Iraqi Dinar-iraq dinar-xrp-Baghdad-Kurdistan-Historical Meetings-Global Attention-Equivalency

Iraqi Dinar-iraq dinar-xrp-Baghdad-Kurdistan-Historical Meetings-Global Attention-Equivalency

MilitiaMan and Crew:  9-11-2024

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=j3LN9tNC2iM

Iraq Economic News ans Points To Ponder Wednesday Evening 9-11-24

When Will The Government Resort To Amending The Budget Law? An Economic Expert Explains

Time: 2024/09/11 Read: 1,118 times  Economic: Al Furat News} The economic expert, Abdul Rahman Al Mashhadani, clarified the date of the government’s resort to amending the financial budget.

Al-Mashhadani told {Euphrates News} that: "Despite the decline in oil prices, Iraq does not face a problem in the 2024 budget, as 8 months of the fiscal year have passed, and the situation is normal with oil prices rising above $70 per barrel."

He added, "Also, the report issued by the Ministry of Finance for the first 6 months had total spending of 58 trillion dinars, while it was supposed to be 105 trillion dinars for the first half of the year."

Al-Mashhadani added, "The largest part of the spending was for operational expenses, which amounted to 53 trillion dinars, and 5 trillion for investment expenses, and the remaining 4 months of the year can pass easily and without problems, and salaries and wages are secured considering that oil revenues cover the need."

"In addition to the government's continued existence of financing means that it has not yet used, such as deficit financing means, which were planned to be 64 trillion dinars deficit, with the Central Bank contributing 22 trillion dinars of it, government banks covering 3 trillion and treasury bonds,

 in addition to the existence of 14 trillion dinars in revolving surpluses, in addition to the existence of a legal authorization for the government to borrow domestically to secure its general budget, and this reassurance is present in 2024," Al-

Mashhadani pointed out. "If prices continue to decline and fall to higher levels of up to $55 per barrel or $60 in 2025, this will push the government to submit different data that will seek to reduce investment expenditures as happened in previous crises and stop the investment aspect, which is now considered to reach 45 trillion dinars."

He continued, "In addition to reducing non-essential operating expenses such as commodity and service requirements, which are spent at 17 trillion dinars annually and were not spent in the first half of the year, the government will also focus on securing governing expenses such as salaries, wages, pensioners' salaries, and the social protection network, which amounts to 90 trillion."

Al-Mashhadani continued, "In addition, purchasing food basket items, gas, and medicines for 10 trillion dinars, in addition to the interest and installments of the public debt, which consists of two parts, the simple part of which is the external debt, which has decreased to 9 trillion, and thus the interest and installments that will be due from government agencies such as the Central Bank and government banks, and its payment can be postponed."

He explained that "the governing expenses of wages and oil production costs and all these expenses will be around 145 trillion dinars, and this is what will determine government spending," noting that "if the problem becomes more complicated, the government can resort to other methods such as imposing taxes on salaries {the nominal salary} only and not on the total because the allocations constitute two-thirds of the general salary."   LINK

The Banking Supervision Department Holds Its Periodic Meeting With The Banks
 
September 11, 2024   The Banking Control Department at the Central Bank of Iraq held its periodic meeting with the licensed banks in the presence of bank representatives.
 
    The meeting discussed a number of topics related to the work of banks by presenting the special requirements of the departments of this bank (the
 
     Banking Control Department, the
     Statistics and Research Department, the
     Anti-Money Laundering and Terrorist Financing Office, the
     Quality Management and Institutional Development Department, and the
     Financial Inclusion Department), which must be met by the sector. The banker.
 
The meeting witnessed
 
     answers to banks’ inquiries and
     proposals regarding developing the work of the banking sector.
      
    Central Bank of Iraq  Media office  September 11, 2024  https://cbi.iq/news/view/2668   

Ministry Of Commerce Participates In Digital Education Week At UNESCO Headquarters

Wednesday 11 September 2024 18:21 | Economic Number of readings: 233

Baghdad / NINA / The Ministry of Trade announced, on Wednesday, the presence and participation of its commercial attaché in Paris in the Digital Transformation Week for the Education Sector, which was held at the headquarters of the United Nations Educational, Scientific and Cultural Organization (UNESCO).

The ministry stated in a statement: "The forum included the presentation and discussion of a number of topics, most notably the presentation of Arab and foreign experiences in the use of technology and artificial intelligence (AI) in education and the mechanisms of green and sustainable digital transformation for the education sector and the role of private sector companies in this field."

The statement pointed out "the importance of Iraq's participation in this forum to learn about the latest programs and initiatives adopted by UNESCO in supporting digital transformation and artificial intelligence and methods of financing these programs, in line with the Iraqi government's orientation to adopt governance and digital transformation in all activities and services provided by Iraqi ministries." / End 11    https://ninanews.com/Website/News/Details?key=1153258

Oil Minister Discusses With Officials Of The American Company "Honeywell" Enhancing Cooperation In The Fields Of Energy And Refining Sector

Thursday 12 September 2024 | Economic Number of readings: 62  Baghdad / NINA / Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul-Ghani discussed with officials of the American company "Honeywell" prospects for enhancing cooperation in the fields of energy and the refining sector.

A statement by the Ministry of Oil stated: "Abdul-Ghani visited, on Wednesday, the headquarters of the American company "Honeywell", and met with officials in the company and was briefed on its activities. It is one of the large specialized companies with extensive work in many fields."

According to the statement, the minister held a meeting with the company during which prospects for enhancing cooperation in the fields of energy and the refining sector were discussed. The

Minister of Oil signed, in the presence of Prime Minister Mohammed Shia al-Sudani, a memorandum of understanding with the company "Honeywell" in May of this year, specifically to develop Iraqi refineries and support the national energy sector.

The meeting was attended, according to the statement, by the Undersecretary of the Ministry for Gas Affairs, Ezzat Saber, the Prime Minister’s Advisor, Falah Al-Amiri, the Director General of the Department of Studies, Planning and Follow-up, Nasir Aziz, the Director General of the Economic Department, Alaa Al-Yasiri, the Director General of the Southern Refineries Company, Hussam Hussein Wali, the Director of the Research Center, Ali Jassim, the Consul of Iraq in Houston, Hawri Muhammad Gharib Al-Talabani, and representatives of the Iraqi Embassy in America and a number of officials in the ministry. / End 2   https://ninanews.com/Website/News/Details?key=1153297

Oil Prices Expected To Rise Again

Economy | - 11/09/2024  Mawazine News – Economy   Global oil demand will rise this year at a time when production growth is lower than previously expected, the US Energy Information Administration said.

The widening supply deficit will further draw oil from global inventories, pushing Brent crude prices back above $80 a barrel in spot trading this month, the agency said in its short-term energy outlook. Spot

Brent crude averaged $73 a barrel on Sept. 6, it said. Futures for the global benchmark crude fell below $70 a barrel on Tuesday for the first time since December 2021.

The agency forecast global oil demand to average about 103.1 million barrels per day (bpd) this year, up about 200,000 bpd from its previous forecast of 102.9 million bpd.

Global production is now expected to average 102.2 million bpd, the agency said, down from its previous forecast of 102.4 million bpd after the Organization of the Petroleum Exporting Countries (OPEC) delayed its plan to increase output.

OPEC and its allies had planned to raise output from October but with crude prices falling amid a weak global economy, they delayed their plan last week and will increase output from December.

OPEC on Tuesday cut its forecast for crude oil demand growth this year to about 2 million barrels per day, still double the U.S. Energy Information Administration’s current estimate of about 1 million bpd. The

EIA forecasts global oil demand will exceed production by about 0.9 million bpd this year, compared with a 0.5 million bpd gap in its previous forecast.

“Despite growing market concerns about economic growth and oil demand growth, especially in China, which have depressed oil prices, OPEC+ production cuts mean less oil is produced globally than consumed,” the agency said.   https://www.mawazin.net/Details.aspx?jimare=254768

Central Bank Sales Today Exceeded $262 Million

Wednesday 11 September 2024 15:20 | Economic Number of readings: 218

Baghdad / NINA / The Central Bank of Iraq revealed, today, Wednesday, the total sales of foreign currency through the electronic window.

The total amounts of transfers abroad (remittances, credits) amounted to 246,543,208 dollars, while the total cash sales amounted to 16,400,000 dollars, and the total sales amounted to 262,943,208 dollars.

The selling price for transfers and cash was 1310 dinars per dollar, while the bond credits and international settlements for the electronic card were 1305 dinars. / End 11 https://ninanews.com/Website/News/Details?key=1153224

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

Seeds of Wisdom RV and Economic Updates Wednesday Evening 9-11-24

Good Evening Dinar Recaps,

SWIFT UNVEILS GLOBAL INFRASTRUCTURE TO STREAMLINE TOKENIZED ASSET TRANSFERS

The payments infrastructure provider said the move aims to solve the interoperability issues related to different technologies and regulatory discrepancies.

Swift announced a new initiative on Sept. 11 to streamline global transactions and enable its members to use their Swift connection for transactions involving both traditional and emerging asset types, such as crypto.

Swift plans to test multi-ledger Delivery-versus-Payment (DvP) and Payment-versus-Payment (PvP) transactions on its global platform. This could allow securities buyers to simultaneously pay for and exchange tokenized assets in real-time on Swift’s network.

The new initiative will focus heavily on the global trading of real-world assets (RWA), as the industry is expected to reach a $30 trillion market cap by 2034.

Swift said that the global tokenized asset industry has an interoperability issue, which turns different RWA efforts into digital islands. This is primarily caused by the lack of a globally accepted digital form of money.

Swift Chief Innovation Office Tom Zschach said:

“Digital currencies and tokens have huge potential to shape the way we will all pay and invest in the future. But that potential can only be unleashed if the different approaches that are being explored have the ability to connect and work together.”

Zschach added that inclusivity and interoperability are central pillars of the financial ecosystem.

This effort will initially use fiat currencies and is later planned to evolve into incorporating central bank digital currencies (CBDC), tokenized commercial bank money, and regulated stablecoins.

Notably, Swift said it had achieved successful results in value transfer tests involving tokenized assets, mentioning the two CBDC sandboxes it has conducted, which included banks from Europe, Asia, and North America.

Moreover, Swift’s new foray to provide a single payment infrastructure for tokenized assets also aims to address how to integrate different digital assets with its respective bank-led networks.

Since each financial institution exploring RWA could be using different distributed ledger technologies, the lack of compatibility might hinder global interoperability. Additionally, the divergence in various regulatory environments can also lead to challenges.

@ Newshounds News™

Source:  Crypto Slate

~~~~~~~~~

CFTC ANNOUNCES PARTNERSHIPS TO TACKLE CRYPTO PIG BUTCHERING SCAMS

The CFTC’s Office of Customer Outreach and Education partnered with several organizations to disseminate information related to crypto relationship investment, or “pig butchering,” scams.

Pig butchering scams have increasingly replaced Ponzi schemes in the last year as criminals attempt to reap higher rewards from more targeted attacks.

The Commodity Futures Trading Commission's (CFTC) Office of Customer Outreach and Education (OCEO) aims to disseminate targeted information regarding crypto relationship investment scams via new partnerships.

American Bankers Association Foundation, a "private regulator" and other federal agencies are working with the OCEO to create and distribute an infographic to help viewers recognize and avoid "pig butchering" schemes, according to a CFTC release.

In addition, the OCEO is collaborating with the U.S. Security and Exchange Commission’s Office of Investor Education and Advocacy and other organizations to develop an investor alert related to pig butchering scams.

“Partnering with federal and state regulators as well as consumer protection groups and other organizations helps spread the CFTC’s customer education message and hopefully reaches people before they can get scammed.

These partnerships focus on a relationship confidence fraud the perpetrators commonly refer to as ‘pig butchering,’ that is estimated to cost Americans billions each year," said Office of Customer Education and Outreach Director Melanie Devoe in a statement.

Pig butchering scams have increasingly replaced Ponzi schemes in the past year as criminals try to gain higher rewards from more targeted attacks.
"Pig butchering scams earn their name from the way scammers 'fatten up' their victims to extract maximum value. This typically involves cultivating a romantic relationship over time through text messages or dating apps, ultimately persuading the victim to invest in a fraudulent scheme," wrote The Block's Brian McGleenon.

@ Newshounds News™

Source:  The Block

~~~~~~~~~

UK INTRODUCES BILL TO GIVE CRYPTO OWNERS LEGAL PROPERTY RIGHTS

The UK’s Ministry of Justice is sponsoring a bill that would grant codified personal property rights to holders of digital assets.

What’s the Scoop?

▪️Digital Rights: The Property (Digital Assets etc) Bill was introduced today before the UK’s House of Lords. It seeks to apply personal property rights for the first time in British history to digital holdings like cryptocurrencies, non-fungible tokens, and carbon credits.

▪️Legal Protections: By establishing property rights for holders of digital assets, the UK hopes to “give legal protection to owners and companies against fraud and scams, while helping judges deal with complex cases where digital holdings are disputed or form part of settlements.”

▪️Needed Clarity: Concerns from the UK Law Commission that digital assets could meet the criteria for both existing types of personal property in the UK, thereby impeding court disputes, reportedly prompted the creation of the new digital personal property category.

Bankless Take:

Although this bill speaks more so to the UK’s nuanced legal system than its bullishness on crypto, society has undeniably become increasingly digitized throughout the 21st century.

Should this trend accelerate in the coming decades alongside greater digital asset adoption, the UK will be well-positioned to arbitrate disputes involving a novel property type.
@ Newshounds News™

Source: Bankless

~~~~~~~~~

Charles Hoskinson Calls Out Big Cardano Staking Misinformation

Unlike other protocols, ADA staked tokens are not locked, making it possible for holders to spend or move their assets.

Key Notes
▪️Cardano founder just debunked a major ADA staking FUD.

▪️Cardano remains a favorite Layer 1 network with significant backlash.

▪️The protocol has a functional Liquid Staking product with massive holdings.

Cardano has become the center of several backlashes from crypto enthusiasts, with the latest being misinformation about its liquid staking. In light of this, the protocol’s founder, Charles Hoskinson, took to X to flag the increasing misinformation. He stated that the Cardano staking is not locked against the rumors.

Cardano Stakeholders Speak against Staking Misinformation

In his post, Hoskinson asked his followers:

“Why does anyone trust these people anymore?”

The allegations equally drew the attention of many Cardano community members. They strongly believe that the talks are baseless and largely targeted at damaging the project’s reputation.

Cardano SPO PRIDE pointed out the irony of the accusation, highlighting that Cardano is the only top 20 crypto project offering native liquid staking. This further attenuated the fact that ADA coins are never locked in staking.

Also, Cardano does not require Liquid Staking Derivatives (LSDs) or Liquid Staking Tokens (LSTs).

Hoskinson expressed his frustration after a podcast featuring prominent crypto commentators InvestAnswers, CTO Larsson, MartyParty, and Mando appeared on the internet. InvestAnswers specifically asked why older crypto projects like Cardano are still highly ranked. He further claimed that Cardano has a large market share of over $12 billion, “yet no adoption”.

The response from Charles Hoskinson marks the related defense he mounts when critics focus on the protocol.

In response, renowned skeptic MartyParty alleged that ADA holders are locked in staking pools and are unable to sell. He even went as far as accusing the Cardano team of tricking investors with the staking system, making them enter a position that they could hardly exit. MartyParty claimed that this explains the multi-billion dollar market cap.

Understanding the ADA Staking Mechanism

Many people are concerned about the ADA staking mechanism. Some entities propagate that the protocol remains at the top of the crypto ranking because their stakeholders cannot sell.

After all, their assets are locked in the staking. Ordinarily, Cardano staking allows coin holders to assign their holding to a staking pool for a reward known as staking yield.😃

Unlike other protocols, ADA staked tokens are not locked, making it possible for holders to spend or move their assets. So far, the number of staked ADA units is 37.2 billion according to PoolTool data. ADA is currently trading at $0.3359, with a 1.78% dip within the last 24 hours. At this price level, the staked ADA is valued at approximately $7.5 billion.

Placed side-by-side with Cardano’s market cap of $12.08 billion, the staked coins represent about 62%. This high rate suggests that investors are confident in Cardano’s long-term potential.

Moreover, they will lock up their ADA assets in return for valuable rewards. On one hand, the ADA staking reward jumped by 30% last month.

@ Newshounds News™

Source:   CoinSpeaker

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'Close To Major Financial Reset'; Brace For Margin Calls, Panic Selling | Chris Vermeulen

'Close To Major Financial Reset'; Brace For Margin Calls, Panic Selling | Chris Vermeulen

David Lin:  9-11-2024

Chris Vermeulen, Chief Market Strategist of The Technical Traders discusses the market's volatile reaction to the latest CPI report, expectations for the September FOMC meeting, and how commodities are signaling an imminent "financial reset".

0:00 - Intro

1:30 - Latest CPI inflation

3:30 - Trend has turned down

9:40 - Economic cycles

 11:55 - Markets pricing in election odds

13:18 - Copper and industrial metals

16:00 - Oil outlook

17:00 – Gold

 21:18 - Silver

25:26 - Bonds

27:30 - U.S. dollar

29:30 - Chris's investing philosophy

https://www.youtube.com/watch?v=b-4XzxfoFw8

Seeds of Wisdom RV and Economic Updates Wednesday Afternoon 9-11-24

Good Afternoon Dinar Recaps,

Important Ripple (XRP) Announcement Concerning XRPL

▪️The XRP Ledger (XRPL) will implement a major amendment in two weeks to enhance its Automated Market Maker (AMM) feature.

▪️Ripple’s XRP has seen a slight price decline, with a 1% drop over the past 24 hours and a 7% decrease over two weeks, despite recent updates.

Activation in Two Weeks

The team behind XRP Ledger (XRPL) announced that a major update under the code fixAMMv1_1 will be implemented within 14 days. It was approved to go forward after 28 votes in favor (out of 35).

The change aims to enhance the functionality of the Automated Market Maker (AMM) feature. The AMM is a decentralized mechanism that enables users to trade assets directly on the XRPL without relying on third parties.

One of the main goals of the improvement is to make the trading process more efficient and reduce potential risks for liquidity providers.

The XRPL has witnessed several other developments in the past few months. In mid-August, its main Testnet underwent a reset, becoming temporarily unavailable to developers. The effort aimed to improve stability and reduce the cost of running a Testnet node.

“Reminder: in addition to this Testnet, XRPL community members are encouraged to create and manage additional testnets to support diverse testing and development needs, “the team concluded, “the team added at the time.

Prior to that, OpenEden – a fintech company focused on bridging traditional finance and DeFi – disclosed that it will launch tokenized US Treasury bills (T-bills) to the XRP Ledger (XRPL) and its users for the first time. Ripple said it will create a fund to invest $10 million in the aforementioned products.

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

Tokenized T-bills represent digitized traditional US Treasury bills issued on a blockchain or distributed ledger technology platform. The process involves converting the rights to the financial products into tokens, which can then be traded, held, or transferred to specific addresses.

XRP Price Outlook
Ripple’s XRP did not react positively following the aforementioned announcement. It continued trading sideways before slightly retracing in the past few hours.

@ Newshounds News™

Source:  Crypto Potato

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BRICS Confirms 159 Participants Will Adopt New Payment System

After recent rumblings surfaced of how many nations would embrace the impending BRICS Pay system, the bloc has confirmed 159 participants are set to adopt the new payment system. Indeed, the economic alliance system is poised to hit the ground running when it finally launches.

Now, all eyes are on when that launch will take place. Many have surmised that it would be announced at the highly anticipated 2024 Summit. 

Moreover, it would be set to go live in what would be a groundbreaking unveiling. If that were to happen, the bloc has already noted there is a long line of entities ready to embrace it.

BRICS Payment System to Feature 159 Participants, Alliance

Earlier this year, the BRICS bloc announced the creation of a blockchain-based payment platform. It would be set to redefine the collective’s global economic standing. Morehe largest payment systems worldwide. That includes the Western-dominated SWIFT system.

Now, the BRICS group confirmed that 159 participants will adopt the new payment system. Indeed, Russian officials verified the number in a recent correction, according to a Yahoo report. Although previous statements rumored 160 countries would be involved, the number was clarified in subsequent reports.

The payment system is crucial to the bloc’s ongoing de-dollarization efforts. It will provide participating countries with an avenue to trade in local currencies. Therefore, it will greatly hinder how these nations settle trade. Ultimately, decreasing international necessity for the greenback.

This would be vital for Russia, following 2022 sanctions that greatly affected their trade capabilities. That weaponization was a key reason for the adoption of de-dollarization efforts. Now, the bloc is set to more thoroughly compete on a global stage. And so too will the nations whose currencies get increased adoption through the payment platform.

The confirmation also notes that more than 20 countries will be set to take part in the BRICS Pay platform. Although they did not clarify those nations, they are likely among the countries seeking to join the alliance this year. The impending 2024 summit will also deal with ongoing expansion hopes.

Countries like Venezuela, Malaysia, Thailand, Nigeria, and Turkey have sought entry into the bloc. The latter is a recognized NATO member. 

Their inclusion would greatly shift the bloc’s standing in a geopolitical sense. They would be recognized as the first NATO nation to be embraced within the global south-based collective.

@ Newshounds News™

Source: Watcher Guru

  ~~~~~~~~~

BBVA Switzerland adds support for USDC Stablecoin

Three years ago BBVA Switzerland became one of the first banks to offer cryptocurrency services to retail clients, with the launch of its New Gen digital investment account with no net worth requirements. However, customers have to keep the equivalent of $10,000 on deposit. Now BBVA Switzerland is expanding the offering by adding the USDC stablecoin from Circle.

In addition to the New Gen account, the Swiss bank also provides cryptocurrency services to its institutional and private banking clients.

Previously the BBVA offering only supported Bitcoin and Ether. While users can hold USDC with the bank, it also means institutional clients can use it for trading other cryptocurrencies.

We recently ran tests with a couple of cryptocurrency exchanges and noted that the exchange rates were surprisingly attractive. Thinking about BBVA clients, if they previously used their BBVA account to transfer money onto crypto exchanges, then BBVA can potentially earn foreign exchange revenues from converting CHF or Euro deposits into USDC.

“We want to offer our private clients a simple access to the tokenized products they are most interested in and cannot access through traditional financial institutions. Meanwhile, our institutional clients need us to provide options to guarantee the assets they manage,” said Philippe Meyer, Head of Digital Solutions and Blockchain at BBVA in Switzerland. “We will analyze all the crypto assets they are investing in to continue building our offering with further innovative solutions.”

Late last year BBVA Switzerland migrated its digital asset custody to Metaco’s Harmonize platform which is now owned by Ripple. In June BBVA’s Turkish arm, Garanti BBVA Digital Assets launched its wallet which currently supports trading of Bitcoin, Ether, USDC and Avax and custody of Chiliz, the coin linked to the Socios fan token platform.

@ Newshounds News™

Source:  Ledger Insights

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IRAQI DINAR REVALUATION WHAT YOU NEED | Youtube

@ Newshounds News™

Source:  Currency Facts

~~~~~~~~~

New IRS Tax Law Explained What You Need to know!  |  Youtube

@ Newshounds News™

Source:  Currency Facts

~~~~~~~~~

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Economist’s “News and Views” Wednesday 9-11-2024

‘Flashing Red Lights Everywhere’; Lobo Tiggre’s Urgent Warning On The Economy, Markets

David Lin:  9-11-2024

Lobo Tiggre, Editor of The Independent Speculator, discusses signs of an economic slowdown, the outlook for monetary policy, and commodities.

0:00 - Intro

1:00 - Yellen: "economy remains solid"

7:20 - Fed monetary policy outlook

11:40 - Slowing job openings

18:40 - Money supply

22:00 - Federal deficit

25:52 - Fighting inflation

29:55 - Copper

35:00 - Gold and silver

38:38 – Uranium

https://www.youtube.com/watch?v=nP2-R_R4vWk

The Yield Curve Is Showing DANGER (TIME TO BRACE FOR IMPACT)

Lynette Zang:  9-10-2024

https://www.youtube.com/watch?v=1UJbREVasYo

7 Days. (Countdown Begins). US DOLLAR COLLAPSE ACCELERATES. Important Updates.

Greg Mannarino:  9-11-2024

https://www.youtube.com/watch?v=p8WRW0U7YeE

“Tidbits From TNT” Wednesday Morning 9-11-2024

TNT:

Dollar crisis: Changing exchange rates will create “huge problems” and smuggling is led by a “deep state”

The head of the Diyala Chamber of Commerce, Muhammad Al-Tamimi , confirmed today, Tuesday (September 10, 2024), that changing the exchange rates will create many problems, as the deep state is the one managing the state’s smuggling outside the borders of Iraq.

Al-Tamimi told Baghdad Today, "The money market is suffering from major challenges and is exposed to tremors at any moment, especially since the ability to control it is limited in most areas, with the continued smuggling of the dollar, which has become a lifeline for names and entities representing the deep state in the country in order to maintain its influence."

He added that "the recent rise in the parallel market was due to speculation and the spread of misleading news, in addition to the presence of names that control a large part of the liquidity," noting that "talk about the Central Bank resorting to changing the dollar exchange rates is still speculation, and if it happens, it will lead to many problems."

He pointed out that "without controlling the smuggling rate, the difference between the official and parallel price will remain high," stressing that "the price difference generates billions of dinars in the pockets of many parties and forces."

It is noteworthy that a banking source reported yesterday, Monday (September 9, 2024), that there was confusion in the foreign currency markets, while he expected their prices to rise.

The source told Baghdad Today, "The Central Bank will issue new decisions regarding foreign currency prices and the method of trading them within Iraq."

He added, "It is likely that these decisions will lead to an increase in the dollar exchange rate in the parallel market due to the currency shortage."

The source said, "The aim of these decisions is to limit currency smuggling or its monopoly by the weak-willed."

The dollar exchange rates witnessed a new rise in the two main stock exchanges and local markets for the second day in a row.   link

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

Tishwash:  Winners and losers from the fluctuation of the dollar exchange rate against the dinar in Iraq

Despite the long period of time since the start of the electronic platform to monitor the movement of the dollar, the exchange rates of the dinar against the US currency still experience a large disparity between the official price announced by the Central Bank, which is 1320 Iraqi dinars per dollar, and the black market price, or what is known as the parallel price, which ranges between 1490 and 1510 Iraqi dinars per dollar.

And at the beginning of 2023, he announcedIraqAdopting an electronic platform to monitor the movement of dollar sales and money laundering operations, following warnings issued by the Federal Reserve (the US Central Bank), in addition to the US Treasury Department punishing several local banks for their involvement in suspicious activities.

The electronic platform for transfers worksForeign

The Central Bank of Iraq, in its first phase , is reorganizing financial transfers to ensure proactive control over them instead of subsequent control through the Federal Reserve auditing daily transfers.cabinetIraqi on February 7, 2023 on the decision of the Board of DirectorsCentral Bank of IraqBy adjusting the exchange rate of the dollar against the dinar, equivalent to 1300 dinars per dollar after it was 1480 dinars per dollar.

On the fourth of this month, it was announcedCentral Bank of IraqThe "electronic platform" through which US dollar transfers abroad are carried out is about to be completed, indicating - in a press statement - that during the year 2024 and until now, 95% of the transfer process from the electronic platform to "corresponding banks" has been achieved, which means that only about 5% of it remains within the platform, which will be transferred using the same mechanism before the end of this year and according to the plan.

This decision by the Central Bank raised many questions about the extent to which it has been able toIraqPreventing the smuggling of hard currency, stopping money laundering operations, and the extent of the success of economic measures in controlling currency smuggling and controlling the price in the market.

*The winners and losers from the fluctuation of the exchange rate.

Abdul Hassan Al-Ziyadi, a member of the Board of Directors of the Iraqi Businessmen Union, confirmed that the primary beneficiaries of the fluctuation of the dollar exchange rate against the dinar in Iraq are currency smuggling traders and price speculators, adding that the primary victims are...IraqAnd the citizen.

Al-Ziyadi said, "The dollar crisis inIraqAffected all jointslifeCommercial and non-commercial,” he added, “traders were harmed by the rise in the dollar exchange rate, and citizens were also harmed because the instability of the exchange rate destroys the family’s income and monthly resource.”

He continued, “If he wantedIraqTo get rid of this confusing situation, he must first get rid of the import of many goods and rely on manufacturing them locally to reduce the need for hard currency in addition to developing agriculture,” considering that “the Iraqi government and the Central Bank are primarily responsible for the failure of the currency selling platform.”

*Draining money

The researcher in economic affairs and a member of the General Authority of the Iraqi Accountants Syndicate pointed outHusseinNima Al-Karaawi until the entryIraqIn the American SWIFT system in 2023, it was the reason for many traders to refrain from the currency selling platform and turn to the black market for fear of having their money seized, in addition to the lack of mechanisms to help traders avoid having their money seized.

Al-Karawi said that "the price differencebetweenThe dollar and the dinar in the official or parallel price exceed 17 points for one dollar, so what is the case with very large amounts? He considered that “this matter represents a drain on funds.”

He added that “sales have declined significantly inIraqBecause of the change in the exchange rate and the lack of real control over the fluctuations in exchange rates in the market,” explaining that the reason is due to the presence of border crossings outside the control ofthe governmentIt is exploited by some dollar smuggling gangs.

Al-Karawi believed that "the citizen is the one who pays the tax of the exchange rate fluctuations. Although the financing for imported goods is through the platform at the official price, in reality many goods and commodities are sold in the local market at the parallel dollar price."
He said that the platform wasSellDaily up to $280 millionbutThe amount has now dropped to less than $240 million per day, he added, adding that the differencebetweenThe whistleblowers go to smuggling and the parallel market.

Al-Karawi confirmed that "the government and the Central Bank have taken many measures internally and externally to control the smuggling process and control the exchange rate."

He explained that some banks were harmed by the ban imposed on them by the US Federal Reserve and by smuggling operations, which contributed to raising the exchange rate on the black market. He also indicated that reducing the exchange rate of the dinar against the dollar also harmed the government's revenues, because its revenues depend on selling oil and receiving dollars in exchange for it and then selling it on the official platform for banks and traders.

Controlling border crossings

The spokesman for the Baghdad Chamber of Commerce, Rashid Al-Saadi, believed that controlling border crossings and automating the departments concerned with the import and export file are the only way to control currency smuggling.

Al-Saadi said, "There are parties that tried to thwart the currency selling platform to benefit from illegal transfers."

He added that "Iraq lost large sums of money as a result of smuggling of goods and hard currency and tampering with the valuation of goods from border crossings."

As for the citizen Ahmed Jabbar, who owns grocery stores, he called forthe governmentIraq to support the economy and enhance the purchasing power of citizens by strengthening the local currency and supporting local industry and agriculture.

Jabbar said, "Selling in dollars has affected the Iraqi market. We encouragethe governmentTo limit dealings in the local currency, as it contributes to the stability of the market and the economic situation of citizens.  link

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Al-Sudani and Pezeshkian sponsor the signing of 14 bilateral memoranda of understanding between Iraq and Iran

 Prime Minister Mohammed Shia Al-Sudani and Iranian President Masoud Pezeshkian sponsored, today, Wednesday (September 11, 2024), the signing ceremony of 14 memoranda of understanding in various fields and sectors.

The Prime Minister's Office said in a statement received by "Baghdad Today" that "Al-Sudani headed, along with the President of the Islamic Republic of Iran, Masoud Pezeshkian, the delegations of the two countries in the expanded meetings held at the government palace in the capital, Baghdad."

The statement added that "during the meeting, aspects of cooperation between the two neighboring countries were discussed, in a way that achieves mutual interests and benefits, as well as following up on the work of the joint supreme committee between Iraq and Iran, which will hold its next meeting in Baghdad," indicating that "security cooperation and the joint security agreement were also discussed, as well as constructive cooperation in the field of refining and energy industries, and cooperation between the private sectors in the two countries."

According to the statement, the Prime Minister referred to the "religious, social and historical ties that unite the two neighboring countries," explaining that "their geographical location makes the logistical and transportation lines of great importance," referring to "the (Basra-Shalamcheh) railway line for transporting passengers, and the government's keenness to complete the memoranda of understanding and proceed with their implementation."

 For his part, the Iranian President referred to "the depth of the relationship between the two countries, and the impact of the distinguished relationship on the stability of the region," stressing "his country's desire for joint work and development of economic partnerships between the two countries."

The statement indicated that "the meeting witnessed agreement on common visions regarding the continued aggression on Gaza, and the destabilization caused by the Zionist entity to the security and stability of the region."

The two sides renewed "the call to stop the genocide against the Palestinians, and for the international community to assume its responsibilities in this regard."

The Prime Minister and the Iranian President sponsored the signing ceremony of 14 memoranda of understanding in various fields and sectors, including: economy, training cooperation, youth and sports, cultural, artistic, archaeological and educational exchange, media cooperation, communications, in the field of religious tourist groups, cooperation in the field of Iraqi-Iranian free zones, agriculture and natural resources, mail, social protection, vocational and technical training, development of skilled manpower, and cooperation between chambers of commerce.

The memoranda of understanding were signed on the Iraqi side by the Ministers of Foreign Affairs and Trade, and the President of the Federation of Iraqi Chambers of Commerce, while on the Iranian side they were signed by the Ministers of Foreign Affairs and Economy.

The Prime Minister's Office pointed out that "the memoranda of understanding signed between the Republic of Iraq and the Islamic Republic of Iran included the following:

1- Memorandum of Understanding in the field of training cooperation.

2- Memorandum of Joint Understanding in the field of Iraqi-Iranian youth and sports.

3- Memorandum of Understanding in the field of Iraqi-Iranian cultural, artistic and archaeological exchange.

4- Memorandum of Understanding for cooperation in the field of education.

 5- Memorandum of Understanding for Iraqi-Iranian media cooperation.

6- Memorandum of Understanding for cooperation in the field of communications.

7- Memorandum of Understanding for cooperation in the field of religious tourist groups.

8- Memorandum of Understanding for cooperation in the field of Iraqi-Iranian free zones.

9- Memorandum of Understanding for cooperation in the field of agriculture and Iraqi-Iranian natural resources.

10- Memorandum of Understanding for cooperation in the field of postal services.

11- Memorandum of Understanding for cooperation in the field of social protection.

12- Memorandum of Understanding for cooperation in the field of vocational and technical training.

13- Memorandum of Understanding for cooperation in the field of developing the Iraqi-Iranian skilled workforce.

14- Memorandum of Understanding for cooperation in the field of Iraqi-Iranian Chambers of Commerce. link

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Seeds of Wisdom RV and Economic Updates Wednesday Morning 9-11-24

Good Morning Dinar Recaps,

RIPPLE CONFIRMS FEDNOW’S NETWORK EFFECTS WILL TRANSFORM PAYMENTS AND BOOST XRP

▪️Ripple Labs believes the Federal Reserve’s FedNow system will benefit XRP.

▪️The company, through XRP and XRP Ledger, is fighting for market share in the global payment ecosystem.

In a recent release, American technology company Ripple Labs Inc. confirmed that FedNow’s network effects will transform payments and boost XRP. This disclosure highlights Ripple’s relevance as an enterprise blockchain solution in crypto.

FedNow as The Likely XRP Catalyst
For context, FedNow is an instant payment service launched by the United States Federal Reserve last year. With its competitive pricing, enhanced speed, and integrated fraud management features, it is expected to revolutionize the US payment landscape.

In the 2024 document “Trends in Regional Payments,” Ripple mentioned that “networking effects” associated with the adoption of FedNow will begin to take effect within the following year. The firm expects this phenomenon to disrupt the payment scene in America and ultimately pave the way for increased XRP adoption.

As XRP adoption grows, Ripple claims “network effects” will persuade clients to use the Ripple network over the SWIFT network. This would further help Ripple expand its business and use XRP for cross-border transactions, which might ultimately lead to a surge in price.

As highlighted in our earlier post, Ripple partner Volante Technologies collaborated with a prominent custodian bank to carry out FedNow’s pilot phase. The two groups tested the ‘send,’ ‘receive,’ and ‘bank-to-bank’ transfer functionalities to help banks adjust to the new network.

The partnership led to speculations that FedNow might benefit XRP and Ripple. Industry proponents claim Volante users could use XRP on FedNow because of the interface with Ripple. Notably, Volante and Ripple have been actively working together to launch cutting-edge payment solutions.

Now that Ripple has officially confirmed that XRP will benefit from the FedNow, many await the effects on the token’s future price. As of this writing, XRP was trading for $0.5398, demonstrating a 1.5% increase in the past 24 hours. The trading volume increased by 34% to $822 million, suggesting increased demand from traders and investors.

FedNow and XRP’s Position in Cross-Border Payments
Both FedNow and XRP have continued to launch innovative solutions as they fight for supremacy in the cross-border payment industry. As noted in our earlier report, stakeholders expect the cross-border payment sector to be worth over $250 trillion by 2027.

With this in mind, FedNow is already growing its presence within the ecosystem. The service provides a faster, more efficient alternative that could reduce reliance on traditional card networks, potentially lowering transaction fees and increasing competition. Although signing up is voluntary, the service is available to more than 10,000 US financial institutions.

As mentioned in our previous post, Ripple is also leading the charge in addressing issues in the cross-border payment sector. Experts estimate that XRP’s dominant role in cross-border payments might propel the coin’s price to $1 by 2025.

Ripple payments use the XRP and the XRP Ledger to provide the speed, access, and cost-efficiency to meet the demands of crypto businesses.

@ Newshounds News™

Source:  Crypto News Flash

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India launches National Blockchain Framework

Last week India’s Ministry of Electronics and Information Technology (MeitY) unveiled India’s National Blockchain Framework.

 It has several purposes, including providing a platform for government departments to develop solutions and a light weight platform for rapid prototyping by researchers and small businesses.

Vishvasya is the National Blockchain Technology stack providing Blockchain as a Service (BaaS). This allows users to spin up nodes and networks and develop smart contracts, including several templates. For external developers who need to consume the blockchain apps, the stack provides APIs for access.

So far it supports two permissioned blockchains, but didn’t mention which ones. When we reported that MeitY was working on this project last year, the blockchains were Hyperledger Fabric and Hyperledger Sawtooth.

Several government departments have already developed solutions ranging from judiciary applications to document certification and tracking agriculture produce.

One app that was promoted is Praamaanik, which uses blockchain to verify mobile app security. The application developers provide an electronic fingerprint of their mobile app, which is registered on the blockchain.

When users download the app, they can verify that it’s exactly the same and hasn’t been tampered with by using a verification mobile app.

For many years the software community has cryptographically signed software builds. Checking the signature required a little technical skill, whereas India’s solution provides an option that anyone can master.

Apart from MeitY, other organizations involved in the development include C-DAC, NIC, IDRBT Hyderabad (for research in banking technologyset up by the central bank), IIT Hyderabad, IIIT Hyderabad (3 Is), and SETS Chennai.

This project has similarities with Europe’s EBSI, which provides a platform for government solutions. There’s also some cross over with China’s domestic Blockchain-based Service Network (BSN), which was designed to provide a low cost blockchain infrastructure for small companies.

@ Newshounds News™

Source:  Ledger Insights

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Seeds of Wisdom RV and Economic Updates Tuesday Evening 9-10-24

Good Evening Dinar Recaps,

FED'S UPCOMING PROJECTIONS TO SIGNAL DEEPER CUTS THAN PREVIOUSLY EXPECTED: CITI

Investing.com -- The Fed's updated projections are likely to show that policymakers warming up to cutting rates deeper than previously expected to shore up the economy, Citi analysts said in a recent note, ahead of the central bank's monetary policy meeting next week.  

"Fed officials will need to significantly update their Summary of Economic Projections next week," the analysts said. "The unemployment rate at the end of this year will be revised up and the path for policy rates revised down."

The analysts expect the voting Fed members' projections, or "dots," to show 100 basis points of cuts this year, compared with the Fed's June dots showing just one 25 basis point cut.

Expectations for a more dovish Fed have been driven by the recent slowdown in inflation, with Citi expecting inflation data due Wednesday to show the fourth consecutive month of slower core CPI growth.

As the market is expecting about the 105 basis points of cuts, the analysts said, a median dot for 75bp of cuts "would be hawkish relative to expectations."

The rate cutting path isn't straight forward, the analysts say, as the size of the rate cut in September is likely to significantly influence how deep the Fed cuts rates at consecutive meetings.  

A larger 50bp in cut September, which is the Citi's base case, could lead most fed officials to back 25bp cuts in November and December, leaving a median dot implying a total of 100bp of cuts for the year. But if the Fed delivers a 25bp cut in September, that provides them with the option to signal to the market that they could go 50bp at an upcoming meeting.  

The upcoming Fed decision and updated Summary of Economic Projections will be closely watched, particularly as the economic strength -- or lack thereof -- has sparked widespread debate

The upcoming Fed decision and updated Summary of Economic projections will be closely watched at a time when many the economic strength, or lack thereof, has sparked wide debate.  

@ Newshounds News™

Source:  Investing

~~~~~~~~~

US CONGRESS ADDRESSES DEFI OPPORTUNITIES AND RISKS

▪️US Congress held its first hearing on DeFi, highlighting opportunities and risks.

▪️Republicans defended DeFi's innovation; Democrats focused on consumer protection and regulation.

The US Congress held its first hearing on Decentralized Finance (DeFi). The meeting discussed the opportunities and dangers brought by DeFi, highlighting partisan views; Republicans defended DeFi’s innovative and economic freedom aspects, while Democrats focused on consumer protection, market integrity, and the risks of unregulated financial systems.

Definition and Growth of DeFi

DeFi generally refers to peer-to-peer digital asset transactions through smart contracts on permissionless blockchain networks. However, the meeting emphasized that DeFi lacks a standard definition. The committee presented statistics indicating the rapid growth of the DeFi sector. DeFi’s market value is currently at 67 billion dollars, and the total locked value (TVL) is recorded at 89 billion dollars.

Republicans vs. Democrats

Republicans described DeFi as an innovative sector that could provide more efficient transactions by eliminating non-profit intermediaries. “DeFi is essential for a vibrant financial sector in the US,” said Warren Davidson from Ohio.

On the other hand, Democrats emphasized the importance of consumer protections and stated that DeFi is prone to fraud. Brad Sherman from California argued that DeFi is more complex than traditional finance and a space where bad actors defraud customers.

Republican Witnesses’ Views

Republicans, being the majority in Congress, selected four witnesses to speak before the committee. Democrats could choose only one witness. Brian Avello, Chief Legal Officer of Universal DeFi Holding Company, argued that DeFi should not be governed by existing financial regulations. 

Rebecca Rettig from Polygon Labs noted that DeFi should be redefined as critical infrastructure, suggesting the Cybersecurity and Infrastructure Security Agency (CISA) as a potential regulator. 

Amanda Tuminelli from the DeFi Education Fund emphasized that DeFi should not be managed with uniform rules from traditional finance. Peter Van Valkenburgh from Coin Center advocated punishing fraud and contract breaches.

Democratic Witness’s Views

Mark Allen Hays, senior policy analyst at Progressive nonprofit Americans for Financial Reform, argued that existing financial regulations should apply to DeFi. Hays highlighted DeFi’s ideological stance of avoiding regulation and stressed the importance of protecting market integrity and investors. Hays also mentioned that many fraudsters operate within DeFi protocols.

The meeting was presented as an opportunity for Congress to learn how DeFi works; however, political views dominated rather than an open-minded discussion.

While Republicans defended DeFi as an innovative sector, Democrats highlighted the risks posed by unregulated financial systems. The rapid growth of DeFi and its various risks indicate that more regulatory debates lie ahead. Users should consider both the economic freedoms and the risks that DeFi brings.

@ Newshounds News™

Source:  CoinTurk

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FINANCIAL GIANT STANDARD CHARTERED ANNOUNCES NEW DIGITAL ASSET CUSTODY SERVICE IN UAE

Financial services behemoth Standard Chartered is launching a digital asset custody service in the United Arab Emirates following the approval of a license from local regulators.

According to a new press release, Standard Chartered has selected the UAE for its product launch due to the region’s well-regarded approach to digital asset regulation and adoption.

Says Bill Winters, Group Chief Executive of Standard Chartered Bank,

“The launch of our digital asset custody offering represents a pivotal moment not just for Standard Chartered, but for the financial services industry. We firmly believe that digital assets are not merely a passing trend, but a fundamental shift in the fabric of finance.
With this new service, we are strategically positioning ourselves at the forefront of this next evolution in the custody business. Our robust infrastructure, coupled with our expertise in the field allows us to provide a bridge between the world of financial services and the emerging digital asset ecosystem.”

Initially, the service is set to cover Bitcoin (BTC) and Ethereum (ETH), the leading cryptos by market cap. According to the announcement, Brevan Howard Digital is the first client to utilize the new service.

Says Gautam Sharma, chief executive officer of Brevan Howard Digital,

“This is a significant win for the UAE and the wider digital asset industry. Standard Chartered’s global reputation and demonstrated commitment to this space add a layer of credibility that is meaningful for institutional adoption.

The development of the institutional infrastructure within the asset class and region supports our established business within the ADGM in its continued expansion and our ongoing efforts toward improving and reinforcing standards in the digital asset ecosystem.”

Standard Chartered plans to expand its digital asset services in the coming months and is considering extending its custody offerings to other major financial centers worldwide.

@ Newshounds News™

Source:  DailyHodl

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tZERO BECOMES 2ND FINRA-APPROVED BROKER-DEALER FOR DIGITAL SECURITIES

The company is following the steps of Prometheum, which now treats four cryptocurrencies as securities.

The United States has a second special purpose broker-dealer (SPBD) for digital asset securities. The Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA) have approved tZero Digital Asset Securities as a digital asset SPBD, giving it the right to custody digital asset securities on behalf of retail and institutional clients.

Its new status allows SEC-regulated alternative trading system operator tZero to carry out custody, clearance and settlement of securities without a third-party custodian, making tZero a “one-stop shop” for digital asset security issuance and secondary trading, the company said in a statement. The company helps private companies go public through securities offerings.

tZero wants to set an example
tZero has a “long-standing position that many digital assets in the market constitute securities under existing legal frameworks,” it said. Although that claim is widely disputed in the crypto world, tZero will treat digital assets as securities when it provides custody of them. tZERO chief legal and corporate affairs officer Alan Konevsky said:

“We will leverage this unique opportunity, on behalf of the digital asset industry at large, to illustrate how positive regulatory clarity can produce real-world innovation, novel products and real commercialization across of range of traditional financial and real world assets.”

The new service will be available early in 2025. The full digitization of tZERO's Series-A preferred equity security (TZROP) will be its first product.

Putting compliance before the rule
Prometheum raised eyebrows in the crypto world when it became the first recipient of the SPBD designation for digital securities in May 2023. Like tZero, Prometheum was a minor player in the digital asset market. Its SPBD designation set off a chorus of disapproval and accusations of favoritism.

Prometheum treated Ether as a security and later added Uniswap and Arbitrum (ARB) to the list of “securities” it custodied. The SEC launched an investigation of Ethereum to determine whether it would consider it a security, but dropped the investigation in June.

tZero began its existence as a cryptocurrency and securities exchange spun off from Overstock.com. It closed its cryptocurrency arm in February 2023.

@ Newshounds News™

Source:   CoinTelegraph

  ~~~~~~~~~

CFTC CHAIR REITERATES BTC AND ETH ARE COMMODITIES IN TESTIMONY

The head of the US commodities regulator, Rostin Behnam, has again argued that the agency should be given regulatory oversight of Bitcoin and Ethereum to better protect investors.

The United States commodities regulator chief has again argued that Bitcoin and Ether — the two largest cryptocurrencies by market cap — are commodities, and his agency should be given oversight of them.

Speaking on July 9 before the US Senate Committee on Agriculture, Nutrition, and Forestry, the Commodity Futures Trading Commission (CFTC) Chair Rostin Behnam argued that a recent court ruling in Illinois stated that Bitcoin and Ether are commodities.

The July 3 ruling was part of a $120 million Ponzi case involving an Oregon man accused of fraud. In the order, the Illinois district court judge said both assets qualified as commodities.

It also said that Olympus (OHM) and KlimaDAO (KLIMA) qualified as commodities, too.

“In its decision, the court re-affirmed that both Bitcoin and Ether are commodities under the Commodity Exchange Act.”

Additionally, Behnam cited a 2022 report from the Financial Stability Oversight Council, which highlighted a gap in regulation of the spot market for “digital assets that are not securities” and called for his agency to assume a greater position of oversight for digital commodities.

Behnam said ongoing inaction from other regulators in the US would not “quash public interest for digital assets” and would only result in greater risk to financial markets and investors.

“In short, our current trajectory is not sustainable. Federal legislation is urgently needed to create a pathway for a regulatory framework that will protect American investors and possibly the financial system from future risk,” he said.

Behnam says the CFTC is ready to enforce crypto rules
The CFTC chair outlined five key legislative priorities he believed his agency could introduce to better regulate digital commodities.

These included his agency’s ability to tailor rules to meet the unique risk profile of cryptocurrencies, a permanent “fee-for-service model” funding model, requiring registrants to adhere to a “comprehensive disclosure regime” regarding their crypto assets, as well as bolstering Know Your Customer and Anti-Money Laundering privileges for the CFTC.

Finally, he urged the committee to consider a “disciplined, balanced framework” for whether or not tokens are deemed commodities or securities under existing law, as well as working to introduce a comprehensive education and outreach program concerning crypto assets in the US.

“The SEC and CFTC have a longstanding partnership that facilitates strong, robust regulation of securities and derivatives markets, Behnam said.

“I am confident that the two agencies will continue working closely, ensuring a reliable, fair, and efficient system for listing and trading of digital assets on regulated exchanges.”

@ Newshounds News™

Source:  CoinTelegraph

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Some “Iraq News” Posted by Clare at KTFA 9-10-2024

KTFA:

Clare:  Citizen and exchange rate

9/9/2024  Bashir Khazal

 In economics, the external value of a currency lies in the presence of a balance or surplus in the current account of the balance of payments relative to the gross domestic product, which should indicate a stable state at a minimum, not less than 4 percent annually.

 To achieve this goal, it is necessary to rely on a sustainable increase in the annual growth rate of the gross domestic product, provided that exports exceed imports, within the country’s trade balance.

In the past, the country had the capacity to export goods and services more than it imported, which strengthened the value of the national currency, especially the external value of the currency itself, during those years, especially in the early seventies, and the economy indicated a positive state, in addition to the availability of foreign reserves that support the main buffer against potential external factors and their effects on the overall economic situation.

 In the current economic system, currency prices are determined globally in two main ways, namely floating and fixed prices and through local and international factors that control the strength of the currency in supply and demand, interest rates, inflation and growth in the local economy, the trade balance and other influences, but the strength of the national currency is linked to its external value, specifically the exchange rate, as the external value of money is directly linked to the stability of the current account of the balance of payments, especially in the long term, in addition to the stability of foreign reserves in the central bank of the country, which strengthens the strength of the Iraqi dinar and the stability of the exchange rate.

On the other hand, the value and stability of the currency are linked to the internal value of the national currency itself. Just as we talk about the stability of the external value of the currency in the exchange rate and its exchange power with other currencies, the internal value of the currency is the other side of the stability Currency and its strength, here the value of the national currency is directly linked to the general price level, which means the strength of goods and services expressed in money. There is a correlation between price stability and the value of the national currency, and this requires the availability of a wise monetary policy, undertaken by central banks that make the growth in the money supply commensurate with the growth in the gross domestic product or national income.

The quantitative theory of money is based on the principle of the neutrality of money, which explains that the cause of inflation in the long term is money itself, as the growth in the money supply in a way that is not commensurate with the growth in the gross domestic product leads to either inflation or contraction in the growth of the general price level

If the amount of money in the economy increases, and unless there is a parallel increase in economic output, this will lead to an increase in the general price level, and a loss of control over exchange rates, even if the state sets the exchange rate in a way that is different from what is sold in the market.

The best evidence of this is that the exchange rate in most Iraqi markets is still fluctuating between 149-150 thousand Iraqi dinars for every 100 US dollars, while the government exchange rate is 132 thousand Iraqi dinars for every 100 dollars. American, but it did not bring any significant benefit to the citizen, but rather only speculators, brokers, traders and some companies profited from the price difference.  LINK

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

Clare:  Signing several new agreements.. What is the agenda of the Iranian President's visit to Iraq?

9/10/2024

Iranian President Masoud Pezeshkian is scheduled to arrive in the Iraqi capital, Baghdad, tomorrow morning, Wednesday, on his first foreign visit since assuming his current position.

According to the visit's agenda, upon his arrival at Baghdad International Airport, Pezeshkian will head to the site of the assassination of former Iranian Quds Force commander Qassem Soleimani and deputy head of the Popular Mobilization Authority, Abu Mahdi al-Muhandis.

After that, he will head to the government palace where the official reception ceremony will take place by the President of the Republic of Iraq, Abdul Latif Jamal Rashid.

In the capital, Baghdad, Zeshkian will meet with: the Iraqi President, Acting Speaker of Parliament Mohsen Al-Mandalawi, Prime Minister Mohammed Shia Al-Sudani, and Chief Justice of the Supreme Judicial Council Judge Faiq Zidane.

On Wednesday afternoon, Bezeshkian will head to the Iranian embassy to attend two meetings, the first with Iranian merchants, and also with the Iranian community residing in Iraq.

On Wednesday evening, the Iranian president will be a guest at the dinner table of the "State Administration" coalition, which consists of most of the political blocs represented in the Iraqi parliament.

On Thursday, Bezeshkian will head to the cities of Najaf and Karbala, then to Basra in the far south of Iraq, and then to Erbil, the capital of the Kurdistan Region.

According to information received by Shafaq News Agency, during this visit, 10 to 15 agreements will be signed in Baghdad, most of which are economic, educational and cultural, and a security agreement may be included, but it is not confirmed.

The president is accompanied by the ministers of foreign affairs, defense, and trade, as well as a group of other Iranian ministers and officials.   LINK

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

Clare:  Iraq's financial revenues exceed 77 trillion dinars in 7 months of 2024

9/10/2024

The Ministry of Finance revealed on Tuesday that the size of Iraqi revenues in the federal budget during 7 months exceeded 77 trillion dinars, confirming that the oil contribution to the budget remains around 89%.

Shafaq News Agency followed the data and tables issued by the Ministry of Finance last August for the accounts of January, February, March, April, May, June and July for the current fiscal year, which showed that oil is still the main resource for Iraq's general budget, reaching 89%, indicating that the rentier economy is the basis for the country's general budget.

The financial tables indicated that the total revenues for seven months of the current year amounted to 77 trillion, 475 billion, 502 million, 239 thousand, and 546 dinars, indicating that the total advances amounted to 15 trillion, 664 billion, 477 million, 820 thousand, and 559 dinars. 

According to the financial tables, oil revenues amounted to 69 trillion, 55 billion, 827 million, and 984 thousand dinars, which constitutes 89% of the general budget, while non-oil revenues amounted to 8 trillion, 317 billion, 883 million, and 512 thousand dinars.

For his part, economic expert Mohammed Al-Hasani said in an interview with Shafaq News Agency, "The economic problem in Iraq is due to the failure of the regimes that ruled Iraq to achieve the mission of moving towards a developmental economy by investing the oil wealth in diversifying the economy, creating productive employment opportunities, raising the level of human development, and ridding it of rentierism."

Al-Hasani stressed the necessity of "activating a set of laws that encourage the local and foreign private sector to enter the Iraqi market, including customs tariff laws, consumer protection, anti-monopoly laws, and others."

In March 2021, the Prime Minister's advisor for financial affairs, Mazhar Muhammad Salih, confirmed in an interview with Shafaq News Agency that the reasons for the economy remaining rentier are due to the wars and the imposition of an economic blockade on Iraq during the past era and the political conflicts we are witnessing today, which led to the dispersion of economic resources.

The continued reliance of the Iraqi state on oil as the sole source of the general budget puts Iraq at risk from global crises that occur from time to time due to the impact of oil on them, which makes the country turn every time to cover the deficit through borrowing from abroad or domestically, which thus indicates the inability to manage the state’s funds effectively, and the inability to find alternative financing solutions.   LINK

Clare:  Central Bank of Iraq announces comprehensive banking reform map

9/8/2024  Samir Al-Nusairi

After the Central Bank delegation returned from the last round of negotiations with the US Treasury and the US Federal Reserve, it revealed the roadmap for radical and comprehensive banking reform, which begins with working to cancel...

 The electronic platform for foreign transfers, which was implemented as a first stage to reorganize financial transfers in a way that ensures proactive control over them instead of subsequent control. This was a temporary exceptional measure and a gradual shift was planned towards building direct relationships between banks in Iraq and foreign correspondent and approved banks, mediated by an international auditing company to conduct pre-audit of transfers before they are executed by correspondent banks.

During the year 2024, up until now, 95% of the transfer process from the electronic platform to the correspondent banking mechanism directly between it and Iraqi banks has been achieved. This means that only about 5% of it remains within the platform, which will be transferred using the same mechanism before the end of this year, according to the plan.

Thus, some expectations about possible effects on the exchange rate and transfer operations are baseless, because the process will not be sudden or in one go at the end of this year, but rather it was originally achieved during the past period with effort and careful follow-up, except for the remaining small percentage that will be accomplished in the coming short period.

The Central Bank confirms that trade with the United Arab Emirates, Turkey, India and China represents about 70% of Iraq’s foreign trade as (imports), which prompted the Central Bank of Iraq to find channels for transfer in euros, Chinese yuan, Indian rupees and UAE dirhams, through approved correspondent banks in those countries. (13) Iraqi banks have actually begun to conduct transfer operations with a pre-audit mechanism that has been agreed upon and approved in addition to transfers in dollars.

Providing channels for personal transfers for legitimate purposes and external purchases through electronic payment channels, global money transfer companies, cash sales to travelers, and paying cash dollars for incoming transfers to the parties and purposes specified in the Central Bank’s published instructions.

The Central Bank stresses that it has placed foreign transfer operations and meeting dollar demands on sound tracks consistent with international practices and standards and the Anti-Money Laundering and Terrorist Financing Law.

He explains that providing the aforementioned channels for all purposes at the official dollar price makes this price the true indicator of economic practices, which is proven by the reality of price stability and control of inflation, and any other price traded outside those channels is an abnormal price that those with unorthodox or illegal practices resort to, who move away from official channels in their dealings, so they bear the additional costs alone by purchasing at a higher price than the official price to delude others with the difference between the official price and others.

The map and mechanisms announced by the Central Bank will certainly lead to lifting the confusion and instability in the monetary market, which is prevalent due to the continued imposition of American restrictions on our private banks and directing accusations, slander, rumors, analyses, interpretations and targeting of the Central Bank, and will create a state of optimism by lifting the restrictions imposed on some private banks.

This means that there are great efforts made by the Central Bank, in cooperation with the government, since the beginning of 2023 until now, in the field of implementing the financial and banking reform program and fruitful coordination with financial policy, which refutes the slander.

And the accusations and spreading optimism and reassuring the market and citizens. This is what the Governor of the Central Bank had previously emphasized before the Central Bank delegation’s recent trip to America. And the new reform roadmap is a result of the efforts previously made and which the Central Bank has been working on for a year and eight months, and it is as follows:

 - Reorganizing foreign trade financing to achieve several goals at once, one of which is the transparency of foreign transfer operations that begin with the transfer process and the transferor to the final beneficiary and to the source through all data, documents and information that enhance and match reality.

All large and medium-sized companies are committed to achieving this goal. The problem now is the dealings of small traders outside the operations. 

Foreign transfers are a pressure on the dollar money market and cause it to rise.

- The Central Bank opened channels for the Chinese, Turkish, Indian and Emirati currencies, which are currencies that represent a significant weight in foreign trade, as there was a halt for a period due to a new regulation aimed at providing sufficient control over these operations.

“A new audit mechanism has been put in place by an international company, and the process has been finalised and is now being restarted.”

The Central Bank has continuously urged the opening of relations with correspondent banks, because the Iraqi bank without having external correspondents is considered a local bank and cannot open up to the world.

The Central Bank, for its part, supports and assists this trend.”

- “In light of the new regulation of the foreign exchange process, the real price at which the Central Bank sells more than $250 million daily at the official price should be considered. This means that the bank covers foreign trade, and this explains why there is no inflation or price increases.

The parallel market is a market for those who do not want to go towards the regular methods of transfer and it is an illegal trade or trade that escapes the regular procedures or other illegal operations such as drug trafficking, human trafficking, corruption money, etc.

- Whether the dollar price rose or fell is not a correct indicator, as one must look at what and how much the Central Bank sells at the official price to liquidate various needs.

- That "the primary objective of the Central Bank is to maintain the general level of prices and limit inflation, and this is supposed to be the measure of the success of monetary policy, which has succeeded in controlling this aspect and the level of inflation compared to other countries and even in previous years is much lower, and within the target, and this means that foreign trade, on which Iraq depends primarily to meet the needs of citizens, is covered by the official price."

- “There is great praise in all meetings with international organizations, including the International Monetary Fund, the Federal Reserve, and the US Treasury, for the transformations, management, and organization of the external transfer process in the Central Bank of Iraq at the present time.”  

 And that "the Central Bank's plan until the end of the year will reach 100%, with foreign transfers between Iraqi banks and correspondent banks, without going through the US Federal Reserve.

The plan to reform and lift restrictions on banks includes two axes: the first relates to conducting an audit of previous operations that were suspected by an independent external audit office, some of which have been completed while we await the completion of the audit of others in order to determine the overall picture and classify the nature of these problems and how procedures will be carried out regarding them later.

And to reach a real, stable banking sector that is consistent with what is required at the level of the national economy, and to prevent some banks from remaining marginal and not representing a real addition to the Iraqi economy, and to gain external acceptance through agreement on their implementation of international policies, procedures and standards.

- The Central Bank has not set a quota for foreign transfers for banks, and they can submit whatever foreign transfer transactions they can attract. The Central Bank does not interfere in customers’ choices, and the banks that carry out this process rely on their capabilities to attract their customers.  LINK

Economist’s “News and Views” Tuesday 9-10-2024

Japan Sell off more than $60 Billion Treasury Holding: What's Going On?

Fastepo:  9-10-2024

Foreign countries hold U.S. Treasury securities as a central component of their financial strategies, but the risks associated with these holdings can be substantial and have far-reaching consequences. One of the primary risks is interest rate fluctuations.

When U.S. interest rates rise, the value of existing Treasury securities declines. For countries that hold large amounts of Treasuries, this can lead to significant losses, especially in periods of unexpected rate hikes, such as those seen during inflationary pressures.

 Another critical risk is currency fluctuation. U.S. Treasuries are denominated in U.S. dollars, meaning that foreign holders are exposed to currency risk.

 If the U.S. dollar weakens relative to their own currency, the value of these investments diminishes when converted back.

 This can be particularly damaging for countries with currencies that are either volatile or strengthening. In recent years, this risk has become more prominent as global exchange rates have fluctuated due to shifting economic conditions.

 Inflation also poses a threat to the value of U.S. Treasuries. If inflation in the U.S. exceeds the yield on these securities, the real value of returns for foreign holders erodes. Given recent inflationary trends, especially in the wake of global economic disruptions, this risk has become a pressing concern.

 For countries relying on these investments to preserve the value of their foreign exchange reserves, inflation can drastically undercut the purchasing power of their returns. Political and geopolitical risks further complicate the picture. Domestic U.S. political debates, such as those surrounding the federal debt ceiling, can create uncertainty over the government’s ability to meet its debt obligations.

Even the threat of a technical default due to political brinkmanship can destabilize global confidence in U.S. Treasuries, leading to market turmoil.

Moreover, geopolitical tensions between the U.S. and other countries could result in sanctions or restricted access to U.S. financial markets, making Treasuries a less reliable asset for some foreign governments. Liquidity risk also plays a role, especially in times of global financial instability.

Although U.S. Treasuries are generally considered liquid, in periods of market stress, large holders may find it difficult to sell them quickly without impacting their price. This could be particularly problematic for countries that need to convert their holdings into cash during a crisis, as a sudden sell-off could depress the market value of their investments.

Additionally, countries with large holdings of U.S. Treasuries, like China and Japan, face concentration risk. Relying heavily on a single asset class exposes these countries to outsized losses if the U.S. financial system experiences significant stress or if the dollar weakens substantially.

The sheer size of their holdings makes it difficult for these countries to exit their positions without influencing the market negatively, further amplifying their risk.

As of September 2024, Japan remains the largest foreign holder of U.S. Treasury securities, though its holdings have seen significant fluctuations throughout the year. In March 2024, Japan's holdings stood at approximately $1.87 trillion.

However, by May 2024, Japan's holdings dropped to around $1.128 trillion after a series of sales amounting to $59.5 billion, including a $22 billion sell-off in May following a $37.5 billion reduction in April.

https://www.youtube.com/watch?v=93G5_sKBx8Y

What to Expect Next: The Longest Yield Curve Inversion Explained

Taylor Kenny:  9-10-2024

Did you know that a dis-inversion historically means that a recession is imminent? Taylor shares the yield curve dating all the way back 1975. Will we be able to escape a recession?

CHAPTERS:

00:00 - What is the Yield Curve?

01:44 - Bond Prices vs. Yields

 02:52 - Impact of FED Interest Rates on Banks

04:33 - Historical Recession Indicators

 05:56 - Current Economic Outlook

07:40 - Preparing for What’s Ahead

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

BRICS+ FUTURE: Gold Backed Currency, Summit in Russia, Expansion, ASEAN Ties| Yaroslav Lissovolik

Lena Petrova:  9-10-2024

The BRICS Summit will take place in late October in Kazan, Russia: Will the bloc announce an alternative financial payment platform? Will it admit new members, possibly extending an invitation to a NATO member, Turkey?

How will the BRICS+ nation states align their policies to form a united front, something they desperately need, to move forward in a cohesive manner towards a new multipolar world?

 Will ASEAN lean towards BRICS? I had the pleasure of discussing these and other very important questions with Dr. Yaroslav Lissovolik, the leading expert on the BRICS+ economic alliance and the founder of BRICS+ Analytics.

 During our conversation, Yaroslav and I discussed the challenges that the bloc is facing and the direction it needs to take in order to enjoy successful growth. We spoke about de-dollarization, South-South cooperation and a road to multipolarity.

https://www.youtube.com/watch?v=uTF53a-YhVM