Iraq Economic News And Points To Ponder Late Monday Afternoon 12-23-24

Central Bank Policy In Light Of Banking Compliance With International Standards Between The Controversy Of Expectations And Requirements

Dr. Haitham Hamid Mutlaq Al Mansour

The debate is raging about the steps taken by the Central Bank of Iraq towards the US Federal Reserve and the US Treasury, and doubts are raised that they are incorrect steps in managing monetary policy.

Other opinions even went so far as to warn of a banking collapse as a result of these agreements and what will result from them at the beginning of next year in terms of the connection of Iraqi/Arab banks with correspondent American banks. These opinions described it as confusion and error in following monetary policies that are not appropriate for the current economic situation.

Therefore, we say in this regard and warn against the incorrectness of these opinions if we take them in good faith, as the aforementioned steps and procedures are nothing but a reflection of the Central Bank's policy to support the national economy in its orientation towards establishing relations with Arab and international correspondent banks and the gradual transition to operations to enhance the advance balance of the accounts of these banks.

This is consistent with what the Central Bank of Iraq announced in 2023 in its plan to gradually reduce reliance on the electronic platform until it ends its work during 2024 and limit it to the operations of recording financial transfers for the purposes of control, auditing and analysis.

The Governor of the Central Bank has confirmed in many places that the Central Bank is determined to support Iraqi banks, enhance their capabilities and prepare them to work in accordance with international practices and agreements that aim to build and enhance the capabilities of our banks internationally.

The monetary policy measures to link the six Iraqi and Arab banks with prestigious, capable and capable international banks is exactly right and consistent with the reality of international activity and practice in import operations, currency transfer and money movement through prestigious international banks. This is because the implementation of this measure is expected to contribute to the following:

Controlling money transfer operations and identifying the final destinations to which they will reach, and thus it will be a control joint in the pre-transfer stage instead of the post-control joint.

The aforementioned linkage supports a number of our qualified banks towards raising their banking status and increasing their acceptance and global penetration, especially since most Iraqi banks suffer from administrative and organizational problems at the operational and investment levels.

Reducing the number of banks that are on the blacklists that practice informal activities that revolve around smuggling or selling dollars at the parallel price, at the expense of practicing banking activity within the limits of lending and investment. And encouraging them to rebuild their activities within the limits of real banking work.

Based on the achievement of the above points and in light of the improvement in the international position of Iraqi banks after they adopted the policy of linkage and compliance and the resulting control and reduction of dollar smuggling and money laundering operations, it is expected to be the nucleus for attracting new financial investments that can work on the development paths of leading economic sectors, and stability will be generated in the cycle of demand for the dollar and from it, stability of price levels on the medium or long-term level.

There will inevitably be a price gap that will raise inflation levels, but it will soon disappear, provided that the procedures for linking and international transfer are scientifically implemented within the terms and instructions of compliance with international standards and the necessity of achieving the above points.

Therefore, in this context, we propose several requirements to raise the ability of Iraqi banks to adhere to compliance standards, stimulate their relations with correspondent banks, and enhance confidence in their performance, including:

Adherence to modern international compliance laws and legislations issued by international regulatory institutions and authorities, including the Basel Committee and the Financial Action Task Force (FATF), which issued its forty recommendations to combat money laundering and terrorist financing.

In addition, the US decisions and laws issued by the Treasury Department represent basic conditions for compliance and constitute an ongoing state for the banking sector in the world, not just the Iraqi and Arab banking sector.

Our banks must invest in the necessary infrastructure for mega development projects such as the Development Road, and apply advanced technology that supports reaching international compliance levels.

Supporting everything that leads to deepening the effective contribution of our banks to development through issuing legal facilities and financial facilitation to support the cycle of banking capital towards foreign trade, industry and investment.

The principle of transparency in banking operations and financial reporting must be adopted to build sustainable trust with the international community, and a comprehensive national plan must be prepared to develop capabilities, training and qualification in the field of banking compliance by establishing a specialized administrative unit for this purpose.

Therefore, this linkage step is a strategic step for the monetary policy of the Central Bank of Iraq, as the size of the Iraqi banking sector’s deposits exceeds $100 billion, which is an incentive to activate the work of banks.

 In the same context, if we know that Iraq imports $70 billion worth of money, it would be more economically feasible to cover this money through a solid banking sector that opens credits and is linked to the global financial system and international institutions with efficiency and transparency.

It is concluded from the above and according to the importance of the linkage and compliance step, that the private sector must be ready to start developing and financing the national economy and achieving the desired growth. Especially after the American bank (JP Morgan) recently expressed its readiness to support Iraqi trade financing operations, which is the largest in size and solidity among global banks, and has a major role in correspondence operations between banks worldwide.

290 views   12/23/2024 - https://economy-news.net/content.php?id=51190

The Central Bank Sets New Conditions For Buying And Selling Foreign Currencies

Monday 23 December 2024 21:05 | Economic Number of readings: 57  Baghdad/ NINA /The Central Bank of Iraq set new conditions for buying and selling foreign currencies today, Monday.  https://ninanews.com/Website/News/Details?key=1176343

Globally.. Gold Prices Rise After The Dollar Declines

Time: 2024/12/23 09:20:40 Read: 1,729 times  {Economic: Al Furat News} Gold rose in spot transactions on Monday, after the dollar fell and because of the Federal Reserve’s cautious stance on cutting interest rates next year.

Spot gold rose 0.2 percent to $2,626.44 per ounce by 0313 GMT. U.S. gold futures fell 0.1 percent to $2,642.10.

The US Federal Reserve's 25 basis point interest rate cut on December 18, its dovish economic outlook note and its expectation of smaller cuts in 2025 pushed gold to its lowest since November 18 last week.

Gold rose on Friday as the US dollar and US Treasury yields fell when US economic data pointed to slowing inflation.

Spot silver rose 0.7 percent to $29.72 an ounce, platinum rose 1 percent to $935.47 and palladium added 0.2 percent to $922.31.  LINK

Central Bank's Harvest In 2024 And Its Strategic Axes In 2025

Samir Al-Nusairi  As the year 2024 draws to a close, it is clear beyond doubt that the Central Bank’s measures and efforts since the beginning of 2023 until now, with the support and cooperation of the government, have borne fruit and are beginning to yield positive results according to what was planned.

This is what was explained in detailed procedures and administrative, technical and negotiating steps with the US Federal Reserve and the US Treasury Department and understandings to regulate foreign trade financing with Arab and international banks by approving the opening of accounts for Iraqi banks in American, Chinese, European, Emirati, Indian and Turkish correspondent banks to deal directly with them for foreign transfers in the currencies of these countries, which are the dollar, euro, Chinese yuan, Indian rupee, Emirati dirham, Turkish lira, Jordanian dinar and Saudi riyal,

and leaving the electronic platform in 2024 and allowing banks to supply dollars and foreign currencies into Iraq from their accounts with correspondent banks or abroad according to specific controls issued by the Central Bank, as well as reaching the opening of about 40 accounts for our banks in correspondent banks.

The Central Bank's strategy implemented in 2024 to reform the banking sector depends on restructuring, developing and classifying banks and increasing their capital to the ceiling set by the Central Bank according to the specified timeframes.

This will lead to raising the capabilities of our banks to provide the best banking products and services to customers, the economy, investment and development, and moving towards comprehensive digital transformation and compliance with international standards, and helps lift the restrictions imposed on our banks.

Therefore, it can be said that one of the most prominent achievements in the banking reform process in 2024 is that 97% of foreign transfers are made at the official exchange rate, and work is underway to facilitate foreign transfers for small traders and to identify speculators' plans to harm the Iraqi economy.

An annual inflation rate of 3.7% has also been maintained, while controlling the general price level and maintaining a foreign exchange reserve and 153 tons of gold at a rate of 140% to cover imports and local currency in circulation and provide the necessary liquidity to meet the needs of the Ministry of Finance to implement the government's operating budget.

In addition to the developmental measures for the technical, technological and administrative infrastructure of the Central Bank. This confirms that the Central Bank is accurately and comprehensively implementing its banking reform strategy in all its axes.

 It is an embodiment of what it has specified in the roadmap that it clarified in cooperation with the government according to what is stated in the government program in Axis 12 (Financial and Banking Reform) and Paragraph 7 thereof, which is concerned with developing and enabling banks to contribute to development and investment.

Here we can summarize the Central Bank’s plan in 2025 to complete its procedures, which it will work to implement with great precision, as follows:

Firstly, one of the Central Bank’s priorities is to achieve a stable financial system that is accompanied by electronic financial systems.

Second: Commitment to establishing the rules of compliance, risk management, transparency and integrity of financial operations.

Third: The transition from a cash economy to a digital economy and the accompanying cooperation and coordination measures have achieved a qualitative shift between the Iraqi government and the Central Bank of Iraq.

Fourth: Implementing the Central Bank’s plan for financial and banking reform by continuing cooperation with international consulting and auditing companies that are characterised by compliance with international standards that keep pace with global developments in the field of the financial digital economy.

Fifth: Working to strengthen international relations, including expanding the establishment of a network of relations with foreign correspondent banks and helping our banks to apply the standard criteria required of correspondent banks.

Sixth: Establishing the Riyada Bank and redirecting work in initiatives to finance small and medium enterprises according to new standards, and banks contribute to its capital and management, in line with the initiative of the Prime Minister (Riyada).

Seventh: Launching a financial inclusion strategy and putting it into effect in coordination with relevant authorities. Eighth: Implementing what is stated in the national strategy for bank lending by relying on the financial capabilities of banks and other entities in cooperation with GIZ in attracting and investing deposits and in providing the best banking products to customers and contributing to sustainable development.  Views 292  12/23/2024 - https://economy-news.net/content.php?id=51187

Head Of The Security Committee In Nineveh: The Iraqi Border With Syria Is Fully Secured

Buratha News Agency1052024-12-23   The head of the security committee in Nineveh Governorate, Abdul Qader Al-Dakhil, confirmed that the Iraqi border with Syria is fully secured thanks to the precautionary measures and the strengthening of security measures.

Al-Dakhil said in a press statement that "the borders with the Syrian side in Nineveh are completely secure thanks to the great cooperation between the citizens and the security forces, stressing that Nineveh is 100 percent safe."   https://burathanews.com/arabic/news/454214

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

The Fed’s Tightrope, Debt, Real Estate, and the Case for Gold

The Fed’s Tightrope, Debt, Real Estate, and the Case for Gold

APMEX:  12-22-2-24

In a rapidly shifting economic landscape, the Federal Reserve (the Fed) finds itself walking a precarious tightrope. As it navigates the dual pressures of stubborn inflation and mounting national debt, the implications of its monetary policy decisions are echoing throughout the economy.

 With a staggering $36 trillion national debt and interest expenses that are climbing, the Fed’s actions are poised to have far-reaching consequences, particularly in the realm of commercial real estate.

Despite the Fed’s best efforts to rein in inflation, which has remained stubbornly above its target, interest rates have risen sharply in response. These elevated rates are intended to cool off the economy and temper inflationary pressures.

 However, the result has been a cascade of challenges that threaten the financial stability of various sectors. The burden of high interest rates is particularly acute for small and mid-sized banks, which are already feeling the heat from an escalating commercial real estate crisis.

The commercial real estate sector has become a focal point of concern as rising interest rates lead to higher borrowing costs. Property owners who previously benefited from low-interest loans are now facing a stark reality of ballooning debt expenses. Many are unable to refinance, leading to rising defaults and increasing vacancies. This scenario has created a ripple effect, pushing small and mid-sized banks to the brink as they grapple with rising non-performing loans and a tightening credit environment.

Analysts warn that this crisis could exacerbate existing economic vulnerabilities, particularly as many of these banks are heavily invested in commercial real estate. As defaults increase, confidence in the banking sector erodes, potentially leading to a more significant financial downturn.

With the national debt now exceeding $36 trillion, the U.S. government faces a daunting challenge. Interest payments alone are consuming a significant portion of the federal budget, leaving less room for investment in critical areas such as infrastructure, education, and healthcare. As interest rates remain elevated, these expenses will continue to rise, further straining the government’s financial resources.

Moreover, the ever-increasing debt poses a risk of eroding confidence in U.S. Treasury securities, traditionally viewed as a safe haven for investors. If investors begin to question the sustainability of the U.S. debt, it could trigger a more severe economic fallout, including a potential crisis of confidence in the dollar itself.

As the financial system teeters on the brink of uncertainty, many investors are revisiting the historical role of gold and silver as safe havens. Gold has long been viewed as a store of value, particularly in times of economic distress. Its appeal stems from its ability to maintain value even when fiat currencies face volatility and inflation.

The current economic climate, marked by high inflation and rising interest rates, creates a fertile ground for gold and silver to shine. Investors looking for stability amid the chaos are increasingly turning to these precious metals as a hedge against currency devaluation and economic downturns.

Silver, too, offers a dual advantage as both an industrial metal and a precious metal. With the green energy transition and technological advancements driving demand for silver, its value is expected to remain resilient, even in a turbulent economic environment.

The Federal Reserve is indeed walking a tightrope as it attempts to balance inflation control with the mounting pressures of national debt and a commercial real estate crisis. The consequences of its monetary policy decisions are reverberating across the economy, creating a landscape fraught with uncertainty.

In this climate of financial instability, gold and silver emerge as critical players. As traditional safe havens, they offer a refuge for investors seeking to preserve their wealth amidst rising inflation and potential economic turmoil.

As the Fed continues to navigate these choppy waters, the case for gold and silver becomes ever more compelling, reminding us of their enduring value in uncertain times.

https://youtu.be/zGEgxudc0Rc

Seeds of Wisdom RV and Economic Updates Monday Morning 12-23-24

Good Morning Dinar Recaps,

TRUMP TAPS PRO-CRYPTO ECONOMIST STEPHEN MIRAN TO LEAD COUNCIL OF ECONOMIC ADVISERS

Miran will advise Trump on policy and help shape the administration's economic agenda to achieve its goals.

President-elect Donald Trump has nominated Stephen Miran, a former Treasury official from his first administration, to lead the Council of Economic Advisers. By selecting Miran, Trump is bringing experienced leadership back to Washington to help shape economic policy.

“Steve will work with the rest of my Economic Team to deliver a Great Economic Boom that lifts up all Americans,” Trump said in a Truth Social post on Sunday.

Miran has openly criticized the Biden administration, specifically targeting Fed Chair Jerome Powell. He condemned Powell for calling for more aggressive fiscal and monetary stimulus in Oct. 2020, just a month before the election, to boost the economic recovery during the pandemic.

Stephen Miran to Help Craft Trump’s Vision for a Booming Economy

The White House Council of Economic Advisers is a three-member team. It advises the president on economic policy. Miran will guide Trump on policy matters and be a key spokesperson to promote those decisions. He will provide insights and recommendations to shape the administration’s economic agenda. His work will help achieve its broader goals.

Currently a senior strategist at hedge fund Hudson Bay Capital Management, Miran said he was honored to be chosen. “I look forward to working to help implement the President’s policy agenda to create a booming, noninflationary economy that brings prosperity to all Americans!” he posted on X.

Miran’s appointment requires Senate confirmation. Last month, Trump named Kevin Hassett as chair of the National Economic Council. And he nominated Paul Atkins to replace Gary Gensler as SEC Chair.

Miran Sees Crypto as Catalyst for Prosperity Under Trump’s Agenda

The crypto community has shown strong support for Miran, including Michael Saylor, executive chairman of MicroStrategy. In a recent interview with The Bitcoin Layer, Miran criticized the current financial regulatory framework, calling it overly restrictive and a barrier to financial institutions.

He also pointed out the importance of innovation for economic growth, highlighting cryptocurrency’s potential role.

“I think crypto will have a big role in innovation and ushering in a Trump administration economic boom,” he said in the interview.

Milan said on X on Sunday that he looks forward “to working to help implement the President’s policy agenda to create a booming, noninflationary economy that brings prosperity to all Americans.”

@ Newshounds News™

Source:  CryptoNews

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TRUMP APPOINTS FORMER COLLEGE FOOTBALL PLAYER, GOP HOUSE NOMINEE BO HINES TO HEAD CRYPTO COUNCIL

President-elect Donald Trump announced that Bo Hines, a former college football player who ran unsuccessfully for the House of Representatives in 2022, to lead his “Crypto Council” as the Executive Director of the Presidential Council of Advisers for Digital Assets.

“In his new role, Bo will work with David [Sacks] to foster innovation and growth in the digital assets space, while ensuring industry leaders have the resources they need to succeed,” Trump wrote.

Trump also earlier appointed Stephen Miran to head his Council of Economic Advisers. Miran has previously stated that regulations inhibit innovation in the crypto sector.

In posts on Truth Social Sunday, Donald Trump appointed two new figures as advisers on economic issues.

Foremost of concern to crypto investors, Trump announced on Sunday that Bo Hines, a former college football player who secured the Republican nomination for North Carolina's 13th congressional district before succumbing to his Democratic opponent in the general election, will serve as the Executive Director of the Presidential Council of Advisers for Digital Assets, which Trump refers to as the "Crypto Council."

Trump had previously appointed David Sacks to spearhead crypto and A.I. issues at the White House, and refers to Hines working alongside Sacks in his announcement.
"In his new role, Bo will work with David to foster innovation and growth in the digital assets space, while ensuring industry leaders have the resources they need to succeed," Trump wrote. "Together, they will create an environment where this industry can flourish, and remain a cornerstone of our Nation's technological advancement."

Hines received funding in his 2022 Congressional race from pro-crypto PACs, The Block previously reported. Some of the money came from FTX executive Ryan Salame, according to Business Insider, who is currently serving a seven-and-a-half year prison sentence after pleading guilty to charges including conspiring to make unlawful political contributions.

Hines ran in the same district in 2024, but failed to secure the Republican nomination, coming in fourth place with 14.4% of the vote. Republican Addison McDowell later won the district in the general election with 69.2% of the overall vote.

Earlier on Sunday, Trump appointed former Treasury Department official Stephen Miran to chair his Council of Economic Advisers.

"I think financial regulation is excessively burdensome and prevents banks from...lending into the economy as much as they as much as they would. And I think sometimes [that] can really inhibit innovation in areas like the crypto-economy," Miran told podcast The Bitcoin Layer earlier this month.

@ Newshounds News™

Source:  The Block

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🎄 Holiday Announcement from the Seeds of Wisdom Team 🎄

As the holiday season approaches, we want to ensure everyone has time to enjoy their families and count their blessings. We will be closing our rooms for a few days during Christmas and New Year's to celebrate and recharge.

Telegram Holiday Hours:
Rooms will remain open for READ Only

Closed: December 23rd - December 25th
Open: December 26th
Closed for New Year's: December 30th
Reopen: January 2nd

Newshounds will continue to post in the Morning Newsletter during the Holidays except on Christmas Day and New Year's Day. 

Wishing all of you a joyous holiday season filled with love, laughter, and cherished moments. Enjoy your holidays and see you in the New Year! 

@ Newshounds News™

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“Tidbits From TNT” Monday Morning 12-23-2023

TNT:

Tishwsh Al-Sudani: Iraq has regained its leading role in the region and has become an influential and effective country

Prime Minister Mohammed Shia al-Sudani confirmed today, Sunday, that Iraq has regained its leading role in the region and has become an influential and effective country in its surroundings.

Al-Sudani's office stated in a statement received by "Mil" that "Al-Sudani met in the city of Mosul, today, Sunday, with a group of tribal sheikhs and representatives of the various components and spectrums in Nineveh Governorate . "

Al-Sudani stressed his keenness to "meet the sheikhs, dignitaries, religious men and elite of the province's people," indicating that "his visit to Nineveh comes within the government's work methodology to follow up on the affairs of citizens in the various provinces, lay the foundation stone for a number of projects, follow up on work at Mosul International Airport, and set the tenth of next June as the date for its opening . "

The statement continued, "All the projects that were launched today in Nineveh were destroyed by terrorism, and in the days of celebrating Victory Day over the terrorist gangs, we are rebuilding the ruins of the dark era of ISIS and working to launch new projects . "

Al-Sudani confirmed that "a series of infrastructure projects will be launched in the governorate within 30 days, and the second phase of the ring road project will begin to alleviate traffic congestion in the city," stressing that "the wheel of construction and reconstruction in the governorate continues with the solidarity of its people."

The statement explained that "the true image of the Iraqi people triumphed over what terrorism wanted in targeting security and peaceful coexistence among all components and sects," explaining that "the strife of terrorism and the foreign agenda harmed society in Nineveh, and tried to drive a wedge of division among Iraqis."

He pointed out that "Iraq today is on the right track in building a state that respects the citizen, adheres to the constitution, and builds its institutions in a way that meets the aspirations of the citizens," stressing that "Iraq has regained its leading role in the region and has become an influential and effective country in its surroundings . "

The statement pointed out that "Iraq today is putting forward initiatives, solutions and positions that are consistent with the challenges in the region . "

The statement concluded: "We took the initiative to make contacts and visits with sister countries, and launched an initiative to establish security in Syria. We presented an Iraqi paper at the Aqaba Conference in Jordan regarding Syria, and it was welcomed by all brothers . "link

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Tishwash:  2025.. The year of cautious optimism in Iraq

The international economics specialist, Nawar Al-Saadi, revealed, on Saturday, the future financial and economic expectations for Iraq at the beginning of the new year 2025 .

Al-Saadi told Shafaq News Agency, "The future economic and financial expectations for Iraq at the beginning of the new year carry a mixture of optimism and caution, as they depend largely on a set of economic, political and regional factors that directly affect the country's financial and economic stability ."

He added that "international estimates indicate an improvement in Iraq's economic growth rates, according to reports from the International Monetary Fund, which expected the Iraqi economy to grow by 1.4% next year, with an expected increase of 5.3% in 2025. This growth reflects the recovery of the economy after the challenges it faced in the past years, especially after the economic contraction of 2.2% in 2022, and economic growth will be mainly driven by the stability of oil prices and increased investments in non-oil sectors ."

Al-Saadi pointed out that “there are fears of a deterioration in the financial situation due to the expected deficit in the state’s general budget, as the deficit is expected to widen to 7.6% of GDP during the coming year, compared to 1.3% this year. This deficit is attributed to fluctuations in oil prices, which are the main source of government revenues, and the economic situation is further complicated by the heavy dependence on oil, which constitutes about 90% of Iraq’s revenues. Any decline in its global prices could lead to severe financial pressures on the government .”

“Other challenges relate to inflation rates, which are expected to rise slightly to 3.5% in 2025. This rise reflects the effects of financial pressures and internal economic challenges, including higher prices for goods and services as a result of increased production and import costs. In terms of oil production, Iraq is expected to continue to maintain a high level of production, with plans to boost its production capacity to around 4 million barrels per day by the first quarter of 2025. However, the success of these efforts will remain linked to political stability and relations with OPEC, in addition to achieving long-term investments in energy infrastructure, ” he added.

Al-Saadi continued: “With regard to the banking sector, the government seeks to implement structural reforms to improve the efficiency of the banking system and increase transparency. These reforms come within a larger vision to develop the Iraqi economy and diversify sources of income away from excessive dependence on oil .”

The international economics expert concluded his speech by referring to all the aforementioned data, saying that “Iraq may be facing hot economic and financial events at the beginning of the new year, and the main challenge lies in the government’s ability to manage these challenges effectively through balanced financial and economic policies that aim to enhance economic stability and diversify the economy to achieve sustainable growth  link

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Tishwash:  Politician: Iraq has no fear of Trump reaching the White House

Independent politician Wael al-Rikabi confirmed on Sunday that Iraq will not be negatively affected by the arrival of US President Donald Trump to power in the United States, pointing out that there is an Iraqi desire to arm from new sources other than the United States. 

Al-Rikabi said in an interview with Al-Maalouma Agency, “Iraq has nothing to worry about Trump coming to power in the White House or Biden staying, as it is committed to all international agreements and controls in a way that made it a pivotal state, and the visits that the country has witnessed recently are evidence of that," indicating that "Iraq is the focus of attention of all countries for what it possesses of capabilities and energies, and the state of chaos cannot be returned to it, and it has not broken "any official international agreement." 

He added, "The process of changing power in America concerns the United States, and there are agreements between us and them, although the United States violated these agreements," noting that "the Americans did not provide Iraq with the sufficient weapons required, such as air defenses, and Washington did not cooperate with successful Iraqi governments in this file.” 

He pointed out that "there is a desire in Iraq to arm itself with countries other than the United States after the recent events in the region, and Iraq is currently able to overcome this issue, and the existing weapons make the situation reassuring," noting that "everyone knows the extent of the United States' defense and support for the Zionist entity at the expense of the countries of the region." 

It is noteworthy that several representatives and political forces warned of the danger of the Iraqi army's weak armament in light of the events taking place in the region, the latest of which was the control of terrorist groups over Syria and the threat of the Zionist entity to target Iraq.  link

Mot .... and now a Christmas - oooooh oooooooh oooooooh 

Mot:  .. Sum just can't Take a Joke --- LOL 

MilitiaMan & Crew-Iraq Dinar News-Trading Partners-Investment-Trade Bank Iraq-Suspension of Cash Transfers today

MilitiaMan & Crew-Iraq Dinar News-Trading Partners-Investment-Trade Bank Iraq-Suspension of Cash Transfers today

12-22-2024

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=a1GltPkVg0M

Seeds of Wisdom RV and Economic Updates Sunday Afternoon 12-22-24

Good Afternoon Dinar Recaps,

WHAT ARE COMPRESSED NFTS AND MINTING CNFTS

Understanding compressed NFTs

Compressed NFTs are a type of non-fungible token (NFT) designed to reduce the cost of storing and transacting with NFTs on the Solana blockchain.

With the increasing adoption of NFTs, developers face difficulties maximizing storage and lowering minting costs for these digital assets. The Solana blockchain introduced compressed NFTs (cNFTs) to overcome such challenges.

CNFTs are a newer type of non-fungible token that leverages state compression technology to store data more efficiently on Solana. Unlike traditional NFTs, which store all the token’s metadata directly onchain or via external links (like IPFS), cNFTs use Merkle trees to optimize data storage.

In simpler terms, while regular NFTs store individual ownership and metadata records for each token onchain, cNFTs group these records in a highly compressed format. This significantly reduces storage costs and improves transaction speeds.

Although the technology is still in its infancy, it accounts for most NFTs minted on Solana.

Did you know? In March 2023, Crossmint produced the first large-scale mint of compressed NFTs on Solana. Minting 300,000 NFTs the traditional way would cost over $74,000, but with state compression technology, Crossmint reduced this cost to less than $200!

Key features of compressed NFTs

With cNFTs, artists and developers can mint thousands, even millions, of tokens at a fraction of the cost of traditional NFTs, boosting innovation.

Let’s look at some key features and benefits of cNFTs:

Cost efficiency: Minting thousands of compressed NFTs costs only a fraction of what it would for regular NFTs. For instance, as per Solana’s report, about 24,000 SOL are needed to create and mint 1 million traditional NFTs utilizing the traditional metadata route. It is possible to organize cNFTs so that the same setup and mint cost 10 SOL or less. This implies that anyone utilizing NFTs on a large scale may use cNFTs instead of standard NFTs to reduce expenses by more than 1000x. Research by Helius shows cost comparison with and without compression NFTs, as seen below:

Scalability: Designed for high-volume use cases like gaming, social media and metaverse assets, where thousands or millions of tokens might be needed.

Onchain and offchain flexibility: While ownership is tracked onchain, much of the metadata can be stored offchain, further reducing costs without sacrificing utility.

Compressed NFTs offer several key benefits that stand out in the blockchain ecosystem. Their affordability significantly lowers minting and storage costs, enabling creators and businesses to access blockchain technology without financial barriers.

Additionally, cNFTs contribute to greener blockchain practices by reducing storage requirements and, consequently, energy usage. These attributes position cNFTs as a potential game-changer for scalable, eco-friendly and innovative applications.

Did you know? DRiP on Solana has distributed over 4 million free compressed NFTs, making it one of the most accessible NFT platforms for onboarding new users. This innovative approach allows artists to create and share digital art with minimal costs, reshaping how people experience NFTs.

Compressed NFTs vs regular NFTs

While both cNFTs and traditional NFTs aim to tokenize digital assets, their design and use cases differ significantly.

Traditional NFTs are known for their uniqueness and exclusivity, but their minting and storage costs can be prohibitively high for large-scale applications.

Compressed NFTs solve this problem by utilizing state compression, drastically reducing costs and enabling affordable mass production of tokens.

Unlike traditional NFTs, which often store all data onchain, cNFTs offload metadata to offchain systems, maintaining utility while minimizing blockchain storage needs.

Some key differences include:

Regular NFTs are best suited for high-value, one-of-a-kind digital art or collectibles.

Compressed NFTs, on the other hand, excel in scenarios that require high scalability, such as distributing gaming assets or digital collectibles to millions of users.

How to mint cNFTs: A step-by-step guide

CNFTs use state compression and Merkle trees to store data in a compact format.

Minting cNFTs may seem daunting at first, but with the right tools and knowledge, it’s a straightforward process to mint and distribute. While each platform will have its own instructions, here is a general guide to get started on cNFTs:

Step 1: Set up a wallet: Use a Solana-compatible wallet like Phantom or Solflare to manage your funds and interact with blockchain tools.

Step 2: Fund your wallet: Add SOL (Solana’s native cryptocurrency) to cover the cost of minting. CNFTs are highly cost-efficient, so even small amounts are sufficient.

Step 3: Select a minting platform: Platforms like Crossmint, Metaplex and Candy Machine (on Solana) support cNFTs. Based on your project’s scale and features, choose one.

Step 4: Prepare metadata: Define the details of your NFT collection, including artwork, descriptions, attributes and other metadata. Use offchain storage solutions like IPFS if needed.

Step 5: Mint your cNFTs and set up a Merkle tree: CNFTs use Merkle trees to organize data. Most minting platforms automate this process. Follow the platform’s interface to mint your compressed NFTs. Confirm transactions through your wallet, and voila — your cNFTs are live!

Where are compressed NFTs stored?

Unlike ordinary NFTs, in cNFTs, the Merkle root is stored onchain, and the Merkle leaves are stored offchain.

CNFTs leverage a hybrid storage model that balances onchain and offchain storage, ensuring cost efficiency and scalability. Ownership of cNFTs is always tracked onchain, ensuring the authenticity and provenance of the asset.

Still, much of the asset’s metadata, including images or detailed information, is typically stored offchain. This decentralized offchain storage often uses protocols like IPFS to ensure that the data is distributed and can be accessed by anyone.

This combination of onchain ownership with offchain metadata helps to reduce costs significantly, as storing large amounts of data directly on the blockchain can be expensive and inefficient.

In the case of Solana’s cNFTs, the metadata is compressed and stored in a way that drastically reduces the blockchain’s storage needs while maintaining the integrity of the asset’s information.
@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

Someone asked in our Living room 'how will we know when the RV will happen?'

Here was the response:

If you have not signed up for the 64 Group I urge you to do so.  Salty Toes will try to get everyone signed up into the group so you will receive an email from them when the RV happens. No promises but she does have some contacts. Read her post above.  

More about the group in the Seeds of Wisdom Team Newsletter here.  And you can go directly to the website to sign up for 64 Group and dont forget to check the box to allow the group to send you an email.  

Also Salty Toes will be sending out a Newsletter as well with all the information she has when the time comes.  You can subscribe to the Seeds of Wisdom Team Newsletter here:   Newsletter

Have a blessed Christmas.❤️

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

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Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

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Thank you Dinar Recaps

Some Iraq News Posted by Clare at KTFA 12-22-2024

KTFA:

Clare:  Kirkuk Governorate suspends official working hours next Wednesday

12/22/2024

Kirkuk Governor Ribwar Taha Mustafa decided to suspend official work in all Kirkuk departments and all schools next Wednesday, coinciding with the birth of Jesus Christ (peace be upon him).

A statement from his office, a copy of which was received by {Euphrates News}, stated: “The Governor of Kirkuk decided to suspend official work in all Kirkuk departments and all schools next Wednesday, coinciding with the birth of Jesus Christ (peace be upon him), while universities and colleges will continue to conduct semester exams based on the request of university presidents in all government institutions.”  LINK

Clare:  Trade Bank of Iraq: Temporarily suspending cash transfers

12/22/2024 Baghdad

Today, Sunday, the Trade Bank of Iraq (TBI) announced the suspension of all cash transfers to TBI.

The bank stated in a statement that: All cash transfers to TBI Bank have been suspended as of today until January 7, 2025, due to the annual inventory procedures and the end of the fiscal year.  LINK

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

Clare:  Al-Sudani visits London in the middle of next month to discuss bilateral relations and attract British investments

12/22/2024  Baghdad - Economy News

An informed source told Al-Eqtisad News that Iraqi Prime Minister Mohammed Shia al-Sudani will visit the British capital, London, during the period from January 13 to 16, 2025. 

The source said that the visit will be at the head of a high-level government delegation, and aims to discuss bilateral relations between the two countries, and enhance opportunities for attracting British companies to invest and work in Iraq.

He added that the visit schedule includes Al-Sudani meeting with the Iraqi community in Britain, as well as meetings with a number of British officials, most notably Prime Minister Keir Starmer. This comes within the framework of the Iraqi government's efforts to consolidate international relations and open new horizons for investment and joint projects.  LINK

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

Clare:  Al-Sudani returns to Baghdad after concluding his visit to Nineveh Governorate

12/22/2024

Prime Minister Mohammed Shia Al-Sudani returned to the capital, Baghdad, after concluding his visit to Nineveh Governorate.

According to a statement from his office, a copy of which was received by {Euphrates News}, “Al-Sudani’s visit to Nineveh included the following:  

- Launching the executive work on the North Thermal Power Plant Project/Phase One, with a capacity of (700 megawatts), out of the total project capacity of (1400 megawatts).

- Launching the executive work on the (local administration) stadium and indoor sports hall project, and directing to increase the stadium’s capacity. 

- Launching the executive works of the project to organize and rehabilitate the riverfront of the old city in the right side of Mosul.

- Field follow-up of the Mosul International Airport reconstruction project, which has reached more than 80% completion, and directing its opening in the coming month of June.

- Follow up on the ongoing work on the rehabilitation project of the ancient Nineveh Wall.

- Opening of the new Nineveh Governorate building.

- Announcing the launch of a series of new projects in Nineveh Governorate, including those related to infrastructure, the second phase of the ring road project, and the project to transform the military base in Qayyarah into a model base.

- Chairing a meeting of the leaders of the security and military services in the governorate.

- Meeting of tribal sheikhs and representatives of various components and nationalities in Nineveh LINK

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

Clare:  Al-Sudani directs the opening of Mosul International Airport on June 10

12/22/2024

Prime Minister Mohammed Shia al-Sudani directed the opening of Mosul International Airport on June 10.

This came during his field follow-up of the progress of work at Mosul International Airport, during his visit to Nineveh Governorate, which he arrived at this morning, according to a statement issued by Al-Sudani's media office.

The statement said that Al-Sudani was briefed on the work related to the construction of the airport runway and its various halls, the current completion rate of which is more than 80%. He also listened to the officials of the implementing company, and directed the removal of all obstacles that hinder their current work.

The statement added that Al-Sudani directed that the airport be opened on June 10, which marks the anniversary of the occupation of Mosul, to be a message of defiance in the face of terrorism.

Mosul Airport is one of the most important airports at the governorate level after Baghdad and Basra airports, and it was destroyed by ISIS in a systematic manner and at a rate of 100%.

According to a statement from Al-Sudani's office, the project encountered many technical and administrative problems, which were overcome with direct support from the Prime Minister.

The completion rate of the project, which is part of the regional development projects, did not exceed (30%) last March, and work progressed during the past eight months, reaching more than (80%), and all the conditions approved by the Civil Aviation Authority and the Air Navigation Company were implemented.  LINK

Clare:  The dollar market is on “one leg”.. A ​​new mechanism and the exchange rate is threatened!

12/22/2024

The Central Bank of Iraq is preparing to stop dealing with the electronic platform for dollar transfers abroad, at a time when experts have warned against raising the exchange rate to a higher level in light of the news circulating about this.

The electronic platform was launched in early 2023, and it represents a system for auditing dollar transfers before they are executed, instead of the audit that the US Federal Reserve used to conduct after execution.

Banks, companies and merchants in Iraq faced some challenges before adapting to the new method, but they finally underwent a series of trainings that the employees of these banks received before fully adapting to the platform’s work.

 Exchange rate hike

In light of these moves, news has been raised about a move towards a new adjustment to the exchange rate, which has raised economists’ concerns about the potential impact of this move on the economic process in general.

Experts stressed that sudden changes in monetary policy could create additional confusion in the markets and undermine confidence in the financial system.

Economic expert Mustafa Akram Hantoush said, “Changing the exchange rate in the current situation is useless, because the problem is not in purchasing power, but in the demand for the dollar outside the platform due to small traders, trade with Iran, and some materials that are imported outside the platform due to high customs duties or their ban, in addition to the citizens’ desire to save the dollar.”

Hantoush added to Al Jarida that “it is better to find solutions to the increasing demand for the dollar outside the platform instead of resorting to changing the exchange rate, because that will complicate the monetary situation even more than it is now.”

clear policy

According to an official at the Central Bank of Iraq, dealing with the dollar file was based on various opinions built on a series of studies and field research.

The official, who preferred to remain anonymous, explained to Al Jarida that “the bank adopted two main approaches to address the crisis. The first is to expand the use of international currencies such as the Chinese yuan, the Indian rupee, the UAE dirham, and finally the Saudi riyal, with the aim of reducing dependence on the dollar. The second approach focuses on developing the operational capabilities of local banks to become more qualified to participate in transfer operations.”

For his part, banking researcher Mahmoud Dagher explained that “the fluctuation of the Iraqi dinar exchange rate came as a result of two decisions to reduce the value of the dinar in 2020 and then raise it in 2023, which represents a clear intervention in the fixed exchange rate system, which created ongoing economic confusion.”

Dagher told Al Jarida that “any new change in the exchange rate reflects the absence of benefit from previous mistakes, as wrong interventions in monetary policy lead to adverse results that increase the instability of the financial market.”

As for the economic expert, Adi Al-Alawi, he confirmed that “the biggest mistake that the government can make is to manipulate the dollar exchange rate through sudden decisions, because that has a direct impact on the national economy and shakes investors’ confidence in the financial system.”

Al-Alawi added to Al-Jarida that “the government’s continued taking of ill-considered decisions regarding the exchange rate will lead to the erosion of international and local confidence in the Iraqi economy, which will weaken the ability to attract the investments necessary to improve the economic reality.”  LINK

How a New BRICS Currency may Affect the Dollar

How a New BRICS Currency may Affect the Dollar

Geopolitical Analyst: 12-22-2024

As nations increasingly seek to assert their economic independence, the geopolitical landscape is evolving, with an eye on alternatives to the longstanding dominance of the U.S. dollar. Among the most notable developments in this sphere is the potential introduction of a new currency by the BRICS bloc—Brazil, Russia, India, China, and South Africa.

This article explores how this currency could affect the dollar’s status, international trade, and the broader financial system.

BRICS was founded as a coalition of emerging markets to foster economic cooperation and development. The common aspiration is not merely to compete with the G7 nations but to establish a more balanced global economic framework. In recent years, these nations have been forging closer ties, driven by their mutual interests of reducing reliance on Western economies, particularly the United States.

The idea of a BRICS currency has gained traction, especially as these countries navigate economic sanctions, volatile exchange rates, and the challenges posed by the fluctuating dollar. In 2023, discussions among BRICS nations intensified, with calls for a shared currency aimed at facilitating trade and investment among member states while offering a viable alternative to the dollar.

The U.S. dollar has reigned as the world’s primary reserve currency for decades, accounting for approximately 60% of global reserves. This dominance has afforded the United States substantial advantages, including lower borrowing costs and the ability to impose economic sanctions with relative ease.

A new BRICS currency could disrupt this status quo by encouraging member countries to engage in trade and investment using the new currency instead.

As countries explore alternatives to the dollar, there is potential for a reduction in dollar-denominated trade, which could undermine the currency’s global hegemony.

The emergence of a BRICS currency could induce greater volatility in currency markets. As nations shift their reserves and trading practices toward the new currency, the dollar may experience fluctuations in value.

Commodities currently priced in dollars, such as oil and gold, may find new price benchmarks, leading to further instability in their markets as well. Such volatility could impact not only the U.S. economy but also the global economy at large.

A shift towards a new BRICS currency could exacerbate existing geopolitical tensions. The U.S. has historically wielded its financial clout to influence global politics, and any threat to dollar dominance may prompt a defensive stance. The potential weaponization of the dollar by the U.S.—in the form of sanctions—could push other nations to accelerate the move toward alternatives, thereby solidifying the divide between Eastern and Western powers.

In this context, the introduction of a BRICS currency could be more than just an economic move; it could be viewed as a political statement against perceived Western hegemony.

A BRICS currency could significantly alter global trade dynamics, especially in regions where BRICS nations hold considerable sway. Countries in Asia, Africa, and Latin America may find it advantageous to trade within this new framework, thereby lessening dependency on the dollar. For smaller economies, trading in a BRICS currency could mean lower transaction costs and reduced exposure to the risks associated with dollar fluctuations.

This shift could give BRICS nations more power in setting the terms of trade, establishing new partnerships, and enhancing their influence on the global stage.

The introduction of a BRICS currency is not without challenges. Questions remain regarding its stability, backing, and the mechanisms for implementation. Moreover, member nations would need to overcome significant economic disparities and ensure that the new currency is widely accepted and trusted.

Regardless, the contemplation of a BRICS currency signals a potential seismic shift in the geopolitical landscape. As these nations band together in their quest for economic autonomy, the consequences for the U.S. dollar may be profound.

While the full implications of a new BRICS currency remain to be seen, its potential to challenge the dollar’s supremacy could reshape the global economic order. The world watches with anticipation as BRICS members deliberate their next steps, with the possibility of marking a new era in international finance.

The dollar’s future may very well depend on how effectively the U.S. can adapt to these emerging developments and address the core grievances fueling the push for an alternative currency. Ultimately, the unfolding story of the BRICS currency will be one to watch as it unfolds in the coming years.

https://youtu.be/1oHyQE2tCwk

Iraq Economic News And Points To Ponder Late Saturday Night 12-22-24

An Expert Predicts Iraq's Economic Future In 2025
 
Reports Saturday, December 21, 2024 (70 views)  Sky Press/Baghdad  On Saturday, international economist Nawar Al-Saadi revealed the financial and economic future expectations for Iraq at the beginning of the new year 2025. Al-Saadi said,
 
"Iraq's economic and financial future expectations at the beginning of the new year carry a mixture of optimism and caution, as they depend largely on a group of economic, political, and regional factors that directly affect the country's financial and economic stability."

He added, "International estimates indicate an improvement in Iraq's economic growth rates, according to reports from the International Monetary Fund, where
 
it is expected that the Iraqi economy will witness growth of 1.4% during the next year, with an expected increase of up to 5.3% in 2025.
 
This growth reflects the recovery of the economy."
 
After the challenges it faced in recent years, especially after the economic contraction that reached 2.2% in 2022, economic growth will be mainly driven by stabilizing oil prices and increasing investments in non-oil sectors.” Al-Saadi pointed out,
 
“There are fears of a deterioration in the financial situation due to the expected deficit in the state’s general budget, as the deficit is expected to expand to 7.6% of the gross domestic product during the next year, compared to 1.3% in the current year.
 
This deficit is due to fluctuations in oil prices, which are the main source of government revenues.
 
The economic situation is further complicated by the heavy dependence on oil, as it constitutes about 90% of Iraq’s revenues.
 
Any decrease in its global prices may lead to severe financial pressure on the government.” He pointed out that
 
 “other challenges relate to inflation rates, which are expected to rise slightly to reach 3.5% in 2025.
 
This rise reflects the effects of financial pressures and internal economic challenges, including the rise in prices of goods and services as a result of increased production and import costs.
 
Oil production:
 
Iraq is expected to continue to maintain a high level of production, with plans to enhance its production capacity to reach about 4 million barrels per day by the first quarter of 2025. However, the
 
success of these efforts will remain linked to stability. political and relations with OPEC, in addition to achieving long-term investments in energy infrastructure.”

Al-Saadi continued:
 
“At the banking sector level, the government seeks to implement structural reforms to
 
     improve the efficiency of the banking system and
     increase transparency, and
 
these reforms come within a larger vision to
 
     develop the Iraqi economy and
     diversify sources of income away from excessive dependence on oil.”
 
The specialist in international economics concluded his speech by referring to all the aforementioned data, by saying that
 
“Iraq may be facing hot economic and financial events with the beginning of the new year, and the
 
main challenge lies in the government’s ability to manage these challenges effectively through balanced financial and economic policies aimed at Promoting economic stability and diversifying the economy to achieve sustainable growth.”   
 
https://www.skypressiq.net/2024/12/21/خبير-يتوقع-مستقبل-العراق-الاقتصادي-في-عام-2025   

An Economist Urges Those In Charge Of The Industrial Project Financing Initiative To Take Measures That “Attract Investors”
 
Economy | Yesterday, |Baghdad today – Baghdad   Economist Manar Al-Obaidi confirmed today, Saturday (December 21, 2024), that the 
 
industrial project financing initiative is one of the main initiatives that aims to support the industrial sector in Iraq and enhance its role in achieving economic development, noting 

a package of measures that must be taken to ensure that it is directed in the right way. Serves its national goals "attracting investors."
 
Al-Obaidi said in a post on the “Facebook” platform, followed by “ Baghdad Today ,” that
 
“the initiative comes as part of the efforts made to stimulate industrial activity by providing financing on easy terms, including low interest rates, flexible payment periods, and encouraging guarantees,” noting that
 
“These advantages make the initiative attractive to investors, as it gives them the opportunity to establish industrial projects that support the local economy and reduce dependence on imported goods.”

Trillion Iraqi dinars this year, which highlights the urgent need to activate such initiatives to reduce this economic burden,” stressing
 
“the necessity of setting clear controls and goals for the initiative to ensure its success.” and achieve its goals.” He continued,
 
"Setting measurable goals helps direct efforts effectively and ensures achieving the desired results.
 
The general goal of promoting industry, despite its importance, is a broad goal and not subject to precise follow-up," stressing that
 
"it is necessary to formulate specific goals linked to indicators." Measurable performance, so that the extent to which the initiative achieves these goals can be evaluated.” He stated,
 
"Unfortunately, Iraq's experience with the Small and Medium Enterprises Financing Initiative shows the importance of this point.
 
More than 18 trillion Iraqi dinars have been allocated to this initiative,
 
but a large portion of the funding was directed toward projects not related to supporting the productive economy, such as construction and housing projects." He noted that
 
“this approach did not achieve the desired goals of the economic initiative and led to a reduction in its effectiveness.” He stated,
 
 “To ensure that the initiative’s funding is directed towards projects that achieve national goals, key criteria must be determined to evaluate projects applying for funding, which include:
 
1- Reducing the import bill:
 
One of the main goals of any industrial project is to reduce dependence on imports.
 
However, it should be noted that some projects may claim to reduce the import bill, but in reality they replace the import of the finished product with the import of raw materials.
 
This trend does not contribute to reducing the total value of imports, but rather leads to additional losses, such as the state losing customs revenues on imported goods, as imported raw materials are exempt from customs under investment laws.
 
Therefore, priority should be given to projects that rely on local raw materials or that operate in the field of extractive and recycling industries, compared to manufacturing industries that depend on importing raw materials.

2- Providing job opportunities:
 
Modern technology has reduced the need for manpower in many industries, as production lines have become semi-automated.
 
Therefore, funding priority should be for projects that provide significant direct and indirect employment opportunities.
 
The ultimate goal of strengthening the industrial sector is to create job opportunities for youth and job seekers, and
 
if the initiative does not achieve this goal, its benefit will be limited.
 
3- Relying on energy alternatives:
 
Energy costs are considered one of the biggest challenges facing the local industry in Iraq, as they directly affect the competitiveness of products.
 
Therefore, projects that rely on alternative energy sources such as solar energy and other clean energy should be encouraged.
 
Although investment in these alternatives may be high initially, in the long term it can reduce production costs and improve the competitiveness of local products.
 
4- Encouraging exports:
 
Most industrial projects in Iraq focus on the large local market, but it is necessary to direct part of production towards export.
 
Iraq enjoys a strategic location that allows it to benefit from the large volume of trade exchange between the Gulf countries and Turkey, which exceeds 20 billion dollars annually.
 
Iraq can also benefit from its geographical proximity to Europe and Asia to reduce logistical costs and expand the target market base.
 
Projects that allocate part of their production to export should receive priority funding.
 
5- Localization of industries and technical knowledge:
 
The initiative should seek to encourage the localization of global industries within Iraq, especially in the areas of electronic devices and cars.

Attracting international companies to work inside Iraq will not only strengthen the local industry, but will contribute to the transfer of technical knowledge and encourage foreign direct investment.
 
Projects targeting the localization of major industries deserve top priority in funding.
 
6- Additional factors for evaluation
 
• Future expansion plans for the project.
 
• The extent of women’s empowerment in the project.
 
• Environmental impact and waste handling mechanisms.
 
• The location of the project and the extent of its impact on the geographical distribution of development. He stressed
 
Initiative implementation mechanism
 
"the need for financing decisions to be based on a comprehensive evaluation system that goes beyond the feasibility study submitted by investors," stressing
 
"the need for the evaluation to include clear and specific goals for the state, with relative weights for each goal to determine funding priorities." Al-Obaidi pointed out,
 
 “This system ensures that funding is directed towards projects that achieve the highest added value to the national economy,” noting that   the industrial project financing initiative has great potential to stimulate the industrial sector and promote economic development in Iraq. 
 
https://baghdadtoday.news/264347-اقتصادي-يحث-القائمين-على-مبادرة-تمويل-المشاريع-الصناعية-باتخاذ-إجراءات-تجذب-المستثمرين.html   

What Are The Goals Of Expanding External Transfer Channels By The Central Bank Of Iraq?  
Economy ​ 12-19-2024, |Baghdad today – Baghdad  Today, Thursday (December 19, 2024), economic affairs specialist Alaa Al-Fahd revealed the  goal of the Central Bank of Iraq to expand external transfer channels for local banks.
 
Al-Fahd said, in an interview with “Baghdad Today,” that  “as part of the Central Bank’s policy and its ongoing attempts to control foreign transfers to finance trade, especially in dollars,  there is a continuous effort to expand the basket of foreign currencies that are used for imports, especially
 
with the countries that we have.” Import transactions, the transfer is in the currencies of the countries, and  there was an agreement regarding this with the Turkish side, as well as the Emirates, China, and today with Jordan and Saudi Arabia.”

He stated,  "This step reduces the demand for the dollar to finance foreign trade.
 
Most of the demand for the dollar is to finance foreign trade, and  with the expansion of the basket of currencies, the pressure in the parallel (black) market on the dollar decreases, and  this reduces the exchange rate in the local market." He added,
 
"This step will also allow many banks to deal with many countries according to the currencies of those countries, and
 
this enhances a major role in developing the work of banks in terms of experience.
 
Its main goal is to control the dollar exchange rate and work to reduce it." 
 
https://baghdadtoday.news/264256-ما-اهداف-توسيع-قنوات-التحويل-الخارجي-من-قبل-البنك-المركزي-العراقي؟.html   

Did Non-Oil Revenues Contribute To Iraq's Budget?
 
Money and business  Economy News – Baghdad   Advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed today, Saturday, that non-oil revenues have witnessed a significant change in their contribution to budget resources, while he stated that the government program seeks to raise them to 20%.
 
Saleh told the official agency, followed by Al-Eqtisad News, that
 
“there are two paths in the rise in non-oil revenues, which have witnessed a significant change in their contribution to the federal general budget resources, as indicated by Prime Minister Muhammad Shiaa Al-Sudani,” indicating that “the
 
first path is an increase in the growth rate.” in the non-oil GDP to reach 6% annually, and
 
it represents a leap in the development of the productive activities of the non-oil sectors of the economy, headed by the
 
     transportation sector,
     digital communications technology, and
     housing. Construction,
     infrastructure,
     agriculture, and
     clear industrial transformation.” He added, "The
 
other path is the development taking place in the general budget resources other than the oil resource as a result of the high discipline in tax and customs collection after the introduction of digital processes and automation and the expansion of touching on neglected tax bases," pointing out that "the
 
progress achieved is consistent with the government program to seek to raise the share of non-oil revenues." Oil revenues over time and within the economic reform packages by making it 20% instead of less than 10%. Saleh explained,
 
“This issue is related to
 
     growth in non-oil gross domestic product on the one hand, and
     maximizing the budget’s resources financially from traditional revenue sources, whether
          direct and indirect taxes, and
          various related government revenues,
 
which generates a complementary relationship between financial sustainability and economic sustainability over time, which is a higher goal than Objectives of the government program.
 
Prime Minister Muhammad Shiaa Al-Sudani had confirmed that
 
“non-oil revenues reached 14 percent from 7 percent,” noting that “the
 
unemployment rate decreased from 16.5 to 14.4, and the
poverty rate was reduced from 23 percent to 17 percent.”
 
views 224    Added 12/21/2024 -  https://economy-news.net/content.php?id=51117   

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

Seeds of Wisdom RV and Economic Updates Sunday Morning 12-22-24

Good Morning Dinar Recaps,

XRP LAWSUIT NEWS: EX-SEC LAWYER REVEALS RIPPLE WAS DISCUSSED WEEKLY, PREDICTS POSSIBLE DISMISSAL OF APPEAL

Ripple-SEC closed meeting sparks rumors of potential case dismissal, fueling XRP community's hope for a major rally ahead.

Former SEC lawyer predicts possible XRP case closure, as government shutdowns and RLUSD launch impact Ripple's future prospects.

There are rumors that Ripple and the SEC will have a closed meeting, which could lead to a significant development in the XRP case. Speculation suggests that the meeting may result in the case being closed or dropped entirely, with answers expected soon.

A user reacted to this, praising the XRP community for its unwavering perseverance. Despite being wrong many times, the community continues to stay positive and hopeful, showing up every month for updates.

Ex-SEC lawyer Marc Fagel believes the SEC will continue on its current path for now, filing the opening brief as planned. He also pointed out that the new SEC chair could take some time to be confirmed, and it’s possible that they may vote to dismiss the appeal. Though it’s an unusual step, Fagel thinks it’s a possibility if the right people are in charge.

SEC’s Shutdown, RLUSD Live and More

In other news, the SEC is preparing for a government shutdown, which could impact its operations. Government shutdowns and financial instability, like the US government’s debt issues, have added pressure on the market.

Ripple’s RLUSD launch had positive price action initially but has since been impacted by market downturns. Brad Garlinghouse, Ripple’s CEO, believes RLUSD will be big for the company’s future. With SEC’s clarity and possible case dismissal, XRP might be up for a massive rally.

@ Newshounds News™

 Source:  Coinpedia

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GOOGLE TO REQUIRE UK CRYPTO ADS TO REGISTER WITH FINANCIAL REGULATOR STARTING JANUARY 2025

The new policy will take effect on January 15, 2025.

Hello, World!

Google has announced a policy update requiring advertisements for digital asset exchanges and wallets in the United Kingdom to register with the Financial Conduct Authority (FCA) before being allowed to run on its platform.

The new policy will take effect on January 15, 2025, the search engine company said in a recent announcement.

Under the updated rules, advertisers offering crypto exchange services or software wallets in the UK must meet specific conditions to promote their products.

UK Crypto Firms Need to Register with FCA

Chief among these is registration with the FCA, ensuring compliance with the country’s financial regulations.

Additionally, Google will permit advertisements for hardware wallets that store cryptocurrency private keys, non-fungible tokens (NFTs), or other digital assets.

However, these hardware wallet providers must avoid offering ancillary services such as buying, selling, or trading digital assets.

While the search giant did not provide additional requirements for hardware wallet ads, it emphasized that all advertisers must adhere to local laws in their targeted regions.

“As a reminder, we expect all advertisers to comply with the local laws for any area that their ads target. This policy will apply globally to all accounts that advertise these financial products,” Google said.

The new policy underscores the growing scrutiny of crypto-related advertisements worldwide as regulators attempt to curb misleading promotions.

In the UK, the FCA recently issued a warning about the Solana-based memecoin and NFT project “Retardio.”

The regulator flagged the project for unauthorized promotions targeting UK consumers, cautioning that investors might face financial losses if the company fails.

Elsewhere, Nigeria’s Securities and Exchange Commission (SEC) has also introduced stricter advertising guidelines for crypto products.

The SEC now requires virtual asset service providers and influencers to secure agency approval before publishing promotional materials.

Google Ads Promotes Fake Crypto Websites

As reported, a sponsored Google ad posing as a link to Sony’s blockchain project, Soneium, was exposed as a cleverly disguised crypto wallet drainer.

In October, a search for “soneium” on Google led users to a phishing site designed to steal crypto assets.

The ad linked to a website with a domain name similar to Soneium’s official site, which appeared as a legitimate yet unfinished landing page for a radiology service based in the UK.

In another incident, a fraudulent cryptocurrency wallet app on Google Play reportedly stole $70,000 from users in a sophisticated scam that has been described as a world-first for targeting mobile users exclusively.

The malicious app, named WalletConnect, mimicked the reputable WalletConnect protocol but was, in fact, a sophisticated scheme to drain crypto wallets.

The deceptive app managed to deceive over 10,000 users into downloading it, according to Check Point Research (CPR), the cybersecurity firm that uncovered the scam.

The scammers behind the app were well aware of the typical challenges faced by web3 users, such as compatibility issues and the lack of widespread support for WalletConnect across different wallets.

@ Newshounds News™

Source:  CryptoNews

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“Tidbits From TNT”

TNT:

Tishwash:  The Parliamentary Legal Committee reveals to (Al-Mada) the date for resuming Parliament sessions.. This is the most important thing that will be passed

The Parliamentary Legal Committee set, on Saturday, the date for resuming the sessions of the House of Representatives, while revealing the most prominent laws that will be passed during the current session.

Committee member Raed Al-Maliki said in an interview with (Al-Mada), "Parliament sessions will resume on January 9, 2025, which is the first chapter of the fourth year of the current session of the Council."

He added, "Parliament will proceed with the legislation of a number of laws, most notably amending the Drug Law, the Intelligence Service Law, the laws regulating the right to demonstrate, the Iraqi Media Network, amending the amnesty and personal status laws, and other laws."

These developments come at a time when the Iraqi parliament is witnessing repeated disputes over controversial laws, such as personal status, general amnesty, land recovery, oil and gas, which has led to the postponement of sessions or the disruption of the passage of laws on more than one occasion.

Parliament is currently seeking to avoid political tensions and ensure the passage of laws in a manner that serves the stability of legislative work.

The Speaker of the House of Representatives, Mahmoud Al-Mashhadani, confirmed after his election to the position that the controversial laws will be put to a unanimous vote, away from political bickering that may hinder the progress of legislative work.  link

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Tishwash:  Masrour Barzani discusses regional developments with Trump's national security nominee

The Prime Minister of the Kurdistan Regional Government, Masrour Barzani, discussed, in a phone call today, Saturday, with Congressman Michael Waltz, who was recently chosen by US President-elect Donald Trump as an advisor to the National Security Council, a number of important issues.

A statement by the regional government received by Shafaq News Agency stated that during the phone call, the two sides discussed the latest developments in Iraq, the Kurdistan Region and the region in general, and stressed the importance of strengthening bilateral relations and joint work to maintain security and stability in the region.

The Prime Minister congratulated the Congressman on his selection as an advisor to the National Security Council, praising his extensive experience in security files and issues related to the region.

The two sides also exchanged views on the results of the recent elections in the Kurdistan Region and the United States, and stressed the importance of democratic change and enhancing joint international cooperation and coordination in this context.

Part of the talks was devoted to discussing the pivotal role of the Kurdistan Region as a reliable partner in the region, as well as its commitment to shared values ​​and goals that promote peace and security. Both sides agreed on the need to intensify joint efforts to overcome challenges and obstacles, in order to ensure the continuation of stability in the region.  link

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Tishwash:  Fluctuating Dinar: economic experts urge action as dollar soars in Iraq

Iraq’s dinar continues its erratic trajectory against the US dollar, with no resolution in sight despite years of governmental and central bank efforts, experts attributed the instability to weak policies and unchecked market manipulation.

Root Causes of Volatility

The dollar is surging against the dinar at Baghdad’s main currency exchanges, Al-Kifah and Al-Harithiya, surpassing 1,510 dinars per $1. On the streets, exchange shops are marking up selling prices to more than 1,520 dinars.

“The instability in dollar prices reflects the Iraqi Central Bank and government’s inadequate monetary policies, which fail to address the core of the issue,” said Mustafa Faraj, an economic expert. “Their hesitant measures have left them unable to control the dollar’s value.”

Faraj cited US sanctions on neighboring Syria and Iran as a major factor. “The lack of legitimate trade channels with these countries, combined with restrictions on dollar transfers to them, has led to dollar smuggling, driving up its price,” he told Shafaq News Agency.

“When the dollar rises, it pushes up the cost of basic goods, food, and even commercial activity. This cascade of price hikes stems from a failure to find comprehensive solutions and punish manipulators,” Faraj explained.

Emerging Pressures

New dynamics have exacerbated the crisis. Ahmed Eid, an economic researcher, linked heightened demand for dollars to the fallout from the conflict in Syria. “The shift in Syria has disrupted the interests of militia leaders and influential figures, many of whom are now stockpiling dollars to secure alternative income streams,” he said.

Eid pointed to the closure of Syria’s border with Iraq as a catalyst, forcing traders to seek new suppliers in countries like Turkiye and Egypt. “This transition requires substantial dollar liquidity, which further squeezes the market,” he said.

Currency smuggling and money laundering also continue to erode market stability. “These illicit activities persist unchecked, compounding the dollar’s rise,” Eid warned.

Future Uncertainty Amid Policy Shifts

Concerns are mounting about the impact of Iraq’s planned phase-out of its electronic transfer platform for dollar transactions. Introduced in early 2023, the platform was designed to monitor transfers more effectively. However, the Iraqi Central Bank announced in September that it would be discontinued by year-end.

“The Central Bank’s plan to shift dollar transactions exclusively to foreign banks with correspondent relationships is a blow to local banks,” said economist Ahmed Abdul Rabih. “Four dominant banks will monopolize the sector, sidelining smaller institutions and creating a bottleneck for dollar supply.”

“These banks will dictate the exchange rate, likely driving up prices. The Central Bank must advocate for local banks to establish accounts with international institutions like J.P. Morgan and Citibank,” Abdul Rabih urged.

Reassurances from the Central Bank

In response to public concerns, the Iraqi Central Bank has downplayed fears of major disruptions.

In a statement, it described the transition as part of a phased strategy to align with international standards, emphasizing that 95% of transfers had already shifted from the platform to direct banking relationships.

“The transition will be completed gradually, ensuring continuity,” the bank stated, adding that partnerships with foreign banks in China, India, Turkiye, and the UAE would facilitate trade using non-dollar currencies, such as the yuan and euro.

Thirteen Iraqi banks have already begun operations under the new framework, offering pre-approved transfers and enabling global payment systems for personal and commercial needs, the statement said. These steps aim to “stabilize the currency and curb inflation, reinforcing official exchange rates as the benchmark for legitimate economic activities.”

“The official rate reflects real market dynamics,” the Central Bank stressed, warning against unofficial rates driven by “those engaging in unauthorized practices.”

The bank emphasized that it has structured external transfer operations and the fulfillment of dollar demand along proper channels, aligned with international practices, standards, and the Anti-Money Laundering and Counter-Terrorism Financing Law.

"Providing these channels for all purposes at the official dollar exchange rate makes this rate the true benchmark for economic practices, as evidenced by price stability and inflation control. Any other rate traded outside these channels is considered irregular and utilized by those engaging in non-compliant or illicit practices who avoid official channels in their dealings. These individuals bear the additional costs of purchasing at higher rates than the official price to create the illusion of a disparity between the official and unofficial rates." The statement concluded.

Despite reassurances, skepticism lingers among economic experts, who argue that without stricter enforcement and comprehensive reforms, the dinar’s fluctuations will persist. For many Iraqis, the cost of living remains tightly bound to the fate of the dollar. link

Mot:  Marital Moments at Christmas!!!