Seeds of Wisdom RV and Economic Updates Monday Evening 10-21-24

Good Evening Dinar Recaps,

XRP NEWS: WHO IS THE SEC PROTECTING IN THE RIPPLE LAWSUIT?

In a recent interview, James Murphy, known as Metalawman, discussed the ongoing lawsuit involving the SEC and Ripple. He answered an important question: who exactly is the SEC defending in this case?

On The Good Morning Crypto Show, he was questioned whether the SEC is claiming to protect regular retail investors by targeting Ripple or if they are actually looking out for the institutional investors who got in early and profited significantly since 2014.

The SEC’s True Motives: Protecting Whom?
Murphy pointed out that while the SEC’s mission is to protect investors and promote orderly financial markets, the reality is different. 

The agency isn’t acting on behalf of retail XRP holders or the institutions that bought XRP at a discount. In fact, none of the institutions have ever sued Ripple for alleged securities violations because their investments have been profitable.

The legal expert argued that the SEC’s lawsuit should never have been initiated. He explained that the SEC has limited resources and should focus on cases with clear violations.

In the crypto space, where scams and fraudulent schemes abound, the SEC chose to pursue a case with no real damages or losses involved.

He also compared this situation to the case against Coinbase, a publicly traded company with transparent financial reporting, suggesting that the SEC is not helping anyone with these actions.

Murphy concluded that, without any losses suffered by victims, it would be impossible to return any funds, which raises questions about the validity of the case itself.

The Ripple Effect: Implications for XRP Holders
The legal battle between Ripple and the SEC continues, with both sides preparing for appeals. The SEC plans to challenge the district court’s findings, while Ripple intends to file a cross-appeal regarding the SEC’s claims. Despite ongoing regulatory challenges, XRP’s price has remained stable at around 54 cents.

@ Newshounds News™

Source:  CoinPedia

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STRIPE BUYS STABLECOIN PLATFORM BRIDGE IN RECORD-BREAKING $1.1B DEAL: REPORT

The deal highlights Stripe’s growing focus on crypto, following its recent integration of USDC and partnership with Coinbase’s Base network.

Fintech giant Stripe has finalized a deal to acquire stablecoin platform Bridge for $1.1 billion.

.

This purchase marks the largest acquisition in the crypto industry to date.

Record $1.1 Billion Deal
TechCrunch founder Michael Arrington revealed the news in a post on X, stating, “This deal is done. $1.1b.”

Bridge, co-founded by Sean Yu and Zach Abrams, provides software tools enabling businesses to accept payments in stablecoins. The platform allows companies to create, store, send, and receive such assets.

Zach Abrams previously served as Head of Consumer at Coinbase and founded the peer-to-peer payments company Evenly, which was later acquired by Square. Before co-founding Bridge, Sean Yu held key engineering roles at major companies such as Coinbase, Square, DoorDash, and Airbnb.

Earlier this year, the startup received $58 million in funding from prominent investors, including Sequoia, Haun Ventures, Ribbit, and Index Ventures. According to Forbes, this included a $40 million Series A funding round that valued the company at $200 million. It means that Stripe’s $1.1 billion acquisition is a major bump from Bridge’s previous worth.

Launched in August, the firm said in a statement that its mission is to address the financial challenges posed by local currencies in an interconnected global economy. Bridge aims to overcome these obstacles by leveraging stablecoins, which offer faster, more affordable, and accessible payment solutions.

Stripe’s Growing Crypto Focus
Stripe, a payment processing platform that enables businesses to accept credit, debit, and other online payments, has been aggressively expanding its presence in the cryptocurrency space.

Just six months ago, the co-founder John Collison announced that the company would start supporting global stablecoin payments. This materialized when it integrated Circle’s USD Coin (USDC) into its payment interface two weeks ago.

In June, the payment processing firm also partnered with Coinbase. This introduced three new features, including the integration of the exchange’s Base Layer 2 network into its crypto payment products.

Stripe has also integrated USDC on Base into its fiat-to-crypto onramp, allowing faster conversion of fiat funds to crypto for its U.S. customers. Coinbase also agreed to include Stripe as a payment option for customers buying digital assets through its Coinbase Wallet.

In March 2024, the company reported passing $1 trillion in total payment volume for the year, with businesses using the platform accounting for roughly 1% of global GDP.

@ Newshounds News™

Source:  CryptoPotato

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🌱 OKIE EXPLAINS 13303 AND WAS THERE. THIS IS YOUR HISTORY ALSO ON DINAR.   |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

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🌱 FUNDRAISER FOR OKIE DETAILS BELOW  |  Youtube

We are sending Okie a care package with some good food. If you would like to donate, he appreciated it before and will again. He has only asked for prayers. Thank you for your kindness. Thank You for Your Kindness! Okie Donation Link and info

https://www.seedsofwisdomteam.com/#ok...

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

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Some “Iraq News” Posted by Clare at KTFA 10-21-2024

KTFA:

Clare:  Iraqi Credit Bank achieves a profit of 20.4 billion dinars 

10/20/2024 Baghdad

The Iraqi Credit Bank achieved a net profit of 20.4 billion dinars since the beginning of the year until the third quarter. 

According to the bank's financial statements, revenues amounted to 26.4 billion dinars, achieving a growth of 38%, as they amounted to 19.1 billion dinars during the same period last year. 

The bank's assets increased to 524.8 billion dinars, but deposits decreased to 137.5 billion dinars after they were 150.6 billion dinars. 

The bank has retained earnings of 38.7 billion dinars, which have been accumulating for many years. LINK

Clare:  Al-Sari: The population census guarantees fair distribution of wealth and parliamentary representation of the governorates

10/21/2024

The head of the State Powers Bloc, MP Faleh Al Sari, stressed the importance of the census and population census in ensuring the fair distribution of wealth.

Al-Sari, accompanied by the Minister of Planning, Mohammed Tamim, visited the Population Census Operations Room to review the preparations for the general population census scheduled for November 20-21.

The workers in the operations room gave a detailed presentation of the work mechanisms and the achievement rates achieved in the numbering and enumeration operations at the level of each governorate, in addition to explaining how to conduct field follow-up for researchers throughout Iraq via geographic information systems, and mechanisms for sending data immediately.

For his part, Representative Faleh Al-Sari expressed his deep appreciation for the efforts made by the Ministry of Planning and the Statistics Authority to conduct the population census electronically and in record time, stressing the importance of this project in ensuring fair distribution of wealth and ensuring fair parliamentary representation for all governorates, in addition to its developmental importance in understanding the Iraqi reality in all its details and drawing up future policies in all fields.    LINK

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Clare: Al-Sudani: $100 billion is the size of investment opportunities in Iraq

10/21/2024

Iraqi Prime Minister Mohammed Shia al-Sudani confirmed that the investment opportunities available in Iraq exceeded $100 billion in value, pointing to the expansion of economic cooperation between Iraq and Egypt. 

This came during a meeting held today, Monday, with the Chairman of the Egyptian El-Sewedy Group of Companies, Ahmed El-Sewedy, and a group of Egyptian company managers, in the presence of a number of his advisors, according to a statement issued by his office and received by Shafak News Agency.

During the meeting, Al-Sudani explained that these investment opportunities were received from Arab and foreign companies, which reflects the potential for economic growth in various fields.

They also discussed ways of cooperation in various sectors, including industry, energy and infrastructure, in addition to developing petroleum resources. It was agreed to study the establishment of industrial cities in Baghdad, as Al-Suwaidi Group presented a map of projects that will be studied by the Advisory Board and relevant authorities.   LINK

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Clare:  Al-Atwani: The government is working on preparing the basics of the 2025 budget to present it to the House of Representatives

10/21/2024

The head of the Parliamentary Finance Committee, Atwan Al Atwani, confirmed that the government is working on preparing the basics of the 2025 budget to present it to the House of Representatives for study and voting.

A statement from his office, received by {Al Furat News}, stated that: “Al Atwani discussed with a delegation from the Adam Smith International Foundation a set of laws related to the development of the financial and banking system, today, Monday, at the headquarters of the Finance Committee in the Council building, where he reviewed important draft laws including the Securities and Commodities Law, the Banking Studies Center Law, and the Islamic Sukuk Investment Law, with the necessary amendments being made, indicating that these laws will be read in the upcoming sessions.

Al-Atwani stressed that "the aim of the amendments is to involve the concerned parties to ensure increased productivity and listen to various opinions to ensure their effective implementation."

The statement added, "The organization of workshops in cooperation with the Law, Economy, and Investment Committees was also discussed to develop laws comprehensively, while hosting specialists to benefit from previous experiences. The mechanism for drafting federal budget texts, analyzing revenues and expenditures, and planning budget items and general programs were also addressed."

Al-Atwani pointed out that "the government is working on preparing the basics of the 2025 budget to present it to the House of Representatives for study and voting."   LINK

Iraq Economic News and Points To Ponder Monday Afternoon 10-21-24

Economic Contradictions: Argentina As An Example

 Economical 10/17/2024   Yasser Al-Metwally   What is the wisdom behind exposure to global economic experiences?

 Here at Al-Sabah Economy, we are accustomed to reviewing global economic experiences and researching the reasons and ways for the success of some of them and the failure of others, with the aim of benefiting from the successful experiences and avoiding the reasons behind the failed ones.

 In this article, the choice fell on the Argentine experience, which is considered unique in terms of failure and failures over the course of 200 years, according to international studies.

 Here, it is necessary to trace the reasons that led to this failure with the aim of overcoming them in the experience of the Iraqi economy, which is what such topics aim for.

 Argentina

      is the third largest economy in Latin America and

     enjoys huge wealth, in addition to its

     strategic location on a large coast of the Pacific Ocean,

     fertile arable land, and

     large areas, with a

     small population size compared to its area. Official reports indicate that it has

     defaulted nine times on its foreign debts and

     is almost bankrupt in 2022.

 Economists attribute the reason for its annual decline to economic mismanagement and not to a lack of economic resources.

Argentina exports wheat, soy, meat, and fish, and agriculture constitutes 7% of the gross domestic product, and agricultural manufacturing constitutes 25% of it, and

it depends on the agricultural economy.

 However, the Argentine economy has been subject to fluctuations for years between growth and contraction, which has resulted in a decline in income and opportunities. Work and the monetary value of goods and services.

This fluctuation led to a lack of confidence in the economy.

 This is because it - that is, the economy - suffers from a twin deficit.

The twin deficit is defined as a deficit in the state budget and another in the external balance, and financing this deficit is the reason for the decline of the economy..

How?

The state resorts to external borrowing, and

 this borrowing is accompanied by an increase in government spending and an increase in foreign imports, followed by an increase in inflation over the years.

 Economists attribute the reason for this deficit to the increased and false government spending for electoral purposes, which has made the citizen dependent on the state for everything and has become a continuing habit, and

 this continuous spending has continued to be at the expense of the people’s wealth in the medium and long term.

 To address this permanent deficit, Argentina resorts to printing money or inflation financing, which causes price inflation to rise and Argentine goods to lose their global competitiveness.

 To compare the Argentine economy and the economy of South Korea, the ratio of exports to GDP in Korea is 80%, which is equivalent to two trillion dollars, including one trillion and 600 billion dollars, the volume of its exports, while Argentina’s exports amount to 100 billion dollars.

With the great difference in the wealth that Argentina possesses, its area, and its bodies of water, as you find them only equal in population size between the two countries,

 from here the importance of good management of the South Korean economy and bad management in Argentina appears despite the difference in Argentina’s distance from the bloody events, its stability, the status of South Korea, and the threats of neighboring North Korea..

 Therefore, one of the reasons for overcoming wrong policies is to always look at global experiences.  

 https://alsabaah.iq/104320-.html    

Demands For “Backup Alternatives” For Databases In Banks

Economical 10/21/2024  Baghdad: Shukran Al-Fatlawi   A fire that broke out in an Iraqi bank branch caused all electronic systems and banking applications to stop, which confused the bank’s customers.

This prompted banking experts to stress the importance of having backup alternatives for all databases and data centers in accordance with international standards and instructions issued by the Central Bank and relevant authorities. To protect customers and avoid downtime that could cause customers huge losses.

 The head of the Information and Communications Technology Committee, in the Digital Transformation and Electronic Payment Council, Badr Riad, said in an interview with “Al-Sabah”:

 “It is necessary to provide alternative systems related to the communications and information technology sector that are tested monthly or semi-annually to ensure the continuity of service.”

It is an important and fundamental matter in the banking sector and information technology, and it is one of the “A’s” of banking, as he put it.

While he called for dealing with these technologies with some seriousness,

 he expressed his hope that the mistakes that the bank made would not be repeated and that affected the citizen’s confidence in the banking sector. He stressed the

 need for “the bank to speed up in revealing the truth of what happened to enhance the citizen’s confidence in the banking sector.”

 On a related level, the head of the Osool Foundation for Economic Development and Sustainable Development, Engineer Khaled Al-Jabri, stated to “Al-Sabah” that

 “the complete cessation witnessed by the ATM systems, electronic payment and mobile applications of one of the banks operating in Iraq recently caused direct financial losses to customers, which requires... “The need to compensate them for the damages they have suffered.” Noting that

 "the outage greatly affected daily financial transactions and exposed customers to unexpected financial problems." Al-Jabri stressed

 the importance of “all banking entities’ adherence to the instructions of the Central Bank of Iraq,” stressing

“the necessity of ensuring the efficiency of the financial systems and technology used through periodic examination and proactive review to avoid such interruptions in the future.” Al-Jabri called for

  “the necessity of giving the competent institutions an opportunity to investigate the reasons for the stoppage, and to find out all the technical and technical details that led to this problem,” noting

 “the importance of announcing the results with complete transparency, so that the incident will be a lesson from which other parties working in the financial and technological sector will benefit.” He pointed out that,

  “Despite the passage of days since the incident, there has not yet been an official statement issued by the bank explaining what happened. He said,

 “The delay in issuing a statement raises questions and requires opening a thorough investigation by the supervisory authorities to find out the reasons that led to this interruption, and why.” Customers are exposed to these damages,” pointing out that

 “delay in clarification could cause indirect harm to all those dealing with electronic systems, and reflect negatively on the reputation of the banking sector as a whole.”

 The Iraqi Digital Transformation and Electronic Payment Council had stressed the importance of having backup alternatives for all databases and data centers in accordance with international standards and instructions issued by the Central Bank and relevant authorities, to ensure business continuity in the event that the basic systems are exposed to any damage, as happened with this bank, to avoid a recurrence.

 Such incidents negatively affect consumers and threaten confidence in the banking system and electronic systems.    https://alsabaah.iq/104477-.html    

Guide To The Iraqi Balance Of Payments

October 20, 2024   :diamonds: Guide to the Iraqi Balance of Payments..For more, click here

https://cbi.iq/static/uploads/up/file-172942322386407.pdf

 https://cbi.iq/news/view/2694     

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

Seeds of Wisdom RV and Economic Updates Monday Afternoon 10-21-24

Good Afternoon Dinar Recaps,

INDONESIAN REGULATORS EXTEND LICENSE APPLICATION DEADLINE FOR CRYPTO EXCHANGES

The Indonesian Commodity Futures Trading Regulatory Agency has extended the deadline for crypto exchanges to meet the necessary requirements to get their Physical Crypto Asset Traders license as part of a revised government bill.

In an Oct. 20 press release, the Indonesian Commodity Futures Trading Regulatory Agency — known locally as Bappebti — announced that the deadline for crypto exchanges to meet the requirements needed for a Physical Crypto Asset Traders license.

Crypto exchanges have until the last week of Nov. 2024 to fulfill the registration requirements. The regulatory agency clarified that the extension only applies to crypto exchanges that are already listed under Prospective Crypto Asset Physical Traders.

The extension is part of the newly revised government bill, Bappebti Regulation Number 9 of 2024.

The new bill requires crypto exchanges to sign a partnership deal with a local government body and implement Know Your Transaction standards as well as grants trading opportunities for institutional entities.

Oscar Darmawan, CEO of major Indonesian crypto exchange INDODAX, expressed his gratitude to Bappebti for giving crypto exchanges more time to adjust to the regulations set by the government.

“This will also help strengthen the crypto industry as a whole by ensuring that every crypto exchange complies with the standards that have been set,” Oscar said in his statement to local media outlets on Oct. 20.

He explained that INDODAX is currently going through the validation process and is awaiting approval from Bappebti in order to get the license. Darmawan also assured that the exchange company will comply to the latest regulations.

Head of the Bureau of Legislation and Enforcement at Bappebti, Aldison stated that Regulation Number 9 2024 will act as a roadmap to regulating the crypto ecosystem in Indonesia. Among the changes made, Aldison highlighted how it accommodates institutions looking to trade in digital assets. Previously, only individual entities were mentioned in the bill.

“Legal entities and business entities can also become digital asset traders,” added Aldison.

He explained that licensed crypto exchanges are still required to sign a partnership agreement with the Indonesian Directorate General of Population and Civil Registration of the Ministry of Home Affairs, as per the new regulations.

In addition, crypto exchanges are obligated to list on the National Crypto Asset Futures Exchange and become a member of the Crypto Asset Clearing House. If not, they risk having their applications for the license revoked.

In an Oct. 18 press release about the new regulations, Bappebti aims to build a modern, adaptable and transparent crypto ecosystem.

“Bappebti will adjust existing regulations in accordance with the Commodity Futures Trading Law. The crypto industry is very fast and dynamic, so it requires an ecosystem that is strong and able to meet market needs,” said Ir. Kasan, Head of Bappebti.

@ Newshounds News™

Source:  Crypto News

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GOLD SURGES TO RECORD HIGH AMID SAFE-HAVEN DEMAND

Gold prices surged to a new record high of $2,729.30 per ounce on October 21, bringing their gains for 2024 to over 30%. The commodity’s latest increase is attributed to increased safe-haven demand amid escalating tensions in the Middle East and the closely contested U.S. election.

This sentiment also fueled a rise in silver prices, which reached their highest level since 2012.

Rising geopolitical risks and the anticipation of U.S. interest rate cuts have boosted gold prices, making it a sought-after asset for investors. Vivek Dhar, an analyst at the Commonwealth Bank of Australia, predicts gold futures will rise to an average of $3,000 per ounce by the fourth quarter of 2025.

@ Newshounds News™

Source:  Bitcoin News 

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GOLD PRICE MEANS NOTHING COMPARED TO SILVER PRICE AT SPOT TODAY!  - The Economic Ninja | Youtube

@ Newshounds News™

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XRP HOLDERS THE FINANCIAL FREEZE IS COMING - BIS BIG PLANS REVEALED - Common Sense Crypto | Youtube

@ Newshounds News™

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🌱 WHY IS GOLD ON THE RISE? WHAT ABOUT OTHER METALS?  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

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“Tidbits From TNT” Monday 10-21-2024

TNT:

Tishwash:  For a strong economic partnership..Iraq intends to sign 11 memoranda of understanding with Spain

Minister of Transport Razzaq Al-Saadawi announced today, Monday, 11 memoranda of understanding that will be signed with Spain, while calling on Spanish companies to participate effectively in the next session of the Baghdad and Iraq Reconstruction Exhibition.

Al-Saadawi said in a speech during the launch of the 13th session of the Iraqi-Spanish Joint Committee, “It is appropriate for me to begin my speech with the major shift in Iraq’s new economic and trade policy to deepen the bonds of trade, economic and international cooperation to restore Iraq’s leading role as an important and major axis regionally and internationally.”

He added, “The Iraqi government, headed by Prime Minister Mohammed Shia al-Sudani, has begun working to adopt a policy of economic openness to the countries of the world, in addition to maximizing the role of the private sector in the economic development process,” indicating that “Iraq is witnessing a qualitative shift today through investing in its geographical location, as it will be a cornerstone for the sustainable economy through the land railway link project from Iraq through Turkey and from there to Europe, to transport goods and link the Middle East to the European continent.”

He continued: “Iraq has been linked with friendly Spain by historical relations dating back to the seventies of the last century, perfumed by the bilateral agreement for cooperation in various economic, commercial, scientific and technical fields, signed between the governments of the two countries in 1972, which had a great impact on the contribution of Spanish companies to many economic activities in Iraq, in implementation of the paragraphs that were agreed upon in the last minutes of the previous session held in Madrid in 2013.”

He pointed out that “through the continuation of the committee’s sessions, there will be a number of opportunities available to greatly enhance the level of bilateral cooperation in many commercial, economic and technical fields,” stressing “the need to enhance joint work to increase and diversify the volume of trade exchange between our two countries, as this cooperation will play a major role in strengthening the economy to serve both parties.”

He stated that "Iraq is looking forward to being a strong economic partner for Spain, in addition to the participation of Spanish companies in Iraqi infrastructure projects."

He added: “Today we meet again in the meetings of the 13th session of the Iraqi-Spanish Joint Committee for Economic, Technical and Commercial Cooperation, and we hope that this meeting will have fruitful results. I would also like to take this opportunity to invite Spanish companies to participate in the reconstruction projects of Iraq, and take its place in the investment map launched by the National Investment Commission in Iraq and achieve effective participation in the next session of the Baghdad International Fair,” noting “the importance of the Spanish government’s support and assistance to complete all the obligations required for Iraq to obtain full membership in the World Trade Organization.”

Al-Saadawi expressed his “deep thanks and gratitude to the Spanish government and people, and their efforts to develop economic and trade relations between Iraq and Spain,” expressing his hope that “these efforts will be successful for both sides to reach common goals that serve the interests of the two friendly countries, which the Spanish side requested to be signed during the Prime Minister’s visit to Spain.”

He pointed out that "the agreement included:

 First: A memorandum of understanding proposed by the Federation of Iraqi Chambers of Commerce sent to the Spanish side.

Second: A memorandum of understanding proposed by the Iraqi Federation of Industries sent to the Spanish side.

Third: A memorandum of understanding proposed by the Iraqi Contractors Union sent to the Spanish side.

Fourth: A memorandum of understanding proposed by the Iraqi Ministry of Water Resources sent to the Spanish side.

Fifth: A memorandum of understanding proposed by the Iraqi Ministry of Youth and Sports, also sent to the Spanish side.

Sixth: An executive program proposed by the Tourism Authority to activate the agreement signed between the two countries in 1979, also sent to the Spanish side.

He pointed out that “the position of the memoranda of understanding proposed by the Iraqi side, which the Spanish side requested to be followed up outside the scope of the joint committee, through the Ministry of Foreign Affairs with the relevant authorities, in coordination with their representatives directly, considering that they are outside the scope of economic and trade cooperation, and according to the opinion of the Spanish side, are:

1- A memorandum of understanding proposed by the Iraqi Ministry of Foreign Affairs sent to the Spanish side.

2- A memorandum of understanding proposed by the Iraqi Ministry of Education sent to the Spanish side.

3- A memorandum of understanding proposed by the Ministry of Higher Education and Scientific Research sent to the Spanish side.

4- A memorandum of understanding proposed by the Iraqi Ministry of Culture, also sent to the Spanish side.

5- A memorandum of understanding proposed by the Iraqi Ministry of Justice to the Spanish side.link

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Tishwash:  Rafidain Bank organizes a workshop on cyber security

Rafidain Bank organized a workshop on cyber security today, Sunday, in cooperation with the American University in Baghdad.

The bank said in a statement received by the Iraqi News Agency (INA): "Under the patronage of the General Manager of Rafidain Bank, Ali Karim, and in cooperation with the Continuing Education Center at the American University in Baghdad, the Bank's Preparation and Training Division organized a workshop to train the bank's employees on cybersecurity techniques."

He added that "the workshop witnessed a high-level presence represented by the General Manager of Rafidain Bank, the Vice President of the American University, and the Director of the Continuing Education Center, in addition to a number of managers of the bank's departments and divisions.

" He continued that "the workshop addressed the most prominent challenges facing the Iraqi banking system in the field of cybersecurity, and discussed how to address these challenges to ensure the protection of data and financial systems."

In a meeting with officials at the American University, the General Manager of Rafidain Bank confirmed - according to the statement - that "the bank's management vision is based on developing and empowering human resources in various specializations, with a focus on the field of cybersecurity." 

He stressed "the importance of intensifying efforts to train employees and applying quality standards to ensure the provision of accurate and fast banking services that meet customer needs and enhance their satisfaction and confidence." link

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Tishwash Head of Parliament's Finance Committee talks about "dollar smuggling" and "investor privileges" in Iraq

New bank after merging "Rafidain and Rashid"

The head of the Finance Committee in Parliament, Atwan Al-Atwani, admitted that "dollar smuggling" continues, while revealing privileges for investors in the real estate market in Iraq.

 Al-Atwani, a leader in the State of Law Coalition led by Nouri al-Maliki, spoke on Saturday, in a television talk show followed by the “Al-Jabal” platform, hesitantly about “forging import invoices,” but he confirmed, in contrast, the continuation of “dollar smuggling through the purchase of goods that are not audited at the ports.”

He said, "Dollar sales through the Central Bank, which are around $300 million per day, are not all returning to the country in the form of goods," explaining that "there is tax evasion, a defect in the ports, and goods going to other countries."

On the other hand, he denied his knowledge of the existence of "statistics on currency evasion", while calling for monitoring the work of traders and investors who obtain dollars at the "official price".

Last year, Prime Minister Mohammed al-Sudani revealed that currency smuggling abroad was done through “forged invoices, and the money was going out and being smuggled, and this is a reality, otherwise what were we importing for $300 million a day? ”

"Certainly this money was leaving Iraq and this has been a chronic problem for years," he added.

The official exchange rate is 1,320 dinars to the dollar. But at the money changers, the dollar is worth 1,500 dinars.

Banking restructuring

Regarding the banking situation in Iraq, the head of the Finance Committee revealed the existence of an international company called “K2” that “tracks financial transfers” in Iraqi banks.

He said that there is a "decision to merge some banks, and a new bank will be formed through Rafidain and Rashid, and it will operate in a modern way . "

He revealed that Rafidain Bank has been subject to "sanctions since the time of the former regime."

The United States banned some banks in Iraq from dealing in dollars, as the number of those banks reached 31 banks, due to suspicion of smuggling dollars to Iran and other countries.

There are about 72 banks in Iraq, including 29 private Islamic banks, 25 private commercial bank-         

Real estate market

Regarding the rise in real estate prices in Iraq, and Baghdad in particular, Al-Atwani attributed this to “the increase in demand in the housing market and the lack of supply,” stressing that “Iraq needs 3 million housing units.”

The head of the Finance Committee said, " The residential complexes are not sufficient, and have solved only 20% of the housing crisis in Iraq."

Al-Atwani revealed what he described as a “flaw in the investment laws,” stating that Iraq “gives free land to the investor, loans, and offers him customs exemptions, and we need someone who comes and has money.”

The head of the parliament's finance committee also criticised "granting investors land in city centres", but praised the government's now building entire residential cities "outside the centres".

 Political opinions

In other political and economic issues, Al-Atwani said that “the Minister of Finance promised to provide 3.5 trillion dinars in 2024 through taxes,” while denying the existence of political wills preventing “interrogating the government’s financial officials.”

He also confirmed the decline in the presence of what are known as “economic offices” affiliated with the parties, despite his confirmation of the existence of “partisan interests” in the economic file.

Al-Atwani hoped that Iraq would not be exposed to "economic blows" due to the crisis in the region.

The leader of the State of Law considered that Iraq "is part of the axis of resistance, but it does not want war."

He added, "Iraq has an Islamic commitment to countries that are being killed," stressing that "Iraq will defend itself by all means if it is subjected to strikes."  link

Mot: ....... Almost!!!! 

Mot: Chopping wood…..

America Is Entering A New 'Economic Supercycle'

America Is Entering A New 'Economic Supercycle'

Linette Lopez  Sun, October 20, 2024  Business Insider

No one's going to sound an alarm, blast out a text message, or shoot you an email about it, but the US economy is undergoing a historic shift. We are leaving one long period of expansion — what economists refer to as a "supercycle" — and entering a very different one.

Over the past 15 years, the economy has been characterized by weak demand and low interest rates — a decade-and-a-half hangover from the Great Recession. Now, experts tell me, that is coming to an end.

The world has changed, and we are entering an era of higher growth, creeping inflation, and geopolitical instability that will reroute the flow of money around the world. A new era has arrived, but it's going to be bumpy.

The good news is that this new era looks as if it will be unencumbered by some of the problems that put a ceiling on growth during the previous era. The most salient feature of the old period, economists say, was the risk of deflation — the possibility that a lack of demand would cause wages and prices to spiral downward, a trap that is extremely difficult to escape.

In an effort to avoid that fate, policymakers in Washington pushed interest rates down to zero and encouraged all kinds of risky behavior among investors, businesses, and everyday consumers.

Investors trying to reach their benchmarks "had to creep out on the risk spectrum," Josh Hirt, a senior economist at Vanguard, tells me. "Supercheap debt," he says, made it easy for businesses to "overexpand and overhire."

The pro-risk environment had some earth-shifting consequences. Silicon Valley put the internet on our phones, China blew a massive bubble in its property market, and the world started investing in renewable energy.

But low interest rates did little to boost demand, and the economy consistently grew slower than it did before the crash, never notching above 3% GDP growth. It was only after the massive government stimulus, spurred by the pandemic, that the economy reached escape velocity, pushing up wages and starting to grow at a healthy clip.

Now, economists say, we're entering a supercycle that will be characterized by three sweeping forces. First, higher interest rates will reward savers, making it more expensive to take risks. Second, geopolitical and economic volatility will generate inflationary effects, reintroducing the specter of soaring prices.

And third, industrial planning will be increasingly influenced by national-security concerns, altering supply chains across industries. How low interest rates wind up settling will establish a new gravitational pull in global markets, recalibrating the forces that determine where the economy is most likely to grow — and where investment is most likely to flow.

The new supercycle "puts the economy in a completely new era," says Silas Myers, the CEO of Mar Vista Investments, which oversees $4 billion in assets. He warns that an entire generation of investors, lenders, and entrepreneurs have failed to embrace the "profound impact" that the new economic era will have on their businesses.

"We were in a time that was less demanding and more forgiving," Myers says. "But that time is ending."

One of the clearest signs that a new economic supercycle has arrived is when the financial rules go topsy-turvy. The previous supercycle was ushered in when the Federal Reserve, in response to the destruction caused by the financial crisis, cut its benchmark interest rate to 0% — the first time the central bank went all the way to the bottom.

The structural shift sent shockwaves throughout the world. Yields on Treasury bonds tanked, meaning investors had to start taking some serious risks if they wanted to make money. This new adventurism pushed stocks higher and higher.

TO READ MORE:  https://www.yahoo.com/news/america-entering-economic-supercycle-094602486.html

Seeds of Wisdom RV and Economic Updates Monday Morning 10-21-24

Good Morning Dinar Recaps,

STABLECOINS CAN BENEFIT FINANCIAL SYSTEM, FED GOVERNOR SAYS

The United States national debt has crossed $35 trillion, with $500 billion added to the government debt in the last two weeks alone.

On Oct. 18, Federal Reserve Bank Governor Christopher Waller told an audience at the Institute of Advanced Studies that well-regulated stablecoins could benefit the current financial system.

.

“Stablecoins can reduce the need for payment intermediaries and thereby reduce costs of payments globally,” Waller stated, but immediately qualified his remarks by saying that stablecoin “safety is not assured.” The Fed official explained:

“If appropriate guardrails can be erected to minimize run risk and mitigate other risks, such as their potential use in illicit finance, then stablecoins may have benefits in payments and by serving as a safe asset on a variety of new trading platforms.”

Waller also argued that decentralized finance can achieve a symbiotic relationship with traditional finance instead of supplanting it altogether. This viewpoint has been previously pitched by some US lawmakers, who argue that decentralized finance and dollar-denominated stablecoins can extend dollar dominance by decades.

Stablecoins as a way to extend US dollar hegemony
On June 14, an article was published in The Wall Street Journal, written by former United States Speaker of the House Paul Ryan, making a case for how stablecoins could mitigate the looming debt crisis.  

Ryan pointed out that stablecoins create demand for US Treasurys and US dollars, which will keep the dollar competitive against the Chinese yuan and preserve its current status as the global reserve currency.

More recently, in October, US Senator Bill Hagerty introduced the Clarity for Payment Stablecoins Act building upon Representative Patrick McHenry’s 2023 stablecoin bill.

The most notable changes to the bill were provisions to regulate stablecoins at the state level and removing a clause in the 2023 version of the bill that identified stablecoins as securities.

Despite these efforts, a recent report from Chainalysis revealed that the US is lagging in stablecoin adoption. According to Chainalysis, the market share of stablecoin transactions on US-regulated exchanges dropped below 40% in 2024. Comparatively, the share of stablecoin transactions via offshore exchanges rose to 60% this year.

@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

BRICS SAUDI ARABIA: OFFICIAL ANNOUNCEMENT ON MEMBERSHIP

Despite accepting an invitation to join the alliance in 2023, the BRICS bloc has yet to fully welcome Saudi Arabia into the alliance.

That could be set to change at the BRICS 2024 Summit, according to an official announcement. Specifically, Russian Spokesperson Dmitry Peskov noted Riyadh’s participation within the alliance will be made clear after the upcoming event.

The ongoing saga has seen different responses from both sides throughout the year. Saudi Arabia has continuously said that it is carefully observing the risks and benefits of joining the bloc. However, the alliance has continued to affirm that the country is the 10th member of the growing collective. That distinction is likely to be verified after the event takes place.

BRICS & Saudi Arabia to Clarify Position After 2024 Summit
Last year, the BRICS bloc announced its first expansion effort since 2001. Indeed, the bloc had announced that five nations had accepted invitations to join the bloc. Specifically, these countries included the United Arab Emirates (UAE), Egypt, Iran, Ethiopia, and Saudi Arabia.

However, one of those nations had not officially accepted the invitation. Saudi Arabia clarified that it had yet to join the bloc and was still considering the strategic benefits of joining the group. A year later, the situation is yet to be resolved. However, it does appear as though an answer is coming.

According to a Russian spokesperson, the BRICS group will clarify Saudi Arabia’s membership within the alliance after the 2024 Summit. The event, taking place next week in Kazan, is the biggest of the calendar year for the alliance. With questions surrounding Saudi Arabia’s attendance, the questions of its membership began to resurface.

“The summit will be held very soon,” Dmitry Peskov told Russian state media. “We will inform you additionally who will represent Saudi Arabia or if it will be represented at the summit at all. Based on this, we will make conclusions.”

In 2023, Saudi Arabia’s position in the bloc was considered a game changer. The oil and gas powerhouse would’ve brought forth unprecedented geopolitical benefits to the group. Yet, it also would have only magnified tensions with the West. These relationships are likely the basis for the country’s reluctance to join the Global South’s opposition. Yet, the answers to its membership question should be obvious after the summit concludes.

@ Newshounds News™

Source:  Watcher Guru

~~~~~~~~~

🌱 GOLD DEBT CLOCK WOW WOW WOW SOWT  |  Youtube

This is so IMPORTANT for the GCR!  Listen Up!

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

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MilitiaMan & Crew News Reporting - Iraq Dinar Updates - Gold - Investor Confidence - Investment Budget

MilitiaMan & Crew News Reporting - Iraq Dinar Updates - Gold - Investor Confidence - Investment Budget

10-20-2024

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=YB_iwjz8Ek4

Iraq News Highlights and Points To Ponder Sunday Afternoon 10-20-24

Iraq's Oil Exports To America Drop Significantly In A Week

Energy   Economy News - Follow-up  The US Energy Information Administration announced today, Sunday, that Iraq's oil exports to America declined during the past week.

The administration stated in a table reviewed by "Al-Eqtisad News" that "the average US imports of crude oil during the past week from 9 major countries amounted to 5.007 million barrels per day, down by 298 thousand barrels per day from the previous week, which amounted to 5.305 million barrels per day."

She added that "Iraq's oil exports to America amounted to 70 thousand barrels per day last week, down by 171 thousand barrels per day from the previous week, which amounted to 241 thousand barrels per day."

The administration indicated that "the largest oil revenues for America during the past week came from Canada at a rate of 3.537 million barrels per day, followed by Mexico at an average of 406 thousand barrels per day, then Saudi Arabia at 314 thousand barrels per day, and from Colombia at 223 thousand barrels per day."

According to the table, "the amount of US crude oil imports from Brazil is 154 thousand barrels per day, from Nigeria 134 thousand barrels per day, from Venezuela 134 thousand barrels per day, and from Ecuador at a rate of 35 thousand barrels per day, while it did not import any amount from Libya. 10/20/2024 - https://economy-news.net/content.php?id=48914 

Economist Reveals The Value Of Oil Derivatives Smuggled From Kurdistan To Türkiye

Information/Anbar..  Economic expert Rashid Al-Saadi revealed, today, Sunday, that Iraq's losses due to the smuggling of large quantities of oil derivatives from the Kurdistan Region to Türkiye amounted to one billion and 500 million dollars.

Al-Saadi said in a statement to / Al-Maalouma / agency, "The Oil Marketing Company (SOMO) imposed a financial fine on Turkey as compensation to be paid to Iraq for the value of the oil smuggled from the Kurdistan Region to Turkey, amounting to one billion and 500 million dollars, but Turkey is still delaying the process of paying the financial amounts due on it as a result of receiving stolen oil shipments from Iraq."

He added, "Imposing financial compensation on Türkiye came against the backdrop of the halt in oil exports from Iraq to Ceyhan."

Al-Saadi continued, "The halt in Iraqi oil exports to Turkey via the port of Ceyhan has revived the smuggling of oil derivatives from the Kurdistan Region to Turkey, despite the fact that oil exports to Turkey are officially halted by the State Oil Marketing Company (SOMO)."

He pointed out that "the smuggling of oil derivatives from the Kurdistan Region to Türkiye is large and has greatly affected Iraq's oil imports."   LINK

Iraq Signs Agreement With Turkmenistan To Supply 20 Million Cubic Meters Of Gas Per Day

Posted On2024-10-19 By Sotaliraq  10/19/2024  The signing ceremony of the agreement and contract for the supply of Turkmen gas to Iraq took place in the capital, Baghdad, today, Saturday.

On the Iraqi side, it was signed by Ziad Ali Fadhil, Minister of Electricity, and on the Turkmen side, it was signed by Maksid Babayev, Minister of State and Chairman of the Gas Company in his country.

The signing of the agreement was the culmination of intensive technical efforts that extended for more than a year, including multiple meetings, mutual visits, and the signing of a memorandum of understanding last year.

The terms of the agreement stipulate that Iraq will be supplied with 20 million cubic meters of Turkmen gas per day, which will constitute a qualitative addition to the country’s energy sources.

The Swiss company (Loxstone Energy), which was contracted under the decisions of the Council of Ministers, is responsible for delivering Turkmen gas to Iraq, using the Iranian pipeline network, relying on the swap mechanism, which ensures the smoothness and efficiency of the transportation process, according to a statement issued by the Iraqi Ministry of Electricity.

Following the conclusion of the agreement, the Minister of Electricity confirmed in a joint press statement with the Turkmen Minister of State that the agreement is part of the government’s program to diversify energy sources and enhance supplies, and the Iranian side’s approval was obtained.

He explained that "this step will contribute significantly to ensuring that gas stations are supplied with the necessary fuel," indicating that "gas stations currently contribute about 60% of the total electricity production in Iraq."

He continued, “We work in the Ministry of Electricity according to a comprehensive vision that combines immediate solutions and long-term strategy,” noting that “importing gas represents a temporary measure until our national gas production projects are completed, self-sufficiency is achieved, and full reliance on our local resources is achieved within the next few years.”

For his part, the Turkmen minister expressed his pride in this strategic partnership, stressing his country's commitment to supporting Iraq's efforts to develop the energy sector.

We are proud to be a reliable partner of Iraq in the energy sector, and we look forward to strengthening economic cooperation between our two countries,” Maksad Babayev said in the joint statement.

In early July, Iran signed an agreement stipulating the exchange of gas between it and Turkmenistan, after intensive negotiations.

Iranian media reported at the time that a contract had been signed to exchange gas between Iran and Turkmenistan, and then supply it to Iraq.

[On October 6, 2023, the Iraqi Minister of Electricity, Ziyad Ali Fadhil, signed a memorandum of understanding with the Turkmen Minister of State for Gas Affairs, to supply Turkmen gas to Iraq.

Iraq imports electricity and gas from Iran for between a third and 40 percent of its energy needs, which is critical, especially in the summer months when temperatures reach 50 degrees Celsius and energy consumption peaks.

[size=45]Iraq is facing difficulty in paying for these imports due to US sanctions that only allow Iran to obtain funds to purchase non-sanctioned goods, such as food and medicine.  LINK

Al-Sudani: We Will Reach A Production Stage Exceeding 80% In Three Years[/Size]

Local | 03:05 - 10/19/2024   Mawazine News - Baghdad   Prime Minister Mohammed Shia al-Sudani announced today, Saturday, the production of 25% of Iraq's need for antibiotics, stressing that a pharmaceutical production stage exceeding 80% will be reached within three years.

His office stated, in a statement received by "Mawazine News", that "al-Sudani opened, today, two factories for antibiotics (cephalosporins) and immunosuppressive drugs, which are private sector projects, within the program to localize pharmaceutical industries in Iraq, which the government has adopted as a priority in its program."

Al-Sudani was briefed on "the stages of work in the factory, which has adopted the most advanced global technological origins, represented by the Italian company (EMA), which specializes in pharmaceutical industries, and met with the working cadres from various scientific specialties, in addition to reviewing the stages of implementing a new factory for cancer treatment drugs at a cost of (60) million dollars, which is planned to be completed in the coming months."

He pointed out that "this factory was established in light of the government's decisions taken since the beginning of its work," stressing that "the goal of localizing the pharmaceutical industry was among the priorities of the work, and was accompanied by providing facilities to private sector drug producers, in the field of issuing loans and sovereign guarantees to establish pharmaceutical projects.

" Al-Sudani noted that "the products of this factory of antibiotics will cover about (25%) of the country's need, which is important to achieve self-sufficiency," stressing "work to achieve drug security, as it is not permissible to accept that local pharmaceutical products cover 10% of the original drug market, which is worth more than (3) billion dollars."

He explained that "contracts for establishing pharmaceutical projects have increased under the current government by more than 60%, which is a positive indicator for reaching a production stage exceeding 80% during the next three years, especially for life-saving drugs and cancer patients' drugs, which are expensive and difficult to secure on a permanent basis," stressing "work to establish the pharmaceutical industrial city."

Cephalospor ins are life-saving antibiotics, and they will be produced in all their pharmaceutical forms up to the fourth generation, which include suspensions with a capacity of (12) million vials annually, capsules with a capacity of (450) million capsules annually, tablets with a capacity of (600) million tablets annually, and intramuscular and intravenous injections (vials) with a capacity of (40) million injections annually.   https://www.mawazin.net/Details.aspx?jimare=256064

Karbala Refinery Shutdown For Maintenance Cuts 40% Of Kerosene Supply

Policy  2024-10-20   1,414 views   Sumerian News – Local  Confirmed Committee Oil and Gas Parliamentary Committee, today, Sunday, to stop Filtered Karbala Its maintenance led to a 40% cut in kerosene fuel supplies. Iraq.

A member said Committee Oil, Gas and Natural Resources in the Council Representatives Thank you very much, "Musfa"KarbalaIt witnessed a halt in maintenance work, which led to a 40 percent cut in the supply of kerosene, which is necessary for the operation of power plants. Electricity And electric generators, as well as operating several types of vehicles.

Al-Mashkoor stressed that “the government was forced to compensate for the shortage of kerosene and divert the available amount to power generation stations. ”electricity Considering it the most important in terms of serving citizens, stressing “the return of a large part of it, equipping fuel stations, and restoring things to their former state,” according to the newspaper. the morning Governmental.  LINK

Seeds of Wisdom RV and Economic Updates Sunday Afternoon 10-20-24

Good Afternoon Dinar Recaps,

BRICS SUMMIT TO FAR SURPASS US PRESIDENTIAL ELECTION IN GLOBAL IMPORTANCE, RUSSIAN OFFICIAL CLAIMS

The BRICS summit, not the U.S. presidential election, will be the defining event of global history, a Russian official claims. With BRICS expanding and 65% of its transactions now in national currencies, they argue the world is shifting away from U.S. dominance toward sovereign partnerships. 

“I believe that in 2024 the vector of human development will be established in Kazan, and not in the wavering United States,” the official noted.

BRICS Over US Election? Russian Official Sees a Decisive Global Shift Ahead
Russian Federation Council Speaker Valentina Matviyenko has emphasized that the upcoming BRICS summit, rather than the U.S. presidential election, will be the crucial event that will shape the future of global history.

In a post on her Telegram channel, Matviyenko argued that “the world has changed significantly” and made it clear that the U.S. election would not hold the same influence over the world community as Washington might hope. She was quoted by Tass as stating:

The upcoming U.S. presidential elections will not be the most important event of the year for the world community and will not determine the further course of history. No matter how much Washington would like it to be. The BRICS summit will be that event.

Matviyenko went on to highlight that the changes taking place are “objective and irreversible processes.” Additionally, she underscored the significance of the summit’s high-level representation and the increasing number of membership applications as indicators that “truly responsible leaders of sovereign states” are aware of BRICS’ growing importance. She further asserted, “I am sure that news from Russia will be followed on all continents.”

BRICS, originally formed in 2006 by Brazil, Russia, India, and China, and later joined by South Africa in 2011, is now expanding further. In January, Egypt, Iran, the United Arab Emirates (UAE), Saudi Arabia, and Ethiopia became full members of the group.

This expansion comes during Russia’s presidency of BRICS. The main event of Russia’s presidency will be the BRICS summit in Kazan, scheduled for Oct. 22-24. In the meantime, the U.S. presidential election is slated for Nov. 5.

Matviyenko also noted:

I believe that in 2024 the vector of human development will be established in Kazan, and not in the wavering United States.

“The three days of the BRICS summit and the negotiations of the leaders of the world majority in the capital of Tatarstan will have a decisive influence on our future,” she opined.

Russia’s State Duma Speaker Vyacheslav Volodin said BRICS is challenging the dominance of Washington and Brussels as more nations seek equal partnerships prioritizing their interests. Volodin noted a global shift away from alliances with the U.S. and its allies, favoring cooperation that respects sovereignty and mutual benefit. 

BRICS countries are increasingly using national currencies, with 65% of transactions now conducted in local currencies, while the U.S. dollar and euro account for less than 30%, indicating efforts to reduce reliance on Western financial systems, a trend driven by sanctions and geopolitical tensions.

@ Newshounds News™

Source:  Bitcoin News 

~~~~~~~~~

SIAM COMMERCIAL BANK LAUNCHES STABLECOIN CROSS BORDER PAYMENTS

Siam Commercial Bank (SCB), one of Thailand’s big five banks, has launched a stablecoin solution for cross border payments, including remittances. The project graduated from the Bank of Thailand regulatory sandbox in October 2024.

The bank partnered with SCB 10X, its venture and innovation arm, and Singapore fintech Lightnet for the launch with custody technology provided by Fireblocks. We’ve requested details about the public blockchain and stablecoins being used, but didn’t receive a response in time for publication.

Cross border payments usually require banks to have pre-funded Nostro accounts at the destination. Using stablecoins this may not be needed. Plus stablecoin transfers are very inexpensive and can happen 24/7.

“By leveraging blockchain technology and stablecoins, we are making cross-border remittances more efficient, reliable, and accessible for everyone,” said Thanawatn Kittisuwan, First EVP & Head of Digital Juristic & Payment at SCB.

Initially the solution targets consumers, but now SCB plans to work on offering it to corporate customers. The big three Japanese banks are looking to do something similar for cross border payments, but they hide the use of stablecoins. Hence, clients initiate bank payments in the usual way.

SCB Tech X also participated in a Hedera DLT stablecoin trial that involved other banks, including Korea’s Shinhan Bank, a Taiwanese Bank, and South Africa’s Standard Bank as an observer.

@ Newshounds News™

Source:  Ledger Insights

~~~~~~~~~

🌱 BRIC' PAYMENT CARD? WHAT IS BRIC WHAT DOES IT HAVE TO DO WITH ANYTHING?  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

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Iraq Economic News and Points To Ponder Sunday AM 10-20-24

Among Them Are Exchange Rates.. The Most Prominent Advantages Of Increasing Iraq’s Share In The International Monetary Fund

Money and business  Economy News – Baghdad  The Prime Minister's Advisor for Financial Affairs, Mazhar Mohammed Salih, confirmed today, Saturday, that increasing Iraq's share of the international monetary fund is a step to confront economic challenges and stabilize the dinar, while he pointed out that it is a tool against exchange rate fluctuations and inflation problems and to enhance investors' confidence in the Iraqi economy.

Saleh told the official agency, which was followed by "Al-Eqtisad News", that "Iraq maintains a reserve of gold within its foreign reserves, and it is part of the official reserves of the Central Bank of Iraq, as monetary gold is a means of supporting the value of the Iraqi dinar and achieving the desired economic stability."

“When inflation rises and the value of foreign currencies falls, the price of gold usually rises, so gold is a hedge against inflation or currency devaluation. It is also a type of long-term investment and contributes to diversifying the country’s sovereign investment portfolio, because it is originally stable compared to currency volatility,” he added.

He continued: "Our country holds about 150 tons of gold, which constitutes a percentage of the country's foreign currency reserves. This reserve is managed in accordance with the guidelines issued by multilateral international financial organizations. It represents a hedging tool and a safe and appropriate haven, as it is an important part of the national currency cover."

He pointed out that "the monetary authority in our country has sought in recent years to increase its gold reserves, in order to confront economic challenges and ensure the stability of the Iraqi dinar."

He explained that "gold remains a protection tool against fluctuations in exchange rates and inflation problems, and it also contributes to enhancing investor confidence in the Iraqi economy."

Earlier, the Council of Ministers approved increasing Iraq's share in the International Monetary Fund by the equivalent of (831,900,000) SDR, or the equivalent of (1.45025127) trillion dinars, according to the exchange rate on October 8, 2024, provided that the amount of the increase is included in the allocations for the year 2025, and that the proposed increase will lead to an increase in Iraq's share in the International Monetary Fund by 50% of the previous share, and to an increase in Iraq's voting power. 133 views    10/19/2024 - https://economy-news.net/content.php?id=48887

The Dollar Opens The Beginning Of The Week Higher Against The Dinar In Baghdad

19/10/2024  Mawazine News – Economy  The US dollar exchange rate rose in Baghdad markets on Saturday morning.

The dollar price rose with the opening of the Al-Kifah and Al-Harithiya stock exchanges to record 153,300 dinars per 100 dollars, while it recorded 153,000 dinars per 100 dollars last Thursday.

The selling prices in exchange shops in the local markets in Baghdad recorded an increase, as the selling price reached 154,250 dinars, while the purchase price reached 152,250 dinars per 100 dollars. https://www.mawazin.net/Details.aspx?jimare=256066

Al-Sudani: We Will Reach A Production Stage Exceeding 80% In Three Years

Local | 03:05 - 10/19/2024  Mawazine News – Baghdad  Prime Minister Mohammed Shia al-Sudani announced today, Saturday, the production of 25% of Iraq's need for antibiotics, stressing that a pharmaceutical production stage exceeding 80% will be reached within three years.

His office stated, in a statement received by "Mawazine News", that "al-Sudani opened, today, two factories for antibiotics (cephalosporins) and immunosuppressive drugs, which are private sector projects, within the program to localize pharmaceutical industries in Iraq, which the government has adopted as a priority in its program."

Al-Sudani was briefed on "the stages of work in the factory, which has adopted the most advanced global technological origins, represented by the Italian company (EMA), which specializes in pharmaceutical industries, and met with the working cadres from various scientific specialties, in addition to reviewing the stages of implementing a new factory for cancer treatment drugs at a cost of (60) million dollars, which is planned to be completed in the coming months."

He pointed out that "this factory was established in light of the government's decisions taken since the beginning of its work," stressing that "the goal of localizing the pharmaceutical industry was among the priorities of the work, and was accompanied by providing facilities to private sector drug producers, in the field of issuing loans and sovereign guarantees to establish pharmaceutical projects.

" Al-Sudani noted that "the products of this factory of antibiotics will cover about (25%) of the country's need, which is important to achieve self-sufficiency," stressing "work to achieve drug security, as it is not permissible to accept that local pharmaceutical products cover 10% of the original drug market, which is worth more than (3) billion dollars."

He explained that "contracts for establishing pharmaceutical projects have increased under the current government by more than 60%, which is a positive indicator for reaching a production stage exceeding 80% during the next three years, especially for life-saving drugs and cancer patients' drugs, which are expensive and difficult to secure on a permanent basis," stressing "work to establish the pharmaceutical industrial city."

Cephalosporins are life-saving antibiotics, and they will be produced in all their pharmaceutical forms up to the fourth generation, which include suspensions with a capacity of (12) million vials annually, capsules with a capacity of (450) million capsules annually, tablets with a capacity of (600) million tablets annually, and intramuscular and intravenous injections (vials) with a capacity of (40) million injections annually.   https://www.mawazin.net/Details.aspx?jimare=256064

Oil Posts 7% Weekly Loss.. Brent At $73

Energy  Economy News - Follow-up  Oil futures fell on Friday, posting a weekly loss of more than 7% after data showed China's economic growth slowed and as investors weighed mixed forecasts for the Middle East.

Brent crude futures fell $1.39, or 1.87%, to settle at $73.06 a barrel, while U.S. West Texas Intermediate crude fell $1.45, or 2.05%, to $69.22 a barrel.

Brent fell more than 7% this week, while WTI lost about 7%, their biggest weekly declines since Sept. 2, after the Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency cut their forecasts for global oil demand in 2024 and 2025.

The economy in China, the world's largest oil importer, grew in the third quarter at the slowest pace since early 2023, but data on consumption and industrial production beat expectations in September.

“China is important to the equation in terms of demand, so that is having a big impact on prices here today,” said John Kilduff, a partner at Again Capital in New York.

China's refinery output also fell for the sixth straight month as weak fuel consumption and lower refining margins weighed on Processing operations.

“We can’t ignore the impact of electric vehicles in China,” said Neil Atkinson, an independent energy analyst based in Paris and former head of the International Energy Agency’s oil division.

"There are many factors at play here, the economic weakness in China, but also the move towards electrification of the transport sector," he added.

Electric vehicle sales in China jumped 42% in August to a record high of more than 1 million vehicles.

China's central bank has rolled out two financing plans that will initially inject 800 billion yuan ($112.38 billion) into the stock market through newly launched monetary policy tools.

“Chinese data is showing tentative signs of improvement, but recent briefings on additional economic stimulus have left market participants feeling frustrated,” said Rishi Rajanala, partner at Aegis Hedging.

US President Joe Biden said yesterday that there is an opportunity to deal with Israel and Iran in a way that could potentially end their conflict in the Middle East for a while.

When Biden visited Berlin, he told reporters he had an understanding of how and when Israel would respond to the Iranian missile attack, something investors are still anxiously awaiting, Alex Hudis, an analyst at brokerage StoneX, said in a note.

The Lebanese Hezbollah group announced yesterday, Friday, the transition to a new and escalating phase in the confrontation with the Israeli forces after the killing of Yahya Sinwar, head of the political bureau of the Palestinian Islamic Resistance Movement (Hamas).

This dashed earlier hopes today that Sinwar's death would hasten an end to an escalating war in the Middle East.

The US Energy Information Administration said that crude production in the United States reached a record level at the end of last week, as production rose by 100,000 barrels per day in the week ending October 11 to record 13.5 million barrels per day, after recording the previous peak of 13.4 million barrels per day two months ago.

Oil prices received support after data from the US Energy Information Administration showed that US crude oil, gasoline and distillate inventories fell last week.

U.S. retail sales rose slightly more than expected in September, and investors still see a 92 percent chance the Federal Reserve will cut interest rates in November. 92 views 10/19/2024 - https://economy-news.net/content.php?id=48884

Within A Week..More Than One Billion Dollars In Sales From The Central Bank Of Iraq

Saturday 19 October 2024 14:28 | Economic Number of readings: 69  Baghdad/ NINA / The total sales of the Central Bank of Iraq of hard currency during the days in which the auction was opened last week exceeded one billion dollars.

The Central Bank sold during the past week and for the 5 days in which the auction was opened one billion, 317 million, 374 thousand, and 259 dollars, at a daily average of 263 million, 474 thousand, and 852 dollars, higher than the previous week, which amounted to one billion, 309 million, 74 thousand, and 838 dollars.

The highest dollar sales were on Sunday, where sales amounted to 270 million, 808 thousand, and 434 dollars, while the lowest sales were on Wednesday, where sales amounted to 253 million, 497 thousand, and 545 dollars.

Foreign remittance sales during the past week amounted to "one billion, 279 million, 724 thousand, and 259 dollars, an increase of 97% compared to cash sales, which amounted to 37 million, 650 thousand dollars. / End   https://ninanews.com/Website/News/Details?key=1163065

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