Iraq Economic News and Points To Ponder Friday am 11-8-24

Al-Alaq Describes The Parallel Dollar As “Abnormal”: There Is Great Stability In Prices

 November 7, 2024  Baghdad/Iraq Observer   The Governor of the Central Bank of Iraq, Ali Al-Alaq, described the prices traded in a real parallel market as “abnormal,” while noting that

 there is great stability in prices and a decline in inflation rates. Al-Alaq said, in an interview with local media, followed by “Iraq Observer”:    “We understand the state of focus on the rise in exchange rates in local markets, but  we believe that the focus should be on the ability of the central bank to implement full coverage of external transfers for commercial or other purposes, and this   “It happens on a daily basis.”

He added,   “The daily dollar selling rates are high and almost sufficient to cover the needs of merchants, businessmen, and even citizens.

 Therefore, we look at the price through the amount of sales that the Central Bank undertakes daily at the official rate.” He pointed out,

  “The Central Bank looks at another indicator, which is the inflation rate in the market, and

 we notice that there is great stability in prices and a decrease in the inflation rate, which indicates that foreign trade is covered by the official price, which is 132,000 dinars.” The Governor of the Central Bank continued:

  “The price that is being traded in the market is in fact an abnormal price that does not reflect the reality of the price.

 Usually, this price is called a parallel price when there is a real parallel market that has sources of dollars from other than the Central Bank.”

 Al-Alaq called on citizens to “pay attention to the fact that the price they are looking at is the price at which the Central Bank sells to merchants,” pointing out that

 “more than 95% of the Central Bank’s daily sales are external transfers, and

this external transfer is the one that represents the reality of commercial and other transactions.” He covers it at the official price.”    https://observeriraq.net/العلاق-يصف-دولار-الموازي-بـالشاذ-وجو/

The Governor Of The Central Bank... Who Goes To Buy Dollars From The “Black Market”?

 November 7, 2024  Baghdad/Iraq Observer   The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, identified the categories that go to buy dollars from the black market.  Al-Alaq said, in an interview with local media, followed by “Iraq Observer,” that

 “a number of merchants, for their own reasons, still do not come using the traditional method and transfer what they need at the official price, but the percentage of these merchants decreases over time.” He added,

  “There were a small number of people entering the platform for external transfers,

 but now the numbers have become large and constantly increasing, and

 when we reach the point that everyone is moving to use official and fundamentalist channels in the transfer process, then we find no room for there to be two prices for the dollar.”.  The Governor of the Central Bank wondered:

“Why do some people go to buy the dollar on the black market if they have a legitimate request to obtain the dollar, such as if they are a traveler or a citizen buying from abroad or a merchant importing goods or a person who refers to related people abroad for study or treatment or for each other?” Purposes?     https://observeriraq.net/محافظ-البنك-المركزي-يُحدد-من-يذهب-لشرا/

Iraq's Possession Of Gold Increased To More Than 152.5 Tons

 Economy  2024-11-06 Shafaq News/ The World Gold Council announced, on Wednesday, that Iraq had increased its gold holdings to more than 152.5 tons.

According to the latest table published by the Council for the month of November 2024, viewed by Shafaq News Agency,

 “Iraq ranked 29th out of 100 countries included 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 possession of gold to 152.6 tons after its possession was 152.5 tons, which represents 11.5% of its other reserves." The Council also pointed out that

  “the United States of America sits on the throne of the rest of the countries with the largest possession of gold in the world at 8,133.5 thousand tons, followed by Germany with 3,351.5 thousand tons, then Italy came with 2,814 thousand tons, while Bosnia and Herzegovina came at the bottom with 1.5 thousand tons.” tons".

 It is noteworthy that the World Gold Council is based in the United Kingdom, has extensive experience and deep knowledge of the factors causing market change, and its members consist of the largest and most advanced gold mining companies in the world.    https://shafaq.com/ar/اقتصـاد/ارتفاع-حيازة-العراق-من-الذهب-لى-كثر-من-152-5-طنا

Iraq Is Entering A New Economic Phase.. “Huge” Ships Dock In The “Large” Port

 November 7, 2024  Basra/Iraq Observer   With the receipt of the five berths of Al-Faw Port from the Korean executing company, Iraq entered the era of a state whose ports overlooking the Gulf are officially relied upon to receive huge ships.

 An event that Prime Minister Muhammad Shiaa Al-Sudani, who sponsored today’s handover ceremony for the project that the government described as the “People’s Project,” stressed that

“it is of great importance because of its connection to the development road project, which will connect, starting from the large port of Al-Faw, the economies of most countries in the region, and will be an outlet for achieving integration.

” The economist, pointing out that Iraq remains a fundamental pillar in the global economy, and a historical part and corridor of the most important international exchange routes.

 During the opening, Al-Sudani pointed out the importance of the five berths in the Grand Al-Faw Port.

 It represents the backbone of the port project in its first phase, which will be completed next year according to the previous schedules.

 Huge commercial ships with large submersibles have already docked at the port’s docks.

 Increase Revenue

 Member of the Parliamentary Finance Committee, Mustafa Al-Karawi, said in a statement to the official agency, followed by “Iraq Observer,” that

 “Iraq depends on oil for its resources by 90%, and

there is serious government work and direction to increase non-oil revenues,” indicating that

 “the importance of ports lies in their It represents two revenue streams: the

     first is oil through exporting oil and receiving oil tankers, and the

     other is through the entry of goods.”  He added,

“The opening of the five berths and the completion of the investment in Al-Faw Port will contribute to supporting the path of development, in addition to being part of the Silk Road,” noting that

 “Iraq is located in a geographical area that makes it a link between the major countries, China and Europe.”

 Development Path

 In turn, the Prime Minister’s Advisor for Transport Affairs, Nasser Al-Asadi, said in a statement to the official agency and followed by “Iraq Observer” that

 “the opening of the first berths of the port will be followed by the opening of the remaining berths within the specified periods,” pointing out that

“the economic importance of these berths lies in opening the door Iraq has to make the Al-Faw Port project a reality, transforming it into a diversified economy through Al-Faw Port’s revenues.”  He stated,

 “Al-Faw Port has become a reality and will be the main artery of development, in addition to providing great job opportunities.” He confirmed,

  “The ships have begun to dock experimentally at the five berths, all of which have been opened,” noting that

 “there are other parts of the port that are close to completion.”

Giant Ships

Economic analyst Ahmed Abd Rabbo confirmed in a statement to the official agency, which was followed by “Iraq Observer,” that

“Al-Faw port differs from other ports in Iraq in that it is directly connected to the Gulf, while the other ports are in sea channels, and the

 opening of the five berths means inaugurating the phase of Iraq’s reception of giant and large ships that... It was impossible to enter.” He stated,

 “The other advantage of Al-Faw Port is the depth of its waters, which differs from other ports, and this matter will contribute to the process of actually embarking on the path of development by allowing ships of various sizes to dock.” He continued,

 “The opening of the docks cut off the talk of those who doubted the completion of Al-Faw Port and began the countdown to the completion of the Grand Al-Faw Port project.”

Attracting international shipping companies

 Economic expert Ahmed Saddam said in a statement to the official agency and followed by “Iraq Observer” that

“the expected economic importance of Al-Faw port after completing other equipment such as cranes, warehouses, management systems and their accessories lies in encouraging the entry movement of large ships that need a large draft, as well as reducing the burden on Umm port.” castle". He continued,

 “This means that Al-Faw Port will contribute to attracting new shipping companies in the future that can raise the level of the port’s revenues.” He pointed out,

 “Other positives for the Iraqi economy are the provision of

     employment opportunities within the port, as well as

     opening the door to internal land transport companies that will deal with the port in the future.” He stated,

  “If we take into account the activation of the Basra Law, the economic capital of Iraq, then

 Al-Faw Port will be the mainstay for attracting foreign direct investment companies after providing appropriate facilities for that.

 This will naturally be reflected in the Iraqi economy by raising the level of non-oil investments and their revenues.”    https://observeriraq.net/العراق-يدخل-مرحلة-اقتصادية-جديدة-السف/

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

Seeds of Wisdom RV and Economic Updates Friday Morning 11-8-24

Good  Morning  Dinar Recaps,

XRP LAWSUIT: ARE RIPPLE’S BRAD GARLINGHOUSE AND CHRIS LARSEN AT RISK OF PRISON, OR WILL THE SEC WITHDRAW ITS APPEAL?

The final phase of the crypto bull market appears to have begun, with Bitcoin hitting new highs and altcoins starting to show signs of life. Meanwhile, there’s growing speculation that the SEC’s new chair could end lawsuits against Ripple, Coinbase, and others. Former SEC officials are predicting big changes ahead.

It seems like SEC Commissioner Mark Uyeda is in the running to be appointed acting SEC chair during the transition period after Gary Gensler’s departure. 

This is huge for the crypto space, especially since Uyeda is known for being more favorable towards the industry. There’s also a chance that Hester Peirce, another crypto-friendly commissioner.

Jeremy Hogan, a crypto lawyer, also shared his thoughts, predicting that Gensler will likely step down before January 20th. He believes that the new leadership will move quickly to dispose of non-fraud crypto cases, including those involving Ripple and Coinbase.

This could lead to the dismissal of many ongoing cases, with the Ripple case likely settled for the $125 million already awarded by the court.

Amid the ongoing uncertainty surrounding the current administration, one user asked whether a new, crypto-friendly government could lead the SEC to withdraw its appeal in the Ripple case. 

Marc Fagel, a former SEC attorney said that typically, enforcement actions are based on the law, not political influence, and it would be highly unusual for the SEC to reverse course. However, with the current administration challenging traditional norms, it’s hard to predict what could happen next.

When asked whether Ripple executives Brad Garlinghouse, David Schwartz, and Chris Larsen could face prison time for alleged fraud, the attorney declined to comment. The user accused them of “scamming people for over 10 years” and profiting hundreds of millions did not receive a direct response.

@ Newshounds News™

Source:  CoinPedia

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DEFI NEEDS REGULATION TO DRIVE ADOPTION — WEB3 EXEC

Web3 professional Agne Linge believes that for broader DeFi adoption, regulations must catch up to make people feel safe.

While decentralized finance (DeFi) technology is advancing within the Web3 space, a crypto executive believes the sector still has a long way to go.

At the recent Binance Blockchain Week in Dubai, Agne Linge, a former director of Binance Lithuania who now works with Web3 projects WeFi and Yellow Network, told Cointelegraph that while regulations in jurisdictions like Europe have addressed centralized exchanges and wallet providers, DeFi remains largely “out of scope.”

Linge believes that for DeFi to achieve broader adoption, regulations must be deployed for the industry. Linge told Cointelegraph:

“If you want adoption, we need regulation. We need people to feel safe and to trust the institutions. With what happened in the crypto industry, I think we still have some reputational work to do.” 

Linge also praised regulators for “weeding out” bad actors in the ecosystem and trying to understand the technology but emphasized that DeFi also needs attention.

DeFi not “totally” decentralized
While some in the crypto community believe DeFi should operate without regulation, Linge has a different view. The executive said that even decentralized autonomous organizations (DAOs) members are in danger of being legally accountable. She said:  

“This is not true. I mean, even a DAO. If you are a DAO, then all of the DAO members can be legally liable.”

According to Linge, the space needs regulation because it’s “not totally decentralized.” Linge explained that DeFi still has people signing contracts, on and off-ramp providers, and other variables that would benefit from regulatory clarity.

When asked about DeFi’s potential for wider adoption, Linge argued that, because DeFi places finance on a decentralized blockchain, it could reduce reliance on centralized options:

“With the tools that we have, everything is widespread and globally connected, why would we use centralized solutions? I mean, this will provide more efficient interaction and integration to everything.”

She added that while DeFi is currently in its own niche, it will eventually take another shape or form. “Maybe not completely like autonomous. There will be persons responsible like legal entities, but in general, the infrastructure is only for the benefit of this globally interconnected world,” Linge added.

@ Newshounds News™

Source:  CoinTelegraph

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🌱 BUCKLE UP BUTTERCUP - BUILD A STRATEGIC BTC RESERVE? |  Youtube   

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Source:  Seeds of Wisdom Team RV Currency Facts

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MilitiaMan & Crew News Reporting-Iraq Dinar-International Stability-Financial System-IMF-Article 140-Port of Faw

MilitiaMan & Crew News Reporting-Iraq Dinar-International Stability-Financial System-IMF-Article 140-Port of Faw

11-7-2024

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

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

https://www.youtube.com/watch?v=1qycj3m0cYw

Seeds of Wisdom RV and Economic Updates Thursday Evening 11-7-24

Good Evening Dinar Recaps,

BRICS: RUSSIA SAYS IT WON’T DITCH US DOLLAR AFTER TRUMP’S VICTORY

In a shocking twist for the BRICS alliance, Russian President Vladimir Putin has said that they will not ditch the US dollar. In a sit-down interview Thursday, Putin confirmed that Russia is not abandoning the dollar, it is “simply refusing to use the dollar as a settlement tool.”

Putin called the US dollar a “pillar of US power,” saying that the US is undoing this power. The BRICS bloc has long pushed its de-dollarization initiative, saying the greenback won’t be king for long.

The alliance recently discussed de-dollarization at its October Summit, and multiple countries have decided to stop using the dollar.

“The payments in dollars are decreasing,” Putin said. “Not too much, as of yet, but as a means of savings, it’s going down step by step. Very gradually it’s shrinking, it is a trend. It’s their own doing.”

In regards to BRICS proposals of ditching the US dollar, the Russian president reaffirmed that “our proposals are not aimed against [the] dollar. This is simply us rising to the challenge of modern times, in response towards the development of the economy we are thinking.”

BRICS Continues Developing Payment System to Rival US Dollar
Putin also discussed how BRICS is currently in the development phase of a unified BRICS payment system rooted in the payment systems of different countries. 

The new system will be “using the groundwork of the systems in each country in exchanging of financial information,” the Russian president said.

The bloc has continued to embrace trades in local currencies. Moreover, they have worked to develop their unique payment infrastructures. These projects should only encourage financial autonomy. Moreover, they should be clear threats to Western hegemony and US dollar dominance. 

The most interesting point from Putin’s interview is that despite the de-dollarization efforts, Russia has decided not to ban or abandon the greenback: simply avoid it.

Earlier this year, Donald Trump hinted he would consider lifting sanctions, encouraging the use of the dollar. Now that he will be President again, it will be interesting to see how the bloc responds if he does just that. 

Putin and China’s President Xi Jinping have already opened the door to speaking to Trump, so perhaps there is a future where BRICS and the US dollar live in harmony.

@ Newshounds News™

Source:  Watcher Guru

Read more:  Twitter

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DETROIT TO BECOME LARGEST US CITY TO ACCEPT CRYPTO PAYMENTS FOR TAXES

Starting mid-2025, Detroit residents can pay taxes and fees in crypto, with blockchain entrepreneurs invited to enhance civic solutions.

▪️Detroit will begin accepting crypto assets for tax payments from mid-2025, making it the largest US city to do so.

▪️The initiative aims to modernize public services and improve accessibility for unbanked residents.

Detroit will soon allow residents to pay taxes and other city fees with crypto, becoming the largest US city to adopt crypto payments.

City officials announced that this option will be available mid-2025 and managed securely by PayPal. This new payment method aligns with Detroit’s broader strategy to modernize public services, strengthen civic engagement, and drive economic growth.

Detroit Mayor Mike Duggan expressed enthusiasm for the initiative, emphasizing the city’s dedication to creating a tech-friendly environment that supports residents and entrepreneurs alike.

“Detroit is building a tech-friendly environment for residents and entrepreneurs,” said Duggan. “We’re excited to be among the first US cities to explore blockchain applications and offer cryptocurrency as a payment option.”

The city treasurer, Nikhil Patel, highlighted that the new platform would improve accessibility for Detroit residents, especially those who are unbanked or prefer digital payments.

 “This platform upgrade will also make it easier for Detroiters to make electronic payments.”

In addition to the new crypto payment option, Detroit is actively encouraging blockchain entrepreneurs to propose projects that enhance transparency, security, and efficiency in public services.

Proposals can be submitted to Justin Onwenu, Detroit’s Director of Entrepreneurship and Economic Opportunity, by December 15, 2024.

Onwenu explained, “Blockchain technologies have the potential to drive greater accessibility, efficiency, transparency, and security, and we’re excited to hear from entrepreneurs at the forefront of this work.”

With this move, Detroit joins a growing number of municipalities adopting crypto payments. Currently, Williston, North Dakota, and Miami Lakes, Florida, accept crypto for specific city services.

However, Detroit will surpass these cities in scope and size, establishing itself as the largest US city to accept crypto.

Cities like Miami and New York have shown strong crypto support, while states such as Colorado, Utah, and Louisiana have already implemented crypto payment options for state taxes.

@ Newshounds News™

Source:  Crypto Briefing

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🌱FED CUT? WHY DO I CARE? WHAT DOES IT MEAN? DIVE IN WITH US.  |  Youtube

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Source:  Seeds of Wisdom Team RV Currency Facts

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Seeds of Wisdom RV and Economic Updates Thursday Afternoon 11-7-24

Good Afternoon Dinar Recaps,

FED CUTS RATES AS BITCOIN CONTINUES ROARING

The Federal Reserve slashed interest rates again on Thursday in a move that could boost Bitcoin—which is already in all-time high territory.

The Federal Reserve on Thursday slashed interest rates in an expected decision that could give "risk-on" assets like Bitcoin a further boost—and the top digital asset is already surging in recent days, setting multiple all-time high price points following Donald Trump's election win.

America's central bank approved a quarter-point interest-rate cut—a move backed by all 12 Fed voters. In September, the Fed cut by 50 basis points in its first such reduction since it aggressively raised rates in 2022.

Bitcoin and other cryptocurrencies have largely benefited from low interest rates because they, like tech stocks, tend to experience more volatile price movements.

But in 2022, the central bank aggressively hiked interest rates in a bid to tame inflation amid the COVID-19 pandemic, making such investments less attractive. Now that inflation is in check, the central bank can make it cheaper to borrow money again.

"The Committee judges that the risks to achieving its employment and inflation goals are roughly in balance," the Fed said in a statement Thursday.

Matt Mena, crypto research strategist at exchange-traded fund (ETF) issuer 21Shares, said in a statement provided to Decrypt that the latest cut could give crypto a further boost.

"The Fed's 25 bps rate cut introduces an economic boost favorable to risk assets like Bitcoin," he said. "Combined with Trump's pro-crypto policies, this creates a supportive macro environment for Bitcoin."

@ Newshounds News™

Source:  Decrypt

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RIPPLE CEO SHARES HIS ‘FIRST 100-DAY’ CHECKLIST FOR THE PRESIDENT

Brad Garlinghouse, CEO of Ripple, has outlined what he believes should be part of the President's first 100-day agenda for crypto.

Trump’s victory in the 2024 U.S. election has offered not just a pro-crypto president, but also the most pro-crypto lawmakers in the House and Senate. With crypto in celebratory mood as Bitcoin leads prices higher, the overall sentiment is that this is only the beginning of what’s bullish for the industry.

However, among the top priorities for the sector is the push for regulatory clarity. In his congratulatory message, Ripple CEO Brad Garlinghouse outlined what he sees as a few of the things the president can do in his first 100 days to get the ball rolling.

Fire Gensler
At the top of the list is fulfilling a campaign pledge: firing U.S. Securities and Exchange Commission Chair Gary Gensler on “day one.” 

Garlinghouse suggests replacing Gensler with a more crypto-friendly candidate, naming Dan Gallagher (chief legal officer of Robinhood), Christopher Giancarlo (former head of the Commodity Futures Trading Commission), and Brian Brooks (former acting comptroller of the currency) as potential successors.

“They’d be massive upgrades in rebuilding the rule of law (and reputation) at the SEC,” the Ripple CEO posted on X.

In his victory speech following Tuesday’s election, Trump expressed his commitment to uniting the nation and driving change.

On his ‘first 100-day’ checklist Garlinghouse wishes to see the president getting Republicans and Democrats together to “move the digital asset market structure bill forward in the Senate.”

Notably, the U.S. House of Representatives passed the bill in May 2024.

The final item on Garlinghouse’s list pertains to Ethereum. Ripple’s legal battle with the SEC, from December 2020 to July 2023, challenged allegations that XRP was a security, ultimately resulting in a favorable court ruling. While the SEC approved spot Ethereum exchange-traded funds in May, Garlinghouse couldn’t resist a pointed comment aimed at the regulator.

“And last but not least, can we get some clarity…..similar to XRP and BTC, that ETH is not security, right?!” he wrote.

@ Newshounds News™

Source:  Crypto News

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🌱 PRESIDENT HARRIS HOW? THE PLAN AND WILL IT HAPPEN? GIPPER'S NEWS  |  Youtube

Gipper's News Reader: https://t.me/+Thh6fZ5bQJfRxU3f 

Read More: https://t.me/c/1310227069/156714

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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. 

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

https://cbi.iq/news/view/2708

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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.

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.

https://youtu.be/Nes2lGeKYzk

https://dinarchronicles.com/2024/11/07/lena-petrova-west-shut-down-mbridge-but-failed-to-stop-the-global-south/

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."

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.

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

~~~~~~~~~

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

~~~~~~~~~

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

 ~~~~~~~~~

🌱 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.”

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

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

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

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

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."

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.  

 https://baghdadtoday.news/261503-بعد-قرار-تعويض-الإقليم-من-كلف-انتاج-ونقل-النفط.-خبير-يكشف-أضرارا-وفوارق-مالية.html    

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