MilitiaMan & Crew News Report-Iraq 3 Presidents-National-Constitutional Entitlements-Open Market Operations-OMO

MilitiaMan & Crew News Report-Iraq 3 Presidents-National-Constitutional Entitlements-Open Market Operations-OMO

11-1-2024

The Crew:  Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI, Brtan’s Place  and Militia Man

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

https://www.youtube.com/watch?v=E2vTvO0HHbI

Iraq Economic News and Points To Ponder Late Friday Evening 11-1-24

Iraq Economic News and Points To Ponder Late Friday Evening 11-1-24

In Cooperation With A Foreign Advisor.. A Parliamentary Committee Announces Its Efforts To Amend The Oil Ministry Law

Economy  | 01/11/2024  Mawazine News – Baghdad  The Parliamentary Oil and Gas Committee announced today, Friday, a move to amend the Ministry of Oil Law 101 of 1976, while indicating that the draft will be presented to the Council of Ministers soon.

MP Basem Naghmish, a member of the Oil and Gas Committee, said: “A subcommittee was formed within the Oil and Gas Committee to review the legislation related to the oil sector, and it was called the “Oil Legislation Committee”.

He explained that “the committee is working to review several laws, with the aim of amending them to suit the current requirements of the oil sector”, indicating that “among these laws is the Oil Ministry Organization Law No. (101) of 1976, which is considered an old law that was amended about three times, the last of which was in 1982”.

He added that “the ministry witnessed many technological and administrative developments during the period after 2003, as the work of the Oil Ministry expanded and formations multiplied, in addition to the creation of some formations”.

He pointed out that “the draft to amend the law is still in the preparation phase, and cooperation is being done with a foreign consultant contracted with the ministry to provide his comments, and then the draft will be submitted to the Council of Ministers and to the advisors, and then to the State Council, in order to study the extent of its consistency with the legal system in the country”.

He continued: “After that, the draft will return to the Council of Ministers and then to House of Representatives to complete legislative procedures  https://www.mawazin.net/Details.aspx?jimare=256263

Oil Prices Continue To Gain.. Brent Exceeds $ 74

Energy  Economy News - Follow-up  Oil prices extended gains in early Friday trading, jumping more than a dollar a barrel, trimming their weekly losses after reports that Iran was preparing to launch a retaliatory strike on Israel from Iraqi territory in the coming days.

Brent crude futures, which began trading for January, rose $1.31, or 1.80 percent, to $74.12 a barrel by 0128 GMT.

U.S. West Texas Intermediate (WTI) crude futures rose $1.35, or 1.95 percent, to $70.61 a barrel after settling 0.95 percent higher in the previous session, Reuters data showed.

Israeli intelligence indicates that Iran is preparing to attack Israel from Iraqi territory in the coming days, perhaps before the upcoming US presidential elections on November 5, according to what the Axios website reported yesterday, Thursday, citing two unnamed Israeli sources.

https://economy-news.net/content.php?id=49365

Iraq Reduces Oil Exports To 3.3 Million Barrels Per Day

Friday 01, November 2024 | Economic Number of readings: 174  Baghdad / NINA / The Ministry of Oil announced today, Friday, that Iraq has reduced its production and reduced its oil exports to 3.3 million barrels per day.

The ministry stated in a statement, "In line with the commitment of the Republic of Iraq to the decisions of OPEC and the allied countries within the Joint Cooperation Agreement (DoC) regarding the voluntary reduction of oil production, we confirm that Iraq has reduced its production and reduced its oil exports to 3.3 million barrels per day, in addition to reducing domestic consumption."

The statement added, "This reduction will continue during the coming months to ensure that production remains within the agreed limits, and to compensate for the surplus produced in the past months," stressing that "this measure aims to enhance balance and stability in global oil markets." / End8

https://ninanews.com/Website/News/Details?key=1165668

Al-Mandlawi And Al-Hakim Agree To Proceed With The Legislation Of Important Laws And Activate The Supervisory Aspect

Friday 01 November 2024 | Politics Number of readings: 217   Baghdad / NINA / The First Deputy Speaker of the Council of Representatives, Mohsen Al-Mandalawi, received at his residence today, Friday, the head of the National Wisdom Movement, Ammar Al-Hakim.

Al-Hakim congratulated the success of the process of electing a new Speaker of the Council of Representatives, which contributes to completing the political entitlements and continuing the steps to strengthen the oversight and legislative role, praising the great role of Al-Mandalawi, who worked to manage the legislative authority with all professionalism and transparency and contributed to the completion of a group of the most important laws that were suspended for long periods.

Al-Mandalawi said that all national political forces work on the principle of keenness, responsibility and integrated work to activate the oversight and legislative aspect and increase interest in meeting the aspirations of the people and supporting service orientations, and preserving security and stability. /End8   https://ninanews.com/Website/News/Details?Key=1165676

Presidencies Congratulate And Powers Bless The Resolution Of The Knot Of Choosing The Speaker Of Parliament

November 1, 2024  Baghdad - Nada Shawkat  Baghdad streets turned into lakes after a wave of heavy rains, the day after MP Mahmoud al-Mashhadani was elected as Speaker of Parliament following disputes over the position that lasted for about a year after the dismissal of former Speaker Mohammed al-Halbousi by a decision of the Federal Supreme Court, indicating that his election reflects a new beginning full of goodness and opportunities.

Al-Mashhadani said after announcing that he had gained the confidence of the representatives that (this responsibility is an important and great assignment and I will do my utmost to live up to your expectations and I hope to be at its level, and from here I pledge to you that we will work as a cohesive team to legislate laws that serve the people of our country, and I put my hand in yours to monitor the performance of the government and its program that it presented to the House of Representatives when it was approved and during the remaining period of its life to reach the best desired results). Prime Minister Mohammed Shia al-Sudani congratulated al-Mashhadani on his election as Speaker of Parliament.

Al-Sudani confirmed in a statement received by (Al-Zaman) yesterday (the government's determination to continue implementing its service and development program, in full cooperation with the constitutional authorities, foremost of which is the legislative and oversight authority, represented by the House of Representatives).

For his part, President of the Republic Abdul Latif Jamal Rashid considered the election of the parliament as its speaker an important step in completing the constitutional and national entitlements.

 Rashid said in a post on the X platform (Sincere congratulations to Al-Mashhadani on the occasion of his election as Speaker of the Council of Representatives), adding that (the election of the Council of Representatives as its Speaker is an important step in completing the constitutional and national entitlements).

Meanwhile, the President of the Kurdistan Region, Nechirvan Barzani, expressed in a statement received by (Al-Zaman) yesterday his hope that (the election of Al-Mashhadani will contribute to strengthening national solidarity, and will push everyone to make every possible effort to serve the homeland with all its components).

For his part, the Prime Minister of the region, Masrour Barzani, congratulated Al-Mashhadani in a statement yesterday on the occasion of his election as Speaker of the Federal Council of Representatives, wishing him success in performing his duties).

The First Deputy Speaker of the Council of Representatives, Mohsen Al-Mandalawi, congratulated Al-Mashhadani on the occasion of his election as Speaker of the Iraqi Council of Representatives in its fifth session.

In a statement received by (Al-Zaman) yesterday, he said that (the presidency and members of the House of Representatives are keen, during the current parliamentary session, to complete the maturation and legislation of laws that meet the aspirations of the people and touch their living and service reality). Meanwhile, the Minister of Industry and Minerals, Khaled Batal Al-Najm, congratulated Al-Mashhadani on his election as Speaker of the Iraqi House of Representatives.

 In a statement received by (Al-Zaman) yesterday, Al-Najm wished (Al-Mashhadani success in his duties to serve Iraq, achieve the aspirations of the people, and enhance the legislative and oversight role of the Iraqi Parliament).

 In addition, the head of the Progress Party, Mohammed Al-Halbousi, received Al-Mashhadani after his election as Speaker of the House of Representatives. Yesterday's statement said that (the meeting witnessed discussion of a number of files and laws to be legislated in Parliament).

Al-Halbousi had previously accused Al-Sudani of communicating with the representatives to support another candidate for the presidency of Parliament. He said in a televised statement yesterday that (many forces have abandoned their position for political motives).

The former head of the Sovereignty Alliance, Khamis Al-Khanjar, also met with Al-Mashhadani and a number of the alliance’s representatives.

Yesterday’s statement indicated that (Al-Khanjar congratulated Al-Mashhadani on gaining the confidence of the representatives, and reminded him of the amnesty law and the dissolution of the Accountability and Justice Commission).

The head of the Azm Alliance, Muthanna Al-Samarra’i, received the new Speaker of the House of Representatives.

Yesterday’s statement said that (Al-Samarra’i received Al-Mashhadani, and praised the support provided by the national forces to back the alliance’s demand to hold the session and elect him with the aim of achieving this important entitlement).Al-Mashhadani received 181 votes, compared to 43 votes for Salem Al-Issawi.

The House of Representatives went to a second round to elect its new speaker, during a session held the day before yesterday, after no candidate received enough votes to win.

The results of the first round showed that the candidate of the Progress Party, the Sunni majority, and a number of blocs of the Coordination Framework, Al-Mashhadani, came ahead after receiving 153 votes, while Al-Issawi, the candidate of the Azm and Sovereignty Alliances, received 95 votes, while independent MP Amer Abdul Jabbar received 9 votes, while there were 15 invalid votes.  LINK

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

GoldSilver: What are the BRICS Nations Preparing for?

GoldSilver: What are the BRICS Nations Preparing for?

Mike Malony:  Nov. 1, 2024

BRICS is making waves on the global stage, and in this eye-opening video, we explore the recent BRICS Summit's key revelations, highlighting the alliance's economic resilience, military strategies, and ambitious plans to reshape international trade systems.

Despite facing heavy Western sanctions, Russia and its BRICS partners seem far from isolated. In fact, they’re laying the groundwork for a new world order. Discover:

The impressive economic gains of BRICS nations, including India's role as a major trade intermediary.

How Russia’s oil revenues continue to thrive despite sanctions.

Alarming military developments, from North Korean troops in Ukraine to Iran’s call for a global military coalition.

A deeper look into Russia’s narrative on the Ukraine conflict and the contradictions in claims of its isolation.

Strategic moves towards decoupling from Western financial influence, including Putin’s plans for food security and local currency settlements.

As tensions rise globally, are we on the brink of a major shift? Prepare to rethink everything.

In a world increasingly divided along geopolitical lines, the BRICS alliance (Brazil, Russia, India, China, and South Africa) is making significant waves on the global stage. Recently, an eye-opening video by GoldSilver featuring Alan Hibbard peeled back the layers on the latest BRICS Summit, shedding light on the alliance’s growing economic resilience, military strategies, and ambitious plans to reshape international trade systems.

Despite heavy Western sanctions, particularly against Russia, BRICS nations appear to be crafting a robust counter-narrative to the established order, signaling the potential for a new world dynamic.

One of the most striking aspects of the recent BRICS Summit is the impressive economic gains shown by its member nations. Hibbard points out how India, in particular, is emerging as a significant trade intermediary, bridging gaps between East and West while facilitating trade routes that bypass traditional Western-dominated systems.

This pivot towards local currencies and bilateral trade agreements showcases BRICS nations’ commitment to establishing an economic framework less reliant on the U.S. dollar.

Russia, often viewed through a lens of isolation due to stringent sanctions, continues to see its oil revenues soar, bolstered by rising demand in Asia and selective trade partnerships. The adaptability of these nations in the face of Western pressures not only undermines the efficacy of sanctions but also affirms BRICS’ resolve to carve out an independent economic space.

One of the most pivotal discussions at the recent BRICS Summit revolved around the strategic moves to decouple from Western financial dominance. Hibbard highlights President Putin’s plans for achieving food security through enhanced local currency settlements, underscoring a shift that could disrupt the prevailing dollar-centric global trading system.

 As BRICS nations maneuver to establish alternative financial mechanisms, the implications are profound: we may be witnessing the early foundations of a multi-currency system that challenges the longstanding supremacy of the U.S. dollar.

As tensions escalate globally, the world finds itself on the precipice of a significant shift. The BRICS alliance, through its economic, military, and strategic initiatives, asserts itself as a formidable player on the international stage. Hibbard’s insights compel us to reconsider previously held notions about isolation, cooperation, and the ever-evolving dynamics of global power structures.

In conclusion, the BRICS nations are not merely reacting to external pressures; they are actively defining their future through collaboration, resilience, and innovation. As we navigate these changes, it is crucial for observers and participants in the global arena to reassess their strategies and alliances, preparing for a reality that may look vastly different in the not-so-distant future.

The question looms large: are we on the brink of a major shift in the global order? Only time will tell, but with BRICS making such substantive moves, it seems more plausible than ever.

https://www.youtube.com/watch?v=vnPAJYZgrx4

Iraq Economic News and Points To Ponder Friday AM 11-1-24

The Central Bank Publishes Controls For Declaring Funds And Their Entry Or Exit From Iraq
 
October 29, 2024
Baghdad/Iraq Observer
 
Today, Tuesday, the Central Bank of Iraq republished the controls for declaring funds, while indicating that it allows the entry or exit of amounts less than 10 thousand dollars.
 
The bank said in a statement received by “Iraq Observer,” that
 
“in order to reduce the risks of entering and exiting funds across the Iraqi border and exploiting this in money laundering or terrorist financing operations, and based on the Anti-Money Laundering and Terrorist Financing Law No. 39 of 2025, and the provisions of Controls No. 1 of 2029.” (Amended to Regulations No. 1 of 2017), the following must be adhered to:

1. It is permitted to enter or take out amounts less than $10,000 (ten thousand US dollars) or its equivalent in other currencies without declaring them.
 
2. It is permitted to enter or withdraw amounts exceeding $10,000 (ten thousand US dollars) to $20,000 (twenty thousand US dollars)

provided that they are declared, with the necessity of showing what supports the purpose of entering or withdrawing these amounts, and
 
in the event that they are not available Identification documents: The traveler must submit an undertaking to bring these documents after (30) days from the date of the declaration.
 
3. It is prohibited to enter or withdraw amounts exceeding $20,000 (twenty thousand US dollars) or its equivalent in other currencies.
 
The process of entering or withdrawing these amounts shall be exclusively through financial institutions.
 
4. It is prohibited to bring in or take out amounts exceeding (1,000,000) dinars (one million Iraqi dinars), even if they have been declared.  The amount will be seized and legal measures will be taken against it.
 
5. Declaration of precious stones and precious metals if their value exceeds (10,000) ten thousand US dollars.
 
6.Declaration of financial instruments that are negotiable to bearer or transferred inside or outside Iraq through a person, postal service, shipping service, or any other means, and whose value exceeds (10,000) Ten thousand US dollars.   
 
https://observeriraq.net/البنك-المركزي-ينشر-ضوابط-التصريح-عن-ال/   

A Call To Establish A Digital Gold Market In Iraq 
 
Economical 10/31/2024
Baghdad: Hussein Thaghab
 
Student economic and financial expert Dr. Saif Al-Halafi established the digital gold market in Iraq, which requires cooperation between the Central Bank of Iraq, the Securities Commission, and the Iraqi Stock Exchange, as
 
it gives Iraqi investors the opportunity to participate in the global gold market, which
 
     attracts additional investments to Iraq, and also
     enhances cooperation between the regime. Iraqi banking and international financial institutions.
 
Al-Halafi said that the Central Bank can issue digital gold bullion in different weights - 1 gram, 10 grams, 100 grams - approved by the government, and
 
these digital bullions can be traded in the Iraq Stock Exchange, in the same way that stocks or bonds are traded.
 
Through the market's financial intermediaries system, investors can buy bullion, using local currencies or converting them into foreign currencies. He added that the
 
market can be linked to global gold prices and currency exchange rates, which enhances transparency and interaction with the global market.
 
A platform similar to the Forex markets can also be used to trade digital gold inside Iraq on the Iraq Stock Exchange, pointing out that
 
gold prices will be determined according to prices. Global exchange of gold and foreign currencies.
 
This will give investors the opportunity to speculate on fluctuations in gold prices and link them to changes in global currency prices, which increases the chances of profit and creates many job opportunities.

Regarding the economic benefits, Al-Halfi said:
 
Through this market, liquidity is withdrawn outside the banking system, and that the
 
digital gold market can act as a tool for withdrawing cash liquidity, and
 
instead of keeping money in banks, investors may prefer to buy digital gold, which is a safe asset that maintains its value.
 
It
     protects the investor's money from high inflation rates,
     reduces the money supply, and this is the goal and
     limits inflation.  He pointed out that the
 
digital gold market contributes to diversifying the Iraqi economy, away from traditional dependence on oil.
 
The market can be a platform for encouraging financial innovation and developing new investment tools, especially exploiting the opportunities for Al-Faw Port to enter work next year, and the large base it provides for investors. Especially individuals and companies, as well as the goal we seek through development.  He warned that
 
creating a digital gold market requires a
 
     strong technical infrastructure, including
     secure electronic platforms and
     clear regulatory laws to protect the rights of investors, and
 
this will increase job opportunities, the ability to diversify and innovate, and the emergence of a startup culture.  Al-Halafi explained that the
 
digital gold markets aim to enhance transparency and ease in trading gold, and provide investors with a real opportunity to work, trade, and speculate on gold prices without the need to own actual gold, and
 
when the investor wants to convert gold into bullion or jewelry, these foundations allow him to convert digital gold into bullion.
 
With the payment of mining and goldsmithing amounts, all of these products create real and comprehensive investment job opportunities, which creates and enhances a flexible and innovative investment environment in Iraq.
 
Gold is one of the financial assets that has always been a safe haven for investors, especially in periods of economic, political and regional turmoil.
 
Here, with the global digital and financial development, new markets have emerged for digital gold trade,
 
where gold can be easily bought and sold through electronic platforms, in light of these developments,
 
It is possible to create a market for digital gold trade in Iraq, especially with the government’s tendency to establish digital banks and strengthen electronic payment systems, especially the use of electronic payment cards.       https://alsabaah.iq/105123-.html   

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

Seeds of Wisdom RV and Economic Updates Friday Morning 11-1-24

Good Morning Dinar Recaps,

UBS ISSUES TOKENIZED USD MONEY MARKET FUND USING ETHEREUM TECH

Today UBS Asset Management announced the launch of its “UBS USD Money Market Investment Fund Token” (“uMINT”) which is “built on Ethereum distributed ledger technology”.

The Singapore fund will only be available through authorized distribution partners. That’s the case for most regulated entities, including BlackRock’s BUIDL money market fund where Securitize is a partner.

Previously UBS has actively engaged with the public Ethereum blockchain, using tokens that require permissions. However, Ethereum technology is also available in private environments. UBS uses both as part of UBS Tokenize, hence we’ve requested clarification, although the fund likely uses public blockchain.

71161633/DNARCPS_dinarrecaps/blog_posts_karen -->

“We have seen growing investor appetite for tokenized financial assets across asset classes,” said Thomas Kaegi, Co-Head of UBS Asset Management APAC. “Through leveraging our global capabilities and collaborating with peers and regulators, we can now provide clients with an innovative solution.”

Tokenized money market funds such as BUIDL, Franklin Templeton’s FOBXX, and now uMINT, currently mainly target the crypto investor class. The funds provide a safe place to park cash and earn yield.

However, in the future there will be a broader demand for these sorts of funds, especially those that are transferrable, enabling the ability to switch in and out of the funds almost instantly. 

That compares to typical funds that tend to have once a day redemptions. This feature is appealing beyond crypto investors to corporate treasurers and institutions.

UBS and tokenization
Meanwhile, UBS Asset Management has been active in tokenization for some time. Last year UBS Hong Kong worked with Bank of China Investment (BOCI) for BOCI’s issuance of CNH 200 million ($28m) in digital structured notes on the Ethereum public blockchain.

As part of Singapore’s Project Guardian initiative, UBS has engaged in several pilots. These included the pilot issuance of a tokenized money market fund by UBS Asset Management on the Ethereum blockchain using a Singapore variable capital company (VCC) structure.

Plus, the bank was involved in the first institutional cross border repo trade on a public blockchain in conjunction with DBS and SBI Digital Asset Holdings.

UBS is also engaged in tokenized cash. It was one of the founders of Fnality, the institutional settlement network that tokenizes balances held at a central bank account.

@ Newshounds News™

Source:  Ledger Insight

~~~~~~~~~

BIS DISTANCES FROM PROJECT MBRIDGE AMID BRICS SANCTIONS CONCERNS

Economic sanctions have a profound effect on international financial architecture, it turns out.

The Bank for International Settlements (BIS) has “graduated out” of Project mBridge, the wholesale central bank digital currencies (CBDCs) bridge its Innovation Hub has helped develop since 2021. Nonetheless, the project is many years away from becoming operational, BIS general manager Augustín Carstens said on Oct. 31.

Project mBridge, which uses technology developed by the Hyperledger Foundation, reached the status of minimum viable product and invited private sector participation in June. Banks in China and the United Arab Emirates have heeded the call to join.

Besides the BIS, founding members of the project include the central monetary authorities of China, Hong Kong, Thailand and the UAE. Saudi Arabia joined as a full member in June, and the project has over 25 observing members.

BIS insists it backs sanctions
The reason for Carstens’ eagerness to distance his organization from such a promising project and downplay its significance was obvious at the fireside chat at the Santander International Banking Conference where Carstens was speaking. He was asked:

“I have noted media speculation recently that one of your projects — Project mBridge — could provide the basis for a BRICS initiative to circumvent sanctions. Is that plausible?”

“With respect to political aspects, the noise out there, mBridge is not the ‘BRICS bridge’ — I have to say that categorically,” Carstens answered.

Rather, mBridge was designed to meet the needs of central banks. But Carstens did not say circumventing sanctions with Project mBridge was implausible. Instead:

“The BIS does not operate with any countries, nor can its products be used by any countries that are subject to sanctions […] And all central bank members are in this mindset.”

BRICS — the intergovernmental organization named for founding members Brazil, Russia, India, China and South Africa — has been discussing de-dollarization for years. In that time, Iran, Egypt, Ethiopia, Saudi Arabia and the UAE have joined it, meaning that BRICS and Project mBridge share nearly half their members.

BRICS has long promoted efforts toward de-dollarization of the international financial system. While it has had little success so far in reaching that goal, the emphasis on alternative currency options shown at the group’s summit in Kazan, Russia, earlier in October made international observers shudder.

Reconsidering international transfers
The appeal of Project mBridge for potential sanctions evaders is its circumvention of the correspondent banking system, which is the practical mechanism for imposing sanctions.

Carstens was eager to direct attention to another BIS undertaking — Project Agora — that could provide a basis for the “Finternet” concept of international financial architecture he introduced in April.

The Bank of France (representing the Eurosystem), Bank of Japan, Bank of Korea, Bank of Mexico, Swiss National Bank, Bank of England and the Federal Reserve Bank of New York are the participants in Project Agora — no BRICS members. Crucially, Project Agora maintains the correspondent banking system.

@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

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 Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

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“Tidbits From TNT” Friday Morning 11-1-2024

TNT:

Tishwash:  The CEO of the Iraq Stock Exchange has been relieved of his post.

The Iraq Stock Exchange announced on Thursday the dismissal of the market's CEO, Taha Ahmed Abdul Salam, from his position.

The market said in a statement, seen by "Al-Eqtisad News", that the market's CEO, Taha Ahmed Abdul Salam, was dismissed from his position today, Thursday.

It added that "the head of the Securities Commission, Faisal Al-Haimus, was also chosen to replace Abdul Salam."   link

Tishwash:  In cooperation with a foreign advisor.. A parliamentary committee announces its efforts to amend the Oil Ministry Law

The Parliamentary Oil and Gas Committee announced today, Friday, a move to amend the Ministry of Oil Law 101 of 1976, while indicating that the draft will be presented to the Council of Ministers soon.

MP Basem Naghmish, a member of the Oil and Gas Committee, said: “A subcommittee was formed within the Oil and Gas Committee to review the legislation related to the oil sector, and it was called the “Oil Legislation Committee”.
He explained that “the committee is working to review several laws, with the aim of amending them to suit the current requirements of the oil sector”, indicating that “among these laws is the Oil Ministry Organization Law No. (101) of 1976, which is considered an old law that was amended about three times, the last of which was in 1982”.

He added that “the ministry witnessed many technological and administrative developments during the period after 2003, as the work of the Oil Ministry expanded and formations multiplied, in addition to the creation of some formations”.

He pointed out that “the draft to amend the law is still in the preparation phase, and cooperation is being done with a foreign consultant contracted with the ministry to provide his comments, and then the draft will be submitted to the Council of Ministers and to the advisors, and then to the State Council, in order to study the extent of its consistency with the legal system in the country”.

He continued: “After that, the draft will return to the Council of Ministers and then to House of Representatives to complete legislative procedures  link

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

Tishwash:  Al-Sudani congratulates Al-Mashhadani: We renew the legal and constitutional commitment to support the oversight role of the House of Representatives

Prime Minister Mohammed Shia Al-Sudani congratulated Mahmoud Al-Mashhadani on his election as Speaker of Parliament today, Thursday.

Al-Sudani said in a tweet on the {X} platform: “I extend my congratulations to Mahmoud Al-Mashhadani on the occasion of his election as Speaker of the House of Representatives. I also congratulate the members of the Council and all national political forces for their decision on this important constitutional entitlement, in a step that serves to complete the service of our people, which is a goal that the government has adopted as a slogan since the beginning of its work.”

He added, "On this occasion, the government affirms its determination to continue implementing its government service development programme, in full cooperation with the constitutional authorities, foremost of which is the legislative and oversight authority, represented by the House of Representatives."

Al-Sudani renewed "the legal and constitutional commitment to support the oversight role of the House of Representatives, which complements the work of the government and consolidates its performance in its priorities, by combating corruption and implementing the required reforms," ​​concluding, "We ask God Almighty for success and guidance for the Speaker of the House of Representatives and the esteemed Council in performing its duties, and everything that our honorable people await."  link

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

Tishwash:  Al-Sudani's advisor identifies 3 priorities for the Iraqi economy: We are working on a new approach

 The Prime Minister's Representative, Technical Advisor and Head of the Sovereign Loans Initiative, Mohammed Sahib Al-Daraji, confirmed today, Thursday, that the private sector is a fundamental pillar in the government's new economic plan, while pointing to the government's efforts to reduce the transfer of hard currency and support national projects.

Al-Daraji said in a speech during the first Iraqi Economic Forum that "the Iraqi government has begun taking real steps to support the Iraqi economy, as it has changed the philosophy of the economy that suffered from a lack of clarity in the economic vision for more than twenty years."

He pointed out that "the government is working on a new approach that considers the private sector a fundamental pillar and seeks to integrate its outputs into the national product," noting that "the government provides special support to the investment and business environment sectors, as it seeks to separate direct investment and provide an appropriate environment for the private sector to participate in projects. The government also encourages partnerships with foreign companies to demonstrate developments in the customs and tax system, such as unifying taxes and customs tariffs across regions, and exempting foreign companies from some special taxes."

He pointed out that "Iraq has begun to guarantee the private sector before international financial institutions through the Sovereign Guarantees Initiative, and has moved towards establishing an international market for carbon bonds to support project financing."

He pointed out the "three priorities of the Iraqi economy: localizing industries, integrating with global financial institutions, and developing competencies for the public and private sectors," adding that "the Iraqi market is open to global companies, especially in the construction and clean energy sectors, and that there is a trend to support the private sector through new legislation such as laws to protect intellectual property and partnerships between the public and private sectors."

He added, "The government supports the economy based on partnership with the private sector, with a focus on reducing the transfer of hard currency abroad.

He expressed his "hope that these conferences will produce outcomes that support the current government's orientations, which is the most attentive to the private sector and the most involved in decisions," noting "the presence of representatives from the private sector on the Development Fund's Board of Directors and within the Prime Minister's official delegations as a message of support for businessmen."  link

Mot .. Ooooooh Nooooooo -- Better Get Ready!!!!! 

Mot ....... Let the Truth Be Known!!! 

Iraq Economic News and Points To Ponder Thursday Evening 10-31-24

Iraq Economic News and Points To Ponder Thursday Evening 10-30-24

Central Bank Governor: Qusay Saddam Seized $900 Million And Loaded It In Trucks In 2003

Posted on  2024-10-31 by sotaliraq   The Governor of the Central Bank, Ali Al-Alaq, said that the lessons are now sufficient for the state to move towards setting a “strict and conservative” oil price in the general budget, to avoid the pressure of declining crude prices,

calling for the enactment of a law that sets the size of spending with a specific oil ceiling to ensure its coverage on the one hand, and to ensure the financing of investment projects on the other hand, noting that the three-year budget needs some new tables and amendments in line with the variables of oil prices.

Ali Al-Alaq, in a dialogue during the Merry Forum:

The role of the Central Bank cannot be reduced to the currency selling window and some marginal tasks. It is a fundamental pillar of economic and financial stability in the country. Here we must highlight a number of achievements since 2004 until today, the most important of which is maintaining the general price level, meaning the ability to manage the monetary mass in Iraq, in a way that does not lead to inflation or deflation.

After 2003, we inherited an abnormal situation devoid of any real basis for stability. Our reserves that year were $900 million, and they were seized by Qusay Saddam Hussein and loaded onto a truck. This is documented by dates and numbers.

 So we started from scratch. The money supply in circulation was only 4 trillion dinars. Today, the volume in circulation exceeds 100 trillion dinars, and our reserves have exceeded 100 billion dollars.

The inflation rate today is 3.8%, which is a typical rate that achieves stability and prosperity. It is an indicator of our ability to manage a monetary mass exceeding 104 trillion dinars, which does not allow pressure on purchasing power, and this is considered the most important factor in monetary and economic stability.

We have an additional mission, as we have to introduce all the tools, systems and entities that we have failed to catch up with the world with during the previous decades, and therefore there is a race against time to move towards the digital economy and advanced payment systems, as we have licensed 16 companies for electronic payment, and we are currently working on licensing digital banks, in addition to achieving advanced stages in establishing a national company for managing payments, and the Central Bank will be a partner in it to enhance it with sufficient support.

As for the reform dimension, we are currently working on two plans to reform government and private banks, which will lead to their restructuring in a way that ensures transparency, governance, and ownership structure in appropriate ways, to be consistent with international standards.

The last dimension of our work, which is not practiced by most central banks in the world, is that we work to stimulate the economy directly through lending initiatives to various sectors.

The volume of loans granted to the construction and industrial sectors has reached more than 13 trillion dinars, an amount that exceeds what has been lent throughout the history of the Iraqi state.

In addition, we have sought to launch initiatives to lend to small and micro-enterprises, and we have reached advanced stages of establishing a bank specialized in this initiative, and we have named it “Riyada” Bank.

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We noticed that the inflation rate in 2023 was 7.5%, as the volume of issued currency jumped from 40 trillion to 100 trillion dinars, meaning that it increased in two years by an amount equivalent to its increase in the previous 18 years, and therefore we decided to withdraw part of the cash liquidity by raising the interest rate and attracting trillions of dinars from the market, although this measure is costly, but the Central Bank does not base its policies on profit and loss, but rather on the basis of performing its main function of controlling the market.

The increase in public debt is a result of the budget deficit, which is the result of increasing spending without increasing revenue. Over time, spending has become inflexible and cannot be reduced, such as the salary bill and others, and this causes a structural imbalance in the Iraqi economy.

The idea of ​​the three-year budget is in effect in many countries of the world, and we decided to move towards it in order to ensure stable implementation, although it requires the issuance of some tables and amendments to address some variables, such as oil prices, for example.

The fiscal year will end and the oil price rate remains within our estimates in the budget, but the lessons have become sufficient for us to set a conservative oil price so that the state does not face economic pressure with the fluctuations of the global oil market.

Therefore, a law must be passed that sets the share of expenditures from oil revenues with a certain ceiling, in order to ensure that it is covered on the one hand, and to ensure that the financing of investment projects that are exposed to blows with every drop in oil prices is not disrupted in order to cover the expenditure ceiling.   LINK

Central Bank Governor Reveals Important Figures About Iraq's Economy And Foreign Reserves

Time: 2024/10/30  Read: 3,848 times    {Economic: Al Furat News} The Governor of the Central Bank of Iraq revealed important figures about the Iraqi economy and its foreign currency reserves.

Ali Al-Alaq said during his participation in the Middle East Forum 2024 (Miri) session in Erbil, that "the volume of currency issued in circulation is approaching 100 trillion dinars," indicating that "the foreign currency reserve exceeds 100 billion dollars."

He explained that "next year will witness major transformations in the restructuring of government and private banks."

He pointed out that "the growth rate of the money supply rose from 46 trillion to 100 trillion within two years," noting that "the external debt does not exceed 20 billion dollars." LINK

Al-Raqqa confirmed that "the inflation rate currently stands at 3.8%, which is a typical rate," revealing that "the Central Bank has granted a license to 16 electronic payment companies." 

Central Bank Governor Reveals Important Figures About Iraq's Economy And Foreign Reserves

Time: 2024/10/30 20:14:47 Read: 3,848 times

{Economic: Al Furat News} The Governor of the Central Bank of Iraq revealed important figures about the Iraqi economy and its foreign currency reserves.

Ali Al-Alaq said during his participation in the Middle East Forum 2024 (Miri) session in Erbil, that "the volume of currency issued in circulation is approaching 100 trillion dinars," indicating that "the foreign currency reserve exceeds 100 billion dollars."

He explained that "next year will witness major transformations in the restructuring of government and private banks."

He pointed out that "the growth rate of the money supply rose from 46 trillion to 100 trillion within two years," noting that "the external debt does not exceed 20 billion dollars."

Al-Raqqa confirmed that "the inflation rate currently stands at 3.8%, which is a typical rate," revealing that "the Central Bank has granted a license to 16 electronic payment companies."    LINK

The Iraqi Market Trades Shares Worth More Than 17 Billion Dinars In A Week

Thursday 31 October 2024 14:40 | Economic Number of readings: 126   Baghdad / NINA / The Iraq Stock Exchange announced that the value of shares traded during the five sessions it organized this week, which is about to end, amounted to more than 17 billion dinars.

According to the recorded indicators, the number of shares traded during this week amounted to more than 8 billion shares, with a value of more than (17) billion dinars.

The ISX60 market trading index closed for the first session of the week at (1000.26) points, while the index closed at the end of the week at (1044.30) points, achieving an increase of (4.22%) over its closing at the beginning of the session.

The ISX15 market trading index closed for the first session of the week at (1073.47) points, while the index closed at the end of the week at (1116.07) points, achieving an increase of (3.82%) over its closing at the beginning of the session.

During the week, (6550) buy and sell contracts were executed on the shares of companies listed on the market. / End7    https://ninanews.com/Website/News/Details?key=1165401

US Elections And Iraq.. Official Comment On The Shape Of The Upcoming Relationship With The New President

Time: 2024/10/31 Read: 1,950 times   {Politics: Al Furat News} Iraq does not hide its pursuit of a new phase of strategic relations with the United States of America, focusing more on politics, economics and energy, after having focused for many years on the security and military fields.

Positions in Iraq vary between the official position, which sees that relations are heading for the better, and the position of experts and observers who believe that the next administration, whether Republican or Democratic, will use the "principle of force" in its policy with Iraq.

Farhad Alaeddin, the Prime Minister's advisor for foreign relations, says: "Regardless of the outcome of the upcoming US elections, relations between Iraq and the United States will remain governed by the Strategic Framework Agreement, common interests, and cooperation in the areas of security, energy, economic investments, and cultural exchange."

He points to "the importance of Iraq as a center of stability in the region, for the role it plays in achieving regional balances and stability."

On October 27, Foreign Minister Fuad Hussein, while chairing the regular meeting of the Higher Coordination Committee for the Strategic Framework Agreement between Baghdad and Washington, stressed the importance of strengthening relations with America and moving towards a solid economic partnership.

Hussein stressed the need not to focus on military and security aspects only, but rather to expand cooperation to include economic, health, educational, and environmental fields.

Relations between Baghdad and Washington have focused over the past two decades on military, security and counter-terrorism aspects, due to the conditions that Iraq was experiencing, but they are seeking to expand them to include other areas.

Iraqi-American relations are subject to the Strategic Framework Agreement that Iraq signed with the United States in 2008, and the two sides began implementing its provisions in 2009. The agreement includes 11 articles covering the diplomatic, political, security, economic and cultural fields, and stipulates long-term relations between the two countries based on the principle of equality in sovereignty, rights and common interests.   LINK

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

Seeds of Wisdom RV and Economic Updates Thursday Evening 10-31-24

Good Evening Dinar Recaps,

HEDERA WELCOMES NAIROBI SECURITIES EXCHANGE TO GOVERNING COUNCIL, ACCELERATING SECURITIES TOKENIZATION IN AFRICA

▪️The Nairobi Securities Exchange (NSE) has joined the Hedera Governing Council to advance tokenization in Kenya’s capital markets, a significant move for both the local economy and the broader African financial landscape.

▪️By joining the Hedera Council, the NSE will provide African investors with access to innovative digital assets and financial products.

Nairobi Securities Exchange (NSE), the best-performing market in Africa has joined the decentralized Hedera Governing Council, the organization behind Hedera Hashgraph, in a bid to expedite the adoption of tokenized securities within Kenya’s capital markets. As the 32nd member of the Hedera Council, the NSE joins a global network that includes companies like Google, IBM, and LG, which oversee Hedera’s governance.

According to the Morgan Stanley Capital International (MSCI) ranking, the NSE earned the title of Africa’s top-performing market in the first nine months of 2024. This displays the strong trust investors have in it. Furthermore, this reward showcases how the NSE is the cornerstone of prosperity to Kenya’s economic progress.

Here’s How Hedera Will Transform Digital Finance in Africa
As a key part of this alliance, the NSE brings digital and tokenized assets directly into the mainstream. For context, Tokenization is the process of converting real assets like stocks, bonds, and commodities into digital tokens on a blockchain. This collaboration also aims to modernize Africa’s financial markets by using Hedera’s advanced Distributed Ledger Technology (DLT). Hedera’s DLT allows multiple members to maintain their own identical copy of a shared ledger.

Through Hedera’s Hashgraph Consensus, created by Leemon Baird, co-founder and chief scientist of Hedera the NSE will have several benefits. This includes Secure, real-time, and low-cost payment settlement allowing users to transact using their preferred cryptocurrency. Additionally, it offers decentralized, scalable, and publicly verifiable data logs ensuring that all transactions and activities can be audited and verified without relying on a central authority.

The mechanism allows the network to achieve an impressive throughput of over 10,000 transactions per second. This is achieved by utilizing a unique algorithm that emphasizes speed and efficiency.

Hedera is continually expanding its ecosystem, offering a range of applications and developer tools. Recently, Hedera integrated LayerZero (ZRO), a technology that enables applications to move data across blockchains, into its network to enhance the Hedera Token Service (HTS). This will significantly boost the NSE’s offerings by making the exchange a hub for digital asset trading.

Bill Miller, Co-Chair of the Membership Committee for Hedera, highlighted in the report that the NSE possesses expertise and strong foundations in Africa. As one of the largest economies in Sub-Saharan Africa, Kenya offers an opportunity to accelerate the adoption of digital assets.

With a market capitalization of about $12.65 billion, daily transaction volumes exceeding $100 million, and 63 listed companies across 11 sectors, the NSE provides an ideal foundation for enhancing global capital markets.

Hedera’s advanced technology will enable the NSE to enhance global liquidity and improve access to financial services for African investors, while also strengthening its presence in the digital asset space.

@ Newshounds News™

Source:  Crypto News Flash

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U.S. TREASURY REPORT PROPOSES CBDC REPLACEMENT FOR PRIVATE STABLECOINS

The U.S. Treasury Department has recommended replacing private stablecoins with government-issued CBDCs, citing concerns about the $120 billion in Treasury bills held as stablecoin collateral and potential market risks.

▪️U.S. Treasury released report suggesting stablecoins should be replaced by CBDCs

▪️Treasury estimates $120B in T-bills bought by stablecoin issuers, with Tether holding $81B

▪️Report warns of potential “fire-sale” risk if major stablecoins collapse

▪️Over 80% of crypto transactions involve stablecoins, with USDT leading in trading volume

▪️Trump opposes CBDCs but his project World Liberty Financial plans to launch a stablecoin

The U.S. Treasury Department has called for the eventual replacement of private stablecoins with government-issued central bank digital currency (CBDC) in a detailed report released Wednesday.

The report highlights mounting concerns over the stablecoin market’s growing influence in the U.S. Treasury bills market.

According to the Treasury’s Office of Debt Management, stablecoin issuers now hold approximately $120 billion worth of Treasury bills as collateral.

Tether, the company behind the USDT stablecoin, accounts for $81 billion of these holdings, making it a major player in the T-bills market.

The 132-page report draws parallels between the current stablecoin landscape and the “wildcat” banking era of the 1800s, when private banks issued their own currencies.

The Treasury suggests that just as government-backed money replaced those private currencies, CBDCs should take over the role currently played by stablecoins in digital transactions.

Stablecoins have become essential to cryptocurrency markets, serving as a bridge between traditional and digital finance.

The Treasury estimates that these digital assets are involved in more than 80% of all crypto transactions. USDT, the largest stablecoin by market volume, processed $53 billion in trades within a 24-hour period.

The report expresses particular concern about the risk of stablecoin depegging events, where these digital currencies lose their intended one-to-one relationship with the U.S. dollar. Several such incidents have occurred in recent years, raising alarm bells about market stability.

The Treasury’s primary worry centers on the possibility of a “fire-sale” scenario. If a major stablecoin issuer like Tether were to face a crisis, it might need to quickly sell its T-bill holdings, potentially disrupting the broader Treasury securities market.

While stablecoin advocates argue that these products enhance dollar dominance by increasing demand for Treasury bills, the report indicates that the Treasury views this relationship differently.

The department suggests that the growing interconnection between stablecoins and traditional financial markets through T-bill holdings poses unnecessary risks.

The political landscape surrounding digital currencies has grown increasingly complex. Several Republican lawmakers have voiced opposition to CBDCs, labeling them as potential tools for government overreach.

Former President Donald Trump has been particularly vocal in his criticism, promising to block CBDC development if reelected.

However, the situation has additional layers of complexity. Trump’s own crypto project, World Liberty Financial, which recently raised $14 million, is reportedly developing a stablecoin.

This project’s team has promoted private stablecoins as a way to support T-bill purchases and strengthen dollar supremacy.

The Treasury report acknowledges that stablecoins currently represent a relatively small portion of the overall T-bills market. However, it warns that continued growth could increase the risk of market disruptions if stablecoin-related instability occurs.

The document provides detailed data about the current state of stablecoin holdings. Beyond Tether’s $81 billion position, other stablecoin issuers collectively hold tens of billions in Treasury securities as backing for their digital currencies.

The report examines various stablecoin failures and depegging events from recent years, using these incidents to support its argument for transitioning to CBDCs.

These examples serve as cautionary tales about the potential risks of allowing private digital currencies to become too deeply embedded in the financial system.

Trading volume statistics included in the report underscore the growing importance of stablecoins in crypto markets. The data shows that stablecoin trading volumes often exceed those of traditional cryptocurrencies like Bitcoin.

@ Newshounds News™

Source:  Blockonomi

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🌱 KIM CLEMENTS SAW THE NEXT 2024 NOV. 2024  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

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Seeds of Wisdom RV and Economic Updates Thursday Afternoon 10-31-24

Good Afternoon Dinar Recaps,

US TREASURY DISCUSSES THE TOKENIZATION OF TREASURIES

During Tuesday’s meeting of the US Treasury’s Borrowing Advisory Committee, the members explored the topic of tokenizing US Treasuries. It discussed the impact of stablecoins on the demand for short term Treasuries, concluding that the effect is marginal.

The presentation covered the use of tokenized Treasuries as a safe haven in the digital asset sector. And finally, it focused on how blockchain and tokenization could improve Treasury market operations, including the benefits, costs and risks.

Stablecoins
Our calculations show the combined US Treasury and repo holdings of the two largest stablecoins, Tether and USDC as $120 billion in June 2024. Putting them on a list of the largest foreign country investors would rank them (combined) in the eighteenth spot. Yet given the total size of Treasury issuance, the figure is indeed marginal.

However, the presentation raised the concern that a collapse of a “major stablecoin like Tether could lead to a fire sale of short-dated Treasuries.”

Some other comments on the stablecoin front might be viewed as controversial by the crypto sector.

For example, it states “In a similar manner to how privately-issued ‘wildcat’ currencies were replaced by government-backed central currencies in the late-1800s, Central Bank Digital Currencies (CBDC) will likely need to replace stablecoins as the primary form of digital currency underpinning tokenized transactions.”

It also notes that “History shows that ‘private currency’ that does not meet NQA requirements leads to financial instability and as such is highly undesirable.”

 NQA refers to no questions asked, in the sense that the recipient should not need to perform due diligence before receiving a stablecoin. Both quotes referenced a paper, “Taming Wildcat Stablecoins.”

The importance of intraday for tokenized Treasuries?
When discussing the potential for tokenizing Treasuries, there were some curiosities. Firstly, the presentation outlined the potential benefits, which include:

▪️Improvements in clearing and settlement
▪️Improved collateral management
▪️Improved transparency and accountability
▪️Composability and innovation
▪️Increased inclusion and demand? (fractionalization)
▪️Increased liquidity? (including 24/7)

While ‘intraday’ repo was mentioned in a description of JP Morgan’s repo platform, it was not explicitly covered in the list of advantages. Of course, the enablement of intraday transactions is a direct side effect of improvements in clearing, settlement and collateral management that were mentioned.

Intraday allows banks to use repo to borrow and lend for an hour or two, rather than having to wait for T+1 settlement. Repurchase agreements (repo) involve the temporary transfer of securities in exchange for cash, with the transaction reversed a short while later, plus a small amount of interest. 

We’re emphasizing the point because the importance of intraday to traditional financial institutions may be underappreciated in government circles. In a recent speech by Federal Reserve Governor Waller, he emphasized the potential for 24/7 repo. Yet within the industry, intraday is considered far more important than the ability to trade 24/7.

Treasuries and tokenization platforms
A list of tokenization platforms were presented, including JP Morgan’s intraday repo platform. However, there was no mention of Broadridge’s Distributed Ledger Repo (DLR). If someone asked Ledger Insights to state the most important platform in Treasury tokenization right now, it would be Broadridge’s DLR.

The total amount of tokenized Treasury funds on public blockchain is around $2 billion. DLR is used for $1 – $1.4 trillion in transactions per month, whereas JP Morgan’s platform has processed roughly $1.5 trillion since its launch in 2020. One would not expect JP Morgan’s solution to be of the same scale as DLR since it purely serves JP Morgan clients.

DLR has several purposes, with intraday repo as the main one. It also supports sponsored repo via the DTCC’s FICC platform. DLR and JP Morgan’s repo platform already achieve many of the advantages explored during the presentation. However, today they are tiny compared to the scale of the Treasury market.

The conclusion was that a tokenized Treasury platform would ideally be on a private permissioned blockchain managed by a trusted government authority.

@ Newshounds News™

Source:  Ledger Insights

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Pound Sterling Suffers Biggest Drop in 18 Months Amid Reeves' Tax-and-Spend Storm

Following the latest budget reveal, the pound sterling has taken a sharp tumble, fueled by mounting worries about the U.K.’s fiscal outlook. Chancellor Rachel Reeves’ decision to pump £70 billion into government spending—funded through additional borrowing—has stirred up significant unease among investors. They’re concerned this move could lead to higher inflation and escalating interest rates.

@ Newshounds News™

Read more:  Bitcoin News    

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FRANKLIN TEMPLETON LAUNCHES TOKENIZED MONEY FUND ON BASE

Franklin Templeton says this is the first tokenized money fund to launch on Coinbase's layer-2 network.

Franklin Templeton is launching its tokenized money fund on Base, Coinbase’s layer-2 network, the asset manager said on Oct. 31.

The Franklin OnChain US Government Money Fund (FOBXX) is the first tokenized fund to launch on Base, Franklin Templeton said in a post on the X platform.

Created in 2021, FOBXX has previously launched on blockchain networks including Stellar, Polygon, and Arbitrum.

Franklin Templeton is unique among tokenized fund managers in outsourcing a meaningful portion of reporting requirements — such as share ownership records typically handled by an off-chain transfer agent — to blockchain networks’ public ledgers.

“We are currently the only product with the ability to use public distributed ledger technologies for official transaction record-keeping,” Roger Bayston, Franklin Templeton’s head of digital assets told Cointelegraph in July.

The launch of FOBXX on Base indicates United States regulators consider Base’s public ledger to be a legitimate instrument for financial recordkeeping.

Franklin Templeton’s FOBXX currently has net assets of approximately $435 million and has been generating annualized returns of about 4.7% as of October 2024.

It is accessible through Franklin Templeton’s Benji Investments platform.

The Base launch marks Franklin Templeton’s latest effort to enhance the accessibility of its tokenized real-world assets (RWAs).

Since its 2023 launch, Base has emerged as Ethereum’s second most popular layer-2 scaling solution, with a total value locked (TVL) of approximately $8 billion, according to L2Beat.

Arbitrum leads with upwards of $13 billion in TVL, the data shows.

Tokenized RWAs — from money funds to artworks — represent a $30-trillion market opportunity globally, Colin Butler, Polygon’s global head of institutional capital, told Cointelegraph in August.

Demand is surging for products that tokenize T-bills and other highly liquid yield-bearing assets.

FOBXX’s top rival is BlackRock USD Institutional Digital Liquidity Fund (BUIDL), with assets under management (AUM) of approximately $530 million, according to data from RWA.xyz.

@ Newshounds News™

Source:  CoinTelegraph

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MilitiaMan & Crew News Report-Central Bank Governor of Iraq-Monetary Stability Directly Stimulating the Economy

MilitiaMan & Crew News Report-Central Bank Governor of Iraq-Monetary Stability Directly Stimulating the Economy

10-31-2024

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

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

https://www.youtube.com/watch?v=lVyzn37EDO4

“Tidbits From TNT” Thursday 10-31-2024

TNT:

Tishwash:  The private sector has begun a new phase

Dr. Murtadha Al-Khafaji, a member of the Iraqi Businessmen Union, stated that the Iraqi private sector has begun a new phase that is different from the previous one, and it has become possible to rely on its capabilities to implement projects.

Al-Khafaji said: The projects implemented by the Iraqi private sector indicate the potential of local effort, which has become comparable to global effort, as local capabilities have been developed during the last decade. He added that Iraqi human resources have gained a lot of experience, through interaction with global expertise, which has worked in more than one economic aspect. He pointed out that national companies must occupy the appropriate place within the local labor market.  link

Tishwash:  Call to establish a digital gold market in Iraq

The economic and financial expert, Dr. Saif Al-Halfi, called for the establishment of a digital gold market in Iraq, the establishment of which requires cooperation between the Central Bank of Iraq, the Securities Commission, and the Iraq Stock Exchange, as it provides Iraqi investors with the opportunity to participate in the global gold market, which attracts additional investments to Iraq, and also enhances cooperation between the Iraqi banking system and international financial institutions.

Al-Halfi said that the Central Bank can issue digital gold bullion in different weights: 1 gram, 10 grams, 100 grams, approved by the government. These digital bullion can be traded on the Iraq Stock Exchange in the same way that stocks or bonds are traded, and through the market’s financial intermediaries system, where investors can buy bullion using local currencies or convert them into foreign currencies. 

He added that the market can be linked to global gold prices and currency exchange rates, which enhances transparency and interaction with the global market. A platform similar to the Forex markets can also be used to trade digital gold inside Iraq in the Iraq Stock Exchange, noting that gold prices will be determined according to global exchange rates for gold and foreign currencies. This will allow investors the opportunity to speculate on gold price fluctuations and link them to changes in global currency prices, which increases profit opportunities and creates many job opportunities.

Regarding the economic benefits, Al-Halfi said: Through this market, liquidity is withdrawn from the banking system, and the digital gold market can act as a tool to withdraw cash liquidity. Instead of keeping money in banks, investors may prefer to buy digital gold, which is a safe asset that maintains its value, protects the investor’s money from high inflation rates, reduces the money supply, which is the goal, and limits inflation.

He pointed out that the digital gold market contributes to diversifying the Iraqi economy, away from the traditional reliance on oil. The market can be a platform to encourage financial innovation and develop new investment tools, especially exploiting the opportunities of the Faw Port entering operation next year, and what it provides in terms of a large base for investors, especially individuals and companies, as well as the goal we seek on the path of development.

He pointed out that establishing a digital gold market requires a strong technical infrastructure, including secure electronic platforms and clear regulatory laws to protect investors’ rights. This will increase job opportunities, the ability to diversify and innovate, and the emergence of a start-up culture.

Al-Halfi explained that the digital gold markets aim to enhance transparency and ease in gold trading, and provide investors with a real opportunity to work, trade and speculate on gold prices without the need to own actual gold. When the investor wants to convert gold into bullion or jewelry, these foundations allow him to convert digital gold into bullion while paying mining and crafting fees. All of these products create real and comprehensive investment business opportunities, which creates and enhances a flexible and innovative investment environment in Iraq. 

Gold is one of the financial assets that has always been a safe haven for investors, especially in times of economic, political and regional turmoil. Here, with the global digital and financial development, new markets have emerged for digital gold trading, where gold can be easily bought and sold through electronic platforms. In light of these developments, it is possible to create a market for digital gold trading in Iraq, especially with the government’s trend towards establishing digital banks and strengthening electronic payment systems, especially the use of electronic payment cards.  link

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Prime Minister's Advisor: Iraq is moving towards strengthening partnership with foreign companies and stimulating investment

The Prime Minister's Representative, Technical Advisor and Head of the Sovereign Loans Initiative, Mohammed Sahib Al-Daraji, confirmed today, Thursday, that the private sector is a fundamental pillar in the government's new economic plan, while pointing to the government's efforts to reduce the transfer of hard currency and support national projects.

Al-Daraji conveyed, in his speech during the first Iraqi Economic Forum, which was attended by the correspondent of the Iraqi News Agency (INA), "the greetings of Prime Minister Mohammed Shia al-Sudani and his support for this conference," explaining that "the Iraqi government has begun taking real steps to support the Iraqi economy, as it has changed the philosophy of the economy that suffered from a lack of clarity in the economic vision for more than twenty years."

He pointed out that "the government is working on a new approach that considers the private sector a fundamental pillar and seeks to integrate its outputs into the national product," noting that "the government provides special support to the investment and business environment sectors, as it seeks to separate direct investment and provide an appropriate environment for the private sector to participate in projects. The government also encourages partnerships with foreign companies to demonstrate developments in the customs and tax system, such as unifying taxes and customs tariffs across regions, and exempting foreign companies from some special taxes."

He pointed out that "Iraq has begun to guarantee the private sector before international financial institutions through the Sovereign Guarantees Initiative, and has moved towards establishing an international market for carbon bonds to support project financing."

He pointed out the "three priorities of the Iraqi economy: localizing industries, integrating with global financial institutions, and developing competencies for the public and private sectors," adding that "the Iraqi market is open to global companies, especially in the construction and clean energy sectors, and that there is a trend to support the private sector through new legislation such as laws to protect intellectual property and partnerships between the public and private sectors."

He added, "The government supports the economy based on partnership with the private sector, with a focus on reducing the transfer of hard currency abroad.

He expressed his "hope that these conferences will produce outcomes that support the current government's orientations, which is the most attentive to the private sector and the most involved in decisions," noting "the presence of representatives from the private sector on the Development Fund's Board of Directors and within the Prime Minister's official delegations as a message of support for businessmen  link

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Mot:  ... You Can Use Him fer 2 Months or More!!!