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

Good Afternoon Dinar Recaps,

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

Good Morning Dinar Recaps,

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

~~~~~~~~~

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“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

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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/

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

Good Afternoon Dinar Recaps,

HOUSE REPUBLICANS RELEASE DISCUSSION DRAFT OF A BILL TO REGULATE THE CRYPTO INDUSTRY AT LARGE

▪️ The discussion draft released on Monday includes language around the U.S. SEC and CFTC’s authority.

▪️ The draft also includes requirements around disclosures and outlines how “digital commodity exchanges” would be registered.

House Republicans have unveiled a discussion draft of a bill aimed at regulating the digital asset industry, building on years of legislative groundwork.

Leading the initiative are top Republicans on the House Financial Services Committee — Reps. French Hill and Bryan Steil — in collaboration with their counterparts on the House Agriculture Committee — Reps. Glenn "GT" Thompson and Dusty Johnson. The draft was officially released on Monday.

“We made historic progress in the 118th Congress to build bipartisan, bicameral consensus in crafting a functional regulatory framework for digital assets,” said Rep. Hill in a statement.

“Our discussion draft builds upon that work and provides much-needed regulatory clarity for the digital asset ecosystem by protecting consumers and safeguarding the long-term integrity of digital asset markets in the United States.”

Blueprint for the 21st Century

As previously reported by The Block, lawmakers planned to release the draft before a key hearing titled:

“American Innovation and the Future of Digital Assets: A Blueprint for the 21st Century.”

This new draft is expected to mirror last year’s Financial Innovation and Technology for the 21st Century Act (FIT21), which successfully passed the House.

What FIT21 Proposed

FIT21 was designed to clarify the regulatory lines between:

• The Securities and Exchange Commission (SEC)

• The Commodity Futures Trading Commission (CFTC)

It would grant more power and funding to the CFTC to oversee:

• Crypto spot markets

• Digital commodities — particularly Bitcoin

The bill would also establish parameters for how and when the SEC exercises jurisdiction over digital assets.

Key Components of the New Discussion Draft

The updated draft released Monday includes:

• Language detailing the authority of the SEC and CFTC

• A “pathway to raise funds under the SEC’s jurisdiction”

• A “clear process to register with the CFTC for digital commodity trading”

• Disclosure requirements for crypto projects

• Registration guidelines for “digital commodity exchanges”

 @ Newshounds News™
Source:  

~~~~~~~~~

ARIZONA SENATOR VOWS TO REINTRODUCE BITCOIN RESERVE BILL DESPITE GOVERNOR’S VETO

▪️ Governor Hobbs' veto did not deter Senator Rogers, who insists future leadership will embrace Bitcoin's potential.

▪️ Senator Wendy Rogers plans to reintroduce the Strategic Bitcoin Reserve (SBR) bill next session.

▪️ The vetoed bill aimed to allocate retirement funds into Bitcoin, drawing strong reactions from both sides.

Arizona State Senator Wendy Rogers has declared her intent to reintroduce her proposed Strategic Bitcoin Reserve (SBR) bill in the upcoming legislative session, despite a recent veto from Governor Katie Hobbs.

This marks a historic first — the first formal rejection of a crypto initiative by a sitting U.S. governor.

 “Politicians don’t understand that Bitcoin doesn’t need Arizona. Arizona needs Bitcoin. I will refile my bill next session.”
— Senator Wendy Rogers

About the SBR Bill (Senate Bill 1025)

The bill, officially called Senate Bill 1025, would have:

• Authorized the Arizona state treasurer to allocate part of the state’s retirement funds to Bitcoin

• Passed both chambers of the Arizona legislature without changes

• Been vetoed by Governor Hobbs, who cited concerns over volatility and long-term risk

Despite the rejection, Senator Rogers remains confident that future administrations may take a more favorable stance.

“If she vetoes it again, I am sure Governor Andy Biggs will be happy to take credit for signing the bill for this already proven (16 years!) innovation that will protect our wealth.”
— Senator Rogers

Current Exposure to Bitcoin

Interestingly, Arizona’s State Retirement System (ASRS) already has indirect exposure to Bitcoin through investments in Strategy, the largest corporate holder of the asset, according to Julian Fahrer, founder of Bitcoin Laws.

What’s Next for Arizona?

Though SB1025 is currently off the table, crypto legislation in Arizona is far from over. Another proposal — Senate Bill 1373 — is still under review.

🟩 Key Differences in SB1373:  Does not involve retirement funds

• Seeks to allow the state to retain and manage cryptocurrencies obtained through seizures or appropriated assets

However, given Governor Hobbs’ resistance to 

SB1025, it’s unclear whether she would support SB1373 — even though some believe its administrative nature may give it a better shot at approval.

@ Newshounds News™
Source:  CryptoSlate

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

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Thank you Dinar Recaps

“Tidbits From TNT” Monday 5-5-2025

TNT:

Tishwash:  Al-Sudani chairs a meeting of the heads of the boards of directors of Iraqi banks.

Prime Minister Mohammed Shia al-Sudani chaired a meeting on Monday with the chairmen of the boards of directors of Iraqi banks.

The Prime Minister's media office stated in a statement received by Al-Maalouma Agency that "Prime Minister Mohammed Shia al-Sudani chaired a meeting with the chairmen of the boards of directors of Iraqi banks."   link

Tishwash:  The Foreign Minister arrives in Riyadh on an official visit.

Deputy Prime Minister and Minister of Foreign Affairs, Mr. Fuad Hussein, arrived in the Saudi capital, Riyadh, on Sunday, May 4, 2025, on an official visit aimed at strengthening bilateral relations and continuing consultation and coordination between the two brotherly countries.

The Minister was received upon arrival by Deputy Foreign Minister Walid bin Abdul Karim Al-Khuraiji and the Ambassador of the Republic of Iraq to the Kingdom of Saudi Arabia, Ms. Safiya Talib Al-Suhail.

Mr. Fuad Hussein is scheduled to meet with his Saudi counterpart, Faisal bin Farhan, to discuss ways to strengthen relations between Iraq and the Kingdom of Saudi Arabia, in addition to discussing regional and international developments, the challenges facing the region, and ways to support joint Arab action.

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

Tishwash:  Iraq is in the crosshairs of international negotiations. Negotiations by major powers shape the contours of crises or opportunities for a breakthrough.

 Baghdad Today - Baghdad

Political and strategic affairs researcher Muhammad Ali al-Hakim explained on Monday (May 5, 2025) that the ongoing negotiations between the United States and Iran cast a heavy shadow over Iraq, given the direct and influential influence the two countries have on the Iraqi scene.

Al-Hakim told Baghdad Today, "US-Iranian relations are among the most complex international relations, and any shift in their course will have a direct impact on Iraq, whether positive or negative, depending on the outcome of these negotiations."

He pointed out that "the success of the negotiations will have several positive effects on Iraq, including easing regional tensions, which will reduce the risk of a new conflict and enhance the chances of peace. The economic situation will also improve if sanctions on Iran are lifted, which will open the way for Iraq to expand its trade and economic cooperation with Tehran."

He added that "achieving consensus between Washington and Tehran could also lead to increased international support for Iraq from both sides, which would contribute to the country's stability and stimulate development and investment, as well as reduce the severity of the internal political divide and improve Iraqi-American relations, thus enhancing Iraq's chances of receiving more financial and political support."

In contrast, Al-Hakim warned of the repercussions of the failure of the talks, stressing that "it could rekindle tensions in the region, placing Iraq at the heart of new crises, with the potential for its economy to decline due to continued sanctions on Iran and the difficulty of engaging economically with it."

He also warned that "the failure of the negotiations could exacerbate political tensions within Iraq and intensify polarization between forces affiliated with the Iranian axis and those loyal to the United States, potentially opening the door to new internal crises."

Al-Hakim concluded his remarks by saying, "Despite three rounds of indirect talks between Tehran and Washington, mediated by Oman, Iraq's fate remains tied to the outcome of these negotiations. Their success serves Iraq's national security interests, while their failure could bring further crises."

The United States and Iran have been locked in a complex political and economic conflict for years, beginning with the Iranian Revolution in 1979 and culminating with Washington's withdrawal from the nuclear agreement in 2018 and imposing severe sanctions on Tehran.

With tensions escalating in the Middle East, Iraq has become an indirect arena for this conflict, given the presence of US forces and Iran's extensive political and economic influence there.

Despite attempts at calming the situation through international mediation, most notably Omani mediation, negotiations remain at a standstill, with Iraq remaining the country most affected by the fluctuations in relations between Tehran and Washington.   link

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

Tishwash:  The Minister of Finance breaks her silence on the withdrawal of tax deposits 

Finance Minister Taif Sami explained, on Sunday (May 4, 2025), the mechanism for withdrawing tax deposits and converting them into final revenues.

Sami said in a statement to the official agency, followed by "Baghdad Today", that "the special account for tax deposits opened at the Central Bank of Iraq in the name of the Ministry of Finance, Accounting Department, which concerns the amounts collected from taxpayers, most of which are considered final revenue for the state treasury (tax revenues) according to the applicable laws," indicating that "these amounts are temporarily deposited in an intermediate account, which is the (tax deposits) account, until the final tax accounting procedures are completed by the taxpayers and the General Tax Authority."
She added, "In light of this, it is determined whether the tax accounting is equal to the amount paid by him as deposits, the deposit amounts are reflected in the final revenue. However, if the tax accounting is greater than the amount paid, the taxpayer pays the difference to the public treasury. However, if the tax accounting is less than the amount paid by the taxpayer, the difference is returned to the taxpayer."

She continued, "All remaining amounts are reflected in this account after completing the tax accounting as a final revenue for the state treasury (tax revenues)," noting that "withdrawing tax deposit amounts is a normal procedure according to Cabinet Resolution No. (294) of 2025, as these amounts are considered final revenue for the state treasury as the final result of tax accounting."

The Cabinet resolution, in its 15th regular session held on 4/15/2025, included approval to authorize the Minister of Finance to withdraw tax deposit amounts that are less than five years old, amounting to (3,045,007,500,252) dinars, to finance and pay the salaries of April and subsequent months deposited in the Ministry of Finance's account at the Central Bank of Iraq (70019), which it will deposit later according to the state's overall need, provided that the cash settlement is made monthly when requested by reversing the deposit amount from the actual revenues collected monthly when conducting the tax accounting.

The Minister of Finance explained that "the procedure is normal to maximize resource revenues and control them of all kinds," indicating that "most taxpayers do not visit the departments to complete their tax accounting dues, with the aim of evading the imposed tax."
She stressed that "the ministry has lists of the names, numbers and amounts of taxpayers and companies that owe money at the General Tax Authority and the Accounting Department, to refer to in the event that taxpayers visit the Authority."

Sami pointed out that “the remaining amounts reflect:
1- Upon receipt of amounts from taxpayers before the final settlement (estimation of the tax amount) from the bank account to the tax deposit account (taxpayer)
2- Upon final settlement with the taxpayer:
A- If the final tax settlement amount is equal to the amount of deposits paid, the entry shall be
as follows:
From the tax deposit account (taxpayer)
to the final revenue account (tax revenue)
B- If the final tax settlement amount is greater than the amount paid as deposits, the taxpayer shall pay the difference as a final revenue to the state treasury according to the following entry:
From the bank account (difference amount) From the taxpayer
to the final revenue account (tax revenue).
She added, "The amounts of tax deposits paid by the taxpayer are reflected as final revenue according to the following entry:
From the account / tax deposits (taxpayer)

To the account / Tax revenues
C - If the final tax settlement is less than the amount paid by the taxpayer, the difference amount shall be returned to the taxpayer and the remaining amount shall be reflected in the final revenue according to the following compound entry:
From the account / Tax deposits (the taxpayer)
To the aforementioned
account / Final revenue (Tax revenues)
account / Bank The difference that shall be returned to the taxpayer)

The Council of Ministers decided in its fifteenth regular session held on 4/15/2025 to approve the following:
1- Authorizing the Minister of Finance to withdraw the amounts of tax deposits that are not more than five years old, amounting to (3,045,007,500,252) dinars, to finance and pay the salaries of the month of April and subsequent months deposited in the Ministry of Finance’s account at the Central Bank of Iraq (70019), which it will deposit later according to the need for the total state, provided that the cash settlement is carried out monthly when requested by reversing the amount of deposits from the actual revenues collected monthly when conducting the tax settlement.
2- The ministries, entities not affiliated with a ministry, governorates and governorate councils shall implement the contents of the Ministry of Finance's circular No. (36) S/357 dated 4/8/2025 (attached), for the purpose of expediting tax accounting and settlement procedures within a maximum of (10) days starting from the date of issuance of this decision.

3- Holding accountable those who fail to implement the provisions of the Income Tax Law (113 of 1982 as amended) and delaying the settlement of financial liabilities resulting from the delay in tax accounting and financing all tax revenue amounts and the amount of tax deposit settlement on a timely basis.
4- The General Tax Authority shall impose the fines stipulated in the provisions of paragraph (4) of Article (56) of the aforementioned Income Tax Law. link

Mot: Julie Andrews Turning 79 - this is hysterical!

To commemorate her birthday , actress/vocalist, Julie Andrews made a special appearance at Manhattan's Radio City Music Hall for the benefit of the AARP. One of the musical numbers she performed was 'My Favorite Things' from the legendary movie 'Sound Of Music'. Here are the lyrics she used:

(Sing It!) - If you sing it, its especially hysterical!!! )

Botox and nose drops and needles for knitting,

Walkers and handrails and new dental fittings,

Bundles of magazines tied up in string,

These are a few of my favorite things.

Cadillacs and cataracts, hearing aids and glasses,

Polident and Fixodent and false teeth in glasses,

Pacemakers, golf carts and porches with swings,

These are a few of my favorite things.

When the pipes leak, When the bones creak,

When the knees go bad,

I simply remember my favorite things,

And then I don't feel so bad.

Hot tea and crumpets and corn pads for bunions,

No spicy hot food or food cooked with onions,

Bathrobes and heating pads and hot meals they bring,

These are a few of my favorite things.

Back pain, confused brains and no need for sinnin',

Thin bones and fractures and hair that is thinnin',

And we won't mention our short shrunken frames,

When we remember our favorite things.

When the joints ache, When the hips break,

When the eyes grow dim,

Then I remember the great life I've had,

And then I don't feel so bad

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

No Indications Of Liquidity Crisis... Rafidain Bank Declares The Country's Financial Situation Sound

Economy | 04:39 - 04/05/2025  Mawazine News - Baghdad - Rafidain Bank denied, on Sunday, rumors of a liquidity crisis or banking panic, stating that the bank's financial position is strong and solid.

The bank's media office said in a statement received by Mawazine News that "the bank has a legal reserve of more than 8 trillion dinars deposited with the Central Bank of Iraq," noting that "liquidity is available, deposits are secure, and there are no emergency withdrawal requests or operational imbalances."

The statement pointed out that "Rafidain Bank is not just a bank, but a sovereign pillar of the state's economy at a time when it is impossible to compare it with banking collapses in other countries," stressing that "it is dangerous to drag banks into political and media controversy." https://www.mawazin.net/Details.aspx?jimare=261132

Al-Nusairi: Comprehensive Banking Reform Means Modernizing And Developing Banks, Ensuring Their Compliance With International Standards, And Transitioning To A Rapidly Growing Economy.

Banks   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.   https://economy-news.net/content.php?id=55098

In Detail, The Minister Of Finance Explains The Mechanism For Converting Tax Deposits Into Revenue.

Sunday, May 4, 2025, 19:14 | EconomicNumber of reads: 157   Baghdad / NINA / Finance Minister Taif Sami clarified, on Sunday, the mechanism for withdrawing tax deposits and converting them into final revenues.

Sami said in a press statement, "The special account for tax deposits opened at the Central Bank of Iraq in the name of the Ministry of Finance, Accounting Department, which pertains to the amounts collected from taxpayers, most of which are considered final revenue for the state treasury (tax revenues) according to the applicable laws,"

indicating that "these amounts are temporarily deposited in an intermediate account, which is the (tax deposits) account, until the final tax accounting procedures are completed by the taxpayers and the General Tax Authority."

She added, "In light of this, it is determined whether the tax accounting is equal to the amount paid by the taxpayer as deposits, the amounts of the deposits are reflected in the final revenue.

However, if the tax accounting is greater than the amount paid, the taxpayer pays the difference to the public treasury. However, if the tax accounting is less than the amount paid by the taxpayer, the difference is returned to the taxpayer."

Sami continued, "All remaining amounts are reflected in this account after completing the tax accounting as a final revenue for the state treasury (tax revenues)," noting that "withdrawing tax deposit amounts is a normal procedure according to Cabinet Resolution No. (294) of 2025, as these amounts are considered final revenue for the state treasury as the final result of tax accounting."

 The Cabinet resolution, in its 15th regular session held on 4/15/2025, included approval to authorize the Minister of Finance to withdraw tax deposit amounts that are less than five years old, amounting to (3,045,007,500,252) dinars, to finance and pay the salaries of April and subsequent months deposited in the Ministry of Finance's account at the Central Bank of Iraq (70019),

which it will deposit later according to the state's overall need, provided that the cash settlement is made monthly when requested by reversing the deposit amount from the actual revenues collected monthly when conducting the tax accounting.

The Minister of Finance explained that "the procedure is normal to maximize resource revenues and control them of all kinds," indicating that "most taxpayers do not visit the departments to complete their tax accounting dues, with the aim of evading the imposed tax."

She stressed that "the ministry has lists of the names, numbers and amounts of taxpayers and companies that owe money at the General Tax Authority and the Accounting Department, to refer to in the event that taxpayers visit the Authority."

Sami pointed out that “the remaining amounts reflect:

1- Upon receipt of amounts from taxpayers before the final settlement (estimation of the tax amount) from the bank account to the tax deposit account (taxpayer)

2- Upon final settlement with the taxpayer:

A- If the final tax settlement amount is equal to the amount of deposits paid, the entry is
as follows:

From the tax deposit account (taxpayer) to the final revenue account (tax revenue)

B- If the final tax settlement amount is greater than the amount paid as deposits, the taxpayer pays the difference as a final return to the state treasury according to the following entry:

From the bank account (difference amount) from the taxpayer to the final revenue account (tax revenue).

She continued, "The amounts of tax deposits paid by the taxpayer are reversed as final revenue according to the following entry:

From the account / tax deposits (taxpayer)  to the account / tax revenues

C - If the final tax settlement is less than the amount paid by the taxpayer, the difference amount is returned to the taxpayer and the remaining amount is reflected in the final revenue according to the following compound entry:

From the account / tax deposits (taxpayer) to the aforementioned
account / final revenue (tax revenues)
account / bank difference that is returned to the taxpayer)

The Council of Ministers decided in its fifteenth regular session held on 4/15/2025 to approve the following:

1- Authorizing the Minister of Finance to withdraw the amounts of tax deposits that have not been in effect for five years, amounting to (3,045,007,500,252) dinars, to finance and pay the salaries of the month of April and subsequent months deposited in the Ministry of Finance’s account at the Central Bank of Iraq (70019), which it will deposit later according to The need for the state's total, provided that the cash settlement is carried out monthly when requested by reversing the amount of deposits from the actual revenues collected monthly when conducting tax accounting.

2- Implementation by ministries, entities not affiliated with a ministry, governorates and governorate councils of the contents of the Ministry of Finance's circular No. (36) S / 357) dated 4/8/2025 (attached), for the purpose of expediting tax accounting and making settlements within a maximum of (10) days starting from the date of issuance of this decision.

3- Holding accountable those who failed to implement the provisions of the Income Tax Law (113 of 1982 as amended) and delaying the settlement of financial liabilities resulting from the delay in conducting tax accounting and financing all amounts of tax revenues and the amount of tax deposit settlement on a timely basis.

4- Imposing the General Tax Authority the fines stipulated in the provisions of paragraph (4) of Article (56) of the aforementioned Income Tax Law. https://ninanews.com/Website/News/Details?key=1224650

Iraq Ranked Fifth Among The Largest Oil Exporters To The United States Last Week.

Sunday, May 4, 2025| EconomicNumber of reads: 280   Baghdad / NINA / The US Energy Information Administration announced, on Sunday, that Iraq ranked fifth among the largest oil exporters to the United States during the past week.

The administration stated in a table that "the average US imports of crude oil during the past week from ten major countries amounted to 5.093 million barrels per day, an increase of 262 thousand barrels per day compared to the previous week, which amounted to 4.831 million barrels per day."

It added that "the average of Iraq's oil exports to America amounted to 141 thousand barrels per day, thus ranking fifth as the largest oil exporter to America during the past week."

The administration indicated that "most of America's oil revenues during the past week came from Canada, followed by Mexico, Nigeria, and then Saudi Arabia."

According to the table, "the amount of US imports of crude oil continued from Colombia, Venezuela, Brazil, Ecuador, and Libya." /End   https://ninanews.com/Website/News/Details?key=1224545

Dollar Prices Stabilize In Baghdad Markets

Stock Exchange  Economy News – Baghdad   The US dollar exchange rate stabilized in Baghdad markets on Sunday morning.

The dollar exchange rate stabilized on the Al-Kifah and Al-Harithiya stock exchanges, recording 144,750 Iraqi dinars per $100, the same rate as on Saturday morning.

Selling prices at exchange offices in Baghdad's local markets remained stable, with the selling price reaching 145,750 Iraqi dinars per $100, and the buying price reaching 143,750 dinars per $100. https://economy-news.net/content.php?id=55100

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