Iraq Economic News and Points to Ponder Late Thursday Evening 11-13-24
The Iraqi Government Reveals The Reasons For The Lack Of Gold In Its Reserves Compared To Other Currencies
Economy Iraq breaking gold 2024-11-13 03:23 Shafaq News/ Mazhar Muhammad Saleh, the financial advisor to the Prime Minister, revealed on Wednesday the reasons for the lack of gold in the state’s reserves compared to other hard currencies. Saleh said in an interview with Shafaq News Agency, “Some countries still only hold quantities of gold as part of their cash reserves, as the greatest focus today is on other assets that can be quickly and easily converted into productive assets that generate returns in the long term.”
The Iraqi Government Reveals The Reasons For The Lack Of Gold In Its Reserves Compared To Other Currencies
Economy Iraq breaking gold 2024-11-13 03:23 Shafaq News/ Mazhar Muhammad Saleh, the financial advisor to the Prime Minister, revealed on Wednesday the reasons for the lack of gold in the state’s reserves compared to other hard currencies. Saleh said in an interview with Shafaq News Agency, “Some countries still only hold quantities of gold as part of their cash reserves, as the greatest focus today is on other assets that can be quickly and easily converted into productive assets that generate returns in the long term.”
He added, "Countries are moving away from using gold as the main store of their cash reserves for several reasons related to
international economic developments and
changes in the nature of modern financial systems, which are restricted by the following main reasons, including
low returns compared to other assets such as:
investing in deposits, or
government bonds with a very high credit rating."
“And it is risk-free, so gold does not achieve fixed returns like government bonds.” Saleh continued, Therefore,saying:
“the majority of countries prefer to keep assets that generate a fixed and stable income, such as: American or European treasury bonds that can truly generate annual interest, and the difficulty of
dealing with gold in times of crises is difficult, as
it is difficult to convert gold into liquidity quickly.” Compared to other financial assets such as foreign currencies and bonds. He explained that
"the changes in the global financial system since World War II have imposed conditions in which most countries have come to rely on the US dollar as a major reserve, given that
it is the most accepted and used global currency in international transactions, which makes
keeping the dollar or assets associated with it a more flexible option."
The advisor to the Prime Minister pointed out that
“the cost of storing gold requires safe spaces to protect it from theft or damage, which may represent an additional burden compared to digital financial assets or liquidity.” He pointed out that
"countries are seeking to diversify their reserves to include different currencies and various financial assets to achieve greater stability, instead of relying solely on gold to avoid the cycle of gold assets and its problems.
Therefore, the standard rule is that gold should not exceed, on average, 10% of the total value of countries' reserves."
Iraq has a hard currency reserve of about 100 billion dollars, and 152 tons of gold in its reserves, which is equivalent to about 12 billion dollars. https://shafaq.com/ar/اقتصـاد/الحكومة-العراقية-تكشف-سباب-قلة-الذهب-في-احتياطياتها-زا-العملات-الاخرى
Prime Minister's Advisor Rules Out Oil Price Collapse: Trump's Policy Will Not Sacrifice Petrodollar
Time: 2024/11/14 12:16:46 Read: 1,352 times {Politics: Al Furat News} The economic advisor to the Prime Minister, Mazhar Muhammad Salih, ruled out that the policy of US President-elect Donald Trump would “sacrifice” the petrodollar.
Saleh told Al Furat News Agency: "There are three restrictions that I find that prevent the deterioration of crude oil prices in the global market. The first is that the United States is still the largest oil producer in the world, and major American oil companies have invested in line with an oil price of no less than $70 per barrel, to cover the costs of producing shale oil at the break-even point."
He added, "As for the second restriction, President Trump's policy will not sacrifice the petrodollar to make the oil dollar a dollar supply that exceeds demand for it, at a time when the United States and its new foreign policy find themselves making the dollar the strongest currency in the world, within the framework of its dominance over the global economy.
Therefore, the new American administration is keen for the dollar to present itself again and for demand to exceed supply. Therefore, the weakness or deterioration of petrodollar revenues only means a weakening of the global oil currency and the basis of the dollar's dominance."
Saleh continued, "As for the third restriction, the deterioration of oil prices will allow China, the largest oil importer in the world, to obtain cheap energy resources, which is inconsistent with the economic competition between China and the United States in dominating the sources of growth and economic power in the world."
He pointed out that, "In light of the above, I find that the three above-mentioned restrictions are what will prevent the collapse of the oil asset cycle if it is about to happen, taking into account not being overly optimistic, which requires fiscal and monetary policies within the framework of preventive policies that mitigate the impact of international factors on stability and economic growth in our country."
Economic analysts have warned of a sharp 40% drop in oil prices next year if the OPEC+ group abandons current oil production restrictions. LINK
Oil Prices Stabilize After Hitting Their Lowest Levels This Month
Thursday 14 November 2024 09:01 | Economic Number of readings: 157 Baghdad / NINA / Oil prices stabilized on Thursday, after hitting their lowest level this month, as the rise in the US dollar put pressure on commodities, while concerns about demand growth raised uncertainty about price expectations.
Brent crude was traded near $72 a barrel, while West Texas Intermediate crude exceeded $68.
China's position in the global oil market declined this week, as the US Energy Information Administration said that India has now become the main source of demand growth in Asia, due to slowing Chinese consumption due to the economic slowdown and the increasing spread of electric cars.
More market analyses are expected to be issued on Thursday from the International Energy Agency. / End3 https://ninanews.com/Website/News/Details?key=1168980
IEA Raises Oil Demand Growth Forecast
Energy Economy News - Follow-up The International Energy Agency raised its forecast for global oil demand growth this year to 920,000 barrels per day from a previous forecast of 860,000 barrels per day.
It stated in its monthly report today that China is the main obstacle to the growth of global demand for oil, as Chinese demand shrank for the sixth consecutive month in September.
The agency kept its forecast for global oil demand growth in 2025 largely unchanged at 990,000 barrels per day, down from the previous forecast of one million barrels per day, according to Reuters.
She said that current balances indicate that even if OPEC Plus cuts continue, global supply will exceed demand by more than one million barrels per day in 2025.
The Organization of the Petroleum Exporting Countries (OPEC) has lowered its forecast for global oil demand growth in 2024 by 107,000 barrels per day to 1.8 million barrels per day, according to its monthly report issued two days ago.
The organization also reduced its expectations for growth in demand for OPEC+ oil by about 100,000 barrels to reach 0.5 million barrels per day in the same year.https://economy-news.net/content.php?id=49828
Gold Continues To Decline In Baghdad Markets
Stock Exchange Economy News – Baghdad The prices of "foreign and Iraqi" gold decreased in the local markets in the capital, Baghdad, today, Thursday.
Gold prices in the wholesale markets on Al-Nahr Street in Baghdad this morning recorded a selling price of one mithqal of 21 karat Gulf, Turkish and European gold of 532 thousand dinars, and a purchase price of 528 thousand dinars.
The selling price of one mithqal of 21-karat Iraqi gold was recorded at 502 thousand dinars, and the purchase price was 498 thousand.
As for gold prices in goldsmiths’ shops, the selling price of a mithqal of 21-karat Gulf gold ranges between 535,000 and 545,000 dinars, while the selling price of a mithqal of Iraqi gold ranges between 505,000 and 515,000 dinars. https://economy-news.net/content.php?id=49820
For current and reliable Iraqi news please visit: https://www.bondladyscorner.com/
Seeds of Wisdom RV and Economic Updates Friday Morning 11-15-24
Good Morning Dinar Recaps,
PRO-BITCOIN MATT GAETZ NOMINATED AS U.S. ATTORNEY GENERAL
Matt Gaetz, a Florida Representatives and American lawyer, has been nominated as Attorney General by President-elect Donald Trump. Gaetz was assigned due to his educational and career experience in law.
President-elect Donald Trump nominated Matt Gaetsz, pro-bitcoin and Florida representative, to be the next U.S. Attorney General. Following this nomination, he resigned from the House of Representative on Nov. 13, 2024.
Good Morning Dinar Recaps,
PRO-BITCOIN MATT GAETZ NOMINATED AS U.S. ATTORNEY GENERAL
Matt Gaetz, a Florida Representatives and American lawyer, has been nominated as Attorney General by President-elect Donald Trump. Gaetz was assigned due to his educational and career experience in law.
President-elect Donald Trump nominated Matt Gaetsz, pro-bitcoin and Florida representative, to be the next U.S. Attorney General. Following this nomination, he resigned from the House of Representative on Nov. 13, 2024.
ccording to the Nov. 13 X post, Trump praised Gaetz as a determined attorney committed to driving much-needed reform at the Department of Justice.
Gaetz expects to prioritize ending weaponized government, strengthening border security, dismantling criminal organizations, and exposing the potential of government corruption and weaponization.
“He is a champion for the constitution and the rule of law. Matt Gaetz will root out the systematic corruption at DOJ, and return the department to its true mission of fighting crime, and upholding our democracy and constitution.”
Elon Musk, recently appointed as head of Department of Government Efficiency (D.O.G.E), replied to his X post, congratulating Gaetz on his new role.
Matt Gaetz stances on crypto
Earlier this year, on June 25 as a member of Congress Gaetz introduced a bill advocating for Bitcoin to be accepted as payment for Americans for federal income tax. The bill was proposed after he visited El Salvador and aimed to modernize the U.S. tax system.
The aggressive move made would “promote innovation, increase efficiency, and offer more flexibility to American citizens.”
The proposal seeks to amend the Internal Revenue Code of 1986 to accept Bitcoin for tax payment and expand this payment option to other federal services.
Gaetz has also advocated for various crypto deregulations and pushed back against the federal agency’s oversight. He is arguing that the measure would stifle innovation and growth.
His appointment as an Attorney General highlights potential approaches to law enforcement and more flexible regulations within the crypto industry under the Trump presidency.
@ Newshounds News™
Source: Crypto News
~~~~~~~~~
CHINA COULD REASSESS CRYPTO BAN DUE TO TRUMP, HASHKEY CEO CLAIMS
HashKey Group Chairman and CEO Xiao Feng has indicated that China’s stringent stance on cryptocurrencies could soften within the next two years, influenced by the pro-crypto policies expected under US President-elect Donald Trump. Xiao believes that clear regulatory support in the United States could serve as a catalyst for China to reconsider its current ban.
Why China Could Reconsider Its Crypto Ban
“If the US Congress and the new president establish clear crypto policies and actively promote the industry, it would certainly be a driving force for China to accept cryptocurrencies,” Xiao stated in an interview with the South China Morning Post.
Xiao also pointed to geopolitical factors that might accelerate China’s acceptance of digital assets. The exclusion of Russia from the SWIFT financial messaging system by the US and its allies in 2022 has underscored the importance of alternative financial infrastructures.
This move, part of sanctions related to the conflict in Ukraine, may prompt China to explore crypto more earnestly to safeguard its financial autonomy.
“Without these events, China might have needed five or six years to accept cryptocurrency businesses. Now, due to these factors, that timeframe could be shortened to two years,” Xiao explained.
Over the past several years, China has enforced a strict ban on initial coin offerings (ICOs), crypto trading, mining, and other related activities. Authorities have cited concerns over financial stability and the potential for illicit activities as primary reasons for the crackdown.
Despite this, Hong Kong has been permitted to develop its digital asset industry, positioning itself as a potential bridge should mainland China relax its regulations.
Should China decide to re-engage with the digital asset market, Xiao suggests that regulated stablecoins could be the initial focus. “Stablecoins are currently the best solution for cross-border business-to-consumer trade,” he noted.
Supporting this view, HashKey conducted a survey in Yiwu, a major manufacturing and trade hub in mainland China. The survey revealed that nearly all merchants had received inquiries from international buyers about making payments using popular US dollar-based stablecoins such as USDT and USDC.
HashKey Group operates HashKey Exchange, one of Hong Kong’s three licensed crypto exchanges. The company plans to launch its own blockchain, the HashKey Chain, next month.
With over 300 employees in Hong Kong and additional teams in Singapore, Tokyo, Dubai, Bermuda, and Europe, HashKey is expanding its global footprint.
While the Chinese government has not indicated any immediate plans to relax its crypto ban, Xiao emphasized the importance of maintaining a strong presence in Hong Kong. “Only by staying in Hong Kong can we serve mainland China when that market opens up. We firmly believe that day will come,” he asserted.
@ Newshounds News™
Source: Bitcoinist
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Source: Seeds of Wisdom Team RV Currency Facts
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MilitiaMan & Crew News Update-Budget-Non Oil Resources-CBI-USFED-Cross Border Transfers-Oil & Gas-Trade Transfers
MilitiaMan & Crew News Update-Budget-Non Oil Resources-CBI-USFED-Cross Border Transfers-Oil & Gas-Trade Transfers
11-14-2024
The Crew: Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man
Be sure to listen to full video for all the news……..
MilitiaMan & Crew News Update-Budget-Non Oil Resources-CBI-USFED-Cross Border Transfers-Oil & Gas-Trade Transfers
11-14-2024
The Crew: Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man
Be sure to listen to full video for all the news……..
Seeds of Wisdom RV and Economic Updates Thursday Evening 11-14-24
Good Evening Dinar Recaps,
18 GOP AGS SUE SEC AS GENSLER HINTS RESIGNATION
Donald Trump’s promise of a U.S. SEC without Gary Gensler may be realized ahead of schedule amid state lawsuits and resignation chatter.
Wall Street’s top cop-on-the-beat has been accused of “unconstitutional overreach” and “unfair persecution” of the $3 trillion cryptocurrency industry, according to a lawsuit signed by 18 Republican Attorneys Generals.
Good Evening Dinar Recaps,
18 GOP AGS SUE SEC AS GENSLER HINTS RESIGNATION
Donald Trump’s promise of a U.S. SEC without Gary Gensler may be realized ahead of schedule amid state lawsuits and resignation chatter.
Wall Street’s top cop-on-the-beat has been accused of “unconstitutional overreach” and “unfair persecution” of the $3 trillion cryptocurrency industry, according to a lawsuit signed by 18 Republican Attorneys Generals.
The lawsuit alleges that the United States Securities and Exchange Commission and its commissioners, led by chair Gary Gensler, overstepped their jurisdiction and disregarded state economic autonomy.
Litigation from GOP AGs and states has added to the existing scrutiny of Gensler’s SEC career. Top lawmakers have opened an investigation into the SEC’s hiring practices amid suspicions of politically biased recruitment, which has spurred the inquiry.
Several members of Congress have called for his resignation, and Donald Trump has promised the digital asset industry that he would dismiss Gensler.
Is Gary Gensler retiring?
Social media is buzzing with speculation that Gensler might be on his way out as SEC Chairman. His comments in a note on Nov. 14, calling his time at the SEC “a great honor” and praising his colleagues for their dedication, have fueled rumors of a possible imminent retirement.
The SEC is a remarkable agency. The staff and Commission are deeply mission-driven, focused on protecting investors, maintaining fair, orderly, and efficient markets, and facilitating capital formation.
Gary Gensler, SEC chair
He added that it’s been a privilege to serve with the SEC “doing the people’s work and ensuring that our capital markets remain the best in the world.”
A firm stance on crypto regulation has marked Gensler’s tenure at the securities regulator. Blockchain industry players increasingly anticipate changes in leadership and policy enforcement from the SEC after years of grappling with Gensler’s regulatory approach.
The SEC has ongoing court cases against firms like Coinbase and Ripple. As such, Gensler’s potential departure has become a focal point for speculation on how regulatory policies might shift under new leadership.
@ Newshounds News™
Source: Crypto News
~~~~~~~~~
Senator Lummis Proposes Selling Fed’s Gold To Fund Strategic BTC Reserve: Bloomberg
According to a latest Bloomberg report, Republican Senator Cynthia Lummis of Wyoming has proposed to sell a part of the Federal Reserve’s gold holdings to purchase one million Bitcoins for the creation of a strategic bitcoin reserve.
The Senator, an ally of Donald Trump, has a plan for filling up the president-elect’s proposed strategic Bitcoin stockpile without adding to the government deficit.
The bill calls for the US to acquire 1 million Bitcoin, representing nearly 5% of the outstanding tokens. Cynthia Lummis estimates this would cost around $90 billion based on current prices, but the sum could rise if the market anticipates the government’s involvement.
“We already have the financial assets in the form of gold certificates to convert to Bitcoin,” Lummis said in an interview with Bloomberg. “So the effect on the US balance sheet is pretty neutral.”
According to Lummis’ bill, the cryptocurrency would be held for a minimum of 20 years, and the presumed appreciation in value would help to reduce the national debt.
Uphill Battles To Be Faced
Despite the industry hopes that this will be the most crypto-friendly Congress ever, some market watchers believe that Lummis’ bill, which currently has no co-sponsors, faces an uphill battle.
“It’s still putting government money on the line, and Bitcoin has not shown itself to be a particularly stable asset,” noted Jennifer J. Schulp, director of financial regulation studies at the Cato Institute’s Center for Monetary and Financial Alternatives.
She further added that “the bill asks senators and members of Congress, who may not understand crypto that well, to make a much bigger leap of faith in terms of its long-term viability.”
Novogratz Doubtful Of US Creating Strategic BTC Reserve
Michael Novogratz, the CEO of Galaxy Digital, believes there is a low likelihood of US setting up a Bitcoin strategic reserve. However, if it does, Novogratz predicted that this would push its price to $500,000 since other nations would feel compelled to create similar stockpiles.
Lummis first unveiled her bill at the Bitcoin 2024 conference after Trump announced his ambition to create a government Bitcoin reserve. After a most anticipated Trump win, the crypto market has surged massively with Bitcoin making newer highs above $93,000.
Lummis is optimistic that her BITCOIN bill, short for Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide, will gain support in the next Congress.
She noted that Trump has already endorsed the idea of a reserve and his closest advisers include people who understand Bitcoin and its role in our future.
@ Newshounds News™
Source: Coinpedia
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Economist’s “News and Views” 11-14-2024
How A Government Collapses Financially (Deficit Spending)
Lynette Zang: 11-14-2024
Today's video is about about deficit spending will cause the financial collapse of any economy or government and how the U.S is on its way there...
Lynette Zang is an economist that has been involved in the markets at some level since 1964, as a student, banker, stockbroker and precious metals and currency analyst.
How A Government Collapses Financially (Deficit Spending)
Lynette Zang: 11-14-2024
Today's video is about about deficit spending will cause the financial collapse of any economy or government and how the U.S is on its way there...
Lynette Zang is an economist that has been involved in the markets at some level since 1964, as a student, banker, stockbroker and precious metals and currency analyst.
She has been studying currency lifecycles since 1987 and discovered similar social, economic, and financial patterns that occur throughout the stages of a currency’s lifetime.
She believes that recognizing these patterns enables people to see what’s coming and make well-informed choices that put their best interest first.
"Expect the Unexpected" Post-Election Market Moves: What It Means for Gold, Silver & Bitcoin
Mile Maloney: 11-14-2024
Dive into this insightful conversation with Mike Maloney and Alan Hibbard as they explore how the latest U.S. election might impact gold, silver, and other major asset classes.
From short-term reactions to the election, to a broader analysis of the forces driving today’s gold and silver markets, Mike and Alan cover it all.
Discover why they believe negative real interest rates could keep precious metals on a bullish path, regardless of political changes.
Will the Federal Reserve's policies spark inflation and support gold’s growth? What role might Bitcoin play? Learn how to prepare for the unexpected in this era of economic uncertainty and market unpredictability.
LIVE! Lions... Something BIG, (GOOD FOR ALL OF US), Is Happening. WATCH THIS ONE Closely.
Greg Mannarino: 11-14-2024
Some Iraq News Posted by Clare at KTFA 11-14-2024
KTFA:
Clare: Spain confirms cooperation with Iraq to establish Basra-Sharm El-Sheikh railway line
11/14/2024 Baghdad
Spain confirmed, on Thursday, its strong support for Iraq's strong return to the World Trade Organization and its efforts to do so, while indicating that cooperation with Iraq is not limited to railways, but rather in other fields and there are joint projects.
The Director General of International Trade and Investment in the Kingdom of Spain, Elisa Varela, said in a statement reported by the official news agency, and seen by "Al-Eqtisad News"
KTFA:
Clare: Spain confirms cooperation with Iraq to establish Basra-Sharm El-Sheikh railway line
11/14/2024 Baghdad
Spain confirmed, on Thursday, its strong support for Iraq's strong return to the World Trade Organization and its efforts to do so, while indicating that cooperation with Iraq is not limited to railways, but rather in other fields and there are joint projects.
The Director General of International Trade and Investment in the Kingdom of Spain, Elisa Varela, said in a statement reported by the official news agency, and seen by "Al-Eqtisad News", that "there are very good companies in the field of railways, and we are cooperating with Iraq to extend the railway from Basra to Sharm El-Sheikh", noting that "we have a company working on connecting the railway between Najaf and Karbala, and we also have a company working in China that will carry out railway projects in other areas of Iraq in the near future".
She explained that "some of these projects are proposals, and there are signed agreements and cooperation in other areas, including facilitating transportation operations within Iraqi cities and facilitating the traffic situation in a good way so that it runs very smoothly".
She explained that "there are agreements to train Iraqis and sign other agreements that facilitate this aspect", noting that "we strongly support and promote Iraq's return to the World Trade Organization and we seek to do so". LINK
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Clare: Kurdistan Minister of Planning: The census that will decide the region’s share of the budget should not be politicized
11/14/2024
The Minister of Planning in the Kurdistan Regional Government, Dara Rashid, stressed on Thursday the necessity of not politicizing the population census scheduled to be conducted in all of Iraq on November 20 and 21, considering that this census will decide the region's share of the budget.
Rashid said in a press conference held today in Erbil, attended by Shafaq News Agency correspondent, that "the population census should not be politicized, and the rights of all other components in Iraq should be preserved," adding, "The decision of the Federal Council of Ministers regarding the census was not in accordance with what we demanded."
He added, "In the shortest time and with the least budget, we completed the necessary preparations to conduct the census," describing the Kurdistan Region's concerns about the census as "constitutional and legal."
Rashid also pointed out that the 1957 census will be the basis for the 2024 census, noting that the 1957 census will preserve the rights of all components.
The Minister called on the people of the region to cooperate in conducting the census, stressing that after the 21st of this month, no one can be registered in the census.
Rashid urged the residents of the areas covered by Article 140 of the Constitution (disputed) to go there and be present during the population census, noting that the Kurdistan Regional Government is providing facilities for the return of the residents of those areas to them during the census.
He went on to say that the population census will determine the region's share of the budget, which was reduced from 17% to nearly 12%, and that the population of the region, which has increased like the rest of Iraq, will become clear, noting that the census will increase Kurdistan's representation in parliament and the rest of the federal institutions and ministries. LINK
Clare: The Governor of the Central Bank meets his Turkish counterpart and the directors of some Turkish banks in Istanbul
November 14, 2024
His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, and his accompanying delegation met with his counterpart, the Governor of the Central Bank of Turkey, Mr. Fatih Karahan, in Istanbul.
The two parties discussed the launch of new direct mechanisms for trade transfers between Iraq and Turkey, marking the beginning of a new phase in strengthening banking relations between the two neighboring countries.
During the meeting, His Excellency the Governor stressed cooperation in the field of settlements for users of Iraqi cards in Turkey, and urged Turkish banks to open accounts for Iraqi banks to expand financing channels for importing goods and services from neighboring Turkey.
His Excellency added that the Turkish Central Bank supports the steps of the Central Bank of Iraq in organizing financial operations between the two countries in a way that contributes to facilitating trade transactions.
In a separate meeting, His Excellency the Governor Ali Mohsen Al-Alaq and his accompanying delegation met with the general administrations of branches of Turkish banks operating in Iraq, stressing the need to expand fruitful trade options between the two countries, especially in the banking sector.
Central Bank of Iraq
Media Office
November 14, 2024
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Clare: Al-Alaq urges Türkiye to open accounts for Iraqi banks
11/14/2024
The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, urged, on Wednesday, Turkish banks to open accounts for Iraqi banks to expand financing channels for importing goods and services between the two countries, stressing cooperation in the field of settlements for users of Iraqi cards in Türkiye.
This came during a meeting between Al-Alaq and the accompanying delegation with his counterpart, the Governor of the Central Bank of Turkey, Fatih Karahan, in Istanbul, according to a statement issued by the Central Bank of Iraq.
The statement said that the two parties discussed the launch of new direct mechanisms for trade transfers between Iraq and Turkey, marking the beginning of a new phase in strengthening banking relations between the two neighboring countries.
The statement quoted Al-Alaq as saying that the Turkish Central Bank supports the steps of the Iraqi Central Bank in regulating financial operations between the two countries in a way that contributes to facilitating commercial transactions.
In a separate meeting, Governor Ali Mohsen Al-Alaq and his accompanying delegation met with the general administrations of the branches of Turkish banks operating in Iraq, stressing the need to expand fruitful trade options between the two countries, especially in the banking sector. LINK
Seeds of Wisdom RV and Economic Updates Thursday Afternoon 11-14-24
Good Afternoon Dinar Recaps,
MARKET PARTICIPANTS URGE ECB TO EXTEND WHOLESALE DLT TRIALS
For the last six months the European Central Bank (ECB) has been orchestrating wholesale DLT settlement trials using central bank money. More than 70 institutions have taken part, with three different payment options available.
Today three of the most active participants – Deutsche Börse’s Clearstream, DekaBank and Union Investment – shared their lessons as part of a Frankfurt School Blockchain Center event.
Good Afternoon Dinar Recaps,
MARKET PARTICIPANTS URGE ECB TO EXTEND WHOLESALE DLT TRIALS
For the last six months the European Central Bank (ECB) has been orchestrating wholesale DLT settlement trials using central bank money. More than 70 institutions have taken part, with three different payment options available.
Today three of the most active participants – Deutsche Börse’s Clearstream, DekaBank and Union Investment – shared their lessons as part of a Frankfurt School Blockchain Center event.
One of the three payment options was the Bundesbank’s Trigger solution, which has its own blockchain that triggers a payment on the Target2 payment system. The Banque de France has its DL3S blockchain that tokenizes central bank cash as a pilot wholesale CBDC.
And the Bank of Italy provided its TIPS Hashlink solution, a lightweight escrow smart contract for the TIPS payment system which requires little infrastructure investment.
All the participants were extremely positive about the trials and keen to see them continue.
The combination of tokenization and central bank money can cut costs, reduce risks and yield efficiencies. Several times they mentioned the potential for a digital capital markets union, as recently discussed by ECB Director Piero Cipollone.
Another consensus was the desire to hear the ECB’s roadmap for next steps before the settlement trials finish at the end of this month.
Calls for the wholesale DLT settlement trials to continue
Clearstream’s Thilo Derenbach and Dekabank’s Michael Cyrus want to avoid losing momentum. Hence, they are both keen to keep the settlement solutions available.
“We would strongly recommend that the ECB does not now close the trial period and wait for many months or possibly years to then proceed with scalable BAU (business as usual) sort of implementation of the payment rails,” said Mr Derenbach.
“Rather communicate soon to the market how the continued ongoing usage of one, two or three or other payment solutions would be made available. The market is ready.”
Mr Cyrus expressed a similar sentiment, noting that the Bundesbank’s Trigger solution had been around for two years before the trials started. “Now if we have to wait another two or three years, this would be a clear sign that innovation is not coming to the market as quick as we like and I think as quick as the market is ready for,” said Mr Cyrus.
That kind of continuity would allow market players to focus on building out other aspects of the ecosystem, such as secondary markets. He noted that relatively few asset managers were buying the tokenized issuance because of a lack of secondary markets and the need for digital securities to be eligible as collateral for central bank activities. Digital securities should be treated the same as conventional securities.
Ideally he would like to see the Trigger solution remain available. Experimentation with tokenized commercial bank money would also be desirable.
We previously highlighted that German firms dominated the trials which works in favor of the Trigger solution, as opposed to a decision purely on the merits of each option.
Wholesale CBDC in medium term
While all three participants were reluctant to select one solution over others, the Trigger solution came to the fore. Arguably, for a digital capital markets union, broadening the options could be on the cards. We’d note that the Bank of Spain is also developing a solution. Spain’s developer is the technology partner for Fnality, the wholesale tokenized payment solution that is already in production.
All three institutions seemed to envision a wholesale CBDC as the ultimate solution, with the use of existing payment rail integrations such as the Trigger and TIPS Hashlink solutions, seen as more important in the short term.
Union Investment’s Christoph Hock said he’d heard that it would take at least two years for the Banque de France’s wholesale CBDC to go into production.
“Stablecoins could come into production already in 2025. I think a wholesale CBDC solution by the ECB somewhere in 27/28 potentially wouldn’t be helpful for the market,” he said.
Hence he suggested a production version of the Trigger solution could be ready in late 2025 or early 2026 and in the meantime work could progress on the wholesale CBDC with the Banque de France.
Mr Hock also observed the important role that the central banks in Switzerland and Singapore have played in making their countries leaders in the tokenization space.
Switzerland has extended its six month wholesale CBDC pilot for a further two years. He envisions that the Bundesbank in combination with the ECB could launch a world first with a production Trigger solution.
@ Newshounds News™
Source: Ledger Insights
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RIPPLE VS SEC UPDATE: XRP LAWSUIT TAKES POSITIVE TURN AHEAD OF 2025 TRIAL
▪️XRP News Today: Ripple scores a significant legal victory as a US court rules in favor of Ripple Labs in the ongoing XRP lawsuit, narrowing the scope of class claims.
▪️Ripple Lawsuit Update: Judge Phyllis Hamilton grants Ripple’s motion for final judgment on settled class claims, limiting the case and setting a trial date for January 2025.
▪️The news of Ripple's legal win boosts XRP sentiment, with potential positive effects on XRP price action in the coming months
In the latest development, Ripple has scored a legal victory. In the ongoing In re Ripple Labs Inc. litigation, a US court has ruled in favor of Ripple Labs, XRP II LLC and Brad Garlinghouse.
This is a huge win for Ripple in the long-running case over unregistered securities sales. Judge Phyllis Hamilton granted Ripple’s motion for final judgment on certain class claims, which limits the case and sets up a trial in January 2025.
Key Lawsuit Details
Ripple and the plaintiffs jointly filed a motion seeking final judgment on settled class claims and a pause on remaining claims while appeals are pending.
Judge Phyllis Hamilton’s order specifically addresses the class action claims related to unregistered securities sales, Ripple’s potential liability as a “control person,” and alleged California securities law violations.
With this ruling, the court has scheduled a trial for January 21, 2025, while pausing previous pretrial deadlines until appeals of the class claims are resolved.
Ripple’s Push for Clarity
Ripple’s request for this final judgment aims to streamline the legal process, clarify remaining claims, and shorten the case’s timeline. The court has also encouraged both sides to consider alternative dispute resolutions, hinting that settlement discussions may be on the horizon in the coming months.
Implications of the Ripple vs SEC Case
The Ripple case has implications for the SEC v. Ripple Labs case where the U.S. SEC is accusing Ripple of violating federal securities laws. Ripple’s win could further enhance the confidence in their stance against the SEC.
Especially after Trump has hinted towards regulatory clarity in the industry, and promised to fire Gary Gensler, the market anxiously awaits an action from the administration. Legal experts and Ripple CTO David Schwartz believe that a dismissal or settlement is possible. Attorney Fred Rispoli had stated that while a settlement appears more realistic, however, a full dismissal might be unlikely.
Gary Gensler To Exit Soon?
While Trump’s inauguration is set for January 20, the pro-XRP attorney James Murphy (MetaLawMan on X) believes Gensler may vacate his post as early as this month. Gensler’s potential resignation and a pro-crypto replacement could fuel a significant market resurgence.
XRP’s price remains closely tied to the regulatory clarity surrounding the token. Attorney Case Darwin agreed with a trader who noted that ‘not owning XRP during this run will be one of the biggest mistakes many will make’.
He shared that people will not buy it, as the SEC appealed the district court’s decision, in which Ripple won a resounding victory. He emphasized that the BTC hype and its appeal will keep them away. XRP is currently trading at $0.7263, up over 3% in the last 24 hours.
With the stakes higher than ever, Ripple’s victory is more than a win—it’s a turning point for crypto.
@ Newshounds News™
Source: Coinpedia
~~~~~~~~~
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Could Trump End the Federal Reserve System?
Could Trump End the Federal Reserve System?
Palisades Gold Radio: 11-13-2024
In a recently aired episode of Palisades Gold Radio, host Tom Bodrovics welcomed back Christopher Aaron, a well-respected figure in the world of precious metals and founder of iGold Advisor. With the dust settling post-U.S. election and the Federal Reserve’s recent meeting, Aaron’s insights into the market sentiment surrounding gold provide both clarity and caution for investors looking to navigate this complex environment.
The episode delves into the immediate responses from investors regarding gold, as various factors—including election outcomes and Federal Reserve policies—begin to shape market perception. Aaron emphasizes the importance of understanding market cycles and where gold currently stands.
Could Trump End the Federal Reserve System?
Palisades Gold Radio: 11-13-2024
In a recently aired episode of Palisades Gold Radio, host Tom Bodrovics welcomed back Christopher Aaron, a well-respected figure in the world of precious metals and founder of iGold Advisor. With the dust settling post-U.S. election and the Federal Reserve’s recent meeting, Aaron’s insights into the market sentiment surrounding gold provide both clarity and caution for investors looking to navigate this complex environment.
The episode delves into the immediate responses from investors regarding gold, as various factors—including election outcomes and Federal Reserve policies—begin to shape market perception. Aaron emphasizes the importance of understanding market cycles and where gold currently stands.
Amidst the uncertainty, Aaron advises against abandoning precious metals entirely. Unforeseen circumstances can arise, making gold a valuable hedge against volatility. As market conditions evolve, the historical resilience of gold has shown that it often serves as a safe haven during turbulent times.
Bodrovics and Aaron explore the notable influences of the recently concluded U.S. election and the ongoing Fed meetings. They dissect how the political climate—particularly involving the potential implications of a Trump presidency—affects market dynamics. Importantly, discussions also touch on the Dow to Gold ratio, highlighting how this relationship can indicate broader market trends.
The gold to silver ratio is another focal point of Aaron’s analysis. By examining the trends in this ratio, he provides insights into the potential implications for investors. Historically, silver’s performance can closely relate to industrial demand and economic conditions, which can diverge significantly from gold’s typically more stable value.
The discussion also highlights the potential for significant changes within the government and their relationship with the Federal Reserve. Aaron notes Ron Paul’s long-time advocacy for ending the Federal Reserve System, positing that his presence in a potential Trump administration could signal a deliberate pivot in monetary policy.
The expected timeline for tax cuts and regulatory changes, as discussed in the episode, should prompt investors to consider wider implications as the new administration settles into office.
As the episode winds down, both Bodrovics and Aaron stress the importance of maintaining a holistic view of investments. While precious metals remain crucial, diversifying across various markets can mitigate risk and capitalize on emerging opportunities.
The insights from Christopher Aaron on Palisades Gold Radio serve as a valuable reminder for investors: navigating the current financial landscape requires both acute awareness and flexibility. As election outcomes ripple through the economy and the Federal Reserve makes pivotal decisions, one thing is certain—being informed and prepared is paramount.
In the world of precious metals and beyond, understanding market cycles and broader economic themes will empower investors to make wise and timely decisions in an ever-changing environment.
Seeds of Wisdom RV and Economic Updates Thursday Morning 11-14-24
Good Morning Dinar Recaps,
BLACKROCK EXPANDS TOKENIZED MONEY MARKET FUND BUIDL TO FIVE MORE BLOCKCHAINS
Today Securitize, BlackRock’s tokenization partner, announced that BlackRock’s money market fund, BUIDL, is now available on five additional blockchains. It launched in March on Ethereum and has now expanded to Aptos, Arbitrum, Avalanche, Optimism’s OP Mainnet, and Polygon.
BUIDL is the largest tokenized money market fund on a public blockchain with a market capitalization of $517 million. Ondo Finance has issued its own money market fund backed by BUIDL, so it accounts for $192 million of BUIDL’s balance. While BlackRock has a minimum investment of $5 million, Ondo’s OUSG has a $5,000 minimum and also temporarily waves fees.
Good Morning Dinar Recaps,
BLACKROCK EXPANDS TOKENIZED MONEY MARKET FUND BUIDL TO FIVE MORE BLOCKCHAINS
Today Securitize, BlackRock’s tokenization partner, announced that BlackRock’s money market fund, BUIDL, is now available on five additional blockchains. It launched in March on Ethereum and has now expanded to Aptos, Arbitrum, Avalanche, Optimism’s OP Mainnet, and Polygon.
BUIDL is the largest tokenized money market fund on a public blockchain with a market capitalization of $517 million. Ondo Finance has issued its own money market fund backed by BUIDL, so it accounts for $192 million of BUIDL’s balance. While BlackRock has a minimum investment of $5 million, Ondo’s OUSG has a $5,000 minimum and also temporarily waves fees.
Notably, BUIDL has management fees of 50 basis points on most blockchains but it’s only 20 bps on Aptos, Avalanche, and Polygon, with the lower costs subsidized by foundations associated with the blockchains.
“We wanted to develop an ecosystem that was thoughtfully designed to be digital and take advantage of the advantages of tokenization,” said Securitize CEO and co-founder Carlos Domingo. “Real-world asset tokenization is scaling, and we’re excited to have these blockchains added to increase the potential of the BUIDL ecosystem.
With these new chains we’ll start to see more investors looking to leverage the underlying technology to increase efficiencies on all the things that until now have been hard to do.”
In October Securitize integrated with Zero Hash to allow digital asset firms to use USDC to buy BUIDL and keep their funds on-chain. For some time the USDC stablecoin issuer Circle has said it stands ready to buy BUIDL funds for USDC, allowing investors to exit their investment whenever they like. On a related point, we previously explored why asset managers might want a shared stablecoin.
@ Newshounds News™
Source: Ledger Insights
~~~~~~~~~
RIPPLE NEWS: XRP DOCUMENTARY TO ‘BLOW OPEN THE SEC LAWSUIT AGAINST RIPPLE’; FIRST REVIEWS OUT
The highly anticipated XRP documentary, “XRP Unleashed/ Rigged from the Start”, has officially premiered in Scottsdale, Arizona, drawing significant attention in the crypto world. The film explores the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC).
Fans of the XRP saga can look forward to more opportunities to watch the documentary, as plans for a second screening tour in other cities are under consideration. For those unable to attend in person, the film will be available for streaming on the official website starting November 21.
First Reviews Out:
A user named Jeremy Quintanilla took to X and wrote, “Don’t miss @Fruition_Films XRP Unleashed! #XRPArmy What a f...ing amazing story that blows the story open the SEC Lawsuit against @Ripple.”
Ray Fuentes said, “The #XRPUnleashed premiere in Scottsdale was a success! Big congrats to @Fruition_Films and everyone involved in creating this impactful documentary. Major bombs were dropped!”
XRP Price Hints at Big Rally
XRP has recently reacted to a key support zone that has been closely watched for months. This support area has been significant since July 2023, and the price has dipped into this zone a few times already, including in July, August, and November. This pullback is part of a larger corrective pattern, and it looks like XRP is now testing this support again.
The key target for XRP remains a price range between $1.26 and $1.99, and the next critical level to watch is around the 66-70 cent mark. If XRP stays below this level, it could continue to show bearish momentum. However, a breakout above this level could signal a shift toward a more bullish outlook.
Currently, XRP is attempting a move higher, but the price action has been weak and uncertain. If this upward move continues, it might be part of a larger corrective structure, with a possible pullback before another rise. The ultimate target, if the upward trend continues, is between 83.8 cents and $1.17, based on key Fibonacci levels.
@ Newshounds News™
Source: Coinpedia
Also watch the trailer here:
RIGGED FROM THE START, EXPOSING THE SEC'S WAR ON CRYPTO, Trailer | Youtube
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“Tidbits From TNT” Thursday Morning 11-14-2024
TNT:
Tishwash: Financial inclusion and banking restructuring
The current government 's interest in the banking sector has become striking to the point that it can be said that the government is actually undertaking the "financial inclusion program, whose founders aim to deliver services to all regions of the country and include all societal and age groups with these services with the aim of encouraging all citizens to open bank accounts, and then withdraw the cash mass hoarded by the public, which the Central Bank estimates at about 70 percent of the issued cash, and circulate it in the banking arena activities, with the aim of raising credit rates
TNT:
Tishwash: Financial inclusion and banking restructuring
The current government 's interest in the banking sector has become striking to the point that it can be said that the government is actually undertaking the "financial inclusion program, whose founders aim to deliver services to all regions of the country and include all societal and age groups with these services with the aim of encouraging all citizens to open bank accounts, and then withdraw the cash mass hoarded by the public, which the Central Bank estimates at about 70 percent of the issued cash, and circulate it in the banking arena activities, with the aim of raising credit rates and contributing to creating real development.
On this basis, the Prime Minister's Office's statement came in this regard recently, which referred to some of the challenges facing the efforts to reform the financial and banking system, as one of the priorities of the government program, while the statement identified a number of steps with the aim of confronting these challenges and ensuring the strengthening of confidence in the financial and banking sectors, facilitating the process of economic development, and raising indicators of financial inclusion.
However, the clear intersection between the government's direction and the banking restructuring program indicates a number of observations that are directly related to these steps, such as the contradiction between what was stated in the content of these government steps, and the banks' procedures regarding restructuring, as some government banks have taken steps The issue of restructuring, which was apparently limited to the merger of large numbers of branches of operating government banks, included branches on the outskirts of governorate centers and in the middle of them, which undermined the service area in which these banks operate.
This completely intersects with the financial inclusion program, one of the tools of which the statement specified is “providing banking services to different segments of society, including districts and sub-districts in villages and rural areas.”
The steps mentioned in the statement, which are in the process of intensifying efforts, did not indicate the issue of the conditions previously set regarding raising the capital rates of banks to about 450 billion dinars by the end of December 2024, which obligated all private and government banks in this regard, otherwise these banks will be merged or liquidated, if we know that some government banks whose many branches have been merged still have a large number of branches, and these branches still provide their daily services to large numbers of the public, while they are exposed to merger or liquidation
Even some administrations are unable to make some decisions related to developing services, because they realize that the fate of their banks will end in merger or liquidation, and this is what makes the intersection clear in the government's direction regarding developing the performance of banks and expanding the scope of services with the restructuring program implemented by the relevant authorities. link
************
Tishwash: IMF praises positive developments in Iraq in financial and banking aspects
The International Monetary Fund praised, on Wednesday, the positive developments witnessed by Iraq in the financial and banking aspects .
A statement by the Presidency of the Republic received by "Mil" stated that "President of the Republic, Abdul Latif Rashid, received today, Wednesday, at his residence in the Azerbaijani capital, Baku, the Director of the International Monetary Fund, Kristalina Georgieva, as part of His Excellency's participation in the United Nations Climate Conference (COP29)."
He added, "During the meeting, the cooperation relations between Iraq and the International Monetary Fund and ways to enhance them in the context of supporting the development path in Iraq were reviewed. During the meeting, His Excellency the President of the Republic stressed Iraq's endeavor to implement integrated programs and plans to stimulate the economy and support the financial and banking reform process ."
Rashid thanked the International Monetary Fund for what it did to support Iraq's budget during the crises it faced and overcame, stressing the "importance of completing coordination and joint cooperation in order to continue efforts to combat corruption, support investment, and develop the private sector, leading to building a strong, cohesive, and recovering economy ."
For her part, Kristalina explained that "the primary mission of the International Monetary Fund is to provide support to countries' budgets during crises, and this is what the Fund did with Iraq during a difficult period, but it overcame it," praising "the positive developments that Iraq witnessed in the financial and banking aspects and in the field of stimulating the investment environment, which contributed to a decrease in the inflation rate, growth in the non-oil GDP, and implementation of controls that contribute to combating money laundering." link
*************
TNT: Among them is the population census.. Revealing the details of Al-Sudani’s visit to Kurdistan
Political analyst Ali Al-Baydar confirmed, today, Wednesday (November 13, 2024), that Prime Minister Mohammed Shia Al-Sudani's visit to Kurdistan includes 5 files.
Al-Baydar said in an interview with Baghdad Today that "Al-Sudani's visit to Kurdistan aims to mediate between the Kurdish parties, with the aim of forming the next Kurdistan government, in addition to the file of the general population census, and reassuring the Kurds about the concerns they have."
He added, "The other file is the Turkish efforts to revive peace with the Kurdistan Workers' Party, the Sinjar issue, and the implementation of the agreement with Iran regarding the presence of Iranian opposition parties within the borders of the region."
Al-Baydar pointed out that "the Kurds are a key player and an important partner in the political process, and everyone is trying to win their favor, and Al-Sudani deals as a statesman, and comprehensively with the issues of the homeland, with the region or even the files within Kurdistan."
Prime Minister Mohammed Shia al-Sudani arrived in the Kurdistan Region of Iraq today, Wednesday (November 13, 2024), on a visit that includes the cities of Erbil and Sulaymaniyah.
The visit comes within the framework of the federal government's efforts to enhance cooperation with the Kurdistan Regional Government, and find solutions to issues affecting the relationship between the region and the central government. link
Member: . Helpful Hint on Cooking Ur Turkey This Year!!!
Mot: ...... Just Saying glad Im not a turkey
Iraq Economic News and Points to Ponder Wednesday Evening 11-13-24
What Did Iraq Achieve In Its Meetings With The US Treasury, And Did It Succeed In Controlling The Sale Of The Dollar?
Economy 2024-11-12 | 4,949 views Alsumaria News – Economic The Central Bank of Iraq announced progress in the procedures for controlling external transfers and cash dollar sales and providing protection for the banking and financial sector from the risks of money laundering operations, following the ongoing discussions of the Central Bank of Iraq with the Federal Bank and the US Department of the Treasury.
The bank’s governor, Ali Al-Alaq, said in press statements,
What Did Iraq Achieve In Its Meetings With The US Treasury, And Did It Succeed In Controlling The Sale Of The Dollar?
Economy 2024-11-12 | 4,949 views Alsumaria News – Economic The Central Bank of Iraq announced progress in the procedures for controlling external transfers and cash dollar sales and providing protection for the banking and financial sector from the risks of money laundering operations, following the ongoing discussions of the Central Bank of Iraq with the Federal Bank and the US Department of the Treasury.
The bank’s governor, Ali Al-Alaq, said in press statements,
“The ongoing quarterly meetings with the Federal Reserve Bank and the US Treasury Department within the framework of organizing operations and coordination between the two sides, which have close relations, led to agreement on procedures and formulas that are consistent with best practices and international standards, the latest of which was the plan related to organizing operations.”
External transformation through rebuilding it according to new standards and methods.” Al-Alaq stressed that
"Iraq has achieved 95% progress with regard to procedures for controlling external transfers, 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 Department imposed sanctions on 14 banks, preceded by months of similar sanctions that included 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.
The International Monetary Fund Praises The Development Of Financial And Banking Aspects In Iraq
November 13, 2024 Baku / Iraq Observer follow-up Kristalina Georgieva, Director of the International Monetary Fund, today, Wednesday, during her meeting with the Iraqi President, Abdul Latif Jamal Rashid,
praised the positive developments that Iraq has witnessed in the financial and banking aspects and in the field of stimulating the investment environment.
The Presidency of the Republic stated in a statement received by “Iraq Observer,” that
“Rashid received, at his residence in the Azerbaijani capital, Baku, Kristalina Georgieva, Director of the International Monetary Fund, as part of his participation in the United Nations Climate Conference (COP29).” During the meeting,
they “reviewed the cooperation relations between Iraq and the International Monetary Fund and ways to strengthen them in the context of supporting the development path in Iraq,” where the President of the Republic affirmed during the meeting that
“Iraq
is seeking to implement integrated programs and
plans to stimulate the economy and
support the financial and banking reform process. He also thanked the IMF.”
“The international community for what it did to support Iraq’s budget during the crises it faced and overcame.” The President of the Republic also stressed
“the importance of completing coordination and joint cooperation in order to continue efforts to
combat corruption,
support investment, and
develop the private sector in order to
build a strong, cohesive, and recovering economy.”
For her part, Crystalina explained that
“the main mission of the International Monetary Funds is to provide support to countries’ budgets in times of crises, and
this is what the Fund did with Iraq during a difficult period, but it overcame it, and
she praised the positive developments that Iraq witnessed in the financial and banking aspects and in the field of stimulating the investment environment.” https://observeriraq.net/صندوق-النقد-الدولي-يشيد-بتطور-الجوانب/
Financial Inclusion And Banking Structuring
Economical 11/13/2024 Muhammad Sharif Abu Maysam The current government’s interest in the banking sector has become remarkable to the point where it can be said that the government is actually undertaking the “Financial Inclusion Programme,” which
those in charge of it aim to deliver services to all regions of the country and include all societal and age groups with these services with the aim of encouraging all citizens to open bank accounts, and then Withdrawing the public’s hoarded cash mass, which the Central Bank estimates at about 70 percent of the issued cash, and circulating it in the activities of the banking arena, with the aim of raising credit rates and contributing to creating real development.
On this basis, the Prime Minister’s Office recently issued a statement in this regard, which pointed out some of the challenges facing efforts to reform the financial and banking system, as one of the priorities of the government programme, while the statement identified a number of steps with the aim of confronting these challenges and ensuring the strengthening of confidence in the financial and banking sectors. Facilitating the economic development process and raising financial inclusion indicators.
However, the clear intersection between the government’s approach and the banking restructuring program indicates a number of observations that are directly related to these steps, such as the contradiction between what was stated in the content of these government steps, and the banks’ procedures regarding restructuring, as
some government banks have taken great steps in The issue of restructuring, which appears to have been limited to the merger of large numbers of operating government bank branches, which included branches on the outskirts of the governorate centers and in their centre, which undermined the service space in which these banks operate, and
this completely intersects with the financial inclusion program, which determined Al-Bayan is one of its tools by "providing banking services to different segments of society, including districts and sub-districts in villages and rural areas."
The steps mentioned in the statement, which are in the process of intensifying efforts, did not refer to the issue of the conditions that were previously set regarding raising bank capital rates to about 450 billion dinars by the end of December 2024, which obligated all private and government banks in this regard.
Otherwise, these banks will be merged or Liquidation,
if we know that some government banks, many of whose branches have been merged, still have large numbers of branches, and these branches still provide their daily services to large numbers of the public, while they are vulnerable to merger or liquidation, so that some departments are unable to take some Decisions related to developing services, because they realize that the fate of their banks will end in merger or liquidation, and
this is what makes the intersection clear in the government’s approach regarding developing the performance of banks and expanding the scope of services with the structuring program implemented by the relevant authorities. https://alsabaah.iq/105828-.html
Iraq Is Recording 4% Economic Growth And Moving Towards Sustainable Diversification
Economical 11/13/2024 Baghdad: Shukran Al-Fatlawi The increase in growth in the Iraqi economy by 4% reflects the beginning of a positive shift towards sustainable economic diversification.
According to International Monetary Fund forecasts, this growth reflects the country's efforts to reduce dependence on non-renewable natural resources and shift to an economy that relies on other sectors.
Specialists consider that the development project initiated by the government represents a qualitative step towards restructuring the national economy.
They point out that this project includes developing a strong infrastructure, developing the industrial and agricultural sector, in addition to attracting foreign and local investments, which will enhance Iraq's ability to face future economic challenges. In this context, experts point out that
Iraq has already begun implementing some of the recommendations of international conferences, such as the Munich Conference and other economic forums held in Washington and Riyadh, as the government seeks to attract international companies and enhance the role of the private sector in the economy.
The government's approach to multi-pronged development programs is part of a comprehensive strategy aimed at transforming the Iraqi economy from one that relies mainly on oil to one Diverse and sustainable.
Development Plan
The expert in economic affairs, Dr. Adnan Bahia, in an interview with “Al-Sabah,” explained that the
World Bank, in its adoptions regarding Iraq, depends on a large number of important factors, the most important of which is the existence of the development plan for the next five years, which it prepared in a way that guides the development process in Iraq, which is being implemented. Through it, the dispersed development trends are limited to one correct direction.
Government Programme
Bahiya promised the existence of an ambitious government program for the past years and the current year that achieves a large number of achievements, the
most important of which is the work to complete the files of lagging projects, as their number has decreased by more than half, pointing out that this is a good indicator for growth. He noted that the
Economic Process
stability of oil prices, even in light of the unstable political and security atmosphere in the Middle East and the world, where prices range from 70 to 80 dollars per barrel, encourages the continuation of the economic process in the country, since the Iraqi economy depends on oil for 95 percent of its capabilities and revenues. He hinted that the
current policies in the field of combating corruption and returning looted and smuggled funds out of Iraq are important, especially if those funds are exploited to create an advanced industrial, agricultural and service base that will transform the country. In the right direction.
Advanced Ranks
Economic affairs researcher, Suhad Al-Shammari, told “Al-Sabah” that the
International Monetary Fund’s reports confirm that Iraq ranks highly in the Arab world in terms of expected economic growth, amounting to 4 percent, ahead of Morocco, Kuwait, Bahrain, Oman, Algeria, Jordan, and Qatar. Al-Shammari attributed
Correct Planning
the reason for this to the role of the state and the current government in proper management and planning to enhance the growth of the economic sector and protect the local market from the economic fluctuations that are plaguing the region, as well as providing the Iraqi citizen’s requirements for social welfare salaries and a food basket, which made a clear difference in protecting the local market from fluctuations. Exchange rate. She continued that the
investment and service projects that began with the government curriculum and directly with the current government by launching them and the international conferences, in which I participated, including the Munich and Riyadh conferences, brought Iraq back to the global platform. She added that
Foreign Investments
Iraq is an important geopolitical player, possessing the potential to secure foreign investments and joint cooperation between Iraqi and foreign private sectors, stressing that
the country is capable of finding a substitute for oil and has all the solid economic components, as evidenced by the efforts of most countries to contribute to important projects, including the development project, which is considered a transition. Quality in the Iraqi economy. https://alsabaah.iq/105827-.html
Economist: Oil Pollution In The Tigris River Is Causing Iraq Huge Losses
November 13 20:45 Information/special.. Economist Nabil Al-Marsoumi confirmed on Wednesday that Iraq has suffered major financial losses as a result of oil pollution in the Tigris River. Al-Marsoumi said in an interview with the Maalouma Agency,
“Oil pollution and hospital waste in the Tigris River, as well as pollutants emanating from brick factories and oxidized asphalt, lead to great damage at the level of health, agriculture, livestock, and fish deaths.
It also damages drinking water and the air, forcing Iraq to... To spend huge sums of money to purify water and combat pollution in all cities of the country. He added,
"Iraq is among the rare countries in the world that do not count environmental costs, while studies are supposed to be conducted on this subject and the transition to a green economy is encouraged."
Over the past few years, cases of oil pollution have been repeated in the Tigris River, leading to the cutting off of drinking water to some areas, the death of fish, and the damage to crops that rely on river water for irrigation. Ended 25 B
For current and reliable Iraqi news please visit: https://www.bondladyscorner.com/