Iraq Economic News and Points to Ponder Saturday Afternoon 11-16-24

Central Bank Of Iraq's Hard Currency Sales Rise To More Than $1 Billion

economy | 04:43 - 11/16/2024   Mawazine News – Baghdad   The Central Bank of Iraq recorded an increase in its sales of hard currency (US dollars) during the past week, as total sales amounted to more than $1.434 billion, distributed over five days of auction.

According to the data, the average daily sales amounted to $286.996 million, representing an increase compared to the previous week, which recorded total sales of $1.169 billion.

Monday was the highest selling day during the past week, as sales amounted to $292.427 million, while Wednesday recorded the lowest sales at $281.979 million.

Foreign remittance sales accounted for the largest share, amounting to $1.380 billion, representing 96% of total sales, while cash sales amounted to only $54.200 million.

This increase comes within the framework of the Central Bank’s continued efforts to meet the market’s needs for foreign currency, while maintaining the stability of the exchange rate and enhancing external financial flows.   https://www.mawazin.net/Details.aspx?jimare=256625

Dollar Holds Steady At Start Of Week With Close

Economy  | 05:23 - 11/16/2024  Mawazine News – Baghdad  The dollar prices fell in the markets of Baghdad on Saturday, and in Erbil, the capital of the Kurdistan Region, with the closure of the stock exchange at the beginning of this week.

The dollar prices fell with the closing of the Al-Kifah and Al-Harithiya stock exchanges to record 150,350 Iraqi dinars per 100 dollars, while this morning it recorded 150,600 dinars per 100 dollars.

The selling prices also fell in exchange shops in the local markets in Baghdad, where the selling price reached 151,250 Iraqi dinars per 100 dollars, while the purchase price reached 149,250 dinars per 100 dollars.

In Erbil, the dollar recorded a slight decrease, where the selling price reached 150,450 dinars per 100 dollars, and the purchase price reached 150,350 dinars per 100 US dollars. https://www.mawazin.net/Details.aspx?jimare=256628

Financial Advisor: Good Performance Of Fiscal Space Reflects Government’s Ability To Increase Spending Without Problems

Political | 11/16/2024  Mawazine News – Baghdad  The Prime Minister's Advisor for Financial Affairs, Mazhar Mohammed Saleh, confirmed today, Saturday, that the good performance of the fiscal space is an indication of the government's ability to increase spending without facing financial problems, noting that the temporary shortage in the flow of public revenues in some months did not disrupt the government's work.

Saleh said that "the government's financial policy worked towards the principle of fiscal space in the economy, which means that the pace of public spending, especially on investment projects, was not significantly affected by the temporary shortage in the flow of public revenues in some months."

Saleh added: "The good performance of the fiscal space indicates the government's ability to increase spending or provide social support that contributes to supporting the economy without causing serious financial problems such as inflation or a large deficit."

He continued: "This fiscal space is still available when the state's financial conditions are good, which allows the government to take fiscal policies that stimulate economic growth, such as increasing spending on infrastructure or improving social services."

  https://www.mawazin.net/Details.aspx?jimare=256624

Oil Prices Fall On Weak Chinese Demand, Uncertainty Over Rate Cut

Saturday 16 November 2024 08:55 | Economic Number of readings: 237

Baghdad / NINA / Oil prices fell by one dollar per barrel at the end of trading yesterday, Friday, heading towards a weekly loss, as investors are assessing indications that demand in China, the largest importer of crude, is still weak, in addition to a possible slowdown in the pace of the Federal Reserve's interest rate cuts.

Brent crude futures fell $1.09, or 1.5 percent, to $71.47 a barrel, while US West Texas Intermediate crude futures fell $1.18, or 1.7 percent, to $67.52. Over the week, Brent headed down 3.3 percent and WTI 4.1 percent.

Data from the National Bureau of Statistics showed crude refining activity at Chinese refiners fell 4.6 percent in October from a year earlier, marking a seventh straight month of year-on-year decline, amid some plant shutdowns and smaller independent refiners cutting operating rates. The

International Energy Agency (IEA) forecast global oil supply will outpace demand in 2025 even as cuts by the OPEC+ alliance, which groups OPEC members and allies such as Russia, continue, as rising output from the United States and other non-OPEC+ producers outweighs slowing demand.

The Paris-based agency raised its demand growth forecast by 60,000 barrels per day (bpd) in 2024 to 920,000 bpd, and left its 2025 oil demand growth forecast unchanged at 990,000 bpd.

OPEC this week also cut its forecast for global oil demand growth for this year and 2025, marking the fourth downward revision by the group. The organization for its forecast for 2024.

The US Energy Information Administration said that crude inventories rose by 2.1 million barrels last week, far exceeding analysts’ expectations for an increase of 750,000 barrels.

The administration reported at the same time that gasoline stocks fell by 4.4 million barrels last week to their lowest level since November 2022, compared with analysts’ expectations in a Reuters poll for an increase of 600,000 barrels.

The data also showed that distillate stocks, which include diesel and heating oil, unexpectedly fell by 1.4 million barrels. /End9   https://ninanews.com/Website/News/Details?key=1169284

Gold Prices Stabilize In Baghdad

Money and business  Economy News – Baghdad   Gold prices witnessed stability in the wholesale markets on Al-Nahr Street in the capital, Baghdad, where the selling price of one mithqal of 21 karat Gulf, Turkish and European gold was recorded at 532 thousand dinars, and the purchase price reached 528 thousand dinars.

The selling price of one mithqal of 21-karat Iraqi gold was 502 thousand dinars, and the purchase price was 498 thousand.

As for prices in goldsmith shops, the selling price of a mithqal of 21-karat Gulf gold ranged between 535,000 and 545,000 dinars, while the selling price of a mithqal of Iraqi gold ranged between 505,000 and 515,000 dinars.   https://economy-news.net/content.php?id=49875

Al-Bandawi: Iraq Is Moving Towards Full Sovereignty With America’s Commitment To Withdraw Its Forces

Time: 2024/11/16 Read: 1,014 times  {Politics: Al Furat News} Member of the Parliamentary Security and Defense Committee, Ali Al Bandawi, said that Iraq is taking steps towards full sovereignty with the commitment of the United States of America to withdraw its forces.

Al-Bandawi told {Euphrates News} that: "Regarding the agreement between Iraq and America on the withdrawal of international coalition forces from Iraq, the agreement was made between Iraq and America and the Iraqi government is committed to this agreement and a series of dialogues and meetings were held."

He pointed out that "the United States and the new American president are supposed to complete the agreements, especially since there is a need to go in the economic direction instead of the military or war direction."

Al-Bandawi added that "Iraq's continuation of these dialogues with the American side will lead to a final agreement and the agreement is binding on the administration of the two countries," noting that "the speech of the Commander-in-Chief of the Armed Forces, Prime Minister Mohammed Shia al-Sudani, confirmed that it is binding because a joint high technical committee is completing the remaining final arrangements for the withdrawal of American and international forces from Iraq."

Iraqi officials said in statements last September that there is an agreement with a clear time frame between Washington and Baghdad on the issue, but Washington has remained largely silent.

Defense Minister Thabet al-Abbasi also confirmed two months ago that an agreement had been reached on the withdrawal of coalition forces over two years and transforming the relationship into a sustainable security partnership.

He said in a previous interview that "it was agreed to end the coalition's mission in two phases, the first phase begins this year and continues until 2025, while the second phase ends in 2026."

It is noteworthy that approximately 2,500 American soldiers are still present in Iraq as part of the international coalition, under a training and advisory mission and to assist Iraqi forces, after their numbers were reduced following the defeat of ISIS from the country in 2017.   LINK

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

Seeds of Wisdom RV and Economic Updates Saturday Afternoon 11-16-24

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FINANCIAL INSTITUTIONS WILL DRIVE RWA TOKENIZATION’S TRILLION-DOLLAR GROWTH

The real-world asset tokenization industry is projected by some to exceed $30 trillion by 2030, driven by nimble and mainstream financial institutions.

Financial institutions will be the main drivers of the growing tokenization industry leading up to 2030, which could potentially see more than 50-fold growth.

Real-world asset (RWA) tokenization refers to financial and other tangible assets minted on the immutable blockchain ledger, increasing investor accessibility and trading opportunities around these assets.

Large financial institutions will be the main drivers of the tokenization sector’s significant growth, according to Jesse Knutson, the head of operations at Bitfinex Securities.

Institutions are already driving significant growth in the crypto industry, which could spill over into the tokenization sector, Knutson told Cointelegraph during an exclusive at Plan B Lugano:

“It's the more nimble institutions, the fast movers, like the family offices, those kind of guys. I think they'll have an outsized impact in these early days. But eventually, the benefits of tokenization, they're going to pull in the mainstream institutional investors.

Some of the world’s largest financial institutions and business consulting firms say the RWA sector may see a more than 50-fold increase by 2030, potentially reaching over $30 trillion.

Tokenized securities: a $ trillion opportunity
Most firms predict that the RWA sector will reach a market size of between $4 trillion and $30 trillion by 2030.

RWA tokenization, market size predictions by 2030. Source: Tren Finance

If the sector were to achieve the median prediction of about $10 trillion, it would represent more than 54 times growth from its current value of around $185 billion, including the stablecoin market, according to a Tren Finance research report.

Still, stablecoins continue to dominate the RWA sector, accounting for over $170 billion of the market as of October 2024. In comparison, securities and treasuries tokenized onchain are valued at $2.2 billion.

RWA sector will follow the crypto industry’s growth trajectory: Bitfinex
Bitcoin saw significant growth this year, rising over 116% year-to-date, after receiving a significant institutional nod in the form of the first spot Bitcoin exchange-traded funds (ETFs) in the United States.

The RWA tokenization industry will likely follow the growth trajectory of the crypto space, said Bitfinex Securities’ Knutson:

“The consensus view is that markets are going to evolve, and the direction they're probably going to evolve is, is something similar to how the digital asset industry has grown over the years.”

Increasingly, more institutions are betting on the RWA sector’s success, including the world’s largest asset management firm, BlackRock. Other financial institutions are running tokenization pilots, including UBS Asset Management.

@ Newshounds News™

Source:  CoinTelegraph

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HBAR GOES TO SPACE! SPACEX AND HEDERA TO PIONEER SATELLITE PAYMENT NETWORKS

▪️Hedera Hashgraph could be powering SpaceX to space after multiple key figures confirmed a groundbreaking partnership with Elon Musk’s company.

▪️Hedera’s ability to process trillions of transactions per second and track space traffic was part of the several reasons for its consideration.

Hedera Hashgraph (HBAR) could soon go into space as a renowned crypto investor and expert discloses a groundbreaking partnership with SpaceX. According to Shawn, Hedera would be primarily responsible for facilitating crypto transactions in space. 

Meanwhile, this could mark a huge breakthrough for satellite-to-satellite payment networks while subjecting transactions across Earth and space to a significant transformation.

Why Hedera?
According to experts, Hedera provides cutting-edge solutions to all the challenges of the previous blockchain technologies. Explaining this in a blog post authored by Shawn in 2023, it was disclosed that Hedera can facilitate trillions of transactions per second.

 Comparatively, Ethereum can only manage 12-15 transactions per second. Meanwhile, Hedera executes these levels of operation while consuming 970.000.000 less energy than Ethereum.

Explaining the application of Hashgraph in space, Shawn highlighted five key use cases in his post.

Secure Satellite Communication and Payment Networks
According to Shawn, SpaceX’s Starlink has issues with making uncensored, fast, and secure internet connectivity worldwide.

This has been a challenge since its internet access depends on the server infrastructure on Earth. In this case, a targeted attack on the data centers or global nuclear fallout could render this infrastructure useless. Fascinatingly, the use of Hashgraph technology alongside Starlink, according to Shawn, could put these disruptions under control.

Tokenization of Resources from Asteroid Mining
Shawn also argued that asteroids could be tokenized on Hashgraph with the extraction of the resources financed by people globally.

Space Supply Chain Management
Hashgraph is also reported to possess the ability to enable companies to monitor the carbon emissions of their supply chain. In addition to that, they can keep progress in every step of their production of a rocket from start to finish.

Tracking & Management of Space Traffic
According to the report, Hashgraph possesses unique qualities for managing space traffic. Seven of these features listed by Shawn are:

▪️Real-Time Monitoring and Coordination
▪️Decentralization
▪️Consensus and security
▪️Efficiency and scalability
▪️Interoperability
▪️Smart contract for automated responses
▪️Data integrity and transparency.

Smart Contracts for Autonomous Spacecraft and Space Vehicles
The combination of artificial intelligence and Hedera is reported to enable spacecraft and space vehicles to autonomously make decisions. Fascinatingly, this is said to be done by executing different predefined scenarios without necessarily minimizing human errors.

Smart contracts can be programmed with logic that allows spacecraft to make decisions based on real-time data. For example, if a satellite detects an obstacle or another satellite on a collision course, the smart contract can automatically execute maneuvers to avoid a collision without the need for ground intervention.

According to our investigation, the movement of Hedera to space has also been confirmed by the CEO of WISeKey Carlos Creus Moreira.

In his announcement on X, Moreira disclosed that this groundbreaking mission would redefine innovation.

World-first: testing the exchange of SEALCOIN directly from space as a proof of concept. This is a major leap forward in secure satellite communication and blockchain integration with Hedera Hashgraph, paving the way for the future of space-based digital cryptocurrency transactions.

Meanwhile, CNF has also reported that Cardano could be embarking on a partnership journey with SpaceX with the co-founder Charles Hoskinson recently dropping a teaser on X.

At press time, HBAR was trading at $0.085 after surging by 21% in the last 24 hours.

@ Newshounds News™.

Source:  Crypto News Flash

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Gold Replacing Treasuries as Global Safe Haven: Andy Schectman

Gold Replacing Treasuries as Global Safe Haven: Andy Schectman

WTFinance:  11-15-2024

In a recent episode of the WTFinance podcast, listeners were treated to an enlightening discussion with Andy Schectman, the President of Miles Franklin Precious Metals Investments.

Known for his insightful perspectives on the economy and precious metals markets, Schectman provided a wealth of information on a variety of pressing topics that are shaping the financial landscape today.

As we navigated through a post-pandemic world, Schectman’s take on the current economic situation was both candid and eye-opening. He expressed concerns about the complexities of our economic recovery and the challenges that lie ahead.

 With inflation still a lingering issue and supply chain disruptions continuing to ripple through the market, Schectman emphasized the importance of being vigilant and proactive in these uncertain times.

One of the most discussed topics was the inconsistency surrounding Federal Reserve (Fed) rate cuts and their impact on yields. Traditionally, one would expect that lower interest rates would translate into decreased yields, but Schectman illuminated why this hasn’t been the case in today’s economic environment.

He attributed the stagnant yields to a deeper issue regarding market confidence and liquidity, suggesting that simply adjusting interest rates is not sufficient to ignite robust economic growth.

Schectman introduced listeners to the concept of financial repression, a situation where inflation outpaces interest rates, effectively eroding savings. He explained how this can serve as a double-edged sword: while it can benefit borrowers, it creates hardships for savers, particularly retirees who depend on fixed-income investments.

This ongoing repression could prompt investors to reconsider traditional saving mechanisms, potentially steering them toward assets such as precious metals, which have historically served as a hedge against inflation.

The conversation took a fascinating turn toward global geopolitics when Schectman delved into the implications of BRICS—a coalition of Brazil, Russia, India, China, and South Africa—and the emerging risks of a new axis of power. He theorized that as BRICS nations seek to offset Western economic dominance, they may forge new trade alliances and currency frameworks that could challenge the U.S. dollar’s supremacy.

This shift has monumental implications, not only for international trade but also for U.S. foreign policy and economic stability. Schectman encouraged listeners to stay abreast of these developments, as shifts in global alliances could have a direct impact on domestic economic conditions.

A particularly intriguing topic was the prospect of a BRICS currency. As member countries explore the possibility of creating a joint currency, Schectman noted the potential this could hold in facilitating trade among member nations without relying on the dollar.

This move could symbolize a significant shift toward a multipolar world economic system, fostering new dynamics in trade that could subsequently impact global markets.

Andy Schectman’s appearance on the WTFinance podcast was an enlightening session that provided listeners with a comprehensive view of the intricate economic issues facing us today. From the perplexities of interest rates to the emergence of BRICS as a formidable economic bloc, Schectman’s insights are invaluable for anyone looking to navigate the current financial landscape.

As we look ahead, it’s clear that understanding these evolving dynamics will be crucial in making informed investment decisions and preparing for potential shifts in both domestic and global markets. For those seeking to gain deeper insights into precious metals and the broader economy, this episode is a must-listen!

Whether you’re an investor, a financial professional, or simply someone interested in the world of finance, tuning into conversations like these can enrich your understanding of today’s complexities and uncertainties. Join us in the excitement and exploration of these vital topics as they unfold.

https://youtu.be/lXGbnpsoo2c

https://dinarchronicles.com/2024/11/15/wtfinance-gold-replacing-treasuries-as-global-safe-haven/

Iraq News Highlights and Points to Ponder Saturday AM 11-16-24

PM's Advisor: Government Able To Increase Spending Without Inflation Or Fiscal Deficit

Baghdad - WAA - Nassar Al-Hajj,   the Prime Minister's Advisor for Financial Affairs, confirmed today, Saturday, that the good performance of the financial space is an indication of the government's ability to spend without problems, while he pointed out that the government was not hindered by the shortage in the regular flow of public revenue in some months.

Saleh told the Iraqi News Agency (INA), "The government's financial policy worked towards the principle of fiscal space in the economy, which means that the pace of growth in general and investment spending on projects in particular were not hampered by the temporary shortage in the regular flow of public revenue in some months."

He added, "Therefore, the good performance of the fiscal space indicates the government's ability to increase spending or social support to support the economy without causing serious financial problems such as inflation or a large deficit."

He continued, "This space is still available when the state's financial situation is good, and allows the government to take fiscal policies to stimulate economic growth, such as increasing spending on infrastructure or improving social services."  https://www.ina.iq/221509--.htm

Economist: Parallel Market Remains Pivotal To Financing Iraq’s Trade With Iran, Syria

Time: 2024/11/16   Reading: 767 times  {Economic: Al Furat News} Economic expert Abdul Rahman Al Mashhadani confirmed today, Saturday, that the difference in the dollar exchange rates between the parallel market and the official price is considered a normal matter at the present time, indicating that Iraq has not yet solved the problem of trade with the sanctioned countries.

Al-Mashhadani told Al-Furat News Agency, “We need between 25 and 35 million dollars daily to finance trade with Iran and Syria, especially since the private sector’s trade with these two countries is considered the largest and is financed from the parallel market.”

He added, "This difference between the two prices is mainly due to financing trade from the parallel market, noting that this is the main reason for the difference between the official and parallel prices remaining."

He explained that "indications indicate that US President Trump is thinking of easing sanctions on Russia and Iran due to their impact on the US economy," noting that "if sanctions are eased and Iraq is allowed to deal directly with Iran to finance its trade, the dollar will return to levels close to the official price."  From.. Raghad  LINK

US Institute: Trump Administration May Prevent Iraq From Importing Iranian Gas As Part Of Pressure On Tehran

Energy   Economy News - Follow-up  The American Foreign Policy Research Institute believes that the Trump administration may use pressure on the Tehran government through economic files, including exporting gas to Iraq.

The institute published a report stating that "the Trump administration may take advantage of regional tensions to pressure the Iraqi government to reform security institutions and limit the influence of factions."

The report added that "the Trump administration may prevent Iraq from buying Iranian gas as part of its expected strategy of maximum pressure against Tehran."

Regarding foreign withdrawal, the report said that "Trump may decide to keep US forces in Iraq depending on the course of regional events."

He added, "The attacks launched from Iraq will make the country vulnerable to targeting, similar to Syria, Lebanon and Yemen."    https://economy-news.net/content.php?id=49873

Find Out The Exchange Rates Of The Dollar Against The Dinar In The Iraqi Stock Exchanges

Economy  2024-11-16 | 3,838 views  Sumerian News – Economy  publishes Sumerian News, exchange rates Dollar Against the dinar Iraqi In local Iraqi markets on Saturday, November 16, 2024.

Baghdad:  Selling price: 151,000   Buying price: 150,250

Erbil:  Selling price: 151,250   Buying price: 150,600

Basra:  Selling price: 151,000   Buying price: 150,000

On February 7, 2022, the Council of Ministers announced the approval of amending the exchange rate Dollar To 1320 dinars per dollar.  LINK

Iraq Is Ahead Of China In Trade Exchange With Iran.. These Are The Numbers

Economy  2024-11-16 |  Male Economy responsible Iranian: Trade exchanges between Iran and other countries last October exceeded 22 million and 809 thousand tons.

The spokesman said, Committee Relationships International And trade development in The house The Iranian Ministry of Industry, Trade and Mines said that trade exchanges between Iran and other countries in October exceeded 22 million and 809 thousand tons, worth 13 billion and 698 million dollars, which is 39% more than in October of last year.

Ruhollah Latifi explained, in statements reported byan agency ISNA News: Iran's non-oil trade in October this year, whether in exports, imports or foreign transit, witnessed a remarkable growth, as it was export More than 18 million 359 thousand tons of goods worth 6 billion 771 million dollars this month, which is an increase of 58.6% in weight and 62.6% in value compared to October last year.

Regarding Iran's main export destinations last month, he said: Although China bought most of Iran's goods in the exports of the past months, Iraq Last October, it was the first destination for Iranian goods exports, with a share of $2.78 billion.

 After that, Iraq China came in second place with $1.434 billion, followed by Turkey with $925 million, the UAE with $783 million, and Afghanistan with $249 million.

Regarding the first countries that sell goods to Iran, the spokesman said: Committee Relationships International And trade development in The house Iranian Industry, Trade and Mines: Last October, the UAE ranked first in selling goods to Iran, with $2.18 billion, followed by China with $1.755 billion, Turkey with $1.442 billion, Germany with $200 million, and Russia with $161 million.  LINK

New Decline In Gold In Iraq.. And Globally Records The Worst Week In 3 Years

Time: 2024/11/15  Reading: 520 times  New decline in gold in Iraq.. and globally records the worst week in 3 years Oe-rugperggg

  {Economic: Al Furat News} Gold prices in Iraq continued to decline today, Friday, along with its global decline.  The price of one mithqal in Baghdad of {21 carats} reached 545 thousand dinars after touching the 600 thousand dinars barrier in the past weeks.

Globally, gold prices declined in today's trading, Friday, with the rise of the dollar in global markets, heading towards recording the worst weekly performance in nearly 3 years.

By 11:10 Moscow time, December gold futures (Comex) fell by 0.10% to $2,569.70 per ounce.

Spot contracts for the precious metal fell by 0.07% to $2,563.10 per ounce, according to data from Bloomberg.  LINK

Al-Sahaf: Washington Continues To Support Terrorist Organizations In Iraq

Information / Baghdad..   The spokesman for the popular legal movement, Muhammad Al-Sahaf, confirmed today, Saturday, that the file of removing American forces from the country is still unresolved, indicating that this represents a danger to the political, security and economic conditions of the country.

Al-Sahaf said in a statement to Al-Maalouma Agency, "Iraq does not need American forces under the pretext of fighting the terrorist organization ISIS," noting that "the withdrawal of these forces must begin without any delay."

He added that "the withdrawal of these forces is a guarantee for the security and stability of all of Iraq," noting that "America continues its generous support for terrorist organizations in Iraq."

Al-Sahaf continued, "The file of withdrawing American forces from the country is still unresolved." End / 25 H   LINK

Seeds of Wisdom RV and Economic Updates Saturday Morning 11-16-24

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BRICS MEETING WITH SAUDI ARABIA: MAJOR DISCUSSION POINTS UNVEILED

Despite the ongoing confusion regarding the country’s position within the economic alliance, the BRICS bloc and Saudi Arabia have met, with major points of discussion being unveiled. The nation had previously accepted an invitation to be among its first expanded members. However, that proved not to be the case, with major leadership not even attending the alliance’s 2024 Summit.

However, the two sides are still reportedly engaged in positive talks. Specifically, they have met to confront the potential for growing cooperation on a global scale.

The move could have major ramifications for the coming year. Moreover, it could be a turning point that reestablishes Riyadh as a key BRICS ally.

Saudi Arabia & BRICS Hold Key Discussion: Here’s What Was Said
The BRICS bloc has grown massively over the last year. Indeed, it had enacted a groundbreaking expansion in 2023, where four nations joined the collective. Specifically, the United Arab Emirates (UAE), Egypt, Iran, and Ethiopia became the first expansion countries since 2001.

Yet, one nation that had accepted, but did not join the bloc was Saudi Arabia. Indeed, the country was poised to be one of the most important additions to the economic alliance. Its dominance in the oil sector was expected to only strengthen the group’s position. However, the country would end up rejecting a full position within the bloc.

That hasn’t stopped the two sides from engaging in efforts to strengthen their relations. Indeed, BRICS has met with Saudi Arabia in recent discussions that sought to fortify their relationship. Specifically, reports how Russian President Vladimir Putin and the Crown Prince of Saudi Arabia, Mohammad bin Salman Al Saud, recently talked.

According to reports, the two sides discussed the success of the bloc’s 2024 Summit. Moreover, they affirmed the “importance of continued coordination between the two states” within economic collaborations. Finally, they both spoke highly of the ongoing trajectory of their nation’s partnerships.

However, they also highlighted the importance of their “readiness to further strengthen cooperation in political, trade, economic, and humanitarian spheres.” The bloc has recently shifted its focus amid an ever-changing geopolitical landscape.

With Donald Trump’s election taking place this month, the group has said they will no longer ditch the US dollar. Perhaps the absence of Western opposition makes continued partnership with Saudi Arabia more appealing to the Middle Eastern powerhouse.

@ Newshounds News™

Source:  Watcher Guru

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UK GOVERNMENT CONFIRMS DIGITAL GILTS PILOT. WHAT’S THE ROADMAP?

The UK’s HM Treasury has confirmed plans to run a pilot for the issuance of digital gilts, UK government bonds, following leaked news earlier this week. The previous Conservative government had also planned to organize a pilot.

t’s seen as an important step for UK capital markets, particularly as the UK has launched a Digital Securities Sandbox for DLT and tokenization pilots.

The UK could benefit more than other jurisdictions. One of the killer apps for blockchain in capital markets is repurchase agreements or repos, which involve exchanging cash for gilts. This allows banks and institutions to either lend excess liquidity or borrow it if they are short.

Conventional repos involve delayed securities settlement, which means repo duration is typically overnight. By contrast, blockchain supports instant settlement enabling intraday repo. The ability to manage liquidity for hours at a time is very attractive to banks and other institutions.

Intraday repo is already happening by tokenizing existing Treasuries in the United States. A native digital gilt would make the process far easier.

On top of that, the UK has Fnality, a tokenized cash settlement network backed by an omnibus account at the Bank of England. Fnality is backed by more than 20 institutions.

Hence, with a digital gilt, the UK will have both a digital security and cash on chain.

With the previous government floating the idea, industry trade body UK Finance collaborated with EY to draft a digital gilt roadmap. It submitted it to the government in April, but published it today.

A digital gilt roadmap
It suggests two alternative approaches, one is more evolutionary whereas the other is a Big Bang path.

In the multi-staged approach it suggests issuing a short dated digital Treasury bill within the first six months with only a limited number of market participants.

In the second phase within the first year, a medium term digital gilt would have more functionality. For example, it would involve more market makers and a wider group of investors.

Most importantly, it would be integrated with the existing off-chain secondary market, with the gilts eligible as collateral for repo. These are essential steps to ensure liquidity.

The third phase within 18 months would involve another issuance with both the trading of gilts and repo performed on chain.

The Big Bang approach would essentially skip the first two steps and happen in a more compressed time frame. The UK Finance paper outlines the pros and cons of each path.

A major hurdle could be the legal and regulatory work needed to support digital gilts being used as collateral for repo and other purposes. Plus, there’s the need to maintain a sufficient level of liquidity.

Switzerland is one of the most advanced jurisdictions in this area. Its central bank considers using digital Treasury bills for money market operations as premature, given the immaturity of the DLT sector.

However, Switzerland was the first mover in launching a digital securities exchange, so progress unsurprisingly has been slow going. By contrast, there’s been strong interest and engagement in the ECB’s wholesale DLT settlement trials, with market participants hoping the trials won’t end.

UK Finance believes that with the digital gilt program “the UK can lay the groundwork for a robust and innovative digital capital market ecosystem, bolstering its position as a global leader in financial technology and digital finance.”

@ Newshounds News™

Source:  Ledger Insights

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Source:  Seeds of Wisdom Team RV Currency Facts

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“Tidbits From TNT” Saturday Morning 11-16-2024

TNT:

Tishwash:  Al-Sudani and Al-Ameri: The census is an additional pillar for economic reform plans 

Prime Minister Mohammed Shia al-Sudani and Secretary-General of the Badr Organization Hadi al-Amiri confirmed on Friday that the success of the general census is an added pillar to the development and economic reform plans.

The Prime Minister's media office stated in a statement that "Al-Sudani met with Al-Amiri, where during the meeting they discussed all service and national files, and ways to proceed with implementing the government program, especially after completing the constitutional entitlement and choosing the Speaker of the House of Representatives."

He added that "the two sides discussed the upcoming entitlements, most notably the general population census and the importance of its success to be an added pillar to the development and economic reform plans, in addition to reviewing the regional and international situations, in light of the continued Zionist aggression on Palestine and Lebanon, and international efforts to stop the war and escalation."   link

Tishwash:  Urgent Parliament Presidency sets date for resuming sessions

The Parliament Presidency set, today, Friday, the date for resuming sessions next week after the completion of the population census operations in the country.

The media department of the House of Representatives stated in a statement received by {Euphrates News} that "the Presidency of the House of Representatives affirms its full support for conducting the general population and housing census 2024, and urges the representatives to direct and encourage citizens in their areas to cooperate with the field teams affiliated with the Ministry of Planning to accomplish their tasks with the aim of making the census operations that will be conducted on the 20th and 21st of this month a success." 

The statement confirmed, "Given the presence of representatives in their governorates and the importance of the census, it was decided to resume the sessions next week after the completion of the population census operations in the country."   link

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Tishwash:  PM's advisor: Government able to increase spending without inflation or fiscal deficit

The Prime Minister's Advisor for Financial Affairs, confirmed today, Saturday, that the good performance of the financial space is an indication of the government's ability to spend without problems, while he pointed out that the government was not hindered by the shortage in the regular flow of public revenue in some months.

Saleh told the Iraqi News Agency (INA), "The government's financial policy worked towards the principle of fiscal space in the economy, which means that the pace of growth in general and investment spending on projects in particular were not hampered by the temporary shortage in the regular flow of public revenue in some months."

He added, "Therefore, the good performance of the fiscal space indicates the government's ability to increase spending or social support to support the economy without causing serious financial problems such as inflation or a large deficit."

He continued, "This space is still available when the state's financial situation is good, and allows the government to take fiscal policies to stimulate economic growth, such as increasing spending on infrastructure or improving social services." link 

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Tishwash:  Iranian newspaper: Iraq's development path is a step towards regional economic integration

 Iraqi media reported that Iraq has made its first commercial ship docking at the port of Faw. This project aims to develop Iraq and reduce the country's dependence on crude oil, and will be fully operational by 2050 in three phases. Upon completion of this project, a route will start from the port of Faw and end in Turkey and from there to Europe via land routes in various Iraqi governorates.

The Donya-e Eqtesad newspaper said in a report that this corridor increases the strategic importance of Iraq as a neighboring country to Iran and creates competition between the Iranian North-South Corridor and the Iraqi Development Road Project. As an alternative to traditional transportation routes, the Iraqi Development Road Project connects the Gulf countries to Turkey with the aim of creating a cross-border transportation network for Iraq.

Road development project

The basis of this project is linked to the Faw Port Project. This is one of the important projects implemented by the Iraqi government to improve the country’s infrastructure and boost economic development. The port project, which is located in southern Iraq and adjacent to the Gulf countries, and serves as a vital channel linking the Gulf to the Mediterranean Sea, is expected to require an investment of $1.2 billion.

Overall, the project includes the construction of a new port capable of receiving large ships, complete logistics facilities and related infrastructure. The annual capacity of this port is also expected to reach 12 million tons. After the completion of its final stages, the goal of the Faw Port Project is to improve the transportation capabilities of Iraqi ports, reduce logistics costs, and further promote economic development in Iraq and economic exchanges and cooperation with neighboring countries such as Turkey.

Challenges of Faw Port Project

The Faw Port project requires an investment of $1.2 billion, which poses a major financial challenge. Therefore, it is very important to ensure that the project progresses after addressing the financing issue.

On the one hand, the Iraqi government can seek assistance from international financial institutions such as the World Bank and the Development Bank for low-interest loans or grants. The UAE and Qatar are also expected to provide strong financial support for this project. Other financing options can be pursued including loans from European banks and Turkish investment in this project.

Given the location of this project in a sensitive and strategic region in the Middle East, geopolitical risks are a concern for its project sponsors. Ensuring regional peace and stability is of paramount importance during the project implementation stages. It is necessary to strengthen communication and coordination with regional countries to maintain common peace and stability, and to fully take into account the interests and concerns of neighboring countries in the project implementation to minimize the impact of the project on the political landscape in the region.

The Faw-Iraq-Turkey Port Corridor will not only strengthen Iraq’s relations with Turkey, but will also deepen its engagement with the entire region. The project will play a role in enhancing the close economic and political cooperation between Iraq and Turkey by creating a vital bridge between the two countries.

In addition, the corridor is expected to be integrated into broader regional initiatives, such as the Belt and Road Initiative, thus increasing Iraq’s geopolitical importance. As a participant in the Belt and Road Initiative, Iraq will benefit from closer ties with China, infrastructure development, and investment opportunities. This not only makes Iraq’s economic prospects more clear, but also increases its diplomatic standing on the international stage.

Turkey has played a key role in transporting energy resources from the Caucasus and Russia to energy-hungry European markets. Now, this new highway is a transit point for energy shipments from the Gulf to Europe, which Iraq connects by land. Iraq will thus provide a low-cost route not only for Iraqi oil and gas, but also for Iranian and Qatari oil and gas.

Regional stability

In light of the above, it is clear that the Faw-Iraq-Turkey Port Project is of great importance for promoting regional integration, economic growth and geopolitical stability in Iraq. This means that the construction of this corridor not only creates an important link between Iraq and Turkey, but also brings many benefits and opportunities to the entire region.

Moreover, this is not only an important step towards regional economic integration and development, but also helps to promote peace and stability in the region. This project makes an important contribution to the sustainable development of the region by enhancing trade links, strengthening bilateral relations, and promoting prosperity and development in the wider region.

However, although  the Al-Faw-Iraq-Turkey port project is expected to play  a positive role in regional connectivity and economic development, this corridor is a competitor to Iranian trade routes, especially the North-South corridor, because this project could open an alternative route for the Russians to the Gulf countries, and reduce Iran's strategic importance in the region. link

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MilitiaMan & Crew -News Report-Iraq Dinar-Oil-Flow-Global Maritime Trade-Cross Border Transfer-Exports-Port of FAW

MilitiaMan & Crew -News Report-Iraq Dinar-Oil-Flow-Global Maritime Trade-Cross Border Transfer-Exports-Port of FAW

11-15-2024

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=RUizTf5gXSE

Seeds of Wisdom RV and Economic Updates Friday Afternoon 11-15-24

Good Afternoon Dinar Recaps,

CRYPTO LEADERS UNITE FOR DESCI: A NEW ERA OF SCIENCE WITH BLOCKCHAIN

▪️DeSci movement seeks to make scientific research more open, fair, and accessible.

▪️Prominent figures like CZ, Vitalik, and Brian Armstrong are actively supporting DeSci's goals.

▪️DeSci can improve scientific funding, democratize research, and foster greater collaboration within the scientific community.

Decentralised Science is now one of the most sensational topics in the cryptocurrency world. Its goal is to make science more open, transparent, and accessible, while solving long-standing issues such as limited funding and lack of data-sharing in the scientific community.

Some of the biggest names in crypto, including Binance Co-Founder Changpeng Zhao, Ethereum Co-Founder Vitalik Buterin, and Coinbase CEO Brian Armstrong, have publicly supported DeSci.

Let’s explore what this movement is all about.

Crypto Leaders Back DeSci
Reports show that crypto leaders like Zhao, Buterin, and Armstrong believe that DeSci has the potential to transform the scientific world by tackling challenges such as funding shortages and restricted access to research data.

Changpeng Zhao: CZ is particularly interested in solving the funding issue for science. He is looking into how blockchain technology can be used to create new ways to fund research. Blockchain’s transparency and security could open up fresh opportunities for financing scientific projects.

Vitalik Buterin: According to reports, Vitalik is keen to make the environment of scientific research more democratic in nature. He is likely to promote the usage of tools like quadratic funding and DAOs.

Brian Armstrong: Coinbase CEO Brian Armstrong is also a strong advocate for DeSci. Recent reports reveal that Coinbase has backed ResearchHub, a decentralized platform that encourages open sharing and collaboration in science. Armstrong’s support highlights his commitment to making scientific research more open and accessible.

Changing the Future of Science
The DeSci movement could play a major role in overcoming some of the most pressing issues in science. From funding shortages and data-sharing problems to publishing challenges, DeSci offers innovative solutions that could improve how science is conducted and shared.

With support from influential crypto leaders, DeSci has the potential to transform how scientific research is funded and shared. This is certainly something to look forward to!

@ Newshounds News™

Source: Coinpedia 

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TRUMP NOMINATES FORMER SEC CHAIR AS SDNY ATTORNEY

Trump nominates Jay Clayton to lead the highly influential office.

A familiar figure who enforced securities regulations against the crypto industry under the previous Trump Administration may soon find himself back in power, this time as a chief federal prosecutor.

What’s the Scoop?

Presidential Appointment: 

In an announcement to Truth Social followers on November 14, President Elect Donald Trump made public his intention to nominate former Securities and Exchange Commission (SEC) chair Jay Clayton as U.S. Attorney for the Southern District of New York.

Key Enforcer:  

Notably, the SDNY jurisdiction encompasses Manhattan; the trial district has long been one of the most active in the United States and often decides matters related to American financial institutions and the prosecution of white-collar crime.

Bankless Take:
Trump presented himself as crypto’s champion on the campaign trail, but Clayton’s appointment as U.S. Attorney for a key federal prosecutorial district has offended many within the industry. 

While crypto participants remain optimistic for the impending Trump Administration embrace, Clayton’s appointment threatens to increase enforcement actions against blockchain-based issuers of unregistered security products.

This Newshound agrees with Bankless on this appointment!

@ Newshounds News™

Source:  Bankless

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US ATTORNEY'S OFFICE FOR THE SOUTHERN DISTRICT OF NEW YORK TO PARE BACK CRYPTO-RELATED CASES: REUTERS

▪️The U.S. Attorney’s Office for the Southern District of New York has brought a number of high-profile cases, including against former FTX CEO Sam Bankman-Fried.

▪️The news comes a day after President-elect Donald Trump tapped Jay Clayton to lead that office.

The U.S. Attorney's Office for the Southern District of New York, a prominent and powerful court that has brought numerous high-profile crypto-related cases, plans to cut back on cases related to crypto, according to one of its top prosecutors.

That doesn't mean prosecutors there will disregard crypto cases, but fewer people will be working on them compared to 2022, Scott Hartman, co-chief of the securities and commodities fraud task force at the Manhattan Court said during a Practising Law Institute conference on Friday, according to reporting from Reuters.

"You won't see as much crypto stuff coming out of at least the SDNY in the future," Hartman said at the conference.

Prosecutors in Manhattan brought several high-profile cases against crypto industry players including against former FTX CEO Sam Bankman Fried and Celsius founder Alexander Mashinsky. Both firms filed for bankruptcy in 2022.

Hartman's comments come a day after President-elect Donald Trump tapped Jay Clayton to lead that office as Attorney for the Southern District of New York.

Clayton previously served as chair of the U.S. Securities and Exchange Commission from 2017 to 2020 and led the agency through the initial coin offering boom of 2017-2018. During that time, his office filed several high-profile lawsuits against prominent and lowly crypto projects. Before leaving the SEC, charges were filed against Ripple. 

The SEC accused the firm of raising $1.3 billion through the sale of XRP, which the agency says is an unregistered security. The case is ongoing after a New York judge gave both parties a partial win and both have filed appeals.

SDNY's Hartman also said on Friday that SDNY knows that its "regulatory partners are very active in this space." Both the U.S. SEC and the Commodity Futures Trading Commission have brought numerous cases involving crypto over the years, including against FTX, Binance and other crypto entities.

@ Newshounds News™

Source:   The Block

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Iraq Economic News and Points to Ponder Friday Afternoon 11-15-24

New Decline In Gold In Iraq.. And Globally Records The Worst Week In 3 Years

Time: 2024/11/15 Read: 1,911 times  {Economic: Al Furat News} Gold prices in Iraq continued to decline today, Friday, along with its global decline.

The price of one mithqal in Baghdad of {21 carats} reached 545 thousand dinars after touching the 600 thousand dinars barrier in the past weeks.

Globally, gold prices declined in today's trading, Friday, with the rise of the dollar in global markets, heading towards recording the worst weekly performance in nearly 3 years.

By 11:10 Moscow time, December gold futures (Comex) fell by 0.10% to $2,569.70 per ounce.

Spot contracts for the precious metal fell by 0.07% to $2,563.10 per ounce, according to data from Bloomberg.   LINK

Rafidain Bank Announces A Plan To Include Other Branches In The Implementation Of The Comprehensive Banking System

Friday 15 November 2024 10:51 | Economic Number of readings: 257  Baghdad / NINA / Rafidain Bank announced today, Friday, a plan to include other branches in the application of the comprehensive banking system.

The bank stated in a statement: "The continuous expansion in the application of the comprehensive banking system will include more branches in the future within a well-thought-out plan aimed at providing a modern banking experience that contributes to supporting the national economy and meeting the needs of society with distinguished and comprehensive banking services." / End https://ninanews.com/Website/News/Details?key=1169195

Al-Sudani Discusses With Al-Hakim The Government's Efforts To Advance Its Economic And Service Files

Friday 15 November 2024 21:27 | Politics Number of readings: 112  Baghdad / NINA / Prime Minister Mohammed Shia Al-Sudani discussed, on Friday, with the head of the National Wisdom Movement, Ammar Al-Hakim, the government's efforts to proceed with its service and economic files.

The Prime Minister's media office said in a statement that "Prime Minister Mohammed Shia Al-Sudani met with the head of the National Wisdom Movement, Mr. Ammar Al-Hakim" and discussed with him the overall situation in the country, and the government's efforts to proceed with its service and economic files, especially after the election of the Speaker of Parliament, who will support the government's work in completing the implementation of its program and its basic goals. "

He added that "the meeting touched on the national entitlement represented by the general population census process that will be implemented this week, and its reflection on long-term development plans, in addition to discussing developments in the region and the tragedies that the Palestinian and Lebanese peoples are exposed to due to the continued crimes of the occupying entity, and Iraq's continuous calls to stop its repercussions." / End5   https://ninanews.com/Website/News/Details?key=1169256

Oil Falls Amid Fears Of Weekly Loss

Energy   Economy News - Follow-up  Oil prices fell early Friday, as concerns about oversupply offset a sharp drop in U.S. fuel inventories. Brent crude futures fell 30 cents, or 0.41 percent, to $72.26 a barrel by 0105 GMT.

U.S. West Texas Intermediate crude futures also fell 25 cents, or 0.36 percent, to $68.45.

Brent crude is set to fall 2.2 percent on the week, while WTI is set to fall 2.7 percent.

https://economy-news.net/content.php?id=49851

The House Of Representatives Will Resume Its Sessions Next Week After Completing The Population Census Operations In The Country

Friday 15 November 2024 20:40 | Politics    Baghdad / NINA / The Presidency of the Council of Representatives announced the resumption of parliament sessions next week after the completion of the population census operations in the country.

It affirmed in a statement its full support for conducting the general population and housing census 2024, and urged representatives to direct and encourage citizens in their areas to cooperate with the field teams of the Federal Ministry of Planning to accomplish their tasks with the aim of making the census operations that will be conducted on the 20th and 21st of this month a success. / End https://ninanews.com/Website/News/Details?key=1169247

Minister Of Commerce: The Government Has Developed A Roadmap To Develop The National Economy And Support The Private Sector

Minister of Trade, Athir Al-Ghurairi, confirmed today, Wednesday, that the government has developed a roadmap for developing the national economy, noting that the private sector is witnessing a remarkable recovery thanks to government support.

In press statements, Al-Ghurairi explained that "the government has begun implementing economic reforms through new legislation," noting that "many laws have been sent to the Council of Representatives for approval." He added that these reforms represent a "reform revolution" that the Iraqi people may not notice at the present time, but will soon appear clearly to citizens, businessmen and project owners.

The minister indicated that the government has begun practical steps to support important sectors such as the pharmaceutical industry, which has witnessed a remarkable recovery as a result of effective government policies, in addition to localizing other industries.

Al-Ghurairi also noted that the government has taken new regulatory steps through the Ministry of Trade Law, which allows for the issuance of accurate and clear data, which contributes to developing a roadmap for local and international businessmen and investors. He expressed his "optimism about the future of the Iraqi economy" in light of these reforms.

https://www.radionawa.com/all-detail.aspx?jimare=40229

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

BRICS Write-off $20 billion Debt of Africa and Shocked IMF

BRICS Write-off $20 billion Debt of Africa and Shocked IMF

Fastepo:  11-15-2024

In a bold move that has sent ripples through the global financial landscape, the BRICS nations—Brazil, Russia, India, China, and South Africa—have announced a write-off of $20 billion in African debt. This unprecedented decision is not just a gesture of goodwill; it represents a strategic shift in the geopolitical dynamics of international finance, one that has left the International Monetary Fund (IMF) and the World Bank reeling in shock.

But could this be the beginning of the end for these longstanding financial institutions?

BRICS was established as a counterweight to Western financial institutions like the IMF and World Bank, aiming to foster economic cooperation among emerging markets. Over the years, it has focused on creating a multipolar world order where financial decisions are not solely made in Western capitals. This debt write-off epitomizes the bloc’s commitment to supporting African nations, many of which have been crippled by the twin burdens of colonial legacy and crippling debt.

The BRICS nations are in a unique position to alleviate some of Africa’s financial woes. With abundant resources and significant economic diversification, they can provide a lifeline to nations grappling with the repercussions of the C***D-19 pandemic, climate change, and rising inflation. Cancelling a substantial amount of debt demonstrates not just a monetary gesture but a visionary approach to foster economic resilience in a continent rich with potential.

The IMF and World Bank have long been the arbiters of international finance, wielding significant influence over the economic policies of developing nations. Their involvement in African economies has been marked by a heavy reliance on austerity measures and strict loan conditions that many argue hinder long-term development.

The BRICS debt write-off raises serious questions about the relevance of these institutions. It invites scrutiny as to whether the established financial order that prioritizes conditional lending is becoming obsolete. If emerging economies start organizing their own frameworks for support, powered by alternatives like the New Development Bank (NDB) of BRICS, this could drastically reduce the influence of the IMF and World Bank.

This move by BRICS may signal the dawn of a new financial diplomacy where countries with shared interests collaborate on economic issues without strict conditionalities. Furthermore, BRICS is also capitalizing on the opportunity to strengthen its political ties with Africa, positioning itself as a more viable partner than traditional Western institutions.

China, in particular, has expanded its economic footprint in Africa with initiatives like the Belt and Road Initiative (BRI), aiming to foster infrastructure development while securing resource access. This creates a multi-layered aspect of economic diplomacy, one where the need for financial support and infrastructure development intertwines, allowing for a new paradigm that may stand in stark contrast to Western policies.

The pivotal question that arises is whether the IMF and World Bank can adapt to this changing landscape. Historically, they have faced criticism for their approach to lending, which some argue perpetuates cycles of dependence. In response to this growing pressure, both institutions need to rethink their strategies and engage constructively with borrowers, focusing more on sustainable development rather than strict austerity measures.

Reforming their engagement with African nations could be an avenue for the IMF and World Bank to regain credibility. Offering programs that respect the local economies and contribute to self-sufficiency could demonstrate a commitment to genuine partnership rather than control.

The BRICS’ decision to write off $20 billion in African debt marks a turning point in international finance, challenging the traditional powers that have dominated the global economic landscape for decades. While it is too early to declare the demise of the IMF and World Bank, it is clear that their roles and methodologies are under intense scrutiny.

As we watch these unfolding events, one thing is certain: the era of financial dependency might be coming to an end, making way for a new blueprint of global economic cooperation. The world is changing, and how the IMF and World Bank respond could define their future relevance in this evolving geopolitical arena. In the meantime, the BRICS countries have opened a door to new possibilities, and it remains to be seen who will step through it next.

Watch the video below for more information.

https://youtu.be/CkYtnGUguXo

https://dinarchronicles.com/2024/11/15/fastepo-brics-write-off-20-billion-debt-of-africa-and-shocked-imf/

“Tidbits From TNT” Friday 11-15-2024

TNT:

Tishwash:  Rafidain: A plan to include other branches in the implementation of the comprehensive banking system

Rafidain Bank announced, today, Friday, a plan to include other branches in the implementation of the comprehensive banking system.

The bank stated in a statement received by the Iraqi News Agency (INA) that "the continuous expansion in implementing the comprehensive banking system will include more branches in the future within a well-thought-out plan aimed at providing a modern banking experience that contributes to supporting the national economy and meeting the needs of society with distinguished and comprehensive banking services." link

Tishwash:  The Oil and Gas Law Returns to the Forefront... Will Al-Sudani Be Able to Resolve the Disputes Over It?

Talk returns about the oil and gas bill that has been absent for two decades due to political differences, despite the fact that it represents the only solution to all the problems of the center and the region.

MP Ali Al-Mashkoor, a member of the Parliamentary Oil and Gas Committee, attributed the delay in approving the Oil and Gas Law to points of contention behind which the Kurdistan Region of Iraq stands.

It is noteworthy that the Oil and Gas Law has undergone 11 amendments and has never reached Parliament.

Al-Mashkoor said in a press statement, "The law has been in place since 2008 and was sent to the House of Representatives to regulate the financial and oil matters of the producing provinces," explaining that "this law cannot be passed except with political approvals from the blocs within Parliament."

He added, "The reason for the suspension of this law in the corridors of the House of Representatives is the failure to send its latest updates, as there are clear points of disagreement with the region," indicating that "the dialogues with the region resulted in reducing these articles from 9 to 7 points."

He explained that "dialogues are still ongoing between the federal government and the region in order to resolve these points," noting that "until now we have not reached solutions that can be accepted by both parties."

Yesterday, Wednesday, Prime Minister Mohammed Al-Sudani visited the Kurdistan Region of Iraq to discuss a number of important files, including the oil and gas law.

Iraq's oil and gas law, which has been awaiting legislation since 2005, stipulates that responsibility for managing the country's oil fields should be vested in a national oil company, overseen by a federal council specializing in this matter.

The Kurdistan Oil Law stipulates that the Ministry of Oil in the region or whoever it authorizes shall assume responsibility for organizing and supervising oil operations as well as all activities related to them, including marketing oil, as well as negotiating and concluding agreements and implementing all licenses, including oil contracts concluded by the regional government. The Iraqi government also has the right to participate in the management of fields discovered before 2005, but fields discovered after that are subject to the regional government.

On February 21, the Federal Supreme Court ruled that the federal government would be responsible for paying the salaries of Erbil government civil servants, with the amount paid at source in Baghdad deducted from the regional government’s share, and the KRG must submit monthly accounts detailing each salary paid. This is effectively a stricter reset of the original “budget payments for oil revenues” deal agreed between the KRG and the federal government in November 2014.

There are no government statistics on oil exported from the Kurdistan Region of Iraq, but the Iraqi Ministry of Oil published an analysis in May 2023, saying the regional government had committed “legal and procedural violations” in selling oil that caused significant losses.

The financial returns of the regional government constitute no more than 80 percent on average after deducting the production costs (the cost of producing a barrel of oil), while the financial returns of the first and second licensing rounds (held by Baghdad) constitute from 94.5 percent to 96.5 percent, and the cost of production is equivalent to (4) times the production costs in the licensing rounds of the federal Ministry of Oil, according to the Ministry of Oil.

Iraq exports an average of 3.3 million barrels of crude oil per day, and black gold constitutes more than 90 percent of the Iraqi treasury's resources.

In August 2023, the government formed a committee to draft the oil and gas law and present it to the government for voting and then passing it to the House of Representatives. The committee included the Minister of Oil, the Minister of Natural Resources in the Kurdistan Region of Iraq, the Director General of SOMO, and senior staff in the Federal Ministry of Oil, in addition to the producing governorates such as Basra, Dhi Qar, Maysan, and Kirkuk.

For years, the points of contention between Baghdad and Erbil have not been resolved, but Al-Sudani recently revealed that an agreement had been reached with Erbil on these points, in addition to including in his ministerial program the resolution of these items, most notably the enactment of the Oil and Gas Law and the implementation of Article 140 regarding the disputed areas.

In mid-February 2022, the Federal Court issued a decision declaring the oil and gas law in the Kurdistan Region of Iraq unconstitutional, and prevented it from exporting oil for its own benefit, with the export to be through Baghdad exclusively, based on a lawsuit filed by the Federal Ministry of Oil. link

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Tishwash:  New Mechanisms for Direct Trade Transfers.. Iraq and Turkey Discuss Enhancing Banking Cooperation

The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, and his accompanying delegation met today, Thursday (November 14, 2024), with his Turkish counterpart, Fatih Karahan, in Istanbul.

A statement by the Central Bank of Iraq received by "Baghdad Today" stated 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."

During the meeting, 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.

The statement added, quoting Al-Alaq, that "the Turkish Central Bank supports the steps of the Iraqi Central Bank in organizing 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

Tishwash:  Swiss Ambassador Expresses His Country's Desire to Invest in Iraq

The Swiss Ambassador to Baghdad, Daniel Hahn, expressed his country's desire to invest in Iraq, especially in the construction, health, and agriculture sectors, stressing the presence of major Swiss companies specializing in these fields.

This came during the reception of the Undersecretary of the Iraqi Ministry of Foreign Affairs for Political Planning Affairs, Ambassador Hisham Al-Alawi, today, Thursday, of the new Ambassador of the Swiss Confederation to Iraq, Daniel Hahn, to discuss a number of topics of common interest between the two countries.

A statement by the Iraqi Foreign Ministry stated that "the Undersecretary welcomed the reopening of the Swiss Embassy in Baghdad and the appointment of a resident ambassador," expressing "his hope that this would contribute to strengthening bilateral relations and joint cooperation between the two countries."

Al-Alawi reviewed with the Swiss ambassador the government's plans and vision to encourage investment, build a diversified economy based on solid foundations, and rebuild infrastructure and services, according to the statement.

He pointed out during this to "approving a three-year financial budget, which contributed to the completion of a number of vital service and investment projects in the capital and other Iraqi governorates, and the imminent completion of other projects such as the Grand Faw Port, and the completion of the designs of the Development Road Project, which is one of the largest projects in the region, with the participation of Türkiye, Qatar, and the United Arab Emirates."

Al-Alawi touched on the priorities of the government program of the Ministry of Foreign Affairs, and the achievements it has made to strengthen Iraq's relations with the international and regional community, and to activate Iraq's role in international organizations such as the United Nations, and regional organizations such as the League of Arab States and the Organization of Islamic Cooperation, according to the statement.

He pointed to "the economic cooperation between Iraq and some important European countries such as Germany, France, the Netherlands, and Italy, and the entry of major companies to invest in Iraq in various vital fields," stressing "the government's desire to revive the tourism sector and facilitate all necessary procedures for that."

According to the statement, the two sides discussed ways of joint cooperation in the field of water diplomacy, and Iraq's benefit from Swiss expertise in this field through the relevant institutions in Geneva, and developing joint work to activate the "Water for Peace and Development" initiative, which contributes to addressing pending water issues between Iraq and neighboring countries and mitigating the effects of global climate change.

The two sides also discussed encouraging major Swiss companies to invest in Iraq, as Hahn expressed his country's desire to invest, especially in the construction, health, and agriculture sectors, noting the presence of major Swiss companies specializing in these fields, according to the statement.

According to the statement, the two sides agreed to work together to organize visits by senior officials from the two countries during the coming year.

The statement quoted the Swiss ambassador as expressing his desire to "arrange meetings with a number of Iraqi officials in the ministries of water resources, electricity, and migration and displacement," while "the undersecretary expressed his readiness to cooperate in achieving these meetings," according to the statement.  link

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