Seeds of Wisdom RV and Economic Updates Thursday Afternoon 3-13-25

Good Afternoon Dinar Recaps,

SENATE BANKING COMMITTEE VOTES TO ADVANCE STABLECOIN BILL, COLLECTING SUPPORT FROM BOTH DEMOCRATS AND REPUBLICANS

▪️The bill would establish a regulatory framework for stablecoins and create standards for when stablecoin issuers would be regulated by the state or the federal government.

▪️Some Democrats, including Sen. Elizabeth Warren, have expressed unease toward the bill.

The Senate Banking Committee voted to advance a monumental stablecoin bill, advancing it to the full Senate and gaining support from Democrats along the way.

Introduced in February by Sen. Bill Hagerty, R-Tenn., the "GENIUS Act" (Guiding and Establishing National Innovation for US Stablecoins) aims to create a regulatory framework for stablecoins, defining when issuers fall under state or federal oversight. It has bipartisan support from Democratic Sens. Angela Alsobrooks of Maryland and Kirsten Gillibrand of New York.

 .  Democrats Sens. Mark Warner and Andy Kim were among others to support the bill

"The GENIUS Act is a bipartisan step forward in ensuring stablecoins are safe and reliable tools in the financial system," said Senate Banking Committee Chair Tim Scott, R-S.C., at the beginning of Thursday's markup.

A handful of lawmakers in Washington have worked on a bill to regulate stablecoins for years, but those efforts, like other crypto-related bills to regulate the industry, have not come to fruition.

 Now, almost two months into Donald Trump's presidency, Congress is seemingly prioritizing crypto, including investigating claims of industry-wide debanking and repealing the controversial "DeFi Broker rule."

Work is also underway in the House to regulate stablecoins. Though the GENIUS Act is not a companion to the House's version, lawmakers say it shows an effort among Republicans to work on key issues.

The GENIUS Act has garnered support from some in the crypto industry, including the Blockchain Association which called the bill "a thoughtful step forward for commonsense, response guardrails for stablecoin innovation," in a post on X on Wednesday.

On the other side of the aisle, some Democrats have expressed unease toward the GENIUS Act. Sen. Elizabeth Warren's staff circulated a memo outlining their opposition to the bill, which they say "fails" to protect consumers, competition and national security, according to Politico. The memo also includes arguments that the bill would allow firms, such as big tech companies, to issue their own currencies, Fortune reported.

Warren offered several amendments on Thursday, including one involving firms being able to issue their own stablecoins. Big tech billionaires like Elon Musk could use their own currencies to compete with the U.S. dollar, Warren said.

"My most pressing concern is Elon Musk's attempt to build an empire that rivals the power of most nation states," Warren later added.

In the past, some Democrats have been critical of companies' previous plans to launch a stablecoin. Meta Platforms, formerly Facebook, looked to launch stablecoin Libra, later renamed Diem, a few years ago, but quickly prompted concern among regulators and lawmakers who were hesitant about a stablecoin with ties to the social media company.

The committee voted 13-11, therefore not agreeing to Warren's amendment.

Tensions flare

Sen. Catherine Cortez Masto raised concerns over Democrats showing up to the markup and holding a quorum for the committee but not Republicans.

"We're taking the time to talk about our amendments, but there's no debate," the Nevada Democrat said. "And there's some very good amendments here by the way, and I'm hopeful that we have a good product coming out of here, but it is the Democrats now holding the quorum here instead of the Republicans."

Cortez Masto called the bill a "great start" but said it was not ready for prime time.

"There are many that want to provide a good product at the end of the day, but it looks like to me — the die is already cast, you get what you get," she said.


Sen. Warren called the markup a "show trial" and criticized the lack of debate. However, Warren also showed willingness to work on the bill and said it had a "strong base."

"This feels like show trial here that we get up and we read our little part about each of the amendments and the Republicans, clearly a majority of the Republicans have already decided their vote without even hearing anyone make an argument for why this might be an amendment that would be appropriate for this bill," Warren said.

Sen. Bill Hagerty, one of the authors of the bill, countered and said the bill had gone through a "very robust bipartisan process."

"We're going to continue to work to improve this," he said. "I've already acknowledged my willingness to do that here today to the extent that there are additional technical corrections, or in many cases, valid issues are being raised that I think are far more appropriate for a market structure piece of legislation."

In the House, Rep. Stephen Lynch, D-Mass., criticized the GENIUS Act on Tuesday during a hearing focused on stablecoins and said it needed to be amended "vigorously."

"I read the GENIUS Act over in the Senate — I'm a little weary about anything called genius coming out of the United States Senate — but there were so many problems with that and I'm hopeful, hopefully my colleagues, Mr. Hill, and others will amend that vigorously because it had huge, huge problems," Lynch said

@ Newshounds News™

Source:  The Block

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TREASURY MET WITH THREE CRYPTO FIRMS TO DECIDE CUSTODY OF BITCOIN RESERVE

Firms including Anchorage Digital are advising the U.S. government on best practices for safeguarding billions of dollars worth of crypto assets.

The U.S. Treasury Department held meetings this week with top executives from three crypto custody firms to discuss safeguarding the country’s Strategic Bitcoin Reserve, sources familiar with the matter told Decrypt.

Anchorage Digital was one such custodian that met with Treasury Department officials on Monday, according to multiple sources with direct knowledge of the matter.

When asked about the meeting, Anchorage CEO Nathan McCauley told Decrypt that government officials asked him detailed questions about best practices for custodying a national Bitcoin reserve and digital asset stockpile. McCauley said the officials also inquired about how custody could impact stablecoins and market structure, two hot-button topics currently before Congress.

“The Treasury Department is asking all the right questions,” the Anchorage CEO told Decrypt. “It’s clear that Treasury officials are treating this move into the digital asset space with care, recognizing that the United States is quite literally writing history.”

The Treasury Department did not respond to a request for comment on this story.

A Capitol Hill source with knowledge of the meetings told Decrypt the Treasury Department is in the early stages of figuring out how best to tackle questions of security involved in the U.S. government indefinitely holding billions of dollars worth of digital assets.  

“I don't think they have a view yet, and they're trying to figure out what their view is going to be,” they said. “But they are actively seeking additional information from industry participants on the best way to custody the strategic reserve and the stockpile.”

The source elaborated that key decision makers in the industry appear to be in favor of one or multiple third parties assisting with custodying the U.S. government’s Bitcoin reserve in the interim, with the long-term goal of the government eventually self-custodying when ready.

Self custody refers to the practice of independently holding crypto in cold wallets accessed with private keys, as opposed to relying on third parties to manage the assets.

The national digital assets stockpile, however, will consist of a wide variety of seized crypto assets on various blockchain networks, and therefore will likely be permanently custodied by a third party.

How are the nearly 200,000 BTC in the government’s possession currently being held? Last summer, the U.S. Marshals Service announced it had tapped Coinbase to custody its large cap digital asset holdings.  

When asked by Decrypt whether the company currently custodies the U.S. government’s Bitcoin, however, a Coinbase representative declined comment, pointing only to a recent, vague X post on the subject by Coinbase CEO Brian Armstrong.

In the post, Armstrong boasts that his company “works with 145 government entities in the U.S. and 29 government entities outside the U.S.” and that Coinbase has seen increased interest in its custody services following President Donald Trump’s announcement establishing a Bitcoin Reserve.

During an event in Washington held Tuesday by the Bitcoin Policy Institute, BitGo CEO Mike Belshe, Casa CEO Nick Neuman, and Anchorage Digital’s Nathan McCauley convened a panel on “Safeguarding America’s Bitcoin.”

During the talk, the executives opined as to the current state of the government’s current BTC stash, which is worth some $16.4 billion at writing.

“It’s maybe sitting in a closet at the U.S. Marshals Office,” Casa’s Neuman said.

“Or in a drive at somebody’s desk,” BitGo’s Mike Belshe added.

@ Newshounds News™

Source:  Decrypt

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“Iraq and Vietnam News” Posted by KTFA Members 3-13-2025

KTFA:

Clare:  IMF Discusses Strengthening Iraqi Dinar

12th March 2025   By John Lee.

Iraq's delegation concluded its meetings with the International Monetary Fund (IMF) in Amman (February 24-26), with participants including Minister of Finance Taif Sami and the Governor of the Central Bank of Iraq (CBI).

Discussions focused on Iraq's economic performance and sustainable growth prospects, with the IMF acknowledging the progress made.

Key discussions included:

Non-oil GDP growth of 5% in 2024, driven by agriculture expansion and increased public spending, with 3.5% growth expected in 2025.

Reduced dependence on oil revenues, improving economic diversification and stability.

Review of actual 2024 expenditures and 2025 revenue forecasts, alongside strategies for deficit financing.

Public debt strategy update, ensuring fiscal sustainability and investor confidence in government bonds.

Financial sector reforms, with the IMF stressing the importance of banking modernization to attract foreign capital.

Expanded collaboration with international correspondent banks to facilitate trade financing.

Increased use of the Iraqi dinar in major transactions to strengthen the national currency.

The IMF reaffirmed its support for Iraq's financial policy development, offering advisors and experts to assist the Ministry of Finance in public debt management and tax system improvements.

The meetings underscored Iraq's commitment to fiscal reforms, promoting economic stability and investment-friendly policies, in line with its strategic partnership with the IMF.

(Source: Ministry of Finance)   LINK

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Clare:  Important details about the 2025 budget schedules and the date for submitting them to Parliament were revealed.

3/12/2025

The Prime Minister's financial advisor, Mazhar Mohammed Salih, revealed important details about the 2025 budget schedule.

Saleh said in a press statement: "The budget is based on two main wings: the first is the operational wing, which constitutes between 68 and 70% of total public spending, and covers the salaries of employees, retirees, and social care, while the second wing is allocated to investment in development and service projects.

Saleh pointed out that the budget will operate according to spending ceilings estimated at about (200) trillion dinars, with a hypothetical deficit of (64) trillion dinars. This deficit will be financed from internal sources in the event that the average price of a barrel of oil falls below (70) dollars or oil exports fall below (3.4) million barrels per day.

He stressed that the government is committed to guaranteeing the salaries of employees and retirees, pointing out that approximately (8) million citizens receive government income, which contributes to the indirect support of approximately (40) million people. He added that implementing service projects, such as water, electricity, schools, and hospitals, will be a parallel priority to securing salaries.

For its part, the Parliamentary Finance Committee confirmed that the discussion of the 2025 budget will be resolved after it reaches Parliament.

Committee member Jamal Koujar explained that the committee will hold a session to discuss the budget once the schedules are received by the parliament, and will submit a report on the matter to the parliament's presidency.  LINK

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Clare:  The Association of Private Banks organizes a dialogue session to discuss the latest developments in the banking sector in Iraq.

3/13/2025- Baghdad

The Iraqi Private Banks Association organized a dialogue session to discuss the latest developments in the banking sector in Iraq, including deprived banks and fines imposed by the Central Bank. The session was attended by the Governor of the Central Bank of Iraq, Ali Al-Alaq, and representatives of banks and electronic payment companies.

At the beginning of the session, the Chairman of the Iraqi Private Banks Association, Wadih Al-Handhal, welcomed the Governor and the participants, stressing the importance of joint cooperation between the Central Bank, banks, and electronic payment companies to enhance financial stability and develop the banking system in accordance with the latest international standards.

Al-Handhal stated that the Special Committee for Assisting Deprived Banks, formed within the Ministerial Economic Council, called for the need to assist deprived banks and suspend fines imposed on them, as they are going through difficult circumstances, as everyone knows. He explained that deprived banks work daily to implement global financial requirements and are subject to daily fines, calling for these fines to be suspended and reviewed by the Central Bank of Iraq. 

For his part, the Governor of the Central Bank, Ali Al-Alaq, addressed the Central Bank's measures related to banks barred from using the dollar, noting signs of optimism in discussions with the US side on this issue. 

He stressed that the Central Bank supports the establishment of digital banks, with 75 banks having applied for them, contributing to accelerating the digital transformation of the banking sector in Iraq. He noted that the first phase will involve granting only one or two licenses for the purpose of experimentation and studying the problems and challenges facing these digital banks. 

Al-Alaq indicated that banks are required to work to increase the rate of financial inclusion by providing modern banking services that target broader segments of society, emphasizing that the transition to a digital economy is a fundamental step towards enhancing financial stability and economic development. LINK

Henig:  US seeks cooperation with Việt Nam in semiconductor, essential mineral & nuclear energy R&D

March 13, 2025 - 22:00  

Emphasising the need to continue making economic - trade - investment cooperation a bright spot and driving force of the bilateral relations, the PM said that Vietnamese ministries and sectors are actively addressing the US side's current concerns in economic - trade - investment ties

HÀ NỘI — Việt Nam always considers the United States a partner of strategic importance, Prime Minister Phạm Minh Chính said while receiving US Ambassador to Việt Nam Marc Evans Knapper in Hà Nội on Thursday.

PM Chính and Knapper acknowledged the results achieved in the relationship between the two countries recently, especially after Việt Nam and the US upgraded their relationship to a Comprehensive Strategic Partnership. They discussed priority areas for promoting bilateral cooperation on the occasion of the 30th founding anniversary of diplomatic relations between Việt Nam and the US.

The PM highly appreciated Knapper's efforts in promoting the Comprehensive Strategic Partnership, maintaining stable development momentum with many positive results, including maintaining and promoting high-level contacts, notably the very successful phone talks between Party General Secretary Tô Lâm and US President Donald Trump before and after being elected.

He affirmed the message of Party General Secretary Tô Lâm and senior Vietnamese leaders that they attach great importance to and want to cooperate closely with President Trump’s administration to promote the Comprehensive Strategic Partnership, maintain a stable and increasingly substantive development momentum, and effectively implement the contents of the Joint Declaration and Action Plan to implement the Comprehensive Strategic Partnership for the common interests of the two countries.

In the context that the two countries are organising activities to celebrate the 30th founding anniversary of diplomatic relations, PM Chính requested the US Ambassador and Embassy to coordinate with relevant Vietnamese agencies to implement measures to deepen cooperative relations, including promoting visits and meetings at all levels, especially high-level ones.

Emphasising the need to continue making economic - trade - investment cooperation a bright spot and driving force of the bilateral relations, the PM said that Vietnamese ministries and sectors are actively addressing the US side's current concerns in economic - trade - investment ties, including sending the Minister of Industry and Trade as a Special Envoy to work in the US to co-chair the Trade and Investment Framework Agreement (TIFA) Council’s meeting.

According to the government leader, Việt Nam's relevant ministries, sectors and agencies are actively reviewing the tariffs on goods imported from the US, encouraging increased imports of products that the US has strengths and Vietnam has demand, especially agricultural products, liquefied petroleum gas and high-tech products.

He emphasised that the Vietnamese Government always pays due attention to creating conditions for US businesses and investors operating in Việt Nam, affirming that Việt Nam wants to build balanced, stable, harmonious and sustainable economic - trade - investment cooperation relations with the US for the common interests of the two countries.

The PM also proposed the US continue to take steps towards recognising Việt Nam as having a market economy and creating conditions for Việt Nam to import high-tech equipment from the US.

On this occasion, PM Chính requested the Ambassador and the Embassy to continue to prompt the US Government and Congress to increase support projects to overcome the consequences of war in Việt Nam, especially the dioxin detoxification project at Biên Hoà airbase, assist people with disabilities and war victims, and support the search for fallen Vietnamese soldiers; transfer technology and improve the capacity to examine the DNA of Vietnamese martyrs.

Thanking the PM for his recognition and appreciation, Knapper pledged to continue to coordinate closely with Vietnamese ministries and sectors to promote and further deepen the Việt Nam - US Comprehensive Strategic Partnership.

The Ambassador expressed his joy with the two sides actively implementing the Joint Declaration and Việt Nam - US Action Plan for 2023, affirming that Việt Nam - US relations have achieved many positive results, in accordance with the desires and interests of both sides.

He affirmed that the US prioritises developing relations with Việt Nam based on the principle of respecting Việt Nam's political institutions, independence, sovereignty and territorial integrity, supporting a strong, independent, self-reliant and prosperous Việt Nam.

The US wants to expand cooperation in all fields, including cooperation in overcoming the consequences of war, defence - security, and education - training; support Việt Nam in training high-quality human resources and human resources in the semiconductor industry, and cooperate with Việt Nam in essential mineral exploitation and nuclear energy research and development, the diplomat said.

Knapper emphasised that 2025 is of important significance in the bilateral relationship, with the two sides celebrating the 30th anniversary of diplomatic relations. The US Embassy in Hà Nội will work together with Vietnamese agencies to build an effective agenda, thereby deepening the Comprehensive Strategic Partnership, he added. — VNA/VNS

 https://vietnamnews.vn/politics-laws/1693886/us-seeks-cooperation-with-viet-nam-in-semiconductor-essential-mineral-nuclear-energy-r-d.html

Seeds of Wisdom RV and Economic Updates Thursday Morning 3-13-25

Good Morning Dinar Recaps,

SEC VS RIPPLE: XRP LAWSUIT WRAPPING UP AS NEGOTIATIONS REACH FINAL STAGE—REPORT

Ripple’s high-stakes legal battle with the SEC may soon end, as negotiations reportedly center on vacating a key ruling that imposed a $125 million fine.

SEC vs. Ripple Nears Settlement? Report Suggests a Resolution Is Closer Than Eve

The U.S. Securities and Exchange Commission (SEC) case against Ripple regarding the sale of XRP could be nearing its conclusion, according to recent reports. The lawsuit, which has lasted over multiple years, has been a major point of contention in the cryptocurrency industry. 

Fox Business journalist Eleanor Terrett reported on social media platform X on March 12 that two sources indicated the case is in the process of wrapping up and may soon reach a resolution.

“Two well-placed sources tell me that the SEC vs. Ripple case is in the process of wrapping up and could be over soon,” she shared, adding:

My understanding is that the delay in reaching an agreement is due to Ripple’s legal team negotiating more favorable terms regarding the August district court ruling, which imposed a $125M fine on the company and included a permanent injunction preventing the company from selling XRP to institutional investors.

“The argument, I’m told, is that if the new SEC leadership is wiping the enforcement slate clean for all previously-targeted crypto firms because it believes regulatory clarity will resolve the underlying issue, why should Ripple still be penalized?” she explained. 

“Accepting the Torres ruling as it stands would mean that Ripple is essentially agreeing to admit to wrongdoing — but now the SEC itself is seemingly unsure whether any wrongdoing occurred.”

Terrett noted that Ripple’s argument revolves around the SEC’s shifting stance on cryptocurrency regulation. With new leadership at the agency reportedly reconsidering enforcement actions against crypto firms, Ripple contends that it should not be penalized for alleged past violations. 

Since there is no precedent for this kind of legal situation, the case may be taking longer to resolve than other crypto-related enforcement actions.

Earlier this month, lawyer James Murphy, known as Metalawman on X, similarly speculated that the delay may stem from Ripple’s efforts to negotiate vacating Judge Torres’ decision rather than the SEC. While the ruling largely favored XRP holders, he noted that findings of securities law violations and an injunction could hinder Ripple’s future plans, such as an exempt securities offering or an IPO. Murphy suggested the SEC might have agreed to a settlement involving both parties dropping their appeals and Ripple paying a $125 million fine, but Ripple may be seeking better terms.

The SEC sued Ripple in December 2020, alleging it conducted an unregistered securities offering by selling XRP. The case has since become a pivotal legal battle in U.S. cryptocurrency regulation. However, the agency itself is undergoing substantial changes, with many crypto-related enforcement cases, such as those against Coinbase, Kraken, and Robinhood, being dropped.

The regulator’s stance on crypto appears to be shifting following the departure of former SEC Chair Gary Gensler. Under the new leadership, the SEC has established a task force to reassess its approach to crypto regulation. This shift may have influenced the negotiations between Ripple and the SEC as they work toward a resolution.

@ Newshounds News™
Source:  Bitcoin News

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TEXAS DOUBLES DOWN ON CRYPTO WITH NEW $250 MILLION BITCOIN RESERVE BILL

Texas' second crypto bill seeks to enhance state and local government participation in digital asset investments.

Texas has introduced a second crypto reserve bill, marking another significant step toward integrating Bitcoin into its financial framework.

According to a document released on March 11, the proposed legislation, HB 4258, seeks to allocate up to $250 million from the state’s economic stabilization fund for Bitcoin and other digital assets.

This marks the second attempt by the state to establish a digital asset reserve, following the earlier SB 778, which recently secured bipartisan support in the Senate.

Unlike the previous proposal, HB 4258 explicitly caps investment and extends participation to municipalities and counties, allowing them to allocate up to $10 million to digital assets. If approved and signed into law, the bill would take effect on Sept. 1, 2025.

Texas’ push for a Bitcoin reserve aligns with broader trends across the US, where 21 states are exploring similar frameworks at different legislative stages. Some states have active proposals, while others are still conducting evaluations.

President of the Texas Blockchain Council, Lee Bratcher, highlighted the state’s strategic position for Bitcoin adoption. He pointed to the Texas Triangle—Houston (energy), Austin (tech), and Dallas (capital markets)—as a convergence of industries that makes Bitcoin integration particularly viable.

Texas’ first Bitcoin bill

As previously stated, SB 778 focuses on integrating crypto into the state’s financial system by enabling tax payments and donations in digital assets.

It also seeks to impose a five-year restriction on selling state-owned Bitcoin. With Senate approval secured, the bill awaits a decision in the Texas House, expected by May 24.

Meanwhile, support for the initiative has been strong, with Texas Lieutenant Governor Dan Patrick calling the establishment of a Bitcoin reserve a strategic move that could set an example for other states.

He emphasized Bitcoin’s decentralized nature and finite supply, describing it as a valuable asset for Texas’ financial future. Patrick added:

“President Trump has stated unequivocally that he intends to make the United States the cryptocurrency capital of the world. His visionary leadership on Bitcoin and digital assets has paved the way for rapid American innovation, and Texas is leading the way.”

@ Newshounds News™

Source:  CryptoSlate

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Iraq Economic News and Points to Ponder Thursday AM 3-13-25

Kurdistan Region Confirms Oil Sales Through SOMO: We Will Give Our Money To Baghdad

Iraqi oil refinery   energy   Economy News – Baghdad   The Kurdistan Regional Government (KRG) on Wednesday affirmed the region's firm position to implement an amendment to the budget law, allowing the region's oil to be exported and sold through SOMO, with the proceeds returned to the federal Ministry of Finance.

A statement issued by the Kurdistan Regional Government's Council of Ministers, seen by Al-Eqtisad News, said, "The President of the Council, Masrour Barzani, held a meeting attended by his deputy, Qubad Talabani, during which the Prime Minister instructed the Ministry of Finance and Economy to prepare a schedule for distributing salaries to Kurdistan Region employees for the month of February, after the deposit of 958 billion dinars into the ministry's account for that month."

The Council decided to begin distributing salaries starting tomorrow. All ministries and institutions were also tasked with preparing March payrolls as soon as possible and sending them to the Federal Ministry of Finance, with the goal of disbursing them before the Eid al-Fitr holiday.

The statement confirmed that "in the first part of the meeting, Kamal Mohamed Saleh, Acting Minister of Natural Resources, reviewed the latest developments in the joint meetings between the Ministry of Natural Resources and the Federal Ministry of Oil, in the presence of representatives of oil companies."

The minister explained the efforts being made to resume the region's oil exports within the framework of the federal budget law. The Council of Ministers commended the Ministry of Natural Resources' efforts to accelerate the process of resuming oil exports and its joint work with the Iraqi Ministry of Oil to resolve the obstacles related to the process.

The Council also affirmed the "regional government's firm position to implement the amendment to the budget law so that the region's oil is exported and sold through SOMO and its revenues are returned to the federal Ministry of Finance."   https://economy-news.net/content.php?id=53348

OPEC: Oil Prices Recorded A Significant Decline In February.

economy | 06:59 - 12/03/2025  Mawazine News – Baghdad  The Organization of the Petroleum Exporting Countries (OPEC) said on Wednesday that oil prices recorded a significant decline in February, with the average OPEC basket falling by 3.2 percent to $76.81 per barrel.

OPEC added in its monthly report that "Brent crude futures also fell by 4.3 percent to $74.95, and West Texas Intermediate (WTI) crude fell by 5.2 percent to $71.21.

The report indicated that "extensive selling by global hedge funds contributed to increased volatility and accelerated the decline in prices."

Regarding global oil demand, OPEC expected in its report that it would grow by 1.4 million barrels per day in both 2025 and 2026, with a greater contribution from non-OECD countries.

In contrast, OPEC expected supply from countries not participating in the Declaration of Cooperation to grow by 1 million barrels per day in 2025 and 2026, driven by production from the United States, Brazil, Canada, and Norway.   https://www.mawazin.net/Details.aspx?jimare=260162

Al-Sudani's Advisor Denies Any Sanctions On Rafidain Bank And Confirms Continued Gas Supplies From Iran.

economy |12/03/2025  Mawazine News – Baghdad  The Prime Minister's advisor for foreign relations, Farhad Alaa Al-Din, denied the existence of US sanctions on Rafidain Bank.

While noting that the American exception regarding importing gas from Iran continues, he confirmed that some factions have offered to join the Popular Mobilization Forces under conditions. Alaa al-Din said in a televised interview:

“Iraq is a country well-versed in managing foreign affairs and has a legacy in that,” noting that “the philosophy of Prime Minister Mohammed Shia al-Sudani regarding foreign relations is that the Iraqi interest comes first, and from here the country’s foreign policy is adopted.” He added that “the path of the state and government, through the Ministry of Foreign Affairs, works from the starting point of Iraq’s interest first.”

Regarding Iraq’s relationship with the United States, Alaa al-Din indicated that “we had excellent and distinguished relations with the previous American administration,” noting that “the new American administration came with a set of promises to American voters, and part of these promises are related to the foreign policy of the United States, including ending the so-called endless wars.”

 He explained that “the American letter that we received does not contain the information circulating in the media,” noting that “US Representative Joe Wilson tweeted more than 200 tweets in 15 months and did not mention Iraq even once.”

He explained that “Joe Wilson attended a meeting with al-Sudani and was not He talked about Iraq before January 13, but after that date, he started tweeting about Iraq on a daily basis,” stressing that “the American authorities denied any connection to what Joe Wilson was talking about regarding Iraq.”

He pointed out that “the US Treasury denied any intention to punish Rafidain Bank, and that American companies are working to restructure Rafidain Bank and there is no intention to punish it,” noting that “the Prime Minister is busy and does not care about Joe Wilson’s tweets.”

He stressed that “Iraq has not been a priority for America since 2011,” stating:

“We are working to change the American view that Iraq is not part of the Iranian file.” Regarding the issue of armed factions, Alaa al-Din indicated that “the issue of factions is an internal discussion, not an external one,” stressing that “the dissolution of the factions is among the points of the supreme authority, Mr. Sistani, and the government program.”

 He continued, “Some factions have offered to join the Popular Mobilization Forces with conditions,” warning against restricting the weapons of the factions by force, as this leads to a civil war. He stressed that “the discussion about the fate of the factions occurs every day.

” Regarding the fate of the kidnapped Zionist researcher, Elizabeth Tsurkov explained that "Tsurkov entered legally and is protected from the government's responsibility," noting that "Tsurkov's continued absence will cause future problems for Iraq."

 He explained that "according to the government's information, Tsurkov is alive.

" Regarding the cancellation of the US waiver for importing energy from Iran, he indicated that "the cancellation of the waiver targeted the import of electricity, but the gas waiver continues," noting that "Turkey began importing gas from Turkmenistan via Iran after the implementation of US sanctions.

" Regarding the events in Syria, Alaa Al-Din said: "The events on the Syrian coast are not encouraging for Iraq to open up to the head of the Syrian administration, Ahmed Al-Sharaa," stressing that "ISIS obtained supplies and seized weapons in Syria, and Iraq is concerned about them."

He continued, "We have security cooperation channels with Syria."Regarding Iraq's relationship with China, he explained that "25% of Iraqi oil is purchased by China and we have a great interest in it," noting that "Iraq's relationship with China and Russia is commercial, not political.

" Regarding Iraq's relationship with Saudi Arabia, he indicated that "our relations with Saudi Arabia are at their best and there is no concern from Saudi Arabia about the development of Iraq's relationship with Qatar." He stressed that "Iraq is returning today to the Arab fold more than ever before," noting that "Iraq has transformed from an arena of conflict to an arena where countries meet."

He pointed out that "the path of development has transformed Iraq into an area where the interests of the countries of the region meet," stressing that "Iraq played a calming role between Iran and America, especially in Syria."

Regarding the presence of the international coalition in Iraq, he indicated that "nothing has changed with the agreement to end the international coalition in Iraq and we are awaiting the US administration's opinion on its presence," indicating that "the end of the international coalition will make Iraq determine the type of foreign forces it needs."
https://www.mawazin.net/Details.aspx?jimare=260152

Nearly One Billion Shares Were Traded On The Iraqi Stock Exchange During Today's Session.

Stock Exchange  Economy News – Baghdad  The Iraqi Stock Exchange traded nearly one billion shares today, Wednesday.  The value of the shares, which numbered more than 954 thousand, amounted to 1.4 billion dinars.  The market was able to conduct 738 transactions. https://economy-news.net/content.php?id=53338

Iraqi Ports: Plans To Establish An Industrial Zone And Large Companies In The Grand Faw Port.

Director General of Iraqi Ports Farhan Al-Fartousi  Money and Business  Economy News - Baghdad
The Iraqi General Company for Ports confirmed on Wednesday that it has reached advanced stages of contracting with an international company to manage and operate the Faw Port. It also indicated that a large package of projects will be announced at the Faw Port, similar to the refinery package.

“The fixed part of the submerged tunnel will soon be 100% complete, consisting of two lanes for outbound and two lanes for outbound, connected to the highway from the outside and to the submerged tunnel from the inside,” said Farhan Al-Fartousi, director of the Iraqi Ports Company, in a statement reported by the official news agency, and seen by Al-Eqtisad News.

He explained that “the submerged part consists of 10 concrete blocks, 11 meters high, 34 meters wide, 126 meters long, and weighing 45,000 tons, which were completely poured into a special basin called the (submerged tunnel basin).”

“After the sections were created, they were examined and prepared, and then the floating operations began, i.e. lifting them with water and transporting them to the designated location, and starting the process of submerging and connecting them to the fixed sections,”

he added, indicating that “our cadres and the companies working with us, namely the Italian company Technical, which is supervising, the Korean company Daewoo, which is implementing the project, and the Dutch company specializing in such work in the world, were able to connect the first section and place it in its place, and open it to the fixed section, and it became part of the tunnel.

We had a tour and presence in this section, and at the same time the cadres began floating the second section until it was formed. After the ten sections are connected, the tunnel will be completed and ready across both banks, whether the direction is from Umm Qasr to Al-Faw or vice versa.”

On the other hand, Al-Fartousi explained that "we have reached very advanced stages of contracting with a scientific company to manage and operate the port. We are awaiting the consulting company's opinion on the contracting mechanism, regulations, and other details. After that, the file will be presented to the Supreme Committee for approval, and we will proceed with the contract."

Al-Fartousi pointed out that "there is a large package of projects, including the naval base project, which will be contracted within a month or a month and a half, followed by the liquefied natural gas station project, in addition to the major project, which is a refinery within the port complex, and a petrochemical plant, which was contracted by the Ministry of Oil, and we are following up on this file, which will be operational soon."

He added, "We have a plan to establish an industrial zone, and there are communications and companies interested in entering into this major project. A large package of projects will soon be announced in the port of Faw, similar to the refinery package." https://economy-news.net/content.php?id=53344

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

“Tidbits From TNT” Thursday Morning 3-13-2025

TNT:

Tishwash:  IMF Discusses Strengthening Iraqi Dinar

Iraq's delegation concluded its meetings with the International Monetary Fund (IMF) in Amman (February 24-26), with participants including Minister of Finance Taif Sami and the Governor of the Central Bank of Iraq (CBI).

Discussions focused on Iraq's economic performance and sustainable growth prospects, with the IMF acknowledging the progress made.

Key discussions included:

Non-oil GDP growth of 5% in 2024, driven by agriculture expansion and increased public spending, with 3.5% growth expected in 2025.

Reduced dependence on oil revenues, improving economic diversification and stability.

Review of actual 2024 expenditures and 2025 revenue forecasts, alongside strategies for deficit financing.

Public debt strategy update, ensuring fiscal sustainability and investor confidence in government bonds.

Financial sector reforms, with the IMF stressing the importance of banking modernization to attract foreign capital.

Expanded collaboration with international correspondent banks to facilitate trade financing.

Increased use of the Iraqi dinar in major transactions to strengthen the national currency.

The IMF reaffirmed its support for Iraq's financial policy development, offering advisors and experts to assist the Ministry of Finance in public debt management and tax system improvements.

The meetings underscored Iraq's commitment to fiscal reforms, promoting economic stability and investment-friendly policies, in line with its strategic partnership with the IMF. link

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

Tishwash:  It amounts to 216 trillion... A date has been set for submitting the budget tables to Parliament. 

Deputy Chair of the Parliamentary Finance Committee, Ikhlas al-Dulaimi, ruled out the government's submission of budget schedules within the next two months on Wednesday, while confirming that the 2025 budget amounts to 216 trillion Iraqi dinars.

Al-Dulaimi said, "The Ministry of Finance has not yet sent the 2025 budget tables to the Council of Ministers, even though they were supposed to be sent in October 2024, in accordance with the Financial Management Law, for approval before the start of the new year."

She added, "The total budget amount is 216 trillion dinars, while actual spending is estimated at about 160 trillion dinars."

Al-Dulaimi ruled out "sending the tables to the House of Representatives within the next two months," noting that "the Ministry of Finance has not yet completed their preparation, which could lead to the postponement of budget approval until after the elections."

Last February, the Iraqi Parliament voted on the draft law amending the first law of the Federal General Budget Law of the Republic of Iraq for the fiscal years (2023 - 2024 - 2025) No. (13) of 2023.  link

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

Tishwash:  Kurdistan Region confirms oil sales through SOMO: We will give our money to Baghdad

The Kurdistan Regional Government (KRG) on Wednesday affirmed the region's firm position to implement an amendment to the budget law, allowing the region's oil to be exported and sold through SOMO, with the proceeds returned to the federal Ministry of Finance.

A statement issued by the Kurdistan Regional Government's Council of Ministers, seen by Al-Eqtisad News, said, "The President of the Council, Masrour Barzani, held a meeting attended by his deputy, Qubad Talabani, during which the Prime Minister instructed the Ministry of Finance and Economy to prepare a schedule for distributing salaries to Kurdistan Region employees for the month of February, after the deposit of 958 billion dinars into the ministry's account for that month."

The Council decided to begin distributing salaries starting tomorrow. All ministries and institutions were also tasked with preparing March payrolls as soon as possible and sending them to the Federal Ministry of Finance, with the goal of disbursing them before the Eid al-Fitr holiday.

The statement confirmed that "in the first part of the meeting, Kamal Mohamed Saleh, Acting Minister of Natural Resources, reviewed the latest developments in the joint meetings between the Ministry of Natural Resources and the Federal Ministry of Oil, in the presence of representatives of oil companies."

The minister explained the efforts being made to resume the region's oil exports within the framework of the federal budget law. The Council of Ministers commended the Ministry of Natural Resources' efforts to accelerate the process of resuming oil exports and its joint work with the Iraqi Ministry of Oil to resolve the obstacles related to the process. 

The Council also affirmed the "regional government's firm position to implement the amendment to the budget law so that the region's oil is exported and sold through SOMO and its revenues are returned to the federal Ministry of Finance." link

Mot: .... Allllllllll Aboard!!!! 

Mot: poooor ole ""Earl"" 

Iraq Economic News and Points to Ponder Wednesday Afternoon 3-12-25

Central Bank Prudential Policies To Counter The Impact Of Changes In The Global Economy

Samir Al-Nusairi
For several years, the global system has been witnessing complex economic, financial and security crises, the accumulated causes of which have centered on rising energy and food prices due to the Russian-Ukrainian war, US and European sanctions on Russia, and the Zionist entity's aggression against Palestine, Lebanon and Syria.

The Zionist entity continues to employ a strategy of using war and its military machine, with the support of America and Europe, to draw the political, security and economic map of the new Middle East.

In addition to the impact of the US-China struggle for global economic control, the divisions in the visions and strategies of the G20, the G7, the BRICS group, and other international groups working to form new economic poles, and finally Trump's new policies of increasing taxes and tariffs on some competing industrial countries, which has led to confusion in the global economic and trade map.

The evidence is the current crises that have harmed the economies of major countries before smaller ones, and what we are currently witnessing of high stagflation in most countries of the world, most notably in the United States, the European Union countries, and countries of the geographical region, and the decline in the purchasing power of these countries' local currencies.

Therefore, we believe that our economy will suffer in the near term from the negative effects of the global economic system, from the lack of control over the supplies of food and basic commodities, and oil prices may fall below what was planned in the general budget for 2025, in light of the changing circumstances.

These effects will lead to negative repercussions on our economy and the methodology of financial and banking reform.

Given that economic stability is achieved through stability in the financial and monetary systems, the Central Bank's precautionary measures in 2023 and 2024, and its objectives outlined in its third strategy until 2026, in light of expected developments in future crises, require a fundamental reliance on building foreign reserves at a level that covers the local currency in circulation, imports, external debt repayments, and other international obligations.

It also seeks to diversify reserves to include a basket of currencies, gold, bonds, and securities. It also adopts policies and mechanisms to regulate foreign trade financing and comply with international standards.

This is exactly what the Central Bank did during this period, as its foreign exchange reserves reached more than $107 billion and 162.7 tons of gold. The World Gold Council announced that Iraq ranks fourth in the Arab world and twenty-eighth globally.

This confirms that the Central Bank is proceeding steadily to achieve the objectives of monetary policy in reducing inflation and controlling the general price level.

This is what it recently announced, that the annual inflation rate reached 2.8% and the basic rate 2.5%, as well as controlling the money supply and maintaining the exchange rate of the dinar within the balanced price in the trading market, despite the fluctuations from time to time in the exchange rate of the dollar in cash on the black market.

Continuous monitoring and analysis of the interest rate set by the Central Bank.

This requires fiscal policy, key economic sectors, and the ministries responsible for them to work together and in clear and specific coordination with the Central Bank's management to achieve economic stability, hedge against the global economic crisis, and mitigate its expected future repercussions over the next three years.

https://economy-news.net/content.php?id=53314

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

Seeds of Wisdom RV and Economic Updates Wednesday Afternoon 3-12-25

Good Afternoon Dinar Recaps,

IRAQ’S 2025 BUDGET WON’T REACH PARLIAMENT IN NEXT TWO MONTHS

Shafaq News/ Iraq’s government is unlikely to submit the 2025 budget tables to parliament within the next two months, a senior lawmaker said on Wednesday.

Ikhlas al-Dulaimi, deputy head of the Parliamentary Finance Committee, told Shafaq News that the Finance Ministry had yet to send the budget tables to the cabinet, despite a legal requirement to do so by October 2024 for approval before the new fiscal year.

"The total budget amounts to 216 trillion dinars (about $165B), while actual expenditures are estimated at around 160 trillion dinars (about $122,)" al-Dulaimi said, ruling out the possibility of sending the tables to parliament soon, which could push the approval process into Iraq’s election period.

In February, Iraq’s parliament passed the first amendment to the federal general budget law for the fiscal years 2023–2025, originally enacted as Law No. 13 of 2023.

@ Newshounds News™
Source:  Shafaq

~~~~~~~~~

AMERICA MUST BACK PRO-STABLECOIN LAWS, REJECT CBDCS — US REP. EMMER

Emmer called CBDCs a “threat to American values” and reintroduced the Anti-Surveillance State Act to block a federal digital dollar.

US Representative Tom Emmer argued for prioritizing pro-stablecoin legislation in a March 11 House Financial Services Committee hearing, while calling central bank digital currencies (CBDC) a threat to American values.

On March 6, Emmer reintroduced the CBDC Anti-Surveillance State Act in the House of Representatives. Emmer renewed his call for Congress to pass the legislation at the March 11 hearing. The legislation aims to block future administrations from launching a US CBDC without explicit approval from Congress.

“CBDC technology is inherently un-American,” Emmer said at the hearing, warning that allowing unelected bureaucrats to issue a CBDC “could upend the American way of life.”

On Jan. 23, President Donald Trump signed an executive order prohibiting “the establishment, issuance, circulation, and use” of a CBDC in the US. Emmer said that the legislation he reintroduced could “prevent a future administration from creating such an obvious tool for financial surveillance against its own citizens” if signed into law, citing concerns about privacy and financial independence.

At the same hearing, Paxos CEO Charles Cascarilla urged lawmakers to create consistent stablecoin regulations across jurisdictions to avoid regulatory arbitrage. Paxos, a significant issuer of stablecoins, recommended clear guidelines and reciprocal rules with global regulators:

“We want to make sure we have the same set of rules in the US as we have around the world so that there isn’t some arbitrage that is possible to issue from another jurisdiction. And by having that same set of rules that everyone has to meet in order to access the US market, it will actually create a race to the top, not a race to the bottom.”

Emmer, a Minnesota Republican, also criticized inherent privacy risks associated with CBDCs, saying that stablecoins could bring traditional finance onchain at a global scale while reserving privacy:

“This underscores why we must prioritize pro-stablecoin legislation alongside anti-CBDC legislation.”

Against the backdrop of rapid pro-crypto developments, a report by the Center for Political Accountability (CPA) raised concerns about the growing political influence of crypto companies in the US and potential risks to regulatory stability.

Cryptocurrency firms shelled out a cumulative $134 million on the 2024 US elections in “unchecked political spending,” which presents some critical challenges, the March 7 report said.

@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

"Wait for my post" Isaac 

Once Isaac has been funded he will post the word "VICTORY" 

“But understand I do not have contacts." Isaac

"I have buyers, the us treasury, DOD, Admiral , HSBC several big platforms that I have signed contracts with all and they paid already for the inspection several times" Isaac

Isaac's Room Link

Isaac Website Link 

Read more Living Room Link

@ Newshounds News™

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Seeds of Wisdom Team™ Newsletter

Thank you Dinar Recaps

Recession by Design, Buckle up for Turbulence

Recession by Design, Buckle up for Turbulence

Liberty and Finance:  3-12-2025

In a recent appearance on Liberty and Finance, the anonymous financial commentator Doomberg delivered a stark warning about the current economic climate, predicting an impending recession and dissecting the potential strategies a future Trump Administration might employ to navigate the turbulent waters.

Doomberg painted a picture of an overvalued stock market on the precipice of a correction, fueled by unpredictable global supply chains and escalating geopolitical tensions.

Doomberg’s core argument centers on the inevitability of a recession. He believes the current market valuations are unsustainable, a bubble waiting to burst.

This reckoning, he suggests, will be exacerbated by the fragility of global supply chains, easily disrupted by unforeseen events, and a stock market ill-prepared for a significant downturn.

Beyond the purely economic factors, Doomberg highlighted the geopolitical complexities stemming from the ongoing conflict in Ukraine. He speculated that a Trump Administration might leverage these tensions to benefit the U.S. financially. While the exact nature of this leverage remained undefined, the implication is that Trump would exploit the situation to strengthen the U.S. position on the world stage.

Doomberg further explored how Trump’s potential policies, particularly his emphasis on fiscal conservatism, could impact the market.

He envisions a scenario where Trump’s austerity measures trigger a significant market correction. This correction, while painful in the short term, would ultimately pave the way for a more sustainable and robust recovery.

The conversation culminated in a bullish outlook, albeit one contingent on navigating the coming recession successfully. Doomberg anticipates that Trump’s handling of the crisis could result in a post-crisis economic boom, echoing the recovery seen after the 2008 financial crisis.

This optimistic prediction hinges on the idea that a necessary correction, followed by strategic economic maneuvering, could ultimately set the stage for future growth and prosperity.

Doomberg’s analysis serves as a timely reminder that the financial landscape is constantly evolving and that a nuanced understanding of both economic fundamentals and geopolitical forces is essential for navigating the challenges and opportunities ahead.

While predictions should always be viewed with a degree of skepticism, the insights shared by Doomberg offer valuable food for thought in these uncertain times.

https://youtu.be/F6p826PuU7Y

Iraq Economic News and Points to Ponder Wednesday AM 3-12-25

Ramadan Revives The Iraqi Dinar And Official Expectations Are A Continuous Decrease In The Dollar
 
Economy ​ |Baghdad today- Baghdad
 
The exchange rate of the US dollar in the parallel market in Iraq decreased significantly during the first and second weeks of Ramadan, registering 1480 dinars per dollar of the first lower, from the level of 1520 dinars before the beginning of the month.

The decrease is due to several factors, most notably the
 
     strict measures taken by the Central Bank of Iraq to control the imports and electronic financial transfers, in addition to the
     decrease in the economic activities of the Iraqi citizen during the month of Ramadan.
 
"Strict procedures"
 
Government adviser Alaa Al-Fahd says that the
 
decrease in the price of the dollar in the parallel market is due to the Central Bank’s application of strict procedures aimed at controlling the imports and electronic financial transfers. He adds, that
 
this measure reflects the success of the monetary policy of the central bank, as
 
Iraqi banks began carrying out correspondence with international banks with commercial relations. He added that the
 
diversification of the currency basket contributed greatly to reducing pressure on the dollar, and that
 
most imports of consumer and food commodities are funded through the official platform of the central bank at the official price, stressing that
 
any trading outside this framework is an informal treatment.
 
Al-Fahd praised the
 
     Central Bank's announcement of the application of digital transactions and the
     encouragement of tourism, stressing that
 
these steps contributed to reducing pressure on the parallel market for exchange rates.
 
Al-Fahd expected the continuation of stability in the market, especially with the
 
coverage of most of the needs of Ramadan and the Eid season through the official platform and at the official price, indicating that the
 
expectations indicate that the price of the dollar will continue to decrease in the coming period.

The dollar exchange rate against the dinar in the last week increased significantly before Ramadan, registering 1520 dinars per dollar for sale and 1510 dinars to buy in the main stock exchanges, but in the first week of Ramadan, the exchange rate recorded a significant decrease, as it reached 1465 dinars per dollar for sale and 1475 dinars per dollar for buying in the main stock exchanges in Baghdad, Erbil and Basra.
 
In the second week of Ramadan, the exchange rate increased slightly, and he recorded 1485 dinars per dollar for sale and 1480 dinars per dollar for purchase, with a variation of up or down, not exceeding two and a half dollars.

The Iraqi dinar exchange rates against the dollar are affected by several major factors, including:
 
     Daily sales volume at a currency sale auction
 
     -Central bank procedures related to external transfers
 
     -Traders need to import goods, especially from countries that are subject to US sanctions,
       which increases the demand for the dollar in the parallel market. The
 

     Iraqi dinar smuggling to other countries to benefit from the price differences.
 
"Ramadan changes the rules of the game"
 
For his part, economic expert Ahmed Al-Ansari believes that the
 
decline in demand for the dollar during the month of Ramadan
is mainly due to the low economic activities of the Iraqi citizen, which is
evident in the decline in the movement of real estate, cars and basic services. Al-Ansari explained that the
 
weak purchasing power of citizens also contributed to reducing the volume of import,
which led to a reduction in demand for the dollar in the parallel market. He added that the
 
central bank’s procedures aimed at
 
     reducing import through the black market and
     encouraging merchants and importers to import through approved banks and
     transfer the dollar at the official price,
 
was an additional reason for this temporary decline.

Al-Ansari expected a strong recovery for the markets after the month of Ramadan and by Eid Al -Fitr,
which may lead to a slight increase in the price of the dollar or its return to its previous level, stressing that the
 
price of the dollar is greatly affected by the strength of supply and demand in the market, as
 
it increases as the demand for it increases in the parallel market.
 
He pointed out that the
 
continued facilities provided by the central bank, such as
providing the dollar of travelers, will
 
     encourage citizens to deal at the official price and
     avoid exchange offices and banks that sell the dollar at higher prices.
 
On February 7, 2023, the Council of Ministers approved the decision of the Central Bank of Iraq’s board of directors to amend the dollar exchange rate against the dinar, equivalent to 1300 dinars per dollar, as it obligated banks to sell at a price of 1310 dinars per dollar and at a price of 1320 dinars per dollar for currency transfer operations if the electronic cards are used while traveling or via the Internet, with the ceiling of 3 thousand dollars at the official price granted to each traveler providing a visa and travel ticket with his official passport.
 
Source: Al-Jazeera Net  
  
https://baghdadtoday.news/269711-رمضان-ينعش-الدينار-العراقي-وتوقعات-رسمية-بانخفاض-مستمر-للدولار.html 

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

Seeds of Wisdom RV and Economic Updates Wednesday Morning 3-12-25

Good Morning Dinar Recaps,

U.S. HOUSE OVERTURNS IRS DEFI RULE: TRUMP’S FIRST CRYPTO LAW AHEAD?

U.S. lawmakers voted to cancel an IRS rule that required crypto companies, including DeFi platforms, to collect and report taxpayer and transaction information. 

The House passed the vote 292-132, following the Senate’s decision to reject the rule that was finalized during the final days of former President Biden’s administration. This could change how crypto businesses are regulated.

Fox Business Journalist Eleanor Terrett noted that due to a rule that budget-related bills must start in the House, the Senate will need to vote on the resolution one more time. Once that vote passes, it will go to President Trump’s desk as the first crypto-related bill to become law.

Missouri Republican Jason Smith urged lawmakers to support the resolution, saying the IRS rule could hurt U.S. businesses and stifle innovation. He added that the rule might be impossible to enforce, as DeFi platforms are different from centralized crypto exchanges or banks and cannot gather the required user information to comply with the rule.

Last week, 70 Senators voted to overturn the IRS rule, with Trump’s advisers urging him to sign it. Rep. Jason Smith (R-Mo.) noted the Senate must approve it again due to budget rules. If signed, the IRS would be blocked from enforcing similar rules in the future.

Illinois Democrat Danny Davis argued the rule was part of the 2021 Infrastructure Act, comparing crypto to stocks and saying crypto platforms should report like stock brokers. Meanwhile, North Carolina Republican Tim Moore claimed the rule overstepped and could harm U.S. innovation in digital assets.

Texas Democrat Lloyd Doggett called the resolution “special interest legislation,” saying that it could help tax cheats, criminals, and terrorist financiers, and add $4 billion to the national debt, going against President Trump’s goal to cut the debt.

@ Newshounds News™
Source:  Cooinpedia

~~~~~~~~~

COINBASE GETS GREEN LIGHT TO OPERATE IN INDIA AFTER RECEIVING APPROVAL FROM REGULATORS

Top US-based crypto exchange Coinbase has received approval from India’s Financial Intelligence Unit (FIU) to resume operations in the country after ceasing activities in early 2023 due to regulatory issues.

According to a Coinbase press release, the approval enables the leading US exchange to offer crypto trading services in one of the world’s fastest-growing digital asset markets – India.

Coinbase has announced plans to introduce retail trading services in the country later this year, followed by additional investment products curated for Indian customers.

Says John O’Loghlen, Coinbase’s Regional Managing Director for Asia-Pacific,

“India’s developer community and entrepreneurial energy are unmatched. But too often, young Indian entrepreneurs have felt forced to look abroad to build global companies. Crypto can change that. By expanding access to our trusted platform and tools such as Base, we aim to empower a new generation of builders to stay home, innovate locally, and scale globally.”

The exchange says that India is a “global technology powerhouse home to one of the most vibrant startup ecosystems,” making it a natural fit for Coinbase’s international expansion.

Coinbase joins other global exchanges, including Binance and KuCoin, that have recently received similar approvals.

@ Newshounds News™
Source:  DailyHodl

~~~~~~~~~

Seeds of Wisdom Team Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Seeds of Wisdom Team™ Newsletter

Thank you Dinar Recaps

“Tidbits From TNT” Wednesday Morning 3-12-2025

TNT:

Tishwash:  Iraq, World Bank discuss enhancing financial cooperation

Finance Minister Taif Sami stressed the importance of the ongoing partnership with the World Bank, and Iraq's aspiration to benefit from the technical and financial support provided by the bank in implementing strategic projects to stimulate economic growth and provide job opportunities, especially in areas including infrastructure and human development.

This came during her reception of the World Bank Representative to Iraq, Jean-Christophe Carret, and his accompanying delegation.

The meeting discussed ways to enhance economic and financial cooperation between Iraq and the World Bank. It reviewed a number of key topics related to enhancing financial stability in Iraq, in addition to discussing development projects that the two parties seek to implement with the aim of achieving sustainable development.

For his part, the World Bank representative expressed the bank's commitment to continue supporting Iraq in achieving its development goals, noting that the World Bank pays great attention to enhancing Iraq's ability to face economic and development challenges, with a focus on sustainable development and achieving comprehensiveness in the benefits achieved. link

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

Tishwash:  I don't think there is any new information in this article but they have posted it again

Iraq is preparing to launch the digital dinar... a step towards a cashless economy!

 The Central Bank of Iraq is preparing to launch a national digital currency as part of a gradual shift toward a digital financial system aimed at reducing the use of paper money and enhancing transparency and financial inclusion.

The initiative relies on modern payment technologies and seeks to reduce transaction costs and combat money laundering.

Despite the ambition, experts question the project's success due to challenges related to weak trust in the banking system and the lack of adequate digital infrastructure. The Central Bank, meanwhile, reiterates its rejection of cryptocurrencies, deeming them illegal, and warns against the activity of fictitious trading companies in the local market. The Governor of the Central Bank of Iraq, Ali Al-Alaq, revealed that the country's financial and banking system is undergoing fundamental transformations, most notably the gradual decline in the use of paper currency in favor of digital payments.

During his speech at the Ninth Finance and Banking Conference and Exhibition, Al-Alaq confirmed that the Central Bank is working to create its own digital currency, which will be gradually introduced as an alternative to paper currency, following the experiences of several global central banks.

The Central Bank of Iraq announced on December 16 that it would not grant any licenses to stock, metals, and cryptocurrency trading companies, warning against the activity of fictitious companies claiming to have official licenses.

Despite the growing global spread of cryptocurrencies, Iraq doesn't appear close to entering this high-risk digital world. According to experts, these digital assets do not represent a real addition to the Iraqi economy, which is primarily based on oil exports and dollar transactions in global markets.

Financial affairs expert Mustafa Hantoush told Al-Mada that "Iraq does not have a legislative or economic environment capable of accommodating these currencies. Rather, they could become a tool for speculation and money laundering in the absence of oversight and regulation."

He pointed out that "dealing in them is limited and informal, via external platforms and offices in neighboring countries, exposing investors to the risk of loss and fraud."

Furthermore, according to Hantoush, cryptocurrencies are not based on real reserves or bank guarantees, making them highly volatile and unreliable in fragile markets such as Iraq's. According to economic researcher Ziyad al-Hashemi, the initiative to launch the "digital dinar" is an attempt to eliminate the chronic problems plaguing the monetary system, but its success remains in doubt.

In an interview with Al-Mada, Al-Hashemi explained, "There is a fundamental difference between digital currency and cryptocurrencies. Digital currencies, such as the digital dollar or the digital dirham, are issued and regulated by central banks and are managed within an official regulatory framework. Meanwhile, cryptocurrencies, such as Bitcoin, operate within a decentralized system that is not subject to any regulatory authority and are highly volatile in value due to their dependence on supply and demand."

Bitcoin was the first cryptocurrency, emerging in 2009 as a response to the global financial crisis. It was designed to operate outside the regulatory framework of central banks, making it an attractive tool for some, particularly in digital circles and criminal networks, due to the privacy and speed of money transfers it provides, free from government restrictions. Transactions in Bitcoin are a legal violation, subjecting perpetrators to the provisions of Anti-Money Laundering and Terrorism Financing Law No. 39 of 2015.

The bank issued an official statement during the recent dollar crisis, emphasizing that trading in cryptocurrencies is prohibited and not recognized in the country. Regarding the anticipated digital dinar, he points out that "the Central Bank of Iraq will be responsible for issuing and circulating it, allowing it to control and monitor financial transactions and contributing to the reduction of financial crimes and money laundering. Unlike cryptocurrencies, this currency will be fully backed by the Central Bank, giving it a degree of stability and making it similar to paper currency in terms of sovereign value, with the difference that its circulation will be electronically only through bank accounts and digital wallets."

Al-Hashemi believes that "the main goal of this step is to reduce reliance on paper dinars hoarded outside the banking system and advance financial inclusion, as well as to attempt to limit the widespread use of the dollar in local transactions by enhancing confidence in using the digital dinar as an official alternative in daily transactions."

He adds that "the success of this project depends on providing an appropriate environment and strict implementation. If this is achieved, the digital dinar could effectively contribute to withdrawing stagnant cash, revitalizing banking activity, and stimulating credit, which could positively impact overall economic performance."

However, Al-Hashemi does not hide his pessimism, emphasizing that The Central Bank of Iraq currently lacks the basic components needed to ensure the success of this initiative, due to the significant flaws in its monetary policies, the lack of public confidence in the banking system, and the recurring political interference in its decisions. He believes that all of these obstacles could make the digital dinar a fragile project, suffering from the same problems as the paper dinar.

He concludes by saying, "Ambition alone is not enough. Without genuine reform of monetary policies, strengthening public confidence in banks, and distancing politics from the economy, the chances of success of the digital dinar remain extremely limited."

 Furthermore, Mazhar Mohammed Saleh, economic advisor to the Prime Minister, believes that "central banks around the world, including the Central Bank of Iraq, are still in the gradual preparation phase for the transition to the world of digital payments as a modern alternative to paper currencies." This shift, he explains, does not change the essence of money and its basic functions.

Rather, it seeks only to improve the efficiency of dealing with it and reduce associated costs, in addition to strengthening financial oversight tools and reducing financial crime and money laundering.

Saleh confirms to Al-Mada that "this digital transformation in the monetary system does not mean that money will lose its function as a store of value, a means of payment and receipt, or a tool for unit of account and measurement of rights. Rather, these functions will be fully preserved, but within a more transparent, governed, and compliant environment, enhancing the monetary authority's ability to manage monetary stability using the same monetary policy tools."

Saleh explains that "digital money can expand the scope of banking services to include the poorest and most vulnerable segments of society by facilitating the opening of digital bank accounts. Digital money will be available to all citizens, from the smallest monetary unit to the largest, allowing for instant settlement of transactions without delay or wasted rights or time."

He points out that "providing digital liquidity widely within the banking system, with minimal liquidity risk, will enable low-income groups to obtain immediate and affordable digital loans at a lower cost, given that the funds will remain within the banking system and will not require large reserves or financial hedges.

This will optimally leverage the digital credit multiplier, enhancing financing and stimulating economic activity without compromising economic stability or causing monetary inflation, as long as monetary policy tools remain effective."

The economic advisor emphasizes that "implementing this project requires precise and extensive investments in information technology, such as smartphones and social networks, along with the necessity of an advanced digital infrastructure, most notably a reliable internet network, as it is the backbone of the success of digital payments.

 He also emphasizes the importance of a solid legal structure that protects the rights of users and customers and ensures the security of networks from breaches, within a comprehensive cybersecurity framework that aligns with the rapid development of digital services worldwide." linkI

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Tishwash:  Ramadan revives the Iraqi dinar and official expectations of a continued decline in the dollar

The exchange rate of the US dollar in the parallel market in Iraq declined significantly during the first and second weeks of Ramadan, recording 1,480 dinars per dollar, or less than that, from 1,520 dinars before the beginning of the month.

The decline is due to several factors, most notably the strict measures taken by the Central Bank of Iraq to control imports and electronic money transfers, in addition to the decline in economic activities of the Iraqi citizen during the month of Ramadan.

"strict measures"

Government advisor Alaa Al-Fahd says the decline in the dollar price in the parallel market is due to the Central Bank’s implementation of strict measures aimed at controlling imports and electronic money transfers.

He added that this measure reflects the success of the Central Bank's monetary policy, as Iraqi banks have begun to implement correspondence operations with international banks with which they have commercial relations.

He added that diversifying the currency basket contributed significantly to easing pressure on the dollar, and that most imports of consumer and food goods are financed through the official platform of the Central Bank and at the official price, stressing that any trading outside this framework is considered unofficial dealing.

Al-Fahd praised the Central Bank’s announcement of implementing digital transactions and encouraging tourism, stressing that these steps contributed to easing pressure on the parallel market for exchange rates.

Al-Fahd expected the market to remain stable, especially with most of the needs of Ramadan and the Eid season being covered through the official platform and at the official price, noting that expectations indicate a continued decline in the dollar price in the coming period.

The exchange rate of the dollar against the dinar increased significantly in the last week before Ramadan, recording 1,520 dinars per dollar for sale and 1,510 dinars for purchase in the main stock exchanges, but in the first week of Ramadan, the exchange rate recorded a significant decrease, reaching 1,465 dinars per dollar for sale and 1,475 dinars per dollar for purchase in the main stock exchanges in Baghdad, Erbil and Basra.

In the second week of Ramadan, the exchange rate rose slightly, recording 1,485 dinars per dollar for sale and 1,480 dinars per dollar for purchase, with a variation up or down not exceeding two and a half dollars.

The exchange rate of the Iraqi dinar against the dollar is affected by several main factors, including:

-Daily sales volume in currency auction

-Central Bank procedures related to external transfers

-The need of traders to import goods, especially from countries subject to US sanctions, which increases the demand for the dollar in the parallel market.

-Smuggling the Iraqi dinar to other countries to benefit from price differences.

"Ramadan is a game changer"

For his part, economic expert Ahmed Al-Ansari believes that the decline in demand for the dollar during the month of Ramadan is mainly due to the decline in economic activities of the Iraqi citizen, which is evident in the decline in the movement of real estate, cars and basic services.

Al-Ansari explained that the weak purchasing power of citizens also contributed to reducing the volume of imports, which led to a reduction in demand for the dollar in the parallel market.

He added that the Central Bank's measures aimed at reducing imports through the black market and encouraging traders and importers to import through approved banks and convert the dollar at the official price were an additional reason for this temporary decline.

Al-Ansari expected a strong recovery in the markets after Ramadan and by Eid al-Fitr, which could lead to a slight increase in the dollar price or a return to its previous level, stressing that the dollar price is greatly affected by the strength of supply and demand in the market, as it rises whenever demand for it increases in the parallel market.

He pointed out that the continuation of the facilities provided by the Central Bank, such as providing travelers' dollars, will encourage citizens to deal at the official price and avoid exchange offices and banks that sell dollars at higher prices.

On February 7, 2023, the Council of Ministers approved the decision of the Board of Directors of the Central Bank of Iraq to amend the exchange rate of the dollar against the dinar, equivalent to 1,300 dinars per dollar, obligating banks to sell at a rate of 1,310 dinars per dollar and at a rate of 1,320 dinars per dollar for currency transfer operations when using electronic cards while traveling or online, with a ceiling of 3,000 dollars at the official rate granted to each traveler who presents a visa and a travel ticket with his official passport.  link

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