Seeds of Wisdom RV and Economic Updates Tuesday Evening 11-12-24

Good Evening Dinar Recaps,

ITALY LOWERS PROPOSED CRYPTO TAX HIKE TO 28%: REPORT
Italy’s government is considering lowering its proposed tax hike on crypto trades, reducing the planned rate increase from 42% to 28%.

This shift comes as Prime Minister Giorgia Meloni’s coalition appears inclined to amend the tax proposal, which was initially part of October’s budget plan, to support the country’s growing digital asset sector, according to Bloomberg.

Italy’s steep crypto rate increase
Currently, crypto transactions in Italy face a 26% tax, but officials had proposed raising this to 42% to boost public finances.

Crypto industry executives, however, voiced concerns, arguing that such a steep tax rate could harm Italy’s competitiveness, especially as the European Union prepares to roll out comprehensive crypto regulations under the Markets in Crypto-Assets framework later this year.

The League, a junior party in Meloni’s coalition, proposed the 28% limit to balance the need for public revenue with industry growth, according to Bloomberg.

Forza Italia, another coalition partner, suggested eliminating the tax hike entirely for gains under €2,000 to encourage local participation in cryptocurrency without imposing heavy taxes. Both amendments aim to create a more favorable environment for Italian crypto investors.

This adjustment could strengthen Italy’s crypto market as other countries experiment with their own tax policies.

@ Newshounds News™

Source:  Crypto News

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XRP NEWS: LEGAL EXPERT SAYS RIPPLE LAWSUIT CAN STILL BE WITHDRAWN OR SETTLED

The long-running legal case between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) could finally come to a close soon, especially with the recent election of President Donald Trump, whose pro-crypto stance could lead to a more favorable regulatory environment for digital assets.

If Trump appoints a new SEC leader who is more open to cryptocurrencies, it could accelerate the resolution of Ripple’s legal issues, potentially settling the case for the $125 million fine that was initially offered. This shift in leadership could also help clarify regulatory guidelines for digital assets, which would likely boost market confidence and institutional interest in Ripple’s technology.

Ripple’s legal victory, which ruled that XRP is not a security, was an important milestone for the company, although the SEC’s appeal is ongoing. Amid the confusions of the latest appeal, a user took to social media and asked, “Can the lawsuit still be settled or withdrawn after it has been put in front of the appeals court?”

Legal expert and attorney Fred Rispoli reacted and answered the above-mentioned question.

He wrote,

“Yes. Withdrawn or settled at any time. Withdrawn is unrealistic though. Likely to be settled.”`

What’s Next For XRP?
Currently, XRP is priced at around 60 cents, showing steady growth, with key support levels at 56 cents and 54 cents. The altcoin is up 19 percent this week, thanks to Trump again. Bitcoin has captured the $88k mark and is now heading towards the $90k level.

If Ripple’s case is resolved positively, XRP’s price could see a significant increase as clarity on regulations would attract more investors and institutions. CEO Brad Garlinghouse remains hopeful that a clearer regulatory framework will benefit Ripple and increase the adoption of XRP in global banking.

@ Newshounds News™

Source:  Coinpedia

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🌱 COMMUNISM? TITLE 28 RULE 1 THE 45 COMMUNIST GOALS AS READ INTO THE CONGRESSIONAL RECORD 1963  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

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Iraq Economic News and Points To Ponder Tuesday Afternoon 11-12-24

An Economist Identifies A Main Reason Behind The Rise In The Dollar Exchange Rate
November 11 11:46  Information / Baghdad..  Financial and banking researcher Mustafa Hantoush confirmed today, Monday, that demand in the parallel market is the reason behind the rise in dollar exchange rates.
 
Hantoush said, in an interview with the Maalouma Agency, that  "the main reason for the rise in the exchange rate of the dollar against the Iraqi dinar is the demand in the parallel market."

He added that "the huge trade with neighboring countries and the number of travelers estimated at millions caused an increase in demand in the parallel market," noting that  "some small merchants do not have licenses or companies to import."

He stated that "fears of wars in the region push merchants, markets, and citizens to exaggerate the quantities imported and purchased, and also push some to save dollars." He continued:  "There are no problems in the Iraqi supply chains from (Türkiye, Canada, Australia, China and India), as well as there are no concerns about the liquidity of the dollar in Iraq." 
 
https://almaalomah.me/news/82233/economy/اقتصادي-يحدد-سببا-رئيسا-وراء-ارتفاع-صرف-الدولار   

Among Them Is Iraq...The Country That Buys The Most Gold

Time: 11/11/2024 14:01:55 Read: 1,716 times  {Economic: Al-Furat News} Governments store thousands of tons of gold bullion in their vaults, as the precious metal is considered a safe haven. Iraq has become among the countries in the world most eager to buy gold and enhance its reserves of the yellow metal.

 The RBK economic website published a report, based on data from central banks around the world, the International Monetary Fund, the World Bank, and the World Gold Council, which shed light on countries’ purchases of the yellow metal in the period from 2013 to 2023.

According to the report, purchases of central banks in the world at the end of 2023 amounted to approximately 1,037 tons of gold, which is the second largest volume ever purchased on an annual basis.

 The report showed that Russia, China, and Turkey were at the forefront of countries buying gold in the aforementioned period, as purchases of the three countries amounted to 2,903 tons of the resonant yellow.

 The following is a classification of the countries that buy the most gold in the period from 2013 to 2023:

https://vod3.alforatnews.iq/upload/2024-11/2b93226186a26399f98c5370a523b91b.jpg

 [Graph lists Iraq 9th having purchased 100 Tons of Gold 2013-2023]

 https://alforatnews.iq/news/بينها-العراق-أكثر-الدول-شراءً-للذهب     

Gold Reserves Enhance Confidence In The National Currency
 
Economical 11/12/2024  Baghdad: the mainstay of the emirate
 Gold plays a vital role in countries' monetary reserves for several reasons related to
 
     financial stability,
     hedging economic risks, and
     enhancing confidence in the national currency, as well as
     being an effective tool for hedging against inflation.

Which called on the Central Bank of Iraq several times and in successive years to enhance its balance of gold reserves, which reached 148 tons and 305 ounces.
 
Regarding the reason that prompted banks to rely on the yellow metal alone, financial expert Mahmoud Dagher explained to “Al-Sabah” that
 
the reason for central banks, including the Central Bank of Iraq, to ​​increase their purchase of monetary gold is because it is suitable as a reserve compared to industrial gold, indicating that the Chinese Central Bank and the Indian Reserve One of the largest buyers of gold in the world.

Total reserves

Dagher added that the Iraqi Central Bank increased its acquisition of gold more than once during the last two years, most recently in the first quarter of 2024, until the total reserves of gold reached 148 tons and 305 ounces after the last deal in May of 2024, amounting to 2 tons and 644 ounces.
 
 Bank assets
 
He explained that although gold is not considered the best asset for achieving returns when investing compared to the currencies, deposits, and securities that are allowed to be acquired within the assets of central banks, it is a haven for balance among other assets whose values ​​are affected by the nature of the economic cycle (recession and inflation), indicating that
 
gold is declining. Its price during recession and rises during inflation, reflecting its balancing role.

Global trend 

He continued that   gold is also a haven when currencies fluctuate against each other greatly, as happened in the last two years for the ruble, yuan and rupee currencies, and  thus reduces the impact of the so-called currency risks, pointing out that the Iraqi Central Bank did not deviate from the global trend in purchasing gold despite The rise in its price accompanied the global inflation wave that hit the major economies until it approached 10%.

Because  the rule for purchasing assets by central banks is based on the principle of buying an asset when its price falls in the hope of selling it when it rises, which did not happen in gold because expectations during the last two years were for gold prices to rise, in addition to the continued significant fluctuation of currencies among them.

Avoid inflation
 
For her part, the specialist in economic affairs, Dr. Ikram Abdel Aziz, said that  Iraq is the fourth Arab country in possessing large quantities of gold as an element indicative of the health of the Iraqi economy, indicating that
 
gold and hard currency reserves become a supportive means and an important framework for hedging and avoiding inflation and high prices.
 
Abdel Aziz added, in an interview with “Al-Sabah”: that  gold and foreign currency work to preserve the value of currency and the interest it accrues;
 
Therefore, countries seek to possess large quantities of gold, noting that possessing large quantities of gold reserves in light of the current fluctuations, geopolitical changes, and the situation of the Iraqi economy would be a safe haven to preserve value and hedge against inflation. She explained that the
 
Developmental paths
 
presence of large quantities of gold with the Central Bank of Iraq is an important element in reducing dollar control and reducing instability, noting that  Iraq achieved this increase in its gold reserves to serve development paths.

She continued that the  Central Bank of Iraq has a variety of reserves, including gold, whose stock is an effective means and a basic pillar for maintaining purchasing power, stressing that the presence of strong reserves and their diversity in the investment portfolio of the Central Bank of Iraq is a basic pillar and a factor restraining the rise in prices and hedging against inflation, and thus confidence in the economic system is achieved. Al-Qaim.    https://alsabaah.iq/105777-.html   

Gold Reserves Jump: Iraq Exceeds 150 Tons Of 'Cash Gold'

Time: 2024/11/12 16:22:16 Read: 1,781 times  {Economic: Al Furat News} The economic advisor to the Prime Minister, Mazhar Muhammad Salih, revealed today, Tuesday, a jump in Iraq’s gold reserves after it exceeded 150 tons of gold.

Saleh told {Euphrates News} that: "The cash gold in Iraq's foreign reserves constitutes a percentage that may not exceed 10% to 11% of the total investment portfolio management of those reserves."

He added, "This percentage is usually determined by the standard guidelines issued by the International Monetary Fund on how to manage the optimal sovereign investment portfolios according to risk management and their distribution between liquid and semi-liquid assets and official cash gold.

" Saleh explained, "The latest information indicated that our country's balance of official cash gold may have exceeded the barrier of 150 tons of pure gold."

Gold prices rose slightly on Tuesday, but remained hovering around the lowest level in a month, while investors await US economic data and comments from Federal Reserve officials for more clarity on the path of interest rates.

Spot gold rose 0.2% to $2,624.17 per ounce after recording its lowest level since October 10 on Monday. U.S. gold futures gained 0.5 percent to $2,630.10.

The dollar held near a four-month high as bets on President-elect Donald Trump’s policies continued to weigh. A stronger dollar makes gold less attractive to holders of other currencies.

Among other precious metals, spot silver was little changed at $30.70 an ounce. Platinum fell about 0.2 percent to $962.80, while palladium was steady at $980.34.  LINK

The Capital Of Private Banks In Iraq Increased By 7.3% 

 Economy      breaking     Central Bank of Iraq     Private banks     High capital

2024-11-11 00:21   Twilight News/ And he said The bank, in a report seen by Shafaq News Agency, said it recorded an increase in total capital Private banks operating in Iraq during the first quarter of this year, by 7.3% to reach 19.2 trillion dinars, compared to 19.7 trillion dinars for the same period last year.

 And between Private banks operating in Iraq increased their capital by 6%, while it rose The capital of government banks increased by 11.1%.   

He added   The contribution of private banks’ capital amounted to 73.2%, while the contribution of private banks’ capital amounted to 73.2% Government banks 26.2%.]

 He explained  The bank said that deposits in the first quarter of this year increased by 1.2% to reach 123.7 One trillion dinars, compared to 122.2 trillion for the same period of the previous year, thus  increasing Current deposits increased by 3.1% as a result of the increase in current expenses for employees’ wages and salaries In the public sector, while  savings deposits decreased by 3%, deposits also decreased Fixed at 10%.   

 https://shafaq.com/ar/اقتصـاد/ارتفاع-ر-وس-موال-المصارف-الخاصة-بالعراق-بنسبه-7-3

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

Seeds of Wisdom RV and Economic Updates Tuesday Afternoon 11-12-24

Good Afternoon Dinar Recaps,

AFME PROPOSES MICA-LIKE REGULATIONS FOR TOKENIZATION TO ADDRESS CSDR ISSUES WITH DLT

Last week the Association for Financial Markets in Europe (AFME) outlined its European vision and policy recommendations for DLT and tokenization. 

This is in response to a call for submissions by the EU’s capital markets Directorate, FISMA.

The paper makes recommendations that address some key issues holding up the development of tokenization in the European Union.

One of the critical suggestions relates to CSDR, the regulations that govern central securities depositories (CSDs). Today CSDs perform critical functions including securities issuance, acting as record keepers and providing settlement infrastructures.

However, a DLT can provide the record keeping function. Smart contracts can perform functions such as paying interest or dividends. Plus, DLT supports delivery versus payment, which can eliminate settlement risks without the need for a centralized counterparty (CCP).

CSDR is incompatible with DLT, tokenization?
Countries such as Germany, Luxembourg and Italy have passed DLT friendly laws. 

We frequently report on issuances under Germany’s electronic securities law, eWpG, where securities issued via a decentralized registry don’t require the use of a CSD. Instead, a registrar ensures the DLT is keeping tabs and other related tasks. It’s significantly less arduous to become a registrar versus a CSD. That’s because the registrar only performs one aspect of a CSD’s role under CSDR.

However, you won’t see any eWpG securities publicly traded. Why? Because the CSDR regulation requires publicly traded securities to be registered with a CSD. So while you can issue securities under eWpG, they can only be traded over the counter (OTC).

This is why the digital asset-savvy Boerse Stuttgart, Germany’s second largest stock exchange, is setting up a digital securities exchange, BX Digital, in Switzerland rather than Germany. AFME makes precisely this argument – that the EU will lose its current advantage in tokenization to other jurisdictions if it doesn’t evolve quickly.

A related point is that the CSDR treats CSDs as a monolith. By contrast, IOSCO-CPMI Principles for Financial Market Infrastructure (PFMI) outline separate functions: these include a CSD (issuance and maintenance), securities settlement system (SSS), and notary functions.

 Hence, AFME argues that because roles are separated with DLT, the CSDR as it stands cannot work for tokenization. It believes there’s a need for a new regulatory regime, much like MiCAR for crypto-assets.
However, these two changes are amongst the medium term strategies, because even if regulators start now, a new legal regime isn’t likely to come into force before 2029.

DLT Pilot Regime suggestions
AFME also made shorter term recommendations regarding the DLT Pilot Regime, many of which it has previously outlined. 

The Pilot Regime came into force in March 2023, relaxing certain requirements, but only one entity has been approved so far. Under the Regime, it’s possible to operate a combined trading and settlement system. Plus, an exchange can deal directly with retail clients rather than requiring brokers as intermediaries.

Currently the DLT Pilot Regime supports three types of authorizations – as a multilateral trading facility (DLT MTF), as a settlement system (DLT SS) or both (DLT TSS). However, any entity that wants to provide a settlement system has to be a CSD. Hence, it’s no surprise the only authorized entity so far is Prague CSD approved last month.

AFME argues that requiring registration as a CSD is too onerous. Many banks would be interested in providing a DLT SS but not becoming a CSD. The authors also note that the UK’s Digital Securities Sandbox doesn’t have this requirement. Again, AFME is concerned that the EU could lose out to a competing jurisdiction.

The DLT Pilot Regime has quite low caps on activities, which make it unattractive for larger entities. Hence, AFME requests higher caps. It also wants securities issued under the Regime to be eligible as central bank collateral.

The big picture vision
The report starts off by building a vision of a tokenized future and identifies several key benefits.

There’s considerable soul searching in Europe about how to keep innovation within the EU, rather than startups emigrating to the United States.

 A key part of that is funding, and AFME argues that by using DLT to create a capital markets union it will make it easier for startups to raise capital locally. That’s one of several potential upsides.

The AFME paper is an evolution of previous policy recommendations it outlined earlier this year.

@ Newshounds News™

Source:  Ledger Insights

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CANARY CAPITAL APPLIES TO LAUNCH SPOT HBAR EXCHANGE-TRADED PRODUCT

The asset manager has filed with the SEC to list and trade shares of spot Hedera, Solana, and XRP exchange-traded products.

Investment firm Canary Capital filed with the United States Securities and Exchange Commission (SEC) to list and trade shares of its spot Hedera exchange-traded fund, or ETF.

In a Nov. 12 filing, Canary submitted a Form S-1 registration statement to SEC officials for review, proposing the commission allow US investors to trade shares of its Canary Hedera ETF trust on an unnamed exchange.

]The proposed investment vehicle was one of the first to offer investors exposure to a spot HBAR exchange-traded product, though the asset manager has also applied to list and trade spot XRP and Solana ETFs.

According to the filing, the investment vehicle will not use HBAR-linked derivatives or futures contracts that could put the asset manager within the purview of the US Commodity Futures Trading Commission. Canary did not name an exchange for a listing nor a custodian or ticker symbol.

HBAR, the native crypto asset of the Hedera network, had a market capitalization of more than $2.5 billion at the time of publication, trading at a price of roughly $0.07. Canary launched the HBAR Trust on Oct. 1 as a private offering to qualified investors.

SEC soon under new leadership?
It’s unclear whether the commission will approve listing and trading of spot ETFs tied to other crypto assets on US exchanges following the approval of Bitcoin and Ether ETFs in January and May, respectively.

Following a Nov. 5 election in the US, Republicans will have control of the legislative and executive branches of government starting in January, with President-elect Donald Trump pledging to fire SEC Chair Gary Gensler.

However, despite the criticism by many in the industry over his seeming “regulation by enforcement” approach to crypto, Gensler also voted for approving spot BTC ETFs. The SEC’s Trading and Markets Division signed off on spot Ether ETFs.

@ Newshounds News™

Source:  CoinTelegraph

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🌱 SILVER, PLATINUM & THE DOLLAR - WHAT DOES IT MEAN? | Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

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“Tidbits From TNT” Tuesday 11-12-2024

TNT:

Tishwash:  Unprecedented" .. Iraq prepares to launch a group of investments worth a quarter of a trillion dollars

Iraq is preparing to launch a wide range of projects with the aim of attracting investments worth up to a quarter of a trillion dollars over the next two years, in an unprecedented move in the country.

The package of investment opportunities includes projects in the fields of renewable energy, industrial and agricultural cities, and railway networks, in addition to the education, communications, tourism and entertainment sectors, according to the head of the National Investment Commission, Haider Makiya.

In an interview with Asharq Al-Awsat, Makkia revealed that the authority has completed all the necessary requirements for 103 investment opportunities, in addition to major future projects, and “it is possible that within the next two years there will be funds flowing in the amount of about 250 billion dollars” to Iraq.

This package comes amid the National Investment Commission’s activity to revive dozens of projects that have resumed work, in addition to reactivating others, and addressing the obstacles facing investors with various sectoral bodies. According to the head of the commission, “the number of stalled projects in all of Iraq has reached 249 projects.”

The National Investment Commission was established in 2006. Since then until the end of 2022, the volume of investments flowing into Iraq did not exceed $35 billion. However, after implementing administrative and technical reforms and setting controls to facilitate the investment process, the volume of investment licenses granted increased to $69 billion by last June, according to Makiya.

Commenting on the statement of the Iraqi Prime Minister, Mohammed Shia al-Sudani, in late October, that “the volume of investment for the year 2024 reached $100 billion,” Makiya explained that “that number is correct if we add the $69 billion flowing from the same year with other strategic projects such as the Baghdad Metro project and the (Najaf-Karbala Metro) project, the number reaches $100 billion.” link

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Tishwash:  Parliamentary Finance: 2025 Budget Aims to Achieve More Economic Stability

The Finance Committee revealed that the government has begun preparing the budget schedules for next year 2025, while indicating that the desired goals are to achieve development and increase non-oil revenues, in addition to achieving more economic stability for the country.

The head of the committee, Atwan Al-Atwani, said in an interview with “Al-Sabah” followed by “Al-Eqtisad News”, that “the government has begun preparing the infrastructure for the 2025 budget and has determined the requirements for reviewing this budget, as we look forward to these tables arriving next year or perhaps some of the items that the government needs to complete the requirements for their implementation, indicating that the goals set and desired from this budget are to achieve development, increase non-oil revenues, and search for means for clear economic stability.”

Al-Atwani added, "The operating budget has begun to extend over the investment budget, and this burdens the budget and makes it limited in its set objectives. Therefore, from now on, we must search for additional resources and achieve non-oil revenues that can provide stability to the economy," indicating that this matter led to "our move towards rationalizing consumption because it is an important matter."

Regarding the digital transformation process, the Chairman of the Finance Committee believes that this matter is “an essential structure for achieving a significant and noticeable increase in non-oil revenues, and all of this will be included and solutions sought for it in the 2025 budget.”

The head of the Finance Committee also explained that "the budget deficit may be the same as in 2024 because the government has been paying off its foreign loans, and in return, investment projects have been achieved and entered service, and there are other projects being implemented that have had a noticeable impact on the budget and its current expenditures."

The head of the committee continued, saying: “The government has started financing projects in the governorates with a second batch that reached 400 billion dinars for all governorates, and the same is true for financing some ministries to achieve their goals,” noting that “the financing batch during the coming months will be large and in line with what the ministries and governorates need, given that there are projects that these ministries and governorates have started and the governorates and ministries will be required to pay their financial requirements, especially towards private sector companies.”  link

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Tishwash:  Central Bank of Iraq announces progress in dollar control procedures

The Central Bank of Iraq announced progress in monitoring foreign transfers and cash dollar sales and providing protection for the banking and financial sector from the risks of money laundering, following the ongoing discussions of the Central Bank of Iraq with the Federal Reserve and the US Treasury Department.

The bank's governor, Ali Al-Alaq, said in statements to Al-Hurra website that "the ongoing quarterly meetings with the Federal Reserve and the US Treasury Department within the framework of organizing operations and coordination between the two sides, which have close relations, led to an agreement on procedures and formulas that are consistent with best practices and international standards, the latest of which was the plan related to organizing foreign transfer operations by rebuilding them according to new standards and methods."

Al-Alaq revealed that Iraq has achieved 95% progress in terms of monitoring procedures for foreign transfers and cash dollar sales, and providing protection for the banking and financial sector from the risks of money laundering operations.

In July 2023, the US Treasury imposed sanctions on 14 banks, and months before that, similar sanctions were imposed on 4 other Iraqi banks after they were accused of money laundering.

The Iraqi government, through the Central Bank of Iraq, has been continuing its negotiations for about two years with the US Treasury Department to lift sanctions on these banks, all of which are private banks. 

Jamal Kocher, a member of the Iraqi Parliamentary Finance Committee, confirms that the majority of the sanctioned banks are private banks that represent fronts for political parties with which the United States has stopped dealing.

Koger explained to Alhurra that “the US Treasury imposed sanctions on these Iraqi banks for their involvement in practices that fall under money laundering, money smuggling, and suspicious transactions. In return, the owners of these banks are pressuring the government to lift the sanctions on them, but I do not think that the United States will yield to these pressures. On the contrary, it is adamant about its position, and I do not think that without changing the behavior of these banks, America will abandon these sanctions and their imposition.”

Koger points out that the American pressures on the Central Bank of Iraq will not be eased unless there are changes in the behavior of these banks, calling on these banks to fully implement the conditions required by the US Federal Reserve in terms of transparency, clarity, and commitment to US sanctions on some countries. He said, “Any bank that deviates from these obligations will be subject to US sanctions, and measures will be taken against it.”

The number of banks in Iraq is about 79 banks, 8 of which are government banks, and one digital bank, while the banking sector suffers from a weakness in providing modern and advanced banking services.

For about two years, the Iraqi government has been seeking to digitize financial services, correct and rectify financial policy, enhance financial inclusion, keep pace with technological development, and restructure the banking sector in the country, which has not yet shaken off the dust of the political, economic, and security crises that have plagued it for decades.  link

Mot: Where Did I Go Wrong!!!??? 

Mot:  .. Soooo How do - Snow birds

Iraq News Highlights and Points to Ponder Tuesday AM 11-12-24

Al-Sudani's Advisor Announces US Treasury Support Mechanisms For Iraq

Posted on2024-11-11 by sotaliraq

The Prime Minister's Advisor, Mazhar Muhammad Salih, announced the mechanisms of the US Treasury's support for Iraq since 2003, while pointing to the continuation of consultations with the US Treasury regarding combating money laundering.

Saleh said in a statement to the official media: “The cooperation and coordination between Iraq and the US Treasury extends back to the first years since the change of the former regime,” indicating that “the Treasury played an important supporting role in supporting the Paris Club agreement in 2004 concerned with writing off Iraq’s debts called pre-1990 debts, and the presence of Treasury representatives in the Paris Club agreement secretariat helped ensure the writing off of 80% or more of the former regime’s debts.”

“The US Treasury succeeded in supporting infrastructure financing in Iraq through the conference held in the Spanish capital, Madrid, on October 23-24, 2003.

Its primary goal was to mobilize financial support for the reconstruction of Iraq after the US-led invasion in 2003. Seventy countries and international organizations participated in the conference,”

he added, explaining that “the conference was able to collect pledges amounting to about $33 billion, but a large part of these amounts was in the form of loans or technical support, and not all of it was direct financial aid.”

He explained that “the US Treasury contributed to establishing the Iraqi payments system in 2006 through a direct technical agreement with the Central Bank of Iraq to establish a wholesale payments system between the Central Bank on the one hand and the banks and the government in transferring funds and settling them electronically on the other hand, in addition to entering the era of settling bank checks electronically as well, which are matters in financial technology that are being introduced for the first time in our country,”

noting that “from the history of the important assistance provided by the Treasury, it has played an important role in replacing the local, fast-forgery edition of the dinar that was issued during the nineties siege in the largest campaign that Iraq witnessed between late 2003 and early 2004 with the international edition of the dinar, according to the highest international technical specifications.”

He stressed that “since the signing of the Strategic Framework Agreement in 2008 until today, there have been continuous consultations between representatives of the financial and monetary authorities in our country and the treasury to cooperate in combating money laundering and the proceeds of crime and terrorism in a manner that achieves governance and compliance for our financial and banking system as well as its optimal integration into the global financial and economic climate.”  LINK

Indomie And Dollar Smuggling: Has Fast Food Become A Cover For Currency Smuggling From Iraq?

Posted on 2024-11-11 by sotaliraq  Economic expert, Nabil Al-Marsoumi, raised questions about the significant increase in Iraq’s imports of Indomie, and its possible connection to the smuggling of dollars abroad.

According to data from the General Authority of Customs, Iraq imported about 64,185 tons of Indomie during 2023 from all border crossings, except for the Kurdistan Region, at a cost of $17.7 million, or the equivalent of 23.6 billion dinars, recording an increase of 18% over 2022.

Al-Marsoumi points out, in a blog post, that the value of Indomie imports may exceed $50 million annually, given that two-thirds of imports pass through Kurdistan ports and unofficial ports, without being registered with the General Authority of Customs.

It is believed that the import bills for Indomie carry huge amounts that may be much higher than the announced figures.

This discrepancy surprised the US Federal Reserve, which in turn wondered whether these imports reflect a real demand from Iraqis for Indomie, or whether they are an indirect means of smuggling dollars abroad.   LINK

Is The Grand Faw Port Iraq's Gateway To Global Trade?

Posted on 2024-11-12 by sotaliraq    In a move that represents a qualitative leap for the Iraqi economy, the government has opened five new docks within the Faw Grand Port project, raising questions about the possibility of transforming the port into a new starting point for global trade.

This project, which comes within the framework of the “Development Road” initiative, is one of the largest logistics projects in Iraq and the region, as it aims to link the Arabian Gulf with Europe through an integrated transportation network.

Economic experts confirm that the Faw Port will contribute to correcting the course of the Iraqi economy, by providing a giant infrastructure that supports all sectors, increases job opportunities, and enhances Iraq's competitiveness in the international economic arena.

With the completion of the remaining phases of the project by 2028, its capacity is expected to reach 91 million tons annually, making it one of the largest ports in the region and enhancing Iraq’s position as a major hub for global trade.

The economic expert, Maitham Al-Bolani, said, “The starting point of the development path is the port of Faw, which has become a reality in economic life and the first real infrastructure for developing the national economy and has a positive impact on the global economy, especially since the development path is being implemented in an Iraqi-Turkish-Emirati-Qatari partnership, and the Turkish side, in its first steps, concluded a quadripartite agreement with Hungary, Serbia and Bulgaria with the aim of delivering goods to the farthest parts of the world.”

He stressed that “the port of Faw represents an important starting point for global trade in various directions, and thus this port has great economic feasibility, especially with the existence of the development road, as the port and the road complement each other, noting that Iraq will be a fertile and mature investment destination for manufacturing industries at the present time at the very least and strategically in the future.”

It is noteworthy that the member of the Parliamentary Finance Committee, Mustafa Al-Karawi, said that “the opening of the five docks and the completion of the investment in the Faw Port will contribute to supporting the development path, in addition to the fact that it will be part of the Silk Road, indicating that Iraq is located in a geographical area that makes it a link between the major countries, China and Europe.”

For his part, development consultant Amer Al-Jawahri said, “The Grand Faw Port is the first real step that will facilitate global trade and link the West of the world to its East by the shortest and least time-consuming routes.

It will also enhance the volume of Iraq’s international trade with East Asian countries, where there is a large volume of trade and achieves fluidity in this regard.”

He pointed out that “the completion of all stages of the Grand Faw Port, and its being a starting point for the development path, will enhance the reality of the Iraqi economy, and Iraq will be a real attraction point with great and sustainable benefit for Iraq.”

He pointed out that "Iraq, through this port, will be of new benefit to European countries as well and the West in general, and they will develop tendencies to invest in Iraq and its regions close to this project."

Al-Jawahiri recommended “establishing the executive body for the development road project, of which the Faw Port is an important part, complementary to the new road and railway projects and other projects in more than one economic joint, which is considered a necessity for this project.”

He pointed out the "importance of concluding agreements with several countries that have a direct impact on the process of managing the integrated project, starting with the port and the development path with all its institutions."

He stressed the “necessity of forming the Faw Economic Zone Authority, which will handle the issues of economic and industrial cities and the technological city, all the way to the tourist city, which is an important part of the region and of great benefit. Here, we stress the necessity of forming institutions and the authority with legislation, so that it will transcend the successive governments that have managed the country.”  LINK

Seeds of Wisdom RV and Economic Updates Tuesday Morning 11-12-24

Good Morning Dinar Recaps,

PETER SCHIFF SLAMS DONALD TRUMP’S STRATEGIC BITCOIN RESERVE PROPOSAL

With the incoming Donald Trump administratation, crypto might play a key role, but Peter Schiff thinks Bitcoin Reserve proposal is a bad idea

▪️  Peter Schiff has watered down the hyped Bitcoin reserve proposal

▪️  He believes the move might crash the US Dollar in the long term

▪️  Many differ from Schiff with Bhutan also keeping a BTC Reserve

Peter Schiff, the core BTC critic has slammed the strategic BTC Reserve proposal that might come into effect with the re-election of former President Donald Trump. While many industry leaders and some lawmakers are celebrating this proposal, Peter Schiff has detailed why this move, if achieved, can destroy the United States.

Peter Schiff and the Deadly Bitcoin Reserve Cycle
As an economist, Schiff has always decried the massive focus on BTC as an investment asset. While the industry has continued to move forward despite his warnings, the banter has not ceased. Peter Schiff said if the US Government establishes a Bitcoin reserve and acquires 1 million BTC, it might buy more.

Based on his analysis, this initial purchase will push the price of the coin to a new high, turning many early buyers into millionaires and billionaires. 

This push mights see these investors sell their coins to cash out the profits accrued over the years. As the Bitcoin critic noted, this will make the BTC holding of the US government fall drastically.

To save face, the government might print dollars to buy more BTC to keep the price afloat. As Schiff noted, this is unsustainable as Bitcoin in this instance cannot stand as a proper hedge for the dollar. His believes this reality might greatly devalue the US Dollar. However, he noted that Bitcoin price will also tank in the long term.

The plans for a Bitcoin reserve has gained traction in Congress with Senator Cynthia Lummis publishing a Bill in that regard. President-elect Donald Trump has reiterated his plans for Bitcoin with many having high hopes on what comes next.

The Other Side of the Coin
While Peter Schiff has a negative view about a BTC reserve, other industry leaders have a different view. Advocates of the move believes the premier cryptocurrency have the right technology to tag as a store of value.

The growing demand for the coin, sparked in part by MicroStrategy’s bullish accumulation, has helped fuel its steady growth over time. Peter Schiff is an advocate of Gold, as he believes the precious metal is substantial and has stood the test of time. Even if Donald Trump establishes the reserve as promised, he said it can never be as high as proponents like RFK Jr projects.

However, countries like Bhutan has seen its Bitcoin reserve soar above $1 billion per the soaring price of the coin. As of writing, the price of Bitcoin has scored a new All-Time High (ATH) above $85,495.18, up 5.73% in 24 hours.

@ Newshounds News™

Source:  CoinGape

~~~~~~~~~

EU MANDATES DIGITAL PRODUCT PASSPORT BY 2027—VECHAIN TOOLCHAIN LEADS THE CHARGE IN SUPPLY CHAIN TRANSPARENCY

▪️VeTonsberg, VeChain’s partner in London, is preparing companies for future compliance, using blockchain solutions to enable end-to-end traceability.

▪️The DPP initiative aligns with global trends toward stricter traceability, as seen in U.S. regulations.

The European Union (EU) is moving towards enhanced sustainability and transparency requirements for products sold within its markets. Here, VeChain’s technology will play a significant role. 

The recently introduced Digital Product Passport (DPP) aims to strengthen traceability across sectors including electronics, textiles, and automotive, reported CNF.

EU’s Digital Product Passport (DPP) Initiative Promotes Sustainability and Transparency
VeTonsberg, a London-based partner of VeChain Technology Group, has announced its readiness to support companies in meeting these compliance standards with blockchain solutions.

However, currently, the implementation of DDP isn’t mandatory but industry participants expect it to be obligatory by 2027.

The DPP is set to provide detailed, accessible information about each product. It will include the product’s origins, environmental impact, and disposal guidance. This aligns with surging global demands for product transparency owing to heightened consumer awareness and investor expectations for sustainability.

“Supply chain transparency is no longer optional,” stated VeTonsberg on X. They emphasized that “the EU Council Digital Product Passport (DPP) is setting the stage for global traceability and sustainability.”

For further context, the concept of a DPP operates similarly to a traditional passport but for products. It serves as a digital record that documents critical lifecycle details, i.e., from materials and origin to environmental impact and disposal instructions.

According to EU regulations, each product will be equipped with a unique QR code or NFC tag to allow easy data access. This centralized digital platform ensures stakeholders can verify product authenticity, origins, and compliance at every stage.

DPP requirements are a component of the EU’s Ecodesign for Sustainable Products Regulation (ESPR), which aims to address the environmental footprint of consumer goods.

With preliminary implementation in 2024, the ESPR mandates DPPs for products with significant environmental impact potential.

VeChain and VeTonsberg Ready to Support Compliance in Emerging Product Traceability Requirements
Moreover, the EU aims to make DPPs compulsory for high-impact goods as transparency in product lifecycles is key to advancing sustainability. As an industry partner, VeTonsberg is set to play a significant role in facilitating these compliance standards.

The company, established in 2022, offers blockchain, NFC, and RFID solutions specifically designed to align with VeChain’s Toolchain platform. This suite of tools allows end-to-end product traceability, data reporting, and integration into existing systems.

According to VeTonsberg, “We can help you implement VeChain Toolchain to meet these requirements by offering end-to-end traceability, monitoring and data reporting for compliance, and integration with existing systems for seamless data flow.”

The DPP initiative follows a similar global trend. VeChain partner VeTonsberg highlighted that other countries are tightening regulations on traceability.

They also cited the U.S. Food and Drug Administration’s Food Safety Modernization Act and Drug Supply Chain Security Act as examples of recent transparency measures in food and pharmaceuticals, reported CNF.

VeTonsberg’s offerings align with these regulatory shifts by helping industries adapt to new compliance demands. The company has also underscored the urgency for businesses to prepare. In the post, they noted, “The deadline is fast approaching… Ensure your supply chain is compliant by starting today.” Meanwhile, it’s worth noting that VeChain has launched the My Story DDP tool with DNV for a similar cause.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

🌱WILDFIRES HAVE CAUSED SIGNIFICANT DESTRUCTION IN BOTH CALIFORNIA AND THE NEW YORK-NEW JERSEY REGION  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

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MilitiaMan & Crew News-Private Sector- Electronic Payments-Reconstruction-Development-Digital Transformation-ISX

MilitiaMan & Crew News-Private Sector- Electronic Payments-Reconstruction-Development-Digital Transformation-ISX

11-11-2024

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

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

https://www.youtube.com/watch?v=flu7f1JyXsI

Iraq Economic News and Points To Ponder Monday Afternoon 11-11-24

Researcher: Mismanagement And Politics Negatively Affected The Value Of The Iraqi Dinar Against The Dollar
 
November 10 Information / Baghdad..  Iraqi affairs researcher Qasim Balshan confirmed today, Sunday, that  mismanagement and policy have negatively affected the value of the Iraqi dinar against the dollar.
 
Balshan said in an interview with the Maalouma Agency that "the current political mismanagement has negatively affected the value of the Iraqi dinar against the dollar, making prices fluctuating and unstable in Iraq." He stated, "Until this moment, no person specialized in the field of currencies and banking has been chosen to manage the Central Bank of Iraq well," pointing out that all those who are chosen follow certain political blocs.

He added, "When the Central Bank of Iraq puts the dollar up for sale, we notice that citizens are far from the issue and the sale is limited to some companies and banks." He pointed out that
 
"the Iraqi money that comes from selling oil does not go to the Iraqi government directly, but rather to the US Federal Bank, which is the one who deals with these matters." He continued,
 
"The   political disputes and crises, the   lack of good distribution of wealth, and the
     lack of real investment are what led to the deterioration of the Iraqi dinar against the dollar." 

https://almaalomah.me/news/82149/economy/باحث:-سوء-الإدارة-والسياسة-اثرت-سلبا-على-قيمة-الدينار-العراق   

Iraq Needs To Address Financing Problems

 Economical 11/12/2024  Baghdad: Al-Sabah   Economic circles explained that the reason for the decline in the expansion of projects inside Iraq lies in the financing for these projects, which represent the cornerstone for the development of the service and production economic sectors in the country, and indicated that  the paths to revitalizing financing require that we have elements that attract foreign capital to Iraq, which is an important labor market for many.

Of international companies, especially after the development path began to appear on the horizon, and its first steps began from the port of Al-Faw.

Member of the Businessmen Union Dr. Murtada Al-Khafaji told "Al-Sabah":

 Iraq needs capital that can be employed in Iraq and achieve a major benefit for Iraq and for the global partner who brings its capital and the advanced technology it possesses.

 Al-Khafaji added that the  lack of funding represents an obstacle to developing economic performance, pointing out that   Iraq’s need requires more than 200 billion to begin serious work on building development projects in all regions of Iraq and creating a work cell of great benefit to Iraq and the global market, especially since the reality of Iraq matters to many people.

 Specialized international companies with capital and advanced technology are aware of Iraq's weight on the global economy.

In turn, member of the Baghdad Economic Forum, Jassem Al-Aradi, pointed out the  inevitability of activating the real economic sectors that represent the focus of addressing the chronic economic problems in Iraq, and which contribute to achieving a real multiplicity of financial revenues.

He said:  The economic reality in Iraq requires serious work to attract specialized investments to the Iraqi field of work, which requires the presence of solid companies capable of bringing technology and production lines that move the Iraqi economy to a new stage.

He stressed that  financing problems in Iraq are addressed through the local and international private sector, which has the executive capabilities, and here we must work carefully and carefully to communicate with the targeted companies that can within the promising Iraqi market.

It is noteworthy that  economic experts have stressed on more than one occasion to overcome these limitations by providing funding sources, and the

 importance of providing a specialized economic vision that is compatible with investment, which demands the availability of an investment environment that guarantees its rights, pointing out the

 necessity of benefiting from global openness towards Iraq and the presence of international delegations at their various governmental and informal levels. Especially those who expressed a desire to work inside Iraq https://alsabaah.iq/105780-.html

Parliamentary Finance Reveals A Move To Question The Governor Of The Central Bank Of Iraq: We Are Working To Change It
 
Politics  2024-11-10 04:53  Shafaq News/ Member of the Parliamentary Finance Committee, Muhammad Nouri, revealed on Sunday a move within the committee and the House of Representatives to question the Governor of the Central Bank of Iraq, Ali Al-Alaq, due to the lack of control over the stability of the dollar price, and the dominance of private banks over the currency selling window. Nouri told Shafaq News Agency,
 
 “There is a move within the Parliamentary Finance Committee and the House of Representatives to interrogate the Governor of the Central Bank, Ali Al-Alaq, because there are many files, most notably the bank’s lack of control over the stability of the dollar exchange rate in the market.” He pointed out that
 "the other reason that is considered one of the reasons for questioning the Central Bank Governor is the dominance of some private banks owned by foreign nationalities over the window for buying and selling currency and foreign transfers."

Nouri stated,   “There are other works that we are doing through letters and official correspondence to change the governor of the Central Bank because he is over the legal age and continues in the position while he must be referred for retirement.”
 
On Monday, August 19, a member of the Parliamentary Finance Committee, Mustafa Al-Karawi, revealed that a request had been submitted to the Presidency of the House of Representatives to set a date for questioning the Governor of the Central Bank of Iraq regarding several files, most notably the exchange rate of the dollar against the local currency.

Al-Karaawi told Shafaq News Agency,
 
“Members of the Parliamentary Finance Committee had previously submitted a request to the Speaker of the House of Representatives to interrogate the Governor of the Central Bank, Ali Al-Alaq.”

He added,  "The interrogation concerns several files, the most important of which are the dollar exchange rate and its sale to travelers, the currency buying and selling window, financial transfers abroad, monetary financing, American sanctions, and negotiations with the American Federal Bank."
 
It is noteworthy that, on August 19, the Supreme Judicial Council of Iraq supported the findings of the State Council regarding referring the Governor of the Central Bank, Ali Al-Alaq, to ​​retirement after reaching the legal age.
 
The Supreme Judicial Council said in an official document received by Shafaq News Agency, that the same subject was studied by the study committee at the presidency of the Judicial Supervision Authority, and the same opinion was reached by the State Council in the two aforementioned decisions.
 
The House of Representatives had sent a letter to the Supreme Judicial Council inquiring about the judiciary’s opinion regarding the permissibility of the bank governor continuing to serve after reaching the legal age for retirement.
 
The State Council decided the official position on whether or not the Governor of the Central Bank, Ali Al-Alaq, should continue in his position, stressing that he has exceeded the legal age for retirement.
 
It was stated in correspondence between the State Council and Parliament, that in response to the House of Representatives’ clarification of the opinion from the State Council regarding the permissibility of the Governor of the Central Bank continuing to serve after reaching the legal age for retirement. He pointed out that
 
the legislator has explicitly stipulated that referral to retirement upon reaching the legal age is an inevitable referral by law unless excluded by a special text, and  since there is no special text that excludes the Governor of the Central Bank from the provisions of the inevitable referral to retirement upon reaching the legal age.
 
The State Council confirmed that the legal principle stipulates: “Heads of independent bodies are subject to the legal age for retirement.”    https://shafaq.com/ar/سیاسة/المالية-النيابية-تكشف-عن-تحرك-لاستجواب-محافظ-البنك-المركزي-العراقي-نعمل-لتغييره   

The Association Of Banks Is Considering Granting Privileges To Electronic Card Users
 
    Time: 11/09/2024 20:46:04 Read: 4,043 times  {Economic: Al-Furat News} The advisor to the Association of Private Banks, Abdul Rahman Al-Sheikhli, revealed intentions to  grant some privileges such as gifts or competitions and a reduction in payment fees {currencies} to encourage the acquisition of an electronic card.  

Al-Sheikhli said {to Al-Furat News} that:   “The government program emphasized the necessity of economic and financial reform in the country, and the measures taken in this regard are continuing,” stressing “the necessity of   expanding banking awareness campaigns and  making citizens aware of the importance of working with banks and  circulating money through banking channels to ensure that it does not go abroad.”". 

He added,  "The country is witnessing a revolution in the field of banking technologies and electronic payment, and  all citizens are supposed to have a bank account that can be dealt with through a mobile phone or any other means." 

Al-Sheikhli explained,  "Some citizens still prefer to deal with direct cash,  but there are intentions to grant some privileges such as gifts or competitions and a reduction in payment fees (currencies) to encourage the acquisition of an electronic card."   
 
https://alforatnews.iq/news/رابطة-المصارف-تدرس-منح-امتيازات-لمستخدمي-البطاقة-الالكترونية   

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

Some “Iraq News” Posted by Clare at KTFA 11-11-2024

KTFA:

Clare:  Planning: We will start the census next Thursday.. and the Ministry of Interior announces the start date of the curfew and those exempted from it

11/11/2024

The Ministry of Planning announced that it will begin conducting and implementing the population census starting next Thursday.

 The head of the Central Bureau of Statistics at the Ministry of Planning, Diaa Awad Kazim, said in a joint press conference with the Ministry of Interior: “The population census will continue until December 10, and the 20th and 21st of this month will be for the census of family members,” indicating that “the enumerators will visit families more than once, and the curfew will gradually be lifted from the areas where the census is being conducted.”

He pointed out that "the practical procedures for the population census will begin next Thursday," stressing that "there is no postponement of the population census and it includes all regions of Iraq and no region or governorate is exempted from it."

For his part, the spokesman for the Ministry of Planning, Abdul Zahra Al-Hindawi, said: “820 thousand counters are participating in the population census. We will draw a new map of data in Iraq.”

He stressed, "We completed the requirements of the population census within a year and a few months, which is something that advanced countries are unable to do," noting that "the curfew is not for security reasons, but rather to implement the census accurately."

The spokesman for the Ministry of Interior, Muqdad Miri, said, "The curfew for the population census begins at midnight on the 20th of this month and continues from the night of the 21st of the same month at 12 o'clock throughout Iraq."

He stressed that "the curfew includes the Kurdistan Region and any region where the census is being conducted will be lifted," stressing that "all Iraqi cities are fully secured to implement the population census."

He explained that "air traffic will be open to everyone, flight reservations will not be affected during the census ban, and trade exchange will continue."  LINK

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

Clare:  The curfew begins at 12 midnight and will include Kurdistan.. New details regarding the population census

11/11/2024  Baghdad

Today, Monday, the Ministry of Interior set the date for the start of the curfew in  Iraq  for the purpose of conducting the population census, which falls on the 20th and 21st of this month, while revealing the entities exempted from the curfew.

The spokesman for the Ministry of Interior, Brigadier General Muqdad Miri, said during the joint press conference between the Ministry of Interior and the Ministry of Planning regarding the population census, "According to a royal order, the Supreme Security Committee for the Census was formed. It took several steps in all governorates and the region and provided protection for the cadres and devices used in the census and provided protection for the tablet centers."

 He pointed out that "the census will be on the 20th and 21st of this month, and there will be instructions for a curfew. First, the curfew timing will begin at midnight on November 19th on the 20th at 12 midnight."

 He added, "The movement of citizens, vehicles and trains between governorates, districts and sub-districts and between district centres is prohibited except in humanitarian cases and extreme circumstances."

He pointed out that "those authorized by the security authorities, the statistics directorates, the store manager, and the employees of the Ministry of Planning are allowed to move to work on the census, as well as authorized journalists who carry official badges."

It is clear that "another exception is for all those charged with duties and diggers from the health and service cadres," noting that "the exception is for the movement of immediate ambulances, traffic and rescue vehicles, and workers in embassies and United Nations organizations."

 For his part, the spokesman for the Ministry of Planning, Abdul Zahra Al-Hindawi, said: “It was a big challenge to have the census electronically through tablets, communications devices and other equipment,” indicating that “more than 120,000 enumerators will participate in the census process.”

 He revealed, "The absence of a census created a large data gap, so this darkness that enveloped the scene will be illuminated through the census," adding, "We will draw a new map of the scene in Iraq that will be like a cat in the flesh to diagnose the problems existing there."

 Al-Hindawi said, "All our work takes a year and a few months, while there are censuses that take five years to prepare for," noting, "We have completed all preparations and are waiting for the 20th and 21st to start the census and impose a curfew throughout Iraq."

 He added: "Not providing data through families will produce an unclear picture, and we ask citizens to provide the correct information and prepare the required documents," noting that "our message to the citizen is not a security warning, but rather to have a stable picture to implement the census properly, and this is the history of Iraq."   LINK

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

Clare:  The Minister of Trade discusses with the Mayor of Baghdad the development of joint cooperation and the exchange of views on the opening of hypermarket projects in the capital, Baghdad

11/10/2024

Minister of Trade Athir Dawood Al-Ghariri, accompanied by the Undersecretary of the Ministry for Economic Affairs Ghassan Farhan Hamid, visited the headquarters of the Baghdad Municipality today, Sunday, and met with its Secretary, Eng. Ammar Musa Kazim.

A statement by the Ministry's media office stated that "the meeting discussed developing joint cooperation and exchanging views on the hypermarket projects that the ministry will open soon in the capital, Baghdad, as well as the rehabilitation of the facades of its buildings that qualified them to add aesthetic features to Baghdad in addition to."

The statement indicated that "the meeting touched on the possibility of cooperation in allocating land to build a residential complex for employees of the Ministry of Trade."

The statement stressed that "the visit aimed to enhance coordination between the two parties in areas that contribute to improving the services provided to citizens, supporting the infrastructure and developing the business environment in Baghdad."  LINK

Clare:  Private banks' capital in Iraq increased by 7.3%

11/11/2024

The Central Bank of Iraq announced, on Monday, that the capital of private banks increased by 7.3%.

The bank said in a report seen by Shafaq News Agency that it recorded an increase in the total capital of private banks operating in Iraq during the first quarter of this year, by 7.3% to reach 19.2 trillion dinars, compared to 19.7 trillion dinars for the same period last year.

He pointed out that the capital of private banks operating in Iraq increased by 6%, while the capital of government banks increased by 11.1%.

He added that the contribution of private banks' capital amounted to 73.2%, while the contribution of government banks' capital amounted to 26.2%.

The bank explained that deposits in the first quarter of the current year increased by 1.2% to reach 123.7 trillion dinars compared to 122.2 trillion for the same period of the previous year, with current deposits increasing by 3.1% as a result of the increase in current expenditures from wages and salaries of employees in the public sector, while savings deposits decreased by 3%, and fixed deposits decreased by 10%.  LINK

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

Clare:  Efforts to amend the {Accreditation Authority} law

11/11/2024  Baghdad: Shaima Rashid

The Parliamentary Planning Committee revealed efforts to amend the Iraqi Accreditation Commission Law (Law No. 78 of 2017) with the aim of granting the commission greater independence and linking it directly to the Council of Ministers.

Member of the Parliamentary Planning Committee, Mohammed Al-Baldawi, stated that “the Iraqi Accreditation Authority is one of the vital bodies that aims to enhance quality and accreditation standards in Iraq,” noting that “the authority is currently linked to the Ministry of Planning according to the current law, but the committee seeks to amend the law so that the authority becomes directly under the supervision of the Council of Ministers, which supports its independence.”

Al-Baldawi added, in his interview with Al-Sabah, that “the Iraqi Accreditation Authority plays an important role in granting accreditation certificates to various institutions, companies and projects, which helps to raise their capabilities and achieve international accreditation standards, which leads to qualifying Iraqi companies to access global markets,” noting that “this amendment will give additional strength to companies and their products to be able to compete in international markets with the support of accredited certificates.”

The MP stressed that "amending the law will enhance Iraq's position in the global quality market, and support Iraqi institutions in opening new horizons for cooperation and trade exchange with countries of the world, which will positively reflect on the national economy."  LINK

Iraq News Highlights and Points To Ponder Monday 11-11-24

Economist Identifies Main Reason Behind Dollar's Rise

Today 11:46   Information / Baghdad.. Financial and banking researcher Mustafa Hantoush confirmed today, Monday, that the demand in the parallel market is the reason behind the rise in the dollar exchange rate. Hantoush said, in an interview with Al-Maalouma Agency, that "the main reason for the rise in the exchange rate of the dollar against the Iraqi dinar is the demand in the parallel market."

He added that "the huge trade with neighboring countries and the number of travelers estimated at millions caused an increase in demand in the parallel market," noting that "some small traders do not have licenses or companies to import."

He explained that "fears of wars in the region push traders, markets and citizens to exaggerate the quantities imported and purchased, and also push some to save dollars."

He continued: "There are no problems in the Iraqi supply chains from (Turkey, Canada, Australia, China and India) and there are no concerns about the liquidity of the dollar in Iraq." LINK    LINK

Among Them Is Iraq.. The Country That Bought The Most Gold In 10 Yea

Money and business     Economy News - Follow-up    Governments store thousands of tons of gold bullion in their vaults, as the precious metal is considered a safe haven. Iraq has become one of the most popular countries in the world in buying gold and boosting its reserves of the yellow metal.

The economic website "RBK" published a report, based on data from central banks around the world, the International Monetary Fund, the World Bank, and the World Gold Council, highlighting countries' purchases of the yellow metal from 2013 to 2023.

According to the report, central bank purchases in the world at the end of 2023 amounted to about 1,037 tons of gold, which is the second largest volume ever purchased on an annual basis.

The report showed that Russia, China and Turkey were at the forefront of gold buying countries during the mentioned period, as the three countries’ purchases amounted to 2,903 tons of the resonant yellow metal.  https://economy-news.net/content.php?id=49703

Experts: Faw Port Is Iraq's Gateway To A Global Economic Future

Economic  2024/11/11  Economic circles agreed on the importance of opening five berths within the Grand Faw Port project, and considered it the first step towards correcting the paths of the Iraqi economy, as the project represents the first step in an ambitious policy to create major infrastructure in the country, serving all sectors without exception, and is an acceptable approach to diversifying the Iraqi economy and providing opportunities for a wide segment. It is hoped that the project will be completed in its three phases in 2028 with a total capacity of 91 million tons annually.

Prime Minister Mohammed Shia al-Sudani, who sponsored the ceremony of receiving the five berths of the Faw Port from the Korean implementing company, described it as “the people’s project,” and that it “gains great importance due to its connection to the development road project, which will link, starting from the Grand Faw Port, the economies of most countries in the region, and will be an outlet for achieving economic integration,” noting that Iraq remains a fundamental pillar in the global economy, and a historical part and passageway of the most important international exchange routes.

The Five Platforms

Al-Sudani pointed out the importance of the five docks in the Grand Faw Port, as they represent the backbone of the port project in its first phase, which will be completed next year according to the previous timetables. Huge commercial ships with large drafts have already docked on the port docks.

Real Transformation

Chairman of the Federation of Chambers of Commerce, Abdul Razzaq Al-Zuhairi, described the opening of the five berths in the Grand Faw Port as a real transformation in the paths of national and global trade.

He said: Today we are facing a launch to serve the national economy, as we have actually begun to revive the Iraqi infrastructure in the ports sector, as this step represents an advancement to the global level of services provided to the national economy.

The Biggest Project

Al-Zuhairi added that the port’s capacity for all its phases exceeds 90 million tons annually, a number that reflects the extent of the work required in this project in particular. When the larger project, the development road and its facilities and the Grand Faw Port, are completed, there will be a need for millions of specialists, and here everyone can imagine the reality of the performance required in such locations.

He pointed out that the country is facing a new phase and new institutions, which are being created with the development of work in this site, which has become global, as it has become the focus of attention of the world's major economies in the East and West of the world.

Starting Point

Economic expert Mitham Al-Bolani confirmed that the starting point of the development path is the port of Faw, which has become a reality in economic life and the first real infrastructure for developing the national economy and has a positive impact on the global economy, especially since the development path is being implemented in an Iraqi-Turkish-Emirati-Qatari partnership, and that the Turkish side, in its first steps, concluded a quadripartite agreement with Hungary, Serbia and Bulgaria with the aim of delivering goods to the farthest parts of the world.

He stressed that the port of Faw represents an important starting point for global trade in various directions, and thus this port has great economic feasibility, especially with the existence of the development road, as the port and the road complement each other, pointing out that Iraq will be a fertile and mature investment destination for manufacturing industries at the present time at the very least and strategically in the future.

Geographical Area

It is noteworthy that the member of the Parliamentary Finance Committee, Mustafa Al-Karawi, said in a statement to the Iraqi News Agency (INA): The opening of the five docks and the completion of the investment in the Faw Port will contribute to supporting the development path, in addition to the fact that it will be part of the Silk Road, indicating that Iraq is located in a geographical area that makes it a link between the major countries, China and Europe.

Global Trade

Development Consultant Amer Al-Jawahri said: The Grand Faw Port is the first real step that facilitates the reality of global trade and connects the West of the world to its East by the shortest and least time-consuming routes. It will also enhance the volume of international trade for Iraq with the countries of East Asia, where there is a large volume of trade and achieves fluidity in this aspect.

He pointed out that completing all stages of the Grand Faw Port, as a starting point for the development path, will enhance the reality of the Iraqi economy, and Iraq will be a real attraction point with great and sustainable benefit for Iraq.

Executive Body

He pointed out that Iraq, through this port, will be of new benefit to European countries and the West in general, and they will develop tendencies to invest in Iraq and its regions close to this project.

Al-Jawahiri recommended establishing the executive body for the development road project, of which the Faw Port is an important part, complementary to the new road and railway projects and other projects in more than one economic joint, which is considered a necessity for this project.

Make Agreements

He pointed out the importance of concluding agreements with several countries that have a direct impact on the process of managing the integrated project, starting with the port and the development path with all its institutions.

 He stressed the necessity of forming the Faw Economic Zone Authority, which will handle the issues of economic and industrial cities and the technological city, all the way to the tourist city, which is an important part of the region and of great benefit. Here, we stress the necessity of forming institutions and the authority with legislation, so that it will transcend the successive governments that have managed the country.

Starting Point

Economic expert Dr. Salwan Al-Nouri said: Iraq is distinguished by its geographical location, and this is something known to everyone without exception. We are at the point closest to the West and East of the world, and the country could be a starting point towards the two global poles, and this will happen sooner or later, and we have to work and start from this fact, and here we must know how to work and what is required during the next stage and we have entered the circle of real international interest, and we now have a port that concerns the economies of the world.

Re-Export

Al-Nouri stressed the need to move towards legislating the re-export law in a manner that is consistent with the importance of Iraq in the arena of international trade and the international economy, as this law allows Iraq to be a real starting point for developing the national economy, noting that this law allows companies to bring imports to Iraq and work on exporting them to various countries of the world again after dealing with them or dividing them, and in this matter there is a great benefit for the country.   https://alsabaah.iq/105691-.html

“Indomie” In Iraq: A Popular Dish Or A Dollar Smuggling?

11/10/2024  Iraqi economic expert Nabil Al-Marsoumi raised an interesting question about the relationship between importing “Indomie” and dollar smuggling, based on data from the General Authority of Customs.

Al-Marsoumi said in a statement, “Is there a relationship between Indomie and dollar smuggling?” indicating that “Iraq imported about 64,185 thousand tons of Indomie in 2023 through all border crossings except the Kurdistan Region, at a value of 17.7 million dollars, or the equivalent of 23.6 billion dinars.”

He explained that "this number represents an increase of 18% compared to 2022."

Al-Marsoumi added that this number is likely to rise to more than $50 million annually, especially since two-thirds of Iraq’s imports are not registered with the General Authority of Customs, but rather pass through Kurdistan’s ports and illegal ports.”

Al-Marsoumi cited the US Federal Reserve’s surprise at the import bills for Indomie, which he described as very large and much larger than the announced figures.

He raised a question about whether these imports actually reflect the Iraqis' love for this food item or whether they represent a means of smuggling dollars abroad.  LINK