Iraq Economic News and Points To Ponder Sunday AM 9-22-24
The First Of Its Kind.. The Iraq Development Fund Announces The Adoption Of New Governance
Economy | 09/21/2024 Mawazine News – Baghdad The Iraq Development Fund announced today, Saturday, the approval of a new governance, the first of its kind, and while explaining the details of the "rent from investor service", it set a date to start building 400 schools after completing their designs.
The Fund's Executive Director, Mohammed Al-Najjar, said: "The Board of Directors of the Iraq Development Fund holds regular meetings, and the last meeting was exceptional as it included the approval of what is called the new governance that has not been previously discussed in Iraq and the possibility of the fund working in line with other funds around the world," indicating that "governance is required as most projects are investment projects and governance in them will create a transparency issue in the entry and exit of funds."
The First Of Its Kind.. The Iraq Development Fund Announces The Adoption Of New Governance
Economy | 09/21/2024 Mawazine News – Baghdad The Iraq Development Fund announced today, Saturday, the approval of a new governance, the first of its kind, and while explaining the details of the "rent from investor service", it set a date to start building 400 schools after completing their designs.
The Fund's Executive Director, Mohammed Al-Najjar, said: "The Board of Directors of the Iraq Development Fund holds regular meetings, and the last meeting was exceptional as it included the approval of what is called the new governance that has not been previously discussed in Iraq and the possibility of the fund working in line with other funds around the world," indicating that "governance is required as most projects are investment projects and governance in them will create a transparency issue in the entry and exit of funds."
He added that "the second axis discussed the activation of the Dubin Schools Project and the guarantees required from investors in schools to the government or the fund; with the aim of starting the project within a month."
Regarding purchasing services from investors, Al-Najjar stated that "the fund is on its way to activating the rent from investor service, as the school that is built is rented from the investor for ten years and then returns to the state," noting that "the basic idea of this work is that it will enable us to build 10 schools compared to one previously."
He stated, "We started purchasing the cost, which is divided over ten years, in the form of a lease, and this allows the construction of 10 schools at the same time instead of one," noting, "the importance of mobilizing capital from investors and the private sector to achieve profits through leases."
He explained, "This leads to the creation of a large movement of schools that are built at the same time and creates large job opportunities and demand for raw materials and makes the private sector an essential part with the government in implementing strategic projects," noting,
"When the fund was first established, the conversion of dilapidated mud schools and caravans was discussed to be implemented using this system, as their total number, according to available statistics, is 1,750 schools."
He stressed, "The fund will start with the first 400 schools within a month or less because the designs have been completed and the contracts with the consulting companies have been completed, and what remains is to choose the investors capable of implementing the first 400 schools according to international standards."
He stated, "These schools will be environmentally friendly and will be built in areas with little afforestation," noting, "No money will be granted until the school is received, after which the first lease will be granted."
He said, "If we succeed in this service, there are countries and organizations whose funding will be used."
Regarding the presidential palaces in Basra, he pointed out that, "The palaces are located in a very important location and will allow for the presence of structures that greatly serve tourism in Iraq, in addition to the fact that they generate very large resources." https://www.mawazin.net/Details.aspx?jimare=255211
Al-Alaq: We Are Constantly Reviewing The Deletion Of Zeros From The Dinar, And There Are No Restrictions On Our Balances In America
Central Bank Governor Ali Al-Alaq Banks Economy News – Baghdad The Central Bank of Iraq has reduced reliance on the US dollar in commercial transactions, according to the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, adding that the project to remove zeros in Iraq is under continuous review and study at the bank.
Countries remove zeros from their currency to revalue their national currency and simplify financial transactions. This is done by removing a specific number of zeros from the nominal value of the currency, making it appear less inflationary and more stable.
Al-Alaq confirmed, in an extensive interview with Al Jazeera Net, which was reviewed by "Al-Eqtisad News", that the Central Bank responded to global economic challenges, such as rising energy and raw material prices, by amending some monetary policies in line with the international situation and to enhance confidence in the Iraqi dinar and prevent a sharp decline in its value.
He also stressed that the Central Bank of Iraq increased its holdings of foreign exchange and gold reserves to strengthen the country's financial position and financial stability in order to enhance its ability to confront potential economic crises. These are the details of the dialogue:
What steps have you taken to address the crisis of the dollar’s rise against the Iraqi dinar and reduce the gap between the official price and the black market price?
The Central Bank of Iraq has created new mechanisms to cover the accounts of local banks with their senders in other currencies (Chinese yuan, Indian rupee, euro and UAE dirham) in addition to the dollar, which has reduced reliance on the US currency in commercial transactions for the clients of these banks, as the Central Bank seeks to withdraw excess liquidity in the economy that puts pressure on the exchange rate and to prevent the exported currency from growing in an undesirable manner.
What is the status of the country's foreign reserves?
Foreign exchange reserves are the tool used by all central banks to maintain the stability of the local currency exchange rate against foreign currencies, as well as to reduce exposure to external crises by maintaining liquidity in foreign currency to absorb shocks in times of crisis.
The Central Bank of Iraq has a level of reserves that enables it to achieve this stability and provides it with sufficient flexibility to meet the demand for foreign currencies to meet the requirements of the balance of payments and other obligations.
According to the latest data on the level of foreign reserves adequacy, the foreign reserves of the Central Bank of Iraq cover 83.62% of the broad money supply, i.e. covering the cost of importing 15 months, while the global standard rate is 20%, covering 6 months of importing.
However, foreign reserves management faces global and local challenges according to the economic nature of each country and the economic and geopolitical conditions it is going through.
What are the most prominent contributions of the Central Bank of Iraq in supporting the Iraqi economy?
The Central Bank responded to global economic challenges, such as rising energy and raw material prices, by adjusting some monetary policies in line with the international situation and to enhance confidence in the Iraqi dinar and prevent a sharp decline in its value. The Central Bank raised interest rates to counter inflationary pressures resulting from changes in global prices and domestic demand, and issued new instructions to Iraqi banks to control cash liquidity.
The Central Bank of Iraq has increased its holdings of foreign exchange reserves and gold to strengthen the country's financial position and financial stability.
The bank also launched programs and initiatives aimed at increasing financial inclusion, including enhancing the spread of digital banks and online financial services, in addition to the Central Bank of Iraq’s contribution to sustainable development.
It also played an important role in financing economic and development projects by providing soft loans and special financing programs aimed at supporting productive sectors while continuing to finance small and medium enterprises.
Has the banking sector in Iraq been affected by US sanctions imposed on some banks?
The sanctions imposed on banks are related to the decision to ban dealing in dollars, as the banks were not included in the sanctions list issued by the Office of Foreign Assets Control, and therefore the banks’ activities continue, according to the applicable procedures and in all currencies except the dollar.
As for the situation of the Iraqi banking sector, it is experiencing a state of stability, as government banks still control approximately 79% of the total assets of the banking sector, compared to 21% for private banks.
Are there any restrictions on the bank's use of its funds in the United States?
There are no restrictions on our US accounts, taking into account the application of international standards to combat money laundering and terrorist financing in foreign transfers.
What are the reasons for the low rate of bank card usage in Iraq compared to neighboring countries? What are your steps to overcome this situation?
There are major reasons behind the low use of bank cards in Iraq, most notably the preference of many Iraqis to use cash in their daily transactions due to prevailing customs and traditions, in addition to the limited spread of banking services, as a large percentage of the population, especially in rural areas, remains unconnected to banks.
Finally, lack of financial awareness plays a major role in the reluctance to use bank cards.
To address these challenges, we are working to improve and expand our digital infrastructure. In this context, the Central Bank of Iraq has initiated the establishment of a national electronic payment company to encourage the banking and non-banking sectors and public institutions to develop this infrastructure.
The Central Bank, in cooperation with public and private institutions, is organizing awareness campaigns aimed at increasing public knowledge of the benefits of using bank cards and electronic payment methods to enhance confidence in the banking system.
The number of bank cards in 2023 will rise to 19.75 million cards and the number of bank accounts will rise to 13.3 million accounts.
The bank focuses on improving security and increasing transparency, and has created a platform to manage public complaints related to the financial sector, which helps in developing strategies to address any issues facing financial institutions.
It works to encourage financial innovation by supporting the development of services such as electronic wallets, banking applications, and opening digital banks. It is also currently working to launch a national financial inclusion strategy that includes solutions to most of these challenges, in addition to financial awareness programs targeting various segments of Iraqi society.
All of this resulted in both the number of bank cards in 2023 rising to 19.75 million cards and the number of bank accounts rising to 13.3 million accounts.
Where has the digital banking project come from?
The Central Bank of Iraq issued licensing controls for digital banks in Iraq during May of this year, and is in the process of studying the applications submitted in light of the requirements for digital banks, taking into account the risks and limitations related to digital banks, especially with regard to cybersecurity risks.
The main objective of licensing digital banks is to keep pace with developments in the banking environment, as well as to provide diversity in the provision of banking services in light of technological progress that contributes to enhancing financial inclusion by facilitating customers’ access to banking services.
In light of the International Monetary Fund's statement that internal imbalances in Iraq have worsened due to the large financial expansion and the decline in oil... How do you view its demands to correct the financial situation?
Naturally, the country’s dependence on rentier resources leads to bearing the costs of external shocks that are beyond its control, such as negative oil price shocks, and because the country needs more spending than any stable country due to the conditions it has gone through during decades of wars and destruction, which requires increasing spending on infrastructure, which is the basic pillar of the shift towards economic diversification.
All of this has led to pressure on the capabilities of public finance, especially the revenue side, and thus resorting to borrowing. Therefore, we agree with the International Monetary Fund regarding reforming the public finance situation, and the positive effects this has on supporting the independence of monetary policy in achieving its primary goal, which is the stability of the general price level through controlling liquidity levels.
We agree with the International Monetary Fund regarding the reform of public finances, and the positive effects this has on supporting the independence of monetary policy.
Will removing zeros from the dinar destabilize the financial situation in Iraq?
The process of removing zeros from a currency means replacing the old currency with a new one in order to simplify the accounting process between consumers. It is often resorted to by countries that suffer from high inflation and have become unable to deal with paper currencies of very low value.
Many believe that the process of deleting zeros is an economic and monetary reform process and is resorted to in cases of high inflation and currency collapse, which reduces the feeling of economic collapse (a monetary illusion process). However, if this process is not supported by real economic factors and accompanied by radical reforms, it becomes negative.
The project to remove zeros in Iraq is under continuous review and study at the Central Bank of Iraq, taking into consideration the existence of a volume of issued currency that exceeded 100 trillion dinars after it was 6 trillion in 2004, the year following the exchange of the currency that was undesirable and of poor quality.
In addition to a wide cash supply approaching 179 trillion dinars, which requires specialized cadres, especially in the bookkeeping process, which government banks are still suffering from due to the circumstances the country has gone through.
How will Iraq's repayment of all its debts to the International Monetary Fund affect the country's economic situation as a whole?
Iraq’s repayment of all its debts to the International Monetary Fund, accumulated over the years as a result of the Fund’s loan programs to address the economic challenges that Iraq faced in previous years, could have a positive impact in the long term by enhancing credit and improving financial sustainability, in addition to its repercussions on the country’s economic situation through:
Improve Iraq's economic confidence and credit rating and obtain financing on better terms in the future.
Enhancing the confidence of foreign and local investors in the Iraqi government’s ability to meet its financial obligations.
Achieving greater independence for Iraqi economic sovereignty, making the country less vulnerable to external pressures and interference in its economic policies.
Alleviating financial pressures and reducing financial burdens, which reduces pressure on the general budget.
Directing financial resources towards infrastructure and economic development projects and improving the ability to finance development projects.
Reducing pressure on foreign reserves, which has a positive impact on the stability of the currency and the country’s ability to cover its imports and maintain financial and economic stability.
Where have the Central Bank of Iraq's procedures for localizing salaries of employees in the Kurdistan Region of Iraq reached?
We would like to point out that this bank has taken the necessary measures to complete the process of localizing salaries of employees of the Kurdistan Region of Iraq in terms of providing the Federal Court with a list of banks licensed by this bank and operating in the region, and providing the infrastructure and electronic payment systems that support the processes of localizing salaries in the region, which clarifies the controls for opening a bank account and adopting an electronic signature for the same purpose. Views 623 09/21/2024 - https://economy-news.net/content.php?id=47846
Seeds of Wisdom RV and Economic Updates Sunday Morning 9-22-24
Good Morning Dinar Recaps,
Highlights from IOTA Demo Day: Exciting Innovations and Presentations on IOTA EVM
▪️IOTA has shared a highlight of the recent Demo Day program featuring the likes of Qiro Finance, Black Frog, Orobo Finance, Auvo Digital, The Real Lifestyle, and Defa Primitive.
▪️According to the IOTA founder, this program is a huge step towards supporting and mentoring its beneficiaries to impact the ecosystem significantly.
Good Morning Dinar Recaps,
Highlights from IOTA Demo Day: Exciting Innovations and Presentations on IOTA EVM
▪️IOTA has shared a highlight of the recent Demo Day program featuring the likes of Qiro Finance, Black Frog, Orobo Finance, Auvo Digital, The Real Lifestyle, and Defa Primitive.
▪️According to the IOTA founder, this program is a huge step towards supporting and mentoring its beneficiaries to impact the ecosystem significantly.
The much-anticipated Real-World Assets (RWA) Accelerator Demo Day program by IOTA (IOTA) and Tenity was held on September 17 in Singapore with the participation of six finalists selected and supported by the two. As we earlier reported, each finalist got a $50,000 grant as well as mentorship, tools, and networking opportunities.
Soon after the program, IOTA shared a highlight with the community featuring presentations by Qiro Finance, Black Frog, Orobo Finance, Auvo Digital, The Real Lifestyle, and Defa Primitive.
Here’s a recap of the incredible presentations from yesterday’s #IOTA @tenity_global Demo Day! 🌟Let’s dive into the highlights from each team’s journey and the innovations they’re bringing to #IOTAEVM 👇— IOTA (@iota) September 19, 2024
Qiro Finance
According to Qiro Finance’s presentation, it is building an outstanding on-chain private credit marketplace on the IOTA EVM. The idea is to bridge the on-chain investors and the traditional Fintech funding to solve a major problem of rising credit defaults in private credit protocols.
Black Frog
Black Frog’s presentation was centered around the proposal for small-scale miners to capitalize on the mineral market via tokenized assets and provide returns to investors on held commodities.
Researching the background of its provision, CNF observed that the demand for minerals, especially Cobalt, could accelerate considerably with the growing need for a shift to green energy. To enable the industry to meet this need, Black Frog provides financing and credit facilities via loans and bonds on the IOTA platform. Recently, it unveiled a commodity-backed yield-bearing stablecoin to improve the interest offerings on commodities held by small miners.
The Real Lifestyle
According to IOTA, The Real Lifestyle (TRL) provided a comprehensive presentation on its vision of tokenizing and fractionalizing real estate. Fascinatingly, TRL ensures investors are offered fractionalized investment in home ownership and rental properties. In addition to lowering the barrier for real estate investment and triggering financial returns, TRL ensures that liquidity and economic activities are brought to the IOTA EVM.
Orobo Finance
Orobo’s presentation highlighted the importance of digital product passports for the circular economy. It also mentioned several initiatives that have been fully developed and are in the pipeline, ranging from RWA tokenization to sustainability, digital twins, and compliance. Orobo can validate and verify products and materials using the IOTA’s digital product passports.
Auvo Digital
Auvo Digital focuses on digital identity by providing users with a no-code identity management platform to secure on-chain identity. At the program, they displayed their innovative tools for businesses and organizations to enable them to create and manage decentralized identities. According to them, this secures the privacy-focused platform on the IOTA EVM.
Defa Primitive
Defa Primitive spoke about the incredible potential of transforming traditional invoices into RWA tokens. According to them, their initiative unlocks finance for trade logistics, supply chains, and Small and Medium-sized Enterprises (SMEs). On top of that, it provides immeasurable opportunities for on-chain investors to access new opportunities on the IOTA EVM.
Commenting on the initiative for these six finalists, IOTA founder Dom Scheiner disclosed that the support and mentorship provided through the Accelerator Program enhances RWA tokenization growth while ensuring that IOTA EVM users benefit from cutting-edge solutions.
At press time, IOTA (IOTA) was trading at $0.13 after surging by 7.6% in the last 24 hours.
@ Newshounds News™
Source: Crypto News Flash
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CARDANO FOUNDER WARNS TRUMP DEFI VENTURE COULD POLITICIZE CRYPTO LANDSCAPE
Cardano and Ethereum co-founder Charles Hoskinson expressed deep concern over the new DeFi platform venture of former President Donald Trump known as World Liberty Financial.
Speaking in interviews, Hoskinson said the venture is likely to turn into a political flashpoint. This might add to the already delicate situation surrounding regulation of cryptocurrencies in the United States.
Through his comments, the executive expressed an emerging discomfort about seeing how politics is penetrating into the digital finance world from the top echelons of the industry.
Trump: Political Polarization And Crypto
The biggest fear Hoskinson has is political polarization due to Trump in crypto. According to him, “Everything Trump does, the left hates with such a passion,” suggesting that Trump’s actions might provoke a backlash from Democrats.
This could result in investigations by regulatory bodies like the Department of Justice or the Securities and Exchange Commission, potentially stifling innovation and growth within the industry.
According to the Cardano founder, although Trump presents himself as a pro-crypto candidate, the history of high staff turnover at the White House raises all kinds of concerns in regards to his ability to create a clear policy for cryptocurrency.
Moreover, Hoskinson criticized both Trump and Vice President Kamala Harris for failing to present a vision for the future of crypto in America. He believes that neither leader demonstrates enough sophistication in understanding the complexity surrounding regulation of cryptocurrency.
This is particularly alarming because both are positioning themselves for positions of leadership in America at a time when adoption of cryptocurrency across the world is increasing geometrically.
Implications For The Crypto Sector
The potential politicization of World Liberty Financial could have far-reaching implications for the entire crypto sector. Hoskinson emphasized that this platform might transform what has traditionally been a bipartisan issue into a divisive one.
Hoskinson warned that if Democrats feel threatened by Trump’s DeFi initiative, they might use governmental powers to choke it. This could make most of the crypto projects go offshore where regulatory environments could be more conducive.
Despite those risks, Hoskinson mentioned a couple of positive aspects to Trump’s approach on crypto. He said that the recent outreach by Trump toward the crypto community attracted influential investors and advocates within the industry. However, he remains cautious about whether this support will translate into effective policies if Trump returns to power.
Future Prospects For Digital Currencies
Looking ahead, Hoskinson said that the key thing is establishing a clear regulatory framework to encourage growth in the US crypto market. He thinks that if America could create an environment conducive to innovation, this could end up adding trillions of dollars to the country’s economy within the next decade.
To the contrary, he says other regions such as Singapore and parts of Europe are moving ahead with crypto-friendly regulations while the US lags behind.
Accordingly, players in the crypto field will need to be very vigilant about the way things progress politically as World Liberty Financial builds up to its launch. Success or failure of this project could set monumental precedent for subsequent crypto projects in America.
The bottom line is going to depend on whether or not both political parties learn to engage with this space of rapid change.
This warning from Charles Hoskinson reflects bigger concerns within the cryptocurrency community that international political affiliations should not influence regulatory policies. As Trump’s DeFi plans take shape, all eyes will be on how they impact not just his political ambitions but also the future viability of cryptocurrencies in America.
@ Newshounds News™
Source: Bitcoinist
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AUDIO - A MUST HEAR! DO YOU WANT TO GO HOME? WHO ARE YOU? | Youtube
Jim educates us on our history and the CONtracts that have been hidden from us to show how we got to where we are since the days of Lincoln and the Civil War. A must to listen to.
@ Newshounds News™
Source: Seeds of Wisdom Team Currency Facts
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Seeds of Wisdom RV and Economic Updates Saturday Afternoon 9-21-24
Good Afternoon Dinar Recaps,
US PAYING $1,157,762,000,000 IN INTEREST ON NATIONAL DEBT IN ONE YEAR, SAYS TREASURY DEPARTMENT, AS ELON MUSK WARNS GOVERNMENT ‘WHISTLING PAST THE GRAVEYARD’
The US Treasury Department says it expects to pay a whopping $1.157762 trillion in interest on the national debt for the fiscal year 2024.
The interest represents the cost of borrowing money, which the government does by issuing Treasury bonds, bills and other securities.
Good Afternoon Dinar Recaps,
US PAYING $1,157,762,000,000 IN INTEREST ON NATIONAL DEBT IN ONE YEAR, SAYS TREASURY DEPARTMENT, AS ELON MUSK WARNS GOVERNMENT ‘WHISTLING PAST THE GRAVEYARD’
The US Treasury Department says it expects to pay a whopping $1.157762 trillion in interest on the national debt for the fiscal year 2024.
The interest represents the cost of borrowing money, which the government does by issuing Treasury bonds, bills and other securities.
Interest payments have already totaled $1.05 trillion as of August, and the remaining payments will be added in by the end of the month as the fiscal year comes to a close.
The Treasury Department says interest on the debt is expected to be the country’s third-largest expense this fiscal year just behind the Department of Health and Human Services (Medicare and Medicaid) and Social Security Administration at $1.727 trillion and $1.520 trillion, respectively.
The updated numbers come as billionaire Elon Musk issues a warning on the growing deficit and debt, which has now reached $35.3276 trillion.
In a panel interview at the All-In Summit 2024, Musk said he believes the government is projecting confidence while in a dire situation.
“Everyone seems to be sort of whistling past the graveyard on this one… The Defense Department budget is a very big budget. It’s a trillion dollars a year – DoD (Department of Defense), intel – it’s a trillion dollars. And interest payments on the national debt just exceeded the Defense Department budget. They’re over a trillion dollars a year just in interest and rising.
We’re adding a trillion dollars to our debt, which our kids and grandkids are going to have to pay somehow, every three months. Soon it’s going to be every two months and then every month.
And then the only thing that we’ll be able to pay is interest.”
The national debt jumped by about $1.337 trillion from January 1st until now.
This means the debt has actually increased by around $445.67 billion every three months on average.
@ Newshounds News™
Source: DailyHodl
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SEC GREENLIGHTS OPTIONS TRADING FOR BLACKROCK’S ISHARES BITCOIN TRUST
The U.S. Securities and Exchange Commission granted approval for Nasdaq to list and trade options on BlackRock’s iShares Bitcoin Trust.
Per the details shared in the official filing on Sept. 20, the SEC’s approval comes after a lengthy review process that started on Jan. 9, 2024. That was when Nasdaq initially filed the proposal to trade options on exchange-traded products.
Nasdaq consistently followed up on its proposal with multiple amendments, which began on Jan 11. Over the following months, the exchange submitted additional amendments and information regarding IBIT and other Bitcoin-based ETPs.
SEC’s approval involved multiple stages of review
After almost eight months of review, the SEC finally gave the greenlight for Nasdaq’s proposal. The commission stated that the exchange even proposed to modify its rules to list and trade options on IBIT.
According to the official filing, options on IBIT will be physically settled with American-style exercise. Nasdaq also highlighted that IBIT options will be under the exchange’s continued listing standards.
“Options on IBIT will be subject to the Exchange rules that currently apply to the listing and trading of all ETF options on the Exchange,” the filing reads.
Crypto analysts say decision is bullish
Reacting to the SEC’s decision, several key crypto traders and analysts took to X to share their opinion. Crypto trader Ash Crypto tweeted that this is ultra bullish.
Senior ETF analyst Eric Balchunas also shared details of the approval on X. Balchunas tweeted his assumption that others will be approved in short order.
Balchunas also pinpointed this as a huge win for the Bitcoin ETFs, stating that this will attract more liquidity. However, he highlighted the fact that this is “just one stage of approval.”
The proposal still needs approval from the OCC and CFTC before the official listing.
“I’m assuming others will be approved in short order,” Balchunas added, calling it a “huge win” for Bitcoin ETFs “as it will attract more liquidity which will in turn attract more big fish.”
@ Newshounds News™
Source: Crypto News
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TRUMP DEBUTS EXCLUSIVE SILVER COIN—DESIGNED BY TRUMP, MINTED IN AMERICA
Trump's new silver coin is not an investment tool.
Key Takeaways
▪️The Trump commemorative coin is designed by Donald Trump and is not intended for investment purposes.
▪️The coin features high-quality silver with a proof finish and comes with a certificate of authenticity.
Former US President Donald Trump has announced the launch of his first officially authorized commemorative silver coin, named “TRUMP COINS.” Priced at $100, the coin is designed by Trump himself and is minted in the US.
The item features 99.9% purity and a proof finish, marking it as the highest standard in collectible medals. It showcases a portrait of Trump on the front and the White House on the reverse. Each piece is encased in a premium custom felt pouch and includes a certificate of authenticity.
“This is a 1oz .999% silver medallion and struck with a proof finish featuring our 45th President’s profile on the obverse and the White House on the reverse,” as described on the initiative’s official website. RealTrumpCoins . com
The coin will be available for purchase starting September 25 and is not intended as a legal tender or an investment tool.
“The coins are intended as collectible items for individual enjoyment only, and not for investment purposes. The coins are not political and have nothing to do with any political campaign,” as noted in the descriptions.
Enthusiasts can join the waitlist to purchase this exclusive item at the project’s official website.
@ Newshounds News™
Source: Crypto Briefing
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RIPPLE NEWS: CEO BRAD GARLINGHOUSE ISSUES GRAVE WARNING TO XRP USERS AMID GROWING SCAMS
India’s Supreme Court YouTube channel was hacked on Friday, causing a disruption in its usual livestream of court hearings. Instead of showing the constitutional bench proceedings, the channel showed videos promoting XRP, a cryptocurrency developed by Ripple Labs.
One specific video was titled “Brad Garlinghouse Ripple Responds to SEC’s $2 Billion Fine,” but it only featured a blank screen. This comes as the FBI recently reported that Americans lost approximately $5.6 billion to cryptocurrency scams in 2023.
Ripple CEO Brad Garlinghouse immediately took to his X handle and reacted to the news. The CEO expressed disappointment and wrote, Unfort this feels like my annual PSA (and yes, I sound like a broken record): @Ripple and execs will NEVER ask you to send us XRP.
It’s pathetic to see scammers prey on & exploit innocent crypto users, and the ease at which social media platforms allow it to happen. Stop, spot, avoid – protect yourself.”
Ripple took legal measures to address the increasing number of scams. In April 2020, Ripple filed a lawsuit against YouTube, claiming the platform did not do enough to stop fraudulent cryptocurrency promotions. The case was settled in 2021, but Garlinghouse has remained an advocate for stronger safeguards on social media platforms.
This incident marks the first time the court’s YouTube channel, active since 2018 for broadcasting key hearings, has been compromised. The channel has played a crucial role in live-streaming important cases.
Following the breach, the Supreme Court administration has launched a formal investigation. As a precaution, the YouTube channel was disabled to prevent further unauthorized access and the potential spread of misinformation.
@ Newshounds News™
Source: Coinpedia
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⚡️BREAKING NEWS:BILLION DOLLAR BANK BNY SET TO CUSTODY BITCOIN (BTC) THE FIRST BANK IN U.S. HISTORY | Youtube
@ Newshounds News™
Source: Seeds of Wisdom Team Currency Facts
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Some “BRICS News” Saturday 9-21-2024
BRICS Intra-bank System Shocked the World Bank: Is It the End of Dollar?
Fastepo: 9-20-2024
In recent weeks, BRICS has made considerable strides, underlining its expanding influence on the global stage in both financial systems and its growing membership.
This video delves into the latest key developments within the BRICS bloc, from the launch of a new intra-bank settlement system to streamline cross-border transactions, to the surge in trade volumes among member nations.
BRICS Intra-bank System Shocked the World Bank: Is It the End of Dollar?
Fastepo: 9-20-2024
In recent weeks, BRICS has made considerable strides, underlining its expanding influence on the global stage in both financial systems and its growing membership.
This video delves into the latest key developments within the BRICS bloc, from the launch of a new intra-bank settlement system to streamline cross-border transactions, to the surge in trade volumes among member nations.
We also discuss the growing number of countries applying for membership, reflecting BRICS' rising appeal as a counterbalance to Western-led economic institutions.
One of the significant updates involves the formal integration of Algeria into the BRICS New Development Bank (NDB). Algeria's membership reflects BRICS' ongoing effort to strengthen its financial institutions and provide alternatives to Western-dominated bodies like the IMF and World Bank.
This move also aligns with BRICS' broader aim of diversifying economic partnerships and reducing dependency on the U.S. dollar.
Another major news about BRICS is the Launch of Intrabank system.
Russia and Iran have significantly deepened their economic ties by linking their national payment systems—Russia's SPFS (System for Transfer of Financial Messages) and Iran's SEPAM (System for Electronic Payment Messaging).
This integration allows the two nations to conduct financial transactions in their own currencies, the ruble and rial, bypassing the U.S. dollar and the SWIFT network. This shift is part of a broader effort to enhance economic sovereignty and circumvent Western sanctions, which have heavily restricted both countries' access to international financial systems.
BRICS Confirms 159 Participants Will Adopt New Payment System
Afro Page: 9-21-2024
Breaking news: BRICS has officially confirmed that 159 countries will be adopting a new global payment system, revolutionizing international finance! In this video, we dive into how this new system aims to reduce reliance on traditional currencies like the US dollar, strengthen economic ties among BRICS nations, and reshape the global economy.
Learn what this means for international trade, the financial market, and how it could impact the future of global transactions.
Al-Alaq: We are constantly reviewing the deletion of zeros from the dinar, and there are no restrictions on our balances in America
KTFA
Clare: Al-Alaq: We are constantly reviewing the deletion of zeros from the dinar, and there are no restrictions on our balances in America
9/21/2024Baghdad
The Central Bank of Iraq has reduced reliance on the US dollar in commercial transactions, according to the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, adding that the project to remove zeros in Iraq is under continuous review and study at the bank.
Countries remove zeros from their currency to revalue their national currency and simplify financial transactions. This is done by removing a specific number of zeros from the nominal value of the currency, making it appear less inflationary and more stable.
KTFA
Clare: Al-Alaq: We are constantly reviewing the deletion of zeros from the dinar, and there are no restrictions on our balances in America
9/21/2024Baghdad
The Central Bank of Iraq has reduced reliance on the US dollar in commercial transactions, according to the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, adding that the project to remove zeros in Iraq is under continuous review and study at the bank.
Countries remove zeros from their currency to revalue their national currency and simplify financial transactions. This is done by removing a specific number of zeros from the nominal value of the currency, making it appear less inflationary and more stable.
Al-Alaq confirmed, in an extensive interview with Al Jazeera Net, which was reviewed by "Al-Eqtisad News", that the Central Bank responded to global economic challenges, such as rising energy and raw material prices, by amending some monetary policies in line with the international situation and to enhance confidence in the Iraqi dinar and prevent a sharp decline in its value.
He also stressed that the Central Bank of Iraq increased its holdings of foreign exchange and gold reserves to strengthen the country's financial position and financial stability in order to enhance its ability to confront potential economic crises. These are the details of the dialogue:
What steps have you taken to address the crisis of the dollar’s rise against the Iraqi dinar and reduce the gap between the official price and the black market price?
The Central Bank of Iraq has created new mechanisms to cover the accounts of local banks with their senders in other currencies (Chinese yuan, Indian rupee, euro and UAE dirham) in addition to the dollar, which has reduced reliance on the US currency in commercial transactions for the clients of these banks, as the Central Bank seeks to withdraw excess liquidity in the economy that puts pressure on the exchange rate and to prevent the exported currency from growing in an undesirable manner.
What is the status of the country's foreign reserves?
Foreign exchange reserves are the tool used by all central banks to maintain the stability of the local currency exchange rate against foreign currencies, as well as to reduce exposure to external crises by maintaining liquidity in foreign currency to absorb shocks in times of crisis.
The Central Bank of Iraq has a level of reserves that enables it to achieve this stability and provides it with sufficient flexibility to meet the demand for foreign currencies to meet the requirements of the balance of payments and other obligations.
According to the latest data on the level of foreign reserves adequacy, the foreign reserves of the Central Bank of Iraq cover 83.62% of the broad money supply, i.e. covering the cost of importing 15 months, while the global standard rate is 20%, covering 6 months of importing.
However, foreign reserves management faces global and local challenges according to the economic nature of each country and the economic and geopolitical conditions it is going through.
What are the most prominent contributions of the Central Bank of Iraq in supporting the Iraqi economy?
The Central Bank responded to global economic challenges, such as rising energy and raw material prices, by adjusting some monetary policies in line with the international situation and to enhance confidence in the Iraqi dinar and prevent a sharp decline in its value. The Central Bank raised interest rates to counter inflationary pressures resulting from changes in global prices and domestic demand, and issued new instructions to Iraqi banks to control cash liquidity.
The Central Bank of Iraq has increased its holdings of foreign exchange reserves and gold to strengthen the country's financial position and financial stability.
The bank also launched programs and initiatives aimed at increasing financial inclusion, including enhancing the spread of digital banks and online financial services, in addition to the Central Bank of Iraq’s contribution to sustainable development.
It also played an important role in financing economic and development projects by providing soft loans and special financing programs aimed at supporting productive sectors while continuing to finance small and medium enterprises.
Has the banking sector in Iraq been affected by US sanctions imposed on some banks?
The sanctions imposed on banks are related to the decision to ban dealing in dollars, as the banks were not included in the sanctions list issued by the Office of Foreign Assets Control, and therefore the banks’ activities continue, according to the applicable procedures and in all currencies except the dollar.
As for the situation of the Iraqi banking sector, it is experiencing a state of stability, as government banks still control approximately 79% of the total assets of the banking sector, compared to 21% for private banks.
Are there any restrictions on the bank's use of its funds in the United States?
There are no restrictions on our US accounts, taking into account the application of international standards to combat money laundering and terrorist financing in foreign transfers.
What are the reasons for the low rate of bank card usage in Iraq compared to neighboring countries? What are your steps to overcome this situation?
There are major reasons behind the low use of bank cards in Iraq, most notably the preference of many Iraqis to use cash in their daily transactions due to prevailing customs and traditions, in addition to the limited spread of banking services, as a large percentage of the population, especially in rural areas, remains unconnected to banks.
Finally, lack of financial awareness plays a major role in the reluctance to use bank cards.
To address these challenges, we are working to improve and expand our digital infrastructure. In this context, the Central Bank of Iraq has initiated the establishment of a national electronic payment company to encourage the banking and non-banking sectors and public institutions to develop this infrastructure.
The Central Bank, in cooperation with public and private institutions, is organizing awareness campaigns aimed at increasing public knowledge of the benefits of using bank cards and electronic payment methods to enhance confidence in the banking system.
The number of bank cards in 2023 will rise to 19.75 million cards and the number of bank accounts will rise to 13.3 million accounts.
The bank focuses on improving security and increasing transparency, and has created a platform to manage public complaints related to the financial sector, which helps in developing strategies to address any issues facing financial institutions.
It works to encourage financial innovation by supporting the development of services such as electronic wallets, banking applications, and opening digital banks. It is also currently working to launch a national financial inclusion strategy that includes solutions to most of these challenges, in addition to financial awareness programs targeting various segments of Iraqi society.
All of this resulted in both the number of bank cards in 2023 rising to 19.75 million cards and the number of bank accounts rising to 13.3 million accounts.
Where has the digital banking project come from?
The Central Bank of Iraq issued licensing controls for digital banks in Iraq during May of this year, and is in the process of studying the applications submitted in light of the requirements for digital banks, taking into account the risks and limitations related to digital banks, especially with regard to cybersecurity risks.
The main objective of licensing digital banks is to keep pace with developments in the banking environment, as well as to provide diversity in the provision of banking services in light of technological progress that contributes to enhancing financial inclusion by facilitating customers’ access to banking services.
In light of the International Monetary Fund's statement that internal imbalances in Iraq have worsened due to the large financial expansion and the decline in oil... How do you view its demands to correct the financial situation?
Naturally, the country’s dependence on rentier resources leads to bearing the costs of external shocks that are beyond its control, such as negative oil price shocks, and because the country needs more spending than any stable country due to the conditions it has gone through during decades of wars and destruction, which requires increasing spending on infrastructure, which is the basic pillar of the shift towards economic diversification.
All of this has led to pressure on the capabilities of public finance, especially the revenue side, and thus resorting to borrowing. Therefore, we agree with the International Monetary Fund regarding reforming the public finance situation, and the positive effects this has on supporting the independence of monetary policy in achieving its primary goal, which is the stability of the general price level through controlling liquidity levels.
We agree with the International Monetary Fund regarding the reform of public finances, and the positive effects this has on supporting the independence of monetary policy.
Will removing zeros from the dinar destabilize the financial situation in Iraq?
The process of removing zeros from a currency means replacing the old currency with a new one in order to simplify the accounting process between consumers. It is often resorted to by countries that suffer from high inflation and have become unable to deal with paper currencies of very low value.
Many believe that the process of deleting zeros is an economic and monetary reform process and is resorted to in cases of high inflation and currency collapse, which reduces the feeling of economic collapse (a monetary illusion process). However, if this process is not supported by real economic factors and accompanied by radical reforms, it becomes negative.
The project to remove zeros in Iraq is under continuous review and study at the Central Bank of Iraq, taking into consideration the existence of a volume of issued currency that exceeded 100 trillion dinars after it was 6 trillion in 2004, the year following the exchange of the currency that was undesirable and of poor quality.
In addition to a wide cash supply approaching 179 trillion dinars, which requires specialized cadres, especially in the bookkeeping process, which government banks are still suffering from due to the circumstances the country has gone through.
How will Iraq's repayment of all its debts to the International Monetary Fund affect the country's economic situation as a whole?
Iraq’s repayment of all its debts to the International Monetary Fund, accumulated over the years as a result of the Fund’s loan programs to address the economic challenges that Iraq faced in previous years, could have a positive impact in the long term by enhancing credit and improving financial sustainability, in addition to its repercussions on the country’s economic situation through:
Improve Iraq's economic confidence and credit rating and obtain financing on better terms in the future.
Enhancing the confidence of foreign and local investors in the Iraqi government’s ability to meet its financial obligations.
Achieving greater independence for Iraqi economic sovereignty, making the country less vulnerable to external pressures and interference in its economic policies.
Alleviating financial pressures and reducing financial burdens, which reduces pressure on the general budget.
Directing financial resources towards infrastructure and economic development projects and improving the ability to finance development projects.
Reducing pressure on foreign reserves, which has a positive impact on the stability of the currency and the country’s ability to cover its imports and maintain financial and economic stability.
Where have the Central Bank of Iraq's procedures for localizing salaries of employees in the Kurdistan Region of Iraq reached?
We would like to point out that this bank has taken the necessary measures to complete the process of localizing salaries of employees of the Kurdistan Region of Iraq in terms of providing the Federal Court with a list of banks licensed by this bank and operating in the region, and providing the infrastructure and electronic payment systems that support the processes of localizing salaries in the region, which clarifies the controls for opening a bank account and adopting an electronic signature for the same purpose. LINK
Iraq News Highlights and Points To Ponder Saturday Afternoon 9-21-24
Government Confirms Its Adoption Of A "Constructive Economic Policy"
Time: 2024/09/20 Read: 1,820 times {Politics: Al Furat News} Prime Minister Mohammed Shia Al-Sudani met today, Friday, with the head of the Victory Coalition, Haider Al-Abadi, where the meeting witnessed discussions on a number of issues and files related to the work of the legislative and executive authorities. The two sides reviewed "ways to enhance cooperation and accelerate the basic requirements for implementing the government program in various fields."
During the meeting, Al-Sudani stressed that the government is adopting a constructive economic policy, improving the level of services that citizens receive from state agencies, alleviating their suffering, and completing the infrastructure that will provide an additional boost to development projects at various levels.
Government Confirms Its Adoption Of A "Constructive Economic Policy"
Time: 2024/09/20 Read: 1,820 times {Politics: Al Furat News} Prime Minister Mohammed Shia Al-Sudani met today, Friday, with the head of the Victory Coalition, Haider Al-Abadi, where the meeting witnessed discussions on a number of issues and files related to the work of the legislative and executive authorities. The two sides reviewed "ways to enhance cooperation and accelerate the basic requirements for implementing the government program in various fields."
During the meeting, Al-Sudani stressed that the government is adopting a constructive economic policy, improving the level of services that citizens receive from state agencies, alleviating their suffering, and completing the infrastructure that will provide an additional boost to development projects at various levels. LINK
Oil And Gas Parliamentary: There Is A Major Failure In The Work Of The Internal Control Department At The Ministry Of Oil
Politics, Security and Economy September 20, 2024 The Parliamentary Oil and Gas Committee identified a major failure and a number of observations regarding the work of the Director of the Internal Control Department at the Ministry of Oil.
The committee’s spokesman, Ali Shaddad, told Al-Mirbad that his committee hosted the director of the Internal Control Department at the Ministry of Oil, and after directing a number of questions to him, it became clear that there were many delays in the work of the department, and it had become one of the departments that repelled cadres specialized in internal control, despite the fact that they were cadres who had undergone important training and were linked to financial control.
However, there were 35 employees who left the Internal Control Department during the current director’s tenure, and it is not easy to dispense with them.
Shaddad added that a number of questions were put to the director regarding suspicions of corruption in some contracts that were flagged by the Federal Financial Supervision Bureau, in addition to the failure of the Director of Special Supervision to adhere to the directives of the Minister of Oil, so the work in the department began to decline despite the importance of its work.
Pointing out that the Parliamentary Oil Committee decided that this hosting would be open until the next session, which will be determined later by the Oil and Gas Committee. https://www.al-mirbad.com/detail/167165#hathalyoum
It Is Due To Iran And Russia.. Iraq And Saudi Arabia Have Fallen From The Top Oil Exporters To China
2024-09-21 03:34 Shafaq News/ The "Iraq Al-Mustaqbal" Foundation for Economic Studies and Consultations attributed, on Saturday, the reason for the decline of both Iraq and Saudi Arabia from the ranks of the largest oil exporters to China to the incentives provided by the Russians and Iranians to increase the purchase of their raw materials.
The institution stated in a report published today that Russia acquired 22% of China's oil imports in August 2024, at prices less than 6% of the average purchase prices.
He added that the Iranians, through Malaysia, acquired 17% of China's oil imports and less than 10% of the average price, which pushed both Iraq and Saudi Arabia to fall from the position of the largest exporters of crude oil to China, which is the largest market.
According to the institution's report, during last July, the average price of Russian oil was less than 4% of the average price, while the average price of Iranian oil was less than 7.5%, meaning that both parties increased their incentives to China to continue China's dependence on the oil of the two countries, even if at prices lower than the offered rates.
The institution attached to its report a detailed table on oil sales to countries that deal with China, as listed below: LINK
Escalating Demands To Expose Corruption In Iraqi Ports: A Threat To The National Economy
Posted On 2024-09-21 By Sotaliraq The Iraqi arena is witnessing increasing demands to uncover corruption files in Iraqi ports, as these ports are among the most important vital facilities for the Iraqi economy.
Suspicions have increased about financial and administrative irregularities in import and export operations, which have negatively affected government revenues.
Political and parliamentary parties are demanding transparent investigations to uncover those involved and hold them accountable, considering that corruption in these institutions contributes to the deterioration of the economic situation and hinders development and reform plans.
This comes at a time when Iraq is seeking to strengthen financial oversight and achieve transparency in government institutions.
Independent MP Yasser Al-Hussaini says, “The most dangerous corruption file in the Iraqi government is the file of the General Company for Iraqi Ports, where there is a waste of money and a lack of engagement with the voices calling for stopping this corruption.”
He added, "The government has ignored the ports corruption file, although the ministerial program stipulates combating corruption, as there are corruption files that will not be investigated even with the end of the current government's term, especially in the General Ports Company."
Al-Hussaini calls on the government to “pay attention to the voices calling for withdrawing the current management of the aforementioned company, and to open a fair judicial investigation to look into the number of identified violations.”
For his part, the head of the Parliamentary Security and Defense Committee, Karim Aliwi Al-Muhammadawi, revealed suspicions of corruption in the manipulation of types of cars and customs clearance at ports and border crossings.
Al-Muhammadawi says, “There is a lack of oversight operations and a lack of coordination between the security and oversight agencies within the Iraqi ports and border crossings, as the competent oversight agencies are required to play their role in reducing suspicions of corruption and preserving public money.”
In this context, MP Alaa Al-Haidari, a member of the Iraqi Ports Corruption Investigation Committee, said: “We were surprised to find a shipment of about 20,000 tons of yellow corn that was rotten and spoiled inside a ship coming from Australia. There were approvals from some government agencies to unload this shipment, so we were surprised to find about 6,000 tons of yellow corn unloaded in the warehouses of a Turkish factory used to receive cooking oil in the port of Umm Qasr.”
He added: “We found that the contract included that the yellow corn coming from Australia was used for oil, and after it was spoiled, its quality was changed to animal feed because it was exposed to rot. After examining this material, it became clear that it was not suitable for animal feed, nor was it suitable as cooking oil.”
He explained: “The opinion of the Parliamentary Order 160 Committee to investigate port corruption was to reserve and inform the Director of the Southern Ports and the Customs Administration not to unload the remaining shipment from these warehouses,
but the information received indicates that approximately 14 thousand tons of this damaged shipment were unloaded from these warehouses,” stressing that “every party that gave approval to unload this shipment will bear responsibility for negligence, and an investigation will be opened into this dangerous file.”
It is noteworthy that the Ministry of Finance and the Customs Authority are seriously seeking to make new progress in implementing the “ASYCUDA” system in the Grand Welcome Square at Basra Ports in rapid procedures to generalize information technology and limit commercial transactions electronically as is happening in more than 80 countries around the world.
At the beginning of 2024, the Iraqi General Customs Authority announced that its revenues during the past year amounted to one trillion, 33 billion, 765 million, 697 thousand, 521 Iraqi dinars, an increase of 28 percent, compared to 2022, expressing its hope to maximize its revenues during 2024 after completing the implementation of electronic systems in all customs centers. LINK
Is Next Phase of Global Monetary Reset Coming in October? What It Means for US Dollar
Is Next Phase of Global Monetary Reset Coming in October? What It Means for US Dollar
Kitco News: 9-21-2024
Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News, interviews Jon Forrest Little, Founder and Director of Content at Silver Academy, who breaks down the history of global reserve currency cycles. Little weighs in on the accelerating de-dollarization trend and warns that the next phase of the global monetary reset is fast approaching.
He explains what to expect at the BRICS Plus annual summit taking place in Kazan, Russia, on October 22-24. Little also shares his insights on the gold-backed currency, known as the Unit, which the BRICS is reportedly said to announce at the summit.
Is Next Phase of Global Monetary Reset Coming in October? What It Means for US Dollar
Kitco News: 9-21-2024
Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News, interviews Jon Forrest Little, Founder and Director of Content at Silver Academy, who breaks down the history of global reserve currency cycles. Little weighs in on the accelerating de-dollarization trend and warns that the next phase of the global monetary reset is fast approaching.
He explains what to expect at the BRICS Plus annual summit taking place in Kazan, Russia, on October 22-24. Little also shares his insights on the gold-backed currency, known as the Unit, which the BRICS is reportedly said to announce at the summit.
He also explains the role of Project mBridge – the multi-CBDC global payment platform.
Little explores the likely U.S. pushback to the de-dollarization trend, the future of global reserve currencies, and the role gold plays.
Coming Up
00:56 Introduction: BRICS Plus Update
04:33 Historical Cycles: Currency Resets
09:27 The US Dollar's Dominance and Challenges
17:35 Central Banks' Gold Rush
22:22 BRICS' Gold-Backed Unit Currency
35:33 Project MBridge and BRICS Currency
37:43 Gold’s Role
41:03 Saudi Arabia and Why Its Role Is Important
44:35 US Pushback Against De-dollarization
50:44 Potential Gold Standard Revival
59:14 Future of Global Reserve Currencies
01:02:11 Gold Price Forecast
“Tidbits From TNT” Saturday 9-21-2024
TNT:
Tishwash: In the past 20 days, Iraq lost enough money to build a new power station or a luxury residential complex
About 20 days have passed since the start of the decline in oil prices, which has sparked fears about the size of the loss that Iraq, which is heavily dependent on oil, will incur , and the possibility of its impact on salaries.
While assurances were issued that salaries would not be affected by this level of the current decline in oil prices, as salaries could be provided even if the price of oil reached $60 per barrel,IraqIt actually suffered a huge loss during September for two reasons compared to previous months.
TNT:
Tishwash: In the past 20 days, Iraq lost enough money to build a new power station or a luxury residential complex
About 20 days have passed since the start of the decline in oil prices, which has sparked fears about the size of the loss that Iraq, which is heavily dependent on oil, will incur , and the possibility of its impact on salaries.
While assurances were issued that salaries would not be affected by this level of the current decline in oil prices, as salaries could be provided even if the price of oil reached $60 per barrel,IraqIt actually suffered a huge loss during September for two reasons compared to previous months.
And I did Alsumaria NewsReview of short and long term average prices for the past period and calculations to see how much you lost.Iraq Over the past few days.
It turned out that the prices of Iraqi oil during the fifth months until the end of the seventh were ranging at an average of between $88 and $79 per barrel as a minimum, which means that on average the price of a barrel of Iraqi oil can be considered to be $84 per barrel as a minimum, but in August the average price of a barrel became $75 per barrel.
Since the beginning of September until now, the average price of a barrel of Iraqi oil can be calculated at $70, which means that it has lost an average of $14 per barrel compared to the average price during the past months.
Accordingly, while issuingIraq3.3 million barrels in September according to the OPEC agreement, which means thatIraqHe lost about $925 million in the last 20 days alone.
At the same time, he wasIraqIssuedmoreFrom 3.4 million barrels in August and July, but in September its exports decreased to 3.3 million barrels, which is another matter that caused a loss for Iraq, in response to compensating for the surplus production.Iraq During the past months according to the OPEC agreement.
And by calculating the export loss of 100 thousand barrels per day, the loss will be Iraq Over the past 20 days, it has amounted to $140 million, in addition to the loss of $925 million from the decline in oil prices. This means that Iraq lost in 20 days more One billion dollars.
That's enough .The number billion dollar constructionPower station with capacity moreFrom 1500 MW, or construction Luxury residential complex as one of the projects Residential in Baghdad With a capacity of more than 60 thousand housing units with large tourist facilities. link
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Tishwash: Government advisor expects oil prices to rise to $90 by the end of the year
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, expects oil prices to rise for the rest of this year 2024.
Saleh told Al Furat News Agency that "the decisions to reduce OPEC+ countries' production quotas by 2.2 million barrels of crude oil per day are among the main factors in the current positive impact that has gradually led to an improvement in oil prices in the world after the wave of decline witnessed in the past weeks, which coincided with the wave of severe decline faced by global financial markets, in addition to the widespread concerns about global economic growth in general and the Chinese economy in particular."
He added, "Despite this, OPEC and OPEC+ in particular are still cautious in managing supply, as previous expectations of increased oil production on the one hand and the varying expectations regarding the growth of global demand for oil on the other hand have kept prices somewhat volatile."
“Currently, oil prices, especially Brent oil, are fluctuating today at around $74-75 per barrel for futures contracts, taking into account the importance of seasonal and market effects that have begun to maintain significant increases, although they are currently moderate, as the approach of winter can usually lead to a slight increase in global oil prices. This is due to the increase in demand for heating fuels such as natural gas and other heating fuels, especially in colder regions such as Europe and North America,” Saleh continued.
“As temperatures drop, households and industries demand more energy to keep warm, increasing consumption of oil-based products. Thus, as the Russian-Ukrainian war continues and winter sets in, energy markets are rightly expecting a rise in demand for energy (oil and gas in particular) and the possibility of upward price adjustments in the contractual months leading up to winter,” he noted.
“Starting from September 2024, as we mentioned earlier, the total production cuts implemented by OPEC+ countries will amount to about 2.2 million barrels per day. These cuts are part of a broader effort to stabilize global oil prices amid fluctuations in demand and market conditions, with Saudi Arabia contributing a significant cut of 1 million barrels per day, while other countries, notably Iraq, the United Arab Emirates, Kuwait, Algeria, Kazakhstan and Oman, also implemented cuts ranging from 42,000 to 223,000 barrels per day, while Russia reduced its oil exports by 500,000 barrels per day, of crude oil and refined products,” the government advisor said.
“Based on the above, oil prices are expected to remain high for the rest of 2024, with many global oil forecasts indicating that the average price of Brent crude could range around $85 to $90 per barrel by the end of this year. Higher price levels will reflect the impact of supply cuts, which will help tighten global oil markets and eliminate any oil glut, even as demand remains somewhat weak due to the economic slowdown in some aspects of global growth, especially growth problems in the Chinese economy,” Saleh said. link
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Tishwash: Al-Sudani heads to New York to participate in UN General Assembly meetings
Prime Minister Mohammed Shia Al-Sudani will head to New York tomorrow, Saturday, to participate in the meetings of the 79th session of the United Nations General Assembly .
Al-Sudani's media office said in a statement received by "Baghdad Today" that the latter "will leave tomorrow, Saturday, heading to New York, at the head of the official delegation participating in the meetings of the United Nations General Assembly in its seventy-ninth session ."
He added, "He will deliver Iraq's speech before the General Assembly, and he will also deliver a speech at the Future Summit, in which many heads of state and presidents will participate, and which is concerned with enhancing cooperation, facing challenges, and affirming commitments ."
He added, "Al-Sudani will hold a series of meetings and dialogues with a number of leaders and presidents of sisterly and friendly countries, and heads of participating delegations, in addition to meeting with the Secretary-General of the United Nations, and a number of officials of international and UN organizations and bodies link
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Tishwash: Series of explosions on the approaches to Ain al-Assad base, west of Anbar
Security sources revealed, today, Friday (September 20, 2024), that a series of explosions were heard on the approaches to Ain al-Assad base, west of Anbar.
A security source told Baghdad Today, "More than one explosion was heard on the approaches to Ain al-Assad base, west of Anbar, with American helicopters currently flying over the base."
He added, "The helicopters flew as part of the reconnaissance and security measures, and a state of alert was monitored on the towers surrounding the base, and security measures were strengthened."
In addition, another security source revealed to Baghdad Today that "the sounds of explosions heard near Ain al-Assad Air Base are due to training conducted by coalition forces at the base," noting that "the Ceram system was also used in these training." link
Mot ... can ya sing um
Mot: Hurry!!! -- Hurry!! -- Summers Almost over... ooh Wheres Waldo???
Iraq Economic News and Points To Ponder Saturday AM 9-21-24
Will Parliament Resort To The Courts To Dismiss Al-Alaq?
Politics | Mawazine News – Baghdad Member of the Parliamentary Integrity Committee, MP Hadi Al-Salami, revealed today, Friday, that the Governor of the Central Bank, Ali Al-Alaq, refused the request to host him in Parliament, while threatening to resort to the courts to file a complaint against the negligent.
Al-Salami said in a statement, "We previously approached the Parliament Presidency and approval was obtained to host the Governor of the Central Bank to direct a parliamentary question."
Will Parliament Resort To The Courts To Dismiss Al-Alaq?
Politics | Mawazine News – Baghdad Member of the Parliamentary Integrity Committee, MP Hadi Al-Salami, revealed today, Friday, that the Governor of the Central Bank, Ali Al-Alaq, refused the request to host him in Parliament, while threatening to resort to the courts to file a complaint against the negligent.
Al-Salami said in a statement, "We previously approached the Parliament Presidency and approval was obtained to host the Governor of the Central Bank to direct a parliamentary question."
He added, "The Governor of the Central Bank refuses to attend, and we will resort to the competent courts to file a complaint against anyone proven to be negligent regarding the difference between the official and parallel dollar rates."
He explained that "the difference between the official and parallel rates reaches 35 million dollars per day." https://www.mawazin.net/Details.aspx?jimare=255176
Government Advisor Expects Oil Prices To Rise To $90 By The End Of The Year
Time: 2024/09/20 15:40:38 Reading: 767 times {Economic: Al Furat News} The financial advisor to the Prime Minister, Mazhar Muhammad Salih, expects oil prices to rise for the rest of this year 2024.
Saleh told Al Furat News Agency that "the decisions to reduce OPEC+ countries' production quotas by 2.2 million barrels of crude oil per day are among the main factors in the current positive impact that has gradually led to an improvement in oil prices in the world after the wave of decline witnessed in the past weeks, which coincided with the wave of severe decline faced by global financial markets, in addition to the widespread concerns about global economic growth in general and the Chinese economy in particular."
He added, "Despite this, OPEC and OPEC+ in particular are still cautious in managing supply, as previous expectations of increased oil production on the one hand and the varying expectations regarding the growth of global demand for oil on the other hand have kept prices somewhat volatile."
“Currently, oil prices, especially Brent oil, are fluctuating today at around $74-75 per barrel for futures contracts, taking into account the importance of seasonal and market effects that have begun to maintain significant increases, although they are currently moderate, as the approach of winter can usually lead to a slight increase in global oil prices.
This is due to the increase in demand for heating fuels such as natural gas and other heating fuels, especially in colder regions such as Europe and North America,” Saleh continued.
“As temperatures drop, households and industries demand more energy to keep warm, increasing consumption of oil-based products. Thus, as the Russian-Ukrainian war continues and winter sets in, energy markets are rightly expecting a rise in demand for energy (oil and gas in particular) and the possibility of upward price adjustments in the contractual months leading up to winter,” he noted.
“Starting from September 2024, as we mentioned earlier, the total production cuts implemented by OPEC+ countries will amount to about 2.2 million barrels per day.
These cuts are part of a broader effort to stabilize global oil prices amid fluctuations in demand and market conditions, with Saudi Arabia contributing a significant cut of 1 million barrels per day, while other countries, notably Iraq, the United Arab Emirates, Kuwait, Algeria, Kazakhstan and Oman, also implemented cuts ranging from 42,000 to 223,000 barrels per day, while Russia reduced its oil exports by 500,000 barrels per day, of crude oil and refined products,” the government advisor said.
“Based on the above, oil prices are expected to remain high for the rest of 2024, with many global oil forecasts suggesting that the average price of Brent crude could range around $85 to $90 per barrel by the end of the year.
Higher price levels will reflect the impact of supply cuts, which will help tighten global oil markets and eliminate any oil glut, even as demand remains somewhat weak due to the economic slowdown in some aspects of global growth, especially growth problems in the Chinese economy,” Saleh said. LINK
Germany: Iraq's Economy Is Showing Signs Of Improvement
Economy Baghdad – INA Director of the German Agency for International Cooperation (GIZ) offices in Iraq, Christoph Feldkötter, confirmed today, Thursday, that Iraq is making good progress towards economic stability, stressing the importance of updating tax laws in Iraq.
"Iraq is making good progress towards stability, as economic stability is an essential part of this progress," Feldkötter told the Iraqi News Agency (INA), noting that
"economic reforms include developing the private sector."
"There are many new sectors that have emerged in Iraq, such as transportation, the shift to the
e-economy, renewable energy, and other fields that did not exist twenty years ago," Feldkötter explained. He stressed that
"this development requires updating tax laws, as it is not possible to apply tax instructions or laws that are twenty or thirty years old." He pointed out that
"the existence of stable institutions is part of stability, which is what the German Agency is working to support through joint cooperation between experts from the Iraqi government and experts from the German government."
Feldkötter expressed the German government's "pride in this achievement, and its happiness with the partnership and mutual trust with the Iraqi government." https://ina.iq/eng/34830-germany-iraqs-economy-is-showing-signs-of-improvement.html
"A Great Iraqi Desire To Turn Into A Gas Exporter": Oil Ministry
Economy 18-09-2024, 16:43 Baghdad – INA The Ministry of Oil announced today, Wednesday, the referral of the flared gas file to projects under implementation, while
indicating that during the next 5 years, Iraq will be self-sufficient and will be a source of gas, indicating the signing of the Mansouriya field, which will provide 300 million standard cubic feet of gas.
The Deputy Minister of Oil for Extraction Affairs, Basem Mohammed Khudair, told the Iraqi News Agency (INA):
"This government, through the Ministry of Oil, has achieved a major change in the gas file, by referring all flared gas to projects under implementation to end this file."
He explained that "we have a project of about 200 million standard cubic feet in Basra, the same in Nasiriyah, and 150 in the Nahr Bin Omar field, in addition to developing an integrated gas project and referring it to Total, which will collect gas from 5 important fields in the south, with a capacity of 600 million standard cubic feet in two phases, each phase 300 million." He added,
"The Ministry of Oil, after great effort, succeeded in referring the Akkas field contract to the Ukrainian company, which will provide, after 6 years, a production capacity of up to 400 million standard cubic feet," explaining that
"the Mansouriya field was signed with initials and in the coming days the final letters will be signed, and
this field will provide 300 million standard cubic feet." He continued:
"This transition in the gas file and the referral of some gas fields in the annex of the fifth and sixth rounds will add significant production capacities to Iraq, and
during the year 2028 or 2030, Iraq will be self-sufficient," stressing that "there is a great desire and insistence to transform Iraq into a gas exporting country." https://ina.iq/eng/34799-a-great-iraqi-desire-to-turn-into-a-gas-exporter-oil-ministry.html
Guide To Environmental, Social And Corporate Governance Standards For Banks 2024
September 19, 2024 :diamonds: Guide to environmental, social, and corporate governance standards for banks 2024..For more, click here https://cbi.iq/static/uploads/up/file-172674232676837.pdf
https://cbi.iq/news/view/2674
[Google will translate https://cbi.iq/static/uploads/up/file-172674232676837.pdf
Sorry, I was not able to attach the translated document]
Oil Heads For Weekly Gains After U.S. Rate Cut
Friday 20 September 2024 09:40 | Economic Number of readings: 176 Baghdad / NINA / Although oil prices did not witness any significant change in early Asian trading on Friday, they are heading to end the week on a rise that will be the second in a row, after a large cut in US interest rates and a decline in global inventories.
By Friday morning, Brent crude futures fell 19 cents, or 0.3 percent, to $73.69 a barrel, but rose 4.3 percent since the beginning of the week.
US crude futures rose six cents to $72.01 a barrel, achieving gains during the week of 4.8 percent. "
The two benchmarks began to recover after falling to their lowest levels in nearly three years on September 10, and recorded gains in five of the seven sessions since then.
The Federal Reserve (the US central bank) cut interest rates by half a percentage point, and interest rate cuts usually lead to a boost in economic activity and energy demand, but some viewed the large cut as a sign of weakness in the US labor market. / End9 https://ninanews.com/Website/News/Details?key=1156020
Oil Heads For Weekly Gains After U.S. Rate Cut
Friday 20 September 2024 09:40 | Economic Number of readings: 176
Baghdad / NINA / Although oil prices did not witness any significant change in early Asian trading on Friday, they are heading to end the week on a rise that will be the second in a row, after a large cut in US interest rates and a decline in global inventories.
By Friday morning, Brent crude futures fell 19 cents, or 0.3 percent, to $73.69 a barrel, but rose 4.3 percent since the beginning of the week.
US crude futures rose six cents to $72.01 a barrel, achieving gains during the week of 4.8 percent. "
The two benchmarks began to recover after falling to their lowest levels in nearly three years on September 10, and recorded gains in five of the seven sessions since then.
The Federal Reserve (the US central bank) cut interest rates by half a percentage point, and interest rate cuts usually lead to a boost in economic activity and energy demand, but some viewed the large cut as a sign of weakness in the US labor market. https://ninanews.com/Website/News/Details?key=1156020
For current and reliable Iraqi news please visit: https://www.bondladyscorner.com/
Seeds of Wisdom RV and Economic Updates Saturday Morning 9-21-24
Good morning Dinar Recaps,
BREAKING NEWS: BILLION-DOLLAR BANK BNY SET TO CUSTODY BITCOIN (BTC) AS THE FIRST BANK IN U.S. HISTORY
▪️BNY Mellon becomes the first bank with the SEC exemption from crypto accounting rules.
▪️SEC’s variance for BNY Mellon could open doors for more banks in crypto.
BNY Mellon has emerged as a pioneer in the cryptocurrency custody industry, becoming the first bank to be excluded from the SEC’s Staff Accounting Bulletin No. 121 (SAB 121). This significant development was announced during a public hearing in Wyoming’s Select Committee on Blockchain, Financial Technology, and Digital Innovation Technology.
Good morning Dinar Recaps,
BREAKING NEWS: BILLION-DOLLAR BANK BNY SET TO CUSTODY BITCOIN (BTC) AS THE FIRST BANK IN U.S. HISTORY
▪️BNY Mellon becomes the first bank with the SEC exemption from crypto accounting rules.
▪️SEC’s variance for BNY Mellon could open doors for more banks in crypto.
BNY Mellon has emerged as a pioneer in the cryptocurrency custody industry, becoming the first bank to be excluded from the SEC’s Staff Accounting Bulletin No. 121 (SAB 121). This significant development was announced during a public hearing in Wyoming’s Select Committee on Blockchain, Financial Technology, and Digital Innovation Technology.
SEC’s Landmark Exception: BNY Mellon Navigates SAB 121 with Ease
The SEC granted BNY Mellon a “variance” from the SAB 121 accounting requirements. This exception allows BNY Mellon to provide institutional crypto custody services, including Bitcoin, as part of its core business activities. Chris Land, general counsel for U.S. Senator Cynthia Lummis (R-WY), testified:
“[BNY] is looking to get more involved in the crypto custody business. They had some problems with Staff Accounting Bulletin (SAB) 121, and the SEC has apparently given them some kind of variance from SAB 121 to move forward.”
This decision marks a watershed moment for the bank and the whole crypto industry, indicating a shift in regulatory views toward traditional financial institutions that engage in digital asset custody.
SAB 121, which has been the subject of discussion in the financial sector, requires banks that hold cryptocurrencies on behalf of clients to register these assets as liabilities on their balance sheets.
Many in the crypto sector regard this rule as cumbersome, as it adds significant financial risk to any institution that engages in crypto custody.
SEC’s Exemption Sparks New Opportunities for Traditional Banks in Crypto
BNY Mellon’s exemption from this legislation might be a game changer, opening the door for other traditional banks to enter the cryptocurrency industry.
This exemption not only represents a watershed moment for BNY Mellon, but it could also dramatically increase institutional participation in the crypto business, lowering entrance barriers for banks that have been cautious owing to regulatory concerns.
The decision may serve as a stimulus for greater acceptance of crypto services by large financial institutions, indicating a mature market in which digital assets are increasingly regarded as viable investment possibilities.
This is not BNY Mellon’s first foray into the crypto and blockchain industry. Last year, in a Swift-led project revealed by CNF, BNY Mellon and Deutsche Bank worked together on the interoperability of electronic Bills of Lading (eBL) on blockchain.
This program sought to improve commercial efficiency by incorporating blockchain technology into traditional financial systems.
Such agreements demonstrate BNY Mellon’s continuous commitment to using blockchain technology to improve financial processes, cementing the company’s position as a pioneer in integrating crypto and blockchain solutions into traditional banking.
While BNY Mellon is making progress in crypto custody, other industry titans are also strengthening their standing in the crypto area. For example, as we previously highlighted, MicroStrategy’s Bitcoin holdings currently total 252,220 BTC after a new 7,420 BTC purchase, confirming its position as a leader in institutional BTC investment.
@ Newshounds News™
Source: Crypto News Flash
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BRICS NEWS: After Oil, BRICS Accounts for 72% of the World’s Rare-Earth Metals
After the BRICS expansion in 2024, the alliance officially accounts for 42% of the global oil and gas reserves. If that wasn’t enough, BRICS now accounts for the majority of the rare-earth metals reserve totaling to 72%. This gives the alliance an added advantage in global trade in the oil and rare-earth metals sectors.
BRICS countries complement each other for the extraction of critical minerals and production. The cooperation could lead to mutual trade within BRICS members and ensure the continuity of the supply. The alliance can also decide on the stability of the prices and be ahead in decision-making.
Latest reports indicate that the alliance will discuss oil and rare-earth metals trade in the next BRICS summit. The geological trade deals could be rewritten giving the bloc an undue advantage in settling cross-border transactions. “Prospects for cooperation between the BRICS countries in the field of studying, developing and rational use of mineral resources,” is on the cards, read a report.
“One of the possible areas of cooperation in this sphere is to expand the mutual trade in mineral commodities and metals for the purpose of ensuring continuity of supplies and stability of prices,” said Evgeny Petrov, the Head of the Russian Federal Subsoil Resources Management Agency Rosnedra.
He added, “The simple analysis shows that accession of new members to BRICS will provide for 72% of world resources of rare-earth metals.”
Also, if BRICS uses local currencies for rare minerals trade, the US will dollar will begin to face deficits. The BRICS bloc is adding all commodities under its sleeves and could turn the alliance’s fortunes in the coming years.
@ Newshounds News™
Source: Watcher Guru
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THIS IS A CALL NOT A VIDEO - Silver Jim 57 The Constitution 9 20 24 | Youtube
Jim educates us on our history and the CONtracts that have been hidden from us to show how we got to where we are since the days of Lincoln and the Civil War. A must to listen to.
@ Newshounds News™
Source: Seeds of Wisdom Team Currency Facts
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RAFIDAIN BANK IS LEADING THE CHARGE INTO THE FUTURE! #Iraq #Banking | Youtube
@ Newshounds News™
Source: Seeds of Wisdom Team Currency Facts
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Thank you Dinar Recaps
MilitiaMan: Iraq Dinar Update - #xrp ripple #iraq idinar - Iraq Budget Revenue Tables 2024 - Sensitivity - Art 140
Iraq Dinar Update - #xrp ripple #iraq idinar - Iraq Budget Revenue Tables 2024 - Sensitivity - Art 140
MilitiaMan and Crew: 9-20-2024
The Crew: Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man
Be sure to listen to full video for all the news……..
Iraq Dinar Update - #xrp ripple #iraq idinar - Iraq Budget Revenue Tables 2024 - Sensitivity - Art 140
MilitiaMan and Crew: 9-20-2024
The Crew: Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man
Be sure to listen to full video for all the news……..