Iraq News Highlights and Points To Ponder Saturday Afternoon 11-2-24

Al-Sudani's Advisor Reveals The Positives Of The Central Bank's Interest Rate Cut

Information/Baghdad…The Prime Minister's Advisor for Economic Affairs, Mazhar Muhammad Salih, said that the Central Bank's decision to reduce interest rates to 5.5% encourages lending.

Mazhar Muhammad Salih said in an interview followed by Al-Maalouma Agency, "The Central Bank's process of reducing interest rates to 5.5% represents an expansionary policy, because it is assumed that when this rate is reduced, all banks will do the same, whether on loans or deposits."

He pointed out that "in terms of deposits, this decision does not encourage people to put their money in the bank, but it encourages lending." He pointed out that "banks have a lot of surpluses, and they are encouraged to grant more credit." LINK

What Are The Positives Of The Central Bank Reducing Interest Rates? Al-Sudani’s Advisor Explains

Money and business   Economy News – Baghdad  The Prime Minister's Advisor for Economic Affairs, Mazhar Muhammad Salih, said that the Central Bank's decision to reduce interest rates to 5.5% encourages lending.

Saleh said, "The Central Bank's reduction of interest rates to 5.5% represents an expansionary policy, because it is assumed that when this rate is reduced, all banks will do the same, whether on lending or on deposits."

He pointed out that "in terms of deposits, this decision does not encourage people to put their money in the bank, but it encourages lending," noting that "banks have a lot of surpluses, and they are encouraged to grant more credit."

"Most banks have not reached 75% of credits"

Regarding cash credits, the Prime Minister's advisor for economic affairs explained that they "should represent 75% of deposits," adding that "most banks have not reached this percentage, especially private banks, so banks can reach this percentage through this process, where they lend and move their interest, and it is an attempt."

Regarding the extent to which the interest rate in Iraqi banks is equal to that of banks in the region, Saleh said, “Banks are not obligated to adhere to this rate, and it is a reference to monetary policy.”

It is noteworthy that the Central Bank of Iraq decided on Thursday (October 24, 2024) to reduce the annual interest rate between it and the banks registered with it from 7.5% to 5.5%, and to reactivate the work of securities (Islamic certificate of deposit and money transfers) between it and the banks operating in Iraq, with an annual return of 4% for a period of 14 days, and an annual return of 5.5% for a period of 182 days.

Financial Liberation

The Prime Minister's Advisor for Economic Affairs noted that "banks have the right to lend and borrow at the interest rate they deem appropriate, in accordance with the decisions of their boards of directors. This is called financial liberalization, which has been adopted since 2004."

The Central Bank of Iraq had set the maximum investment ceiling not to exceed 50% of the total private sector deposits at the bank, and that the bank’s investment ceiling in a single auction should not exceed (500) billion Iraqi dinars.   https://economy-news.net/content.php?id=49383

“A Fraudulent Maze” Reveals “Thorny” Files That Swallow The Pockets Of Iraqis

Posted on 2024-11-01 by sotaliraq   An informed government source revealed a financial corruption file related to the collection of energy consumption fees from hotels, malls, and other commercial and entertainment complexes in the capital, Baghdad, where billions of dinars are wasted monthly through “administrative loopholes,” stressing that the Ministry of Electricity discovered one of those files during the past month.

The source reviewed documents related to the latest file discovered by the Ministry of Electricity, confirming that it is “one example of other files in the same regard,” but he stipulated that the documents not be published for special reasons.

Whales And Big Heads”

In detail, he says, “Financial corruption in collecting electricity consumption fees is very large, and those involved are big heads and whales supported by political parties. However, it is through a chain that begins with small employees, but these are a front for those who are bigger than them, and if one of the files is revealed in some way, these people are the scapegoats, but with administrative penalties that are not commensurate with the size of the corruption,” he said.

He explains, “The recent corruption file in the collection of wages, after it was exposed by a member of the House of Representatives, caused the officials in the Ministry of Electricity to be embarrassed and it was necessary to take action to cover up the matter, so penalties were issued by dismissal from office and transfer from one department to another, while it is a file of embezzlement or at the very least a waste of public money that is supposed to be referred to the Integrity Commission for adjudication.”

The government source provides an introduction to how to calculate electricity consumption fees according to what was approved by the government of former Prime Minister Haider al-Abadi, explaining, “Consumption fees were divided into five categories: domestic, commercial, industrial, agricultural, and governmental. Each category has its own fees, the lowest of which is the cost of domestic consumption, which is divided into four categories:

the first category is 10 dinars per unit (the unit is the amount of consumption measurement), the second category is 35 dinars (i.e. if the home consumes more than one consumption unit), the third category is 80 dinars (the home consumes three consumption units), and the fourth category is 120 dinars (the home consumes four consumption units).”

The source commented on this by saying, “Whoever thinks that electricity consumption fees in Iraq are low is mistaken. In fact, they are among the high fees, if not the highest, in the countries of the region.

A family that operates three or four cooling devices in the summer earns no less than 200 thousand dinars per month. However, at the peak of the heat, or when using multiple heating devices or an electric cooker, the fees double, but people do not know this, and therefore many families are surprised by high fees in areas and residential complexes that do not rely on electric generators.”

Infallible” From Consumption Fees

Returning to the recent corruption file, the source explains, “The events of the file are taking place in the General Company for Electricity Distribution in Baghdad/Rusafa Electricity Distribution Branch, as some hotels that fall within the commercial consumption section have not paid electricity fees for years, but the fees of one of them were settled fraudulently.”

He continued, “A famous hotel in the Karrada area in the center of the capital, Baghdad, paid its consumption fees in a proper manner, but what happened and was discovered later was that the fees paid by the hotel management were registered in the name of another hotel only one kilometer away from the paid hotel, whose management was surprised by a new consumption list that came to it and included previous debts that it had already paid, but they were registered in the name of the other hotel.”

He points out that “all hotels in Baghdad are owned by a mix of the government and investors, meaning that they are private hotels and the government has a limited share in them, and their electricity consumption costs billions,” as he described it.

The source indicates that the file and the documents that I have reviewed also include “one of the malls in central Baghdad that was registered as a disabled account, or as they call it functionally in the Ministry of Electricity (3 nines), which means that a technical error occurred by the data entry employee during the (punching and transferring) process, which is the process of recording data for the household, commercial, industrial, agricultural or governmental unit, other than what is in the basic database kept by the Baghdad Electricity Distribution Company, and thus there is a conflict in the data and the recording of consumption fees for this account is stopped.”

Repairing a malfunction is very easy, especially if the database is available and saved, but the problem is that this repair, which is supposed to take only minutes, hours or even days, takes months and years, and therefore the owner of the disabled account does not pay any fees during this period, and when it is discovered by an official or a supervisory body, the concerned body, represented by the Baghdad Rusafa or Karkh Company or the Ministry of Electricity, does what is called a (settlement) and forms a committee, or even the sales department manager assumes an estimated number for consumption fees, which are usually in the billions of dinars, but the settlement is made with a few million dinars and the matter ends, if it is discovered.”

After this maze of numbers, fraudulent methods and manipulation of the state’s capabilities and financial revenues, which the current government is trying to maximize and diversify to get rid of “oil slavery”, especially after it reached dangerous stages for nearly ten years due to the dangerous fluctuation in oil prices due to global crises, such that between one year and another or between one government and another, warnings appear that the Iraqi state will be unable to pay the salaries of employees, retirees and beneficiaries of social welfare. After the above, it is necessary to take a deep breath before diving into other details of this file.

Negative Debt

The source says, “There is something called negative debt, and this not only exempts its owners from paying consumption fees, but it also means that the state is the one paying on their behalf. 414 lists of negative debts were discovered,” and the agency is withholding mentioning to whom these lists belong.

The source explains, “The negative debt is that a citizen receives a consumption list for 50 thousand dinars, so he goes and pays it, but the data entry employee makes a mistake and writes 150 thousand dinars instead of 50 thousand dinars during the punching and transfer process, and when it reaches the main database in the company, it is indicated that there is 100 thousand dinars in excess of the account.”

He added, “Therefore, the state is required to pay this citizen this amount, so the settlement is made so that the citizen does not pay the wages until the amount of 100 thousand dinars is received, while the citizen did not pay this amount in the first place, nor did the employee who made the mistake receive an additional amount.”

The source explains, “The game is not about the ordinary citizen, the owner of a simple shop or household consumption, but rather it is related to the owners of commercial, industrial and agricultural accounts. Their consumption fees are in the billions of dinars. One of them may have a consumption fee of 10 million dinars, so he pays a million dinars in wages and a million dinars in bribes, and the employee makes a mistake and adds a zero to the ten million dinars by mistake, so this consumer has paid the ministry 100 million dinars, and thus the state owes him 90 million dinars.”

The Company That “Punctured” The State

The source discusses another aspect of the file that was recently discovered and is related to one of the “privatization” companies to which the state has become indebted for financial dues for four years without this company performing any service or work or even spending a single dinar other than the bribe amount for the concerned official.

He explains, “The sales department manager signed a joint receipt with the company to deliver the electricity network and subscribers in one of the residential areas before obtaining the necessary approvals or even informing the branch of the Rusafa Distribution Company of the contract, which means that the company has become responsible for collecting electricity consumption fees before obtaining official authorization to do so.”

He added, “The Rusafa Distribution Company branch did not sign the contract until four years after that, and at that time the National Company demanded from the Rusafa branch its share of the consumption fees for the past four years, even though it did not provide any services and did not even collect the consumption fees, since the collection of fees was done by the Rusafa branch, as is customary in this residential area.”

He points out that “the company not only did not provide any services, but the state is now indebted to the company for its shares stipulated according to the hypothetical contract, meaning that the state is obligated to pay profits to this company that did not spend a single dinar except for the bribe amount to the bribed director.”

It is worth noting that the Federal Financial Supervision Bureau issued a report on March 19, 2019, revealing that three companies are supervising the process of collecting electricity fees on the Rusafa side, and owe 49 billion dinars to the Ministry of Electricity.

The court said that “Al-Noor Al-Thaqib Company implemented the service and collection contract in 21 neighborhoods distributed over three areas: Zayouna, Palestine Street, and Al-Ghadeer.

Al-Rafidain Space Company implemented the service and collection contract in 42 neighborhoods distributed over the areas of Al-Rusafa Center, Al-Sulaikh, and Al-Krayat, while Ahl Al-Wasal Company implemented the service and collection contract in 15 neighborhoods, specifically in the areas of Al-A’dhamiyah and Cairo, as well as Nakheel Middle East Company in 51 neighborhoods distributed over the areas of Al-Karrada, New Baghdad, Diyala Bridge, and Al-Zafaraniya.”

The report indicated that “the investing companies did not commit to obtaining an investment license according to the letter of the National Investment Authority, and the contracts concluded with the Ministry of Electricity did not include a penalty clause in the event that the investment companies were late in issuing the investment license.”

He pointed out that “Al-Rafidain Space Company achieved financial revenues for the months of November and December 2017, amounting to 305.5 million dinars, noting that its contract with the Ministry of Electricity obligates it to achieve 8 billion dinars per month.”

According to the report, “citizens’ payment indicators ranged between 0-54%, which requires the Electricity Directorate to urge investing companies to increase payment indicators in order to achieve financial amounts that contribute to maximizing financial resources.”

The report confirmed that “the total energy sold to Ahl Al Wasl Company amounted to 16.4 billion dinars, while the debts owed by the company amounted to 6.7 billion dinars, and the debts owed by Nakheel Middle East Company amounted to 36.5 billion dinars, and Al Noor Al Thaqib Company amounted to 5.8 billion dinars.”  LINK

The Fed Knows the US Dollar is in Serious Trouble

The Fed Knows the US Dollar is in Serious Trouble

The Atlantis Report:  11-2-2024

The Federal Reserve’s role as the steward of the U.S. monetary policy and financial stability has never been more scrutinized.

 Recently, the Fed has made an admission that has caught financial markets off-guard: the U.S. dollar, historically regarded as the world’s reserve currency, faces significant challenges that may threaten its dominance on a global scale.

This revelation has ignited a whirlwind of debate among economists and policymakers, prompting deeper inquiry into the factors behind the dollar’s vulnerability and the potential implications for the American economy and international finance.

To appreciate the gravity of this admission, it’s essential to understand what it means to be a reserve currency. A currency is deemed a reserve currency when it is widely held by governments and institutions as part of their foreign exchange reserves.

The U.S. dollar has enjoyed this status since the end of World War II, primarily due to the size, strength, and stability of the U.S. economy. The dollar being the preferred medium for international trade and investment has historically afforded the U.S. significant economic advantages, including lower borrowing costs and increased influence over global economic policies.

The Federal Reserve’s admission regarding the vulnerabilities of the U.S. dollar as the world’s reserve currency should serve as a clarion call for both policymakers and citizens.

As the global landscape evolves, the U.S. must navigate these complexities with prudence and foresight. Understanding the underlying factors that challenge the dollar’s dominance will be crucial for ensuring long-term economic stability and maintaining U.S. influence in international finance.

 As we move forward, it will be vital to monitor how these developments unfold and to adapt strategies that can safeguard the financial health of both the U.S. and the broader global economy.

https://www.youtube.com/watch?v=u0oKXLkWIao

“Tidbits From TNT” Saturday 11-2-2024

TNT

Tishwash:  Vietnam seeks closer ties with Gulf states beyond energy sector

Vietnam is expanding its ties with the Gulf Cooperation Council beyond the energy sector, with several agreements signed during a visit to the region by a senior Hanoi government official this week.

Vietnam’s Prime Minister Pham Minh Chinh ends his tour of the Gulf on Friday with a visit to Qatar after starting in the UAE and later attending the Future Investment Initiative in Saudi Arabia.

Vietnam’s efforts seem to be in line with Gulf desires to strengthen their presence in Asia, particularly in the energy sector to exploit growing demand there, as evidenced by the signing of a memorandum of cooperation with oil giant Aramco. In addition, the UAE plans to establish a hub for storing oil and petrochemicals in Vietnam to meet market needs in the region.  link

Tishwash:  Governmental move to establish an administrative capital in Baghdad

The Parliamentary Investment and Development Committee confirmed today, Friday, that there is a government move to announce the establishment of the administrative capital in Baghdad, noting that Prime Minister Mohammed Shia al-Sudani will soon announce this capital, which includes all ministries and departments.

The head of the committee, MP Hassan Qasim Al-Khafaji, said, "There is a government trend in the coming short period to announce the administrative capital," noting that "the administrative capital will be south of Baghdad towards Alwat Al-Rashid within a large area."

He pointed out that "this capital will include all ministries and departments according to financial allocations," stressing that "Prime Minister Mohammed Shia al-Sudani will announce this capital and lay the foundation stone for it, and it will be implemented and completed in the coming years."  link

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Al-Sudani discusses 7 files with Erdogan.. Shafaq News reveals details of Istanbul meeting

 In a closed meeting that lasted about two hours today, Friday, the Iraqi Prime Minister and Turkish President Recep Tayyip Erdogan discussed many files in Istanbul, most notably developing relations between the two countries and the path of development.

An Iraqi government official told Shafaq News Agency that the Turkish president said during his meeting with the Sudanese, "Türkiye and Iraq are two neighboring countries linked by deep-rooted historical and cultural ties."

He added, "Developing relations and evaluating cooperation opportunities, especially the Development Road project, will provide many benefits to both countries. We will continue to take the necessary steps with determination to achieve this."

The Iraqi official pointed out that Erdogan reiterated his great interest in the development road project proposed by Al-Sudani after he became prime minister.

He pointed out that the Turkish President stressed the need to establish a mechanism to implement the development road project, which will constitute a major economic axis in the region, and he also indicated the desire of a number of countries to benefit from it and connect the road with them. 

The Iraqi official noted that the two presidents discussed in detail the mechanisms and methods that would ensure the stability and security of the region.

The two presidents also stressed the need for diplomatic action to stop the brutal Israeli aggression on Gaza and Lebanon and to prevent the conflict from expanding in the region.

According to the Iraqi government official, Erdogan confirmed to Al-Sudani his keenness and readiness to support the security and stability of Iraq.

He added that the meeting of the two presidents also discussed the results of the technical teams currently working on implementing the agreements signed in Baghdad in April 2024, especially the framework of the water cooperation agreement and their readiness to implement water infrastructure projects and agricultural land reclamation.

Prime Minister Mohammed Shia al-Sudani arrived in Istanbul today, Friday, to meet with Turkish President Recep Tayyip Erdogan, according to what the Iraqi government announced in a statement without going into further details about the previously unannounced visit.

Meanwhile, a government source told Shafaq News Agency that Al-Sudani's visit to Türkiye will last a few hours, during which he will meet with Erdogan to discuss several files, some of which are related to the situation in the region.

This is Al-Sudani's second visit to Türkiye since assuming his position as Prime Minister of Iraq. He made his first visit last March, during which he met with Turkish President Recep Tayyip Erdogan. link

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Tishwash:  Al-Sudani returns to Baghdad after spending hours in Istanbul

 Iraqi Prime Minister Mohammed Shia al-Sudani returned to the capital, Baghdad, after spending hours in the Turkish city of Istanbul, during which he met with Turkish President Recep Tayyip Erdogan, according to a statement from al-Sudani's office received by Shafaq News Agency.

In a closed meeting that lasted about two hours today, Friday, the Iraqi Prime Minister and Turkish President Recep Tayyip Erdogan discussed many files in Istanbul, most notably developing relations between the two countries and the path of development.

Prime Minister Mohammed Shia al-Sudani arrived in Istanbul on Friday to meet with Turkish President Recep Tayyip Erdogan, the Iraqi government announced in a statement without going into further details about the previously unannounced visit.

Meanwhile, a government source told Shafaq News Agency that Al-Sudani's visit to Türkiye will last a few hours, during which he will meet with Erdogan to discuss several files, some of which are related to the situation in the region.

This is Al-Sudani's second visit to Türkiye since assuming his position as Prime Minister of Iraq. He made his first visit last March, during which he met with Turkish President Recep Tayyip Erdogan.  link

Mot: .. aaaaaaaaaaaahhhhhhhhhhhhhhhhh!!!!!!! ((( Nov 3rd )))

Mot:  .. addeth or subtracteth????

Seeds of Wisdom RV and Economic Updates Saturday Morning 11-2-24

Seeds of Wisdom RV and Economic Updates Saturday Morning 11-2-24

Good  Morning  Dinar Recaps,

PAXOS ISSUES ‘GLOBAL DOLLAR’ STABLECOIN USDG OUT OF SINGAPORE. PARTNERS DBS

Last July Paxos Global confirmed it received the regulatory go ahead from the Monetary Authority of Singapore (MAS) to issue a stablecoin, with DBS Bank as custody partner. Today it confirmed the launch of the USDG stablecoin, which it refers to as the ‘global dollar’. 

Given Paxos has a background of partnering with institutions such as PayPal and Stripe, it says the Ethereum stablecoin is “designed to support the needs of regulated institutions that maintain higher standards of operation.”

“Enterprise interest in stablecoins has never been higher than it is today, but the market lacks a solution that combines regulatory compliance with real economic incentives for enterprises,” said Ronak Daya, Head of Product at Paxos.

“USDG offers a trusted solution with a top-tier banking partner in DBS that will be the catalyst to drive stablecoin innovation and enterprise adoption at a global scale.”

Singapore’s largest bank, DBS, will provide custody for the securities and dollar cash deposits will also be managed via DBS.

Other stablecoins from Paxos
Paxos Trust in New York is the issuer of the PayPal stablecoin and also supports Stripe in its stablecoin acceptance. The company has its own US-based stablecoin USDP and its UAE-based affiliate, Paxos International, issued the yield-bearing stablecoin Lift Dollar (USDL). Paxos Trust was previously the issuer of the Binance USD stablecoin.

The company has always been amongst the most conservative in managing stablecoin reserves to ensure they maintain their 1:1 peg. Hence. it will hold US dollar deposits, short dated Treasuries and ‘other cash equivalents’. 

The whitepaper states other reserves include reverse repurchase (repo) agreements and institutional government money market funds. Reverse repo agreements involve temporarily lending cash (usually to banks) in exchange for collateral, in this case US government securities.

Stateside, Paxos structured as a New York regulated Trust to provide maximum protection to holders in the event of a bankruptcy. Likewise, Paxos Digital Singapore holds the assets in trust on behalf of stablecoin holders via segregated safeguarding accounts.

Anyone that has opened an account with Paxos (ie. has been through KYC) can redeem the stablecoin directly. It will usually take around a day but up to a maximum of five days in compliance with Singapore regulations. The minimum redemption amount is equivalent to the cost of the wire fee.

@ Newshounds News™

Source:  Ledger Insights

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CRYPTO VOTERS GUIDE TO CONGRESSIONAL LEGISLATION FOR THE 2024 ELECTION

The 2024 United States elections will be held on Nov. 5, as digital asset policy becomes a growing concern among pro-crypto voters.

As the 2024 US elections draw closer, digital assets have become a political issue for the first time, as industry executives and advocates apply pressure on candidates to pass pro-industry policies and embrace the future of money.

Clear and comprehensive digital asset policy in the United States remains elusive, as regulators like the Securities and Exchange Commission (SEC) regulate through enforcement action, rather than rulemaking. This lack of a coherent framework is a growing concern for elected lawmakers, industry service providers, and single-issue crypto voters.

While understanding a particular candidate’s stance on crypto policy is key, voters must also understand the underlying legislation currently being considered in the House and the Senate. Listed below are the key pieces of legislation currently up for consideration.

Financial Innovation and Technology for the 21st Century Act
The Financial Innovation and Technology for the 21st Century Act (FIT21) — introduced by Pennsylvania Congressman Glenn Thompson in 2023 — aims to establish a comprehensive digital asset regulatory framework by bringing sufficiently decentralized assets under the purview of the Commodity Futures Trading Commission (CFTC). The bill features these defining criteria for sufficient decentralization:

“If, among other requirements, no person has unilateral authority to control the blockchain or its usage, and no issuer or affiliated person has control of 20% or more of the digital asset or the voting power of the digital asset.”

However, the bill also gives the SEC authority to regulate digital assets deemed as securities. In May 2024, the bill passed in the House and must pass in the Senate before it is handed to the President for consideration.

CBDC Anti-Surveillance State Act
Minnesota Rep. Tom Emmer first introduced the CBDC Anti-Surveillance State Act in 2023.

The bill’s goal is to prohibit the Federal Reserve Bank from ever creating a consumer-facing central bank digital currency (CBDC), or otherwise maintaining accounts on behalf of individuals.

Moreover, the bill seeks to restrict the Federal Reserve from “Using a central bank digital currency to implement monetary policy or from issuing a central bank digital currency,” entirely.

CBDCs face widespread criticism from the crypto community, liberty-minded individuals, privacy advocates, and commercial banks. In May 2024, the bill passed in the US House and awaits a vote in the Senate.

Clarity for Payment Stablecoins Act of 2024
The Clarity for Payment Stablecoins Act is a re-introduction of a 2023 bill of the same name from Rep. Patrick McHenry and seeks to establish a comprehensive regulatory framework for US-dollar stablecoins.

A key difference between the newer draft and the earlier bill is a provision allowing stablecoin issuers with a market capitalization under $10 billion to be regulated at the state level, rather than the federal level.

The previous version of the bill advanced to the House floor but has not yet passed in either chamber. Senators Lummis and Gillibrand also proposed a similar bill to the Senate in April 2024, to establish a stablecoin regulatory framework.

Digital Asset Anti-Money Laundering Act
First introduced by Massachusetts Senator Elizabeth Warren in July 2023, the Digital Asset Anti-Money Laundering Act proposes that digital asset providers should be subject to the same reporting requirements as traditional financial institutions under the Bank Secrecy Act.

Warren is one of the crypto industry’s most vocal critics, and the 2023 bill has faced significant backlash as one of the most anti-crypto pieces of legislation currently up for consideration.

The bill has not yet passed in either chamber of Congress and even lost support from its cosponsor, Republican Senator Roger Marshall, in July 2024.

Financial Technology Protection Act of 2023
The Financial Technology Protection Act of 2023, proposed by Iowa Rep. Zachary Nunn, aims to create the Financial Technology Working Group to combat illicit finance in terrorism and organized crime in emerging financial technologies.

Earlier in 2024, the bill passed in the United States House of Representatives and has been submitted to the Senate for deliberation.

Equal Opportunity for All Investors Act
Introduced by Nebraska Congressman Mike Flood in April 2023, the Equal Opportunity for All Investors Act would expand the definition of an “accredited investor” — lowering the barrier to entry for participation in private securities sales and offerings.

More specifically, the bill would allow individuals to qualify as accredited investors by passing a knowledge test administered by the SEC.

In 2020, the SEC amended its long-standing criteria for an accredited investor to emphasize financial knowledge rather than net worth, income, or wealth. The Equal Opportunity for All Investors Act was passed in the US House of Representatives but has not yet passed in the Senate.

The Blockchain Regulatory Certainty Act
Rep. Tom Emmer — one of crypto’s most vocal proponents — submitted the Blockchain Regulatory Certainty Act to the US House of Representatives in March 2023. The bill’s central goal is to exempt blockchain developers and service providers from traditional financial reporting requirements, as long as they do not handle customer funds.

The bipartisan bill was approved by the House Financial Services Committee in July 2023, and allowed to advance to the US House of Representatives but has yet to pass in either chamber of Congress.

Keep Your Coins Act
Ohio Congressman Warren Davidson introduced the Keep Your Coins Act in July 2023 as a consumer-facing protection meant to restrict regulatory agencies from preventing US citizens from using self-custodial wallets to transact.

At this time, it is unclear whether the bill will be passed into law or garner widespread support.

@ Newshounds News™

Source:  CoinTelegraph

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🌱 AUDIO INTEL AND MORE WITH BOB LOCK, JIM SILVER 57, R JAX AND LOWTIDE. GREAT INFO.  |  YOUTUBE

If you missed the Constitution Call last night, here is the replay.  We started off with any NEW news from Mason and Jim, INTEL.  We were Joined by Bob Lock.  Lots of great info including Election News near the end.

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts   

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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.

71161633/DNARCPS_dinarrecaps/blog_posts_karen -->

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

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