Seeds of Wisdom RV and Economic Updates Monday Morning 10-28-24

Good Morning Dinar Recaps,

BIS PROJECT DEMONSTRATES AUTOMATED CROSS-BORDER TRANSACTION COMPLIANCE',.

Project Mandala uses zero-knowledge proofs to complete compliance checks across different jurisdictions.

The Bank for International Settlements (BIS) and its central bank partners have shown through Project Mandala that regulatory compliance can be embedded into cross-border transaction protocols.

The project is a collaboration involving central banks worldwide, including the BIS Innovation Hub Singapore Centre, the Reserve Bank of Australia, the Bank of Korea, Bank Negara Malaysia and the Monetary Authority of Singapore (MAS).

On Oct. 28, the BIS updated its page for Project Mandala, highlighting that the project has reached its proof-of-concept stage.

The project, which seeks to automate compliance for cross-border transactions, is one of the BIS’ key projects for 2024. On Jan. 23, the BIS included Project Mandala in its work program.

The project also aligns with the G20 priority actions for enhancing cross-border payments.

Automated compliance checks in cross-border transactions
In an explainer video, the BIS detailed that, during the proof-of-concept phase of Project Mandala, all participant institutions, including commercial banks, central banks and other regulated financial entities, will operate a Mandala node within their systems.

Participants will interact through a peer-to-peer messaging system, which will help them obtain relevant policies applicable to transactions. The system will then transmit the necessary data to generate proof of compliance and manage any other information needed for automated compliance checks.

Within the Mandala system, rules across jurisdictions are stored in a repository and distributed across relevant parties. The data is applied against consumer transaction data to ensure that cross-border transactions are compliant.

How Project Mandala would streamline cross-border transactions. Source: BIS

The system implements zero-knowledge proofs to complete transaction compliance checks privately. ZK-proofs allow a prover to convince a verifier that a particular claim is true without revealing the details of the claims.

BIS “optimistic” about early results
In an announcement, Maha El Dimachki, head of the BIS Innovation Hub Singapore Centre, said that the central bank is optimistic about the potential of Project Mandala’s early results to enhance cross-border payments.

The official said that Mandala is “pioneering the compliance-by-design approach to improve cross-border payments without compromising privacy or the integrity of regulatory checks.”

@ Newshounds News™

Source:  CoinTelegraph

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HONG KONG PARTNERS CENTRAL BANKS OF BRAZIL, THAILAND FOR TOKENIZATION. TO OFFER DIGITAL BOND GRANTS

Today the Hong Kong Monetary Authority (HKMA) announced collaborations with the central banks of Brazil and Thailand for cross border tokenization transactions, including atomic settlement of digital asset transactions (delivery versus payment / DvP) and wholesale CBDC (payment versus payment / PvP). Additionally, the HKMA plans to provide grants of up to HK$2.5 million for digital bond issuances to promote Hong Kong as a tokenization venue.

Hong Kong has previously issued two tokenized government green bond issuances, one tokenized (so the primary issuance was conventional) the other natively digital. The second one was worth more than US$750 million across multiple currencies and was the largest digital bond at the time. It has since been eclipsed by two KfW issuances.

As part of Hong Kong’s push to promote the digital asset ecosystem, it soon plans to publish guidelines for a new Digital Bond Grant Scheme that will offer a maximum grant of HK2.5 million for each eligible issuance.

Cross border collaborations
Given Brazil’s hugely successful launch of its Pix real time payment system, many are eagerly watching the progress of DREX, the Banco Central do Brasil’s wholesale CBDC and tokenization project. DREX recently announced the 13 themes to be trialed and re-opened applications for participants.

Now DREX and Hong Kong’s Project Ensemble tokenization project will trial cross border transactions, including for trade finance and carbon credits.

Previously, Hong Kong conducted a trial with the Banque de France.

HKMA unveiled a similar collaboration with the Bank of Thailand, with whom it previously partnered for CBDC in Project Inthanon-LionRock. That initiative expanded to mBridge, the cross border CBDC project that has reached the minimum viable project stage.

The Thai collaboration will involve Thailand’s Project San, an internal experiment that is testing a tokenization ecosystem. This includes wholesale settlement, Ethereum-compatible ledgers for tokenized deposits and digital assets, plus an interoperability mechanism.

HKMA emphasized the interoperability work, specifically how to enable the interoperability of separate distributed financial market infrastructures (dFMIs).

For the interoperability aspect, the HKMA is also a new associate member of the Linux Foundation (LF) Decentralized Trust (an evolution of Hyperledger), joining seven other central bank members that are collaborating on the technical requirements for central bank digital currencies (CBDC).

Project Ensemble Sandbox update
Additionally, the HKMA provided an update on its Project Ensemble Sandbox for wholesale CBDC, tokenized deposits and tokenization. It previously outlined some of the planned use cases, and today disclosed which ones have completed. JP Morgan has joined the sandbox alongside two technology firms, R3 and Tencent affiliate, WeBank Technology Services.

It added a new use case for tokenized or digital funds involving China Construction Bank (Asia), Fubon Bank (Hong Kong), JETCO and OSL Digital Securities.

These announcements were part of the Hong Kong Fintech Week. This morning, keynotes by the Treasury, Securities and Futures Commission and HKMA involved sharing other updates on stablecoins and cryptocurrency.

@ Newshounds News™

Source:  Ledger Insights

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🌱WHAT ARE BONDS? WHY WE WATCH ISAAC. WHAT IS ISAAC'S WORD WHEN HE IS COMPLETE?  |  Youtube

 @ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

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“Tidbits From TNT” Monday Morning 10-28-2024

TNT:

Tishwash:  150,000 Kurdish employees receive their salaries digitally via the “Hisabi” system 

The Financial System Administration "Hisabi" in the Kurdistan Region announced, on Sunday, the expansion of the scope of its digital operations so that the number of beneficiaries of the system reached 150 thousand employees during the past week.

According to the official website of the "My Account" system, which Shafak News Agency has reviewed, the number is increasing monthly and 150,000 employees have received their salaries through the system, which reflects the continuous growth in the adoption of the system to facilitate the process of disbursing salaries through digital bank accounts.

The system is expected to include all eligible employees in the region by the end of next year, as they will be able to receive their salaries directly through their own bank accounts.

This expansion comes within the framework of the Kurdistan Region's efforts to enhance the digital infrastructure and facilitate financial transactions for citizens.  link

Tishwash:   Economist: Lowering interest rates encourages investment but carries caveats

 Economic expert Salah Nouri confirmed today, Sunday, that reducing the interest rate is one of the main tools of monetary policy used by the Central Bank to influence the economy, whether by increasing or decreasing it according to inflation or deflation rates.

Nouri explained in his interview with {Euphrates News} that “reducing the interest rate encourages individuals and companies to borrow for productive projects, which leads to stimulating the economy,” adding: “Lower interest makes the cost of loans lower, and thus encourages consumption and investment.”

Nouri pointed out that "reducing the interest rate reduces the cost of production and perhaps the prices of imported goods, which leads to a reduction in selling prices," but he warned that "reducing the interest rate may push depositors to withdraw their deposits due to the decrease in returns, and resort to alternative investments such as gold."

He added: "It is necessary for the Central Bank to monitor the money market and commodity prices to measure the level of c: Al Furat News}inflation, especially since facilitating borrowing may affect the elasticity of demand versus supply."  link

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Tishwash:  The Age of Mafia Flourishing in Iraq" .. People's Crises Strengthen the Positions of Currency Smuggling Gangs - Urgent

Economic expert Nasser Al-Kanani confirmed today, Sunday (October 27, 2024), the existence of mafias exploiting crises in Iraq and the region in order to increase currency smuggling operations.

Al-Kanani told Baghdad Today, "As soon as the war in Lebanon and Gaza escalated and security tensions in the region as a whole, specialized mafias emerged that work to exploit such security conditions in order to increase the process of smuggling currency from Iraq. There are different methods for this smuggling, some of which are done through foreign imports, which take place outside the platform."

He added, "Iraq is working to strengthen its national currency, but there are those who are working to weaken this currency by making the dollar very high against the national currency, and some are working to limit large commercial transactions to the dollar exclusively, and the sale of real estate, cars, etc., and this also weakens the national currency, despite all the campaigns to prevent internal transactions in dollars."

The economic expert continued, "Iraq cannot exploit conflicts and wars to strengthen its national currency, especially since it is working hard, internally and externally, to stay away from these wars. Iraq realizes the great economic danger if it enters the circle of conflict and wars."

The war on Gaza and its consequences, which included many regions of the Middle East, dealt a blow to the global economy, especially the Israeli economy, where government spending exceeded $140 billion, and it also lost approximately $15 billion from the attack on Lebanon, according to economic experts.

Speaking about the consequences of the ongoing conflict in the region on Iraq, researcher and aviation specialist Faris Al-Jawari reveals that there are significant material losses for Iraq as a result of the recent Israeli bombing of Iran.

Al-Jawari told Baghdad Today yesterday, Saturday, that "there are losses and material damages to the Iraqi air transport sector in particular and the airport sector as a result of the recent Israeli aggression on Iran, and this impact is clear and tangible during the recent period, but the recent aggression is the most dangerous as it was the reason for a complete halt to Iraqi aviation."

He explained that "the stoppage means the interruption of financial revenues that come to the Iraqi government through the passage of aircraft over Iraqi airspace, and this is worth ($450) per aircraft, and according to the latest report of the Iraqi Airports Company, approximately (600) aircraft pass over Iraq monthly, and this means that Iraq loses (270) thousand dollars per day."

He added, "There are other material losses as a result of the planes not arriving at the airports, and their failure to arrive there means providing ground services to them, and this provision is in exchange for a sum of money, and this matter is estimated at around ($2,000), and this means that there are great economic damages and losses as a result of the Israeli aggression on Iran and the general security situation in the region."

The aviation specialist confirmed that "Iraqi aircraft are the ones that are directly affected, as most companies were refusing to land at Iraqi airports, and this means that the major losses are incurred by Iraqi Airways, and there is also a service impact at the airports on passengers through the suspension of flights, and this disrupts the work of many passengers and it has economic impacts as well, of course."

Israel launched a series of air strikes on Iran early Saturday morning. Four hours after the start of the operation, which Tel Aviv called "Days of Response," the Israeli army announced that it had completed the attack on military targets in Iran, that all of its aircraft that carried out the attack on Iran had returned safely to their bases, and that the operation had achieved all of its goals.  link

Mot: .. When the Door Bell Rings 

Mot:  Trying to Do As Asked I Do!!! 

MilitiaMan & Crew News Reporting-Politics-Financial Reform-Billions Lost-Pressure-Interest- Exchange Rate Changes

MilitiaMan & Crew News Reporting-Politics-Financial Reform-Billions Lost-Pressure-Interest- Exchange Rate Changes

Sunday Night:  10-27-2024

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=FXEcg88iPdQ

Seeds of Wisdom RV and Economic Updates Sunday Afternoon 10-27-24

Good Afternoon Dinar Recaps,

INDO-PACIFIC NATIONS OUTPACING THE US IN CRYPTO REGULATION, SEC COMMISSIONER SAYS

A U.S. Securities and Exchange Commission (SEC) commissioner has urged the U.S. to adopt a more proactive approach to crypto regulation, pointing to the leadership of Indo-Pacific nations like Japan, Singapore, and Hong Kong. He emphasized that these countries have crafted clear frameworks that foster innovation while protecting investors, in contrast to the U.S., where unclear guidelines leave market participants struggling with uncertainty.

SEC Commissioner Urges US to Learn from Indo-Pacific’s Crypto Leadership
U.S. Securities and Exchange Commission (SEC) Commissioner Mark T. Uyeda compared the U.S. SEC’s regulatory approach to those of other countries, especially in the Indo-Pacific, regarding crypto and fintech, at the AIMA APAC Annual Forum in Hong Kong on Wednesday.

He stressed that while the U.S. continues to grapple with unclear regulatory frameworks for digital assets, countries like Japan, Singapore, Hong Kong, and Australia have taken a leadership role in fostering innovation while protecting investors.

Uyeda praised the regulatory advancements in the Indo-Pacific, stating: “I believe there is much to learn from market regulators in the Indo-Pacific region on how to promote these values and objectives.”

The SEC commissioner highlighted how countries in the region have crafted forward-looking regulations that balance the need for innovation with investor protection.

For instance, Hong Kong has introduced a stablecoin licensing regime, Singapore has committed $150 million to promote fintech, Japan has issued guidelines for crypto exchange supervision, and Australia has its own regulatory sandbox.

Uyeda said:

My impression is that Hong Kong, Singapore, Japan, and Australia, among others, have shown leadership in how to facilitate crypto and fintech capital formation and innovation while promoting investor protection.

The U.S. regulator emphasized that many companies have been forced to navigate these uncertainties on their own. “My view is that the SEC could do much more in addressing the key gating question of whether a crypto asset is a security.

Market participants have been forced to struggle with this analysis and decipher SEC views from various settled enforcement actions and litigation in the courts,” he detailed. 

“One concern expressed by market participants has been that the SEC has not provided sufficient guidance on key issues, such as when does a particular crypto offering need to be regulated as a security offering.”

In comparison, the SEC’s approach has been less clear, leaving market participants uncertain about key regulatory issues, Uyeda pointed out, adding:

By comparison to the Indo-Pacific region, the SEC’s current regulatory approach to crypto and related technology is less advanced.

Uyeda urged the SEC to learn from the Indo-Pacific’s proactive stance and become more transparent and engaged with the crypto industry. He pointed to fintech events and regulatory sandboxes used by regulators in the region as examples of how to support innovation. 

In contrast, the U.S. lacks a specific registration form for crypto, making the regulatory process difficult for issuers. 

Uyeda warned that the U.S. must not “bury our heads in the sand about the growing benefits and risks of crypto and financial technology,” calling for the SEC to take a more active role in addressing these challenges.

@ Newshounds News™

Source:  Bitcoin News

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WILL JAPAN LAUNCH BITCOIN AND ETHEREUM CRYPTO ETFS? KEY INDUSTRY GROUP PUSHES FOR APPROVAL

In a recent move to boost the growth of crypto investment products in Japan, a coalition of Japanese companies has recommended that any upcoming exchange-traded funds (ETFs) in the region should focus on Bitcoin (BTC) and Ethereum (ETH).

This recommendation comes as Japan debates whether to follow the US and other nations that have already approved crypto-backed ETFs.

The Push For Crypto ETF Approval
It is no more news that the recent introduction of crypto ETFs in the US and other major countries such as Hong Kong is viewed as a milestone for the digital asset industry, following years of regulatory resistance.

Despite the embrace crypto ETFs have received from these countries, Japan, on the other hand, has been so far cautious on this front, with officials from the Financial Services Agency (FSA) previously expressing reservations about the advantages of these ETFs.

However, as of October 25, a certain group, which includes prominent financial institutions appears to be pushing and urging the country’s regulator to prioritize Bitcoin and Ethereum ETFs due to their “market value and long-term performance” which make them “well-suited” for asset-building over medium to long-term horizons.

Particularly, the group’s proposal highlights the perceived reliability of Bitcoin and Ethereum, pointing out their track records, and significant market caps, which are key players in the overall digital currency market.

As Japan explores a potential shift in its stance on crypto ETFs, this coalition seems to ensure that the focus remains on well-established assets such as Bitcoin and Ethereum.

In addition to recommending that Bitcoin and Ethereum be prioritized in potential ETF offerings, the coalition also advised that Japan reconsider its tax policies on crypto income.

Japan’s tax rate on crypto gains can reach as high as 55%, which many argue is a deterrent to individual and institutional investors.

The group suggested that a separation of tax on income earned from cryptocurrencies could help make Japan a more “competitive” destination for digital currency investment.

Notably, members of this coalition include key players in Japan’s financial landscape, such as Mitsubishi UFJ Trust and Banking Corp., Sumitomo Mitsui Trust Bank Ltd., crypto exchange bitFlyer Inc., and brokerage firms like Nomura Securities Co. and SBI Securities Co.

These institutions with vast industry experience have collectively expressed their concerns and recommendations as a consensus rather than individual opinions.

The coalition’s insights come when Japan’s digital currency regulatory environment is under close examination, and the FSA has confirmed its intent to review its regulatory policies. However, this review is expected to take time and its outcome remains uncertain.

@ Newshounds News™

Source:  Bitcoinist

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RUSSIA PUBLISHES NEW CRYPTO LAW EXPANDING STATE CONTROL OVER DIGITAL ASSETS

Russia’s new crypto law amplifies state control, enabling regional restrictions, tighter infrastructure regulations, and enhanced transaction monitoring.

State Authority Over Digital Currency Grows as Russia Publishes New Law
The Russian government released a document on Friday detailing a law signed by President Vladimir Putin that broadens the scope of digital currency regulations. 

This new law significantly extends government oversight of cryptocurrency mining activities and related infrastructure across the nation.

Taking effect on Nov. 1, the legislation includes several amendments designed to strengthen oversight and impose limitations on crypto mining activities based on regional needs. 

The law enables the Russian government to implement mining restrictions by location and define specific procedures and circumstances for banning mining operations. 

A notable provision in the law gives the government the power to stop digital currency mining pools from functioning in certain areas.

Additionally, the government now has the authority to regulate infrastructure providers supporting mining operations.

This legislation also grants multiple federal agencies, beyond the Federal Financial Monitoring Service (Rosfinmonitoring), access to digital currency identifier addresses. This expansion includes federal executive agencies and law enforcement, bolstering their capability to track transactions that may be linked to money laundering or terrorist financing activities.

Moreover, the amendments transfer responsibility for the national mining register from the Ministry of Digital Development to the Federal Tax Service, which will now oversee mining registrations for businesses and remove those with repeated infractions.

 While individual miners can continue without registering if they adhere to specific electricity consumption limits, companies and individual entrepreneurs must comply with new registration requirements.

In its approach to digital currencies, Russia is advancing crypto regulations and developing a state-backed digital currency, the digital ruble. The country has legalized crypto mining and permitted cryptocurrency use in international trade, aiming to bypass sanctions and reduce reliance on the U.S. dollar in foreign exchanges. 

Putin signed legislation in August allowing experimental frameworks for cryptocurrency use in international transactions. 

This law enables legal adjustments for cross-border crypto transactions, placing oversight of pilot projects with the Bank of Russia and requiring approval from the Finance Ministry, Federal Security Service, and Rosfinmonitoring.

@ Newshounds News™

Source:   Bitcoin News 

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Economist’s “ News and Views” 10-27-2024

G7 Banking Giant Joins China’s RMB Payments System, Bypassing USD In Global Trade

Sean Foo:  10-27-2024

In a big move, UK banking Giant, HSBC, has officially joined China's interbank cross-border payment system.

This is a signal that no matter the political pressure from the US, China's economy is just too important to ignore.

Meanwhile, China is preparing for a fierce economic battle in 2025 where the stimulus bazooka could be fired again.

Timestamps & Chapters:

 0:00 UK Giant Joins China Payments System

2:57 China's Economy Too Big To Ignore

6:17 Beijing's Russian Advantage

 8:33 Yellen Scolds China Again

9:25 Unthinkable Economic War In 2025

11:57 Big Stimulus Bazooka Coming

https://www.youtube.com/watch?v=Rjr7p8PAdAY

Why Social Security Is On Borrowed Time

Lynette Zang:  10-27-2024

Today we are talking about social security and the looming crisis that's about to hit as the entire program is on borrowed time.

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

IMF WARNS “New Financial Crisis”: Your Savings at Risk

Taylor Kenny:  10-27-2024

Discover the truth behind shadow banking and the unregulated lending sector threatening global financial stability. Learn how shadow banks, which operate outside traditional regulations, pose a significant risk to your savings and financial security.

Find out why financial experts are warning of a potential crisis and what you can do to protect yourself.

CHAPTERS:

00:00 Introduction to Shadow Banking

00:35 The Growing Threat of Shadow Banks

 01:09 The Size and Scope of Shadow Lending

02:22 Lack of Regulation and FDIC Limitations

 03:37 IMF Warnings on Shadow Banking Risks

04:12 Traditional Banks’ Risk from Shadow Banking

05:24 Increased Volatility as the New Norm

06:33 Potential Economic Fallout and Hyperinflation

 08:12 Protecting Wealth Outside the System

 08:50 How to Take Action for Financial Security

09:52 Conclusion

https://www.youtube.com/watch?v=SC9ZtwasAng

Iraq News Highlights and Points To Ponder Sunday AM 10-27-24

Economist: Lowering Interest Rates Encourages Investment But Carries Caveats

Time: 2024/10/27 Read: 1,131 times  {Economic: Al Furat News} Economic expert Salah Nouri confirmed today, Sunday, that reducing the interest rate is one of the main tools of monetary policy used by the Central Bank to influence the economy, whether by increasing or decreasing it according to inflation or deflation rates.

Nouri explained in his interview with {Euphrates News} that “reducing the interest rate encourages individuals and companies to borrow for productive projects, which leads to stimulating the economy,” adding: “Lower interest makes the cost of loans lower, and thus encourages consumption and investment.”

Nouri pointed out that "reducing the interest rate reduces the cost of production and perhaps the prices of imported goods, which leads to a reduction in selling prices," but he warned that "reducing the interest rate may push depositors to withdraw their deposits due to the decrease in returns, and resort to alternative investments such as gold."

He added: "It is necessary for the Central Bank to monitor the money market and commodity prices to measure the level of inflation, especially since facilitating borrowing may affect the elasticity of demand versus supply."  From.. Raghad  LINK

"Hybrid Monetary Policy".. Al-Sudani's Advisor Reveals The Central Bank's New Step

Time: 2024/10/26 Read: 5,187 times   "Hybrid Monetary Policy"..  {Economic: Al Furat News} The economic advisor to the Prime Minister, Mazhar Muhammad Salih, explained today, Saturday, precise details about the importance and reasons for the Central Bank of Iraq’s decision to reduce interest.

Useful summary.. In important news you can find it on Al Furat News channel on Telegram.. To subscribe click here

Saleh told {Euphrates News} that: "It is clear that the monetary policy of the Central Bank of Iraq has become a policy that meets the requirements of growth in real economic activity, through activating its operational objectives aimed at reducing the cost of credit and financing within the joints of the economic system in general and the banking system in particular.

" He explained, "The Central Bank began, through its decision issued in accordance with its circular on October 24, to reduce the monetary policy interest rate (which is the rate at which the Central Bank of Iraq deals with the banking system) by about 200 percentage points,

by lowering the interest at which the Central Bank deals with banks from 7.5% to 5.5%, which means that the Central Bank of Iraq has become following an expansionary policy in targeting the money supply in a manner that is consistent with activating the real sector in the national economy and confronting unemployment indicators in the overall economy."

According to the statement of the Prime Minister's economic advisor, "Despite the above, the bank in its new policy did not neglect the importance of continuing to control local liquidity levels and carrying out high sterilization operations, by offering debt instruments called Islamic certificates of deposit with a return that increases with the length of the amortization period of those securities purchased by the banking system, which are considered sovereign debts that can be mortgaged or discounted in the secondary market and are excellent debts."

He continued, "The monetary policy of the Central Bank has given a signal to the financial and banking system that its easy or flexible policy adopted by the bank in moving the liquidity of the economy is under continuous control in order to play the role of the monetary authority in combating inflationary activities and imposing economic stability as its first central goal."

Saleh concluded by saying, "Between expanding the movement of economic liquidity as an expansionary policy and imposing control over liquidity levels by offering debt instruments in return at the same time in parallel, we can call the current monetary policy of the Central Bank of Iraq a {hybrid flexible monetary policy}."

The bank decided to reduce the interest rate from 7.5% to 5.5%, in addition to reactivating the securities (Islamic certificate of deposit and money transfers) according to an annual plan and with two terms: with a return of 4% for a period of 14 days and a return of 5.5% for a period of 182 days.  LINK Raghad

MP: America Is Waging An Economic War Against Iraq

Today 11:48  Information/ Baghdad.. Today, Sunday, the representative of the Sadiqoun parliamentary bloc, Rafiq Hashem, accused America of practicing economic warfare against Iraq, stressing that the trend towards Russia and China is the only salvation from American hegemony.

Al-Salihi told Al-Maalouma Agency, "America is waging an economic war against Iraq in order to keep its forces in the country, indicating that America is preventing Iraq from obtaining its money from oil sales."

He added, "America is plotting a new economic conspiracy against the Iraqi people by reducing financial transfers to Iraq, which has led to an increase in the dollar exchange rate against the Iraqi dinar."

He pointed out that "Iraq's openness to major countries such as Russia and China is the only solution to get rid of American economic hegemony." LINK

237 Thousand Barrels Per Day, Iraq's Oil Exports To America

Energy  Economy News – Baghdad  The US Energy Information Administration announced on Sunday that Iraq's oil exports to the US increased during the past week.

The administration said in a table that "the average US imports of crude oil during the past week from 10 major countries amounted to 5.647 million barrels per day, up by 640 thousand barrels per day from the previous week, which amounted to 5.007 million barrels per day."

She added that "Iraq's oil exports to America amounted to 237 thousand barrels per day last week, an increase of 167 thousand barrels per day from the previous week, which amounted to 70 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 3.719 million barrels per day, followed by Colombia at an average of 365 thousand barrels per day, followed by Venezuela at an average of 289 thousand barrels per day, and from Brazil at an average of 285 thousand barrels per day."

According to the table, "the amount of US imports of crude oil from Mexico was 258 thousand barrels per day, from Saudi Arabia it was 150 thousand barrels per day, from Ecuador it was 138 thousand barrels per day, from Nigeria it was 125 thousand barrels per day, and from Libya it was 89 thousand barrels per day." https://economy-news.net/content.php?id=49193

For The First Time Since June 2023.. The Central Bank Of Iraq Reduces The Interest Rate

Time: 2024/10/26 Read: 2,210 times  {Economic: Al Furat News} The Central Bank of Iraq decided to reduce the interest rate and reactivate the use of securities in the country's banks, for the first time since June 2023.

Useful summary.. In important news you can find it on Al Furat News channel on Telegram.. To subscribe click here

According to a document issued on Thursday by the Central Bank of Iraq and addressed to banks operating in Iraq, the bank decided to reduce the interest rate from 7.5% to 5.5%, in addition to reactivating the securities (Islamic certificate of deposit and money transfers) according to an annual plan and with two terms: with a return of 4% for a period of 14 days and a return of 5.5% for a period of 182 days.

The maximum investment ceiling was set at no more than 50% of the total private sector deposits in the bank, and the bank’s investment ceiling in a single auction should not exceed (500) billion Iraqi dinars.

This decision comes within the framework of the Central Bank’s preparations to end direct monitoring of financial transfers at banks, after launching an electronic platform in early 2023, which aims to enhance proactive monitoring of financial transfers.

According to an informed source in the bank, in a previous press statement, dealing in dollar transfers was limited to only six banks, while 13 banks will trade in other currencies, while the banks subject to US Federal Reserve sanctions remain under review by international auditing companies.  LINK

"Sovereignty" reminds Al-Sudani's government of what remains of the political agreement paper: 5 points that have not been achieved

27-October-2024  The Sovereignty Alliance, headed by Khamis Al-Khanjar, called on the government of Mohammed Shia Al-Sudani to implement the remainder of the political agreement paper signed by the parties of the State Administration Alliance, including approving the general amnesty law and turning the page on displacement.

According to a statement issued by the coalition and seen by "Ultra Iraq", it called on the government of Mohammed Shia al-Sudani to "implement what remains of the political agreement paper signed by the parties of the state coalition, the most important of which is turning the page on displacement and returning residents to their original cities and regions; and transferring the accountability and justice file to the management of the judicial institution away from any political and personal pressures and calculations."

The statement added: "As well as approving an amendment to the general amnesty law, as well as compensating the owners of homes destroyed and damaged by terrorism," in addition to "achieving balance within the institutions of the Iraqi state."   LINK

Combating Money Laundering.. Why Doesn't Iraq Establish A Financial Intelligence Unit? - Urgent

Economy |Baghdad Today – Baghdad  Professor of International Economics, Nawar Al-Saadi, revealed today, Sunday (October 27, 2024), that there are failures in the file of combating money laundering inside Iraq, wondering about the reasons for not establishing a financial intelligence unit.

Al-Saadi said in an interview with Baghdad Today, "Despite the presence of the Anti-Money Laundering and Terrorist Financing Office within the structure of the Central Bank of Iraq since 2007, this office suffers from a lack of resources and the absence of full support and coordination with other agencies, which limits its ability to combat money laundering effectively, especially in light of the challenges related to currency smuggling and the exploitation of security companies as outlets for illicit financing."

He explained that "establishing an independent financial intelligence unit could play a decisive role in unifying the efforts of multiple institutions to track financial crimes related to currency smuggling and terrorist financing, and achieving integration between intelligence analysis operations and financial information.

This unit will enhance Iraq's ability to cooperate internationally, especially with international organizations, which support the exchange of information between financial intelligence units globally, and enhance oversight of the banking system and combat money smuggling and terrorist financing practices through security companies and other channels."

He added, "From a security perspective, leaving the tasks of monitoring financial mafias within the jurisdiction of general military commands specialised in combating terrorism and criminal crime is a major challenge.

Financial crimes require a different methodology that includes financial analysis and investigation of transfers and properties, while criminal and terrorist crimes focus on methods and tactics related to immediate arrest and deterrence of violent activities."

“From an economic and financial perspective, financial crimes and terrorist crimes are fundamentally different; the former seek to camouflage and convert illicit funds into legitimate funds using legitimate economic channels, while terrorist crimes focus on achieving political goals through intimidation.

Separating these two types of crimes will enable Iraq to build an effective oversight system that is appropriate to the nature of each type of crime and will help protect the Iraqi economy from the challenges associated with money laundering and terrorist financing,” he added.

The professor of international economics concluded by saying that “with better integration between institutions and independent financial intelligence units, Iraq will have a greater ability to reduce financial crimes, increase transparency and enhance its position within the international economic system, which is essential to advance the local economy and restore confidence in the domestic financial system.”

On January 9, 2022, the Ministry of Foreign Affairs announced the removal of Iraq from the European Union’s list of high-risk countries in the field of combating money laundering and terrorist financing, according to a letter received by the former Prime Minister from the European Commission mission.

In May 2020, the European Commission classified Iraq, along with other countries, including Afghanistan, Pakistan, Syria, Yemen, Iran and North Korea, as countries that pose financial risks to the European Union, due to shortcomings in combating money laundering and terrorist financing.

On February 18, 2020, the Terrorist Funds Freezing Committee of the Cabinet Secretariat issued a list of 84 individuals and entities whose funds were frozen on charges of financing terrorism, at the request of the UN Security Council.   LINK

Seeds of Wisdom RV and Economic Updates Sunday Morning 10-27-24

Good Morning Dinar Recaps,

BLOCKCHAIN LIFE 2024 GATHERED THE LEADERS OF THE CRYPTO COMMUNITY FROM 120 COUNTRIES IN DUBAI

Dubai, UAE, October 26th, 2024, Chainwire

The 13th edition of the Blockchain Life Forum, the premier gathering for cryptocurrency leaders worldwide, recently concluded with an astounding attendance of over 12119 participants.

The forum showcased over 200 esteemed speakers, featuring industry pioneers and executives from top companies, including OKX, CoinMarketCap, Bitmain, Bybit, Binance, Animoca Brands, Circle, BingX, ICP, Kraken, TON, Sandbox, Polygon, Litecoin, Sui, BNB Chain, Cardano, DYDX, VeChain, Osmosis, Chiliz, Algorand, Ether Fi, Manta, Mantle, Delysium, and many more.

The exhibition of crypto companies featured 125 amazingly beautiful booths. Major players such as OKX, Bitmain, BingX, KuCoin, Bitget, Listing.Help, and Uminers offered attendees an exclusive glimpse into the latest technologies and innovations shaping the crypto landscape.

As a spectacular finale to the forum, participants enjoyed the Legendary AfterParty at one of the world’s premier clubs, SKY2.0. 

This informal networking event provided a platform for top industry figures to connect, complemented by a dazzling live performance from internationally celebrated artist French Montana, who thrilled over 1,200 attendees with his chart-topping hits.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

NETHERLANDS PROPOSES CRYPTO TAX COMPLIANCE TO ALIGN WITH EU STANDARDS

Aligning themselves with the tax reporting rule on digital currency enacted by the European Union (EU), the Netherlands revealed its intention to apply tax monitoring rules on crypto. 

The Dutch government, an EU member, is obliged to accept and apply the new reporting requirement, a structure meant to assist EU member states in controlling digital currencies.

New Reporting Policy
The Dutch Ministry of Finance announced that the government seeks to pass a new policy that will ensure that activities related to cryptocurrencies will be reported and subjected to tax.

According to tax authorities, under the proposed legislation, the government will require crypto service providers to gather and share their users’ data with the Dutch taxation agency starting January 2026.

The Dutch Taxation and Tax Authorities noted, however, that digital currency owners are already required to submit a tax return on their balance and that the measure would not effect them.

Citing that the suggested step will improve cooperation among EU members by exchanging crypto data and transactions, State Secretary for taxes and Tax Authorities Folkert Idsinga clarified that the bill is viewed as an important initiative made by the Dutch government on crypto taxes.

“This will combat tax avoidance and evasion, and European governments will no longer miss out on tax revenues,” Idsinga said.

Under the new rule, digital asset service providers should submit the user data of individuals who are residents of EU member nations. They must submit the data to the Dutch tax administrator, which can be shared by the tax agency with other tax authorities across the regional bloc.

Public Feedback
The Dutch government said that it wants to know the opinion of the public on the proposed tax monitoring law. There will be a consultation period that will run until November 21 wherein the people are encouraged to give their concerns and reactions to the new policy.

The feedback gathered during the consultation will be used to draft the final version of the legislation. Tax authorities aim to submit the proposed measure to the country’s House of Representatives next year.

EU Crypto Tax Reporting
In October 2023, the EU introduced DAC8, a crypto taxation rule that requires all crypto service providers across the EU to provide their respective tax authorities with their users’ data.

The Dutch government said that DAC8 allows data exchange between tax authorities within the EU, limiting the administrative burden for crypto service providers because they only need to communicate with the proper authorities in the country they are registered.

“Without this DAC8 directive, providers could be asked for information by any member state,” Dutch tax authorities explained.

@ Newshounds News™

Source:  Bitcoinist

~~~~~~~~~

🌱SWIFT & MBRIDGE: THE FUTURE OF CROSS-BORDER PAYMENTS?  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's Podcast Link

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Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

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Thank you Dinar Recaps

“Tidbits From TNT” Sunday Morning 10-27-2024

TNT:

Tishwash:  Rafidain Bank announces the implementation of the comprehensive banking system in 46 branches in Baghdad and the governorates

 Rafidain Bank announced today, Sunday, the implementation of the comprehensive banking system in 46 branches in Baghdad and the governorates  link

Tishwash:  The regional government to its employees: Whoever does not have a biometric code will have his salary stopped by the federal finances

The Ministry of Finance and Economy in the Kurdistan Regional Government called on Sunday on employees and workers in the public sector to rush to register in the biometric system before the twentieth of next November, warning them that the Federal Ministry of Finance will stop the salary of anyone who does not have a biometric code.

The ministry said in a statement today that based on the agreements and understandings concluded between the Ministry of Finance and Economy in the Kurdistan Region and the Ministry of Finance in the federal government regarding the issue of resolving technical problems related to the payroll of Kurdistan Regional Government employees, the following must be done:

First: All employees, retirees, people with special needs, and heirs of martyrs who have not registered themselves in the biometric system must register before the date (11/20/2024).

Second: The decision to register in the biometric system includes all employees and salary recipients who are abroad for various reasons, or on unpaid leave, study, etc.

Third: Every employee or person receiving a salary in the Kurdistan Regional Government who does not have a biometric code until the date (11/20/2024) will have his salary stopped by the Ministry of Finance in the federal government, and he will bear responsibility for that.  link

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

Tishwash:  "Hybrid Monetary Policy".. Al-Sudani's Advisor Reveals the Central Bank's New Step

The economic advisor to the Prime Minister, Mazhar Muhammad Salih, explained today, Saturday, precise details about the importance and reasons for the Central Bank of Iraq’s decision to reduce interest.

Saleh told {Euphrates News} that: "It is clear that the monetary policy of the Central Bank of Iraq has become a policy that meets the requirements of growth in real economic activity, through activating its operational objectives aimed at reducing the cost of credit and financing within the joints of the economic system in general and the banking system in particular.

" He explained, "The Central Bank began, through its decision issued in accordance with its circular on October 24, to reduce the monetary policy interest rate (which is the rate at which the Central Bank of Iraq deals with the banking system) by about 200 percentage points

By lowering the interest at which the Central Bank deals with banks from 7.5% to 5.5%, which means that the Central Bank of Iraq has become following an expansionary policy in targeting the money supply in a manner that is consistent with activating the real sector in the national economy and confronting unemployment indicators in the overall economy."

According to the statement of the Prime Minister's economic advisor, "Despite the above, the bank in its new policy did not neglect the importance of continuing to control local liquidity levels and carrying out high sterilization operations, by offering debt instruments called Islamic certificates of deposit with a return that increases with the length of the amortization period of those securities purchased by the banking system, which are considered sovereign debts that can be mortgaged or discounted in the secondary market and are excellent debts."

He continued, "The monetary policy of the Central Bank has given a signal to the financial and banking system that its easy or flexible policy adopted by the bank in moving the liquidity of the economy is under continuous control in order to play the role of the monetary authority in combating inflationary activities and imposing economic stability as its first central goal." 

Saleh concluded by saying, "Between expanding the movement of economic liquidity as an expansionary policy and imposing control over liquidity levels by offering debt instruments in return at the same time in parallel, we can call the current monetary policy of the Central Bank of Iraq a {hybrid flexible monetary policy}."

The bank decided to reduce the interest rate from 7.5% to 5.5%, in addition to reactivating the securities (Islamic certificate of deposit and money transfers) according to an annual plan and with two terms: with a return of 4% for a period of 14 days and a return of 5.5% for a period of 182 days.   link

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

Tishwash:  Despite the Israeli attack, the Iranian toman recovers against the US dollar

Today, Saturday (October 26, 2024), the Iranian toman recorded a remarkable recovery against the US dollar on the main Tehran Stock Exchange.

Baghdad Today correspondent said that the toman price today in Tehran's main stock exchange was recorded at 6 million and 500 thousand tomans for every 100 US dollars.

He added that this price is considered a significant change towards recovery after it recorded 6 million and 800 thousand tomans for every 100 US dollars yesterday.

Israel launched a series of airstrikes on Iran early Saturday morning, and explosions were heard in the Iranian capital, Tehran, although there was no information about any damage or injuries.

Four hours after the start of the operation, which Israel called "Days of Response," the Israeli army announced that it had completed the attack on military targets in Iran, that all of its aircraft that carried out the attack on Iran had returned safely to their bases, and that the operation had achieved all of its goals.

Israeli military spokesman Daniel Hagari said the attack was carried out under the direction of the political echelon in response to the Iranian regime's attacks against Israel and its citizens.

A senior US official said that the Israeli response to Iran has ended, and asked Tehran not to respond or escalate, stressing that if Iran decided to respond, "we will be fully prepared to defend Israel again and there will be dire consequences."

He added that this should be the end of the exchange of direct strikes between Israel and Iran.

The Israeli attack began shortly before 2 a.m. on Tehran, and shortly thereafter Israeli military spokesman Daniel Hagari announced the start of a precise and targeted attack on Iran.

Later, Israeli media reported a second wave of Israeli attacks against Iran, targeting sites, some of which were in Shiraz. Then, the American website Axios quoted Israeli and American officials as saying that Israel targeted Iran with three waves of strikes, and that the first waves of those Israeli strikes targeted Iran’s air defense system.

After about 4 hours, the Israeli Broadcasting Authority confirmed the end of the Israeli attack on Iran, in which hundreds of fighter jets participated. The New York Times also quoted Israeli officials as saying that the attack on Iran ended after striking about 20 sites.  link

Mot: A piece of the action

Mot:  Soooooo -Watts Ur Critters Name!! – hmmmmm 

Seeds of Wisdom RV and Economic Updates Saturday Afternoon 10-26-24

Good Afternoon Dinar Recaps,

FED RATE CUT TO HAPPEN 2 DAYS AFTER US ELECTION, POSSIBLE MARKET IMPACT?

▪️The US Fed rate cut is imminent in November with 0.25% cut in view

▪️FOMC policy meeting will hold on Nov 7, two days after coming US election

▪️Bitcoin might benefit from this potential market rattling ahead

Beyond Bitcoin trend, one of the most important conversations on Wall Street now is the potential Fed rate cut in November. With the US economic data coming in below expectations, there is a higher level of certainty of a rate cut next month. The timing, however, has created a new conversation on what this might mean for the broader market.
.

US Fed Rate Cut: What Is With the Timing?
In September, the Federal Open Market Committee (FOMC) slashed interest rate by 50 basis points. This pivot comes after about 4 years of aggressive monetary policies. At the time, Federal Reserve officials including Chairman Jerome Powell revealed that more cuts are likely, depending on economic outlook.

Recent economic data shows a need for more cuts. Although the latest US PPI inflation data comes in hotter than expected, jobless claims remain a concern to tackle. With the outlook, many projected a 25 basis point Fed rate cut for November and possibly December.

A recent Beige Book report from the apex bank confirmed the need for further cuts, leaving the question of the timeline. Per a report from MarketWatch, the Fed officials are silently preparing for the November policy meeting on the 7th. This is 2 days after the US Presidential election between Donald Trump and Kamala Harris.

It remains unclear what the market impact will be as the elections might not have produced a winner by then. This is bound to leave the market investors highly cautious based on the broader uncertainty on what to expect. However, more clarity on what to expect with the release of PCE Inflation and the October job report next week.

What is in it for Bitcoin?
US Fed rate cut events are historically bullish for Bitcoin (BTC) and the broader crypto market. Branded as a hedge against inflation, Bitcoin might gain more attraction from investors over time.

This thesis stems from the likelihood of the US Dollar losing its purchasing power with excess capital flow amid the Fed rate cut push. This is already playing out as many firms are already exploring keeping funds in digital currencies as a hedge.

In a major twist, Microsoft shareholders will vote in the coming weeks about investing in Bitcoin. Following this revelation, top proponents like Michael Saylor has offered to help Microsoft make trillions through BTC if the leadership is open to talk.

@ Newshounds News™

Source:  CoinGape

~~~~~~~~~

CARDANO FOUNDER REVEALS EPIC BITCOIN PLAN: DETAILS

Cardano founder Charles Hoskinson has teased an ambitious plan to enhance Bitcoin’s ecosystem by relaunching the Bitcoin Education Project in 2025 and introducing advanced resources for Bitcoin developers.

Hoskinson started The Bitcoin Education Project in 2013, providing free, peer-reviewed content on Bitcoin and the digital asset environment.  Now, as he noted in a tweet, with Bitcoin “back in the family,” he intends to relaunch the Bitcoin Education Project in 2025 as well as develop a new edition of his course in the educational program.

The new edition, according to Hoskinson, will not only update previous content but will also include resources specifically for developers looking to build applications on the Bitcoin network.

In a push to expand the programming toolkit available for Bitcoin developers, Aiken education — a modern programming language and toolkit for developing smart contracts on the Cardano blockchain — will be prepared for Bitcoin developers, including hosting on Maestro and using the hyperledger GitHub.

@ Newshounds News™

Source:  U Today

~~~~~~~~~

🌱 THE CONSTITUTION CALL WITH SILVER 57 JIM. LOWTIDE, R JAX AND MASON GREAT INFO - DID YOU KNOW?  |  Youtube

 Replay of the Constitution Live Call from last night October 25, 2024 with guest speaker Mason.

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps

“Tidbits From TNT” Saturday 10-26-2024

TNT:

Tishwash:  What is the total spending and price of a barrel of oil in the 2025 budget?

The Prime Minister's Advisor for Financial Affairs, Mazhar Muhammad Salih, specified the expected total spending, the hypothetical deficit, and the price of a barrel in the 2025 budget.

Saleh said, "Next year's budget 2025 will not deviate from the constants approved in the Federal General Budget Law (the three-year budget) submitted by the government and approved by the House of Representatives for the years 2023-2024-2025, especially in the principles and objectives consistent with the government program."

He added, "Despite this, the 2025 budget must be hedged with a hypothetical deficit of 64 trillion dinars, which is a (precautionary) deficit that has been established by law; to avoid fluctuations in the general budget revenues for the coming year, especially oil revenues that are subject to fluctuations in the oil asset cycle and the conditions of energy markets in the world, as long as the total spending ceiling will touch perhaps 200 trillion dinars, depending on the financial and economic circumstances of the country."

He explained that "the price of a barrel of oil in the three-year budget, to which the 2025 budget is subject, was set at $70 and an export capacity of 3.4 million barrels per day for the purposes of determining oil revenues in the general budget."  link

Tishwash:  Is gold in Iraq affected by global prices? Expert explains

 Growing geopolitical tensions are pushing investors towards safe assets such as gold, driven by a desire to protect themselves from risks and instability in global markets. Are gold prices in Iraq affected by global prices?

In this regard, Mustafa Hantoush, who is concerned with financial and banking affairs, confirmed that Iraq is not a gold-producing country, and
its people buy more than they sell due to hoarding and traditions. Therefore, its markets depend on global gold prices in buying and selling.

Hantoush told Iraq Observer, “One of the most important reasons for the rise in global gold prices is the increase in the dealings of countries such as (Russia - China - Belarus) in gold as an alternative to smuggled goods and oil.”

He added, "There is also a trend by the central banks of the world's countries to strengthen their reserves with gold instead of currencies and bonds."

He added, "In addition to the increase in inflation in the equivalent dollar amounts in the US economy, which increases the risks of the dollar and makes investment and savings tend towards gold."

He pointed out that “the scarcity of global gold sources in the face of a large population expansion creates a demand for gold as a result of societal uses such as marriage and others,” explaining that “if there is a rise in gold globally, prices inside Iraq will witness a rise, and if it decreases globally, there will also be a decrease inside Iraq.”

About a year ago, some gold traders resorted to buying dollars and making commercial transfers by purchasing quantities of gold, which enabled them to buy dollars at the official price, and contributed to additional profits through transfers via gold trading.  link

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

Tishwash:  Oil: Gas investment project implementation with Total is progressing within the specified timeframe

The Ministry of Oil confirmed, today, Friday, that the gas investment project work with the French company Total is proceeding within the specified timeframes.

A statement by the ministry - received by the Iraqi News Agency (INA) - stated that "Undersecretary of the Ministry for Extraction Affairs, Basem Mohammed Khader, chaired the seventh meeting of the Joint Management Committee for the project, in the presence of Undersecretary of the Ministry for Gas Affairs, Izzat Saber, Director General of Basra Oil Company, Basem Abdul Karim, and Director General of South Gas Company, Hamza Abdul Baqi."
The Undersecretary said during the meeting - according to the statement - that "the progress of the implementation of the gas investment project implemented by the French company Total in Basra is proceeding within the specified timeframes, as confirmed in the government program and the directives of Deputy Prime Minister for Energy Affairs and Minister of Oil, Hayan Abdul Ghani."

The Undersecretary confirmed - after chairing the meeting - that "the project is one of the important and strategic projects on which great hopes are pinned, as it includes important projects, including the development of the Artawi field and gas investment in five oil fields in two phases with a capacity of 600 mcm, each phase 300 mcm, in addition to the seawater project to inject water into the fields to compensate for the depleted pressures, as well as the solar electric energy project with a capacity of 1000 megawatts in four phases, each phase 250 megawatts."

He added, "The meeting discussed several topics, the most important of which is how to start the accelerated gas investment project, which is an additional paragraph for the project that was not included in the obligations, but was added after the directives of the leadership of the oil sector and the government on the necessity of closing the gas flaring file and optimal investment of associated gas, and the project was referred with a capacity of 50 cubic meters."
The statement continued, "During the meeting, the mechanisms for starting drilling operations were discussed, as tenders were referred in this regard, and they will begin after December of this year," noting that "the seismic surveys project was assigned to a Chinese company in cooperation with the Oil Exploration Company."

He pointed out that "regarding the seawater project, there are negotiations with one of the companies in agreement with Total, and we hope to reach understandings in this regard."

The statement explained that "the meeting stressed the importance of the participation of Iraqi workers from graduates and other workers in the project, and this will be through contracting with them directly from Total, without the need for other parties."  link

Mot:  DANG!!! --- Really Windy Here Today 

Mot:  . Self-propelled Dancing Witch's Broom -  https://www.youtube.com/watch?v=mXRDN1k_78E

Iraq News Highlights and Points To Ponder Saturday AM 10-26-24

Al-Sudani Directs To Conclude Contracts In Euros

Money and business   Economy News – Baghdad  Prime Minister Mohammed Shia al-Sudani directed ministries and governorates to accept offers and bids and conclude contracts in euros, equal to the dollar.

 The Secretary-General of the Council of Ministers, Hamid Al-Ghazi, said in a letter issued to state institutions that Al-Sudani directed the acceptance of offers and bids and the conclusion of contracts in the European currency "Euro", equal to the US dollar, in accordance with the decisions of the Council of Ministers and the instructions issued by the Central Bank of Iraq regarding the US dollar.  https://economy-news.net/content.php?id=49159[

The Central Bank Of Iraq Decides To Reduce Interest To 5.5% In Order To Support Economic Growth

Banks    The Central Bank of Iraq decided to reduce the interest rate from 7.5% to 5.5%, after the inflation rate decreased in Iraq. According to the Ministry of Planning, the inflation rate has fallen from 8% to less than 3%.

Deputy Governor of the Central Bank, Ammar Hamad, said, "Based on the monetary policy orientations to enhance access to targeted inflation rates in a manner that does not conflict with the expected economic growth rates, and is consistent with the policy of developing deposits and increasing credit rates aimed at targeting projects, the Board of Directors of the Central Bank decided to reduce the monetary policy rate to 5.5% instead of 7.5%."

He added that the securities, namely Islamic deposit certificates and traditional transfers, were reactivated according to an annual plan with two terms, 14 days with a return of 4% and 182 days with a return of 5.5%.

He stressed that the maximum investment limit does not exceed 50% of the total private sector deposits at the bank.

The Central Bank stressed that the bank's investment ceiling in a single auction does not exceed 500 billion dinars.   https://economy-news.net/content.php?id=49146

Al-Maliki: The Position Of The Speaker Of Parliament Is Subject To The Political Agreement

Information/Baghdad... Today, Saturday, the representative of the State of Law bloc, Dhurgham Al-Maliki, confirmed that the position of the Speaker of Parliament is subject to the political agreement.

Al-Maliki told Al-Maalouma Agency, "What is required is a political agreement to elect a new speaker for parliament as soon as possible, indicating that the House of Representatives is ready to hold a session to elect a new speaker if the Sunni partners agree to choose one person."

He added, "The success of the parliament session dedicated to electing a new parliament speaker depends on reaching an agreement and consensus among all political blocs."

Al-Maliki called on the national forces and parties to the political process to "continue dialogues and understandings and agree on one candidate to fill the position of Parliament Speaker." LINK

MP: Sunni House's Conflict Over Parliament Presidency Still Ongoing

Posted on  2024-10-26 by sotaliraq   10/25/2024  The representative of the Coordination Framework, Thaer Al-Jubouri, confirmed, on Wednesday, the continuation of the Sunni House’s conflict over the position of Speaker of the House of Representatives, ruling out that the Sunnis would leave the conflict and give the representatives the opportunity to choose whom they see as suitable for the position.

Al-Jubouri said, “The Sunni component has been in conflict over the presidency of the House of Representatives for the past months and has not agreed throughout the past period on a single person to fill this long-vacant position.”

He added, "The Sunni House is unlikely to leave the choice to the members of parliament to choose the person they find suitable from among the candidates for the presidential position."[/size]

He explained that "there are candidates for the presidency of the House of Representatives, and no other figures can be nominated, and therefore it is possible to resolve matters by the candidates agreeing on a specific formula through which one of them withdraws so that the other can be voted on." LINK

MP: Nominating One Candidate For Parliament Presidency Is A Fantasy

2024-10-26 | 606 views  SumerianNews – Special  Considered a member of the CouncilRepresentativesOlive Al-Dulaimi, today, Saturday,dealPolitical blocs agree on one candidate for the position of Speaker of the CouncilRepresentatives"It's a fantasy," she said, stressing that the dialogues are still ongoing to come up with more than one candidate.

Al-Dulaimi said in an interview with:SumerianNews, "The issue of the position of PresidentParliamentIt has become a knot that is not easy to solve, and the reason for that is that the wills of the Sunni and Shiite political forces have become intertwined, and it has become very difficult to agree on a person to be a single representative of these multiple, different and contradictory forces,” noting that “talking about a single candidate for the presidencyParliament"It's a fantasy."

Al-Dulaimi added, "The current days are witnessing dialogues and meetings that we hope will lead to the emergence of even two or three candidates, so that voting on them will be according to the conviction of the members of the Council."RepresentativesAnd choosing the most worthy to lead the House of Representatives.”

The President stressedalliancedeterminationdualSamarrai, Thursday (October 24)the first2024) His alliance calls for not participating in any parliamentary session that does not include the election of a president.ParliamentFor his part

, the head of the Sadara bloc, Khaled Al-Obeidi, considered yesterday, Friday (October 26)the first2024) The Sunni consensus on one candidate for the position of PresidentParliamentA message of strength and cohesion.  LINK

What Is The Total Spending And Price Of A Barrel Of Oil In The 2025 Budget?

Money and business   Economy News – Baghdad  The Prime Minister's Advisor for Financial Affairs, Mazhar Muhammad Salih, specified the expected total spending, the hypothetical deficit, and the price of a barrel in the 2025 budget.

Saleh said, "Next year's budget 2025 will not deviate from the constants approved in the Federal General Budget Law (the three-year budget) submitted by the government and approved by the House of Representatives for the years 2023-2024-2025, especially in the principles and objectives consistent with the government program."

He added, "Despite this, the 2025 budget must be hedged with a hypothetical deficit of 64 trillion dinars, which is a (precautionary) deficit that has been established by law; to avoid fluctuations in the general budget revenues for the coming year, especially oil revenues that are subject to fluctuations in the oil asset cycle and the conditions of energy markets in the world, as long as the total spending ceiling will touch perhaps 200 trillion dinars, depending on the financial and economic circumstances of the country."

He explained, "The price of a barrel of oil in the three-year budget, to which the 2025 budget is subject, was set at $70 and an export capacity of 3.4 million barrels per day for the purposes of determining oil revenues in the general budget."   https://economy-news.net/content.php?id=49152

Oil: Gas Investment Project Implementation With Total Is Progressing Within The Specified Timeframe

Posted on 2024-10-26 by sotaliraq   The Ministry of Oil confirmed that the gas investment project with the French company Total is proceeding within the specified timeframe.

A statement from the ministry said, “The Undersecretary of the Ministry for Extraction Affairs, Basem Mohammed Khader, chaired the seventh meeting of the joint management committee for the project, in the presence of the Undersecretary of the Ministry for Gas Affairs, Izzat Saber, the Director General of Basra Oil Company, Basem Abdul Karim, and the Director General of the South Gas Company, Hamza Abdul Baqi.”

The Undersecretary said during the meeting, according to the statement: “The progress of the gas investment project implemented by the French company Total in Basra is proceeding within the specified timeframes, as confirmed in the government program and the directives of the Deputy Prime Minister for Energy Affairs and Minister of Oil, Hayan Abdul Ghani.”

The Undersecretary stressed - after chairing the meeting - that “the project is one of the important and strategic projects that have great hopes, as it includes important projects, including the development of the Artawi field and gas investment in five oil fields in two phases with a capacity of 600 cubic meters, each phase 300 cubic meters, in addition to the seawater project to inject water into the fields to compensate for the depleted pressures, as well as the solar electricity project with a capacity of 1000 megawatts in four phases, each phase 250 megawatts.”

He added, "The meeting discussed several topics, the most important of which was how to start the accelerated gas investment project, which is an additional paragraph for the project that was not included in the obligations, but was added after the directives of the leadership of the oil sector and the government on the necessity of closing the gas flaring file and optimal investment of associated gas, and the project was referred with a capacity of 50 MCM."

The statement continued, "During the meeting, the mechanisms for starting drilling operations were discussed, as tenders were referred in this regard, and they will begin after December of this year," noting that "the seismic survey project was assigned to a Chinese company in cooperation with the Oil Exploration Company."

He pointed out that "regarding the seawater project, there are negotiations with one of the companies in agreement with Total, and we hope to reach understandings in this regard."

The statement explained that "the meeting stressed the importance of the participation of Iraqi workers, graduates and other workers in the project, through contracting with them directly from Total, without the need for other parties."  LINK