Some “Iraq News” Posted by Clare at KTFA 11-7-2024
KTFA:
Clare: Iraqi Parliament extends its legislative term until the ninth of next month
11/7/2024
The Iraqi Parliament decided today, Thursday, to extend the legislative session for 30 days, starting from November 9 of this month.
This comes after the member of the Parliamentary Legal Committee, Mohammed Al-Khafaji, revealed to Shafaq News Agency that the current legislative session of the Council of Representatives ends on the 9th of this month, and that its extension for another month is subject to Article 58 of the Iraqi Constitution.
KTFA:
Clare: Iraqi Parliament extends its legislative term until the ninth of next month
11/7/2024
The Iraqi Parliament decided today, Thursday, to extend the legislative session for 30 days, starting from November 9 of this month.
This comes after the member of the Parliamentary Legal Committee, Mohammed Al-Khafaji, revealed to Shafaq News Agency that the current legislative session of the Council of Representatives ends on the 9th of this month, and that its extension for another month is subject to Article 58 of the Iraqi Constitution.
He added that according to this article, the legislative term can be extended at the request of the President of the Republic, the Prime Minister, the Speaker of the House of Representatives, or 50 members of parliament, provided that the extension is approved by a vote of the majority of the members of the House.
Al-Khafaji explained that the extension comes to organize the work of Parliament and approve pending laws, as the past period witnessed repeated postponements in the Council’s sessions and the incomplete agenda.
He pointed out that the extension will provide an additional opportunity for the government to submit the draft general budget law for 2025, which is supposed to be submitted before the end of this year. He stressed the importance of the government taking advantage of this time to avoid the delay witnessed in the budget this year. LINK
Clare: Rafidain Bank: Implementing the comprehensive banking system in 48 branches
11/7/2024
Baghdad / Rafidain Bank announced the operation of 48 branches, so far, within its comprehensive banking system.
The bank stated in a statement: "The comprehensive banking system is a qualitative leap in the bank's path, as it supports digital transformation and enhances the bank's ability to efficiently meet the needs of wide segments of customers." He stressed
: "This continuous expansion will include more branches in the future, as part of a well-thought-out plan aimed at providing a modern banking experience that contributes to supporting the national economy and meeting the needs of society with distinguished and comprehensive banking services." LINK
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Clare: Central Bank of Iraq celebrates National Job Day
November 07, 2024
The Central Bank of Iraq organized a central celebration of the National Job Day by honoring a number of its creative employees with success stories that contributed to the development of work at the Central Bank of Iraq.
His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, and the honorable Representative Dr. Ammar Hamad Khalaf, honored the employees who won the National Job Award, which was organized within the bank and in the presence of a representative of the Prime Minister's Office, presenting them with the award shield, praising their efforts and contributions that enhanced the efficiency of the work of their departments and sections, which was reflected in the work of the Central Bank.
His Excellency urged all employees of the Central Bank to make their efforts to be present on the platforms of job success next year, pointing to the support and honoring of an important category of the bank's employees in the Issuance and Treasury Department next year.
The Chairman of the National Job Day Committee, Dr. Alaa Jamal Abdul Redha, praised the efforts made to make the Job Day a success, indicating that today's celebration is an extension of the ongoing efforts to create a platform to recognize job excellence and dedication in the public sector.
Central Bank of Iraq
Media Office
November 7, 2024
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And receive profits via Zain Cash and FIB “Halal” shares without interest start at $100.. The first company to enter Mosul (video)
11/7/2024
Cultural Group (Mosul)
“Planet of Profit” company manager Harem Ribwar says that it is the first officially registered company to enter Mosul and provide training services for those wishing to trade stocks on global stock exchanges, in addition to providing brokerage services. Ribwar talks about two types of subscriptions, the first starting at $100 for beginners, and the second at $50,000 for professionals, with “completely Islamic and interest-free” services.
The company opened its branch in Mosul in the Cultural Group area on the left side, and works on mediation between the investor and the stock exchange. Today, it has 5 other branches in Kirkuk, Diyala, Erbil, Dohuk, and Sulaymaniyah before opening the sixth branch in Nineveh, while it plans to reach Baghdad and Basra.
Harem Ribwar - Director of Kawkab Al-Rabh Company in Iraq, to 964 Network :
Our company is a broker in the financial markets and is licensed by the Central Bank of Iraq and the Ministry of Trade, where it works as a shareholder with the global company ax finanials limited, registered in Wales.
Our main business is to mediate between clients or investors and global markets, we are the first company to bring electronic trading technology to Iraq, and one of our goals in the country is to change investment to a new and correct path.
We are the first official company to enter Nineveh, and we want to contribute to rebuilding Umm Al-Rabi’een and contribute to employing workers.
We have an academy for teaching trading, and we will hold workshops and training in this field for those who wish, and we will bring the best trainers in the field of trading in the financial markets.
We have a “standard” deposit of at least $100, and a “premium” deposit of at least $50,000. All our accounts are Islamic, meaning they are free of interest, and we take the commission from the bank, not the investor.
We established the company last April and opened the first branch in Kirkuk, the second branch in Erbil, then Diyala and Dohuk, and soon in Najaf, Basra, and Baghdad.
The Nineveh branch staff consists of 10 people with scientific specializations, graduates of management and economics, and software engineers. We grant agencies to our employees or investors, through which they can bring customers and take their commission on each customer, which is 50% of the profits.
We have deposits and withdrawals, which are done at our branches, and delivery and receipt are done through Zain Cash and the Iraqi Digital Bank FIB. LINK
Clare: Al-Sudani announces the completion rates of the main projects in the Grand Faw Port
11/7/2024
Iraqi Prime Minister Mohammed Shia al-Sudani announced on Thursday the completion rates of the main projects in the Grand Faw Port in Basra Governorate, in the far south of the country.
This came during a sea tour during which he was briefed on the basic projects in the Grand Faw Port in Basra Governorate, accompanied by the Minister of Transport, the Governor of Basra, a number of representatives and advisors, and the Director General of Ports.
Al-Sudani began his tour, according to a statement issued by his office and received by Shafak News Agency, with the five docks, the handover ceremony of which he sponsored today. He then viewed the other projects he started in the container yard and the dock wall, the completion rate of which reached (100%). He then moved to the submerged tunnel, the completion rate of which reached (58.47%), and is considered one of the most important development road projects.
During his tour, Al-Sudani also reviewed the progress of work on the navigation canal, which has reached a completion rate of (77.41%). His Excellency concluded his tour by reviewing the ongoing work on the road linking the port of Faw and the expressway, which represents the beginning of the strategic development road. The progress rate of work on the linking road has reached (92.42%).
Earlier on Thursday, Al-Sudani said during the ceremony to receive the five berths of the Grand Faw Port in Basra Governorate from the Korean company implementing the work, that his government faced "major challenges" in starting to implement the vital development road project, considering the Grand Faw Port project to be one that will transform the historical geographical situation of Iraq. LINK
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Clare: Al-Sudani: The Grand Faw Port is Iraq's largest project
11/7/2024
Baghdad / Prime Minister Mohammed Shia al-Sudani stressed: "The Grand Faw Port is Iraq's largest project," announcing the receipt of the five berths that represent the backbone of the port.
Al-Sudani said in a speech during his patronage of the ceremony of receiving the five berths from the implementing company: "Today we reap the fruits of the effort and follow-up to proceed with the project of Iraq and the people, the Grand Faw Port."
He added: "The project has actually entered the paths of global trade and transport routes that pass through the Middle East region," indicating: "The first phase of the project will be completed next year, according to the timetables."
The Prime Minister continued: "Iraq was and still is a fundamental pillar in the global economy, and today we are facing a new Iraq that begins from the Grand Faw Port, and the development path will be an artery linking most countries in the region."
He explained: "Development and economic transformation are an integrated approach that looks at the dimensions of the country's needs," noting: "The Council of Ministers supported the Ministry of Transport in rehabilitating the railways on the paths of the development path."
He concluded by saying: "Prosperity, providing job opportunities and development windows are among our work priorities, and we will continue to work to support the industry and trade sectors and develop agriculture, and we will expand trade exchange with countries of the world through the Grand Faw Port and the development road." LINK
Lena Petrova: West Shut Down mBridge but Failed to Stop the Global South
Lena Petrova: West Shut Down mBridge but Failed to Stop the Global South
11-7-2024
As the world becomes increasingly multipolar, the narrative surrounding economic alliances has shifted dramatically. The BRICS nations—Brazil, Russia, India, China, and South Africa—have long been seen as a counter-force to Western domination in global affairs.
Recent events surrounding the West’s investment in and subsequent shutdown of mBridge, a digital currency bridge designed to facilitate cross-border transactions, only underline the resilience and determination of the Global South to forge its own path.
Lena Petrova: West Shut Down mBridge but Failed to Stop the Global South
11-7-2024
As the world becomes increasingly multipolar, the narrative surrounding economic alliances has shifted dramatically. The BRICS nations—Brazil, Russia, India, China, and South Africa—have long been seen as a counter-force to Western domination in global affairs.
Recent events surrounding the West’s investment in and subsequent shutdown of mBridge, a digital currency bridge designed to facilitate cross-border transactions, only underline the resilience and determination of the Global South to forge its own path.
mBridge was conceived as a revolutionary digital currency project aimed at streamlining international transactions among participating nations, primarily focusing on simplifying trade across Asia and beyond. Sponsored by central banking authorities from China, Hong Kong, Thailand, and the UAE, the initiative promised to minimize reliance on traditional banking systems, reduce transaction costs, and promote greater financial inclusion.
However, the West viewed this emerging financial network with suspicion. With the idea of creating an alternative to the US dollar—a financial backbone of global trade—mBridge was perceived as a direct challenge to existing economic hegemony. This culminated in pressure tactics and sanctions aimed at stifling its development and adoption.
The West’s attempt to undermine mBridge isn’t the first instance of economic sanctioning in the geopolitical arena. Various nations have been victim to similar strategies, aiming to weaken economies through a combination of targeted sanctions, investment restrictions, and diplomatic isolation. In the case of mBridge, the West’s actions were intended to render the platform impotent by prohibiting collaboration with Western financial and technological institutions.
But history often teaches us that such tactics can bring about unintended consequences. Instead of halting the progress of alternative financial systems, these sanctions have galvanized the Global South to deepen its collaboration, exploring alternative means to circumvent Western control.
While the West sought to stifle mBridge, BRICS countries have united in their resolve to pursue financial independence. Recent discussions and initiatives among BRICS members hint at collaborative efforts to design and implement their own cross-border payment systems. The narrative has shifted from one of dependency on Western models to creating autonomous financial systems that reflect the interests and needs of the Global South.
The BRICS framework is not just about economic mechanisms; it represents a profound ideological shift towards a more equitable multipolar world. By embracing collective decision-making and shared ownership of their economic future, BRICS nations embody the aspirations of many countries that feel overlooked or marginalized in the existing order.
The West’s failure to stifle mBridge reveals a significant truth: the Global South will not quietly acquiesce to external pressures. Instead, they have shown the capability and willingness to harness their collective power to create a system that favors mutual growth and sustainability.
As global dynamics continue to evolve, the story of mBridge serves as a potent reminder: attempts to suppress innovation and progress are as likely to inspire resilience and obstinance as they are to create compliance. The BRICS nations stand firm in their commitment to constructing a financial framework reflective of their priorities and goals.
The “sanctioned” state of BRICS should be viewed not through the lens of Western triumph but as a testament to the power of unity and sovereignty among nations determined to shape their destinies. As the Global South forges ahead, it’s clear that the future is not solely written by the West, and the race for financial independence will only gain momentum in the years to come.
Watch the video below from Lena Petrova featuring Warwick Powell for further insights and information.
Iraq News Highlights and Points To Ponder Thursday AM 11-7-24
Economist: The Value Of The Dinar Will Decrease And The Financial Deficit Will Increase
Information/Special.. Today, Wednesday, economic expert Sadiq Al-Rikabi expected that the Iraqi economy would be negatively affected during the coming period and the value of the dinar would decline as a result of the political and economic changes that the world is witnessing.
Al-Rikabi said in an interview with Al-Maalouma Agency, "Iraq is in an unenviable economic situation in light of the expected decline in oil prices. The United States will depend on its oil, and the industry in China has declined relatively and no longer depends primarily on oil. In addition, the expected improvement in relations between Washington and Moscow will allow Russian oil to return to global markets."
Economist: The Value Of The Dinar Will Decrease And The Financial Deficit Will Increase
Information/Special.. Today, Wednesday, economic expert Sadiq Al-Rikabi expected that the Iraqi economy would be negatively affected during the coming period and the value of the dinar would decline as a result of the political and economic changes that the world is witnessing.
Al-Rikabi said in an interview with Al-Maalouma Agency, "Iraq is in an unenviable economic situation in light of the expected decline in oil prices. The United States will depend on its oil, and the industry in China has declined relatively and no longer depends primarily on oil. In addition, the expected improvement in relations between Washington and Moscow will allow Russian oil to return to global markets."
He added that "Iraq's failure to diversify its sources of income and its reliance on a rentier economy and fixing the price of a barrel of oil at $70 in the financial budget will lead to a larger deficit and will affect salaries as well as the value of the dinar."
Recently, Iraqi officials confirmed that the turbulent political and security situation in the region, as a result of the Zionist aggression on Gaza and Lebanon and its repercussions, directly affects the Iraqi economy. LINK
Economist Criticizes Government's Neglect Of Tourism, Agriculture And Dependence On Oil
Information / Baghdad..Today, Thursday, economic expert Diaa Mohsen criticized the government's neglect of the tourism and agriculture sectors and its reliance only on oil revenues to finance the budget.
Mohsen said in an interview with Al-Maalouma Agency that "the political events that the region is going through are one of the reasons affecting oil prices," indicating that "the weakness of the Chinese economy, which is considered the largest oil-consuming economy, is the reason behind the decline in prices."
He added that "Iraq still depends on oil revenues, and this is considered a big mistake because any breach or concern in the oil market negatively affects the budget revenues," noting that "the official price of oil in the budget is $70 per barrel, and every dollar below that causes Iraq a loss of one billion dollars in budget revenues."
He explained that "Iraq committed itself to the agreement with OPEC Plus to reduce oil production by no less than one hundred thousand barrels per day, equivalent to two billion dollars annually."
He pointed out that "the legislative authorities must seriously consider diversifying revenues and not relying on oil alone, leaving the real economic sectors neglected, such as tourism with more than 31 outlets without investment, as well as the agricultural sector, which is only sufficient to produce wheat." LINK
Iraq Counts On The Grand Faw Port, And An Expert Says: It Will Change The Economy - Urgent
Economy |Today, Baghdad Today – Baghdad Economic expert Nasser Al-Kanani confirmed today, Thursday (November 7, 2024), that the Grand Faw Port will significantly change the Iraqi economy during the next stage.
Al-Kanani told Baghdad Today, "The Grand Faw Port has great importance on the economic and financial level, and this port will significantly change the Iraqi economy during the next phase, and thus the port will be a direct link between East Asia and Western Europe."
He said, "The port will drive the wheel of economic development in Iraq and will have great financial benefits for Iraq. Therefore, there is great governmental interest in this project and the speed of its completion due to its economic and financial importance for Iraq. This port will be a transport station for all countries in the region and the world."
Prime Minister Mohammed Shia al-Sudani arrived today, Thursday (November 7, 2024), at the Grand Faw Port in Basra Governorate.
A statement issued by his office, received by Baghdad Today, stated that Al-Sudani will sponsor the ceremony of receiving the five port berths from the Korean company implementing the work.
The port, which is being built by South Korea's Daewoo under a deal worth about $5 billion, is located at the mouth of the Shatt al-Arab, where the Euphrates and Tigris rivers meet before flowing into the sea. It is expected to be the largest port in the Middle East upon completion .
It will be built on an area of 54 square kilometers and has a capacity of 90 berths. The port’s “breakwater,” which is approximately 14,523 kilometers long, has entered the Guinness Book of Records as the longest breakwater in the world .
Two industrial zones, residential projects, and travel and tourism areas will be built around the port, which is being built in five phases, with the first phase of the port project due to be completed and operational by the end of 2025 . LINK
Al-Sudani: We Faced Major Challenges In Implementing The “Greater Iraq” Project
Construction and reconstruction Economy News – Baghdad Prime Minister Mohammed Shia al-Sudani said on Thursday that his government faced "major challenges" in starting to implement the vital development road project, considering the Grand Faw Port project to transform Iraq's historical geographical situation.
This came in his speech during the ceremony of receiving the five berths of the Grand Faw Port in Basra Governorate from the Korean company implementing the work.
In his speech, Al-Sudani described the Grand Faw Port project as “Iraq’s most prominent project and the people’s project,” announcing at the same time the receipt of the five docks that represent the backbone of the port project in its first phase.
He added that with the completion of the basic and important phase, the first phase will be completed next year according to the previous timetables. The process of docking of huge commercial ships on the port’s docks has also taken place, so that this project will be included in the contract and paths of global trade and transport routes that pass through the Middle East region, which is of great strategic importance to global trade.
Al-Sudani added, "Through this dream port that has become a reality, Iraq's historical geographical situation is transformed from a country in need of other people's ports to a maritime country overlooking the Gulf, which is the most prominent water basin in the world where energy, trade, communication and commercial exchange activities are concentrated in all their forms."
He stressed that the federal government, which he heads, is committed to completing the Grand Faw Port project as a gateway to Iraq's largest project, the Development Road, noting that the Development Road project represents the backbone of the government's vision to maximize non-oil revenues, and today we face major challenges in implementing it.
In April 2024, Iraq, Turkey, the UAE, and Qatar signed a quadripartite agreement on the Iraq Development Road Project, under the auspices of Iraqi Prime Minister Mohammed Shia al-Sudani and Turkish President Recep Tayyip Erdogan.
The agreement aims to enhance cooperation regarding the Iraq Strategic Development Path project, as the four countries will work to establish the necessary frameworks for implementing the project, according to a statement issued by the Prime Minister's Office.
The strategic project of the development road is expected to contribute to stimulating economic growth and strengthening regional and international cooperation relations, as it will achieve economic integration and sustainability between the East and the West.
The project will also increase international trade, facilitate the movement of goods, provide a new competitive transportation route, and enhance regional economic prosperity.
It is worth noting that the "Development Road" project is a land and railway road extending from Iraq to Turkey and its ports. The length of the road and railway is 1,200 kilometers inside Iraq, and it aims primarily to transport goods between Europe and the Gulf countries.
The project's investment budget amounts to about 17 billion US dollars, of which 6.5 billion is for the expressway, and 10.5 billion for the electric train. It will be completed in 3 phases, the first ending in 2028, the second in 2033, and the third in 2050.
The project is expected to provide about 100,000 job opportunities in the first phase, and one million job opportunities after its completion. https://economy-news.net/content.php?id=49585
Seeds of Wisdom RV and Economic Updates Thursday Morning 11-7-24
Good Morning Dinar Recaps,
XRP LEDGER ACTIVATES CRUCIAL PRICE ORACLE AMENDMENT: HERE’S WHY IT MATTERS
▪️The activation of the Price Oracle amendment on the XRP Ledger enhances its DeFi capabilities by integrating off-chain data, crucial for executing accurate smart contracts and expanding decentralized applications.
▪️This update may increase demand for XRP, positioning the XRPL competitively against other blockchain platforms, particularly as Ripple prepares to introduce smart contract support.
Good Morning Dinar Recaps,
XRP LEDGER ACTIVATES CRUCIAL PRICE ORACLE AMENDMENT: HERE’S WHY IT MATTERS
▪️The activation of the Price Oracle amendment on the XRP Ledger enhances its DeFi capabilities by integrating off-chain data, crucial for executing accurate smart contracts and expanding decentralized applications.
▪️This update may increase demand for XRP, positioning the XRPL competitively against other blockchain platforms, particularly as Ripple prepares to introduce smart contract support.
The XRP Ledger (XRPL) has activated the highly anticipated Price Oracle amendment, enabling the integration of off-chain data through oracles. This update follows Ripple’s recent positioning to become a competitor to Chainlink, as previously highlighted by CNF. With the release of oracles in Q2 2024 on the XRPL, if it could propel XRP’s price to a new all-time high (ATH).
This key update, announced by XRPL validator Vet, states that the XRP Ledger Price Oracle amendment is now activated. Oracles can bring off-chain data to the XRP Ledger, which is useful for decentralized finance (DeFi) and eventually for smart contract dApps.
The amendment is designed to bolster decentralized finance (DeFi) capabilities on the XRPL by providing external, real-world data for use in smart contracts and financial transactions.
Expanding DeFi Applications with Real-World Data
The Price Oracle amendment allows oracles to connect blockchain-based applications on the XRPL to real-world data, such as cryptocurrency price feeds and live market data. This access is essential for executing accurate smart contracts and broadening DeFi’s scope on the XRPL.
With Ripple’s plan to add smart contract support, the amendment paves the way for more complex financial products and decentralized applications (dApps), significantly advancing XRPL’s DeFi capabilities.
Positive Market Sentiment and Competitive Positioning
Within the XRP community, there is speculation that this update may drive up demand for XRP, as the XRPL’s enhanced functionality could attract more developers and users.
With reliable data integration, the XRPL is well-positioned to compete in the DeFi space, especially alongside platforms like XLM, which added smart contract support in early 2024.
This development underscores the XRPL’s adaptability and innovation, potentially strengthening its long-term market position. At the time of writing, Ripple (XRP) is trading at $0.5347, having surged by 5.08% in the past day and 2.62% in the past week.
@ Newshounds News™
Source: Crypto News Flash
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SENATOR LUMMIS: U.S. IS ‘GOING TO BUILD’ A STRATEGIC BTC RESERVE
Senator Cynthia Lummis reaffirmed plans to create a strategic Bitcoin Reserve in the U.S. just hours after Donald Trump won the presidential election.
Congressional progress on a national strategic Bitcoin reserve could accelerate as The Associated Press, Fox News, and NBC declared Republican candidate Donald Trump the winner of the presidential race. Lummis’ Nov. 6 tweet reminded the public of plans to position America’s $12 billion Bitcoin stockpile as a reserve asset and potential solution to the nation’s rising debt crisis.
The Senator initially revealed her BTC plans at the July Bitcoin 2024 conference in Nashville. Trump announced his intention to shutter state-backed Bitcoin selling at the same event, receiving praise from crypto supporters.
Following the gathering, Lummis unveiled official documents for a Strategic Bitcoin Reserve and submitted the proposal for consideration. Thousands of U.S. citizens signed letters and petitions supporting the idea shortly after.
Republican control of Congress could further push such a bill toward formal legislation. Some 247 pro-crypto candidates won House of Representative seats, according to Stand With Crypto, with several other spots in the Senate up for grabs.
If Trump follows through on his crypto promises and Republicans achieve a legislative trifecta, the U.S. could become the first major world power to recognize Bitcoin as a national reserve asset. As of the time of publication, the U.S. was the largest sovereign owner of Bitcoin, holding 203,239 tokens, according to Arkham.
@ Newshounds News™
Source: Crypto News
Read more: Twitter
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TODAY
Jerome Powell will take the podium as Treasury yields surge, with the Federal Reserve expected to cut rates.
This is like watching poetry in motion.
@ Newshounds News™
Source: Twitter X
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🌱 DO I NEED TO LEARN CRYPTO? WHY? HOW? | Youtube
@ Newshounds News™
Source: Seeds of Wisdom Team RV Currency Facts
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“Tidbits From TNT” Thursday Morning 11-7-2024
TNT:
Tishwash: National Investment: Iraq is heading towards a big marathon
Chairman of the National Investment Commission, Haider Makiya, confirmed that Iraq is heading towards a major investment marathon for many projects, while he pointed out that funding from international institutions reduces the burden on the Ministry of Finance by granting loans for investment projects.
Makiya said, “We found many economic visions in the first edition of the Iraq Economic Forum,” noting that “the issue of the possibility of benefiting from the financing of international institutions known to the Central Bank was raised in order to ease the burden on the Ministry of Finance to grant loans and facilities to local investment projects or even foreign projects.”
TNT:
Tishwash: National Investment: Iraq is heading towards a big marathon
Chairman of the National Investment Commission, Haider Makiya, confirmed that Iraq is heading towards a major investment marathon for many projects, while he pointed out that funding from international institutions reduces the burden on the Ministry of Finance by granting loans for investment projects.
Makiya said, “We found many economic visions in the first edition of the Iraq Economic Forum,” noting that “the issue of the possibility of benefiting from the financing of international institutions known to the Central Bank was raised in order to ease the burden on the Ministry of Finance to grant loans and facilities to local investment projects or even foreign projects.”
He added, "It is necessary to seek external funding to finance investment projects, especially since Iraq is about to embark on a major investment marathon for many investment projects inside Iraq." link
Tishwash: Al-Sudani: The Grand Faw Port is a step towards a new Iraq in the heart of the global economy
Prime Minister Mohammed Shia al-Sudani stressed, during his visit to the Grand Faw Port in Basra Governorate, that "the port represents a step towards a new Iraq in the heart of the global economy."
Al-Sudani announced in a speech during the ceremony of receiving the five berths of the Grand Faw Port from the Korean company implementing the work, describing them as “the backbone of the Grand Faw Project.”
Al-Sudani pointed out that development and economic transformation are an "integrated approach," stressing that "Iraq was and still is a fundamental pillar in the global economy," and that "the path of development will be an artery linking most countries in the region."
Al-Sudani also stressed that the government's approach revolves around "insisting on the interests of the Iraqi people," with a focus on "prosperity, providing job opportunities, and development windows as our work priorities." link
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Tishwash: Central Bank of Iraq celebrates National Job Day
The Central Bank of Iraq organized a central celebration of the National Job Day by honoring a number of its creative employees with success stories that contributed to the development of work at the Central Bank of Iraq.
His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, and the honorable Representative Dr. Ammar Hamad Khalaf, honored the employees who won the National Job Award, which was organized within the bank and in the presence of a representative of the Prime Minister's Office, presenting them with the award shield, praising their efforts and contributions that enhanced the efficiency of the work of their departments and sections, which was reflected in the work of the Central Bank.
His Excellency urged all employees of the Central Bank to make their efforts to be present on the platforms of job success next year, pointing to the support and honoring of an important category of the bank's employees in the Issuance and Treasury Department next year.
The Chairman of the National Job Day Committee, Dr. Alaa Jamal Abdul Redha, praised the efforts made to make the Job Day a success, indicating that today's celebration is an extension of the ongoing efforts to create a platform to recognize job excellence and dedication in the public sector.
Central Bank of Iraq
Media Office
November 7, 2024 link
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TishWash: The Iraqi Council of Ministers approves a set of service, economic and urban decisions
The Council of Ministers, headed by Mohammed Shia Al-Sudani, issued today, Tuesday, during the forty-fifth regular session, a number of important decisions that fall within the government's efforts to improve services and strengthen the economy and infrastructure in Iraq.
The Prime Minister's media office said in a statement received by "Mawazine News", that "Al-Sudani chaired the session, where the latest developments in the country were discussed and vital files that concern the priorities of the government program were discussed, in addition to considering the topics on the agenda and taking the necessary decisions regarding them."
Decisions on the population census
As part of the council's follow-up to the preparations for conducting the population census scheduled for November 20, the council approved a number of measures, the most important of which are:
1. Emphasizing commitment to Federal Court Decision No. (73/Federal/2010) regarding the general population census.
2. Conducting the census in the disputed areas by a joint team from the three nationalities (Arab, Kurdish, Turkmen) with the addition of a Christian individual in areas with a Christian majority.
3. Cooperation between the Statistics Authority and the Kurdistan Regional Statistics Authority with the Federal Ministry of Interior to compare the data of the ministries with the census results.
4. Allocating the general census results to the Federal Planning Council and the Ministry of Planning in the Kurdistan Region.
5. Commitment to organizing statistical tables on the numbers of deportees, arrivals and displaced persons.
6. Sending a technical team from the Kurdistan Regional Statistics Authority to the census operations room.
7. Immediately start training enumerators in preparation for the census.
Amending the Triennial Budget Law
The Council also approved a proposal to amend Article (12/Second/C) of the Triennial Budget Law No. (13 of 2023) to include several points related to compensating the Kurdistan Regional Government for the costs of oil production and transportation, as the costs of production and transportation will be calculated by an international technical advisory body.
Developing the work of civil defense
In the framework of developing the work of civil defense, the Council approved allocating an amount of 25 billion dinars to the Ministry of Interior to establish 100 civil defense detachments in Baghdad and the governorates, and approved a direct contract with the Chinese company SANY to purchase 18 fire engines.
Supporting the educational and health sectors
In the field of supporting education, the Council of Ministers approved increasing the acceptance rate of top students from institute graduates from 10% to 20% for admission to universities. It also approved the establishment of institutes for higher health professions in several governorates.
Supporting the national industry
The Council approved providing a sovereign guarantee to establish a glass manufacturing plant in cooperation with lending banks, and also approved the inclusion of plastic granules in the customs fees decision.
Administrative reform and appointing officials
Within the framework of administrative reform, the Council approved the appointment of four general managers based on performance evaluation criteria. The Council also chose Islam Hassan Al-Saadi as the sixth member of the Board of Trustees of the Iraqi Media Network.
Completing stalled projects
in the field of infrastructure, the Council approved the establishment of a component for equipping medical devices and supplies within the emergency hospital project in Rania and increasing the cost of projects to demolish irregular buildings and build alternative schools.
Other decisions
The Council approved the draft law amending the fifth amendment to the Civil Aviation Law, amending the price of gas oil for the National Paralympic Committee’s wheels, and concluding lease contracts with the Independent High Electoral Commission.
These decisions are an important step towards enhancing public services and supporting the economy and infrastructure, and confirm the government’s commitment to achieving sustainable development in the country. link
Mot: MOM! - Help . My Goodies are in that Cabinet!!!
Mot: Always Good to Have Goals!!!!
Iraq Economic News and Points To Ponder Wednesday Evening 11-6-24
Iraq Is The Third Arab Country In Gold Reserves
Wednesday 06 November 2024 15:02 | Economic Number of readings: 202
Baghdad / NINA / The World Gold Council announced today, Wednesday, that Iraq has raised its gold holdings to more than 152.5 tons.
According to a table published by the council for November 2024, "Iraq ranked 29th out of 100 countries listed in the table with the largest gold reserves," indicating that "Iraq ranked third in the Arab world after Saudi Arabia and Lebanon."
Iraq Is The Third Arab Country In Gold Reserves
Wednesday 06 November 2024 15:02 | Economic Number of readings: 202
Baghdad / NINA / The World Gold Council announced today, Wednesday, that Iraq has raised its gold holdings to more than 152.5 tons.
According to a table published by the council for November 2024, "Iraq ranked 29th out of 100 countries listed in the table with the largest gold reserves," indicating that "Iraq ranked third in the Arab world after Saudi Arabia and Lebanon."
He added that "Iraq raised its gold holdings to 152.6 after it had 152.5 tons, which represents 11.5% of its remaining reserves. "
The council also indicated that "the United States of America came first with the largest gold holdings in the world, with 8,133.5 thousand tons, followed by Germany, then Italy, while Bosnia and Herzegovina came at the bottom of the reserve table."
Locally, the price of an ounce of gold today was recorded at $2,725 in the local markets in Baghdad, while the price of the 21-karat lira was recorded at 585 thousand Iraqi dinars, and the selling prices of gold in the local markets were recorded as follows:
A mithqal of 21-karat gold at 585 thousand dinars
A mithqal of 18-karat gold at 500 thousand dinars
A mithqal of 22-karat gold at 613 thousand dinars
A mithqal of 24-karat gold at 668 thousand dinars /
https://ninanews.com/Website/News/Details?key=1166642
Parliamentary Legal Committee To Nina: Our Priorities Are To Amend These Two Laws.. And This Is The Package Of Legislation In The Hands Of Parliament
Wednesday 06 November 2024 | Politics Number of readings: 183 Baghdad / NINA / The Parliamentary Legal Committee revealed the package of legislations entrusted to the Council of Representatives and supposed to be passed during the current legislative session.
Committee member MP Omid Mohammed said in a statement to the National Iraqi News Agency ( NINA ): "There are more than 153 draft laws and proposed laws, accumulated by the parliamentary committees since the beginning of the current legislative session."
He added: "In the previous legislative session, we reached an agreement between the heads of the blocs and committees to pass the package of non-controversial laws during the current legislative session.
The Legal Committee also addressed the blocs and other committees to submit any legislation related to the Legal Committee for discussion in the sessions of the Council of Representatives."
He explained: "The Legal Committee has prepared a list of many non-controversial laws that are being discussed to submit them to the Presidency of Parliament, in order to present them for a vote.
There is also a package of other controversial laws that we are trying as much as possible to maintain balance in their legislation," indicating: "The draft amendments to the Anti-Narcotics and General Amnesty Laws are at the top of the priorities of the Parliamentary Legal Committee." / End 5
https://ninanews.com/Website/News/Details?Key=1166683
Iraq's Share In The IMF
Economical 11/06/2024 When Iraq announced the full payment of its debts to the International Monetary Fund last May, Reuters quoted the Fund as saying that
Iraq is facing internal imbalances that have been exacerbated by the
large financial expansion and
low oil prices, and that
it needs to gradually correct its public financial conditions to achieve debt stability in the medium term and restore... Build reserves.
Muhammad Sharif Abu Maysam
At the same time, and despite the expansion of public financial management with the aim of achieving significant increases in growth rates, the Ministry of Planning announced a decrease in inflation rates from 7.5 percent to 4 percent, which is a positive precedent that had not happened before and is considered for those in charge of monetary and financial policies.
The Central Bank said that the
cash reserves exceed 110 billion dollars and that the
country’s gold reserves amounted to approximately 150 tons.
The full repayment of the country’s debt to the International Monetary Fund, and the
decrease in the inflation rate along with the
increase in cash reserve rates,
were indicators of a major shift in economic policies,
not because the amount of debt was large, as it exceeded about eight billion dollars, but because such debts are usually conditional. In the context of the so-called economic reform program that aims to privatize state functions and link the country’s fate to the policies of the creditor parties and those behind them,
it has been known globally that the governments that can get rid of the burden of the debt of the International Fund and the World Bank are the most successful in
managing the affairs of their countries and
implementing their programs related to supporting economic stability. Overall and
implementing the necessary financial reforms,
support for the ration card program was not only a direct cause of reducing inflation rates, as
other factors related to monetary and financial policies,
limiting parallel markets, and the flow of foreign currency while
supporting the local product contributed to achieving this, and thus the
increase in the rate of The country's gold reserves are a
tool to cover the local currency and a
safe way to hedge against economic fluctuations and security tensions taking place in the world and the region.
Accordingly, those responsible for the economic policy files prove their success, and
it is our duty to point out these successes, just as it was our duty to always point out the weaknesses and stumbling points with the aim of monitoring and correcting, as the vision presented by the IMF regarding the conditions of public finances and debts and rebuilding reserves has proven to be inaccurate..
And here is Iraq today, intending to increase its share in the International Monetary Fund by the equivalent of 1.45 trillion dinars, in a way that
supports its voting power within the fund, and
contributes to attracting investments and
creating a promising business environment and real development, and thus
addressing the problem of inflation in the labor market and
implementing the provisions of the government program.
https://alsabaah.iq/105468-.html
Central Bank Governor Stresses Need For Cooperation To Facilitate Trade With Azerbaijan
economy | 06/11/2024 Mawazine News – Baghdad The Governor of the Central Bank, Ali Mohsen Al-Alaq, stressed on Wednesday the need for cooperation to facilitate trade with Azerbaijan.
The Central Bank's media office stated in a statement received by Mawazine News that "the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, received the Azerbaijani Ambassador to Iraq, Nasir Mammadov," noting that "during the meeting, they discussed cooperation relations between Iraq and Azerbaijan and ways to develop them to include various economic fields."
According to the statement, the governor stressed "the need to improve the nature of bilateral relations and expand the horizons of cooperation in the banking field between the two countries,
in addition to their positive repercussions on the economic, tourism and investment sectors," noting the importance of cooperation at the level of exchanging experiences and the process of transferring money to facilitate trade between the two countries.
For his part, the ambassador stressed "the importance of economic relations with Iraq and the need to overcome obstacles to enhance and grow them," inviting "the governor to visit Azerbaijan in preparation for future cooperation in the economic and banking fields." https://www.mawazin.net/Details.aspx?jimare=256398
After The Decision To Compensate The Region For The Costs Of Producing And Transporting Oil...An Expert Reveals Financial Damages And Disparities
Economy | Baghdad today – Baghdad Today, Tuesday (November 5, 2024), economic expert Nabil Al-Marsoumi revealed financial damages and disparities in favor of Kurdistan as a result of amending Article (12/Second/C) of the 2023 budget, which indicates equalizing the costs of producing and transporting the region’s oil with its counterpart produced in the Ministry’s fields. Federal oil.
Al-Marsoumi wrote on the “Facebook” platform, followed by “Baghdad Today,” that
“the new amendment includes assigning a consulting body to determine the costs in each of Kurdistan’s oil fields, but the Ministry of Finance will pay $16 to Kurdistan as an advance for the cost of production and transportation that will be delivered to SOMO.” "It will be settled later." He added:
"It is known that the cost of production and transportation of oil produced by the
Federal Ministry of Oil amounts to $6.9 per barrel, while the
region demands about $32.9 per barrel, distributed as follows: Oil production cost = $24.32 per barrel, and oil transportation cost = $8.59 per barrel."
Earlier today, Tuesday (November 5, 2024), the Council of Ministers approved a proposal to amend Article (12/Second/C) of the Tripartite Budget Law No. (13 of 2023) regarding the oil of the Kurdistan region.
The amendment to the proposal included, according to what was stated in the Council’s decision, according to a statement from the Prime Minister’s Office, received by “Baghdad Today”, that
“the Federal Ministry of Finance shall assume the responsibility of compensating the Kurdistan Regional Government of Iraq from sovereign expenditures for production and transportation costs, for the quantities of oil produced in the region that are received from Before the Oil Marketing Company (SOMO), or the Federal Ministry of Oil in accordance with paragraphs (a) and (b) of this clause, provided that the fair estimated costs of production and transportation for each field are calculated separately, by a specialized international technical advisory body, determined by the Federal Ministry of Oil.
In agreement with the Ministry of Natural Resources in the region, within (60) days from the entry into force of this law, and in the event of failure to agree within the aforementioned period, the Federal Council of Ministers shall determine the aforementioned advisory body.”
The statement continued,
“The consultant mentioned in the previous paragraph submits the estimated production and transportation cost to the Ministries of Oil, the Federal Ministry of Finance, and the Kurdistan Regional Government of Iraq, and
it is approved for the purposes of this law, and the calculation of the aforementioned compensation is based on the mentioned cost per barrel multiplied by the number of barrels received in accordance with paragraphs (A). ) and (b), of this clause, and the Federal Ministry of Finance shall pay the amounts to the regional government.” The statement also indicated
“immediately starting to deliver the oil produced in the region to the Oil Marketing Company (SOMO) or the Federal Ministry of Oil in accordance with paragraphs (a) and (b) of this clause,
and the costs of production and transportation will be compensated by the Federal Ministry of Finance as an advance, at a rate (16) dollars per barrel, to be settled later after the completion of the specialized technical consultant mentioned above, and retroactively from the date of commencing delivery under this amendment.
For current and reliable Iraqi news please visit: https://www.bondladyscorner.com/
Seeds of Wisdom RV and Economic Updates Wednesday Evening 11-6-24
Good Evening Dinar Recaps,
REPUBLICAN SENATE MAJORITY SIGNALS MORE ‘PRO-CRYPTO CONGRESS’
A Republican-led Senate is poised to pass clearer crypto regulations, signaling a shift toward industry-friendly policies in the US.
The Republican Party has secured majority control of the United States Senate, offering a promising outlook for cryptocurrency regulations in the world’s largest economy.
Good Evening Dinar Recaps,
REPUBLICAN SENATE MAJORITY SIGNALS MORE ‘PRO-CRYPTO CONGRESS’
A Republican-led Senate is poised to pass clearer crypto regulations, signaling a shift toward industry-friendly policies in the US.
The Republican Party has secured majority control of the United States Senate, offering a promising outlook for cryptocurrency regulations in the world’s largest economy.
Republicans took control after securing key Senate seats in Ohio and West Virginia, according to the Associated Press.
Over 240 pro-crypto candidates were elected to the House of Representatives and Senate in a “historic achievement” for clear crypto regulations in the US, according to Anastasija Plotnikova, the CEO and co-founder of Fideum, a regulatory and blockchain infrastructure firm focused on institutions.
Plotnikova told Cointelegraph:
“It paves the way for harmonized crypto regulations that will drive innovation, boost competition and incentivize talent to return. The US crypto industry worked for years to make this happen, and I eagerly await seeing the deliverables implemented.”
A Republican-led Senate, paired with a presidential administration that supports crypto, could lead to innovation-friendly regulations. This could help the US regain ground as a global leader, particularly as Europe moves closer to implementing its comprehensive regulatory framework, the Markets in Crypto-Assets Regulation (MiCA) bill, by the end of 2024.
Lighter regulations and more oversight for CFTC
A Republican Senate may finally bring clarity to US crypto regulations, according to Anndy Lian, author and intergovernmental blockchain expert.
He told Cointelegraph:
“The Republican focus on reducing government oversight could lead to a lighter regulatory touch, which would be a win for the industry […] A Republican Senate could mean fewer aggressive anti-crypto moves and more opportunities for open discussions about how to support innovation.”
The new Senate may review delayed business-friendly bills like the Digital Commodities Consumer Protection Act, which would grant the Commodity Futures Trading Commission (CFTC) exclusive jurisdiction over digital asset trading, Lian added.
Digital Commodities Consumer Protection Act of 2022. Source: Congress.gov
The crypto industry is also hoping to see the approval of the Bitcoin Act, championed by Wyoming Republican Senator Cynthia Lummis. The bill proposes the creation of a strategic Bitcoin reserve for the US, making it the first nation to use it as a “savings technology.”
Lummis Bitcoin Act. Source: Lummis.senate.gov
The bill cited the US’ “soaring inflation rates” an
d the national debt reaching “unprecedented heights” as reasons for the adoption of Bitcoin reserves to bolster the country’s balance sheet.
Republican Senate to change SEC oversight over crypto industry?
Controlling the Senate is at least as important for the future of crypto regulations as the president, according to James Davies, CEO of Crypto Valley Exchange.
This could significantly change the Securities and Exchange Commission’s oversight of the crypto space, Davies told Cointelegraph:
“This shift changes SEC oversight, which has proven to be as impactful as, if not more than, the SEC chair […] Now we await public announcements from Trump on SEC nominations to fulfill his promises to the US crypto community that supported him.”
Davies said he hopes that Chris Giancarlo, former CFTC chair, will be nominated for Gensler’s seat at the SEC.
The crypto industry sees the 2024 presidential elections as a net positive. Coinbase co-founder and CEO Brian Armstrong said it was “America’s most pro-crypto Congress ever,” which will facilitate more explicit crypto regulations.
@ Newshounds News™
Source: CoinTelegraph
~~~~~~~~~
SEC CHAIRMAN GARY GENSLER LIKELY TO RESIGN AFTER TRUMP WIN: ANALYST
President-elect Donald Trump can't fire crypto critic Gary Gensler without cause, but history suggests that the SEC chairman will bow out.
The United States Securities and Exchange Commission (SEC) could soon see a new chairman following Donald Trump’s projected election win, a noted crypto analyst said Wednesday.
Analyst Markus Thielen, the CEO of crypto research firm 10x Research, wrote in a research note that recent history suggests that Gary Gensler is likely to resign in the near future amid the impending regime change. The SEC’s chairman would just be following in the steps of his predecessors.
The SEC chairman “typically resigns when a new president takes office, aligning with the incoming administration's preferences,” Thielen wrote.
This happened previously with Jay Clayton—who was appointed by Trump—resigning before Joe Biden’s inauguration. Before that, Barack Obama’s pick Mary Jo White resigned the day of President Trump's inauguration.
“This practice allows the new president to appoint a chair who aligns with their policy objectives,” Thielen wrote. “If these historical patterns hold, Gary Gensler may resign in December or January, with a new SEC chair potentially confirmed by April or May.”
Gensler’s impact
Appointed by President Joe Biden in 2021, Gensler has led the SEC in an aggressive crackdown on U.S. crypto exchanges, decentralized finance projects, and software developers, which has been perceived by many as a hostile stance towards the sector. His term is set to last until 2026.
Donald Trump has repeatedly said that he would fire Gensler if elected, and suggested that crypto startups would be "living in hell" if he didn't return to office and help change the course of American regulation.
“I pledge to the Bitcoin community that the day I take the oath of office, Joe Biden and Kamala Harris’ anti-crypto crusade will be over,” Trump said during his Bitcoin 2024 conference keynote in July. “It will end. It will be done.”
According to Decrypt analysis, however, regulatory protocols establish that the president could not remove Gensler from his position without cause. Still, the new president would have the authority to demote him from the role of chairman and appoint another SEC commissioner in his place.
U.S. Republican Representative French Hill recently said that the SEC should have new leadership next year—regardless of which party controls the White House. He said that Gensler's "fear-mongering" at the SEC is unconstitutional and misuses the agency's regulatory authority.
@ Newshounds News™
Source: Decrypt
~~~~~~~~~
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Source: Seeds of Wisdom Team RV Currency Facts
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Seeds of Wisdom RV and Economic Updates Wednesday Afternoon 11-6-24
Good Afternoon Dinar Recaps,
JP MORGAN REBRANDS BLOCKCHAIN UNIT TO KINEXYS
JP Morgan has rebranded its Onyx blockchain unit to Kinexys by JP Morgan. The move was announced today by Umar Farooq, the global co-head of JP Morgan payments during the Singapore Fintech Festival.
As we previously reported, the blockchain platform has executed more than $1.5 trillion in notional value since launch, with current volumes exceeding $2 billion daily. That’s still tiny compared to the $10 trillion in conventional payments that the bank processes daily.
Good Afternoon Dinar Recaps,
JP MORGAN REBRANDS BLOCKCHAIN UNIT TO KINEXYS
JP Morgan has rebranded its Onyx blockchain unit to Kinexys by JP Morgan. The move was announced today by Umar Farooq, the global co-head of JP Morgan payments during the Singapore Fintech Festival.
As we previously reported, the blockchain platform has executed more than $1.5 trillion in notional value since launch, with current volumes exceeding $2 billion daily. That’s still tiny compared to the $10 trillion in conventional payments that the bank processes daily.
The new name combines the concepts of “kinetic” and “connection”, to reflect the worldwide movement of money, assets and financial information using the efficiencies of DLT.
The highest profile Onyx solution is the blockchain based bank account system, JPM Coin Systems, which enables corporates to move money between JP Morgan accounts in different countries, in real time and 24/7. That is now rebranded to Kinexys Digital Payments. Brevan Howard Digital Assets is a new client of the solution.
Onyx Digital Assets, now Kinexys Digital Assets, is an umbrella for multiple solutions that include intraday repo, tokenized collateral and bond issuance. Singapore’s OCBC is the latest bank to start using the repo solution.
Onyx’s first product was Liink, the blockchain based payments messaging network that enables sharing of data about conventional payments to reduce delays because of compliance of other queries. It is renamed to Kinexys Liink.
One of the most logical moves is the rebranding of the slightly awkward sounding Blockchain Launch to Kinexys Labs.
In other news, the unit is planning to support foreign exchange as part of Kinexys Digital Payments. JP Morgan was previously involved in DeFi-style FX trials using automated market makers as part of one of the first Singapore Project Guardian tests.
Additionally, Kinexys Digital Assets and Kinexys Labs is running a proof of concept for on-chain privacy, identity and composability.
Why rebrand?
The bank is spinning the rebrand as a positive step, as one would expect. However, the trigger is likely trademark issues. Given Onyx is a generic word, it would encounter potential challenges.
A company that was already using the name might have objected to trademark applications or even alleged infringement.
Last June the bank applied for trademarks for Onyx Digital Payments and Onyx Digital Assets.
The records show the U.S. Patent and Trademark Office (USPTO) examiner sent initial refusals for the trademarks on various grounds, including partial overlaps with existing trademarks for similar use cases and other applications that pre-dated these applications. Given JP Morgan’s lawyers didn’t respond, the applications were treated as abandoned.
There’s also an OnyxCoin, as in a cryptocurrency, something the bank would likely not want to be confused with.
@ Newshounds News™
Source: Ledger Insights
~~~~~~~~~
REPUBLICAN SENATE MAJORITY SIGNALS MORE ‘PRO-CRYPTO CONGRESS’
A Republican-led Senate is poised to pass clearer crypto regulations, signaling a shift toward industry-friendly policies in the US.
The Republican Party has secured majority control of the United States Senate, offering a promising outlook for cryptocurrency regulations in the world’s largest economy.
Republicans took control after securing key Senate seats in Ohio and West Virginia, according to the Associated Press.
Over 240 pro-crypto candidates were elected to the House of Representatives and Senate in a “historic achievement” for clear crypto regulations in the US, according to Anastasija Plotnikova, the CEO and co-founder of Fideum, a regulatory and blockchain infrastructure firm focused on institutions.
Plotnikova told Cointelegraph:
“It paves the way for harmonized crypto regulations that will drive innovation, boost competition and incentivize talent to return. The US crypto industry worked for years to make this happen, and I eagerly await seeing the deliverables implemented.”
A Republican-led Senate, paired with a presidential administration that supports crypto, could lead to innovation-friendly regulations. This could help the US regain ground as a global leader, particularly as Europe moves closer to implementing its comprehensive regulatory framework, the Markets in Crypto-Assets Regulation (MiCA) bill, by the end of 2024.
Lighter regulations and more oversight for CFTC
A Republican Senate may finally bring clarity to US crypto regulations, according to Anndy Lian, author and intergovernmental blockchain expert.
He told Cointelegraph:
“The Republican focus on reducing government oversight could lead to a lighter regulatory touch, which would be a win for the industry […] A Republican Senate could mean fewer aggressive anti-crypto moves and more opportunities for open discussions about how to support innovation.”
The new Senate may review delayed business-friendly bills like the Digital Commodities Consumer Protection Act, which would grant the Commodity Futures Trading Commission (CFTC) exclusive jurisdiction over digital asset trading, Lian added.
The crypto industry is also hoping to see the approval of the Bitcoin Act, championed by Wyoming Republican Senator Cynthia Lummis. The bill proposes the creation of a strategic Bitcoin reserve for the US, making it the first nation to use it as a “savings technology.”
The bill cited the US’ “soaring inflation rates” and the national debt reaching “unprecedented heights” as reasons for the adoption of Bitcoin reserves to bolster the country’s balance sheet.
Republican Senate to change SEC oversight over crypto industry?
Controlling the Senate is at least as important for the future of crypto regulations as the president, according to James Davies, CEO of Crypto Valley Exchange.
This could significantly change the Securities and Exchange Commission’s oversight of the crypto space, Davies told Cointelegraph:
“This shift changes SEC oversight, which has proven to be as impactful as, if not more than, the SEC chair […] Now we await public announcements from Trump on SEC nominations to fulfill his promises to the US crypto community that supported him.”
Davies said he hopes that Chris Giancarlo, former CFTC chair, will be nominated for Gensler’s seat at the SEC.
The crypto industry sees the 2024 presidential elections as a net positive. Coinbase co-founder and CEO Brian Armstrong said it was “America’s most pro-crypto Congress ever,” which will facilitate more explicit crypto regulations.
@ Newshounds News™
Source: CoinTelegraph
~~~~~~~~~
🌱IRAQI DINAR'S BIG MOVE | Youtube @ Newshounds News™
Source: Seeds of Wisdom Team RV Currency Facts
~~~~~~~~~
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Some “Iraq Economic News” Posted by Clare at KTFA 11-6-2024
KTFA:
Clare: Makkia: Iraq is heading towards a major investment marathon
11/6/2024 Baghdad
The head of the National Investment Commission, Haider Makiya, confirmed on Wednesday that Iraq is heading towards a major investment marathon for many projects, while he indicated that funding from international institutions reduces the burden on the Ministry of Finance by granting loans for investment projects.
Makiya said in a statement reported by the official news agency, and seen by "Al-Eqtisad News", that "we found many economic visions in the first version of the Iraq Economic Forum"
KTFA:
Clare: Makkia: Iraq is heading towards a major investment marathon
11/6/2024 Baghdad
The head of the National Investment Commission, Haider Makiya, confirmed on Wednesday that Iraq is heading towards a major investment marathon for many projects, while he indicated that funding from international institutions reduces the burden on the Ministry of Finance by granting loans for investment projects.
Makiya said in a statement reported by the official news agency, and seen by "Al-Eqtisad News", that "we found many economic visions in the first version of the Iraq Economic Forum", noting that "the issue of the possibility of benefiting from the financing of international institutions known to the Central Bank was raised in order to reduce the burden on the Ministry of Finance to grant loans and facilities to local investment projects or even foreign projects."
He added, "It is necessary to seek external funding to finance investment projects, especially since Iraq is about to embark on a major investment marathon for many investment projects inside Iraq."
Makiya explained that "the understandings with the International Financing Program are still in effect, and we hope for all major investment projects in the field of renewable energy and waste treatment to generate electricity," noting that "we hope to search for solid institutions to develop the projects, especially since their amounts are very large." LINK
Clare: Central Bank Governor receives Azerbaijani Ambassador
November 06, 2024
His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, received His Excellency the Azerbaijani Ambassador to Iraq, Mr. Nasir Mammadov.
During the meeting, they discussed cooperation relations between Iraq and Azerbaijan and ways to develop them to include various economic fields. His Excellency the Governor stressed the need to improve the nature of bilateral relations and expand the horizons of cooperation in the banking sector for the two countries, in addition to their positive impact on the economic, tourism and investment sectors.
He pointed out the importance of cooperation in terms of exchanging experiences and the process of transferring money to facilitate trade between the two countries.
For his part, His Excellency the Ambassador stressed the importance of economic relations with Iraq and the need to overcome obstacles to enhance and grow them, extending an invitation to His Excellency the Governor to visit Azerbaijan in preparation for future cooperation in the economic and banking fields.
Central Bank of Iraq
Media Office
November 6, 2024
*************
Clare: Iraq's share in the IMF
11/6/2024
When Iraq announced that it had paid off all its debts to the International Monetary Fund last May, Reuters quoted the Fund as saying that Iraq was facing internal imbalances exacerbated by the large financial expansion and the decline in oil prices, and that it needed to gradually correct the public finances to achieve debt stability in the medium term and rebuild reserves.
Mohammed Sharif Abu Maysam
At the same time, despite the expansion in public finance management with the aim of achieving significant increases in growth rates, the Ministry of Planning announced a decline in inflation rates from 7.5 percent to 4 percent, which is a positive precedent that has never happened before and is credited to those in charge of monetary and financial policies. It was leaked from the Central Bank that the cash reserve exceeds 110 billion dollars and that the country’s gold reserves amounted to nearly 150 tons.
The full repayment of the country's debt to the International Monetary Fund, the decline in the inflation rate and the increase in the cash reserve rates were indicators of a major shift in economic policies, not because the amount of debt was large, exceeding about eight billion dollars, but because such debts are usually conditional in the context of the so-called economic reform program that aims to privatize state functions and link the country's fate to the policies of the creditor parties and those behind them.
It is known globally that governments that can get rid of the burden of debt to the Fund and the World Bank are the most successful in managing the affairs of their countries and implementing their programs related to supporting macroeconomic stability and implementing the necessary financial reforms. Supporting the ration card program was not only a direct reason for reducing inflation rates, but other factors related to monetary and financial policies and limiting parallel markets, and the flow of foreign currency with supporting the local product contributed to achieving this.
Thus, increasing the percentage of the country's gold reserves contributed as a tool to cover the local currency and a safe means of hedging against economic fluctuations and security tensions witnessed by the world and the region.
Accordingly, those in charge of economic policy files prove their success, and it is our duty to point out that these successes, just as it was our duty to always point out the points of weakness and stumbling with the aim of monitoring and correcting, have proven the inaccuracy of the vision presented by the International Monetary Fund regarding the situation of public finances, debts, and rebuilding reserves.
Today, Iraq intends to increase its share in the International Monetary Fund by the equivalent of 1.45 trillion dinars, which will support its voting power within the Fund, contribute to attracting investments, create a promising business environment, and achieve real development, thus addressing the problem of inflation in the labor market and implementing the components of the government program. LINK
Clare: 2025 Strong national economy and sound banks
Samir Al-Nusair
In an important presentation before the MERI Conference on Economic, Financial and Banking Reform, the Governor of the Central Bank, Mr. Ali Mohsen Al-Alaq, explained the indicators of the recovery of our national economy and the major transformations in the structure of government and private banks achieved in 2023 and 2024 and expected in 2025.
These are standard indicators that are relied upon to evaluate the strength of the economy and the soundness of the banking sector.
The most prominent of these indicators are the sufficiency of foreign cash reserves, the local currency issued, the inflation rate and the external debt, while emphasizing that the objectives of the monetary policy of the Central Bank stipulated in its applicable law are to achieve economic growth and stability, and that one of its main objectives is to achieve stability in the financial and monetary system, reduce inflation rates and stabilize the prices of goods and services in extremely complex economic, security and political conditions that Iraq suffered from in 2023 and 2024 and that the world is currently going through, especially the countries of the geographical region, which our country is negatively and positively affected by.
These conditions have been suffered by our economy for decades, and the reason is the rentier economy and the dependence of 95% of the general budget revenues on oil, which constitutes approximately 60% of the gross domestic product.
The government is making clear efforts to revolutionize the active economic sectors, namely agriculture, industry, tourism, customs and tax services fees, and to increase their share in the general budget revenues to 20%. The low contribution of these sectors to the gross domestic product has led to the absence of local production that covers the consumption needs of citizens for food and other basic materials. Therefore, there was almost complete dependence on imports for the private commercial sector from different sources.
Successive governments were unable to control internal trade and regulate foreign trade, and the weak control over illegal trade and unofficial border crossings, which led to the impact on the monetary and commercial market.
Therefore, this indicator was the most prominent challenge facing monetary policy and directly affected the stability of the exchange rate, which led the Central Bank to take many measures in cooperation with the government to regulate foreign trade, control foreign transfers, regularity in the global financial and banking system, compliance with international standards, digital transformation in the banking sector, and work on preparing and launching its new strategy for banking reform
And classification in all its basic links at the level of internal and external banking transactions, the most prominent of which is securing the US dollar for major and registered traders and for every trader, regardless of his classification, at the official price exclusively through the electronic platform.
This was achieved through analyzing the indicators of the annual inflation rate, which amounted to 3.8% after it was 4.4%, and by comparing it with the annual inflation rates of regional and neighboring countries. Inflation rates in most of these countries reached very high rates, reaching 80.2% in Turkey, 117.4% in Sudan, 40.0% in Iran, and in the Maghreb countries with relative economic stability in Tunisia 9.3%, Algeria 9.0%, Morocco 5.0%, and in Egypt 37.4%, and in the Gulf countries with stable and oil-rich economies, they ranged between 2.4% and 4.8%.
This confirms, without a doubt, that the strategy of the Central Bank and its procedures during the years 2023 and 2024 achieved one of the basic objectives of monetary policy, which is to reduce the inflation rate and maintain the general level of prices of goods and services.
It is currently working to achieve other objectives, which are the stability of the exchange rate and maintaining a foreign reserve that covers the local currency in circulation and imports, which exceeded $100 billion, with a sufficiency of 140%, which covers the local currency in circulation.
Therefore, the economic results and outputs confirm that the policies and procedures undertaken by the Central Bank in cooperation with the government have achieved an important objective of monetary policy, to achieve stability in the monetary system, which is an important step in achieving the other objectives of monetary policy.
It must be noted that one of the most prominent indicators of the strength and recovery of our economy is what the International Monetary Fund recently predicted, that the expected economic growth rate in 2025 will be 5.3%, while it contracted by 2.2% in 2022.
The expected rate is higher than the growth rates in Morocco, Kuwait, Bahrain, Oman, Algeria, Jordan and Qatar. It is an indicator of the strength of our economy and is an inevitable result of the economic and financial reform programs implemented by the government and the Central Bank since 2023. LINK
Economist’s “News and Views” 11-6-2024
Gold's Biggest Year Since 1979: Why the West Is Now Buying Too & What’s Next | Joseph Cavatoni
Kitco News: 11-5-2024
Gold demand surged to historic highs in the third quarter, fueled by purchases from central banks, inflows to ETFs, and activity in opaque over-the-counter markets, as revealed in the World Gold Council’s Q3 2024 Gold Demand Trends Report.
In an interview, Jeremy Szafron, Anchor at Kitco News, discusses these findings with Joseph Cavatoni, Senior Market Strategist at the World Gold Council. Cavatoni provides a detailed breakdown of how geopolitical instability, from the U.S. election to escalating Middle Eastern tensions, is driving investors toward gold as a safe haven.
Gold's Biggest Year Since 1979: Why the West Is Now Buying Too & What’s Next | Joseph Cavatoni
Kitco News: 11-5-2024
Gold demand surged to historic highs in the third quarter, fueled by purchases from central banks, inflows to ETFs, and activity in opaque over-the-counter markets, as revealed in the World Gold Council’s Q3 2024 Gold Demand Trends Report.
In an interview, Jeremy Szafron, Anchor at Kitco News, discusses these findings with Joseph Cavatoni, Senior Market Strategist at the World Gold Council. Cavatoni provides a detailed breakdown of how geopolitical instability, from the U.S. election to escalating Middle Eastern tensions, is driving investors toward gold as a safe haven.
He also explains why the Western investor is getting back into gold. On top of that, he explores the impact of technology-driven demand, record mine production, and the constraints on consumer and jewelry purchases due to high prices.
00:00 - Gold’s Record Year
01:51 - Western Investors Return to Gold
03:42 - Why Now? Western Interest Explained
05:30 - ETF Inflows Rebound
07:24 - Eastern ETF Demand Surge
10:14 - OTC Market Overview
12:07 - Challenges in Tracking OTC
15:24 - Central Bank Buying Trends
18:19 - India’s Gold Repatriation
20:14 - Geopolitical Risks & Gold
21:40 - LBMA Conference on Central Bank Demand
24:02 - Jewelry Demand Falls Globally, India Rises
26:22 - Growth in Tech Demand for Gold
27:49 - Trends in Bar & Coin Market
28:50 - Q3 Demand Surprises
30:43 – Conclusion
STOCKS AND CRYPTO SKYROCKET! GOLD AND SILVER FALL...
Greg Mannarino: 11-6-2024
Surviving the Economic Collapse & Life Lessons - “We Have Years, Not Decades” - Frank Giustra
Daniela Cambone: 111-5-2024
Join Daniela Cambone & Frank Giustra in Italy as we explore his roots, go truffle hunting, and discuss the importance of respecting nature and good food. We also visit a rare Etruscan site, reflecting on the impermanence of empires. Don’t miss the emotional twist at the end!
Iraq News Highlights and Points To Ponder Wednesday AM 11-6-24
2025 Strong National Economy And Sound Banks
]Samir Al-Nusairi In an important presentation before the MERI Conference on Economic, Financial and Banking Reform, the Governor of the Central Bank, Mr. Ali Mohsen Al-Alaq, explained the indicators of the recovery of our national economy and the major transformations in the structure of government and private banks achieved in 2023 and 2024 and expected in 2025.
These are standard indicators that are relied upon to evaluate the strength of the economy and the soundness of the banking sector.
2025 Strong National Economy And Sound Banks
Samir Al-Nusairi In an important presentation before the MERI Conference on Economic, Financial and Banking Reform, the Governor of the Central Bank, Mr. Ali Mohsen Al-Alaq, explained the indicators of the recovery of our national economy and the major transformations in the structure of government and private banks achieved in 2023 and 2024 and expected in 2025.
These are standard indicators that are relied upon to evaluate the strength of the economy and the soundness of the banking sector.
The most prominent of these indicators are the sufficiency of foreign cash reserves, the local currency issued, the inflation rate and the external debt, while emphasizing that the objectives of the monetary policy of the Central Bank stipulated in its applicable law are to achieve economic growth and stability,
and that one of its main objectives is to achieve stability in the financial and monetary system, reduce inflation rates and stabilize the prices of goods and services in extremely complex economic, security and political conditions that Iraq suffered from in 2023 and 2024 and that the world is currently going through, especially the countries of the geographical region, which our country is negatively and positively affected by.
These conditions have been suffered by our economy for decades, and the reason is the rentier economy and the dependence of 95% of the general budget revenues on oil, which constitutes approximately 60% of the gross domestic product.
The government is making clear efforts to revolutionize the active economic sectors, namely agriculture, industry, tourism, customs and tax services fees, and to increase their share in the general budget revenues to 20%.
The low contribution of these sectors to the gross domestic product has led to the absence of local production that covers the consumption needs of citizens for food and other basic materials.
Therefore, there was almost complete dependence on imports for the private commercial sector from different sources. Successive governments were unable to control internal trade and regulate foreign trade, and the weak control over illegal trade and unofficial border crossings, which led to the impact on the monetary and commercial market.
Therefore, this indicator was the most prominent challenge facing monetary policy and directly affected the stability of the exchange rate, which led the Central Bank to take many measures in cooperation with the government to regulate foreign trade, control foreign transfers, regularity in the global financial and banking system, compliance with international standards, digital transformation in the banking sector, and work on preparing and launching its new strategy for banking reform
and classification in all its basic links at the level of internal and external banking transactions, the most prominent of which is securing the US dollar for major and registered traders and for every trader, regardless of his classification, at the official price exclusively through the electronic platform.
This was achieved through analyzing the indicators of the annual inflation rate, which amounted to 3.8% after it was 4.4%, and by comparing it with the annual inflation rates of regional and neighboring countries. Inflation rates in most of these countries reached very high rates, reaching 80.2% in Turkey, 117.4% in Sudan, 40.0% in Iran, and in the Maghreb countries with relative economic stability in Tunisia 9.3%, Algeria 9.0%, Morocco 5.0%, and in Egypt 37.4%, and in the Gulf countries with stable and oil-rich economies, they ranged between 2.4% and 4.8%.
This confirms, without a doubt, that the strategy of the Central Bank and its procedures during the years 2023 and 2024 achieved one of the basic objectives of monetary policy, which is to reduce the inflation rate and maintain the general level of prices of goods and services.
It is currently working to achieve other objectives, which are the stability of the exchange rate and maintaining a foreign reserve that covers the local currency in circulation and imports, which exceeded $100 billion, with a sufficiency of 140%, which covers the local currency in circulation.
Therefore, the economic results and outputs confirm that the policies and procedures undertaken by the Central Bank in cooperation with the government have achieved an important objective of monetary policy, to achieve stability in the monetary system, which is an important step in achieving the other objectives of monetary policy.
It must be noted that one of the most prominent indicators of the strength and recovery of our economy is what the International Monetary Fund recently predicted, that the expected economic growth rate in 2025 will be 5.3%, while it contracted by 2.2% in 2022.
The expected rate is higher than the growth rates in Morocco, Kuwait, Bahrain, Oman, Algeria, Jordan and Qatar. It is an indicator of the strength of our economy and is an inevitable result of the economic and financial reform programs implemented by the government and the Central Bank since 2023. https://economy-news.net/content.php?id=49540
Iraq's Gold Holdings Rise To More Than 152.5 Tons
Money and business Economy News – Baghdad The World Gold Council announced today, Wednesday, that Iraq has increased its gold holdings to more than 152.5 tons.
According to the latest table published by the Council for November 2024, which was reviewed by “Al-Eqtisad News”, “Iraq ranked 29th out of 100 countries listed in the table with the largest gold reserves,” indicating that “Iraq ranked third in the Arab world after Saudi Arabia and Lebanon.”
He added, "Iraq increased its gold holdings to 152.6 tons, after it had held 152.5 tons, which represents 11.5% of its remaining reserves."
The Council also pointed out that "the United States of America tops the list of countries with the largest gold holdings in the world, with 8,133.5 thousand tons, followed by Germany with 3,351.5 thousand tons, then Italy with 2,814 thousand tons, while Bosnia and Herzegovina came in last with 1.5 thousand tons."
The World Gold Council is headquartered in the United Kingdom, has extensive experience and in-depth knowledge of the factors that drive market change, and its members consist of the world's largest and most advanced gold mining companies. https://economy-news.net/content.php?id=49544
Iraq's Share In The IMF
Economic 2024/11/06 When Iraq announced that it had paid off all its debts to the International Monetary Fund last May, Reuters quoted the Fund as saying that Iraq was facing internal imbalances exacerbated by the large financial expansion and the decline in oil prices, and that it needed to gradually correct the public finances to achieve debt stability in the medium term and rebuild reserves.
Mohammed Sharif Abu Maysam At the same time, despite the expansion in public finance management with the aim of achieving significant increases in growth rates, the Ministry of Planning announced a decline in inflation rates from 7.5 percent to 4 percent, which is a positive precedent that has never happened before and is credited to those in charge of monetary and financial policies. It was leaked from the Central Bank that the cash reserve exceeds 110 billion dollars and that the country’s gold reserves amounted to nearly 150 tons.
The full repayment of the country's debt to the International Monetary Fund, the decline in the inflation rate and the increase in the cash reserve rates were indicators of a major shift in economic policies, not because the amount of debt was large, exceeding about eight billion dollars, but because such debts are usually conditional in the context of the so-called economic reform program that aims to privatize state functions and link the country's fate to the policies of the creditor parties and those behind them.
It is known globally that governments that can get rid of the burden of debt to the Fund and the World Bank are the most successful in managing the affairs of their countries and implementing their programs related to supporting macroeconomic stability and implementing the necessary financial reforms.
Supporting the ration card program was not only a direct reason for reducing inflation rates, but other factors related to monetary and financial policies and limiting parallel markets, and the flow of foreign currency with supporting the local product contributed to achieving this.
Thus, increasing the percentage of the country's gold reserves contributed as a tool to cover the local currency and a safe means of hedging against economic fluctuations and security tensions witnessed by the world and the region.
Accordingly, those in charge of economic policy files prove their success, and it is our duty to point out that these successes, just as it was our duty to always point out the points of weakness and stumbling with the aim of monitoring and correcting, have proven the inaccuracy of the vision presented by the International Monetary Fund regarding the situation of public finances, debts, and rebuilding reserves.
Today, Iraq intends to increase its share in the International Monetary Fund by the equivalent of 1.45 trillion dinars, which will support its voting power within the Fund, contribute to attracting investments, create a promising business environment, and achieve real development, thus addressing the problem of inflation in the labor market and implementing the components of the government program. https://alsabaah.iq/105468-.html
Iraqi Drilling: Drilling And Rehabilitating 15 Oil Wells In October To Boost Production
Posted on 2024-11-06 by sotaliraq The Iraqi Drilling Company, affiliated with the Ministry of Oil, has achieved remarkable progress in its operational projects in the Iraqi oil fields, as it announced its success in drilling and reclaiming 15 oil wells during last October.
These achievements come as part of the Ministry’s strategy to enhance oil production and increase the capacity of Iraqi fields, which contributes to supporting the national economy and meeting the growing needs of the local and international market.
Economic expert, Mohammed Samir Al-Kubaisi, explained “the importance of this progress in drilling and reclaiming oil wells,” noting that “it reflects Iraq’s commitment to developing its oil infrastructure and increasing its production to enhance its financial returns.”
He stressed that "these steps support economic stability and contribute to reducing dependence on imports, which strengthens Iraq's position as a major source in the global energy market."
He added that “increasing production would improve public revenues, which could be directed to development projects that contribute to improving services and strengthening the local economy.”
The Deputy Director General of the Iraqi Drilling Company, Kazem Habash Khalif, said in a statement that “the technical and engineering staff in the company were able to drill 4 new oil wells and reclaim 11 other wells, distributed across several oil fields in the country.
He added, "These achievements come within the framework of the company's commitment to enhancing oil production and adhering to the specified timetables."
He stressed that "the company is continuing to implement its ambitious plans to enhance the oil sector in Iraq in cooperation with national and international oil companies."
On the other hand, the Undersecretary of the Ministry for Gas Affairs, Ezzat Saber Ismail, confirmed that “the gas sector is receiving the attention of the government and the ministry,” noting that “the ministry’s strategy and plans aim to stop gas flaring within the next few years.”
The Undersecretary pointed out that “the ministry has contracted with specialized companies to invest in associated gas and convert it into energy that can be used to secure fuel for the electricity sector and develop industries in the field of petrochemicals and other industries,” explaining that “the ministry has achieved an investment rate of (67%) of gas, reaching (70%) by the end of this year.”
It is hoped, as part of future plans, that “new quantities will be added during the coming year.” LINK