipment was imported from Italy and America to include six furnaces and a rolling unit.

He pointed out that the Ukrainian-Russian crisis has greatly affected the import of iron to Iraq, highlighting the importance of the project in reducing dependence on imports.

In turn, Engineer Yasser Al-Abdeli, Director of the Factory, explained that the construction of the project began in 2021, with the attraction of companies with a global reputation in the iron and steel industry, adding that the factory will produce reinforcing steel in sizes ranging from 10 mm to 32 mm, with plans to add new production lines for screws and nails in the future.

Basra Governorate has recently witnessed the opening of a group of factories that are expected to contribute to achieving economic stability, providing new job opportunities and supporting economic development in the region.  https://ninanews.com/Website/News/Details?key=1148803

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