“Tidbits From TNT” Monday Morning 9-2-2024

TNT:

Tishwash:  Iraq participates in the meeting of the Arab Economic Council

The Arab Economic Committee is scheduled to begin its work today, Monday, to prepare for the 114th session of the Arab League's Economic and Social Council, which will be held at the ministerial level next Thursday, with the participation of the Minister of Trade, Athir Dawood Salman Al-Ghariri.

Iraq will be represented in the meetings of the Economic and Social Council by two delegations, the first from the Ministry of Labor, which will attend the meetings of the Arab Social Committee, while the second delegation will be from the Ministry of Trade and will participate in the meeting of the Economic Committee.

The Arab Social Committee held its meeting yesterday, Sunday, with the participation of a delegation from the Ministry of Labor and Social Affairs, and a number of decisions were submitted to the Council.
The ministerial meeting of the Economic and Social Council next Thursday, in which the Minister of Trade will participate, will be preceded by a meeting of senior officials in the Council the day after tomorrow, Wednesday.

Assistant Secretary-General and Head of the Social Affairs Sector, Ambassador Dr. Haifa Abu Ghazaleh, stated that the 114th session of the Economic and Social Council began its work with the Council's Social Committee.

Abu-Ghazaleh added that the Social Committee reviewed the report of the Secretary-General of the League of Arab States, which included all the efforts and activities that took place between the two sessions of the Council in various sectors of joint Arab social and development work.

She continued that the report focused on continuing to implement the social dimensions of the 2030 Sustainable Development Plan, supporting vulnerable groups in society, and other activities related to persons with disabilities and the elderly, health, youth, women, family and childhood, population policies, civil society and human rights, migration and expatriates, education, scientific research, culture and dialogue of civilizations.  link

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Tishwash:  Schlumberger signs Iraq Training Agreement

The Arab Institute for Oil and Schlumberger have signed a cooperation agreement at the Iraqi Ministry of Oil, focusing on training and development for the sector's workforce.

Bassem Mohammed Khudair, the Deputy Minister for Extraction Affairs, stated that this memorandum aligns with the ministry's strategy to enhance technical and engineering skills.

Schlumberger's Executive Director in Iraq, Waseem Al-Azmeh, emphasized the company's commitment to using its expertise to develop the skills of Iraq's oil sector employees.

Hisham Yass, General Director of the Training and Development Department, highlighted that this partnership is a significant addition to the ministry's training program, to be implemented through the Arab Institute for Oil, which is responsible for certifying training programs.

Ghaleb Mohammed Ali, the Deputy Director of the institute, expressed hope that this collaboration will help achieve the ministry's goals in improving the performance of its workforce.   link

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Tishwash:  The Central Bank of Iran sold 320 billion Iraqi dinars to visitors

Iranian media revealed, today, Sunday, that 1.6 million Iranian visitors purchased the Iraqi currency in Iran before heading to Iraq to perform the Arbaeen pilgrimage.

Tala website reported that from August 7 to September 1, more than 1.6 million people received the "Arbaeen Coin", at a rate of 200,000 Iraqi dinars for each visitor, to meet their needs in Iraq.

He explained that selling dinars to visitors is a very good step, and has been taking place for two years, and saves visitors the trouble of converting their currency in Iraq into Iraqi currency, and Iraqi dinars can be obtained at a certain price for purchase directly from Iranian banks.

The website quotes experts as saying that in general there is no problem in providing the dinar from the point of view of the existence of the Central Bank, and next year the amount will be increased to more than 200 thousand dinars for each visitor.

Arbaeen visitors who travel to Iraq by air can obtain $500 in travel currency in addition to 200 thousand dinars in Arbaeen currency from the ATMs located at Imam Khomeini International Airport.

According to the announced figures, the Central Bank of Iran sold 320 billion Iraqi dinars to visitors entering Iraq, while questions remain about where the Central Bank of Iran gets the Iraqi dinars from, and whether they are one of the payments that Iraq spends on Iran to settle some import transactions that cannot be paid in dollars.   link

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Tishwash:  Al-Sudani's advisor explains the reasons for the fluctuation of gold prices in Iraq

The financial and economic advisor to the Prime Minister, Mazhar Salih, said today, Monday, that the reasons for the fluctuation of the price of gold in Iraq are not internal, but rather global, indicating that the Iraqi government encourages the import of gold because it is a “safe haven” for wealth.

At the state or individual level, gold has historically been a safe haven for preserving the purchasing power of wealth, as people keep gold for that purpose, and the cycle of gold assets between rising and falling is usually slow. If we take the cycle of assets, we find gold, almost as an average, as it is of constant value among other wealth,” Saleh told Al Furat News Agency, explaining that “society has historically been accustomed to keeping gold as a tendency to preserve personal wealth.”

He added, "In the modern era, the state keeps part of its foreign reserves supporting the national currency in gold. For example, Iraq keeps about 148 tons of gold, which constitutes 10% of its foreign currency reserves."

During the past month of February, Iraq's gold reserves witnessed a significant increase, as data from the International Monetary Fund showed that Iraq had increased its holdings of the precious metal by 3,079 tons, bringing the total to 145,661 tons.

He continued, "The reserves are a diversified investment portfolio of gold and currencies such as the dollar, euro, pound, yuan, yen, and others," describing this diversity as "based on basic global evidence, and it is not arbitrary."

He pointed out that "this evidence was made in agreement with the International Monetary Fund, in terms of the percentages of monetary gold that support and are considered a cover for the Iraqi dinar."

He stressed that the global standard for this is 10%, considering gold “not easy for fast payment operations and others, and it is heavy, but it is part of protecting reserves and confronting fluctuations in currency values.”

He explained that "the gold asset cycle is slow, so keeping it protects reserves from currency fluctuations. Iraq is not a maker of gold prices in global markets, but rather a recipient, because we are not a country that possesses gold wealth, but rather we import gold. Therefore, the entry of gold into

Iraq is a good wealth that is better than the entry of consumer goods that are not valuable and drain resources. Gold is a "precious wealth for the future," noting that "the gold discovered in the world is approximately 75%, and it is limited and not extensive, so central banks are pushing to keep a minimum amount of gold."

He stressed that "the policy of encouraging the entry of gold into Iraq is an import of wealth, and as assets they represent good stores of wealth, so the state encourages this and the customs taxes on them are moderate," indicating that "the gold markets in Iraq depend on two things: its price in the world and the extent of the rise or fall of the dollar, and we receive external visas at the value of gold and the dollar," considering encouraging the flow of gold into Iraq "a good thing. Recently, the price of gold has risen in Iraq, as the price of a mithqal (5 grams) has exceeded 500 thousand Iraqi dinars."   link

Mot: .. Have a Safe One!!! 

Mot: Siiiiiigggghhhhhh -- AGAIN!!! ---

Seeds of Wisdom RV and Economic Updates Sunday Afternoon 9-1-24

Good Afternoon Dinar Recaps,

ARE XRP AND XLM CORRELATED? RIPPLE CTO SHARES INSIGHTS

XRP and Stellar (XLM) are two cryptocurrencies that have been constantly compared in terms of price growth and development. Both digital assets are committed to facilitating cross-border transactions. In continuance to a discussion revolving around XRP that initiated in March, the Ripple CTO, David Schwartz has shared some interesting insights into the correlation between XRP and Stellar (XLM).

Insights From Schwartz’s

In an X post, Schwartz openly acknowledged that he had no idea what were the factors that drive XRP’s price. It might be surprising to see that such a statement is made by one of the key architects of XRP Ledger, but regardless, it is worth noting that this might highlight various market factors that might be influencing the XRP price action.

He further went on to notice a crucial point stating-

“The only real objective data point I have is that XRP tracks the price and market cap of XLM incredibly well over all time frames.”  This observation might imply that despite the complexities influencing the price action, XRP and XLM share a closely connected path.

Exploring Their Origins And Price Influence

XRP and XLM share identical origins, as XLM was created by Jed McCaleb, a co-founder of Ripple who later split to start Stellar. Both the tokens are intended to facilitate cross-border payments, although they cater to different markets and use cases.

The correlation emphasized by Schwartz could mean that market forces affecting one of these tokens often influence the other. However, the exact reasons for this correlation remain speculative, as Schwartz himself has cited the lack of clarity on the precise drivers behind XRP’s price.

CTO’s Previous Hints To The Correlation

Schwartz had previously also shared a chart displaying a strong correlation in the price movements and patterns between XRP and XLM tokens and had explained the distinct reasons behind XRP and XLM’s unique price movements.

The Ripple CTO had admitted even back then that he lacked an accurate explanation for the price correlations, however, he provided two major factors that could be influencing the price trends.

The Two Factors That Could Be At Play

Schwartz revealed that comparable market forces that regulate various cryptocurrencies also control XRP and XLM. He stated that most investors and crypto enthusiasts often place XRP and XLM within the same category due to the cryptocurrencies’ historical connection.

Therefore a significant number of people simultaneously engage in buying and selling XRP and XLM causing the cryptocurrencies to have similar price movements

XRP and XLM have gained significant attention, and often viewed as the leading contenders for cross-border payments and mainstream adoption. While they tend to display similar price tracks, there still needs to be some clarity on the correlation between the two.

@ Newshounds News™

Source: Coinpedia

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REPORT: BLOCKCHAIN IS POISED TO OVERHAUL GLOBAL PAYMENT SYSTEMS

According to a Binance report, blockchain technology is set to transform the global payments landscape by addressing inefficiencies in traditional financial systems.

The Binance research report highlights that while current payment methods, such as Visa and Mastercard, offer the convenience of near-instantaneous payment authorization, actual settlement times often lag, sometimes by several days.

This delay is especially pronounced in cross-border transactions, where communication between banks in different countries can extend settlement times.

In contrast, blockchain-based payments offer near-instant settlement. The report cites a 2021 pilot conducted by Visa and Crypto.com in Australia, where the use of USDC (USDC) and the Ethereum (ETH) blockchain allowed cross-border transactions to be settled in a fraction of the time traditionally required.

@ Newshounds News™

Source:  Crypto News

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KEY EVENTS IN SEPTEMBER 2024 IMPACT THE CRYPTOCURRENCY SECTOR IN BRIEF

 
▪️September 2024 will be critical for the cryptocurrency sector.

▪️Key events include Korea Blockchain Week and US economic data releases.

▪️Political and economic developments could significantly impact the crypto market.

September 2024 will be a highly active and critical period for the cryptocurrency sector. The events occurring during this time could shape both the developments in the sector and the future of the market. Wu Blockchain has provided a list of important events, and we will take a closer look at the details.

▪️Korea Blockchain Week Starts on September 1
▪️US Non-Farm Payroll Data for August to be Released on September 6
▪️Trump and Harris to Meet on September 10
▪️US Inflation Data to be Released on September 11
▪️Token2049 Global Conference and Fed Interest Rate Decision on September 18
▪️Former Binance CEO Changpeng Zhao to be Released on September 29

Korea Blockchain Week Starts on September 1

First, the Korea Blockchain Week starting on September 1 stands out as a major event where significant figures in the sector will gather.

US Non-Farm Payroll Data for August to be Released on September 6

The US Non-Farm Payroll Data for August, which is of great importance for the US economy, will be released on September 6.

Changes in employment are expected to provide clues about the overall state of the US economy. A potential decline in the data could cause fluctuations in the cryptocurrency market, as negative economic signals may increase interest in risky assets.

Trump and Harris to Meet on September 10

The first presidential debate between Trump and Kamala Harris, scheduled for September 10, is highly anticipated.

The focus on economic issues in the debate will attract the attention of the cryptocurrency community. Political developments in the US are closely related to the crypto market, making this debate highly significant.

US Inflation Data to be Released on September 11

Inflation data has always been critical for cryptocurrency investors. The US Consumer Price Index (CPI) data for August, to be released on September 11, will provide important insights into the direction of inflation.

Since cryptocurrencies are known to be seen as a hedge during high inflation periods, this data could create significant market activity.

Token2049 Global Conference and Fed Interest Rate Decision on September 18

The Token2049 Global Conference, starting on September 18, is another major event where significant figures in the sector will gather. Announcements made during the conference, especially new partnerships and projects, could cause significant fluctuations in the cryptocurrency market.

On the same day, the Federal Reserve FOMC meeting will determine decisions regarding interest rates. Interest rate cuts generally increase interest in risky assets like cryptocurrencies. the-cryptocurrency-sector/#trump-and-harris-to-meet-on-september-10Additionally, the final decision in the case against Trump concerning allegations of irregularities in job records will also be made on the same day.

@ Newshounds News™

Source: Coin-Turk

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Iraq Economic News and Points To Ponder Sunday Afternoon 9-1-24

Oliver Wyman Company And Lifting Sanctions On Banks Banned From Using The Dollar
 
Economic researcher Ali Dadoush    The Central Bank of Iraq contracted with Oliver Wyman, a global consulting firm, which has the ability to
 
     “restructure companies to achieve success in difficult times, and
     build a new strategy in the field of banking services, as well as
 
being a leader in the field of risk, strategy and human resources, where
it helps clients.” To navigate in a dynamic environment across four global companies.

So a company like Oliver Wyman can
 
     help sanctioned Iraqi banks understand the sanctions imposed on them,
     work on strategies to reduce their impact, and even
     help remove these sanctions in some cases.
 
From a legal standpoint, the company can help Iraqi banks
 
     understand international laws and sanctions applied to them,
     identify any legal risks associated with their activity, and then
     provide recommendations on how to improve banks’ compliance with international sanctions and
     develop plans to mitigate risks.
 
In addition, the company will help Iraqi banks in
 
     Communicating with international government agencies to
     learn more about the sanctions imposed on them, or to
     request ((exceptions or mitigation)), by
     providing training programs for employees in Iraqi banks to develop their skills in the field of sanctions compliance.
 
From the above, we conclude that Oliver Wyman can   play an important role in helping Iraqi banks understand and implement international sanctions effectively, and then   submit a recommendation to the Treasury and the Federal Reserve that paves the way for lifting the sanctions.      https://economy-news.net/content.php?id=47001   

The Central Bank Contracts With An International Auditing Company To Reform And Merge Iraqi Banks
 
Economy | Yesterday, Baghdad Today – Baghdad   Saturday (August 31, 2024), the Central Bank of Iraq announced that it has contracted with an international auditing firm in New York City, in the United States of America.
 
The bank confirmed in a statement received by “Baghdad Today” that “the delegation headed by the Governor of the Central Bank, Ali Mohsen Al-Alaq, to ​​the United States of America, discussed the
 
     use of electronic payment cards and ways to organize and
     stimulate their use in line with Iraq’s trend towards electronic payment,
 
during separate meetings with... A group of companies such as (Visa, Mastercard and MoneyGram), as the international auditing company (KPMG) provided an extensive analytical presentation of the uses of these cards, reinforced with recommendations and proposals to enhance the regulated use and accommodate the significant increase in citizens’ use of these cards.”

During the negotiations, according to the statement, the gathered parties praised
 
“the important steps in promoting banking sector reforms, the most important of which is the contract conducted by the delegation of the Central Bank of Iraq with the company (Oliver Wyman) to conduct a comprehensive review of the conditions of Iraqi banks, especially the banks that are prohibited from dealing in the US dollar currency.”  The statement explained,
 
"The company will work to develop practical solutions to reintegrate these banks within the Iraqi and international banking sector, in addition to improving the level of bank procedures in accordance with international standards, as
 
this initiative aims to
 
     facilitate the process of establishing direct banking relationships, and
     improve the quality of the services provided." From banks to serve the Iraqi economy,” noting that
 
“the company is scheduled to begin its work during the next few period.”   
 
https://baghdadtoday.news/256913-البنك-المركزي-يتعاقد-مع-شركة-تدقيق-دولية-لاصلاح-ودمج-المصارف-العراقية.html  

The Central Bank Announces The Results Of The New York Meetings
 
Economy    30-08-2024, Baghdad – IA  Today, Friday, the Central Bank of Iraq announced the results of the visit of the delegation headed by the Governor of the Central Bank, Ali Mohsen Al-Alaq, to ​​the United States of America, which lasted from August 26 to 29, 2024.
 
The Central Bank of Iraq confirmed in a statement - received by the Iraqi News Agency (INA) – that   
"a high-level negotiating delegation headed by Governor Ali Mohsen Al-Alaq held a series of intensive meetings in New York City, the United States of America, which included discussions with the
 
     US Treasury Department and the
     Federal Reserve Bank, In addition to meetings with a group of
     companies (Visa, Mastercard and MoneyGram) as well as
     bankers (Citi Bank and JP Morgan) as well as
     international auditing firms (KPMG, E&Y, K2i and Oliver Wyman).”  He added,
 
"The participants in the meetings praised the major transformations accomplished by the Central Bank of Iraq, which represent an unprecedented achievement at the country level, as the bank achieved remarkable progress in the procedures for controlling external transfers and cash sales of the US dollar currency, which led to the improvement of systems, policies, and procedures."

 In accordance with international and local standards, enhancing transparency in covering foreign trade and providing protection for the banking and financial sector from the risks of money laundering, terrorist financing and financial crimes.” 

He announced,  “A meeting will take place between officials of the Central Bank of Iraq and its international partners by the end of this year regarding the major shift in ending the work of the electronic platform for foreign transfers and
 
replacing it with direct banking relationships between Iraqi banks and the network of international correspondent banks, in accordance with the plan developed by this bank, and in effect.” internationally,
 
which will allow the Central Bank of Iraq and the Federal Reserve Bank to exercise their supervisory roles away from executive procedures, as
 
this transformation will have important repercussions in the stability, smoothness and transparency of the country’s foreign trade financing operations,” noting,
 
“It aims to achieve the required stability in exchange rates, which in turn will lead to... To enhance the efficiency of the financial system in Iraq. 

He pointed out that  "the meetings in New York City also dealt with mechanisms for expanding the network of international correspondent banks and qualifying Iraqi banks to meet the requirements necessary to open their accounts with international correspondent banks, with the aim of enabling them to complete their financial transactions, whether through external transfers in the US dollar or other foreign currencies."     https://www.ina.iq/215871--.html   

After The Success Of The Recent Negotiations In Washington, An Expert Identifies Indicators Of Declining Demand For The Dollar

 Economy | Baghdad Today – Baghdad   Financial and economic affairs researcher Alaa Glob Al-Fahd confirmed today, Saturday (August 31, 2024), that the  Central Bank succeeded during the recent negotiations in Washington in diversifying the basket of commercial currencies, indicating that this will lead to a significant decrease in demand for the dollar. 

Al-Fahd said in an interview with "Baghdad Today", that  "as part of the discussions of the Central Bank of Iraq during the past hours with the US Federal Reserve and the US Treasury, which lasted for three days, 13 Iraqi banks were included in direct external correspondence (remittances) and the diversification of the currency basket."

He states,   "There will be commercial transactions in the UAE dirham, the Indian rupee, and the Chinese yuan, and   this gives the Iraqi government flexibility to diversify the basket of commercial currencies."

Al-Fahd added,   "The dollar is currently the master of commercial transactions in Iraq, as it is the only source of oil revenues that are sold in dollars, and the reserves of the Central Bank of Iraq are in US dollars, and that is why it is the basic currency for foreign trade." He continued,

 "After diversifying the basket of foreign currencies for foreign trade, there will be a decrease in the issue of pressure on the dollar, and

 most of the demand for the dollar currently is not a local demand, but rather a demand for neighboring countries, due to the sanctions on those countries, and

 this demand will decrease significantly after diversifying the basket." Currencies in foreign trade transactions.

 Yesterday, Friday (August 30, 2024), the Central Bank announced the participation of 13 Iraqi banks in the external transfer, indicating that this step comes within efforts to support economic growth and expand the horizons of international cooperation with global markets.

 The bank said in a statement that the new phase of external transfer operations has begun, which is

 an important step aimed at

      enhancing the diversity of currencies and

     facilitating international transfer operations, noting that this announcement came after

reaching an agreement on the mechanisms for regulating these operations, as it will include dealing in the currencies of the euro, the Chinese yuan, and the rupee. Indian and UAE dirham.  

 https://baghdadtoday.news/256923-بعد-نجاح-المفاوضات-الأخيرة-في-واشنطن.-خبير-يحدد-مؤشرات-انخفاض-الطلب-على-الدولار.html

Iraq Was Chosen To Chair The Group Of 77 And China In The United Nations

Politics | Yesterday, Baghdad today – Baghdad  Today, Saturday (August 31, 2024), the Ministry of Foreign Affairs announced the selection of Iraq to chair the Group of 77 and China ( G77 ) at the United Nations for the year 2025, after the meeting of the Asia-Pacific Group, which was held to discuss Iraq’s candidacy for this position.
 
The ministry said in a statement received by “Baghdad Today” that
 
“the Charge d’Affaires of the Permanent Representative of the Republic of Iraq to the United Nations in New York, Abbas Kadhim Obaid, gave a speech in which he affirmed Iraq’s vision for its role during its presidency of the group, highlighting the main axes of the work and stressing Iraq’s commitment to the principles.”

 The basic objectives of the group, especially with regard to supporting the goals and aspirations of developing countries in achieving economic, technological, and social development.  Obaid stressed,
 
 “Iraq will work to provide all the elements of success for this presidency, which is the first for Iraq since the founding of the group, as Iraq was one of the founding countries 60 years ago.”  The statement added,
 
“At the conclusion of the meeting, the decision was unanimously adopted to support the Republic of Iraq to assume the presidency of the Group of 77 and China ( G77 ), as the member states extended their congratulations to Iraq and expressed their readiness to support it in its tasks during this important presidency, and
 
the Chargé d’Affaires expressed in another speech: His gratitude for the support and recommendation of the Asia-Pacific Group and its confidence in assigning this responsibility to Iraq, stressing its readiness to work and cooperate with member states to achieve common goals.
 
It is worth noting that the Group of 77 and China is the largest grouping of countries in the United Nations, with 134 member states.   
 
https://baghdadtoday.news/256889-اختيار-العراقِ-لرئاسةِ-مجموعةِ-الـ-77-والصين-في-الأممِ-المتحدة.html   

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

Economist’s “News and Views” Sunday 9

The Next Black Swan Event Is About To CRUSH The U S Economy

Atlantis Report:  8-31-2024

There is a growing sense of unease among the influential people in the United States. Rumors of an upcoming economic disaster have intensified to the point of being overwhelming.

Recent fluctuations in the value of the U.S. dollar have caused a lot of anxiety among investors and policymakers worldwide.

While a strong currency is usually seen as a positive thing, in this case, its sudden surge has created uncertainty and left many people worried.

 Understanding the reasons behind this situation, the threat of recent fluctuations of the U.S. dollar, and the complex dance between the Federal Reserve and interest rates is essential.

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

Banks Can't Hide From The Truth | Adrian Day

Liberty and Finance:  8-31-2024

Adrian Day discusses the current risks to banks, insurance companies, and pension funds, highlighting concerns about commercial real estate.

He notes that the U.S. economy is weaker than it appears, evidenced by recent job revisions and a predominance of part-time and government positions.

Day anticipates that the Federal Reserve will cut interest rates, a move that typically signals a forthcoming recession but is favorable for gold and commodity investments.

He explains that gold stocks are starting to outperform physical gold, presenting a compelling opportunity for investors.

Additionally, Day predicts a rotation out of overvalued U.S. stocks into undervalued global and commodity stocks, suggesting a cyclical shift in market performance.

https://www.youtube.com/watch?v=PmGzakUliD8

Rafi Farber: Bloomberg Explicitly Calls the End Game In the Repo Market

Arcadia Economics:  8-331-2024

It's what Rafi Farber has been saying for about two years now. The End Game will be focused on the repo market, where banks trade each other trillions of dollars every night for wholesale funding.

With the Fed continuing quantitative tightening, eventually there will not be enough dollars to grease the repo market, and we will hit another repocalypse.

 Bloomberg finally sees it coming, even using the term "end game" to describe it.

In this week's silver report, Rafi goes into this and other topics including the percentage of dollars backed by deferred assets (Fed losses) and when, theoretically, every dollar in existence will be backed by what the Fed owes the Treasury.

https://www.youtube.com/watch?v=mbiE-5RC3fU

“Tidbits From TNT” Sunday 9-1-2024

TNT:

Tishwash:  Oliver Wyman Company and lifting sanctions on banks banned from the dollar 

The Central Bank of Iraq has contracted with Oliver Wyman, a global consulting firm that has the ability to “restructure companies to succeed in difficult times, build a new strategy in banking, and be a leader in risk, strategy, and human resources, helping clients navigate a dynamic environment across four global firms.”

A firm like Oliver Wyman can therefore help sanctioned Iraqi banks understand the sanctions imposed on them, work on strategies to mitigate their impact, and even help remove these sanctions in some cases. 

Legally, the firm can help Iraqi banks understand international laws and sanctions applicable to them, identify any legal risks associated with their activity, and then provide recommendations on how to improve banks’ compliance with international sanctions, and develop plans to mitigate risks.

In addition, the firm will help Iraqi banks communicate with international government agencies to learn more about the sanctions imposed on them, or to request “exceptions or mitigations,” by providing training programs for employees in Iraqi banks to develop their skills in the field of sanctions compliance.

From the above, we conclude that Oliver Wyman can play an important role in helping Iraqi banks understand and implement international sanctions effectively, and then submit a recommendation to the Treasury Department and the Federal Reserve that paves the way for lifting the sanctions.  link

Tishwash:  Parliamentary Economy Committee Discusses Amending the "Investment Law"

The Iraqi legislative arena is currently witnessing intensive discussions about the fourth amendment to Investment Law No. 13 of 2006, as amended, in light of the significant expansion of investment activity in the country in recent years.

These discussions come within the framework of efforts aimed at improving the investment environment and addressing the gaps in the current law.

In a press interview followed by “Economy News”, member of the Economic Committee, Diaa Al-Hindi, confirmed that the proposed amendment is “important and necessary” due to the many problems that the current law suffers from, explaining that “the current law requires fundamental amendments in several aspects, including the mechanism for selecting heads of bodies and members of the board of directors in bodies, in addition to the conditions for granting and withdrawing investment licenses, additional extensions, and grievance procedures.”

Al-Hindi pointed out that the amendment seeks to address those issues that the current law did not adequately address, which negatively affects the investment climate in Iraq.   link

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Tishwash:  Business Impact Conference – Iraq (BICI) kicks off in Erbil

36 companies collaborate to create positive, inspiring and sustainable work environments

The Business Impact Conference – Iraq (BICI) kicked off today in its first session with the distinguished participation of 36 Iraqi companies, where entrepreneurs and business leaders meet to start the process of collective learning on how to create positive and sustainable work environments. The conference aims to promote the concepts of trust, unity, and diversity within Iraqi work environments, which contributes to improving performance and increasing productivity in the long term.

On the first day of the conference, the sessions began with a welcoming speech followed by a general introduction to the conference objectives and its importance in the local context. The agenda included interactive sessions and open discussions aimed at exploring and developing effective working practices.

The first session, titled “Building Positive Work Environments,” was led by Mr. Fahim Da’at Al-Thakreen, Founder of Popcorn Marketing, who provided valuable insights on how to create a work environment that encourages collaboration and innovation.

This was followed by a “Trust” session presented by Heba Hamadeh, General Manager of Cedars International School, which focused on the role of trust in strengthening relationships within teams and clients. The program also included small study sessions and group discussions to deepen understanding and exchange experiences among participants.

After a lunch break and group photos, the conference resumed with a session on “Unity and the Power of Diversity,” presented by Ali Alwan, HR Manager at Ramlah Real Estate Development. This session discussed how to leverage cultural and intellectual diversity to achieve integration and unity in the workplace. The first day concluded with a session on “Fixing the Roots, Not the Branches,” which focused on an open discussion to explore radical solutions to the challenges facing workplaces.

The conference continues tomorrow for its second day, focusing on growth and collective activism. The fifth session, titled “Growth,” will be led by Rawaa Al Saqr, founder of Sagerlabs, who will present practical strategies for driving growth in companies. After group study sessions and a short break, the “Activity” session will bring participants together for an artistic workshop that promotes team spirit and creativity.

The second day concludes with the “BICI Process and Units” session, which will review the outcomes of the conference and identify next steps to enhance business impact in Iraq.  link

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Tishwash:  Fouad Hussein discusses with the US Ambassador the details of the international coalition conference against ISIS in Washington

Iraqi Deputy Prime Minister and Foreign Minister Fuad Hussein discussed with US Ambassador to Baghdad Alina Romanowski on Saturday the details of the international coalition conference against ISIS, which will be held in Washington next month.

The Iraqi Foreign Ministry said in a statement, a copy of which was received by Kurdistan 24, that "Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein received today, Saturday, August 31, 2024, the US Ambassador to Iraq, Alina Romansky."

The statement indicated that "during the meeting, the ongoing negotiations regarding a ceasefire in Gaza and sending aid, especially medical aid, to the Strip were discussed."

He added, "The military operation carried out in the Anbar desert was referred to, which resulted in the neutralization of 15 ISIS terrorists. The minister praised the joint cooperation between the Iraqi and American forces and the success of this important operation."

He added that the meeting "touched on the conference of the international coalition against ISIS scheduled to be held in Washington early next month, and Iraq's participation in it. It is worth noting that this coalition includes 87 partners, and was established primarily to fight the terrorist organization ISIS in Iraq and Syria, and the conference will be at the level of foreign ministers of the participating countries."

The statement concluded by saying, "The United Nations General Assembly meetings to be held next month, which will be attended by dozens of world leaders, were discussed. The role of the two countries in these meetings and the required coordination between them to hold bilateral meetings on the sidelines of the participation of the two countries' delegations in New York were also discussed." link

Mot.. Have a Happy ~~~~  l

Mot:  Try to remember the kind of september.......

https://www.youtube.com/watch?v=QEm67QbgEGY

Seeds of Wisdom RV and Economic Updates Sunday Morning 9-1-24

Good Morning Dinar Recaps,

“SAME RISKS, SAME RULES”: THE SEC’S SELECTIVE APPROACH TO CRYPTO REGULATION

When it comes to cryptocurrency regulation, the SEC views most cryptocurrencies as securities, favoring the concept of ‘same risks, same rules’.

But is it possible it’s not being consistent itself?

The same rules aren’t being followed when it involves the custody of crypto-assets.

The notorious SEC accounting bulletin SAB 121 changes the accounting rules around the custody of crypto-assets, requiring those assets to be disclosed on the balance sheets of listed firms.

That contravenes global accounting norms and has prevented banks from providing cryptocurrency custody. The SEC tries to argue that crypto-assets have elevated cyber risks.

A new heavyweight paper on crypto regulation points out that cyber risks are not new and are well covered by existing regulations. So using the principle of “same risks, same rules”, no additional cyber regulation is necessary for crypto-assets.

Yesterday Steven Schwarcz, Distinguished Professor at Duke University School of Law, published a paper on regulating financial innovation, with a focus on crypto-assets and DeFi.

We’d note that the paper does not directly mention SAB 121, so it is Ledger Insights that’s highlighting the inconsistency. However, the Professor’s cyber risks observation directly follows his discussion of the controversial application of ‘same risks, same rules’ to crypto.

A thought provoking paper on crypto regulation

Most regulations focus on the minutiae, whereas Professor Schwarcz reviews the high level models that can be used in regulating fintech innovation. ‘Same risks, same rules’ is one of six models he explores.

While some may disagree with various suggestions, regulatory clarity is necessary for new industries to flourish.

The Professor selected the salient aspects of the six models to outli The Professor selected the salient aspects of the six models to outline a recommended framework to address fintech innovation in gen ne a recommended framework to address fintech innovation in general. He then applies it to the crypto sector.

Sandboxes, smart contract audits (not just code)

A first step is to provide regulatory sandboxes. The Professor has a pragmatic view, recognizing that sandbox tests with a few customers won’t highlight all the potential risks.

There’s a need for fintech firms to self monitor their risks. However, that’s not likely to be sufficient, so there should be a system of third party expert monitoring.

In the crypto sector, smart contract audits are already widely used to identify bugs and qualify as a type of third party monitoring. But that only addresses one specific risk. A broader range of risks need exploring – risks to the firm and their customers, to other market participants and the public.

Plus, the automated nature of smart contracts can trigger a vicious cycle. We’ve already witnessed multiple crypto crashes and the impact on crypto lending. The liquidation of collateral leads to price declines, sparking a cascade of additional liquidations.

Stopping a crash

In traditional finance (TradFi) these sorts of issues exist in high frequency trading, where suspending trading helps to address the risk. However, the Professor recognizes that would be tricky to enforce in the crypto sector.

Hence, he recommends that businesses identify their counterparties and disclose the risks to them. If a third party monitor finds the firm’s smart contract usage creates significant risk, then “Regulators should have the power to suspend a business’s right to enter into new smart contracts.”

In other words, if you can’t stop a crash by suspending trading, then try to prevent it from happening in the first place. Although both are desirable.

One can imagine that the suggestion would cause the crypto sector to be up in arms, but it has merit, provided it’s not overused and one appropriately defines ‘significant risk’. TradFi has standard approaches to risk management which can be tweaked and ported to the crypto world. The more responsible players already do this.

For example, we’re aware of at least one exchange that saw the Terra Luna collapse unfolding early on, because they had systems in place. Hence, they protected their clients, although arguably their reaction exacerbated the downward spiral.

DeFi regulation

The Professor’s approach to DeFi resembles discussions already taking place about how to identify responsible people, with holders of governance tokens being one avenue.

An alternative option is to require DeFi platforms to be “provided by centrally registered and well capitalized entities.” At the same time, he acknowledges that could nullify DeFi benefits (low costs), so suggests consulting the DeFi industry before taking steps in this direction.

Regarding crypto-assets, he observes that some have proposed the financial equivalent of the FDA. In other words, all fintech innovations would need approval in advance.

 He dismisses this as an innovation killer. He wrote that this “reverses the presumption, at least in the context of new financial products, that private-sector freedom of contract produces beneficial societal outcomes”.

In the case of financial stability risks, the Professor notes that fintechs are generally too small to create stability risks. These sorts of risks come from the actions of systemically important institutions. Hence, to address this particular risk, there should be limits on them rather than fintechs.

Surprisingly, he doesn’t mention that this is the approach taken by the Basel Committee for Banking Supervision.

Given the gravitas of this paper, who knows, perhaps he was the one that suggested banks have a maximum crypto exposure of 1% of Tier 1 capital.

@ Newshounds News™

Source:

Ledger Insights

SAB 121   

~~~~~~~~~

BIDEN ADMINISTRATION NOT INTERESTED IN RESOLVING UKRAINE CONFLICT — ECONOMIST

The true causes of the Ukrainian conflict have never been explained to US citizens, Professor Jeffrey Sachs said.

NEW YORK, August 30. /TASS/. The administration of US President Joe Biden is not interested in resolving the conflict in Ukraine and refuses to admit that Washington is directly to blame for this crisis, American economist, Director of the Center for Sustainable Development at Columbia University, Professor Jeffrey Sachs said.

"There's nothing really that this administration <...> is going to do. I don't think the president is probably in any mental state to lead anything at this point. So I think we're kind of on autopilot, which is [a] very bad place to be," he said in an interview with US journalist Tucker Carlson.

"This is a war provoked by the US, <…> the US [that] aims for NATO enlargement, and it would take a president who understands the basics of this and why this was so wrong headed," the economist emphasized, adding that Biden is not such a person.

Sachs added that the true causes of the Ukrainian conflict have never been explained to US citizens. The information that Americans can receive on this issue is contrary to reality, he added.

@ Newshounds News™

Source:  TASS

 ~~~~~~~~~

Iraq's Central Bank's Major US Visit | Seeds of Wisdom Team Youtube

@ Newshounds News™ 

~~~~~~~~~

RUSSIA IS ABOUT TO TRY USING CRYPTO TO GET AROUND SANCTIONS

Experts doubt it will work, given the traceability of blockchains and the risk of even tougher sanctions for Russia.

▪️Russia will start its trial of cross-border payments using crypto next week.

▪️Recent statements from senior Russian leaders suggest the law’s purpose is to use crypto to counter sanctions.

▪️The law hands power to Russia’s central bank to oversee an “experimental” regime.

Russia will begin trialing cross-border crypto payments next week in an effort to circumvent international sanctions – but this effort may not work, several policy and legal experts told CoinDesk.

Legislation passed at the end of July and swiftly signed into law by President Vladimir Putin does not lift an existing ban on using cryptocurrencies as legal tender for regular payments within Russia, but instead allows cross-border payments with crypto.

How the law will allow such payments remains unclear because the legislation doesn’t specify rules for such transactions. Instead it hands power to Russia’s central bank to oversee an “experimental” regime, experts said.

Russia's economy has been hit hard by a suite of sanctions imposed by the U.S. and other nations following its invasion of Ukraine.

Since Russia’s invasion of Ukraine in Feb. 2022, it’s faced 16,500 sanctions from the U.S., U.K., European Union, Australia, Canada and Japan.

"The passing of these bills by the Russian government signals a continuation of Russia’s evolving strategy to circumvent Western sanctions," blockchain analytics firm Chainalysis’ director of investigations, Valerie Kennedy, told CoinDesk.

The EU said about half of Russia’s total foreign currency reserves, worth 300 billion euros ($332 billion), including 70% of the assets of the Russian banking system, were frozen. Select Russian banks were disconnected by the interbank messaging system, the Society for Worldwide Interbank Financial Telecommunication (SWIFT).

"It has been difficult for Russia to avoid the U.S. dollar and euro via the SWIFT system, which has created increasing risk of secondary sanctions," she added. Secondary sanctions are penalties designed to prevent any third party from trading with a sanctioned nation.

What the law says

Some details have emerged in the days leading up to the Sept. 1 implementation of the law.

CoinDesk viewed a copy of the law using google translate. It said “during the circulation of digital currency in the Russian federation … special regulation may be established … by the experimental legal regime program.” That regime is still in the works. Before finalizing it, the central bank will consider proposals and suggestions from domestic stakeholders.

“Some players, including us, have already come with our own proposals,” said Anti Danilevski, founder and CEO of Kick Ecosystem, a one stop shop for crypto, who has been closely engaging with regulators.

“The central bank will decide if it fits with their view. They are moving very fast, so it won't take much time.”

Bloomberg reported that Russia is planning to use the National Payment Card System, for swapping between rubles and cryptocurrencies when testing payments.

The system was chosen because it already features infrastructure for functions like interbank settlement and is fully regulated by the central bank. If the trials are successful, Russia may allow the Moscow Exchange and the St. Petersburg Currency Exchange to set up crypto platforms next year, the report added.

Ivan Chuprunov, an associate professor at the Research Centre of Private Law in Moscow, said the regime’s “exact parameters are not clear” because none have been published yet but the “central bank will likely publish some guidance in the coming weeks.”

The law also appears to let the central bank change how it oversees these trials at any time.

The legislation said that the provisions may “exclude or change” parts of the Federal Law in relation to transactions with “digital currency made in the implementation of foreign trade activities through an authorized organization.”

The regime is “more a flexible one” because it’s “just the central bank who will be approving it,” said Chuprunov. “Whether they will have just one exchange, what currencies would be traded, how participants would get trading access, is still a big unknown.”

Nor does the law clearly specify what rules now apply to crypto entities or businesses wanting to deal in crypto, because the central bank will determine which companies will participate in the experiment.

While the law doesn’t specify what its exact purpose is, recent statements from senior Russian leaders pointed toward using crypto to counter sanctions.

On July 17, 2024, in an economic affairs meeting, Putin said Russia should not “miss the moment” and should promptly set up a “legal framework” for crypto, which is “increasingly used in the world as a means of payment in international settlements.”

Then, one of the authors of the bill said Russia views cryptocurrencies “primarily as a tool for circumventing sanctions,” followed by its central bank Governor Elvira Nabiullina saying that’s why we “softened our stance” on crypto at an event in Moscow recently.

@ Newshounds News™

Source:  CoinDesk

~~~~~~~~~

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IQD Update-Iraqi dinar -Iraqi dinar exchange rate-Transformation-Foreign Transfer-Exchange Rate Changes

IQD Update-Iraqi dinar -Iraqi dinar exchange rate-Transformation-Foreign Transfer-Exchange Rate Changes

MIlitiaan and Crew:  8-31-2024

The Crew:  Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man

Be sure to listen to full video for all the news……..

https://www.youtube.com/watch?v=OTZv5WrEeEA

Seeds of Wisdom RV and Economic Updates Saturday Afternoon 8-31-24

Good Afternoon Dinar Recaps,

BINANCE ANNOUNCES SUPPORT FOR BIGGEST CARDANO HARD FORK IN HISTORY: DETAILS

With the Cardano hard fork called Chang approaching, the world's largest cryptocurrency exchange, Binance, has announced that it will be supporting the network update.

The Chang hard fork is expected to occur on Sunday, Sept. 1, at approximately 9:45 p.m. UTC. An hour before the event, Binance will suspend all deposits and withdrawals from ADA, the network's native token; trading in the asset, however, will not be affected.

The Chang hard fork, which is being called Cardano's “most significant” update to date, will make the network fully decentralized. Few people know that Cardano is now actually run by three entities:

 Cardano Foundation, IOHK and EMURGO. They are in fact responsible for all decisions made regarding the blockchain and affecting the price of the 10th largest cryptocurrency.

Under Chang, however, the keys and in fact the control mechanisms of Cardano will remain in the hands of the community and actual ADA holders who delegate their tokens to the staking pool.

@ Newshounds News™

Read more:   U Today 

~~~~~~~~~

CRYPTO HOLDERS DISPROPORTIONATELY FAVOR TRUMP FOR U.S. PRESIDENT, NEW ACADEMIC POLL SHOWS

Donald Trump’s outreach to the crypto community seems to be paying off.

Former U.S. President Donald Trump’s efforts to court the cryptocurrency industry this election cycle seem to be paying off, according to the results of a new poll from Fairleigh Dickinson University.

The poll results, released Friday, found that crypto holders are disproportionately likely to say they will vote for Trump over Vice President Kamala Harris in the upcoming U.S. presidential election. Half of all crypto-holding survey respondents said they planned to vote for Trump, while only 38% of crypto owners preferred Harris.

@ Newshounds News™

Read more:   CoinDesk  

~~~~~~~~~

COINBASE CEO ANNOUNCES FIRST AI-MANAGED CRYPTO TRANSACTION

▪️Brian Armstrong announced the first AI-managed crypto transaction on Coinbase.
▪️AI bots can now perform instant, global, and free transactions using crypto wallets.
▪️New developments are enabling AI bots to autonomously manage financial transactions.

Coinbase CEO Brian Armstrong announced a groundbreaking development in the crypto sector. Armstrong revealed the first crypto transaction entirely managed by artificial intelligence (AI) bots on the platform. This transaction is considered a significant step at the intersection of AI and cryptocurrencies.

Armstrong Announced the Development on X

On August 30, Armstrong shared, “This week, we witnessed the first AI-to-AI crypto transaction on Coinbase.” In this transaction, an AI bot interacted with another AI bot using cryptocurrencies, and the AI purchased tokens.

These tokens play a critical role in the development of AI technologies as data sequences that enable algorithm learning. Access NEWSLINKER to get the latest technology news.

Armstrong highlighted another important point: AI bots were designed to perform specific tasks but struggled to manage transactions until now. 

This was seen as one of the biggest obstacles to integrating AI into daily life. Without payment methods, AI bots couldn’t participate in economic activities, but the advent of crypto wallets is gradually removing this barrier.

They Can’t Open Bank Accounts

Armstrong noted that while AI bots cannot open traditional bank accounts, they can possess crypto wallets. These wallets enable bots to perform instant, global, and free transactions on the Base platform using cryptocurrencies like USDC. This development paves the way for AI bots to become active participants in the digital economy.

Armstrong’s innovative approach aligns with his previous calls for equipping AI systems like large language models (LLMs) with crypto wallets. Armstrong aims to revolutionize the world of digital transactions by enabling AI bots to perform tasks on behalf of users and participate widely in the economy.

Other Developments Are Also Underway
The sector is responding to Armstrong’s vision with new developments that grant transaction capabilities to AI bots. For instance, in August, the Blockchain development firm Skyfire launched a payment platform that allows AI bots to autonomously spend money. 

This platform enables AI to manage financial transactions independently, a function previously exclusive to humans.

Additionally, the Web3 infrastructure firm Biconomy is taking significant steps by deploying AI bots to facilitate on-chain transactions for users. According to co-founder Aniket Jindal, the Delegated Authorization Network (DAN) introduces a new authorization phase that allows commercial activities to be delegated to AI bots.

@ Newshounds News™

Source:  Coin-Turk

 ~~~~~~~~~

US ON FAST TRACK TO BANKRUPTCY — MUSK

"Government overspending is what causes inflation," the businessman said
NEW YORK, August 30. /TASS/. The United States may soon face bankruptcy, businessman Elon Musk said.

"At current rates of government spending, America is in the fast lane to bankruptcy. Government overspending is what causes inflation," Musk wrote on his page in the X social network.

The state debt for the first time crossed the level of $35 trillion, the US Department of the Treasury said on July 29. According to forecasts of the Congressional Budget Office, it will be over $50 trillion or more than 122% of GDP in 2034. The Office estimated that the average annual growth of US GDP will be 1.8% in 2029-2034.

@ Newshounds News™

Source:  TASS

 ~~~~~~~~~

Newshound's Currency Facts Youtube and Rumble

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Q & A Classroom Link  

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Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps

Iraq Economic News and Points To Ponder Saturday Afternoon 8-31-24

A Reading Of The “Roles Of Corruption” Between Parliament And Local Councils.. What Is The Story Of The $1,000 Billion?
 
Politics | 08-28-2024, Baghdad Today – Baghdad  Political science professor Issam Al-Faily commented Wed (August 28, 2024), about  the extent of corruption between the House of Representatives and the provincial councils and which of them is wasting public money. 

Al-Faili told "Baghdad Today",  "It is not possible to evaluate the experience of the provincial councils, whether they are corrupt or not, because of the short lifespan of those councils, in addition to their cessation that lasted for years, while they did not carry out their assigned tasks, especially the executive side, as the budget has not been released yet.".

 He added,  "But in previous experiences, there were many files in the provincial councils that were referred to the Integrity and Judicial Authorities Commission, and some officials in those councils were issued recruitment or follow-up orders, so there were practices that caused the waste of public money and the seizure of state capabilities." 

He added, "The House of Representatives is financially burdening the state treasury, especially in light of the demands to increase the salaries of representatives, allocations, and privileges.
 
This contradicts the legislative work of Parliament, whose work is based on oversight and legislation, as well as evaluating government performance."

 Al-Faili pointed out,  “There are representatives who have been referred to the judiciary on corruption charges,” adding:
 
“Corruption does not only include wasting public money and appropriating it, but rather includes violating the law in many cases.”  

He stated,  “The material damages are distributed between the House of Representatives and the governorate councils.
 
The governorate councils involve a waste of public money, and
 
some see it as an extra link and an overlap of the powers of the executive and legislative authority on the one hand with the work of the governorate council, and this has created a state of confusion.”
 
The information indicates, according to officials’ statements, that
 
Iraq wasted more than 450 billion dollars during the last period without there being accounts for this money, taking into account that
 
oil revenues from 2003 to 2021 amounted to more than 1,000 billion dollars, according to what was revealed by the former President of the Republic. Barham Salih, who added that
 
the value of the looted funds is estimated at 150 billion dollars, noting that
 
these numbers reveal only a small amount of the truth, according to observers.    
 
https://baghdadtoday.news/256700-قراءة-في-أدوار-الفساد-بين-البرلمان-والمجالس-المحلية.-ما-قصة-الـ-1000-مليار-دولار؟.html 

"Rafidain": Implementing The Comprehensive Banking System In 40 Branches In Baghdad And The Governorates

Saturday 31 August 2024 | Economic Number of readings: 265 Baghdad / NINA / Rafidain Bank announced today, Saturday, the implementation of the comprehensive banking system in 40 branches.

The bank stated in a brief statement: "The comprehensive banking system has been implemented in 40 branches in Baghdad and the governorates." /   https://ninanews.com/Website/News/Details?key=1150815

Central Bank Meets With Electronic Payment Companies And Contracts With An International Auditing Firm In New York

Banks  Economy News – Baghdad  The Central Bank of Iraq confirmed on Saturday that its governor, Ali Mohsen Al-Alaq, met with a number of electronic payment companies and signed a contract with an international auditing firm in New York.

The Central Bank said in a statement, seen by "Economy News", that the Central Bank delegation "headed by the Governor of the Central Bank Ali Mohsen Al-Alaq to the United States of America, discussed the use of electronic payment cards and ways to regulate and stimulate their use in line with Iraq's move towards electronic payment."

Al-Ban added that this came "during separate meetings with a group of companies such as (Visa, Mastercard and MoneyGram), as the international auditing firm (KPMG) presented an extensive analytical presentation of the uses of these cards, reinforced with recommendations and proposals to enhance organized use and accommodate the significant increase in citizens' use of these cards."

The statement stressed that the parties praised "during the negotiations the important steps to enhance the banking sector reforms, the most important of which is the contract that the delegation of the Central Bank of Iraq concluded with the company (Oliver Wyman) to conduct a comprehensive review of the conditions of Iraqi banks, especially banks prohibited from dealing in the US dollar, as the company will work to develop practical solutions to reintegrate these banks into the Iraqi and international banking sector,

in addition to improving the level of banks' procedures in line with international standards, as this initiative aims to facilitate the process of establishing direct banking relations, and improve the quality and type of services provided by banks to serve the Iraqi economy, as the company is scheduled to start its work in the coming period.  -  https://economy-news.net/content.php?id=46987

Al-Sudani Directs The Formation Of A Committee To Review The Financial And Legal Observations Of The Decision To Transfer Oil Companies

Local | 03:25 - 08/31/2024  Mawazine News – Baghdad  Prime Minister Mohammed Shia al-Sudani directed today, Saturday, to form a committee to review the Cabinet's decision to transfer the salaries of the Ministry of Oil companies to central financing.

Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul Ghani said in a statement received by / Mawazine News /, "The government and the Ministry of Oil, in their keenness to support workers in the oil sector, Prime Minister Mohammed Shia al-Sudani directed to form a committee to study and review all financial and legal observations of Cabinet Resolution No. 24600 of 2024 and correct it in a way that ensures the preservation and non-touching of salaries, incentives and profits of members of oil companies and formations."

He added, "This came based on the observations of the Ministry of Oil pursuant to its letters No. (W/644 on 8/21/2024) and (W/666 on 8/28/2024)," stressing that "this issue is receiving attention and follow-up from the leadership of the oil sector, which confirms its keenness to support the rights, duties and interests of workers in oil companies and formations, in a way that ensures a free and dignified life." https://www.mawazin.net/Details.aspx?jimare=254245

Oil Falls In August Amid Supply Concerns

Energy  Economy News - Follow-up  Oil prices settled lower, as investors assessed expectations that the OPEC+ alliance will increase supplies starting in October.

This is in addition to the fading of hopes for a significant interest rate cut in the United States next month, after US inflation data showed strong consumer spending.

Brent crude futures for October delivery, which expire on Friday, fell $1.14, or 1.43 percent, to settle at $78.80 a barrel, down 0.3 percent on the week and 2.4 percent on the month.

U.S. West Texas Intermediate (WTI) crude futures fell $2.36, or 3.11 percent, to $73.55, down 1.7 percent on the week and 3.6 percent in August.

Six OPEC+ sources told Reuters that the alliance is likely to proceed with a planned gradual increase in oil production from October, at a time when outages from Libya and pledges to cut production by some member states to compensate for overproduction will offset the impact of slowing demand.

Investors, meanwhile, are assessing new data showing U.S. consumer spending rose strongly in July, suggesting continued strength in the economy early in the third quarter, and are seeing no reason for the Federal Reserve to cut borrowing costs by half a percentage point next month.

Lower interest rates could boost economic growth and stimulate demand for oil.https://economy-news.net/content.php?id=46980

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

“Tidbits From TNT” Saturday 8-31-2024

TNT:

Tishwash: Iraq elected to chair the Group of 77 and China at the United Nations

The Ministry of Foreign Affairs announced, today, Saturday (August 31, 2024), the selection of Iraq to chair the Group of 77 and China ( G77 ) at the United Nations for the year 2025, after the Asia-Pacific Group meeting held to discuss Iraq's nomination for this position.

The ministry said in a statement received by "Baghdad Today", that "the Chargé d'Affairs of the Permanent Mission of the Republic of Iraq to the United Nations in New York, Abbas Kazim Obaid, delivered a speech in which he affirmed Iraq's vision for its role during its presidency of the group, highlighting the main axes of work and stressing Iraq's commitment to the basic principles of the group, especially with regard to supporting the goals and aspirations of developing countries in achieving economic, technological, and social development.

Obaid stressed that "Iraq will work to provide all the elements of success for this presidency, which is the first for Iraq since the establishment of the group, as Iraq was one of the founding countries 60 years ago.

The statement added, "At the end of the meeting, the resolution was unanimously adopted to support the Republic of Iraq to assume the presidency of the Group of 77 and China ( G77 ), as the member states offered congratulations to Iraq and expressed their readiness to support it in its tasks during this important presidency. In another speech, the Chargé d'Affaires expressed his gratitude for the support and endorsement of the Asia-Pacific Group and its confidence in entrusting this responsibility to Iraq, stressing his readiness to work and cooperate with the member states to achieve common goals.

It is worth noting that the Group of 77 and China is the largest group of countries in the United Nations, with 134 member countries  link

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

Tishwash:  Parliamentary Committee Holds Kurdistan Responsible for Obstructing the Approval of the Oil and Gas Law

Member of the Parliamentary Oil and Gas Committee, Alaa Al-Haidari, strongly criticized the Kurdistan Regional Government, holding it responsible for obstructing the approval of the Oil and Gas Law.

Al-Haidari said in an interview followed by “Al-Eqtisad News” that “there is difficulty in passing the law due to the lack of a political agreement and the regional government’s failure to implement the concluded agreements.”

Al-Haidari pointed out that “several meetings were held in the presence of officials in the Ministry of Oil and government advisors, with the aim of reaching an agreement on the law, but those efforts have not borne fruit so far.”

He added, "The Oil and Gas Law is one of the laws that has been stalled in the House of Representatives, as it has remained on the shelves for more than five parliamentary sessions."

Al-Haidari explained that “the government program included voting on the law in the House of Representatives, and if approved, it will contribute to ending the controversy between the region and the center, and provide fair direction for wealth within the framework of the constitution.”

Al-Haidari concluded his statement by stressing that “the approval of the law will ensure the fair regulation of oil exports and oil and non-oil revenues, which will spare the country further problems and obstacles between the region and the center.”  link

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

Cutebwoy:  CBI launches new phase of international transfers

2024-08-30 14:38

Shafaq News/ The Iraqi Central Bank (CBI) delegation in New York has announced the commencement of a new phase in international transfer operations, involving 13 Iraqi banks.

 According to a statement by the bank, this initiative is aimed at diversifying currencies and facilitating global transfers. The statement highlighted that this development follows an agreement on mechanisms to regulate these transactions, which will now include the use of the Euro, Chinese Yuan, Indian Rupee, and UAE Dirham.

The delegation also outlined the role of the international auditing firm E&Y, which will review these transfer operations to ensure compliance with international standards. This move reflects CBI's commitment to maintaining high levels of transparency and security in all foreign transfer operations, thereby bolstering confidence in Iraq's financial system.

This initiative is part of the Central Bank's ongoing efforts to support economic growth and expand international cooperation with global markets, as per the statement.

A knowledgeable source revealed on Thursday that CBI is currently conducting an unannounced visit to the United States to discuss developments in Iraq's banking sector.

According to the source, a delegation led by Central Bank Governor Ali Al-Alaq and several general managers has been in the US since August 26 to discuss recent banking developments and the restrictions on the use of the dollar imposed on many private Iraqi banks.

The discussions also touched on the potential cancellation of the platform early next year, which would shift reliance on correspondent banks, further restricting Iraqi private banks and potentially favoring Jordanian banks with American correspondents.

The source added that CBI is close to signing a contract with the consulting firm Oliver Wyman to conduct a study on reforming Iraq's banking sector, which will serve as a roadmap for future reforms.

Meanwhile, some economists have expressed surprise at the lack of public disclosure regarding the visit, particularly given its significance during this critical period.

EconomyBreakingUSDelegationIraqi Central BankInternational Transfers

Mot: ........ Here We Goooooo 

Mot:  . Get Ready!!! --- Sooooon!!! 

Iraq Economic News and Points To Ponder Saturday AM 8-31-24

"Two Conditions To Achieve It" .. Al-Sudani's Advisor Rules Out Removing 3 Zeros From The Currency

Iraqi currency  Money and business  Economy News – Baghdad  The Prime Minister's financial advisor, Mazhar Mohammed Salih, ruled out the government removing three zeros from the Iraqi currency at present, noting that achieving this requires two basic conditions.

Saleh said in a statement reported by the Rudaw media network, and seen by Al-Eqtisad News, that he rules out the possibility of the government removing zeros at present, indicating that “removing three zeros from the currency has nothing to do with the value of the currency, but rather with improving cash payment systems.”

He explained that "the three zeros added price and monetary inflation to the currency, starting with the Iran-Iraq war and passing through the time of the economic blockade (the nineties of the last century), and the conflicts generated inflation in the value of the currency."

He pointed out that "when prices rise, we need larger denominations of money to maintain the equivalence between price and money. For example, due to price inflation, 25 Iraqi dinars have become 25,000 dinars."

Saleh pointed out the importance of "reducing the calculations that have reached trillions in recent years, and this has become a tiring matter," adding that "the process of raising three zeros does not only mean the value of the currency, but also the calculations and statistics, and in order for the method of managing it to be easy."

The Prime Minister's financial advisor also said that "the process of issuing large denominations reduces the currency in terms of quantities, and is a process of reforming the cash payments system, especially since this modern and advanced time requires smaller numbers."

He believed that removing three zeros from the currency, globally, requires two conditions: "political stability and economic stability. When these two factors are available, countries resort to removing zeros from their currency," adding that "the value is fixed and not affected. Rather, it is a relative change."

He stated that the project to remove three zeros “we worked on between 2011 and 2012, but there was a delay in the matter, because it requires a change in the accounts of the Republic of Iraq and statistics, and requires cooperation between monetary policy and all government policies.”

It is noteworthy that a number of economists and experts recently called for deleting three zeros from the Iraqi currency, considering that this would reduce monetary inflation in Iraq and strengthen the dinar currency.   08/29/2024 - https://economy-news.net/content.php?id=46931

Why Doesn't Iraq Rely On The World Bank To Overcome The "Dollar Crisis"? An Expert Answers
 
Economy | Today, 10:01 |Baghdad Today – Baghdad  Today, Friday (August 30, 2024), the expert in economic and financial affairs, Nabil Jabbar Al-Tamimi, commented on the possibility of the World Bank helping Iraq in developing its economic and financial situation and resolving the remittance crisis. 

Al-Tamimi said in an interview with "Baghdad Today",  "The World Bank is an international financial and banking institution affiliated with the United Nations, but

it is subject to special management related to the influence of some countries according to their banking contribution, as
 
its tasks are limited to
 
     investment financing for countries,
     providing international loans, and
     project management
 
in accordance with its international banking conditions."".  He stated that
 
"Iraq is currently working extensively with one of the institutions of the World Bank and the International Finance Corporation (IFC) to develop a group of sectors, including the transportation and airports sector," explaining that
 
"the World Bank as an important international and financial institution and an international institution at the same time works with Iraq and with other countries in the fields of
 
     Lending and the field of providing
     technical consultations, as well as providing Iraq with
     economic data and
     analyzes within the limits of its work.”  The expert in economic and financial affairs stressed that
 
"it is not within the scope of the World Bank to intervene in the issues facing Iraq, especially with regard to the remittance crisis, local banking failures, or weak procedures to protect funds from suspicions of money laundering and terrorist financing."
 
According to specialists, Iraq has more than (70) banks, approximately five of which are government and the remaining number are private banks,
 
but Iraq relies heavily on financial transfers, especially with regard to the dollar, to various foreign banks, due to the failure of private Iraqi banks to arrange their legal and technical conditions. In the case of financial correspondence.
 
Earlier, a member of the Parliamentary Integrity Committee, Alia Nassif, revealed that the Iraqi Jordanian National Bank obtained $3.6 billion from the currency auction during the first three months of the current year, which enabled it to obtain a profit of about 40 billion dinars  https://baghdadtoday.news/256804-لماذا-لا-يعتمد-العراق-على-البنك-الدولي-لتجاوز-ازمة-الدولار؟.-مختص-يجيب.html  

The Central Bank Announces The Results Of The New York Meeting On The Dollar Crisis
 
Economy    2024-08-30 | Source:   Alsumaria News  3,939 views  Today, Friday, the Central Bank of Iraq announced the results of the visit of the delegation headed by Governor Ali Al-Alaq to the United States of America.  The Central Bank said in a statement received by Al-Sumaria News,
 
“The delegation held a series of intensive meetings in New York City, which included the US Treasury and the Federal Reserve Bank, in addition to meetings with a group of companies and banks.”  He added:
 
"Participants in the meetings praised the Central Bank's control measures on foreign transfers and cash sales of the US dollar currency."  The Central Bank indicated:
 
“A meeting will take place between officials of the Central Bank of Iraq and its international partners at the end of this year regarding the major shift in ending the work of the electronic platform for external transfers and replacing it with direct banking relationships.”  He concluded:
 
"The meetings in New York City also discussed mechanisms for expanding the network of international correspondent banks and qualifying Iraqi banks to meet the requirements necessary to open their accounts with international correspondent banks."  https://www.alsumaria.tv/news/economy/498529/البنك-المركزي-يعلن-نتائج-اجتماع-نيويورك-حول-ازمة-الدولار   

Disclosure Of The Main Currency Used In Iran’s Trade With Iraq 

2024-08-27 | 06:16  9,920 views  Alsumaria News-Economy  Member of the Board of Directors of the Joint Iranian-Iraqi Chamber of Commerce, Shaaban Foroutan, revealed today, Tuesday, that the 
bulk of trade between Iraq and Iran at the level of merchants and exporters is carried out through the Iranian riyal.  

Forutan said in statements to Iranian media,  “Most Iranian exporters now work with the riyal in trade with Iraq, and financial transactions between the two countries will continue without using the Iranian riyal, that is, in the dollar as well.
 
This does not mean the complete elimination of the dollar, except that a large portion of merchants carry out their transactions.” Without the dollar.  

He stated that  “the obligation to trade in dollars does not include all product groups, except that the 
xchange of riyals for dollars cannot be implemented due to the sanctions imposed on banks, and
 
riyal traders earn from selling goods in the Iraqi market through their contacts with the stock exchanges of Iraq and Iran or a third country such as the United Arab Emirates.”

"They do not have the possibility of that direct settlement." 

He pointed out that  "the supply of Iranian goods faced a problem in the Iraqi market represented by the multiple rise in the prices of goods in Iran within a year, while prices are expected to rise only once a year."   
 
https://www.alsumaria.tv/news/economy/498212/الكشف-عن-العملة-الرئيسية-المستخدمة-في-تجارة-ايران-مع-العراق   

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