Iraq Economic News and Points to Ponder Tuesday Evening 3-18-25

Monetary Policy In Iraq And Opportunities For Monetary Stability And Digital Transformation
 
Reports  Samir Al-Nusairi   Today, the Emirati economic magazine Investments, widely circulated in the Arab world, Egypt, and North Africa, published an exclusive analytical study prepared by Counselor Samir Al-Nusairi, a member of the World Union of Arab Bankers.
 
The study highlighted several factors, most notably monetary policy, opportunities for monetary stability, and digital transformation.  The study highlighted the economic changes that occurred after 2003, when the need for radical reform of the Central Bank emerged.

A new law was issued, affirming its independence and consolidating its essential role in protecting the country's resources.
 
Defining its tasks in combating money laundering and terrorist financing attempts, which are at the forefront of the challenges facing the Central Bank of Iraq.
 
It also aims to maintain the bank's independence, enable it to perform its mission without government interference, and make it an effective institution that guarantees the interests of society as a whole.
 
In addition to its control over the stability of the exchange rate and management of the money supply, she pointed out that the process of selling foreign currency requires a deep understanding in light of the major accusations the bank is facing without evidence proving the existence of suspicions of corruption, money laundering, or currency smuggling.
 
She added that selling currency is a waste of public funds, as this description does not relate to economic science.
 
She explained that the Central Bank of Iraq is concerned with financial stability, managing the payments system, managing foreign reserves, and licensing and monitoring banks and financial institutions, as it is responsible for establishing preventive controls, in addition to other tasks related to currency issuance and publishing data, indicators, and economic forecasts.
 
And managing monetary policy, which aims to stimulate the national economy, balance the balance of payments, and achieve monetary stability.
 
She noted that monetary stability represents the starting point for economic stability, which requires monetary stability, embodied in the monetary authority's ability to achieve price stability at targeted levels.
 
The study, prepared by "Consultant Samir Al-Nusairi," revealed the challenges facing monetary policy, most notably the rentier economy, which relies on 95% of general budget revenues, and the weak activation of the real sector and other productive sectors.
 
The study pointed out that financing the state's general budget deficit represents the greatest challenge facing monetary policy, and is inversely proportional to the independence of the Central Bank, as this deficit is financed by the bank purchasing treasury bills and rediscounting them.
 
The Central Bank has deducted treasury transfers from the end of 2015 to the present for the purpose of paying salaries and dues to contractors and farmers.

The study pointed out that the financial markets, stock and bond markets, capital markets, and money markets are limited, which misses opportunities to invest local savings and limit the phenomenon of hoarding and withdrawing liquidity to invest it in real sectors.
 
It pointed to the weakness of the banking system, which represents a fundamental pillar of the economy and its main link and an important arm of the Central Bank in achieving monetary stability. It confirmed the dominance of government banks in the sector by more than 80%.
 
There is also the problem of bad debts and credit concentration.
 
There is also weak institutional governance.
 
There is also the exposure to financial shocks due to the decline in real sector activity.
 
The study noted the decline in local investment and the increase in foreign savings.
 
Samir Al-Nusairi, a member of the International Union of Arab Bankers, pointed out that the Central Bank of Egypt began implementing the digital transformation in the banking sector in 2016, with clear phases included in its first, second, and third strategies.
 
Over the past two years, cooperation between the Central Bank and the government, with the personal support and follow-up of the Prime Minister and his chairmanship of the Digital Transformation Committee, has been a fundamental step toward activating and accelerating the transition to a digital government and moving from a cash economy to a digital economy.
 
The amount collected from digital payments reached 7.6 trillion Iraqi dinars in October 2024, up from 2.6 trillion Iraqi dinars in December 2023.
 
The rate of digital transformation and electronic payments increased to 48.5%, compared to 20% in previous years.
 
The study continued that Iraq now has an advanced infrastructure capable of accommodating electronic payment tools and financial services.
 
It will soon transition to digital banks, where smartphones will drive various banking operations.
 
This transformation will facilitate financial access to services for citizens and provide vital data at the national level on the nature of transactions, their content, supervision, and compliance achieved through this comprehensive system.

The study also indicated that banking reform has now entered the transition phase to digital banks, with the Central Bank currently examining and auditing approximately 70 applications to license new digital banks in accordance with the precise controls and conditions adopted by the Central Bank.

This represents a real and promising start for technical banking development in Iraq to bridge the technical gap with countries around the world in this field.
 
The study pointed out that the current phase is witnessing significant development in the electronic payment system through an increase in the number of ATMs, which exceeded 4,000, the number of electronic cards issued exceeded 17 million cards, the number of POS devices reached approximately 63,000 devices, and the number of credit wallets also increased.
 
It explained that the
 
financial inclusion rate rose to 40% after it was 20% two years ago, and that
 
Iraqi banks are currently witnessing qualitative transformations in their banking operations, especially with regard to future banks that will transform from traditional entities to smart digital platforms and issue digital financial identities that facilitate financial transactions without the need for banks.
 
It stated that the financial and banking system will witness a decline in paper currencies to be replaced by digital payments for central banks, and that
 
the Central Bank is moving to create its own digital currency to gradually replace the paper process, as is happening in some central banks around the world.
 
It is also working to establish a data center in Iraq similar to the major centers in the world, considering it in the digital economy the basis for artificial intelligence, applications, big data analysis and the Internet, and that the Central Bank of Iraq has begun promising steps in this direction.     https://economy-news.net/content.php?id=53283    

The Role Of Electronic Payment In Strengthening Our Banking System
 
Dr. Haitham Hamid Mutlaq Al-Mansour
 
In light of the rapid technological developments witnessed worldwide, financial and banking systems are facing radical transformations aimed at enhancing efficiency, transparency, and financial inclusion.
 
Among these transformations, the electronic payment system stands out as a fundamental pillar in reforming banking systems, especially in developing countries like Iraq.

The Iraqi banking system, which has suffered for many years from structural challenges and weak infrastructure, has begun to witness positive transformations thanks to the adoption of electronic payment technologies.
 
Electronic payment affects the banking system in general through:
 
1. Increased confidence in the banking system: Electronic payments enhance customer confidence in the banking system by providing secure and fast payment methods.
 
When individuals feel their financial transactions are secure and easy to conduct, they are more likely to deposit their money in banks rather than keeping it in cash.
 
2. Promoting financial inclusion: Electronic payments facilitate access to banking services for individuals and small businesses, especially in remote areas or areas with a lack of bank branches.
 
When more people can open bank accounts and conduct financial transactions easily,
this leads to increased deposit rates, as
 
depositing money in banks becomes more attractive than keeping it outside the banking system.
 
3. Reducing reliance on cash: In economies that rely heavily on cash, deposit rates are relatively low due to the widespread cash culture.
 
By adopting electronic payments, reliance on cash can be reduced and individuals and businesses can be encouraged to deposit their money in banks, leading to higher deposit rates.
 
4. Improving the efficiency of banking operations: Electronic payments reduce banks' operational costs, as they eliminate the need for traditional branches and their staff.
 
This improvement in efficiency can translate into better returns on deposits, making them more attractive to savers.
 
5. Increased transparency and anti-corruption: Electronic payments enhance transparency in the financial system, as financial transactions become recorded and monitored.
 
This reduces the risk of corruption and tax evasion, enhancing customer confidence in the banking system and encouraging deposits.
 
Global data clearly demonstrates the strong positive relationship between the spread of electronic payments and increased deposit rates in the banking system.

It is noted that countries that have adopted effective electronic payment systems, such as China, India, and Kenya, have seen significant increases in deposit rates, demonstrating the impact of electronic payments on the banking system. This is as follows:
 
1. China:
 
It is one of the most advanced countries in the field of electronic payments, with more than 80% of the population relying on platforms such as Alipay and WeChat Pay.
 
According to World Bank reports, deposit rates in China have increased significantly with the spread of electronic payments, with the deposit-to-GDP ratio reaching more than 180% in 2022.
 
Electronic payments have contributed to increased financial inclusion, with the number of bank accounts increasing from 64% in 2011 to more than 90% in 2022.
 
2. India:
 
Following the launch of the Unified Payments Interface (UPI) system in India, bank deposits increased significantly.
 
In 2022, the deposit-to-GDP ratio reached 75%, up from 60% in 2016.
 
Electronic payments have contributed to an increase in the number of bank accounts from 35% in 2011 to more than 80% in 2022.
 
3. Kenya:
 
Kenya is a pioneer in the use of mobile payments through M-Pesa.
 
Bank deposits have increased from 20% in 2007 to more than 70% in 2022, thanks to the spread of electronic payments and increased financial inclusion.
 
4. Sweden:
 
Sweden is one of the countries with the highest reliance on electronic payments, with cash transactions accounting for less than 1% of total transactions.
 
Meanwhile, the Swedish deposit-to-GDP ratio is around 90%, reflecting high confidence in the banking system.
 
In Iraq, the deposit-to-GDP ratio remains relatively low compared to other countries, recording a 9% decline.
 
However, since 2024, the banking sector has begun to witness a significant decline in the total value of deposits, with a 9% decline from IQD 133.5 trillion in 2023 to IQD 123.5 trillion in 2024.
 
This decline is despite the increase in the number of bank accounts following the widespread adoption of electronic payments, which rose from 23% to approximately 50% in just a few years.
 
This reveals the reasons behind the decline in the value of deposits in the banking system, especially in light of the Central Bank's move to promote electronic payment tools and increase reliance on the banking sector.
 
This poses significant challenges for the government to address, developing medium- and long-term plans, and adopting supportive policies to address these challenges, which include the following:
 
1. Weak technological infrastructure: Iraq's telecommunications and internet networks continue to suffer from quality and coverage issues, hindering the effective implementation of electronic payment systems.
 
2. Low levels of financial literacy: A large portion of the population relies on cash transactions due to a lack of sufficient awareness of the benefits of electronic payment and how to use it.
 
3. Lack of a legal and regulatory framework: The implementation of electronic payment requires clear laws and regulations that govern electronic payment operations, protect consumer rights, and facilitate and enhance the flexibility of payment processes.
 
4. Security concerns: Some individuals still fear the risks of cyber-hacking and data theft, which limits their use of electronic payments.   https://economy-news.net/content.php?id=53398 

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

Seeds of Wisdom RV and Economic Updates Tuesday Evening 3-18-25

Good Evening Dinar Recaps,

SEC COULD AXE PROPOSED BIDEN-ERA CRYPTO CUSTODY RULE, SAYS ACTING CHIEF

Acting SEC chair Mark Uyeda said he’s asked his staff to look at possibly withdrawing a proposed crypto custody rule for investment advisers.

The US Securities and Exchange Commission could change or scrap a rule proposed under the Biden administration that would tighten crypto custody standards for investment advisers, according to the agency’s acting chair, Mark Uyeda.

In prepared remarks to an investment industry conference in San Diego on March 17, Uyeda said the rule proposed in February 2023 had seen commenters express “significant concern” over its “broad scope.”

“Given such concern, there may be significant challenges to proceeding with the original proposal. As such, I have asked the SEC staff to work closely with the crypto task force to consider appropriate alternatives, including its withdrawal,” Uyeda said.

The rule was floated under the Biden administration during Gary Gensler’s tenure leading the regulator. It aimed to expand custody rules for investment advisers to any and all assets held for a client, including crypto, and upped the requirements to protect them.

This meant that investment advisers would have to custody their clients’ crypto with a qualified custodian. Gensler said at the time that investment advisers “cannot rely on” crypto platforms as qualified custodians due to how they operate.

The proposal caused friction with Uyeda and Commissioner Hester Peirce, along with industry advocacy bodies who claimed the rule was unlawful and dangerous.

“How could an adviser seeking to comply with this rule possibly invest client funds in crypto assets after reading this release?” Uyeda remarked at the time. He did, however, support the proposal despite disagreeing “with a number of provisions.”

Peirce, who was the sole commissioner of the five to vote against the rule, said at the time that the proposed rule “would expand the reach of the custody requirements to crypto assets while likely shrinking the ranks of qualified crypto custodians.”

Uyeda’s latest remarks come days after he said on March 10 that he had asked SEC staff “for options on abandoning” part of a proposal pushing for some crypto firms to register with the regulator as exchanges.

The Trump-era SEC has also killed a rule that asked financial firms holding crypto to record them as liabilities on their balance sheets, called SAB 121.

In December, President Donald Trump picked former SEC Commissioner Paul Atkins to take over from Uyeda to chair the agency. This is now a step closer, with a Senate hearing reportedly slated for March 27.

@ Newshounds News™
Source:  Cointelegraph

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BITCOIN AND NASDAQ SLUMP WHILE GOLD HITS NEW HIGHS – MARKET TRENDS TO WATCH

▪️US stock indices (Nasdaq) have declined in early 2025, mirroring a drop in Bitcoin's value.

▪️Gold has surged, and Peter Schiff predicts further Nasdaq declines will drive Bitcoin down significantly, while gold rises.

▪️Schiff argues gold is a safer hedge than Bitcoin during market instability, predicting a major Bitcoin crash and gold surge.

Since the start of 2025, the Nasdaq Composite Index has dropped by 8.21 percent, while the Nasdaq 100 Index has fallen by 6.16 percent. Bitcoin hasn’t fared any better, sliding 11.25 percent. Meanwhile, gold is on a steady rise, gaining at least 15.1 percent.

With uncertainty gripping the markets, investors are scrambling for safe-haven assets. Gold advocate Peter Schiff believes this is just the beginning. He warns that if the Nasdaq enters a bear market, Bitcoin could plunge to 65,000 dollars—or even as low as 20,000 dollars. At the same time, he predicts gold could soar past 3,800 dollars as investors move away from riskier bets.

Let’s take a closer look.

Bitcoin Faces Growing Pressure

Over the past 30 days, Bitcoin has fallen by about 14.3 percent, including a 0.5 percent drop in just the last 24 hours.

Bitcoin skeptic Schiff warns that if the Nasdaq falls 20%, Bitcoin could drop to $65,000. He also points out that a deeper stock market crisis could pull the BTC price to a low of $20,000 or even lower.

Schiff sees similarities between today’s market and past financial downturns.

Could History Repeat Itself?

Schiff compares the current market to previous major crashes in the United States:

▪️In 2008, during the Global Financial Crisis, the Nasdaq fell 55 percent.

▪️During the COVID crash of 2020, it dropped by 30 percent.

▪️When the dot-com bubble burst, the market collapsed by 80 percent.

Based on these past trends, Schiff argues that Bitcoin is at risk of following the stock market downward.

Gold is Gaining Strength

At the start of this year, the gold spot price was $2,623.954. Since then, the gold market has registered a rise of no fewer than 15.1%.

Schiff notes that there is an inverse relationship between the US market and the gold market.

He forecasts that if the Nasdaq drops further, the price of gold could reach as high as $3,800 per ounce.

Bitcoin vs Gold: Which is the Better Hedge?

Schiff remains firm in his belief that Bitcoin is not a reliable hedge against stock market instability. If gold keeps rising while Bitcoin struggles, he believes many investors will turn away from Bitcoin in favor of gold.

He also warns that major institutional investors—including governments, ETFs, and companies like Strategy – may start reducing their Bitcoin holdings if its price continues to drop.

Will Gold Finally Outperform Bitcoin in 2025?

In conclusion, Schiff maintains that Bitcoin is headed for a major crash, while gold is poised to surge. While the crypto market has defied pessimistic predictions before, Schiff remains firm in his belief that gold will outperform Bitcoin in the long run.

Notably, in 2024, the gold market recorded a growth of just 27.21%, while the BTC market registered a rise of at least 121.28%.

History favors gold, but Bitcoin has rewritten the rules before. This showdown isn’t ending anytime soon.

@ Newshounds News™
Source:  Coinpedia

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Iraq Economic News and Points to Ponder Tuesday Afternoon 3-18-25

The Iraqi Market Is Witnessing Remarkable Activity With More Than 1.3 Billion Shares Traded

Stock Exchange   Economy News – Baghdad  The Iraq Stock Exchange witnessed remarkable activity in trading volume today, with the number of traded shares reaching more than 1.3 billion shares.

The value of shares traded during today's session exceeded 2.4 billion Iraqi dinars.

According to market data, the number of listed deals reached 684, reflecting the vitality of trading and investor activity in the market.  https://economy-news.net/content.php?id=53534

The Planning Ministry Is Discussing With The German Development Bank And The International Organization For Migration The Mechanisms Of The Program To Support Small And Medium Enterprises In Iraq.

Tuesday, March 18, 2025 1:00 PM | Economic Number of reads: 210   Baghdad / NINA / The Ministry of Planning discussed with the German Development Bank and the International Organization for Migration the mechanisms of the program to support small and medium enterprises in Iraq.

The ministry explained in a statement: "The ministry held a meeting today, Tuesday, in the presence of representatives of the German Development Bank and the International Organization for Migration, as well as the Ministry of Labor and Social Affairs, to discuss the mechanisms of the program to support small and medium enterprises, which is implemented in Iraq by the International Organization for Migration.

Director General of the International Cooperation Department, Saher Abdul-Kazem Mahdi, said according to the statement: "This program is being implemented in Iraq in several phases by the International Organization for Migration, which targets all Iraqi governorates in five main sectors, including youth projects, women, creativity, renewable energy, and agriculture."

He added that the program aims to achieve development at the economic and social levels, indicating that the program supports groups wishing to work and develop their businesses, in partnership with the United Nations and the German side. /   https://ninanews.com/Website/News/Details?key=1192575

The Parliamentary Finance Committee Calls For Activating Tax Collection And Adopting Privatization To Boost Revenues.

Buratha News Agency135 2025-03-18   The Parliamentary Finance Committee stressed, on Tuesday, the need to activate tax collection mechanisms, stressing that this file remains weak despite the multiple financial resources that could contribute to supporting state revenues.

The committee also urged the activation of privatization as a primary option to boost revenues and reduce operational burdens on the government. Committee member Jamal Kocher explained in a statement to the official agency that tax collection is a basic resource for the economies of countries, but in Iraq it still suffers from weak collection.

 He stressed the need to develop a comprehensive government program that guarantees the full collection of tax, while searching for new alternatives away from traditional mechanisms.

Koger also pointed out that several factors must be considered, including establishing a clear government program for tax collection, exploring alternatives to traditional mechanisms, and providing incentives for both tax collectors and those responsible for paying them. He emphasized that privatization represents the optimal solution to ensure full tax collection.

He added that privatization will help the government reduce the burdens associated with hiring and lower operating expenses, noting that the practical implementation of these mechanisms could yield significant positive returns.

He emphasized that the size of the expected revenues from these reforms will depend on the mechanism implemented by the government, explaining that the move toward privatization will boost state revenues and reduce its financial burdens.   https://burathanews.com/arabic/news/457750

With Iraq's Participation, The International Debt Management Conference Resumes In Geneva.

Money and Business   Economy News - The 14th session of the International Debt Management Conference, organized by the United Nations Conference on Trade and Development (UNCTAD), resumed in Geneva from March 17 to 19, 2025, with the participation of Finance Minister Taif Sami.

The meetings included a number of important topics, most notably (governance, accountability, and transparency in the world of financial constraints), as well as (the relationship between debt and climate: innovative debt tools for managing financial risks).

The meetings also included the theme (Enhancing Debt Transparency: Reconsidering Reporting and Ensuring Standards) in addition to the theme (Strategies for Managing Institutional Challenges to Establish a Sustainable Debt Management Office).  https://economy-news.net/content.php?id=53536

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

Seeds of Wisdom RV and Economic Updates Tuesday Afternoon 3-18-25

Good Afternoon Dinar Recaps,

RIPPLE’S NEW TRADEMARK FILING SPARKS SPECULATION ON UPCOMING CRYPTO WALLET

▪️Ripple's "Ripple Custody" trademark hints at new crypto asset storage and management services for institutions.

▪️With the crypto custody market set to hit $100B, Ripple’s move could expand its influence beyond payments into secure asset management.

Ripple Labs, the blockchain company behind the XRP token, has officially filed for a new trademark for the word mark ‘Ripple Custody.’ 

The filing, submitted on February 25, 2025, with the United States Patent and Trademark Office (USPTO), includes a broad range of services. Ripple seeks to offer downloadable software for the custody, transmission, and storage of various currencies, including cryptocurrency, fiat currency, virtual currency, and digital currency. The trademark also covers financial services related to the safekeeping of these assets for financial management purposes.

Expanding into Crypto Custody Services

Ripple’s application includes offerings in multiple categories, including:

▪️Downloadable software for custody and transmission of various digital currencies.

▪️Custodial services, maintaining the storage and possession of digital and fiat currencies for financial management.

▪️Peer-to-peer network services, enabling the electronic transmission of financial data over networks for custody and storage.

▪️Software as a Service (SaaS), providing temporary online software for cryptocurrency custody, transmission, and storage.

Ripple’s recent trademark filing for “Ripple Custody” has sparked speculation about whether the company will launch a crypto wallet.

The filing shows that Ripple is focused on offering secure storage and management for digital assets. While it doesn’t directly mention a wallet, this move suggests Ripple may expand its services to include wallet features in the future, helping users and businesses manage their cryptocurrencies more securely.

The application is currently in its early stages, with a status of “New Application” and no examiner yet assigned. While the filing process can take several months, Ripple’s move into custody services could further bolster its position within the crypto ecosystem, expanding its reach beyond cross-border payments to secure asset management solutions.

Growing Market for Secure Digital Asset Custody

The global cryptocurrency custody market is expected to surge to $100 billion within the next decade, driven by growing institutional adoption and increasing regulatory clarity.

As the demand for secure asset storage solutions rises, Ripple’s strategic moves to expand in this space position the company well to meet the needs of institutional clients, who require secure custody services for their digital assets.

@ Newshounds News™
Source:  Coinpedia

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US HEADING FOR ‘FUTURE UPHEAVAL’ DUE TO ITS EMBRACE OF CRYPTO, SAYS ECB GOVERNING COUNCIL MEMBER: REPORT

The Trump Administration’s embrace of crypto is reportedly putting international financial stability at risk, says Francois Villeroy de Galhau, a member of the European Central Bank’s (ECB) Governing Council.

Villeroy de Galhau tells the French news outlet La Tribune Dimanche that the US “risks sinning through negligence,” according to Bloomberg.

“Financial crises often originate in the United States and spread to the rest of the world. By encouraging crypto-assets and non-bank finance, the American administration is sowing the seeds of future upheavals.”

The ECB official, who serves as governor of France’s central bank, also argues that Europe isn’t at risk of a banking crisis because the European Union (EU) is doing a superior job of supervising crypto.

The ECB has also been pushing for a digital euro to counter US President Donald Trump’s embrace of dollar-pegged private sector stablecoins.

ECB board member Piero Cipollone said at a conference in January that Trump’s new executive order on crypto could drive people away from banks.

“I guess the key word here (in Trump’s executive order) is worldwide. This solution, you all know, further disintermediates banks as they lose fees, they lose clients… That’s why we need a digital euro.”

However, vocal opposition to the ECB’s digital euro project swelled after the institution’s payment system crashed last month.

TARGET2 (T2), the ECB’s real-time gross settlement system, went down in late February, which prevented payments from being processed for several hours.

German MP Markus Ferber, a member of the European People’s Party, says the outage was “a blow to the ECB’s credibility.”

“People will ask legitimate questions how the ECB will be able to run a digital euro when they cannot even keep their day-to-day operations running smoothly.”

@ Newshounds News™
Source:  DailyHodl

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Iraq Economic News and Points to Ponder Tuesday AM 3-18-25

The Iraqi Economy: Challenges And Opportunities In Light Of Global Financial Transformations

Time: 2025/03/17  Read: 2,790 times  {Economic: Al Furat News} Mazhar Mohammed Saleh, the economic advisor to the Prime Minister, confirmed today, Monday, that the government is working seriously to reduce reliance on the US dollar in domestic trade and promote the use of the Iraqi dinar in financial transactions.

Speaking to Al Furat News Agency, Saleh highlighted "the importance of continued cooperation with the international financial community to alleviate external burdens and restrictions on foreign currency transfers."

He pointed out that "this approach reflects Iraq's strategy to combat foreign currency smuggling, by strengthening cooperation with international financial institutions to monitor illicit money flows. This contributes to the stability of the national economy and supports Iraq's ability to overcome global financial challenges."  LINK

The Minister Of Finance Affirms The Government's Commitment To Adopting International Best Practices In Public Debt Management.

Monday, March 17, 2025 | Economic  Number of reads: 213  Baghdad / NINA / Minister of Finance Taif Sami affirmed, on Monday, the government's keenness to adopt international best practices in public debt management, noting Iraq's aspiration to benefit from international expertise in this field.

The Ministry of Finance said in a statement that "Minister of Finance Taif Sami participated in the fourteenth session of the International Debt Management Conference, organized by the United Nations Conference on Trade and Development (UNCTAD), and held in Geneva during the period from March 17 to 19, 2025."

During the conference, Sami affirmed the Ministry of Finance's commitment to implementing the recommendations issued by the conference within the framework of enhancing the financial and economic performance of the Republic of Iraq, in pursuit of sustainable development and economic well-being for citizens," noting that the conference represents a strategic platform for discussing ways to improve debt management and implement sound financial policies, which contributes to supporting the financial and economic stability of the country.

She expressed her appreciation for "the efforts made by UNCTAD in organizing this important event, which is an opportunity to exchange experiences and review the latest developments in the field of debt management."

On the sidelines of the conference, the Minister of Finance met with Rebecca Krinspan, Secretary-General of the United Nations Conference on Trade and Development, and discussed prospects for cooperation between Iraq and the organization in the areas of debt management and promoting sustainable financial policies.

Sami stressed the importance of the technical support provided by the organization to developing countries, noting that Iraq aspires to benefit from international expertise in this field.

The Minister also met with Paolo Gentiloni, the former Managing Director of Economic Affairs at the organization, and discussed with him the current economic challenges and the importance of developing flexible financial policies that contribute to achieving economic stability.

Sami stressed the Iraqi government's keenness to adopt international best practices in public debt management, praising the benefits of European experiences in this field.

The statement explained that the Minister of Finance's participation comes within the framework of the Iraqi government's efforts to strengthen public debt management mechanisms and develop financial strategies in line with international best practices, in addition to exchanging experiences and opinions with participants from various countries to enhance international economic and financial cooperation. /End  https://ninanews.com/Website/News/Details?key=1192408

To The Ministerial Council For The Economy

Samir Al-Nusairi  Finally, forecasts indicate that the Russian-Ukrainian war is nearing a halt with US intervention. We recall that when the war broke out three years ago, oil prices soared to over $110 a barrel, resulting in a surge in oil revenues for both rentier and oil-producing countries. This included Iraq, given its rentier economy.

Unfortunately, the achieved abundance was not utilized to activate the real economy.

Rather, operational allocations in the general budgets increased, and the deficit exceeded 60 trillion dinars. Now, with the inevitable expectation that the war will soon end, oil prices will fall, and it is expected that its average price will reach less than 60 dollars per barrel.

And we are still without other significant sources of national income. The Iraqi economy, God forbid, will enter a new economic and financial crisis. We expect the deficit to rise, the inflation rate to rise, and the government will be forced to borrow domestically and abroad.

Borrowing from the central bank will be required, foreign exchange reserves will decline, and external and domestic debts will rise. Since these expectations could soon be realized, they require swift action.

Here, we propose that the Ministerial Council for the Economy hold extraordinary sessions to discuss the expected new crisis and prepare for confrontation in a manner that preserves the path of economic, financial and banking reform and finds solutions and remedies to protect our national economy. https://economy-news.net/content.php?id=53476

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

Seeds of Wisdom RV and Economic Updates Tuesday Morning 3-18-25

Good Morning Dinar Recaps,

WILL PAUL ATKINS LEAD THE SEC? SENATE PREPS FOR HIGH-STAKES CONFIRMATION HEARING

▪️Paul Atkins' SEC confirmation faces delays due to financial disclosure issues linked to family.

▪️Senate Banking Chair Tim Scott schedules March 27 hearing to review Atkins’ nomination process.

▪️If confirmed, Atkins may take a crypto-friendly approach, unlike former SEC Chair Gensler.

Paul Atkins, President Donald Trump’s pick for U.S. Securities and Exchange Commission (SEC) chair, is finally moving closer to confirmation after months of delays. The Senate has now set a crucial hearing for March 27 – one that could determine the future of financial and crypto regulations in the U.S.

His nomination hasn’t been smooth sailing. But with momentum building, is he about to take the top job at the SEC? Here’s what you need to know.

Delays and Challenges in Atkins’ Confirmation

Atkins was nominated on December 4, but his confirmation has been delayed due to financial disclosure concerns. The Senate is closely reviewing his financial ties, particularly those linked to his wife’s billionaire family.

His wife’s family is associated with TAMKO Building Products LLC, a major roofing company that generated $1.2 billion in revenue in 2023. Because of these connections, Atkins’ financial holdings are complex and require careful scrutiny before he can be confirmed.

Senate Banking Committee Takes Action

Despite these challenges, Atkins is still expected to secure the position. Senate Banking Chair Tim Scott has scheduled a committee hearing on March 27 to move his nomination forward. Ahead of this, the Senate Banking Committee will hold a bipartisan meeting this Friday to discuss his potential role.

What This Means for Crypto Regulation

If confirmed, Atkins could bring a different approach to crypto regulation. Unlike former SEC Chair Gary Gensler, who was tough on the industry, Atkins is seen as more open to working with crypto firms.

With past experience as an SEC commissioner from 2002 to 2008 and a background as a corporate lawyer, Atkins is known for favoring clearer and fairer financial regulations. Many in the crypto industry hope his leadership will offer more stability and transparency.

Confirmation Process Finally Moving Forward

Atkins has been waiting nearly four months since his nomination—delays that are not unusual for SEC appointments. Both Gary Gensler and Jay Clayton also faced long waits before officially taking office.

If confirmed, Atkins could bring a fresh perspective to the SEC—one that could shake up crypto rules and financial oversight. Either way, all eyes are on March 27.

@ Newshounds News™

Source:  Coinpedia

~~~~~~~~~

SWISS CANTONAL BANK STARTS OFFERING CARDANO AND AVALANCHE TO MEET INCREASED DEMAND

Swiss bank Zuger Kantonalbank has added Cardano and Avalanche to its cryptocurrency offering through a partnership with crypto-focused bank Sygnum.

Zuger Kantonalbank, a Swiss universal bank, has expanded its cryptocurrency offerings to include Cardano Avalanche through a partnership with crypto-focused Swiss bank Sygnum.

In a blog announcement on March 17, Sygnum said the expansion was driven by “increased customer demand” amid what it described as growing regulatory clarity in the U.S. and E.U., as well as the establishment of a U.S. Strategic Bitcoin Reserve. 

The bank’s fiat-to-crypto transactions are facilitated through Sygnum’s gateway, while Zuger Kantonalbank customers can access the service via e-banking and its mobile app.

Jan Damrau, head of corporate management and member of the Zuger Kantonalbank executive board, says the addition of ADA and AVAX enables the bank’s clients to “further develop their crypto portfolios conveniently with their principal bank – at a time when digital assets are approaching a global inflection point in terms of adoption.”

“The latest expansion of Zuger Kantonalbank’s token universe illustrates the strong demand for additional tokens with diverse use-cases to complement major protocols like Bitcoin and Ethereum.”  Fritz Jost, Sygnum Bank chief B2B officer.

In early January, Sygnum raised $58 million in its Strategic Growth Round, pushing its value to over $1 billion and making it a “unicorn.” The funding round was oversubscribed, with Fulgur Ventures, a Bitcoin-focused venture capital firm, as the cornerstone investor. New and existing investors, along with Sygnum team members, also participated in the funding.

@ Newshounds News™

Source:  Crypto News

~~~~~~~~~

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“Tidbits From TNT” Tuesday Morning 3-18-2025

TNT:

Tishwash:  Direct implementation of the ASYCUDA system at Abu Fluos Customs in Basra

Director General of the Customs Authority, Thamer Qasim Daoud, announced today, Tuesday, the commencement of work on the ASYCUDA system at the Abu Flus Customs in Basra.

In a statement received by Al-Eqtisad News, Daoud said, "The electronic automation system (ASYCUDA) has been implemented at the Abu Flus Customs in Basra Governorate  link

Tishwash:  Despite the budget amendments being completed a month and a half ago, there's a "possible" reason behind the delay in the schedules.

More than a month and a half has passed since the 2025 budget amendment was passed, but the 2025 schedules have yet to reach Parliament, raising questions about the reasons behind them.

The initial obstacle to submitting the schedules was the delay in the budget amendment, but it appears the delay stems from the same reason related to Article 12 of the budget, which was amended but did not bear fruit.

Member saysFinance CommitteeParliamentarian, Mustafa Al-Karaawi, told Sumaria News that "the 2025 budget schedules were supposed to arrive before the end of the fiscal year, according to the text of Article 77, secondly, of thelawFinancial managementBut the schedules have not arrived yet, which is considered a violation of this text.

He explained that "there is information that the tables will reachHouse of Representatives"At the end of this month," he said, noting that "the delay in the schedules has disrupted many of the country's economic activities, the launch of operating budgets, and the halting of projects."

He stressed that "there are no appointments or confirmations for specific categories in the current year's budget," noting that "the allocations will be within the previous sections, but with different numbers, so the 2025 budget will be free of appointments."

The delay in sending the schedules for approval was due to the awaited amendment to the budget law, particularly Article 12 related to the Kurdistan Region's oil. After the amendment passed in early February, it was followed by significant tension and disagreements.

Despite about a month and a half having passed since the budget amendment was passed, the schedules have not yet been sent. It appears that the delay in sending the schedules is linked to the delay in resolving the issue of resuming Kurdistan's oil exports due to the ongoing disputes between Baghdad and foreign companies in Kurdistan. The Ministry of Finance and the government are unable to confirm the final expected revenue figures due to the lack of a decision on whether or not oil will be exported from Kurdistan. link'

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

Tishwash:  To the Ministerial Council for the Economy

Samir Al-Nusairi

 Finally, forecasts indicate that the Russian-Ukrainian war is nearing a halt with US intervention. We recall that when the war broke out three years ago, oil prices soared to over $110 a barrel, resulting in a surge in oil revenues for both rentier and oil-producing countries. This included Iraq, given its rentier economy.

Unfortunately, the achieved abundance was not utilized to activate the real economy. Rather, operational allocations in the general budgets increased, and the deficit exceeded 60 trillion dinars. Now, with the inevitable expectation that the war will soon end, oil prices will fall, and it is expected that its average price will reach less than 60 dollars per barrel.

And we are still without other significant sources of national income. The Iraqi economy, God forbid, will enter a new economic and financial crisis. We expect the deficit to rise, the inflation rate to rise, and the government will be forced to borrow domestically and abroad.

Borrowing from the central bank will be required, foreign exchange reserves will decline, and external and domestic debts will rise. Since these expectations could soon be realized, they require swift action.

Here, we propose that the Ministerial Council for the Economy hold extraordinary sessions to discuss the expected new crisis and prepare for confrontation in a manner that preserves the path of economic, financial and banking reform and finds solutions and remedies to protect our national economy  link

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

Tishwash:  Iraq negotiates first gas deal with Algeria

Sources reported on Tuesday that Iraq is currently engaged in advanced negotiations to conclude a liquefied natural gas deal with Algeria, in an attempt to complete the deal before next summer.

The TAQA platform quoted these sources as saying that the deal is expected to be announced within two months at most, with exports set to begin as soon as Iraq completes the import infrastructure.

The sources explained that the contract will be medium-term, and that the quantities will be approximately one million tons annually. However, negotiations have not yet finalized the quantity.

According to the platform, an Algerian liquefied natural gas deal with Iraq could support Baghdad's electricity sector during the summer of 2025, or perhaps at the beginning of winter.

Iraq is currently preparing the infrastructure at Khor al-Zubair port in Basra Governorate to import liquefied natural gas, which could take the next three to five months.

It is planned to contract for a floating platform for unloading and storage, and connect it to a 40-kilometer pipeline that will transport the gas by connecting it to the national pipeline near the Shatt al-Basra. 

In late February, the Iraqi Oil Ministry's Undersecretary for Gas Affairs, Izzat Sabir, stated that the federal government was studying the possibility of importing gas from Qatar and Algeria after the US president revoked the exemption granted to Iraq to import this material from Iran. Sabir emphasized that the ministry was determined to stop flaring associated gas by 2030.  link

*Mot: ..... This dieting Thingy - Hmmmm -- OK!! - Splain this un!! 

Mot:  guys Asked: Can We Paint the Crane? - Boss -- Sure!!!

Seeds of Wisdom RV and Economic Updates Monday Evening 3-17-25

Good Evening Dinar Recaps,

ACTING SEC CHAIR UYEDA DIRECTS STAFF TO REEXAMINE PROPOSED CRYPTO CUSTODY RULE

▪️The custody rule, proposed under the former Biden administration and when Gary Gensler led the agency, would expand the current custody rule to include any client assets that an adviser has custody over.

▪️Acting Chair Uyeda’s move to revisit the rule marks the second time this month that the acting chair has asked the SEC staff to reconsider its rules.

The U.S. Securities and Exchange Commission is considering walking back a proposal to tighten cryptocurrency custody requirements, marking the acting chair's latest move under the Trump administration.

SEC Acting Chair Mark Uyeda said commenters had significant concerns over a rule proposed in February 2023 that would require registered investment advisers to keep crypto with a qualified custodian and require those custodians to abide by certain requirements.

"Given such concern, there may be significant challenges to proceeding with the original proposal," Uyeda said on Monday at the Investment Company Institute's 2025 Investment Management Conference in San Diego. "As such, I have asked the SEC staff to work closely with the crypto task force to consider appropriate alternatives."

Uyeda's speech on Monday primarily focused on the SEC's rulemaking process, including potentially withdrawing or re-proposing rules or delaying compliance dates.

The custody rule, proposed under the former Biden administration when Gary Gensler led the agency, would expand the current custody rule to include any client assets that an adviser has custody over and would also add more protections to those assets.

Registered investment advisers are subject to a custody rule, which requires them to maintain those assets with a qualified custodian, such as a bank or broker-dealer.

The rule would extend those standards to the crypto industry, raising concerns about whether that would further limit the number of banks willing to do business with the sector.

Congressional Republicans, crypto firms and traditional finance companies pushed back against the rule when it was proposed. A coalition of bank and financial industry associations, including the American Bankers Association, said at the time that the proposal "could have a material impact on their business."

Uyeda's move to revisit the rule marks the second time this month that the acting chair has asked the SEC staff to reconsider its rules. Last week, Uyeda said he directed the agency's staff to review a proposed rule change that would expand the definition of an "exchange" in a way that could potentially loop in decentralized crypto projects.

Both actions signal a change in course for the SEC under the new Trump administration. During the previous Biden administration, former Chair Gensler said most cryptocurrencies besides bitcoin were securities.

Since the Trump administration's arrival, the SEC has rapidly changed direction on several key crypto policies. In a matter of just a few weeks, it has:

▪️Rescinded controversial crypto accounting guidance
▪️Dropped enforcement actions against major crypto industry players
▪️Created a crypto task force
▪️Issued a statement on memecoins.

The crypto task force's first roundtable to discuss "defining security status" is on Friday. 

@ Newshounds News™
Source:  The Block

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PAKISTAN CRYPTO COUNCIL LAUNCHES TO REGULATE DIGITAL ASSETS

The newly established Pakistan Crypto Council aims to integrate blockchain technology and digital assets into the country’s financial system through clear regulations and innovation-driven policies.

Finance Minister Muhammad Aurangzeb, serving as Chair, emphasized the government’s dedication to fostering a secure and progressive crypto ecosystem.

The initiative reflects Pakistan’s proactive stance on positioning itself as a global player in digital finance while ensuring investor protection and financial stability.

With collaboration between policymakers, regulatory authorities, and industry leaders, the council seeks to create a structured framework for crypto adoption.

Launched in Islamabad, the council will focus on regulatory clarity, stakeholder engagement, and fostering a compliant environment for businesses and investors.

The government-backed initiative is designed to support Pakistan’s economic growth by leveraging blockchain and cryptocurrency advancements.

Aurangzeb highlighted the council’s role in balancing innovation with regulation, ensuring a responsible approach to digital asset integration in the financial sector.

@ Newshounds News™
Source:  BitcoinNews

~~~~~~~~~

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Iraq Economic News and Points to Ponder Monday Afternoon 3-17-25

Three Iraqi Fintechs Listed In Forbes’ Top 50 Middle East Fintechs
 
March 16, 2025  Baghdad (IraqiNews.com) – Iraq’s financial technology sector has gained significant recognition, with three Iraqi fintech firms
 
—ZainCash, NEO Iraq, and NASS e-Payment—
 
being listed among Forbes’ Top 50 Fintechs in the Middle East.

ZainCash (Ranked 11)  ZainCash, a mobile wallet service owned by March Holding, is a key player in Iraq’s digital payment landscape.

It offers services such as merchant payments, digital vouchers, government bill settlements, international and domestic transfers, and mobile top-ups.
 
With a vast network of 10,000 cash-in/out agents and over a million active users, the company processed more than 35 million transactions in 2024.
 
Looking ahead to 2025, Zain Cash aims to expand its portfolio by introducing trading, Buy Now Pay Later (BNPL) options, and instant micro lending services.
 
NEO Iraq (Ranked 39)   NEO Pay Iraq facilitates online shopping and digital transactions through websites, mobile applications, and point-of-sale terminals.
 
The company provides both virtual and physical prepaid cards linked to its mobile app.
 
By December 2024, NEO Iraq had established a network of over 650 agents, reached 212,000 active cardholders, and processed $509 million in transactions.
 
Additionally, its app had been downloaded 420,000 times by the end of the year.
 
NASS e-Payment (Ranked 41)   NASS e-Payment delivers payment solutions to individuals, businesses, and government institutions across Iraq.
 
The company began issuing payment cards in 2024 and became an official partner of Visa and Mastercard.  By the close of 2024, NASS e-Payment had 452,000 active users, processed $417 million in transactions, and recorded 602,633 app downloads.
 
Iraq’s Growing Fintech Presence
 
ZainCash and NEO Iraq had previously been included in Forbes’ rankings, reaffirming their sustained impact in the fintech sector.
 
The addition of NASS e-Payment this year further highlights the ongoing growth of Iraq’s digital financial ecosystem.
 
Forbes reported that the fintech firms on its list collectively handled over $240 billion in transactions and raised more than $3.8 billion in capital, showcasing the sector’s rapid expansion and influence in the Middle East.  
  
https://www.iraqinews.com/iraq/three-iraqi-fintechs-listed-in-forbes-top-50-middle-east-fintechs/    

Rafidain Bank: Record Growth In Electronic Collection Settlements For Government Departments' Accounts.
 
    Time: 2025/03/16 20:18:04 Read: 1,785 times  {Economic: Al Furat News} The Government Revenue Collection Department at Rafidain Bank announced today, Sunday, an
 
unprecedented growth in electronic collection settlements for government departments' accounts during 2024.
 
The department confirmed the increasing pace of collections via electronic payment companies, reflecting the significant development in adopting digital systems in government revenue management.
 
According to statistics issued by Rafidain Bank, a copy of which was received by {Euphrates News}, the  
total amounts collected during 2024 amounted to more than 6.06 trillion Iraqi dinars,  recording a continuous increase compared to the first months of the year.
 
September 2024 witnessed the highest growth rate, as total settlements reached 838.5 billion dinars, an increase of 11.12% compared to the previous month. Rafidain Bank added,
 
"At the beginning of 2025, the system continued its strong performance, with total collections in
 
January 2025 reaching approximately IQD 707.5 billion, followed by
February with IQD 689.2 billion.
 
Government departments also recorded a significant increase in the activation of the electronic collection system, with the number of activated entities rising to
 
     1,808 by February 2025, compared to
     1,395 in December 2024."

He emphasized that  "this significant growth reflects the success of the state's efforts to
 
     promote digital transformation,
     reduce reliance on cash, and
     achieve higher levels of transparency and financial efficiency. He also emphasized that
 
the electronic tax collection system represents a fundamental pillar in
 
     improving collection mechanisms and
     reducing the risk of financial corruption."

Rafidain Bank concluded, "This qualitative leap comes within the framework of the ongoing efforts led by Rafidain Bank,
in cooperation with government agencies, to
 
     support the digital economy,
     enhance confidence in electronic financial transactions, and
     raise the efficiency of the financial sector in Iraq."  
  
https://alforatnews.iq/news/مصرف-الرافدين-نمو-قياسي-في-تسويات-الجباية-الإلكترونية-لحسابات-دوائر-الدولة 

Experts: E-Commerce Supports The National Economy And Startups
 
Economic 03/13/2025  Baghdad: Hussein Thaghab  The Cabinet's announcement of the issuance of the "E-Commerce Regulatory System" was widely welcomed in economic circles.
 
This system aims to establish a clear legal framework regulating online buying and selling.
 
This decision is part of the
government's efforts to foster a safe and regulated digital environment that
 
     supports electronic payments and
     guarantees the rights of all stakeholders,
     contributing to expanding the scope of digital commerce and
     taking it to a more advanced level.
 
Finance and development expert Dr. Aqeel Jabr Al-Muhammadi confirmed to Al-Sabah that the
 
issuance of this system represents a qualitative step towards stimulating electronic payment and guaranteeing consumer rights.

He pointed out that it will encourage stores and digital platforms to register officially and adhere to consumer protection standards. He also explained that
 
this regulation contributes to providing a more flexible competitive environment for producers, marketers, and e-stores, which enhances From market dynamics. Al-Muhammadawi pointed out that 

adopting electronic payments as a fundamental part of this system will be subject to the supervision of the Central Bank of Iraq, ensuring the control and regulation of digital financial transactions.
 
This regulation also opens the way for linking the Iraqi e-market with Arab and global markets, enhancing opportunities for digital trade exchange.
 
Economists believe that the "e-commerce regulatory system"
 
     not only regulates markets and protects consumers, but also
     represents a real opportunity to support the national economy, particularly startups and entrepreneurs, by
     encouraging investment in modern financial technologies. According to Al-Muhammadawi,
 
this regulation lays a solid foundation for an integrated digital market in accordance with international standards, helping integrate new business operations into the national economy.
 
This system also
 
     enhances official recognition of online business activities, including e-marketing and digital business process management, in addition to
     providing advanced electronic means for displaying products and services.
 
Through the use of applications, commercial websites, and social media, buying and selling processes will be facilitated, while
 
e-governance and operations management will be improved according to the latest technical systems.
 
Earlier, the Association of Private Banks emphasized that regulating e-commerce is an urgent necessity to control digital markets and protect consumers, especially with the increasing incidence of fraud associated with online shopping.
 
In a related context, Al-Muhammadi stressed the
 
     importance of supporting e-commerce intermediaries, given
     their pivotal role in facilitating and connecting e-commerce and economic transactions.

He explained that these intermediaries contribute to enhancing e-payment tools and achieving integration between  e-stores and consumers, which helps complete the cycle.

Digital business operations.

The regulation of e-commerce is expected to have a
 
     positive impact on economic market growth indicators by enhancing the added value of the gross domestic product (GDP) and
     achieving broader integration between the various components of the digital economy, thus
     providing a favorable environment for the development of the e-commerce sector in Iraq.
 
For his part, Mustafa Akram Hantoush, a financial and economic expert, pointed out that
 
e-commerce in Iraq now
 
     provides thousands of jobs through online applications,
     enabling citizens to earn good profits that cover their daily expenses.
 
He praised the government's steps to regulate this trade through dedicated platforms that guarantee the rights of all parties, explaining that the
 
legal and financial regulation of this sector will contribute to its development and increase the volume of digital transactions.
 
In the same context, Ghazi Al-Kinani, advisor to the Global Smart Card Company, emphasized that
 
the government's decision to regulate the e-commerce market is extremely important, especially given the significant expansion witnessed in this sector in Iraq during the recent period. He explained to Al-Sabah that
 
e-commerce has become a vital, competitive sector that requires continuous development to keep pace with global changes. Al-Kanani pointed out that
 
the expansion of e-commerce operations in Iraq
 
     reflects the country's ability to keep pace with global developments in this field, in addition to
     providing job opportunities for a wide range of youth in various specializations, which
     contributes to improving the situation. Economic for Iraqi families.    
  
https://alsabaah.iq/111627-.html  

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