Iraq Economic News And Points To Ponder Tuesday Afternoon 5-6-25

Saleh Ends The Controversy: The 2025 Budget Will Remain Close To 156 Trillion Dinars, With Domestic Borrowing.

Time: 2025/05/06 Read: 2,100 times  {Economic: Al Furat News} The Prime Minister's economic advisor, Mazhar Mohammed Salih, announced that Iraq's 2025 budget will remain close to 156 trillion dinars or less, with domestic borrowing continuing at the same level as in 2024.

Saleh explained, in a statement to {Euphrates News}, that: “The average oil price in the first quarter of 2025 reached about $75 per barrel before the impact of the oil asset cycle began to drop prices to $63.

This decline in prices coincided with the cancellation of OPEC+ quotas, in addition to the impact of the US trade war and a temporary contraction in the global economy.”

With the decline in oil prices, Saleh expected that “the relative increase in exported oil quantities will compensate for this decline,” stressing that “operating expenses will be subject to greater control within a flexible financial space, which will provide greater opportunities to manage financial resources prepared for spending.”

Saleh praised “the accelerating success in the field of fiscal and monetary policy,” explaining that “the government seeks to achieve economic stability in both its financial and monetary aspects.”

The advisor concluded by saying that “with this coordination, high guarantees are provided to achieve sustainable economic development, as the world is witnessing rapid progress in Iraq’s economic stability.”   LINK

The United Nations And 18 Countries Meet With The Iraqi Banking Sector To Discuss Banking Relations At The Headquarters Of The Association Of Private Banks.

Part of the meeting  Banks   Economy News – Baghdad   Under the auspices of the United Nations Assistance Mission for Iraq (UNAMI), the Iraqi Private Banks Association organized a meeting that included Arab and foreign ambassadors, representatives of international organizations operating in Iraq, and Iraqi banks, with the attendance of the Central Bank of Iraq.

The meeting was attended by the Special Representative of the Secretary-General of the United Nations for Iraq and Head of UNAMI, Mohammed Al-Hassan; the Deputy Governor of the Central Bank of Iraq, Dr. Ammar Hamad; the Regional Director of the World Bank, Jean-Christophe Carré; the Head of the European Union Delegation to Iraq, Thomas Seiler; and the Representative of the United Nations Office on Drugs and Crime, Ali Al-Barir; in addition to the ambassadors of the United Kingdom, Germany, France, Japan, Switzerland, Hungary, the Netherlands, Italy, Greece, Denmark, the Czech Republic, the United States, Saudi Arabia, the Sultanate of Oman, Qatar, Kuwait, and the United Arab Emirates.

In his speech, Al-Hassan emphasized that the meeting precedes the "Arab wedding" represented by the upcoming Arab Summit, and represents the beginning of strengthening communication between the Iraqi banking sector and the international community.

He noted that no country's economy can thrive without a strong banking sector. He also expressed his gratitude to the Iraqi Private Banks Association for organizing the meeting, appreciating the ambassadors' positive interaction.

For his part, Wadih Al-Handhal, Chairman of the Iraqi Private Banks Association, explained that the meeting comes at a crucial moment in Iraq's financial and economic transformation.

It aims to strengthen the banking sector's relations with international and diplomatic partners, creating an integrated banking environment based on transparency and compliance with international standards, capable of supporting sustainable development, stimulating investment, and serving those underserved by banking services.

Al-Handhal added, "We believe that building bridges of trust with the international community begins with constructive dialogue and mutual cooperation. From this perspective, the Iraqi banking sector continues its solid partnerships with your prestigious financial institutions, seeking to open broader horizons for investment and enhance stability and shared prosperity."

He also expressed his sincere thanks and appreciation to Dr. Mohammed Al-Hassan for his significant efforts in mobilizing international support to enhance stability within Iraq, support reform processes, and consolidate the principles of human rights and good governance.

Al-Handhal explained that Iraqi banks look forward to direct dialogue with your countries' banks, under the auspices of the United Nations, to open new partnerships that serve the Iraqi and your economies. This can be achieved by expanding correspondent accounts, financing development projects, promoting digital transformation, issuing green bonds, and attracting promising investments to deepen sustainable stability.

Ali Tariq, Executive Director of the Iraqi Private Banks Association, presented a review of banking developments in the country, explaining that deposits reached 120 trillion dinars, while credit reached 73 trillion dinars. Electronic payments also increased from approximately $1 billion annually to approximately $17 billion by 2024.  https://economy-news.net/content.php?id=55194

Head Of The Economists Alliance: The Challenges Facing The Iraqi Economy Are Great...And These Are The Most Important Ones

Tuesday, May 6, 2025 | Economic Number of readings: 87  Baghdad/ NINA / Head of the Iraqi Economic Alliance (Economists), Adi Sadiq Al-Alawi, stressed that his alliance aims to promote sustainable development by activating dialogue between the public and private sectors, providing economic advice to government agencies, and supporting policies that diversify sources of income and reduce dependence on oil.

Al-Alawi told the National Iraqi News Agency ( NINA ) that the Iraqi economy is witnessing gradual improvement today, especially in the agriculture and communications sectors, but the challenges are great. Progress is slow due to fragile infrastructure, administrative corruption, and unstable legislative policies.

He added, "We see positives in the increase in foreign investment, despite our lack of conviction in the fairness of the opportunities provided, and the government's move towards supporting the private sector, despite its scarcity, and regional interconnection projects that may stimulate trade."

He indicated, "Real growth requires restructuring the banking system, implementing investment-attractive legislation, and a greater focus on the knowledge economy."

Al-Alawi pointed out, "Iraqi economists suffer from weak opportunities to implement their research on the ground and a lack of support for innovation, in addition to the migration of talent due to job instability.

He continued, "We seek to address these issues by pushing for the adoption of a competition protection law, establishing a fund to support entrepreneurial projects, and launching scholarships for scholarships in modern economic specializations."

Regarding the establishment of the "Economists" coalition, he explained that it was established in 2018 as a comprehensive platform For Economic Competencies, it was officially registered in 2021 as the first official economic party in Iraq.

 Today, it includes more than 6,000 members and affiliates of economic experts, businessmen and women, academics, and specialists in the fields of finance, trade, industry, renewable energy, and the digital economy. / https://ninanews.com/Website/News/Details?Key=1225155

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

Seeds of Wisdom RV and Economic Updates Tuesday Evening 5-6-25

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US TREASURY REPORT ON STABLECOINS MULLS UPSIDE OF OFFERING INTEREST

A presentation last week to the US Treasury’s Borrowing Advisory Committee (TBAC) explored the impact of stablecoins on the demand for short term Treasuries.  One topic was mentioned repeatedly – the potential for stablecoins to offer interest.  

The last iteration of the Senate’s stablecoin bill, the GENIUS Act, introduced a clause that banned the payment of stablecoin interest before receiving a positive vote by the Senate Banking Committee.

According to the minutes of the TBAC meeting, “There was robust discussion concerning the potential implications of interest bearing stablecoins versus non-interest bearing stablecoins, and the extent to which growth in stablecoins would result in net new demand for Treasury securities rather than a reallocation of demand from banks and money market mutual funds.”

The President’s Executive Order on digital assets made clear the intention to promote the use of US dollar stablecoins beyond US borders.  White House AI and crypto czar David Sacks was very clear that the goal is to increase demand for US Treasuries,
which helps to lower the cost of servicing the United States’ massive debt.

The TBAC stablecoin report

The TBAC report used a figure from Standard Chartered research that estimates stablecoins will grow to $2 trillion by 2028 assuming stablecoins don’t pay interest.  As an aside, Citi also recently published forecasts.  The mid-April capitalization of stablecoins was $234 billion, which accounts for approximately $120 billion investment in short-dated Treasuries.  Combining that with Standard Chartered’s figure, the report estimates that stablecoin investment in Treasuries will expand to $1 trillion by 2028.

If stablecoins were to offer interest, the figure could be quite a bit higher, although no forecast was provided.  That would account for a significant slice of the short term Treasury Bill market, which currently has a $6.4 trillion issuance.

A key reason why most global stablecoin regulation has not supported the payment of interest is due to concerns that bank deposits might shift to stablecoins,  potentially reducing available credit from banks or making credit more expensive.  The TBAC report states that transactional demand deposits at banks totaling $6.6 trillion are most “at risk” from stablecoins.

However, the presentation also explored opportunities for banks and financial institutions, including issuing stablecoins and managing reserves.

Apart from delving into interest-bearing stablecoins, two other issues were floated:

• Allowing stablecoin issuers access to the Federal Reserve

• Allowing access to deposit insurance

This would help reduce the impact of de-peg events.

Readers of the TBAC report might expect to see efforts to remove the interest ban from the GENIUS Act.  However, after this TBAC meeting, several pro-crypto Democrats withdrew support for the latest version of the GENIUS Act despite it still including the yield ban.
Backtracking on the yield clause could further delay the progress of the stablecoin bill.

@ Newshounds News™
Source:  Ledger Insights

~~~~~~~~~

BREAKING: NEW HAMPSHIRE BECOMES FIRST U.S. STATE TO OFFICIALLY HOLD BITCOIN IN STATE RESERVES

In a major first for the United States, New Hampshire has passed a new law allowing the state to hold Bitcoin as part of its financial reserves. The bill, known as HB 302, was signed into law on May 6, 2025, by the state’s Governor. This makes New Hampshire the first state in the nation to create a Strategic Bitcoin Reserve Fund.

The law gives the state’s Treasurer the power to buy Bitcoin and other major digital assets directly or through a regulated investment product like an exchange-traded product (ETP). However, there’s a limit — the state can only hold up to 5% of its total funds in Bitcoin to balance risk.

To ensure safety, the law requires all digital assets to be stored under strict U.S.-regulated custody, either in state-controlled wallets or with approved custodians. The new policy will officially take effect 60 days after its signing.

The bill was inspired by a model created by the nonprofit group Satoshi Action, which works to educate lawmakers about Bitcoin and digital assets. Dennis Porter, the group’s CEO, said this is more than just a bill — it’s the start of a movement. “New Hampshire didn’t just pass a bill; it sparked a movement,” Porter said.

Several important figures helped make this happen, including Rep. Keith Ammon, an early Bitcoin supporter, Majority Leader Jason Osborne, and the New Hampshire Blockchain Council.

This landmark decision could open the door for other U.S. states to follow New Hampshire’s lead as interest in Bitcoin-backed financial reserves grows nationwide. 

@ Newshounds News™
Source:  Coinpedia

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Did Buffett Just Admit the Dollar is Doomed? What Comes Next?

Did Buffett Just Admit the Dollar is Doomed? What Comes Next?

Kitco News: 5-5-2025

Warren Buffett’s recent warning about the U.S. dollar “going to hell” has sparked widespread debate about the future of the global financial system.

But while Buffett remains famously averse to Bitcoin and gold, Jack Mallers, CEO of Strike and Twenty One Capital, argues that the Oracle of Omaha’s pessimistic outlook actually validates the need for a decentralized alternative like Bitcoin.

In a recent interview with Kitco News, Mallers asserted that Buffett’s admission signals the end of the post-World War II dollar regime, a system he believes is structurally flawed and nearing its breaking point.

Mallers, whose company Twenty One Capital is building a “pure-play Bitcoin operating company” with significant backing from Tether and SoftBank, outlined a compelling case for Bitcoin as the solution to the dollar’s inherent problems.

Buffett’s statement, “No system beats currency debasement,” has resonated with investors concerned about inflation and the long-term value of the dollar. However, his refusal to embrace Bitcoin or gold leaves a void in his proposed solution.

Mallers argues that despite gold’s historical role as a safe haven, it ultimately “failed” to solve the reserve problem. He posits that Bitcoin, on the other hand, offers a superior alternative due to its verifiable scarcity, decentralized nature, and programmable properties. He goes even further, claiming Bitcoin is the “most American money ever invented.”

Mallers’ commitment to Bitcoin is evidenced by Twenty One Capital’s ambitious project to build a Bitcoin-focused operating company with over 42,000 BTC. The company is focused on generating Bitcoin-native cash flow, demonstrating a belief in Bitcoin’s long-term economic viability.

Central to Mallers’ argument is the idea that the bond market is “breaking” and the Federal Reserve’s influence is waning. He claims the U.S. is “structurally short” on belief, the very foundation holding the current system together.

Mallers highlights the “hidden bailout of U.S. debt,” orchestrated by Scott Bessent and the Treasury, suggesting a more profound instability than is publicly acknowledged. He points to the rise of “Bitcoin-per-share (BPS)” and “Bitcoin Return Rate (BURR)” as new metrics for evaluating investments, reflecting a growing acceptance of Bitcoin as a legitimate asset class.

He further delves into the complexities of the global economic landscape, citing Trump’s tariff shock and the subsequent sovereign accumulation of gold and cryptocurrency as evidence of a global pivot towards alternative reserves. He identifies a “quiet basis trade crisis” and the U.S.’s reliance on hedge fund leverage as additional vulnerabilities within the existing financial infrastructure.

Mallers proposes a radical yet compelling solution: a U.S. Strategic Bitcoin Reserve. He believes that by embracing Bitcoin, the United States could not only secure its financial future but also solidify its position as a leader in the emerging digital economy.

Ultimately, Mallers’ argument rests on the assertion that a global capital reset is already underway, driving Bitcoin adoption as nations and individuals seek alternatives to a weakening dollar. While Buffett’s hesitancy towards Bitcoin remains, the underlying concerns he raised about the dollar’s future lend significant weight to the growing movement advocating for its adoption. Whether Bitcoin can truly become the solution to the problems plaguing the global financial system remains to be seen, but Mallers’ vision offers a provocative glimpse into a future where digital scarcity reigns supreme.

https://youtu.be/W1mu1OMFIY0

Seeds of Wisdom RV and Economic Updates Tuesday Afternoon 5-6-25

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DEEP FREEZE EMPOWERS XRPL COMPLIANCE WITH INSTITUTIONAL TOKEN CONTROL

▪️Deep Freeze enhances institutional control over issued tokens on XRPL for compliance and fraud prevention.
▪️It introduces a protocol-level freeze, restricting all outgoing token transactions from targeted accounts.
▪️The update is crucial for stablecoin issuers and institutions issuing tokenized real-world assets.

The XRP Ledger (XRPL) has formally activated Deep Freeze, a new tool designed to push the compliance and security standards for tokens issued on the blockchain to the next level.

Although XRP itself does not change, Deep Freeze provides protocol-level granularity in terms of controlling issued assets, allowing issuers to directly impose constraints on accounts.

The amendment, designated as XLS-77d, represents a significant move towards supporting institutional-quality asset management found in traditional finance.

Deep Freeze places XRPL in a strong position as a viable alternative for stablecoin issuers and financial institutions for secure and compliant infrastructure, says fintech analyst Clara Renner.

The amendment was voted into implementation using XRPL’s decentralized governance mechanism, showcasing the adaptability of the network to real-world security and regulation requirements.

Institutional Adoption Grows With XRPL Upgrade

Earlier, issuers in the XRPL utilized trustline freezes that only inhibited new transactions.
It was not a perfect approach, as users could still send held assets, and freezes had to be applied individually.

Deep Freeze immobilizes an entire account’s capacity to move released assets, effectively halting all outgoing token transactions.
This is critical for legal holds, fraud prevention, or sanctions enforcement.

Unlike centralized blockchains, XRPL’s approach preserves visibility and decentralized integrity, a dual advantage for transparency and control.
Deep Freeze automates compliance processes for institutions handling bulk token issuance.

This has become especially relevant for entities like Ripple, Braza Bank, and Societe Generale Forge, which use XRPL to issue stablecoins.

New XRPL Feature Appeals to Institutions

Deep Freeze is not just a technical improvement—it's a strategic enhancement for XRPL’s institutional appeal.

Central banks and asset managers can now enforce regulatory mandates without needing third-party intervention.

As compliance becomes a top priority, features like Deep Freeze should accelerate adoption by major stablecoin issuers like Circle.

It aligns with global compliance standards while maintaining blockchain efficiency.
The feature is now live and available, demonstrating XRPL’s commitment to a compliance-ready blockchain ecosystem.

@ Newshounds News™
Source:  TronWeekly

~~~~~~~~~

BRICS: INDIA AGREES TO DROP TARIFFS ON THE US

According to US President Donald Trump, BRICS member India has agreed to drop its tariffs on the US. It was reported on Monday that India offered the Trump administration a zero-for-zero tradeoff for tariffs on auto parts, steel, and pharmaceuticals.

Speaking at the Oval Office today, Trump credited himself as the reason behind India agreeing to eliminate tariffs on US goods. “They’ve already agreed. They would have never done that for anybody else but me,” Trump said in a media scrum.

The two countries are engaged in ongoing talks of a new trade deal following the United States’ imposition of 10% sweeping trade tariffs on all countries. US President Donald Trump introduced the plan in an effort to balance trade, with the focus being on new agreements that would fulfill this charge.

Representation from India has not confirmed Trump’s claim that they’ve agreed to slash all tariffs on US goods. The two countries remain in talks, according to Trump. Also on Tuesday, India and the United Kingdom came to terms on a new free trade agreement.

Indeed, the deal had been reached after three years of negotiations. The deal will reportedly make it much easier for the UK-based company to export various goods, including automobiles. Moreover, it will cut taxes placed on India’s clothing exports, the BBC reported.

Furthermore, Trump says that the US is “open for business” for deals with several countries on tariff talks. However, one country not included is India’s BRICS partner, China. China and the US remain in heated discussion over tariffs between both countries, including an over 140% tariff on the Asian country. Trump said today that his administration “could sign 25 deals right now” on trade, although none have been finalized by both sides yet, including India.

@ Newshounds News™
Source:  Watcher Guru

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Iraq Economic News And Points To Ponder Tuesday Morning 5-6-25

Al-Sudani Confirms The Continuation Of The Banking Reform Process And Directs Bank Administrations To Simplify Procedures.
 
Monday, May 5, 2025 | Economic   Number of readings: 243  Baghdad / NINA / Prime Minister Mohammed Shia Al-Sudani  affirmed the continuation of the banking reform process, while

directing bank administrations to simplify procedures and encourage citizens to deposit. His media office said in a statement, "Prime Minister Mohammed Shia al-Sudani chaired a meeting today with the chairmen of the boards of directors of Iraqi banks, during which the mechanisms for implementing the banking reform plans prepared by the government as part of comprehensive reforms for the economic sector were discussed."

Al-Sudani emphasized that "all government sectors are linked to an efficient and flexible banking system that relies on modern technology," noting that
 
"the government has adopted comprehensive plans for banking reform and contracted with private financial auditing firms, covering all banks, and has made significant progress in implementation." He explained that
 
"the work of the First Rafidain Bank will be launched with a new look and vision, in partnership with specialized and well-known banks," noting that
 
"a clear roadmap has been formulated to address the situation of the private banking sector, as a partner in development,
 
emphasizing the need for cooperation during the next phase to take effective steps towards reforming the economy."

He pointed out that "the state should refrain from detailed intervention in sectors and assume a regulatory role," indicating that efforts are being made to "engage the private sector and foreign companies   in all major projects, as well as   support local productive sectors, and  absorb the imported cash flow into providing domestic goods and services to citizens as an alternative to imports, ensuring support for local investment."
 
The Prime Minister directed banks to 
      "simplify procedures,
     participate broadly in the development process,
     participate as investors in all available opportunities,
     move toward partnerships with foreign companies, and
     work to build trust with citizens,
 
which will help ensure they have peace of mind about depositing their money in banks."
 
For their part, the heads of the Iraqi banks' boards, according to the statement,
"thanked the government for its support to the banks and its assistance in resolving their problems," and emphasized the rise in credit and financial dependency indicators.

They pointed out that  “the trading through electronic payment increased from (1.7) trillion dinars in 2020, to reach (21) trillion dinars in 2024,”
 
stressing 
 
     the readiness “to localize the salaries of private sector workers, and
     their commitment to restructuring Iraqi banks and the (Oliver Wyman) plan, as
 
it will be a comprehensive solution to most of the problems that the banking sector suffers from.” /End 8    https://ninanews.com/Website/News/Details?key=1224874  

Rafidain Regarding Depositors' Funds: Fully Insured
 
Economy   2025-05-05 | 1,133 views   Alsumaria News – Economic  confirmed Rafidain Bank on Monday that its financial position is excellent and that it is committed to fully covering expenses.
 
While noting that the amounts withdrawn by the bank were from its sovereign accounts,
 
it emphasized that all depositors' funds are fully insured.
 
The Director of the Payments and Reciprocal Accounts Department at the bank, Ahmed Thamer Al-Ghariri, told the official agency, followed by Sumaria News , that
 
"Rafidain Bank has not yet recorded any cases of failure to fulfill financial obligations," indicating that 
"things are proceeding properly." 

He added,  "The bank's financial position is excellent," noting the bank's "full commitment to covering customers' expenses and obligations without any obstacles." 

He stressed that  "the sums withdrawn by the Ministry of Finance are from its own sovereign accounts and have no relation to citizens' deposits," noting that
 
"more than 80% of government department accounts are deposited in Rafidain Bank,
which is naturally subject to the policies of the Ministry of Finance,
 
which can use these funds to serve the state's financial policy,
leading to a natural increase or decrease in the bank's balance." 

He pointed out that  "all depositors' funds,  which number more than seven million customers,  are fully insured,  whether in reserves or other balances," explaining that "the bank is fully committed to its customers with all current and future banking products."      
https://www.alsumaria.tv/news/economy/525111/الرافدين-بشأن-أموال-المودعين-مؤمنة-بالكامل 

Chestertons Global Enters Iraq With Baghdad Office
 
Business   Iraq   IraqiNews   May 2, 2025  1364   Baghdad (IraqiNews.com) – In line with its strategic expansion across the Middle East, UK’s Chestertons Global has announced the opening of a new office in Baghdad, Iraq.
 
This marks a significant milestone as the international property brokerage continues to strengthen its presence in the Middle East.
 
The Baghdad office will offer a full suite of property services, including
 
     residential and commercial sales and rentals,
     investment advisory,
     valuations, and
     market research.
 
Chestertons Global’s entry into Iraq is a timely move, as the country’s real estate sector continues its rapid development.

Valued at $1.12 billion in 2024, Iraq’s property market  ranks among the largest in the Arab world and is expected to grow at an annual rate of 6%.
 
With over 100 offices across 21 countries, the addition of Iraq strengthens Chestertons Global’s international network and significantly enhances its capacity to serve clients in
one of the region’s most promising markets.    
  
https://www.iraqinews.com/iraq/chestertons-global-enters-iraq-with-baghdad-office/  

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

Seeds of Wisdom RV and Economic Updates Tuesday Morning 5-6-25

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THUNE SIGNALS GOP WILLING TO COMPROMISE ON STABLECOIN BILL AS SENATE VOTE NEARS

Senate Republicans back off fast-track push as Thune opens door to Democratic demands ahead of GENIUS Act floor vote.

▪️ Senate Majority Leader John Thune signaled openness to Democratic amendments on the GENIUS Act ahead of a key floor vote.

▪️ The move comes after nine Senate Democrats issued a joint statement opposing the bill without stronger safeguards.

▪️ Republicans need at least seven Democratic votes to advance the legislation, which would create a federal framework for stablecoins.

Senate Majority Leader John Thune (R-SD) has acknowledged that Republicans would need to seek a more open stance with Democrats if the party hopes to advance the U.S.’s first comprehensive federal regulatory framework for dollar-pegged digital assets.

With a full floor vote looming on the GENIUS Act before Congress' August recess, pressure for a compromise is mounting as partisan tensions surrounding the landmark legislation threaten to boil over.

"Changes can be made on the floor for sure," Thune said, speaking to reporters from Congress on Monday, as first quoted by Politico. Thune said he’s "waiting to see what it is [Democrats] are asking for."

Thune's gesture shows the GOP is dialing back and slowing down from Sunday, when he initiated expedited procedures to advance the bill.

Republican leaders had hoped to hold a vote as early as Thursday this week.

But those plans hit a roadblock after nine Senate Democrats, including four previously open to the bill in committee, released an opposing statement a day before it was expedited.

The Democrats cited the need to add "stronger provisions" on key issues, including anti-money laundering, foreign issuers, national security, financial safety, and accountability.

Despite holding 53 Senate seats, the Republican caucus needs to secure at least seven Democratic votes to overcome the last hurdles for passage.

What's at stake?

The GENIUS Act allows nonbank stablecoin issuers to operate in the U.S. economy, providing key protections for consumers using the technology for daily needs.

A stablecoin is a digital currency designed to maintain a consistent value by pegging it to a fixed asset like the U.S. dollar. Stablecoins, unlike Bitcoin, offer predictability for daily transactions by backing their value with cash or other stable assets.

With it, banks and non-bank institutions could issue stablecoins if they hold 1:1 reserves in high-quality liquid assets. House lawmakers, meanwhile, have proposed more restrictive reserve requirements in their competing STABLE Act.

If signed into law, the bill would address a regulatory gap that has persisted for years as stablecoins grew to over $240 billion in market capitalization, data from CoinGecko shows.

@ Newshounds News™
Source:  Decrypt

~~~~~~~~~

BITWISE CIO WARNS OF CHALLENGING SUMMER FOR CRYPTO IF CONGRESS 'FUMBLES THE BALL' ON LEGISLATION

▪️Bitwise CIO Matt Hougan has warned of a mounting risk for crypto in Washington D.C., leading to a challenging summer for the industry if legislative efforts are derailed.

▪️However, Hougan remains optimistic that most crypto assets can trade to new all-time highs this year if Congress can get stablecoin and market structure bills passed.

Bitwise Chief Investment Officer Matt Hougan said he is increasingly concerned that the U.S. Congress will "fumble the ball at the one-yard line" on crypto regulation, warning that the industry is in for a difficult summer if legislative efforts fizzle out.

Hougan remains optimistic about the outlook for crypto this year, with a base case for most digital assets to reach all-time highs and bitcoin to rise above $200,000. However, despite the seemingly positive backdrop under the Trump administration, "crypto can still be derailed by politicians", he said.

Crypto rallied after the U.S. presidential election in November, partly on the assumption that Washington would take a more positive stance toward crypto. 

The first 100 days of Trump's tenure have seen the creation of a Bitcoin Strategic Reserve, digital assets named a "national priority," the SEC reversing crypto-related lawsuits and accounting rules and the end of Operation Choke Point 2.0. However, these initiatives have all stemmed from the White House, meaning they could easily be reversed by future administrations, Hougan warned in a note to clients late Monday.

"To move crypto forward, we need Congress to pass legislation enshrining crypto's progress in law," he said. "Congress passing at least one crypto bill would show that Democrats and Republicans can align on crypto and make it more difficult for future regimes to undo progress."

The stablecoin bill debacle

Hougan had expected stablecoin legislation to rapidly pass this year, broadening crypto's access to the traditional market, creating a new profit center for Wall Street and providing a huge buyer of U.S. debt as a tool to extend dollar dominance globally. A "win, win, win," he said.

In mid-March, this seemed to be on track as the Senate Banking Committee voted 18 to 6 to pass a stablecoin bill, called the GENIUS Act, out of committee, Hougan noted. In that vote, five Democrats on the committee broke ranks to support the bill, with Senate Minority Leader Chuck Schumer also backing it.

The bill would require stablecoins to have 100% reserve backing with U.S. dollars and short-term treasuries (or other similarly liquid assets), monthly public disclosure of reserves and annual audits for issuers with more than $50 billion in market capitalization. The bill also lays out strict marketing standards, guidelines on insolvency proceedings and other provisions.

However, over the weekend, nine Democrats, including four of the five who backed the bill in committee and Schumer himself, pulled their support, just days before the bill was set to hit the floor of the Senate. The Democrats argued that the bill needs stronger provisions on national security and anti-money laundering policy.

The bill requires 60 votes to pass in the Senate; with Republicans controlling only 53 seats, a bipartisan deal is a must. "We have a choice here," Republican Senator Bill Hagerty, one of the authors of the bill, wrote in response. 

"Move forward and make any remaining changes needed in a bipartisan way, or show that digital asset and crypto legislation remains a solely Republican issue."

"The change in tune reflects the shifting political environment in Washington," Hougan said. 

"The amended version of the bill is actually stronger on AML/KYC and other items than the version that passed out of the Banking Committee, suggesting the Democratic about-face has more to do with President Trump's slumping approval rating and rising chatter over his crypto-related conflicts of interest than any substantive concern."

Hougan also argued that lobbying efforts from the crypto industry to combine stablecoin legislation with broader market structure legislation are not helping. "This is the perfect becoming the enemy of the good," he said. "Market structure legislation is extremely important to crypto's long-term future, but lumping things together will make the passage of any bill more difficult."

What's next?

Beyond the GENIUS Act uncertainty, House Democrats are reportedly planning to walk out of a joint congressional hearing on crypto market structure legislation scheduled for Tuesday as pressure mounts over concerns about President Donald Trump's forays into digital assets.

Another stablecoin bill, known as the STABLE Act, has been advancing in the House. World Liberty Financial, a DeFi project backed by Trump, also recently launched its own stablecoin.

While the future of the GENIUS Act has been thrown into question in its current form, and political jockeying threatens to undermine progress on other crypto-related legislation, Hougan still expects the stablecoin bill to ultimately pass.

"Stablecoins are too obviously beneficial — to America, the dollar, merchants, entrepreneurs, and others — for petty political jockeying to derail progress," he said. 

"The next few days and weeks will be fraught. If legislation fizzles, this could be a challenging summer for crypto. But if Washington can get its act together, I think the bull market will be unstoppable."

@ Newshounds News™
Source:  The Block

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's News Telegram Room Link

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Thank you Dinar Recaps

“Tidbits From TNT” Tuesday Morning 5-6-2025

TNT:

Tishwash:  Al-Sudani confirms the continuation of banking reform and directs bank managements to simplify procedures..

Prime Minister Mohammed Shia al-Sudani chaired a meeting on Monday with the chairmen of the boards of directors of Iraqi banks. The meeting discussed mechanisms for implementing the banking reform plans prepared by the government as part of comprehensive economic sector reforms.

Al-Sudani said in a statement received by Al-Eqtisad News that "all sectors of the state are linked to the existence of an effective and flexible banking system that relies on modern technologies." He pointed out that the government has adopted comprehensive plans for banking reform and contracting with private financial auditing companies, which include all banks, and has made great strides in implementation.

 He indicated that the work of the First Rafidain Bank will be launched with a new look and vision, and in partnership with specialized and well-known banks.

He pointed to "the formulation of a clear roadmap to address the situation of the private banking sector, as a partner in development," stressing the need for cooperation during the next phase to take effective steps in reforming the economy. He emphasized the state's distancing from detailed intervention in sectors and adopting the role of a regulator, indicating the need to work on intervening in all mega projects, as well as supporting local productive sectors, and absorbing the imported cash flow in providing domestic goods and services to citizens to be an alternative to imports, and to ensure support for local investment.

The Prime Minister directed banks to "simplify procedures, participate broadly in the development process, participate as investors in all available opportunities, move toward partnerships with foreign companies, and work to build trust with citizens, which will help ensure they feel secure depositing their money in banks."

For their part, the heads of the Iraqi banks’ boards thanked the government for its “support for the banks and its assistance in solving their problems, and they confirmed the rise in credit and financial accreditation indicators.

They also pointed to the rise in trading via electronic payment from (1.7) trillion dinars in 2020, to reach (21) trillion dinars in 2024, and they confirmed the readiness to localize the salaries of private sector workers, and their commitment to restructuring Iraqi banks and the (Oliver Wyman) plan, as it will be a comprehensive solution to most of the problems that the banking sector suffers from.”  link

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

Tishwash:  The National Bank of Iraq: A leadership based on governance and transparency

The National Bank of Iraq affirmed on Tuesday its commitment to the principles of governance and transparency as a fundamental rule governing its financial transactions, adhering to strict standards. It identified what it described as the "most valuable currency" in this vital sector, while pledging to consistently comply with legal and regulatory requirements and international standards. 

In a statement received by Al-Eqtisad News, the bank stated, "The National Bank of Iraq's commitment to the principles of governance and transparency is one of its most prominent factors in the Iraqi banking sector. These principles form the fundamental foundation upon which the bank builds its strong relationships with clients, partners, and various stakeholders, and have contributed to enhancing its credibility in all its financial transactions." 

 He added, "Over the years of its operation in the Iraqi market, the National Bank of Iraq has proven that it is not just a financial institution, but a strategic partner for its clients and a loyal guardian of their savings and financial future." He expressed his belief that "trust is the most valuable currency in this vital sector, and this commitment is an integrated approach to work that is embodied in the finest details of its operations and services, and bears fruit in the form of quality and distinction, thereby strengthening its leading position in the market." 

 He explained that "this commitment is clearly demonstrated by the bank's ongoing efforts to ensure that financial operations are managed in accordance with international best practices, setting strict standards to ensure transparency and accountability in all its transactions." He explained that "clear examples of this approach include the bank's ISO 9001:2015 certification in the areas of customer care services and bank transfer operations, confirming that the bank implements an integrated quality management system, with a focus on providing an exceptional banking experience for its customers, based on efficiency, reliability, and attention to the smallest details." 

 He explained that "the bank's commitment to quality and continuous improvement did not come out of nowhere, but rather is the result of a strategic vision that places the customer at the heart of its concerns. Implementing ISO 9001:2015 standards has had a positive impact on the smoothness of internal operations, contributed to raising efficiency and effectiveness, reducing errors, and lowering operating costs. Most importantly, it has strengthened the bank's ability to comply with legal and regulatory requirements, and opened up broader horizons for cooperation and partnership with global financial institutions, benefiting from international recognition of its quality and reliability."

 He continued, "In the context of this relentless pursuit of excellence, the bank's efforts culminated in receiving the 'Excellence Award' from Citi Bank, in recognition of its superior performance in managing incoming and outgoing financial transfers. This clearly reflects its proficiency in implementing precise and organized procedures that ensure full compliance with international standards in the execution of financial transactions." 

He continued, "The National Bank of Iraq's continued focus on the principles of good governance and transparency as an integral part of its long-term strategy is supported by the development of its internal systems and the adoption of the latest technologies in the financial sector to enhance the levels of security, speed, and reliability of its banking services." 

The bank reiterated its "commitment to providing innovative banking services that meet the changing needs of its customers and enhance their confidence by offering integrated financial solutions that support individuals and businesses alike, while adhering to global best practices."

The bank affirmed its "goal to be the first choice for all customers seeking trust, reliability, and excellence in banking services."  link

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

Tishwash:  Rafidain Bank in a new look: Al-Sudani announces a new banking era in Iraq

Prime Minister Mohammed Shia al-Sudani confirmed on Monday that the government has adopted comprehensive plans for banking reform and contracting with private financial auditing firms, covering all banks. He also indicated that the work of the First Rafidain Bank will be launched with a new look and vision, and in partnership with specialized and well-known banks.

A statement from the Prime Minister's Office, received by Shafaq News Agency, stated that "Al-Sudani chaired a meeting of the heads of the boards of directors of Iraqi banks, during which the mechanisms for implementing the banking reform plans prepared by the government as part of comprehensive reforms of the economic sector were discussed."

Al-Sudani stressed, according to the statement, that "all state sectors are linked to the existence of an effective and flexible banking system that relies on modern technologies," noting that "the government has adopted comprehensive plans for banking reform and contracted with private financial auditing companies, covering all banks, and has made great strides in implementation." He indicated that "the work of the First Rafidain Bank will be launched with a new look and vision, and in partnership with specialized and well-known banks."

He pointed to "the formulation of a clear roadmap to address the situation of the private banking sector, as a partner in development," stressing "the need for cooperation during the next phase to take effective steps to reform the economy," and affirming "the state's distancing from detailed intervention in sectors and assuming the role of regulator."

Al-Sudani pointed to "working to integrate the private sector and foreign companies in all major projects, as well as supporting local productive sectors and absorbing the imported cash flow into providing domestic goods and services to citizens as an alternative to imports and ensuring support for local investment."

The Prime Minister directed banks to "simplify procedures, participate broadly in the development process, participate as investors in all available opportunities, move toward partnerships with foreign companies, and work to build trust with citizens, which will help ensure they feel secure depositing their money in banks."

For their part, the heads of the Iraqi banks’ boards thanked the government for its support to the banks and its assistance in solving their problems. They confirmed the rise in credit and financial accreditation indicators, and pointed out the rise in trading via electronic payment from (1.7) trillion dinars in 2020 to reach (21) trillion dinars in 2024. They confirmed their readiness to localize the salaries of private sector workers and their commitment to restructuring Iraqi banks and the (Oliver Wyman) plan, as it will be a comprehensive solution to most of the problems that the banking sector suffers from, according to the government statement. link

Mot:  Two priests decided to take a vacation in Hawaii

Two priests decided to take a vacation in Hawaii. Wanting to really relax, they agreed — no collars, no black suits, nothing that would give away they were clergy.

As soon as their plane landed, they hit a local shop and bought the wildest tourist outfits you could imagine — flashy shirts, loud shorts, sandals, sunglasses — the whole package.

The next morning, they hit the beach, dressed head to toe like total tourists. Sitting back in their chairs, sipping drinks, soaking in the sun — life was perfect.

That’s when a stunning blonde in a tiny bikini strolled right past them, smiled sweetly, and said,

“Good morning, Father. Good morning, Father.”

She nodded at each of them and walked away like it was the most normal thing in the world.

The priests were floored. How on earth did she know?

Determined not to be recognized, the next day they went back to the store and bought even crazier outfits — the kind you can hear before you see! Dressed in their new, over-the-top beachwear, they returned to the sand, ready to blend in.

But wouldn’t you know it — the same blonde appeared, this time in an even tinier string bikini. She walked right up to them, flashed a smile, and once again said,

“Good morning, Father. Good morning, Father.”

Finally, one priest couldn’t take it anymore and asked,

“Excuse me, young lady, we are priests — but how in the world did you know?”

She laughed and replied,

“Oh, come on, Father! It’s me — Sister Angela!”

MilitiaMan & Crew: Iraqi Dinar Update-Sovereignty-New Banking Era-IMF-World Bank-AI-Global Economy-IQD-Foreign Exchange

MilitiaMan & Crew:  Iraqi Dinar Update-Sovereignty-New Banking Era-IMF-World Bank-AI-Global Economy-IQD-Foreign Exchange

5-5-2025

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

Be sure to listen to full video for all the news……..

https://www.youtube.com/watch?v=3GibjaVyOtk

Iraq Economic News And Points To Ponder Monday Evening 5-5-25

Minister Of Finance: The Iraqi Economy Is Expected To Achieve 5% Growth In Non-Oil GDP In 2024.
 
Monday, May 5, 2025 13:00 | Economic     Number of readings: 152  Baghdad / NINA / Finance Minister Taif Sami announced on Monday that the  Iraqi economy recorded a 5% growth in non-oil GDP in 2024, while indicating that the budget deficit is low and does not pose a threat to Iraq's public debt.
 
"A high-level government delegation, including Central Bank Governor Ali Al-Alaq, accompanied us, and
discussed the latest economic and financial developments in Iraq with an International Monetary Fund mission during a meeting held in the Jordanian capital, Amman," Sami told the official agency.

She added that  "the IMF mission found several positive indicators related to the Iraqi economy,
most notably a 5% growth in non-oil GDP in 2024,

driven by growth in the agricultural sector and increased public spending," indicating that  
"expectations indicate continued growth of 4% in 2025."

She added, "The level of oil GDP will remain dependent on OPEC decisions regarding production ceilings and global crude oil prices."
 
Regarding the fiscal deficit, Sami explained that "the deficit reached 5 trillion dinars in 2024, equivalent to 1.5% of GDP, excluding debt repayments and overdue payments for investment and energy projects,"

noting that "this is a low level that does not negatively impact the public debt ratio,
according to International Monetary Fund estimates."

The Minister of Finance stressed the "need to restructure government banks to enable them to absorb government financing instruments and stimulate the market," noting that
 
 "the Ministry of Finance, in cooperation with the International Monetary Fund,
 
     will contract with consulting firms to support the Public Debt Department, in addition to
     appointing new staff with advanced degrees
 
to activate the public debt management and financial analysis system."

She indicated that " the International Monetary Fund expressed its readiness to provide technical and advisory support to Iraq, particularly in the areas of
 
     public debt management,
     tax reform, and
     determining the most appropriate tax systems for the Iraqi social situation,
 
through the Middle East Technical Assistance Center (METAC)," explaining that
 
"the delegation and the International Monetary Fund stressed the importance of
 
     strengthening the relationship with foreign correspondent banks in the field of
     financing foreign trade, as well as
 
     supporting the use of the Iraqi dinar in economic transactions
     to maintain the stability of the local currency."  /End9       https://ninanews.com/Website/News/Details?key=1224836  

Agriculture: Iraqi Crops Have Reached Markets In The Gulf, Jordan, And Europe 

Iraqi agricultural crops - Money and Business  Economy News – Baghdad   The Ministry of Agriculture announced on Sunday that it exported more than 1.5 million tons of surplus agricultural produce last year.  It noted that the use of protected agriculture and modern irrigation contributed to
 
     increased production and the availability of  surplus produce for export.
 
The ministry also confirmed that it
is working to hold several exhibitions and meetings with European embassies
to open markets for Iraqi agricultural products in the European Union.
 
The Undersecretary of the Ministry, Mahdi Sahar Al-Jubouri, said in a statement reported by the official news agency, and seen by "Al-Eqtisad News", that
 
"the data completed for the export of surplus agricultural commodities during the year 2024 was
 
     estimated at more than 1,500,000 tons,
     led by dates with more than 650,000 tons, then
     vegetable crops with about 308,000 tons, and among these crops were
          potatoes, the first crop, then tomatoes,
          then eggplant, peppers and cucumbers, in addition to several crops such as
          amber rice and jasmine that were exported abroad in quantities." He added,
 
"This surplus was during the 2024 season, and
 
we expect it to exceed this amount and this shift as a result of the
 
     use of protected agriculture for vegetable crops, in addition to the
     use of modern irrigation with fixed sprinklers and drips, and
 
this was reflected in the increase in production of agricultural crops in general." He pointed out that
 
"large quantities of fodder crops were exported,
including clover, alfalfa, and tobacco, after meeting local needs for them,
 
especially with the increase in livestock numbers during the recent period due to the expansion of cultivated areas using the modern irrigation system."

He pointed out that"Iraqi crops are exported extensively to Gulf countries, Jordan, and European Union countries,
 
with the ministry working to hold several exhibitions and meetings with European embassies to open markets for Iraqi agricultural goods in the EU." He stressed that
 
"the quantities exported during the first four months of 2025 exceeded 300,000 tons of various agricultural commodities," noting that
 
"the quantity is subject to increase, exceeding 1,500,000 tons,
which will be a major shift in the process of exporting agricultural commodities abroad."
https://economy-news.net/content.php?id=55112  

 From Wasted Fire To Productive Energy... Rashidiya Gas Revives The Taji Station And Saves The Environment.
 
Economy 3-05-2025, Baghdad Today – Baghdad  In the heart of Baghdad, where gas has been burning for decades in the Rashidiya field, turning into smoke that clouds the city's air and is wasted for no good,
 
a new story has begun, written with decades of will and planning.
 
This vital resource has stood witness to the absence of optimal exploitation and to years of neglect and delay.
 
But today the scene has changed.
 
That wasted fire is being transformed into a flowing energy that lights up Iraqi homes and
revives hope in a summer that has long been marked by power outages and the suffering of citizens.

 In the same context, the Middle Oil Company announced today, Saturday (May 3, 2025), in Baghdad, that it had supplied the Taji power station with 17 megawatts of gas, which contributed to the station’s production reaching about 80 megawatts to serve citizens, while indicating that the
 
Minister of Oil, Hayan Abdul Ghani, directed work to
increase the quantities of gas supplied to the power stations, especially with the onset of summer.
 
The company's general manager, Mohammed Yassin, told Baghdad Today,
 
"Gas has been flared in the Rashidiya field in Baghdad since the 1980s.
 
However, the Central Oil Administration, under the direction of Minister Al-Sawad, worked to maintain the equipment and units used for gas compression.
 
Gas was produced to supply the Taji power station with the best types,
which contributed to the production of 80 megawatts per day." 

He stressed that "these efforts have resulted in gas production and environmental protection from its continued flaring," noting
 
"the company's determination to increase gas production from its fields in the governorates."
 
The Rashidiya field is one of the oldest gas fields in the capital, Baghdad, having been operational since the 1980s.
 
Despite its rich gas resources, this resource has been flared for decades without any real investment, causing significant economic losses and accumulated environmental damage.
 
Given the growing need for electricity, especially during the summer,
the importance of harnessing this wasted gas has become clear, particularly at a time when the national electricity system  faces major challenges related to production and distribution.     https://baghdadtoday.news/273439-.html    

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

Seeds of Wisdom RV and Economic Updates Monday Evening 5-5-25

Good evening Dinar Recaps,

KEY CRYPTO EVENTS YOU CAN’T MISS THIS WEEK: WILL BTC DIP?

This week is packed with key events that could have an impact on the crypto sector. Don’t miss out—here’s what you need to know.

May 7 – Fed Interest Rate Decision, Ether’s Pectra upgrade

All eyes are on the Fed’s interest rate decision, which would affect the market sentiment across the financial and crypto sector.

The Fed is expected to keep the interest rates unchanged at 4.25–4.5%. While inflation could push the Fed to keep rates steady, President Trump’s push for a rate cut could influence the decision.

Trump, in a recent post, pointed to strong jobs data and falling prices as reasons for a rate cut. He also credited his tariff policy for bringing in billions.

All Eyes on Fed Chair’s Comments

However, there’s something more important than the rate decision itself that investors and analysts will be watching closely: What the Fed Chair has to say. Specifically, any comments on U.S. tariff policies are highly expected from Powell.

In its last meeting, it noted steady economic growth, low unemployment, and a strong job market. However, inflation remained high, and uncertainty had also increased. Bitcoin dropped slightly after the last Fed rate update, falling from over $84,000 to around $83,500.

The Fed has five meetings remaining on its 2025 calendar. On the same day, Ethereum’s Pectra upgrade is all set to go live, which will impact Ether’s price. It includes 11 improvements, mainly focused on making wallet use and recovery easier, and raising the maximum stake for one node from 32 ETH to 2048 ETH.

May 8 – US Initial Jobless Claims

The US initial jobless claims will provide fresh insights into the labor and market health. The report shows how the US job market is performing. Fewer jobless claims would mean that the economy is strong, while more claims would indicate the economy is weak.

May 13, 15 – US CPI and PPI Data

The US CPI will come in on May 13, and on May 15, the PPI report is scheduled. Both reports will be closely watched as key inflation signals by both traders and policymakers.

The Consumer Price Index (CPI) dropped by 0.1% in March, while Core CPI, which excludes food and energy, rose just 0.1%. Bitcoin had climbed slightly above $82,000 over the news.

The recent PPI report on April 11, 2025, showed a 0.4% month-over-month decline. Bitcoin rose 4%, reaching $82,500 following the data.

Bitcoin dropped below $94,000 ahead of the Fed decision. It has dropped 3% over the weekend, from $96,926 to $94,162, and could drop to $92K next.

@ Newshounds News™
Source:  Coinpedia

~~~~~~~~~

BRICS ABANDONS US DOLLAR, SETTLES 65% OF TRADE IN LOCAL CURRENCIES

• Russia confirms 65% of BRICS trade is now settled in local currencies, not the US dollar.

• Only one-third of BRICS trade now uses the dollar, signaling a dramatic shift in global finance.

• The bloc is pushing for independent payment systems to insulate from US sanctions.

Russia’s Foreign Minister, Sergey Lavrov, announced that more than 65% of trade settlements among BRICS nations are now conducted in local currencies rather than the US dollar. Only about one-third of all trade payments are still made in dollars — a sharp decline that points to the greenback’s weakening grip on global trade.

“National currencies already account for more than 65% within the framework of trade among BRICS members. The dollar’s share declined to one-third against such background.”
— Sergey Lavrov

BRICS: Trade Shift Toward Local Currencies

The trend reflects growing resistance to US sanctions and tariffs. Member states are choosing local currencies to protect their economies and exert greater sovereignty over financial systems.

Lavrov elaborated during a meeting in Brazil:

“The meeting of BRICS finance ministers and central banks governors was held not long ago, where tasks of forming independent payment systems were reviewed... It was assigned to proactively use national currencies in mutual trade.”

Global Impact and De-Dollarization Momentum

Many non-BRICS countries are closely watching this trend. Nations in Africa, Eastern Europe, and Asia are reportedly evaluating the potential to follow BRICS’ lead in reducing reliance on the US dollar.

If these nations shift away from the dollar for trade settlements, the impact on the US economy could be severe, especially if the US government fails to keep the dollar central to global trade.

@ Newshounds News™
Source:  Watcher Guru

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's News Telegram Room Link

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Thank you Dinar Recaps

Iraq Economic News And Points To Ponder Monday Afternoon 5-5-25

Economist: Jordan Is The Biggest Beneficiary Of Washington's Decisions Against Iraqi Banks.
 
May 4, 15:08  Information/Baghdad..  Economic expert Munir al-Obaidi confirmed on Sunday that the
 
US decision to restrict the operations of a large number of Iraqi banks, on the pretext of dollar smuggling to China and Iran, did not achieve its objectives.
 
Instead, it led to counterproductive results, increasing the volume of remittances to those same countries.

Al-Obaidi said in a tweet followed by Al-Maalouma Agency,
 
"The US authorities had justified their decision by the fact that a
large portion of dollar sales in Iraq go to China,
 
which prompted them to suspend a number of Iraqi banks from foreign transactions,
while maintaining the activity of foreign banks, especially Jordanian ones."  Al-Obaidi pointed out that
 
"official figures reveal a clear contradiction in this argument,
as the volume of imports in the first quarter of 2025 reached approximately $4 billion,
compared to $3.2 billion in the first quarter of 2023, i.e.,
before restrictions were imposed on Iraqi banks."  He continued,
 
"What actually happened was the exclusion of Iraqi banks from external financial activity,
while the door was opened wide to foreign banks, particularly Jordanian ones,
which rushed to expand into the Iraqi market and benefit from the remittance flows."  Al-Obaidi concluded by saying:
 
"It seems that the issue is not related to trade or monetary policy,
 
but rather to international relations
for which the issue of dollar smuggling was used as a cover,
allowing foreign banks to control the Iraqi market,
without changing the beneficiaries or transfer trends."  End/25     
  
https://almaalomah.me/news/97779/economy/اقتصادي:-الأردن-المستفيد-الأكبر-من-قرارات-واشنطن-ضد-البنوك-ا  

Al-Nusairi: Comprehensive banking reform means modernizing and developing banks, ensuring their compliance with international standards, and transitioning to a rapidly growing economy.
 

Uses  Economy News – Baghdad   Economic and banking advisor Samir Al-Nusairi confirmed that the 
banking reform project launched by the Central Bank last month in cooperation with the
 
     government and the
     global consulting firm Oliver Wyman
 
was held at a ceremony attended by the Prime Minister.

Al-Nusairi said in a televised interview followed by "Al-Eqtisad News" that the banking reform project aims primarily, within the specified timeframes, to
 
     modernize and develop the private banking sector,
     comply with international standards, transition to a rapidly growing national economy,
     expand digital transformation,
     enhance financial inclusion,
     stimulate electronic payments,
     strengthen cybersecurity,
     use artificial intelligence to analyze and ensure the transparency of banking data,
     create a financial center, and
     authorize and license digital banks. He added that
 
it achieves 
     stimulating and sustainable returns for investors,
     creates a fair competitive environment in the banking market, and
     restores confidence in the banking sector.

 He explained that the private banking sector achieved good business results in 2024,
despite 50% of our banks being subject to sanctions and restrictions on the use of the US dollar.
 
The ratio of credit granted to deposits reached 67.9%, which means the
banks are moving towards the real work of financing and investing in deposits.
 
The banks’ capital rose to 20 trillion dinars,
     an increase of 8.7% due to the
     implementation of the Central Bank’s instructions to raise capital to 400 billion dinars and
     setting September 30, 2025 as the deadline for increasing the capital of the remaining banks.
 
Al-Nusairi pointed out that the objectives set for banking reform are in line with the main and sub-objectives of the Central Bank's third strategy for the years 2024-2026,
 
which comprises
     7 main objectives,
     24 sub-objectives, and
     75 initiatives to achieve these objectives.
 
The Central Bank's management is working to implement them
     in accordance with approved policies and programs and
     in cooperation with relevant authorities.
 
views 389     Added 05/04/2025 - 10:16 AM  https://economy-news.net/content.php?id=55098  

Economist: Jordan Is The Biggest Beneficiary Of Washington's Decisions Against Iraqi Banks.
 
 May 4, 15:08  Information/Baghdad..Economic expert Munir al-Obaidi confirmed on Sunday that the
 
US decision to restrict the operations of a large number of Iraqi banks,
on the pretext of dollar smuggling to China and Iran,
did not achieve its objectives.
 
Instead, it led to counterproductive results,
increasing the volume of remittances to those same countries.
 
Al-Obaidi said in a tweet followed by Al-Maalouma Agency,
 
"The US authorities had justified their decision by the fact that a
large portion of dollar sales in Iraq go to China,
 
which prompted them to suspend a number of Iraqi banks from foreign transactions,
while maintaining the activity of foreign banks, especially Jordanian ones."  Al-Obaidi pointed out that
 
"official figures reveal a clear contradiction in this argument,
as the volume of imports in the first quarter of 2025 reached approximately $4 billion,
compared to $3.2 billion in the first quarter of 2023, i.e.,
before restrictions were imposed on Iraqi banks."  He continued,
 
"What actually happened was the exclusion of Iraqi banks from external financial activity,
while the door was opened wide to foreign banks, particularly Jordanian ones,
which rushed to expand into the Iraqi market and benefit from the remittance flows."  Al-Obaidi concluded by saying:
 
"It seems that the issue is not related to trade or monetary policy,
 
but rather to international relations
for which the issue of dollar smuggling was used as a cover,
allowing foreign banks to control the Iraqi market,
without changing the beneficiaries or transfer trends."  End/25     
  
https://almaalomah.me/news/97779/economy/اقتصادي:-الأردن-المستفيد-الأكبر-من-قرارات-واشنطن-ضد-البنوك-ا 

Economist: Cash Liquidity Is Available, And The Currency Auction Is Further Strengthening It At Banks.
 
May 4 09:24  Information/Baghdad...Economic researcher Diaa Abdul Karim said on Sunday that
 
Iraqi dinar liquidity is available at banks and the Central Bank,
with the currency auction working to boost domestic demand.  Abdul Karim told Al-Maalouma,
 
"The currency auction sells approximately $300 million daily,
which increases the liquidity in Iraqi dinars.
 
Baghdad receives monthly oil revenues from the Federal Reserve in dollars,
 
but the Federal Reserve sometimes fails to deliver these revenues to Iraq,
which is a clear violation of financial agreements."  He added, "The process of
 
securing liquidity in its entirety
does not occur through rotating between the dollar and the dinar,
 
but rather through printing more denominations of banknotes
by deducting a percentage of the dollar from oil revenues
in exchange for printing Iraqi currency abroad."  He explained that "the
 
impact of oil prices on
     employee salaries and the
     lack of liquidity
will not be evident at the present time, but rather
 
its repercussions will begin to appear in about six months
if oil prices continue to decline in global markets." End 25N    
  
https://almaalomah.me/news/97730/economy/اقتصادي:-السيولة-النقدية-متوفرة-ومزاد-العملة-يزيد-تعزيزها-لد    

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