Iraq News Highlights and Points to Ponder Wednesday AM 11-27-24

Will Iraq Take The Adventure Of Joining BRICS Despite American Risks?

November 27, 2024  Baghdad/Al-Masala: At a time when the US dollar has become more than just a currency, but has become an economic weapon and part of the political hegemony system, voices calling for finding new financial alternatives are increasing.

These calls are gaining momentum in light of the sanctions imposed by the United States on countries that stand against its policies, such as Russia and China.

According to an economic analysis published by a specialized website, this intensive use of the dollar as a pressure tool has prompted the Eastern bloc to intensify its efforts to develop a new global currency that could reshape the economic map.

On the ground, this movement began under the leadership of the BRICS group, which includes Russia, China, India, Brazil, and South Africa.

“The BRICS single currency is not a dream, it is a realistic response to US financial hegemony,” reads a tweet posted by economic accounts. “Cooperation between these countries goes beyond economics to become a strategic political step,” it added. This cooperation comes at a time when relations between the group’s countries are developing rapidly, with China and Russia working together to create a financial force that could weaken the influence of the dollar.

On the other hand, Iraq finds itself in a complicated situation. Although the country has not officially requested to join BRICS, even considering such a move could be fraught with risk.

Informed sources confirmed that Iraq is not prepared to bear an American strike, especially in light of its complex economic relations with the United States.

A tweet by an Iraqi citizen named “Noor Al-Azzawi” expressed this concern by saying: “We are stuck between a rock and a hard place. America will not tolerate any step that might weaken its influence here.”

The statements of the Russian Ambassador to Iraq, Elbrus Kotrashev, came to open a window of hope for Baghdad, as he said: “BRICS is not an alliance against anyone, it is an open group that welcomes everyone.” He stressed that the group does not have hostile intentions, but rather aims to achieve a global economic balance.

As BRICS countries formulate their plans, significant technical challenges arise in unifying payment and currency settlement systems among member states.

An economic analyst named Ahmed Al-Harthi wrote in a Facebook post: “The success of the BRICS currency depends on two main factors: the first is the ability to build a common financial system, and the second is ensuring global acceptance of the new currency.” He considered that the step is not easy, but it is necessary.

The coming years are likely to witness pivotal moves. According to recent reports, China and Russia are closely coordinating with Iran and North Korea to build a financial alliance of countries that see the current financial system as serving Washington’s interests at the expense of the rest of the world. These efforts could be met with greater political pressure and economic sanctions from the United States, making the economic conflict even more complex.   https://almasalah.com/archives/106598

The National Union Explains The Reasons For Not Legislating The Oil And Gas Law

Information/Baghdad... Member of the Patriotic Union of Kurdistan, Ghiath Al-Surji, explained the reasons for not legislating the oil and gas law, noting that there is no longer a need to legislate such a law, especially after the issuance of judicial decisions regarding the oil and exports file.

Al-Surji told Al-Maalouma, "The region was waiting for the enactment of the oil and gas law to resolve all the problems related to this wealth between Baghdad and Erbil, but today the situation is different after the issuance of a judicial decision by the Paris Court to stop the export of oil from Kurdistan to Türkiye."

He added, "The international judicial decision, in addition to the Federal Court decision, stipulated that the oil would be owned by everyone, meaning that the authority over this wealth would be in the hands of the federal government in Baghdad."

He explained that "the judicial decision two years ago obliged the region not to export oil to Turkey and made the authority over it under the supervision of Baghdad, so the issue of oil and gas and the legislation of the law related to it will be unnecessary, especially since the judicial decision made the oil revenues under the authority and supervision of Baghdad." LINK

Parliamentary Finance: Amending The Budget Law Will Allow For Changing Useless Paragraphs And Item

Information / Baghdad..   The Parliamentary Finance Committee confirmed, on Wednesday, that any change to the paragraphs of the federal budget will allow for the change of paragraphs and items that have been proven to be ineffective. 

Committee member MP Hussein Mounes said in a statement to Al-Maalouma Agency, "Submitting the first reading of the draft law amending the federal budget that was approved for three years (23, 24 and 25) will allow for changing paragraphs and items that have proven to be ineffective."

He added, "The amendment needs a deeper study because that will push us to change the schedules, and thus we will be faced with an increase in the deficit on the one hand and a decrease on the other."

It is noteworthy that the agenda of the House of Representatives included a paragraph discussing the first reading of the draft first amendment to the federal budget for fiscal years 23, 24 and 25, submitted by the Parliamentary Finance Committee. LINK

What Is Iraq's Connection? Goldman Sachs: OPEC+ Cuts May Support Oil In The Short Term

Energy  Economy News - Follow-up  [rtl]Crude oil production in Iraq, Kazakhstan and Russia has fallen in compliance with OPEC+ production cuts, supporting some upside for Brent prices in the near term, according to a recent note from Goldman Sachs.

The investment bank added in its note issued yesterday, Tuesday, that Saudi Arabia is likely to extend oil production cuts due to the recent decline in prices, and that it now believes that oil production cuts will continue until April 2025 instead of January.

Goldman Sachs maintained its forecast for the average price of Brent crude for 2025 at $76 per barrel.

Two OPEC+ sources told Reuters that the group, which includes members of the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, is discussing another delay to the oil production increase that was scheduled to start in January.

At the group's most recent meeting on November 3, OPEC+ agreed to postpone a production increase scheduled for December for a month.

he bank said that "any increase in OPEC+ production will be gradual and data-dependent."

Goldman Sachs added that the high level of compliance with OPEC+ production cuts indicates that the group's member states are working together to stabilize oil prices.

 He said that the production of Iraq, Kazakhstan and Russia decreased by 0.5 million barrels per day in November.

OPEC members are unlikely to backtrack on voluntary production cuts in the near term, executives from global commodity trading giants Vitol, Trafigura and Gunvor told the Energy Intelligence Forum in London.

But despite OPEC+ production cuts and delays to boost output, Brent crude futures have mostly remained in a $70-$80 range this year, trading below $74 on Tuesday.

]Goldman Sachs last week revised its forecast for Brent prices to an average of $80 per barrel this year, despite a supply deficit and geopolitical uncertainty in 2024, pointing to an expected surplus in 2025.     https://economy-news.net/content.php?id=50280

Iraqi Oil Falls Again On Third Day Of Trading

Economy |Today   Baghdad Today - Follow-up   Iraqi oil prices fell on Wednesday (November 27, 2024), after two days of rising during the third trading day of weekly transactions in global markets .

According to data reviewed by Baghdad Today, Basra Heavy crude recorded $68.5 per barrel, while the average recorded $71.20 per barrel, with a change rate of -1.33 for both January 2025 delivery .

The data also showed a significant decline in global crude prices, with British Brent crude recording $72.91, while US West Texas Intermediate crude recorded $68.84 per barrel, with a change rate of -0.10 and -0.07, respectively .  LINK

Economist: Non-Oil Revenues To Achieve Significant Growth In 2024

Wednesday 27 November 2024 | Economic Number of readings: 141  Baghdad / NINA / Economic expert Manar Al-Obaidi, a member of the Political Economic Center, announced that the non-oil revenues of the Iraqi state grew during the first nine months of 2024 by 198% to reach the 12.3% barrier of its contribution to the total revenues of the Iraqi state.

 Al-Obaidi said in a statement that the total non-oil revenues of the Iraqi state during this period amounted to 14 trillion Iraqi dinars, up from the same period in 2023, which was about 4.7 trillion dinars.

Despite the decrease in the value of revenues resulting from taxes on income and wealth by 17%, the increase in commodity taxes by 275% and the increase in the budget's share of public sector profits by 243% contributed to this significant increase.

He explained that for the first time since 2003, non-oil revenues constituted 12% of total revenues and the contribution of oil revenues decreased to reach 88% of total revenues.

He added that the total revenues until September 2024 amounted to 114 trillion Iraqi dinars, an increase of 19% compared to the same period in 2023, which amounted to 95.85 trillion Iraqi dinars.

The improvement in non-oil revenues is due to the reforms made in the tax and customs file, in addition to encouraging profitable public companies to increase their contribution to government revenues. It is expected that non-oil revenues in 2024 will reach the barrier of 18 trillion Iraqi dinars. Despite the increase in this number,

it is still far from the planned number in the budget, which amounts to about 28 trillion Iraqi dinars. However, this improvement in these revenues reflects the success of the reforms made in the field of collection and work to increase payment through electronic outlets. / End 9 https://ninanews.com/Website/News/Details?key=1171400

Seeds of Wisdom RV and Economic Updates Wednesday Morning 11-27-24

Good Morning Dinar Recaps,

TRUMP EYES HANDING CFTC OVERSIGHT OF CRYPTO: REPORT

Donald Trump's team is considering handing the regulation of crypto exchanges and spot markets for cryptocurrencies deemed commodities to the CFTC.

Donald Trump’s incoming administration reportedly wants the US Commodity Futures Trading Commission to oversee the crypto industry — a move that could drastically roll back some of the regulatory power from the Securities and Exchange Commission.

The role could see the CFTC take on the regulation of spot markets for digital assets deemed commodities and crypto exchanges, Fox Business reported on Nov. 26, citing sources familiar with the matter.

United States President-elect Trump’s team says the SEC’s enforcement actions against industry players have slowed crypto innovation in the US and that a less stringent approach is needed to facilitate growth, Fox reported.

If the CFTC is handed regulatory control of crypto, it would be a big win for the industry, which has long signaled the agency would be its preferred regulator as it’s perceived to be fairer and has a lighter touch.

“With adequate funding and under the right leadership, I think the CFTC could hit the ground running to begin regulating digital commodities on day one of Donald Trump’s presidency,” former CFTC chair Chris Giancarlo told Fox.

Giancarlo tried to convince the Senate Agriculture Committee — which oversees the CFTC — to support the CFTC’s oversight of the spot crypto market by noting that the regulator had called Bitcoin a commodity in 2015.

The CFTC approved Bitcoin options under Giancarlo’s leadership in December 2017.

Current CFTC Chair Rostin Behnam, who shares mostly moderate views on crypto, asked the Senate Agriculture Committee for extra funding to regulate crypto markets more effectively.

The CFTC’s $706 million operating budget to police fraud and market manipulation is more than four times smaller than the SEC’s $3 billion for the 2024 financial year.

The commodities regulator employs only about 700 staff compared to the SEC’s 5,300.

Around 50% of the CFTC’s enforcement actions have been brought against crypto businesses in 2024 — which Behnam has called a “staggering statistic” for an agency that isn’t mandated to regulate the industry.

Some of this enforcement action has come against crypto companies that are not even US-based.

Meanwhile, the SEC’s leadership is set to change, with Chair Gary Gensler confirming last week that he will resign on Jan. 20, 2025, when Trump is inaugurated.

SEC Commissioner Jaime Lizárraga will also step down from his position on Jan. 17, motivated by a desire to spend more time with his wife, who is reportedly battling cancer.

@ Newshounds News™

Source:  CoinTelegraph

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🇲🇦 MOROCCO’S CENTRAL BANK DRAFTS CRYPTO LAW

The Bank Al Maghrib has drafted a law to regulate crypto assets, currently under review for adoption. Governor Jouahri also revealed that the bank is studying the potential of a central bank digital currency (CBDC) to meet financial policy goals.

@ Newshounds News™

Source:  Crypto Insider

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BRAZIL CONGRESSMAN PROPOSES CREATING A NATIONAL BITCOIN RESERVE

A congressman from Brazil has officially proposed a bill to establish a strategic Bitcoin reserve in the country: the Bitcoin Sovereign Strategic Reserve. The Reserva Estratégica Soberana de Bitcoins (RESBit) aims to diversify the country’s Treasury. According to Portal do Bitcoin, a Brazilian media platform, Congressman Eros Biondini filed the proposal on Monday.

“The creation of RESBit is a strategic measure that positions Brazil as a leader in the new digital economy, reducing economic risks and expanding opportunities for technological and financial development,” wrote Biondini in the justification for the bill. “The approval of this project is essential to guarantee the country’s economic sovereignty and align Brazil with global innovation trends.”

As presented, the bill stipulates planned and gradual acquisitions of Bitcoin, up to 5% of Brazil’s national reserves. Biondini’s proposal would also make the Central Bank of Brazil responsible for the acquisition and management of the RESBit.

Brazil’s cryptocurrency market now stands as the 10th largest in the world, according to Chainanalysis data. Brazil has seen a rise in crypto exports over the last two months, likely contributing to the pitch of a new Bitcoin reserve.

The king cryptocurrency by market cap has surged to new all-time highs over the last month following the US election. Additionally, the country has seen an influx of stablecoin usage within the country. The US dollar-pegged digital asset accounted for almost 70% of all crypto-related transactions.

Multiple countries and governments around the world have turned the tide on crypto regulation. Nations are opting to involve the growing industry in everyday finance. Brazil as a BRICS member has been forward in involving crypto within the bloc, especially Bitcoin and Ripple (XRP).

Central banks and corporate interest in Bitcoin and blockchain technology continue to rise worldwide. While there is some opposition, as seen in Europe as an example, it is clear that most are in favor of establishing crypto reserves. The US is even seeking a similar program under incoming president Donald Trump.

@ Newshounds News™

Source:  Watcher Guru 

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INSIDE THE HIDDEN POWERS OF US SHERIFFS  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

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MilitiaMan & Crew-Iraq Dinar News-Federal Court-Decisions-Salaries-Budget-Central Bank of Iraq-Oil Exports-RLUSD

MilitiaMan & Crew-Iraq Dinar News-Federal Court-Decisions-Salaries-Budget-Central Bank of Iraq-Oil Exports-RLUSD

11-26-2024

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=8u7bkF7kc8k

Seeds of Wisdom RV and Economic Updates Tuesday Evening 11-26-24

Good Evening Dinar Recaps,

IS RIPPLE CEO BRAD GARLINGHOUSE PICK FOR DONALD TRUMP’S CRYPTO CZAR?

Ripple CEO Brad Garlinghouse is rumored to be Donald Trump's pick for Crypto Czar as Ripple eyes IPO and expands post-SEC victory.

▪️Ripple CEO Brad Garlinghouse may become Trump's Crypto Czar, says ex-executive Sean McBride.

▪️50M XRP tokens, worth over $70M, recently moved between unidentified wallets.

▪️Ripple preps for IPO and leadership change as SEC legal battle ends.

Ripple CEO Brad Garlinghouse has become a key figure in discussions around the rumored “Crypto Czar” position in Donald Trump’s White House. Speculation about Garlinghouse’s potential role in shaping U.S. crypto policy gained momentum following comments from former Ripple executive Sean McBride.

This comes amid notable developments in the crypto industry, including the movement of 50 million XRP tokens valued at over $70 million between unidentified wallets.

Ripple CEO Brad Garlinghouse Pick for Donald Trump’s Crypto Czar?
The concept of a “Crypto Czar” role emerged as Donald Trump’s incoming administration considers creating a dedicated position to oversee crypto policy. Former Ripple executive Sean McBride hinted at the possibility of Ripple CEO Brad Garlinghouse stepping into this role. McBride shared his thoughts on X (formerly Twitter), saying,

“There is a real and growing possibility Brad Garlinghouse will be chosen as Trump’s new Crypto Czar.”

According to McBride, Garlinghouse may step down from his position as Ripple CEO if appointed. He also suggested that Ripple already has plans for leadership succession. This potential move aligns with Ripple’s recent resolution of its legal battle with the SEC, a development that may allow Garlinghouse to take on broader responsibilities.

Ripple, under Brad Garlinghouse’s leadership, has become a leading player in the blockchain and digital asset space, with its native token XRP seeing renewed attention from investors. The company has been preparing for an IPO and expanding its offerings, positioning itself for future growth.

Crypto Community Divided on Candidates for Crypto Czar
While Ripple CEO Brad Garlinghouse’s name is in the spotlight, other candidates are also being considered for the role. 

Chris Giancarlo, the former chairman of the Commodity Futures Trading Commission (CFTC), is viewed as a strong contender. Known as “Crypto Dad,” Giancarlo has consistently supported regulatory clarity for blockchain and digital assets. Reports suggest Giancarlo removed himself from consideration for SEC Chair, leaving him available for the crypto-specific role.

Another candidate is Brian Armstrong, CEO of Coinbase. Armstrong has received public support from Charles Hoskinson, founder of Cardano. Hoskinson emphasized Armstrong’s ability to navigate regulatory challenges and unite the crypto industry. Armstrong has reportedly met with Trump’s team to discuss crypto policy, fueling speculation about his potential appointment.

Former Comptroller of the Currency Brian Brooks and Ripple’s Brad Garlinghouse are also viewed as viable choices. Each candidate brings unique experience to the role, with Trump’s team said to be carefully vetting options before making a decision.

Ripple Timing Could Influence Garlinghouse’s Move
Garlinghouse’s potential transition to a government role comes at a pivotal time for Ripple. With its lengthy SEC legal battle largely resolved and plans for an IPO rumored, the company is in a strong position. Former Ripple executive McBride commented,

“I think the timing works for Brad and Ripple given some of the other things happening publicly and behind the scenes.”

Ripple has also been focused on product launches and potential mergers, signaling a period of growth and transformation. If Garlinghouse steps down, Ripple is expected to have a smooth leadership transition, ensuring continued progress in the rapidly evolving blockchain space.

@ Newshounds News™

Source:  CoinGape

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BRICS MOVING AWAY FROM THE DE-DOLLARIZATION AGENDA

Russia’s President Vladimir Putin proudly displayed a mock-up currency bill at the 16th summit in Kazan this year. The BRICS alliance clarified that the banknote is unofficial and was only a display presented by Putin. The theatrics of a BRICS currency followed Russia’s de-dollarization agenda to evade sanctions.

However, the de-dollarization agenda has no takers even among the existing BRICS members. Countries like India, South Africa, and Brazil are slowly taking a step back as the dust settles after the summit. Only desperate countries like Russia, China, and Iran are advancing de-dollarization using BRICS as a stepping stone.

BRICS: Russia & China’s De-Dollarization Plans Find No Takers

No serious development about launching a new BRICS currency is taking shape within the bloc. The formation of a BRICS currency is consensus-based and needs the approval of all members before taking shape. India has distanced itself from the de-dollarization agenda despite being a member of the BRICS alliance.

India needs the US dollar to survive, as without it, its goal of becoming the third-largest economy will stall. The Indian economy is closely tied to businesses in the US for the IT sector, not other BRICS countries. The de-dollarization initiative pushed by BRICS members Russia and China will only hamper India’s economy and businesses.

China and Russia are only using the BRICS bloc to further their agenda of global financial domination. Even Iran has joined the bandwagon as its economy is battered by US sanctions. While BRICS de-dollarization is growing slowly, it has now become a ‘one step forward and two steps back’ type of approach.

The steps to de-dollarization are long and hard and without unity from the members, it will remain a distant dream. The US dollar has more benefits than other currencies as it can sustain the harsh yet competitive currency markets.

@ Newshounds News™

Source:  Watcher Guru

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MIND-BLOWING MONEY LAUNDERING SECRETS HSBC DOESN'T WANT YOU TO KNOW  |  Youtube

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Source:  Seeds of Wisdom Team RV Currency Facts

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Is America Headed for Gold-Backed Money? (And What it Means for You)

Is America Headed for Gold-Backed Money? (And What it Means for You)

Daniela Cambone:  11-26-2024

“The debt spending is going to accelerate… and silver is going to go higher,” says Garrett Goggin, founder and publisher of the Golden Portfolio newsletter.

Speaking with Daniela Cambone, he explains that silver is on track to reach a three-digit high due to its strong connection to the economy. Goggin also expresses optimism about the U.S. economy, predicting an era he calls “America’s great awakening” under Trump 2.0.

Reflecting on historical trends, he suggests a strong correlation between societal decline and the abandonment of the gold standard, stating, “Why did this all happen around the 70s? It's because America got off the gold standard, and then it became all about big business.

 Citizens' health took a back seat to that.”

CHAPTERS:

0:00 Post-election economic analysis

 6:53 Correlations between gold and society

8:07 U.S. economy

10:00 Silver

14:13 Bitcoin

15:40 How will gold perform?

https://www.youtube.com/watch?v=rbwlHAB-P1s

Iraq Economic News and Points to Ponder Tuesday Afternoon 11-26-24

Parliamentary Meeting To Discuss Four Important Oil Files

Tuesday 26 November 2024 | Economic Number of readings: 85  Baghdad / NINA / The Parliamentary Oil, Gas and Resources Committee held a deliberative meeting today, Tuesday, to discuss the text of the budget amendment regarding the Kurdistan Region's oil, and to set dates and a schedule for hosting officials of the Ministry of Oil for the coming week, in addition to discussing the reports of the temporary subcommittees, and setting a date for the periodic meeting at the Ministry of Oil to review the achievements of the oil sector and the government program. / End 5

https://ninanews.com/Website/News/Details?key=1171208

Gold Prices Stabilize After Trump Vows To Impose Tariffs

Time: 2024/11/26 09:10:29 Read: 2,197 times  {Economic: Al Furat News} Gold prices stabilized on Tuesday, after falling three percent in the previous session, supported by increased demand for safe havens following President-elect Donald Trump’s pledge to impose tariffs on all imports from Canada, Mexico and China.

Spot gold was steady at $2,625.48 an ounce by 02:59 GMT, after hitting its lowest since Nov. 18 earlier in the session.

U.S. gold futures rose 0.3 percent to $2,625.80 an ounce.

Trump has vowed to impose steep tariffs on Canada, Mexico and China, raising the risk of trade wars.

Gold is traditionally considered a safe investment during periods of economic and geopolitical uncertainty, including trade wars and other conflicts.

Traders will be closely watching US consumer confidence data and the minutes of the November Fed meeting later today, as well as the first revision of GDP and core PCE numbers due later this week.

Spot silver was steady at $30.29 an ounce, platinum fell 0.2 percent to $937.05 and palladium rose 0.3 percent to $975.65.  LINK

Oil Announces Final Statistics On Exports And Revenues Achieved For Last Month

Economy  | 04:05 - 11/26/2024   Mawazine News - The Ministry of Oil announced today, Tuesday, that the total exports of crude oil amounted to (103) million and (145) thousand and (225) barrels during last October.

The ministry said in a statement received by "Mawazine News", that "the total exports of crude oil for last October, according to the final statistics issued by the Iraqi Oil Marketing Company (SOMO), amounted to (103) million and (145) thousand and (225) barrels."

It added that "the total quantities of crude oil exported for last October from the oil fields in central and southern Iraq amounted to (102) million and (302) thousand and (862) barrels, while exports to Jordan amounted to (318) thousand and (7) barrels, while the total quantities exported from the Qayyarah field amounted to (524) thousand and (356) barrels."

It is noteworthy that the Ministry of Oil, through its belief in informing the people of the export operations, took this monthly procedure.   https://www.mawazin.net/Details.aspx?jimare=256936

Parliamentary Movement On The Law Of Basra, The Economic Capital Of Iraq

Buratha News Agency1352024-11-26   Deputy Chairman of the Oil and Gas Committee, MP Adnan Al-Jaberi, announced today, Tuesday, that a request was submitted to the Presidency of the Council of Representatives to approve the submission of an oral question to the Governor of Basra about the reasons for delaying the implementation of the Basra Law, the Economic Capital of Iraq.

Al-Jaberi said in his statement, "The local government of Basra has been late in sending the internal regulations of the law since 2023 and has not sent it until now. This is a call to the Prime Minister to expedite the ratification of the internal regulations of the law in order to achieve economic changes for Basra."

He added, "This change will create many job opportunities and will change the appearance of Basra."

After a political debate that continued since 2010 regarding the Basra Law, the Economic Capital of Iraq, the House of Representatives was able to legislate it in 2017, but it has not been implemented to date.

Basra, in southern Iraq, is one of the country's richest governorates, as it floats on a lake of oil and is distinguished by investment sectors such as energy, manufacturing industries, agriculture, animal production, and marine wealth, in addition to tourism, transportation, and storage.

Basra is also the maritime lung of Iraq overlooking the Arabian Gulf with a coastline extending 58 kilometers from Ras Al-Bisha to the port of Umm Qasr in the south, in addition to exporting more than 90% of Iraq’s black gold exports.   https://burathanews.com/arabic/news/453149

Closed Meeting Of The Parliamentary Finance Committee To Discuss Seven Files

Tuesday 26 November 2024 12:00 | Economic Number of readings: 193  Baghdad / NINA / The Parliamentary Finance Committee held a closed meeting this morning, Tuesday, to discuss the draft of the first amendment to the Federal General Budget Law for the fiscal years (2023 - 2024 - 2025) No. (13) of 2023.

The committee will also discuss the report of the draft law of the Center for Banking Studies to submit it for the second reading. , and the proposal for the first amendment to the General Authority for Monitoring the Allocation of Federal Revenues Law No. (55) of 2017, in addition to the proposals for the first amendment to the National Authority for Nuclear and Radiological Control Law No. (1) of 2024, and the proposal for the twenty-second amendment to the Staff Law No. (25) of 1960 submitted by the Health Committee and other topics. / https://ninanews.com/Website/News/Details?key=1171147

Setting A Date For The Completion Of The Land Bank In Iraq

Construction and building  Economy News – Baghdad  The Ministry of Construction, Housing and Public Municipalities, in coordination with the Ministry of Water Resources, will complete the land bank during the coming year to be a central authority that can be relied upon to acquire land for various projects and future investments.

The official spokesman for the Ministry of Construction, Istibraq Sabah, said that his ministry, represented by its management, the Supreme Committee for Lands, has begun since the beginning of this year to prepare the necessary requirements and supplies to establish a land data management center after obtaining the approval of the Council of Ministers to do so, in order to be a reliable entity that can be relied upon to obtain the lands needed for projects, infrastructure, and various investments.

He pointed out that the Supreme Committee for Land Management in the country has reached advanced stages in establishing it, stressing that it will be fully completed and put into service during the coming year, noting that it will be affiliated with the Ministry of Water Resources since the maps of the lands are available with the General Authority for Survey.

In the same context, Sabah explained that work is underway to complete the requirements for equipping it with the computer supplies, electronic systems and software that must be available for the center to operate, in addition to an engineering and technical staff trained to manage it, as it will adopt a unified smart system for inventorying and managing lands and determining ownership and use.

He stated that the main objective of its establishment is that the various governmental and investment agencies face a major challenge in obtaining information related to lands, as they are distributed among various land-owning entities, and therefore there is no single source to rely on in this area. He pointed out that the center will facilitate effective decision-making regarding land management, which will contribute to shortening the time and effort spent by various entities in obtaining lands.

https://economy-news.net/content.php?id=50237

Dollar Exchange Rates Fall In Baghdad And Erbil With The Closing Of The Stock Exchange

Economy |  11/26/2024  Mawazine News – Baghdad  The dollar exchange rates fell in the markets of Baghdad and Erbil, the capital of the Kurdistan Region, on Tuesday, with the closure of the country's stock exchanges.

The dollar prices fell with the closure of the Al-Kifah and Al-Harithiya stock exchanges, recording 150,000 dinars per 100 dollars, while the exchange rates recorded 150,250 dinars per 100 dollars this morning.

The selling prices also fell in the field of exchange in the local markets in Baghdad, where the selling price reached 151,000 Iraqi dinars per 100 dollars, while the purchase price reached 149,000 dinars per 100 dollars.

In Erbil, the dollar also recorded a decline, where the selling price reached 149,850 dinars per 100 dollars, and the purchase price reached 149,750 dinars per 100 US dollars.

https://www.mawazin.net/Details.aspx?jimare=256946

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

The Financial Iron Curtain Going Up Between BRICS and the G7

Matt Riley: The Financial Iron Curtain Going Up Between BRICS and the G7

Palisades Gold Radio:  11-25-2024

Tom welcomes retired naval officer Matt Riley to the show. Matt shares his background in economics and global affairs and expresses his interest in the developing BRICS system. They discuss the BRICS alliance's diplomacy, economic cooperation, and representation goals.

Matt explains nBRIDGE, a decentralized settlement system, with gold acting as a stable store of value for settling trade imbalances.

Matt explains the use of gold in net settlement currencies and direct payment methods for energy transactions between BRICS Nations.

The bilateral central bank and exchange agreements create a decentralized system, with Dubai being the second-largest gold trading hub due to its diplomatic neutrality.

Matt discusses the potential implications of the BRICS currency system on oil, gold, and silver. He suggests a more stable energy pricing structure could benefit all parties. Maintaining stability in energy prices is crucial for everyone's benefit.

The current system is serving BRICS nations by isolating them from the serious debt problems associated with the US dollar-based system. Lastly Matt encourages listeners to shift focus from financial assets to community and social capital for true wealth and happiness.

Time Stamp References:

 0:00 - Introduction

0:34 - BRICS & Payment Systems

 4:15 - Brief History of BRICS

10:22 - nBRIDGE Exchange System

13:43 - Gold's Settlement Role

15:08 - Basket Structure?

16:41 - Volume of Use?

18:32 - Exchange Dubai vs. London

 20:32 - BRICS Summit Russia

27:43 - Playing Both Sides?

31:24 - PMs & The Road Ahead

35:54 - Silver Role & Industry

40:07 - Oil & Dollar Hegemony

 46:14 - Expectations for BRICS

48:40 - Bypassing Sanctions

 50:50 - Change Mindset & Focus

53:15 - Wrap Up

Talking Points From This Episode

The BRICS alliance explores decentralized digital currency exchange systems like nBRIDGE for economic cooperation and diplomacy.

Matt discusses gold's role in net settlement currencies and stable energy pricing within the BRICS system.

Matt highlights potential benefits of the BRICS currency system, such as stability in energy pricing and reduced reliance on US dollar.

https://www.youtube.com/watch?v=QjOCOUqo8C4

“Tidbits From TNT” Tuesday 11-26-2024

TNT:

House of Representatives votes to extend legislative term for one month

The House of Representatives voted, today, Tuesday, to extend its legislative term for one month.

Today, Tuesday, the Speaker of the House of Representatives, Mahmoud Al-Mashhadani, opened the 17th session with the attendance of 168 representatives.  link

Tishwash:  Al-Alaq: The monetary situation in Iraq is excellent and our reserves support the stability of the exchange rate

The Governor of the Central Bank, Ali Al-Alaq, confirmed today, Monday, that the monetary situation in Iraq is very excellent, noting that “the increase in the volume of reserves enables us to support the exchange rate and achieve monetary stability.”

Al-Alaq added in a press statement that the Central Bank is distinguished by its ability to "respond to providing the country's needs for currency," indicating that "foreign transfers for trade purposes are proceeding smoothly after the implementation of the new system."

Al-Alaq revealed that "the Central Bank will launch a new mechanism for travel or treatment transfers next year," stressing that "there are agreements with four companies to launch a new mechanism for travel or treatment transfers."  link

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Tishwash:  Talk about "fair prices" for oil.. Meeting between Al-Sudani, Russian Prime Minister and Saudi Energy Minister

Prime Minister Mohammed Shia al-Sudani held a joint meeting with the Russian Deputy Prime Minister and the Saudi Minister of Energy to discuss the "energy market situation." 

According to a statement issued by Al-Sudani's media office, a copy of which was received by Al-Jabal, "Mohammed Shia Al-Sudani held a joint meeting with Russian Deputy Prime Minister Alexander Novak, and Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman Al Saud."

The meeting witnessed "discussions on the conditions of global energy markets, and matters related to the production of crude oil, its flow to markets, and meeting demand."

He added, "The importance of maintaining stability, balance and fair prices was emphasized, while emphasizing the vital role played by the OPEC Plus group in this regard."  link

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Tishwash:  Al-Sudani: Iraq must always be at the forefront

Prime Minister Mohammed Shia al-Sudani said today, Sunday, November 24, 2024, that: "Iraq must always be at the forefront."

Al-Sudani participated in the memorial ceremony held by the Ministry of Foreign Affairs today, Sunday, on the occasion of the centenary of the establishment of the ministry.

In his speech at the ceremony, Al-Sudani congratulated the centenary of the founding, which occurred in 1924, and the launch of diplomatic work for the modern Iraqi state, and the transition of the country, after independence and joining the League of Nations, to become an effective international and regional pillar among nations.

Al-Sudani reiterated the government's keenness since the beginning of its work to pay great attention to foreign affairs and its institutions based on our country's supreme national interests and constitutional constants, stressing the need to prepare a new generation of young diplomats who believe in the new democratic political system, and this matter will receive the support and attention of the government.

He touched on the humanitarian efforts that Iraq provided to the Palestinian and Lebanese brothers, in addition to the political and diplomatic efforts to prevent the war from spreading and expanding.

Al-Sudani said in the most prominent part of his speech during the Foreign Ministry ceremony:

Iraq is one of the most prominent founding members of the United Nations and its subsidiary organizations, which gave it an international presence and a focal point in many of the pivotal events in the history of the region.

 The Ministry of Foreign Affairs has maintained the spirit of diplomatic work and its basic traditions.

Iraq suffered from isolation due to the policies of the former dictatorial regime, and quickly regained its centrality and position after 2003.

The Ministry of Foreign Affairs was able to perform its national role, which expressed in a distinctive way the new Iraq and contributed to peace, security and openness to all.

We established an important and fixed principle that we called “productive diplomacy” to be the basis of our foreign work.

Our standard in drawing up relations with the countries of the world is to adopt the principle of partnership and bilateral relations based on equality and management of interests, in a way that guarantees Iraq its rights, independence of decision, and sovereignty.

At the beginning of the government, we focused on strengthening relations with countries in the region and the world, and we hosted many international events.

We launched the Vital Development Road Project, which represents an Iraqi diplomatic message before it is an economic one.

We have recalled the role of the Ministry of Foreign Affairs to end the mission of the international coalition and organize relations with its countries on a comprehensive bilateral basis.

The strategic framework agreement to regulate relations with the United States of America has been revived.

We are proud of our government’s achievement in completing the political and institutional construction of the state.

We agreed to end the UN political mission of UNAMI and continue working with the specialized UN agencies.

Iraq has become, by the United Nations’ recognition, a country that has fulfilled all the conditions for democratic, political and developmental transformation.

Iraq called early on to intensify efforts to end the war in Palestine and Lebanon, protect civilians, and work to prevent the war from expanding.

The Zionist entity threatened Iraq with flimsy pretexts that reveal its aggressive intentions, which required us to emphasize not to make Iraq a launching pad for any attack.

We directed the Ministry of Foreign Affairs to follow up on the Zionist threat file in international forums to prevent the entity’s attempts to ignite war in the region further.

The International Criminal Court has issued arrest warrants against the entity's prime minister and former defense minister, which confirms the entity and its leaders' aggressive and criminal behavior.

Our diplomatic missions are called upon to play an active role in clarifying the Iraqi position, which preserves its principles and guarantees the supreme interests of the country.  link

Mot: .......... At least I brought the carrots

Mot:  . and then - Pooof!! -- Next Week  

Seeds of Wisdom RV and Economic Updates Tuesday Morning 11-26-24

Good Morning Dinar Recaps,

 CRYPTO REGULATIONS : UK’S FCA UNVEILS PLAN TO FULLY REGULATE CRYPTO ASSETS BY 2026

Right now, with a Bitcoin holding of 61,000 BTC, the United Kingdom is the third largest Bitcoin holder, after the United States (207,189 BTC) and China (194,000). Devere Group CEO Nigel Green recently advised the UK government to follow Donald Trump’s strategy to create a Bitcoin national reserve. Could the BTC reserve strategy transform the UK? Let’s listen to what Green has to say!

Nigel Green’s Vision for a UK Bitcoin Reserve
Recently, US President-elect Donald Trump proposed his plan to create a Bitcoin reserve in the United States. The plan has been received well by most. Many experts think that Trump’s move would help the US economy overcome significant challenges, including inflation and public debt.

Financial expert Nigel Green also praised the United States’s new Bitcoin reserve strategy. Highlighting the prime benefits of the move, he advised the United Kingdom to adopt a similar strategy to boost the economy.

Strategic Benefits of a Bitcoin Reserve
The global market is notoriously volatile. Key issues faced by many western countries, including the UK, are inflation and rising public debt.

 The national debt of the United Kingdom now stands at 2.8 trillion Euro – roughly equivalent to the value of all the goods and services produced in the UK in a year.

In the last financial year alone, the UK government borrowed at least 125.1B Euro. Last month, the government borrowed nearly 17.4B Euro – the second highest borrowing in October since 1993. The annual inflation rate in the United Kingdom sharply grew from 1.7% to 2.3% in October.  

Green highlighted the unique advantages of a Bitcoin reserve strategy to address critical economic issues like inflation, currency devaluation and market volatility. He also pointed out its potential to attract crypto entrepreneurs and blockchain innovators, thereby stimulating economic growth.

Global Competition and the Risk of Falling Behind
Emphasising the risk of falling behind in the race for global technology and financial leadership, Green noted that many nations have already crafted their own crypto strategies.

Recently, marking an end to the long-standing rule of the Conservative Party, Keir Starmer, a Labour Party leader, was elected as Prime Minister.

Financial experts like Green seem confident that the new Labour party leadership would be open to revolutionary policies, like creating a UK Bitcoin reserve, to swiftly improve the country’s economic health.

@ Newshounds News™

Source: CoinPedia  

  ~~~~~~~~~

NY FED EXPLORES FINANCIAL STABILITY RISKS OF DIGITAL ASSETS AMPLIFIED BY LACK OF COHERENT REGULATION

The New York Federal Reserve (NY Fed) published a report on the financial stability implications of digital assets. It concludes that the risks have been small so far because of the size of the sector. But if it becomes larger, it could pose risks to the broader financial system.

It identifies many of the risks outlined in previous reports but with some nuances.

Digital assets have big booms and busts, with the Bitcoin price falling more than 70% from its 2021 peak. Other factors exacerbate these large price swings. They include what the Fed refers to as funding risk or run risks. 

 A range of digital asset players have suffered runs, including centralized exchanges (CEXs), crypto lenders, stablecoins, and even DeFi protocols. The example of the latter was the Anchor Protocol relating to the collapsed Terra platform.

On top of the booms and busts, and the run risk, the sector uses a high degree of leverage which exaggerates the other risks. Plus, the crypto ecosystem is highly interconnected.

The NY Fed wrote about a lack of a strong and cohesive regulatory environment that amplifies the vulnerabilities. This is more about many crypto entities being offshore, or entities such as decentralized autonomous organizations (DAOs) lacking a clear legal status.

Stablecoins under the spotlight
Given the assessment focuses on financial stability, the NY Fed didn’t dwell on the threat of stablecoins to the singleness of money.

Instead, it is particularly concerned by stablecoins because of their interconnectedness – both within the crypto ecosystem and with the mainstream economy. They “appear to contribute not only to the instability of the digital ecosystem but also to systemic risk,” wrote the NY Fed authors.

While there’s a perception that stablecoins are redeemable, in a crunch only option for many people is to trade them in the secondary market.

Maturity transformation is a known issue in banking – where banks lend on mortgages against demand deposits. The NY Fed argues that maturity transformation can also happen with stablecoins if their assets are illiquid or have longer maturities. It acknowledges that the asset quality of the larger stablecoins has improved over time. 

 However, a good 15% of Tether’s assets are still relatively risky, “making Tether riskier than most prime MMFs, a sector that experienced destabilizing runs in 2008 and 2020.”

The ease of switching between stablecoins can amplify the stablecoin run risk. Decentralized stablecoins such as the DAI (now USDS) are considered riskier because it takes longer for DAOs to react.

Regarding interconnectedness, stablecoins are used by lending protocols, so a run on a stablecoin results in users withdrawing lending and borrowing rates rising significantly.

What the NY Fed is really concerned about is if a large stablecoin had to suddenly liquidate a lot of Treasuries, then that could impact mainstream financial markets.

The paper also explores the growing interconnectedness between digital assets and mainstream finance in other ways.

This interconnectedness, combined with the volatility and fragility of crypto, and high leverage is why it considers digital assets a potential financial stability risk.

@ Newshounds News™

Source: Ledger Insights 

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IS CRYPTO THE ANSWER TO YOUR FINANCIAL PRAYERS? | Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

 ~~~~~~~~~

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Thank you Dinar Recaps

Iraq News Highlights and Points to Ponder Tuesday AM 11-26-24

Beggars Are Sweeping The Streets Of Iraq.. Their Numbers Are "Large" And 90% Of Them Receive Welfare Salaries

Reports     Economy News - Follow-up  Since her husband died when she was 25, Umm Ali (53 years old) has spent her daytime hours wandering around the Shorja market next to Rusafa in the capital, Baghdad, extending her hand asking for “the charity of passersby.” In her wide green eyes is a trained look of sadness, often prompting people to reach into their pockets to help her.

She reinforces her appearance, which suggests a walking tragedy, with a sentence she repeats mechanically, the vocabulary of which has not changed, and in a steady tone of voice since she began her path of begging for sympathy: “I have three orphaned children to raise and pay the rent.”

Part of what she says is true. She has rent to pay for her small, run-down house on the outskirts of Baghdad, and she already has three sons, the youngest of whom is 24. They have all left her one by one for years, and she now lives alone.

She admitted this after she had seized a 5,000 dinar banknote, which was enough to raise the ceiling of her confidence in the investigator. She admitted, but with the same tone of voice that resembled crying, that she was facing great difficulties as she walked on foot, begging people: “I have to wander around looking for my livelihood in the heat, cold and dust despite my illness,” according to the “Nirij Network for Investigative Reports.”

She added: “The police sometimes harass me. Once they asked me to pledge not to beg again, and they asked me to register with social welfare in order to receive a salary.”

She paused for a moment as if trying to choose the right words, and continued: “The care salary will not be enough for transportation costs, and I am a single, poor woman. Why do they pursue me and leave the criminal gangs, pickpockets, and drug addicts in the street, some of whom are foreigners?”

Umm Ali is referring to the begging gangs that share control over several areas in the capital, Baghdad, and use innovative methods to defraud people, despite the official authorities launching campaigns to combat them, as well as the phenomenon of begging in general.

He also noted that begging is not limited to Iraqis, but there are also foreigners who enter the country in various ways, including under the pretext of religious visits, tourism and work, and organized crime gangs invest in their networks to pose a threat to Iraqi society as a whole, according to officials and researchers familiar with the begging file in the country.

Half A Million Beggars

Counselor Saeed Al-Naaman, a member of the Legal Committee of the Iraqi Forum for Elites and Competencies, defines begging as: “an individual’s request for money from others using various fraudulent means to influence their emotions and compassion.”

He considers it a “bad and frightening social phenomenon that poses a danger that reaches the point of destroying the foundations of society. It is a contagious disease, and is highly contagious. It begins with the individual, then the family that hosts him, and expands to include large groups,” according to the “Nirij Network for Investigative Reports.”

Groups that encourage unemployment, dependency and lack of production, thus wasting opportunities to develop themselves and exploit their energies, and placing restrictions on the dreams of their owners, so that they remain prisoners of collecting money to secure some of their material needs or their daily sustenance, nothing more.

Al-Naaman says that there is a delay in implementing Article (390) of Penal Code No. 111 of 1969, which considers begging “a misdemeanor punishable by imprisonment for a period not exceeding one year for adults. As for minors, they are placed in shelters and employment centers that do not have the minimum tools for employment.”

He believes that this legal text needs “activation, monitoring and continuous follow-up to provide these tools.” He continues: “Article (391) of the same law includes placing the beggar for a period not exceeding one year in an employment home if he is able to work, or placing him in a shelter, a home for the elderly or a recognized charitable institution if he is disabled and does not have money to be taken from, provided that his joining the appropriate place for him is possible.”

He believes that this article: “talks about tools that do not exist or that do not serve the purpose if they do exist, and there is no capacity to accommodate the large numbers of beggars if they are deposited to implement the rulings issued against them.”

The head of the Strategic Center for Human Rights in Iraq, Fadhel Al-Gharawi, estimates the number of beggars in the country at more than 500,000, most of whom are minors and women. He says that 70% of begging is organized crime, 20% is electronic begging, and 10% is traditional begging. He says that the latest forms of begging are: “electronic and health begging, and cover-up to establish humanitarian or social projects.”

He warned against foreign begging in Iraq, noting that it is “the most dangerous form of human trafficking” and that organized crime gangs are behind it, which he says have exploited the legal, security and economic conditions in Iraq to “activate the begging trade there.”

He added: “Organized crime gangs bring foreign beggars into Iraq under several pretexts, including labor, tourist and religious visits, and under the cover of refugee status.” He also indicated that most of the nationalities of foreign beggars are from Asian countries, most of them from Bangladesh, while Syrians come in first place among Arab beggars, he said.

It is noteworthy that the Ministry of Interior had deported more than 10,000 foreign beggars during the years 2023 and 2024 and returned them to their countries, while there are large numbers of them still inside Iraq without there being accurate statistics on their numbers and nationalities.

 Causes Of The Phenomenon

In a study prepared by Karar Haider Hassan, entitled (The Phenomenon of Begging and Its Impact on National Security), published on the website of the Nahrain Center for Strategic Studies affiliated with the National Security Advisory in the Prime Minister’s Office on June 27, 2024, several reasons were identified behind the “exacerbation” of what he described as the phenomenon of begging in Iraq, including:

Poor economic conditions, widespread poverty and unemployment. Conflicts and wars, resulting in population displacement and the loss of many of their jobs and properties. Weak and unstable educational system, causing high rates of illiteracy and ignorance. Weak effective social programs to support the most vulnerable groups in society.

The study also pointed out the most common types of begging in the country, such as direct individual begging by asking for money or indirect begging by offering simple goods such as tissues and then begging passersby to buy them. Family begging and seeking sympathy through children, organized begging (begging gangs) and seasonal begging, during holidays and religious occasions.

In his study, Karar pointed out a new type of begging that has emerged in recent years, called “electronic begging,” which is done over the Internet, through some people exploiting social media and websites to request financial assistance by publishing touching stories about the family’s situation, such as one of its members being afflicted with a dangerous disease.

The study pointed out the dangers of begging on society, such as distorting its public image and increasing the feeling of insecurity among the population, and causing a burden on the local economy due to the presence of dependent individuals who depend on others instead of working, as it also contributes to increasing crime rates and the use of children in illegal work.

Accordingly, the phenomenon of begging affects national security, according to the study, because it is linked to the high crime rates in cities, especially if it is reinforced by the phenomena of unemployment and poverty as “two main drivers,” and that “shoplifting and pickpocketing are among the most prominent crimes associated with begging.”

Also, children are exploited in begging, which may lead to children entering the “world of organized crime or drug trafficking.” Moreover, beggars live in poor health conditions, which increases the possibility of the spread of diseases and epidemics. Begging affects the opportunities for developing tourism, as it affects the country’s image in front of foreign visitors.

A Crime That Leads To Other Crimes

Judge Jassim Mohammed Al-Moussawi describes in an article the phenomenon of begging as dangerous, and its causes are social or economic, and most of them are inherited professions, and they may be “individual violations committed by individuals or within groups or organized categories, and they may be within organizations that may extend beyond borders.”

He believes that it is an introduction to committing many crimes such as: “violating the sanctity of homes and thefts, all the way to drug trafficking and abuse.”

He says that the Iraqi legislator addressed the crime of begging in Penal Code No. 111 of 1969, as amended, in Chapter Eight under Social Crimes / Section Eight in Articles (390-392) and allocated penalties for it specific to “the adult beggar, the juvenile, and whoever tempts a person to beg.”

He also points out that the Anti-Human Trafficking Law No. 28 of 2012 identified eight forms of human exploitation, including begging, as the law considered the perpetrator’s exploitation of the victim and pushing him to beg as “a crime of human trafficking, as well as the forced kidnapping of children and adults and their introduction into organized crime gangs and forcing them to practice begging.”

Sondos Nouri Hassan, who holds a master’s degree in criminal law, warns that the phenomenon of begging has begun to take “more criminal and professional forms and is now being committed by organized international criminal groups,” saying that they lure children to go outside their parents’ control and then exploit them in begging.

The issue may reach the point of kidnapping the juvenile, deliberately causing physical disabilities to the person and then exploiting him in begging to elicit emotions, and that there are “organized gangs behind begging and preferring homeless women and children and hiding behind them more dangerous phenomena such as organ trafficking, drugs and prostitution.”

Because of its seriousness, Sondos says, national criminal legislation has played its role in combating it, by criminalizing and punishing it, and has followed a criminal policy in line with the degree of seriousness of this crime and its negative impact on society.

Including Article (390) of the Iraqi Penal Code No. 111 of 1969, as amended, which punishes the perpetrator of the act of begging with imprisonment, with mention of some aggravating circumstances: “However, it did not stipulate the crime of begging gangs, nor did it make the commission of begging by gangs an aggravating circumstance.”

Anti-Begging Campaigns

On March 20, 2023, the President of the Supreme Judicial Council, Dr. Faiq Zidane, issued Circular No. 379 to the Presidency of the Public Prosecution and all presidencies of the Courts of Appeal, setting March 22 and 23, 2023 as the date for launching an integrated campaign to combat human trafficking in Iraq with the aim of ending the phenomenon of begging “because of the threat it poses to security.”

It seems that this campaign or other campaigns that followed it, organized and participated in by various parties, did not achieve success, as the phenomenon of begging continued and worsened, which prompted the National Security Council in early 2024 to draft a (National Policy to Combat Begging) in cooperation with the Ministry of Labor and a number of other ministries.

It is a policy that is in the process of being approved and ratified before being presented to the Prime Minister’s Office for launch and generalization. According to a source in the Ministry of Labor and Social Affairs, the policy “includes the tasks of performance, leadership, follow-up, evaluation, identifying points and areas of strength and weakness, and support,” and that its main goal is “to provide a decent life for citizens who are unable to work.”

It is noteworthy that the Department of Citizens’ Affairs in the General Secretariat of the Council of Ministers had commissioned the Ministry of Labor in 2015 to form a department specialized in combating begging, and committees emanating from it were formed in the Iraqi governorates, headed by deputy governors and including representatives from a number of ministries and institutions.

Member of the Security and Defense Committee in the Iraqi Parliament, Ali Nima, stated that the Ministry of Interior, through its various formations, is continuing a broad campaign to combat begging in the governorates, listing the reasons for this campaign: “The first is to address a negative phenomenon, in addition to avoiding greater risks, as some beggars are tools for crime and many thefts have been recorded, in addition to the security dimension included in the campaign,” adding, “Beggars can be exploited in several dimensions.”

He points out that there are beggars of Arab and Asian nationalities who are already present in Iraq and that “their numbers are large and they enter the country annually through smuggling or through a limited-term travel visa, then they try to disappear from sight and later resort to begging, especially since some of them come from poor countries.”

He pointed out that the security services have monitored crimes of theft and armed robbery involving some foreign nationals who do not have entry visas. He said that foreign beggars are present in large numbers in the holy cities.

These people prefer begging to working, because begging provides, without any effort, several times what the wages of an inexperienced foreign worker, which range between $300 and $500, provide. Ali Hussein, the owner of a building materials store in Baghdad, says, “A beggar only needs to stand for four or six hours a day in a crowded street or in front of a mosque to get more than $30.”

The Ministry of Labor and Social Affairs, in cooperation with the Ministry of Interior, participated in the campaign that was launched on September 9, 2024, in order to carry out its duties in caring for those who deserve it. According to the Director of the Media, Arab and International Relations Department at the Ministry, Kazem Al-Atwani, it is collecting data on beggars who are arrested by the Ministry of Interior and conducting field research to verify their conditions. “The procedures for those who deserve it are being completed to include them in the social protection allowance.”

But the social welfare salary does not convince the majority of eligible beggars to stop begging, as it averages $200.

The Ministry of Labor is currently limited to dealing with beggars who are arrested and placed in the Ministry of Interior centers, and no one else. Al-Atwani points out that “a written pledge is taken from the beggar that he or any of his family members will not return to the profession of begging, and legal measures will be taken against anyone who returns to it.”

He stressed that the recent campaign comes as a continuation of the Ministry of Labor and Social Affairs’ work in “eliminating poverty after covering more than 7,000 individuals with social protection benefits.”

Social Welfare Salaries

 Member of the Iraqi Council of Representatives, Haifa Al-Jaberi, addressed, in letter No. 1153 on May 13, 2024, the Ministry of Labor and Social Affairs, to include beggars in social welfare salaries “after obtaining pledges from them not to beg.”

They have already been included, according to the Director of the Homelessness and Begging Department at the Ministry of Labor, Haitham Aboud, who confirmed that beggars between the ages of 15 and 45 are now included in the salaries of the social welfare network, a measure taken by the ministry as part of plans to combat the phenomenon of begging in 2024, he said.

He stated that beggars will also receive soft loans, while “the files of minors and the elderly will be referred to the social protection system and housed in designated homes.”

The Ministry of Labor has set the welfare salaries as follows: A married citizen who supports a family of four people is paid a salary of 420 thousand dinars per month, while a married citizen who supports a family of three people is paid a salary of 315 thousand dinars, while the one who supports only one person, the salary for the two people is 210 thousand dinars, so he is paid only 105 thousand dinars.

Although the Ministry of Labor does not provide figures for the number of beggars who have benefited from the social welfare stipend program, Haitham Aboud expressed disappointment at the general lack of response from beggars to his ministry’s program. “Many of them return to the streets after a short period,” he said. He believes the reason for this is the organized crime gangs that control them.

He implicitly held citizens responsible for this by calling on them not to give money to beggars, “but rather to donate to well-known charitable organizations through the boxes located in the streets.”

He stressed the ministry's intention to collect accurate information about beggars and enter it into specialized databases to classify them according to different categories, pointing out the adoption of plans to include them in training courses and workshops "which will give them the opportunity to obtain soft loans that will help them start small projects."

As for beggars who are unable to work, such as minors, the elderly, and people with special needs, Aboud says that they “will benefit from social protection systems and will be housed in orphanages and nursing homes.”

But the effectiveness of this step is questioned by some officials. The head of the Social Authority at the Ministry of Labor, Ahmed Khalaf, stated in press statements that 90% of beggars have social welfare salaries, and they are among seven million Iraqis who receive it. This is an implicit indication of the futility of the matter, as the welfare salary does not prevent the continuation of begging.

Near a medical clinic complex on Karrada Street in the capital, Baghdad, a woman sat on the sidewalk with her two young children, wrapped in a tattered black abaya, and hiding her face with the edge of her black headscarf. She refused to give her name to a young man who was about to throw a thousand dinars into her son’s lap. She glanced reproachfully out of the corner of her eye, doubting the motives behind the question.

She said she was not committing a crime by asking others for charity to help her raise her five children. She pointed to the two little ones sitting on the floor next to her: “I have three older ones.”

The woman, who said she was over 40, spoke of the great difficulties she had been facing for about two years, when her husband went to prison on a drug-related charge, and she had to find money to cover the cost of living, and she raised her hands in prayer for someone who would allow her and her children to live in an unfinished building outside the capital, Baghdad.

She says that she knows about the social welfare salary given to people like her: “It is not enough.. I have no choice but to go out on the street.. I do not have a certificate to find work, and charitable relatives cannot help you permanently.”

Partial Solutions

Chairwoman of the Women, Family and Childhood Committee in the House of Representatives, Dunya Al-Shammari, confirmed the addition of the “begging” paragraph to the draft of the Child Protection Law, which she said would be enacted in the next phase after years of postponement. She stated that “the draft law is sensitive and must be given great attention because it differs from other laws in terms of scrutinizing every paragraph and word in it, so that it is not misunderstood or becomes a loophole that can be used to commit violations by any party.”

She added: “Iraq needs a law that protects the weakest group in society, which is children, from everything they are exposed to,” and she acknowledges that the laws enacted after 2003 regarding the family and children “were not sufficiently sound to protect the child from all types of oppression or deprivation, whether electronic blackmail, begging, or domestic violence.”

Al-Shammari points out that the phenomenon of begging is increasing day after day despite the enactment of prohibitive laws and the holding of seminars and workshops that warn of its danger. “However, we see the exploitation of children in this phenomenon, which falls under the name of human trafficking, through the presence of groups that traffic them and force them to do so.”

Statements by members of the Parliamentary Committee on Children, as well as government officials, including those working in the Ministry of Labor and Social Affairs, confirm that addressing the phenomenon and its repercussions is very difficult, and that the solutions presented and proposed so far are not sufficient.

Dr. Abed Hashem, a social specialist, stipulates that economic conditions must be improved before embarking on any campaign to combat begging. “Not everyone is employed, and job opportunities are not available to everyone, so the government must work to reduce unemployment and poverty rates and create job opportunities by launching new productive projects and employing those who have been unemployed for decades, and they number in the thousands throughout the country.”

He added to this the implementation of effective social programmes that meet the needs of those who have lost their breadwinners, to rescue poor families and pave the way for their members to complete their studies, or teach them professions that enable them to earn appropriate sums of money, and direct specialised educational programmes to those who need them in cooperation with civil society organisations.

He says that the anti-begging campaign that was launched in the last part of 2024 was preceded by a campaign implemented in 2005 by five ministries: the Interior, Labor, Social Affairs, Human Rights, Justice, and National Security. It required placing elderly beggars in nursing homes, providing care for orphans in special state homes, and taking pledges from some of them not to beg again.

He continued: “Launching a new campaign means that the old campaign has failed, so there must be permanent measures, not temporary ones. A phenomenon of this size cannot be solved through campaigns, and the matter requires realistic plans to limit it at least.”

He also called for activating Article 93 of the Iraqi Penal Code 111 of 1969, by imprisoning adult beggars whose health condition does not prevent them from working, and for traffic police to contribute to informing the relevant authorities about beggars at street intersections and other places, and to crown all of this with intensive media support directed at citizens to discourage beggars by helping them, and to limit assistance to “those who deserve it, who are not professional beggars.”

(W, L) is in his early twenties, from the Rusafa side of the capital, Baghdad. He suffers from a complete inability to use his left leg as a result of a traffic accident he sustained in his childhood. He sits in front of his stall, which he says he uses as a front to protect himself from police pursuits as well as begging gangs, which he says are widespread in special areas that he controls.

He says he comes from a poor family and couldn’t complete his studies. He receives a social welfare salary, but it’s not enough to support his family, which consists of three sisters, his disabled father, and his sick mother. So he has to ask people for help, in addition to “selling these simple things of mine, why not?” He says, pointing to his stall, which contains two packs of gum, small tissues, and irons.

He warns that in addition to the begging gangs, there are drug gangs, and that some have offered to distribute or sell drugs to him, “but I refused,” he thinks as he looks at the passersby before continuing: “I get 10 or 15 thousand dinars a day sitting here, while they offer a lot of money. Honestly, I hesitate even to sell cigarettes to avoid problems, but I don’t know what will happen tomorrow. For the sake of my family and my future, I may be forced to do things that I don’t want to do now.”

https://economy-news.net/content.php?id=50246

MilitiaMan & Crew Iraq News-Central Bank Iraq-Monetary Stability Excellent-Budget Law 2023, 2024, 2025-Article 13

MilitiaMan & Crew Iraq News-Central Bank Iraq-Monetary Stability Excellent-Budget Law 2023, 2024, 2025-Article 13

11-25-2024

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

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https://www.youtube.com/watch?v=c82txJIGCxE