Iraq Economic News And Points To Ponder Late Friday Evening 5-16-25

Within Five Years, Iraq Will Achieve Self-Sufficiency In 20 Agricultural Crops.
 
 May 15, 18:11  Information/Baghdad..  The Parliamentary Agriculture and Water Committee confirmed on Thursday that Iraq has achieved self-sufficiency in 18 to 20 agricultural crops over the past five years, despite environmental and climatic challenges.
 
Committee member MP Thaer al-Jubouri told Al-Maalouma,  "The agricultural sector, despite the difficulties of drought, climate change, and setbacks it has experienced over the past years, has witnessed remarkable activity, represented by reaching the stage of self-sufficiency in approximately 18 to 20 crops, including vegetables and fruits."

He emphasized that "the agricultural sector has succeeded in securing the needs of the Iraqi markets at very reasonable prices."  Al-Jubouri added,
 
"One of the important positives in the agricultural sector is the  transition to modern irrigation technologies and  changing farming patterns,  while striving to cultivate new crops with the aim of achieving diversity and increasing revenues." 

 He pointed out that  "there are serious efforts to open up export opportunities for crops,
especially during peak production, to achieve higher revenue rates, given the growing demand for Iraqi fruits and vegetables in neighboring and other markets." 

 Al-Jubouri pointed out that  "the emergence of modern farms and their use of advanced technologies will enhance economic viability and ensure higher production levels to directly cover markets."

It's worth noting that Iraq possesses millions of acres of fertile land that produces a variety of vegetables and fruits, enhancing its ability to directly establish the concept of food security.  End 25F.     
  
https://almaalomah.me/news/98817/economy/خلال-5-سنوات-العراق-يحقق-الاكتفاء-الذاتي-من-20-محصولا-زراعيا 

Expert: Central Bank Reserves Declined By More Than 12% In Three Years

economy | 11:23 - 05/16/2025   Mawazine News - Baghdad -  Economic affairs expert, Manar Al-Obaidi, confirmed today, Friday, that the Central Bank of Iraq's reserves witnessed a significant decline of more than 12% from the end of 2022 until March 2025.

Al-Obaidi said, in a statement received by Mawazine News, that "reserves declined by more than 20 trillion Iraqi dinars in a period of only 15 months, at a rate of 1.3 trillion dinars per month, equivalent to one billion dollars."

He added, "This decline cannot be read in isolation from the continuous rise in the import bill, which has begun to drain the state's hard currency resources on a daily basis."

Al-Obaidi pointed out that "this decline is due to Iraq's almost total dependence on foreign exchange to meet its consumer and production needs, in light of the absence of efficient local alternatives, the weakness of the industrial and agricultural sectors, and the continued operation of the currency window mechanism in its current form."  https://www.mawazin.net/Details.aspx?jimare=261491

The Baghdad Summit And Support For Transportation And Logistics Projects Are A Strategic Pillar For Diversifying The National Economy

Dr. Haitham Hamid Mutlaq Al-Mansour  Economy News – Baghdad  The Baghdad Summit, which began on Tuesday, May 13, has been hosting a ministerial-level meeting of the Economic and Social Council, which included important meetings on enhancing regional cooperation on transportation and logistics projects between the region's countries.

These topics played a significant role in these meetings, given their importance in stimulating economic growth and connecting regional markets. How can the summit support these projects? What are the expected prospects for this sector?

The government's interest in transportation and logistics projects was a national and regional economic priority at the Baghdad 2025 Summit, through planning major strategic projects aimed at transforming Iraq into a regional transportation and trade hub, by linking southern Iraq to the Turkish border in the north, and Jordan and the Mediterranean Sea in the west, thus enhancing Iraq's role as a major economic hub in the region.

Therefore, we find that the government is working to strengthen Iraq's economic position by developing trade relations with Arab countries, re-evaluating previous agreements, and implementing strategic projects aimed at diversifying the economy and reducing dependence on oil. This is due to the advantages and gains it offers in the following areas:

Iraq's strategic location: Iraq serves as a land bridge connecting the Arabian Gulf to Turkey and Europe, and Asia to the Arab world, making it a key logistics hub.

The goal is to promote intra-regional trade and facilitate the movement of goods between participating countries (Jordan, Saudi Arabia, Iran, Turkey, and others), reducing costs and increasing the speed and volume of trade.

Diversifying the Iraqi economy: As an alternative to its total dependence on oil, Iraq could become a regional logistics hub, providing job opportunities and supporting other sectors such as industry and warehousing.

The most prominent proposed transport and logistics projects:

A. Land and railway connectivity projects

- The Iraqi Development Corridor: Linking the Grand Faw Port in southern Iraq to Turkey via a railway and highway network, facilitating the transport of goods between the Gulf and Europe.

- The Iraqi-Jordanian railway line: to enhance trade exchange with Jordan and its outlet to the Mediterranean.

- A project to link Gulf ports to Turkey via Iraq: In cooperation with countries such as Kuwait and Saudi Arabia, this project aims to create an alternative trade route to congested sea lanes.

b. Development of ports and airports

- Al Faw Grand Port: One of the largest logistics projects in the region, it could become a competitor to Dubai Ports and Jebel Ali Ports if completed.

- Modernizing Baghdad, Najaf, and Basra airports to increase their capacity to handle air cargo and enhance transit, as well as establishing new airports.

C. Free logistics zones

Establishing warehousing and logistics distribution areas in cities such as Basra and Najaf to facilitate re-exports and reduce shipping costs.

But the important question remains: How can the summit support these projects? Support is provided through:

Concluding land and air transport agreements between Iraq and neighboring countries to facilitate the movement of goods and trucks.

Attracting investments from the Gulf states, Turkey, and China to finance infrastructure.

Establish a regional logistics authority to coordinate transport policies and unify customs standards.

Involving the private sector in the management and operation of logistics projects to ensure efficiency.

Among the most important challenges and obstacles that may face the process of supporting these projects, which are expected to reveal Iraq’s capabilities in developing this category of strategic projects, are:

The weakness of Iraq's current road and railway infrastructure.

Bureaucracy and corruption hinder the implementation of major projects.

Therefore, the multiplicity of economic impact expected from these investments is of great importance on the level of the Iraqi and regional economy, which appears to us as follows:

A. At the level of the Iraqi economy:

Boosting GDP: The International Monetary Fund estimates that investing $10 billion in infrastructure could boost Iraq's economic growth by 2.5% annually.

Job Creation: Transport and logistics projects could create 500,000 direct and indirect job opportunities by 2030.

Diversifying revenues: Currently, 90% of Iraq's revenues come from oil, but the transportation sector could add $5-7 billion annually by 2030.

Reducing the trade deficit: Transportation costs for the trade sector are expected to decline with improved infrastructure, which will provide an incentive to develop export industries that will reduce the $30 billion annual trade deficit between Iraq and its neighbors (Turkey, Iran, and Jordan).

B. At the level of regional trade and international investment:

Reducing shipping costs: The Gulf-Türkiye route via Iraq may reduce shipping time from 20 days (by sea around the Arabs) to 48 hours (by land).

Positive impact on foreign investment flows. With improved infrastructure, the region could attract investments from Turkey, other Arab countries, China (under the Belt and Road Initiative), the Gulf (particularly in energy and logistics), and European companies seeking new markets.

Therefore, the Baghdad Development Summit represents a very opportune opportunity to stimulate the growth and diversification of the national economy, as well as to revitalize Iraq's strategic role in regional cooperation in the field of transportation and logistics.

Iraq is on the cusp of a major economic transformation, transforming it into a trade hub between Asia and Europe and supporting its economy with non-oil revenues.

This requires effective policies to prepare and rehabilitate relevant sectors and establish strategic partnerships with neighboring countries and international investors. https://economy-news.net/content.php?id=55515

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

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Seeds of Wisdom RV and Economic Updates Friday Afternoon 5-16-25

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🏛️ US SENATE WILL PASS STABLECOIN BILL — DIGITAL CHAMBER CHIEF

The GENIUS Act's failure to move to a full vote is “a bump in the road,” and it will pass “in the next few weeks,” says Cody Carbone, CEO of the Washington, DC-based advocacy group Digital Chamber.

The stalling of key stablecoin legislation in the United States Senate was only a minor setback, and the bill is expected to pass soon, according to Cody Carbone, CEO of the Digital Chamber, a blockchain trade association and advocacy group based in Washington, DC.

Speaking to Cointelegraph at Consensus 2025, Carbone said it is in the best interest of the U.S. to enact comprehensive stablecoin regulations in order to protect U.S. dollar hegemony in global markets — a move that enjoys bipartisan appeal and support. Carbone stated:

“These things never move as quickly as we want them to move, but it's stablecoin legislation. This Congress has already moved more expeditiously than we ever could have imagined. So, yes, it's a bump in the road, but I think very, very shortly, we will have another vote.”

The Guiding and Establishing National Innovation in U.S. Stablecoins of 2025, or GENIUS Act, is seen as critical legislation for the U.S. crypto space. Many warn that failing to pass meaningful regulatory reform before the 2026 midterm elections could trigger a reversal in the current positive sentiment and cause a downturn in crypto markets.

“Negotiations have continued, and so I am still very optimistic,” Carbone added. “This bill is going to pass the Senate in the next few weeks.”

⚖️ Partisan Politics and Trump’s Involvement Blamed for Setback

The act failed a procedural vote in the Senate on May 8 after several Democratic lawmakers withdrew support, citing ethical concerns over President Donald Trump’s involvement in crypto. His ties to crypto — including memecoins, DeFi, and NFTs — were labeled as a key reason for the sudden reversal of Democratic support.

Coinbase Chief Legal Officer Paul Grewal also weighed in, saying Trump’s crypto presence complicates the regulatory process, as lawmakers remain cautious of conflicts of interest or undue influence.

In response, Republican Senator Tim Scott criticized Democratic opposition as a politically motivated move, aimed at blocking the former president from advancing digital asset initiatives under his administration.

Despite the controversy, the latest version of the bill removes any references to the Trump family, a change that could pave the way for Senate approval by the end of May, according to several industry insiders.

@ Newshounds News™
🔗  Source:  Cointelegraph

~~~~~~~~~

STABLECOINS GO MAINSTREAM: 9 IN 10 FINANCIAL INSTITUTIONS NOW IMPLEMENTING, EXECS SAY

Stablecoins have moved from experimental assets to key infrastructure in global finance, according to Fireblocks’ newly released 2025 State of Stablecoins report.

Fireblocks’ Survey: 90% of Firms Have Stablecoin Initiatives Underway

Based on a survey of 295 financial executives, the report reveals that 90% of firms are now actively implementing stablecoins, with nearly half of all 2024 transactions on Fireblocks’ platform involving stablecoin use.

Banks and payment providers are now processing over 35 million stablecoin transactions per month, a clear sign of their growing adoption.

The dominant use case? Cross-border B2B payments, especially in emerging markets where traditional rails fail due to delays and high costs.

Speed and Liquidity Are Driving Adoption
Speed has overtaken cost savings as the top benefit, with 48% citing faster settlement as the primary motivator. But more than just efficiency, revenue growth is the goal: institutions want to regain lost market share and open new financial corridors.

Meanwhile, regulatory concerns have dropped dramatically — just 20% of firms now view compliance as a barrier, down from 80% in 2023. This shift is driven by clearer global regulations and better AML tools.

Regional Trends Show Varied Priorities

• Latin America: Leading with 71% of firms using stablecoins for cross-border transactions.

• Asia: Focused on market expansion.

• North America: Lags behind with 39% adoption, but 88% of firms support upcoming regulations.

• Europe: Emphasizing security, with 37% seeking safer infrastructure despite its regulatory head start under MiCA.

Infrastructure Is Ready, But Security Still a Concern
While 86% report being technically ready, Fireblocks stresses the need for enterprise-grade scalability.
Security remains a sticking point — 36% demand stronger protections to support future growth.

Case in point: Fireblocks highlighted its partnership with Zeebu, which used stablecoins to process $5.7 billion in telecom settlements — demonstrating both scalability and real-world impact.

Conclusion: Stablecoins Are No Longer Optional
The message is clear: Stablecoins have become a strategic imperative.
From instant settlements to programmable finance, the pressure to adapt is rising. Institutions building secure and compliant infrastructure today will lead the digital finance landscape of tomorrow.

@ Newshounds News™
📎 Source:  Bitcoin News

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US Federal Judge Rejects SEC and Ripple's Request for Indicative Ruling, Further Delaying Resolution

• U.S. District Court Judge Analisa Torres denied Ripple and the SEC’s joint motion for an indicative ruling on their agreement to settle the years-long legal dispute.
• Judge Torres said the request was “procedurally improper,” and the parties failed to address what was necessary to lift the original injunction against Ripple.
• Ripple CLO Stuart Alderoty said the company will revisit the case in court with the SEC.

The Southern District of New York Court dismissed the joint request from the Securities and Exchange Commission and Ripple Labs for an indicative ruling on a potential resolution in the years-long dispute between the entities.

The decision comes a week after the SEC and Ripple submitted the request after entering into a settlement agreement, where they sought an indicative ruling to lift the August 2024 injunction against Ripple and reduce the imposed penalties from $125 million to $50 million.

An indicative ruling is a statement from a district court about how it would rule on a motion if it still had jurisdiction over a case. 

According to Rule 62.1, a district court does not have real authority to grant or reject a request. As the SEC and Ripple each filed appeals to a final judgment in August 2024, their cross-appeals are still pending in a higher court, the Second Circuit.

"Accordingly, if jurisdiction were restored to this court, the court would deny the parties' motion as procedurally improper," District Judge Analisa Torres said in the Thursday order.

The judge said the parties failed to address the "heavy burden" they must overcome to vacate the injunction, adding that relief from judgment under Rule of Civil Procedure 60 should be made in "exceptional circumstances."

What’s next

The SEC and Ripple previously said that if Judge Torres made an indicative ruling to lift the injunction against Ripple, they would jointly request a limited remand from the Second Circuit. This remand would have returned the case to the district court to formally implement their mutual agreement and dismiss their cross-appeals.

Ripple's Chief Legal Officer Stuart Alderoty said on X that the company and the SEC will revisit this case in the court.
"Nothing in today's order changes Ripple's wins," Alderoty wrote.

"The meaning here is that the parties didn't request relief under the right rule of civil procedure," crypto attorney Fred Rispoli commented on X. "So they will refile it under the correct rule but, me reading between the lines, is that Ripple and the SEC need to get on all fours and beg for relief."

The SEC-Ripple case is one of the most prominent lawsuits in crypto history. It started in late 2020 when the regulatory agency sued Ripple over its sale of XRP tokens, which the regulator viewed as a violation of federal securities laws. The case attracted significant attention, centering on whether XRP, and cryptocurrencies in general, should be considered financial securities.

The dispute took a significant turn when new leadership took over the SEC under pro-crypto President Donald Trump and adopted a friendlier stance toward crypto regulation. The agency has dropped its enforcement actions against several major crypto players this year, including Coinbase and Kraken.

The price of XRP fell 6% in the past 24 hours to trade at $2.38 as of 10:10 p.m. on Thursday ET, according to The Block's XRP price page.

@ Newshounds News™
Source: The Block

~~~~~~~~~

South American Nation Could Join BRICS During 2025 Summit

• The 17th BRICS summit will take place on July 7–8, 2025, in Rio De Janeiro, Brazil.
• Colombia may become the first South American country to join the BRICS alliance.
• Brazil’s President Lula da Silva has officially proposed Colombia’s membership.
• Colombia is also seeking entry into the BRICS New Development Bank (NDB).

A leading South American country could join the BRICS alliance during the 2025 summit in July. The 17th summit is scheduled to take place in Brazil’s Rio De Janeiro on July 7 and 8, during which the 10-member bloc will meet to discuss trade policies, currency options, and new memberships. The alliance’s decisions are consensus-based, as all nations have to agree to move forward on a policy.

No South American country has been part of the BRICS alliance, and things could change after the 2025 summit. Even the 13 ‘partner countries’ are not from South America, while Cuba, the closest, is in the Caribbean. This year’s summit could see major changes in how the bloc operates and advance the de-dollarization agenda on the global stage.

BRICS: South American Nation Colombia Wants to Join BRICS After 2025 Summit

Brazil, which chairs the upcoming summit, has proposed that the South American nation of Colombia join BRICS in 2025.
"Our President Lula da Silva suggested Colombia as a new full-fledged member of BRICS. This issue was discussed by the group’s members," said Brazilian Ambassador to Russia Rodrigo de Lima Baena Soares.

He also explained that Trump’s trade wars and tariffs led to the South American country Colombia considering BRICS in 2025. “What President Trump did was throw us into an abyss of opportunity,” he said. The decision to allow Colombia into the bloc will be consensus-based at the 17th summit in July.

The South American nation Colombia has also requested to join the BRICS bank ‘New Development Bank’ after the 2025 summit. Entry into NDB will allow Colombia to see new loans outside the Western-dominated International Monetary Fund (IMF).

"We would need to talk about new loans, talks about the purchase of debt. And it’s there that great possibilities emerge with a bank like the BRICS’ new bank, on top of loans we could obtain for the issue of education or infrastructure," said Congressman Alejandro Toro.

@ Newshounds News™
Source: Watcher.Guru

~~~~~~~~~

Isaac Update 

May 15, 2025

Isaac posted in his Telegram Room Link

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“Tidbits From TNT” Friday Morning 5-16-2025

TNT:

Tishwash:  Ashur Bank joins Iraq Britain Business Council

Ashur International Bank has joined the Iraq Britain Business Council (IBBC).

According to a statement from the IBBC, the move follows a long relationship between the Council and the bank's CEO, Mohammed Al-Delaimy.

It says the bank, established in 2005 is one of the leading private banks in Iraq, offering comprehensive banking services to individuals and businesses, with a strong focus on digital innovation, financial inclusion, and developing financial products tailored to the evolving needs of the Iraqi market.  link

Tishwash:  Arab Summit: Iraq Returns to Leadership Role, Baghdad Transforms into Influential Regional Player

Political researcher Abbas Ghadir said on Thursday (May 15, 2025) that holding the Arab League meeting in Baghdad will make Iraq an influential regional player.

Ghadir told Baghdad Today, "The Baghdad summit will make Iraq an influential regional player, especially since the summit will issue important decisions regarding the political and security changes and challenges facing the region at various levels. This summit will make Baghdad a major player in confronting crises and challenges and an effective player in finding diplomatic solutions."

He added, "Holding the Baghdad summit with a large Arab presence confirms that Iraq has been able to regain its leadership and pivotal role in the region, especially after the government worked to distance Iraq from the cycle of war, adopted a policy of balance, and refused to be part of any regional or international axes throughout previous dangerous crises."

Today, Wednesday (May 14, 2025), Foreign Minister Fuad Hussein announced the details of the Arab Summit to be held in Baghdad next Saturday.

At a press conference on the Arab Summit in Baghdad, attended by a Baghdad Today correspondent, Hussein said, "The preparatory committee for the Arab Summit in Baghdad has accomplished significant work," noting that "the participation of leaders and officials in these exceptional circumstances confirms their desire to unify the Arab position."

He added, "Twenty Arab organizations are participating in this summit, in addition to international organizations, including the Secretary-General of the United Nations, the Secretary-General of the Organization of Islamic Cooperation, and the guest of honor, the Prime Minister of Spain."

Hussein continued, "Iraq granted 1,000 entry visas to summit attendees, and there are approximately 300 journalists from Iraqi institutions and 200 from the international press," noting that "16 meetings of the Arab Summit's Supreme Administrative Committee were held in Baghdad."

He stressed that "Iraq is proud to have hosted three summits: the Arab League Council, the fifth session of the Development Summit, and the leaders' summit between Iraq, Egypt, and Jordan," emphasizing that "Iraq is now the chair of the 77th Summit and China."

He explained that "the Arab League Council meeting at the ministerial level will submit its decisions to the summit," explaining that "on the day of the summit, there will be two morning sessions, one at the summit level and the other the fifth development summit. The two summits will issue the Baghdad Declaration, including an immediate halt to the events in Gaza."

Hussein pointed out that "the sister Arab countries presented their visions on the items up for discussion during the summit," adding that "it is hoped that political initiatives will be put forward to establish an Arab center for combating terrorism, organized crime, drugs, and reconstruction."

Regarding Trump's decision, Hussein said, "The announcement of lifting sanctions on the Syrian people is an important step, and what is happening in Riyadh and what will happen in Baghdad is an integrative phase." He emphasized that "there will be decisions regarding the Syrian situation and the situation of Arab countries in general."

Regarding the PKK's decision, Hussein explained, "We are pleased with the PKK's decision to lay down its arms," ​​indicating that "there will be cooperation between Baghdad and Ankara to address the PKK's decision  link

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

Tishwash:  Iraq: Concluding Statement of the 2025 IMF Article IV Mission

A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF's Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.

The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.

An International Monetary Fund (IMF) mission, led by Mr. Jean-Guillaume Poulain, met with the Iraqi authorities in Amman and Baghdad during May 4–13 to conduct the 2025 Article IV consultation. The following statement was issued at the end of the mission:

A highly uncertain global environment, falling oil prices, and acute financing pressures, are taking a toll on economic activity and exacerbating Iraq’s existing vulnerabilities, calling for urgent measures to preserve fiscal and external stability. These include containing the fiscal deficit by mobilizing non-oil tax revenues and reining in the public wage bill, completing the restructuring of state-owned banks, and promoting private sector growth, by reforming the labor market, improving the business environment, enhancing governance and fighting corruption. Building on recent progress, the Central Bank of Iraq (CBI) should continue modernizing the banking system and supporting private banks in expanding their corresponding banking relationships.

Recent Economic Developments, Outlook and Risks

The non-oil sector grew at a slower pace last year and inflation remained subdued. Following a very strong growth of 13.8 percent in 2023, Iraq's non-oil GDP is expected to have considerably moderated to 2.5 percent in 2024, driven by a slowdown in public investment and in the services sector, as well as a weaker trade balance. The agriculture, manufacturing, and construction sectors remained resilient, benefiting from post-drought recovery, expanded refining capacity, and strong growth in credit to households. The decline in oil production weighed on overall growth, which contracted by 2.3 percent for the year. Inflation dropped to 2.7 percent by end-2024, amid lower food price inflation and liquidity absorption from the CBI.

The fiscal position has deteriorated, along with external balances. The 2024 fiscal deficit is estimated at 4.2 percent of GDP, compared to 1.1 percent in 2023, reflecting rising spending on wages and salaries and energy purchases. Financing constraints have led to reemergence of arrears notably in energy and capital expenditure. On the external front, the current account surplus narrowed sharply from 7.5 percent to 2 percent of GDP, due to a surge in goods imports. Nonetheless, external buffers remain strong, with reserves at US$100.3 billion at end-2024—covering over 12 months of imports.

Non-oil growth is projected to remain subdued in 2025 amid a challenging global environment and financing constraints. Non-oil GDP is projected to slow down to 1 percent this year as the impact of falling oil prices and financing constraints weigh on government spending and consumer sentiment. The current account is expected to weaken considerably in 2025 primarily due to declining oil export revenues. The deterioration in the external position is projected to weigh on foreign reserves.

Policy Priorities

Iraq’s vulnerabilities have increased in recent years due to a large fiscal expansion. Beside weighing on prospects of private sector-led growth, current public employment policies and resulting wage costs are unsustainable given Iraq’s low non-oil tax base. Accordingly, dependence on oil revenues has worsened, and the oil price required to balance the budget increased to around $84 in 2024, up from $54 in 2020.

These challenges have been exacerbated by the sharp decline in oil prices in 2025, requiring an urgent policy response. In the very short-term, the authorities should review current and capital spending plans for 2025 and limit or postpone all non-essential expenditure. At the same time, there may be scope to increase non-oil revenues by revising customs duties as well as introducing or raising excise taxes. The authorities should also explore options to diversify the creditors base for increasing financing availability. Monetary financing of the deficit should be avoided as it could fuel inflation, drain FX reserves, and weaken the CBI’s balance sheet.

More broadly, a sizable fiscal consolidation is needed to mitigate macro-fiscal risks, ensure debt sustainability, and rebuild fiscal buffers. On the revenue side, besides customs duties and excise taxes, there is scope to gradually reform personal income tax by limiting exemptions and increasing rates. Strengthening tax administration—through digitalization, improved enforcement, and better collection—is essential. A more effective tax administration should allow for eventually introducing a general sales tax. On the spending side, curbing current expenditures, particularly via comprehensive wage bill reforms, limiting mandatory hiring, and adopting attrition rule, would yield significant savings. Recent efforts to better target the public distribution system are welcome, but there is scope to further improve targeting and eventually shift to cash-based social safety nets. Finally, it is urgent to reform the public pension system through raising the retirement age and reducing both the accrual and replacement rates is needed to enhance its sustainability.

Implementing these reforms would also create fiscal space to increase capital spending. Expanding non-oil investment, especially in trade and transportation infrastructure should help economic diversification. Substantial investments are also required to modernize the electricity sector and develop natural gas resources, both of which are essential for improving energy security and reducing dependence on gas imports. Improved procurement, public financial management, and corruption control would enhance the effectiveness of any additional public investment.

Further efforts are needed to mop up excess liquidity in order to improve monetary policy transmission. While the CBI has made progress in absorbing excess liquidity, additional adjustments could enhance the effectiveness of the framework. Key measures include increasing the issuance of CB-bills, focusing on the short maturity (14-day) at the policy rate, revising size limits on individual banks’ bids, and improving liquidity forecasting tools and practices. To safeguard its balance sheet and preserve credibility, the CBI should continue to avoid financing the government deficit.

The mission commended the CBI for the successful transition to the new trade finance system. Trade finance is now fully processed by commercial banks through their correspondent banking relationships. This has also supported the recent decline in the spread between the official and parallel market exchange rates. Nonetheless, further efforts are needed to further reduce the spread, including by imposing Iraqi dinar usage for car and real estate transactions, improving customs controls to curb smuggling, and simplifying FX access.

While initial steps to reform state-owned banks are encouraging, broader efforts are needed to strengthen the financial sector. The restructuring plan for state-owned banks should be finalized without delay, encompassing treatment of non-performing loans, and recapitalization needs. In parallel, the mission welcomed progress in digitalization and the authorities’ intention to undertake a comprehensive banking sector overhaul. Reforms should include enhancing corporate governance, digital infrastructure, and cybersecurity, while promoting a stronger role for private banks. Efforts to enhance AML/CFT measures by tackling the deficiencies identified in the MENAFATF Mutual Evaluation report should continue.

Chronic power shortages, electricity losses and excessive tariff subsidization continue to weigh on the economy. Addressing inefficiencies in the electricity sector is important for fiscal sustainability and improving productivity. In 2024, distribution losses reached 55 percent, driven by theft and illegal connections, leading to significant financial losses. The authorities are deploying smart meters and have introduced other measures to enhance billing and collection. However, progress should be accelerated. Once collection substantially improves, achieving cost recovery will also require electricity tariff increases, with carefully calibrated subsidies targeted to low-income users. Recent disruptions in electricity imports from Iran further underscore the need for diversified supply and the development of gas projects.

Combating corruption and governance weaknesses is imperative to support economic development. Steps taken in the implementation and upgrade of the national anticorruption strategy and the improvements in corruption perception indices are positive developments. However, corruption remains a significant hurdle for growth. Strengthening accountability frameworks for the operation of state-owned and private enterprises in the oil, electricity and construction sectors is critical, and thorough compliance with Extractives Industries Transparency Initiative standards and the enactment of the law on Transparency and Access to Information should be prioritized. Additionally, aligning anticorruption legal frameworks with international covenants and best practice, and strengthening the independence of the judiciary are essential for effective enforcement and for the protection of economic rights.

A comprehensive structural reform agenda is essential to unlock growth potential. The mission estimates that a comprehensive set of reforms covering the labor market, business regulation, the financial sector and governance could double non-oil potential GDP growth over the medium term. On labor market, priorities include increasing labor force participation, particularly among women, by improving female education and further reducing barriers to their work and mobility, and reforming public sector hiring, which distort labor markets and reduce productivity. Efforts to better align skills with labor market needs should intensify. More generally, simplifying regulations and reducing bureaucratic impediments in e.g. business registration or tax administration should increase participation in the formal economy and help private sector development.

The mission would like to thank the Iraqi authorities and various stakeholders for their excellent hospitality and cooperation and candid discussions during the mission.  link

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MilitiaMan & Crew: Iraqi Dinar News Update-Rare Earths-IMF-NewTrade Financial System-$Trillions-Exchange Rate Oriented

MilitiaMan & Crew:  Iraqi Dinar News Update-Rare Earths-IMF-NewTrade Financial System-$Trillions-Exchange Rate Oriented

5-15-2025

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

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

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Iraq Economic News And Points To Ponder Thursday Evening 5-15-25

Iraq: Concluding Statement Of The 2025 IMF Article IV Mission

May 15, 2025   A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF's Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.

The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.

An International Monetary Fund (IMF) mission, led by Mr. Jean-Guillaume Poulain, met with the Iraqi authorities in Amman and Baghdad during May 4–13 to conduct the 2025 Article IV consultation. The following statement was issued at the end of the mission:

A highly uncertain global environment, falling oil prices, and acute financing pressures, are taking a toll on economic activity and exacerbating Iraq’s existing vulnerabilities, calling for urgent measures to preserve fiscal and external stability.

These include containing the fiscal deficit by mobilizing non-oil tax revenues and reining in the public wage bill, completing the restructuring of state-owned banks, and promoting private sector growth, by reforming the labor market, improving the business environment, enhancing governance and fighting corruption.

Building on recent progress, the Central Bank of Iraq (CBI) should continue modernizing the banking system and supporting private banks in expanding their corresponding banking relationships.

Recent Economic Developments, Outlook and Risks

The non-oil sector grew at a slower pace last year and inflation remained subdued. Following a very strong growth of 13.8 percent in 2023, Iraq's non-oil GDP is expected to have considerably moderated to 2.5 percent in 2024, driven by a slowdown in public investment and in the services sector, as well as a weaker trade balance.

The agriculture, manufacturing, and construction sectors remained resilient, benefiting from post-drought recovery, expanded refining capacity, and strong growth in credit to households.

The decline in oil production weighed on overall growth, which contracted by 2.3 percent for the year. Inflation dropped to 2.7 percent by end-2024, amid lower food price inflation and liquidity absorption from the CBI.

The fiscal position has deteriorated, along with external balances. The 2024 fiscal deficit is estimated at 4.2 percent of GDP, compared to 1.1 percent in 2023, reflecting rising spending on wages and salaries and energy purchases. Financing constraints have led to reemergence of arrears notably in energy and capital expenditure.

On the external front, the current account surplus narrowed sharply from 7.5 percent to 2 percent of GDP, due to a surge in goods imports. Nonetheless, external buffers remain strong, with reserves at US$100.3 billion at end-2024—covering over 12 months of imports.

Non-oil growth is projected to remain subdued in 2025 amid a challenging global environment and financing constraints. Non-oil GDP is projected to slow down to 1 percent this year as the impact of falling oil prices and financing constraints weigh on government spending and consumer sentiment.

 The current account is expected to weaken considerably in 2025 primarily due to declining oil export revenues. The deterioration in the external position is projected to weigh on foreign reserves.

Policy Priorities

Iraq’s vulnerabilities have increased in recent years due to a large fiscal expansion. Beside weighing on prospects of private sector-led growth, current public employment policies and resulting wage costs are unsustainable given Iraq’s low non-oil tax base. Accordingly, dependence on oil revenues has worsened, and the oil price required to balance the budget increased to around $84 in 2024, up from $54 in 2020.

These challenges have been exacerbated by the sharp decline in oil prices in 2025, requiring an urgent policy response. In the very short-term, the authorities should review current and capital spending plans for 2025 and limit or postpone all non-essential expenditure.

At the same time, there may be scope to increase non-oil revenues by revising customs duties as well as introducing or raising excise taxes.

The authorities should also explore options to diversify the creditors base for increasing financing availability. Monetary financing of the deficit should be avoided as it could fuel inflation, drain FX reserves, and weaken the CBI’s balance sheet.

More broadly, a sizable fiscal consolidation is needed to mitigate macro-fiscal risks, ensure debt sustainability, and rebuild fiscal buffers. On the revenue side, besides customs duties and excise taxes, there is scope to gradually reform personal income tax by limiting exemptions and increasing rates.

Strengthening tax administration—through digitalization, improved enforcement, and better collection—is essential. A more effective tax administration should allow for eventually introducing a general sales tax.

On the spending side, curbing current expenditures, particularly via comprehensive wage bill reforms, limiting mandatory hiring, and adopting attrition rule, would yield significant savings. Recent efforts to better target the public distribution system are welcome, but there is scope to further improve targeting and eventually shift to cash-based social safety nets.

Finally, it is urgent to reform the public pension system through raising the retirement age and reducing both the accrual and replacement rates is needed to enhance its sustainability.

Implementing these reforms would also create fiscal space to increase capital spending. Expanding non-oil investment, especially in trade and transportation infrastructure should help economic diversification.

Substantial investments are also required to modernize the electricity sector and develop natural gas resources, both of which are essential for improving energy security and reducing dependence on gas imports. Improved procurement, public financial management, and corruption control would enhance the effectiveness of any additional public investment.

Further efforts are needed to mop up excess liquidity in order to improve monetary policy transmission. While the CBI has made progress in absorbing excess liquidity, additional adjustments could enhance the effectiveness of the framework.

Key measures include increasing the issuance of CB-bills, focusing on the short maturity (14-day) at the policy rate, revising size limits on individual banks’ bids, and improving liquidity forecasting tools and practices. To safeguard its balance sheet and preserve credibility, the CBI should continue to avoid financing the government deficit.

The mission commended the CBI for the successful transition to the new trade finance system. Trade finance is now fully processed by commercial banks through their correspondent banking relationships. This has also supported the recent decline in the spread between the official and parallel market exchange rates.

Nonetheless, further efforts are needed to further reduce the spread, including by imposing Iraqi dinar usage for car and real estate transactions, improving customs controls to curb smuggling, and simplifying FX access.

While initial steps to reform state-owned banks are encouraging, broader efforts are needed to strengthen the financial sector. The restructuring plan for state-owned banks should be finalized without delay, encompassing treatment of non-performing loans, and recapitalization needs.

In parallel, the mission welcomed progress in digitalization and the authorities’ intention to undertake a comprehensive banking sector overhaul. Reforms should include enhancing corporate governance, digital infrastructure, and cybersecurity, while promoting a stronger role for private banks.

 Efforts to enhance AML/CFT measures by tackling the deficiencies identified in the MENAFATF Mutual Evaluation report should continue.

Chronic power shortages, electricity losses and excessive tariff subsidization continue to weigh on the economy. Addressing inefficiencies in the electricity sector is important for fiscal sustainability and improving productivity. In 2024, distribution losses reached 55 percent, driven by theft and illegal connections, leading to significant financial losses.

The authorities are deploying smart meters and have introduced other measures to enhance billing and collection. However, progress should be accelerated. Once collection substantially improves, achieving cost recovery will also require electricity tariff increases, with carefully calibrated subsidies targeted to low-income users.

Recent disruptions in electricity imports from Iran further underscore the need for diversified supply and the development of gas projects.

Combating corruption and governance weaknesses is imperative to support economic development. Steps taken in the implementation and upgrade of the national anticorruption strategy and the improvements in corruption perception indices are positive developments. However, corruption remains a significant hurdle for growth.

Strengthening accountability frameworks for the operation of state-owned and private enterprises in the oil, electricity and construction sectors is critical, and thorough compliance with Extractives Industries Transparency Initiative standards and the enactment of the law on Transparency and Access to Information should be prioritized.

Additionally, aligning anticorruption legal frameworks with international covenants and best practice, and strengthening the independence of the judiciary are essential for effective enforcement and for the protection of economic rights.

A comprehensive structural reform agenda is essential to unlock growth potential. The mission estimates that a comprehensive set of reforms covering the labor market, business regulation, the financial sector and governance could double non-oil potential GDP growth over the medium term.

On labor market, priorities include increasing labor force participation, particularly among women, by improving female education and further reducing barriers to their work and mobility, and reforming public sector hiring, which distort labor markets and reduce productivity.

Efforts to better align skills with labor market needs should intensify. More generally, simplifying regulations and reducing bureaucratic impediments in e.g. business registration or tax administration should increase participation in the formal economy and help private sector development.

The mission would like to thank the Iraqi authorities and various stakeholders for their excellent hospitality and cooperation and candid discussions during the mission.

IMF Communications Department
MEDIA RELATIONS
PRESS OFFICER: Mayada Ghazala

Phone: +1 202 623-7100Email: MEDIA@IMF.org

https://www.imf.org/en/News/Articles/2025/05/15/mcs-iraq-concluding-statement-of-the-2025-imf-article-iv-mission?cid=em-COM-123-50132

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

Seeds of Wisdom RV and Economic Updates Thursday Evening 5-15-25

Good Evening Dinar Recaps,

Trump’s Crypto Ties Pose Challenge for Stablecoin Legislation, Says Coinbase Exec

📍 Coinbase legal chief Paul Grewal says President Trump’s growing presence in crypto adds “a certain level of challenge” to bipartisan progress on digital asset legislation.

As the U.S. Senate prepares for another vote on the GENIUS Act — a stablecoin-focused bill aimed at regulating the digital dollar landscape — Coinbase Chief Legal Officer Paul Grewal has flagged President Donald Trump’s personal ventures into crypto as a complicating factor in building bipartisan consensus.

Speaking at the Consensus conference in Toronto on May 15, Grewal acknowledged that recent political tensions and concerns from both parties, especially Democrats, are slowing progress.

“The discussion around the president's support for a certain memecoin or two and other efforts does add a certain level of challenge to the effort to get Democrats and Republicans aligned,” Grewal noted. Still, he expressed confidence that both chambers of Congress would “sort all that out.”

🏛️ GENIUS Act Still Moving Forward

Despite the friction, lawmakers remain poised to vote on the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act in the coming days.

Recent reports suggest that Democrats were able to secure key revisions to the bill that include:

• Consumer protection enhancements

• Anti-Money Laundering (AML) safeguards

• National security provisions

Senator Kirsten Gillibrand (D-NY), one of the bill’s original sponsors, previously confirmed that language directly referencing Trump’s crypto ventures — including World Liberty Financial and the USD1 stablecoin — had been removed to help revive bipartisan support.

⚖️ Crypto Politics and Regulatory Headwinds

President Trump’s increasing crypto footprint — including meme coins, a stablecoin project, and a mining company — has triggered strong reactions on Capitol Hill. Prominent Democrats such as Senator Elizabeth Warren have pointed to these ventures as potential ethical hazards.

Grewal acknowledged that political entanglements may delay efforts to develop a comprehensive regulatory framework for stablecoins and the broader crypto market but emphasized that legislative momentum is still building.

“We’re going to learn a lot in the next few days about the appetite in Congress to move forward,” he said.

🧱 What’s Next?

After stablecoins, attention may shift toward a crypto market structure bill currently under review in the House. That bill builds on the FIT21 Act passed in 2024 and could face similar partisan scrutiny tied to “Trump’s crypto corruption,” according to some Democratic representatives.

Still, Grewal and other industry leaders are hopeful that the recent adjustments to the GENIUS Act will unlock further bipartisan cooperation as crypto regulation becomes a key legislative issue heading into the 2026 midterm elections.

@ Newshounds News™

🔗 Source: Cointelegraph

~~~~~~~~~

Central Bank of Russia Ranks Bitcoin as Top Global Investment Since 2022

📊 Bitcoin outpaces gold, stocks, and bonds with a 121.3% return, according to the Russian central bank.

In a move that underscores Bitcoin’s rising credibility on the world stage, the Central Bank of Russia has officially recognized Bitcoin as the top-performing global investment since 2022.

A new report from the bank shows that Bitcoin delivered:

• 38% returns over the past 12 months

• 121.3% cumulative return since 2022

This places it well ahead of traditional assets such as:

• Gold

• Equities

• Bonds

• The S&P 500 index

📉 Volatility Still a Factor

While Bitcoin outperformed all other assets, the Russian central bank also acknowledged its short-term volatility. Between January and April 2025, Bitcoin experienced a drop of 18.6%, underperforming most other asset classes.

The only assets that fared worse during this stretch were:

• Dollar-denominated savings

• The S&P 500

However, Bitcoin rebounded strongly in April, posting an 11.2% monthly gain, once again pulling ahead in the global investment race.

🚀 From Speculative to Strategic

The report highlights Bitcoin’s evolution from a speculative asset to a serious contender in global investment portfolios. Since 2022, Bitcoin has surged from under $20,000 to nearly $110,000, driven by:

• Institutional adoption

• Regulatory milestones

• Approval of spot BTC ETFs in the U.S. and Hong Kong

Even political factors are fueling this growth. President Donald Trump’s pro-crypto shift has added momentum to Bitcoin’s narrative as a strategic reserve asset.

🌍 Global Recognition and Adoption

Countries and companies alike are responding:

• Ukraine and Kyrgyzstan are exploring digital assets at the national level.

• Financial giants like Cantor Fitzgerald are integrating crypto strategies into broader financial operations.

Bitcoin is increasingly being viewed as:

• A hedge against macroeconomic risk

• A tool for expanding global financial access

• A potential long-term store of value, despite volatility

🔍 Summary

The Central Bank of Russia’s findings place Bitcoin squarely in the spotlight—not just as a volatile crypto asset but as a top-tier global investment with increasing legitimacy across the financial world.

@ Newshounds News™
🔗 Source: CryptoSlate

~~~~~~~~~

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Iraq Economic News And Points To Ponder Thursday Afternoon 5-15-25

46 Iraqi Business Leaders Participate In The Investment Summit In Washington

Thursday, May 15, 2025 11:43 | Economic Number of reads: 290  Baghdad/ NINA / 46 Iraqi business leaders participated in the investment summit in Washington.

The US Embassy in Baghdad said in a statement: “A delegation of 46 business leaders from Iraq, including the Kurdistan Region, arrived in the United States to participate in the annual SelectUSA Investment Summit, which was held in the Washington, D.C., area from May 11 to 14.”

It added: “The delegation included a variety of sectors, including technology, cybersecurity, tourism, hospitality, food and beverage, franchising, agriculture, construction, investment, pharmaceuticals, real estate, and oil and gas,” explaining that “the wide variety of opportunities aims to promote cooperation and investment between the United States and Iraq.”

The SelectUSA Investment Summit is the largest event dedicated to promoting foreign direct investment in the United States.

The summit brings together international investors, representatives from state and local governments, and government officials to facilitate investment in the American economy. The SelectUSA Summit is organized by the Department of Commerce and provides essential information and services to help foreign investors navigate the investment process in the United States. /End
https://ninanews.com/Website/News/Details?key=1226982

Foreign Ministry To NINA: The Government Is Keen To Achieve These Priorities At The Baghdad Summit

Thursday, May 15, 2025, 3:44 PM | Politics Number of reads: 227  Baghdad / NINA / The Ministry of Foreign Affairs affirmed the Iraqi government's keenness to achieve important priorities during the Arab Summit, most notably strengthening joint Arab action with our brothers to match the challenges facing the Arab world and the region in general.

Undersecretary of the Ministry of Foreign Affairs Hisham Al-Alawi said in an interview with the National Iraqi News Agency ( NINA ) today, Thursday, that "there are a set of Iraqi messages that we are keen to send and mature through the Arab Summit meetings in the capital, Baghdad, including highlighting the positive developments witnessed by Iraq politically, security-wise and economically,

emphasizing the continuation of Iraq's rational policy in playing a positive role with our brothers, pushing towards ending wars, disputes and conflicts within the region, and creating an interactive climate that allows for political reforms and provides platforms for joint dialogue."

He added: "Economically, we seek to demonstrate Iraq's ability, after achieving political and security stability, to provide important opportunities and investments for our brothers and other countries outside the region, leading to economic integration that contributes to the development of various sectors, including energy, agriculture, industry, tourism, the financial and banking sectors, and the private sector, and reflects positively on providing job opportunities for Iraqi and Arab youth together.

 We also seek to enhance Arab cooperation in the field of combating extremism and terrorism, and push towards greater educational and cultural cooperation between Arab countries, as Iraqi universities have provided great opportunities for Arab youth to study in Iraq, including the "Study in Iraq" initiative, which attracted about 5,000 Arab and foreign students, which contributes to strengthening relations between Iraqi and Arab universities and reflects positively on other sectors."

Regarding the level of attendance and representation of Arab leaders at the summit, the Undersecretary of the Ministry of Foreign Affairs confirmed that "the level of presidential attendance at the Baghdad summit is good, and the number of leaders will exceed half, which is no less than the level of attendance at the Manama summit last year.

These are factors of optimism that we will emerge from a successful and different summit that pushes towards strengthening joint Arab action."

Regarding the outcomes of these meetings, Al-Alawi explained that "the meetings of the Ministerial Economic and Social Council, on Monday and Tuesday, focused on developmental, economic and social aspects. As for the delegates' meeting yesterday, Wednesday, and the foreign ministers' meeting today, Thursday, they are preparing draft recommendations and decisions for the Baghdad Declaration at the conclusion of the summit meeting, which will cover comprehensive political, technical and economic aspects, in addition to the Palestinian issue and support for Gaza.

There are also Iraqi and Arab initiatives that we expect to be approved and reflected in the formulation of the draft Baghdad Declaration at the conclusion of the meetings of Arab leaders and kings next Saturday."

He added, "The timing of the meetings and the circumstances in Iraq and the region provide great opportunities to work with our brothers to enhance joint cooperation, confront the challenges facing the Arab world politically and security-wise, and the state of instability in a number of Arab countries, as well as enhance Arab efforts to combat extremism and terrorism, increase Arab-Arab investments and partnerships, implement joint projects, provide Arab food security, and develop important sectors."

 He pointed out that "Iraq's leadership of the Arab group for a full year, as well as the economic development summit, as Iraq will lead the work of the Economic and Social Council for four years, will provide great opportunities to work with our brothers." /End
https://ninanews.com/Website/News/Details?Key=1227033

Gold Rebounds Slightly Ahead Of Fresh US Indicators

Money and Business  Economy News - Follow-up  Gold prices rose slightly in early trading Thursday as investors seized the opportunity after the yellow metal hit a one-month low in the previous session. Markets awaited US Producer Price Index data for further clues on the direction of the economy.

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

Spot gold rose 0.2 percent to $3,183.20 per ounce by 0033 GMT. U.S. gold futures fell 0.1 percent to $3,185.60, according to Reuters data.

Spot gold fell in the previous session to its lowest level since April 10 after a trade agreement between Washington and Beijing eased the trade war between the world's two largest economies. https://economy-news.net/content.php?id=55479

Sharp Drop In Oil Prices

Time: 2025/05/15 09:07:09 Read: 1,875 times  {Economic: Al Furat News} Oil prices fell sharply during Asian trading on Thursday.

The decline came after a report that Iran had expressed openness to a nuclear agreement with US President Donald Trump, while data showing an unexpected rise in US crude oil inventories raised concerns about oversupply.

Brent crude futures due in June reached $65.04 per barrel, while West Texas Intermediate crude futures fell to $61.62 per barrel.  https://alforatnews.iq/news/%D8%A7%D9%86%D8%AE%D9%81%D8%A7%D8%B6-%D8%AD%D8%A7%D8%AF-%D9%84%D9%84%D9%86%D9%81%D8%B7

The Dollar Continues To Rise In Baghdad And Erbil

Economy | 11:33 - 05/15/2025   Mawazine News – Baghdad  The US dollar exchange rate rose on Thursday morning in the markets of Baghdad and Erbil.

The dollar price rose on the Al-Kifah and Al-Harithiya stock exchanges to 142,400 Iraqi dinars for every $100, while yesterday, Wednesday, it recorded 142,350 dinars for every $100.

Selling prices in exchange shops in the local markets in Baghdad rose, with the selling price reaching 143,500 Iraqi dinars for every $100, and the buying price reaching 141,500 dinars for every $100. https://www.mawazin.net/Details.aspx?jimare=261462

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

Iraq Economic News And Points To Ponder Thursday Morning 5-15-25

 Al-Sudani: Iraq Is An Oil And Industrial Country That Has The Potential To Export Products To The Region
 
Energy and Business   2025-05-14 Shafaq News/ Prime Minister Mohammed Shia al- Sudani described Iraq on Wednesday  as an "industrial country," not just an oil country, and that
 
it can meet the needs of the local market and countries in the region.

This came in a speech delivered via video link during the inauguration of the steel plant at the General Company for Iron and Steel in Basra Governorate, with a capacity of 600,000 tons annually.
 
He also launched the implementation work for the industrial city in Al-Zubair District, and the Basra Chlorine and Caustic Soda Production Plant Project.  Al-Sudani said in his speech,
 
"Iraq, in addition to being an oil-producing country, is an industrial country
that possesses all the ingredients for the emergence of a national industry that meets the needs of the local market.
 
We have qualified to become a country that exports products to the rest of the countries in the region."      https://shafaq.com/ar/اقتصـاد/السوداني-العراق-بلد-نفطي-و-صناعي-تتوفر-فيه-مقومات-تصدير-المنتجات-الى-المنطقة  

Iraqi Oil Prices Saw A Slight Decline During Today's Trading

economy | 09:20 - 05/14/2025   Mawazine News - Follow-up   Iraqi oil prices recorded a slight decline during daily trading on Wednesday in the global market.

According to data reviewed by Mawazine News, Basra Medium crude oil recorded $65.49 per barrel, while heavy crude recorded $62.34 per barrel, with a change rate of -0.51% for both.

The data also showed a slight increase in global oil prices, with British Brent crude recording $66.25 per barrel, while US West Texas Intermediate crude oil recorded $63.34 per barrel, with a change rate of +0.33% for both.   https://www.mawazin.net/Details.aspx?jimare=261410

Gold Declines As US-China Trade Tensions Easethings are moving better now

economy | 12:00 - 05/14/2025  Mawazine News - Follow-up:  Gold prices fell on Wednesday, as safe-haven assets declined amid easing trade tensions between the United States and China, while markets awaited a fresh batch of inflation data for clues on the path of the Federal Reserve's monetary policy.

Spot gold fell 0.7% to $3,226.11 per ounce, while U.S. gold futures fell 0.6% to $3,229.50, according to Reuters.

"Positive developments in U.S. trade policy are reducing gold's appeal in the short term," said Kyle Rodda, a financial markets analyst at Capital.com .

"I believe that if progress in trade negotiations and deals between the United States and its trading partners continues, we could see further declines in gold prices. The $3,200 level is a critical support level."

As for other precious metals, spot silver fell 0.8% to $32.61 per ounce, platinum held steady at $988.65, and palladium fell 0.9% to $948.60.  https://www.mawazin.net/Details.aspx?jimare=261421

A Slight Rise In The Dollar Price In Baghdad And Erbil

economy | 04:34 - 05/14/2025  Mawazine News - Baghdad -  The exchange rate of the US dollar against the Iraqi dinar witnessed a slight increase in the markets of Baghdad and Erbil on Wednesday.
It rose with the closing of the two main stock exchanges, Al-Kifah and Al-Harithiya, in Baghdad, recording 142,500 dinars for every $100, while this morning it recorded 142,350 dinars for every $100.

Selling prices also rose in exchange shops in the local markets in Baghdad, where the selling price reached 143,500 dinars for every $100, while the buying price reached 141,500 dinars for every $100.

In Erbil, the dollar also rose, with the selling price reaching 142,400 dinars for every $100, and the buying price reaching 142,200 dinars for every $100. https://www.mawazin.net/Details.aspx?jimare=261434

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

Seeds of Wisdom RV and Economic Updates Thursday Morning 5-15-25

Good Morning Dinar Recaps,

SENATE REMOVES TRUMP PROVISIONS IN PUSH TO PASS STABLECOIN BILL

The U.S. Senate is preparing to pass a landmark bipartisan stablecoin bill—the GENIUS Act (Guiding and Establishing National Innovation for US Stablecoins Act)—after removing controversial provisions that targeted President Donald Trump and his family's crypto ventures.

📅 Target Date for Passage: By May 26 (Memorial Day), according to Senator Cynthia Lummis (R-WY), who spoke at a Coinbase-backed event, Stand With Crypto.

Hello, World!

💬 Key Voices:

• Senator Kirsten Gillibrand (D-NY) confirmed the bill has been revised to eliminate language singling out Trump’s crypto activities, which include memecoins, a stablecoin project, a mining firm, and a crypto platform.

• “This is not an ethics bill,” Gillibrand said, though it does include basic ethics requirements. “If we were dealing with all President Trump’s ethics problems, it would be a very long and detailed bill.”

🚫 Senate Democrats had stalled the bill on May 8, objecting to its failure to address Trump’s alleged personal enrichment through crypto-related ventures. Gillibrand stated Trump’s memecoin offering may already violate existing laws, calling it “about as illegal as it gets.”

🏛️ Bill Focus: Regulation of the entire stablecoin ecosystem, with strengthened protections for:

• Consumers

• Bankruptcy proceedings

• Issuers’ responsibilities

👥 Industry Push: Coinbase CEO Brian Armstrong, who joined the senators onstage, refrained from commenting on Trump’s memecoin but emphasized the need to keep the bill focused on regulatory clarity.

🗳️ Legislative Urgency:

• With the 2026 midterms approaching, the crypto industry is lobbying hard to pass both the GENIUS Act and a broader market structure bill before momentum is lost.

• Marta Belcher of the Blockchain Association warned the legislative window is closing fast. “We don't know if we’ll get another chance like this.”

📌 August Deadline: The goal is to have both bills signed into law before the August congressional recess, according to Bo Hines, Executive Director of the Presidential Council of Advisers for Digital Assets. Hines noted it's “the President's desire” to finalize both crypto-related bills during that timeframe.

@ Newshounds News™
🔗 Full Article: Cointelegraph – May 14, 2025

~~~~~~~~~

BRICS ERODES TRUST IN THE US DOLLAR

The BRICS alliance is accelerating a global shift away from the US dollar, encouraging developing nations to embrace local currencies for trade and economic stability.

🌍 Background:
The U.S. sanctions imposed on Russia in 2022 served as a wake-up call for emerging economies. The move exposed the vulnerabilities of nations that relied too heavily on the dollar and underscored Washington’s ability to destabilize other countries’ economies.

🛡️ Response from BRICS:
In response, BRICS members began to rethink their dependency on the dollar and initiated steps to strengthen their native currencies. The bloc—comprising major developing nations—has since made de-dollarization a central pillar of its long-term strategy.

💸 Erosion of Trust in the Dollar:
The U.S. dollar has historically dominated global trade because of widespread trust. But BRICS nations now view the greenback as a geopolitical weapon that serves U.S. interests at the expense of others. That trust is rapidly deteriorating, and so is the dollar’s role in international trade.

📉 Trend Watch:

• The dominance of the dollar is no longer guaranteed.

• Local currencies are being positioned as more stable and sovereign alternatives.

• BRICS is encouraging member states to settle trades in native currencies, reducing exposure to U.S. monetary policy and potential sanctions.

🔁 What’s Next:
As the economic influence of BRICS grows, so does its ambition to reshape the global financial order. If successful, this movement could drastically reduce U.S. influence in international trade and global finance.

📌 Key Quote:

"The U.S. dollar’s supremacy stood on trust for decades—but that trust is now eroding."

@ Newshounds News™
🔗 Full Article: Watcher Guru – May 14, 2025

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“Tidbits From TNT” Thursday Morning 5-15-2025

TNT:

Tishwash:  Barzani: The holding of the Arab Summit in Baghdad embodies Iraq's restoration of its pivotal position in the region.

Kurdistan Region President Nechirvan Barzani welcomed the Arab Summit in Baghdad on Wednesday, describing it as a historic diplomatic milestone that embodies Iraq's restoration of its pivotal position in the Middle East.

Barzani said in a statement, "Holding the summit in the presence of Arab leaders in Baghdad represents an important moment for Iraq and the region," praising the efforts made to host this prominent Arab event.

The Kurdistan Region President affirmed his full support for Prime Minister Mohammed Shia al-Sudani's efforts to strengthen joint Arab action, build partnerships and mutual interests, and lead the path to de-escalation and regional integration from the heart of the capital, Baghdad. 

Baghdad is preparing to host the Arab League Summit next Saturday, as part of Iraq's efforts to strengthen its regional diplomatic presence at a time when the region is facing political, security, and economic challenges.  link

Tishwash:  Urgent | Al-Sudani: Expect surprises at the Arab Summit, and a second term is a natural right.

Prime Minister Mohammed Shia al-Sudani spoke on Wednesday about surprises expected at the Arab Summit scheduled to be held in Baghdad next Saturday.

"Any weapons outside the state's control will be destabilizing," Al-Sudani said in an interview followed by the Iraq Observer.

He added, "Iraq is a virgin land for all investments, and not a day goes by without companies welcoming investment in Iraq."

He continued: "We have made great strides in reducing poverty rates in Iraq."

He pointed out that "corruption is a challenge in Iraq, and we have stopped many cases and stopped the abuse of power."

He stressed that "the government has started with the concept of recovering funds and wanted persons."

Al-Sudani spoke about attending the Arab Summit, saying, "There will be surprises."

When asked about his ambition for a second term, he said: “It is a natural right  link

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

Tishwash:  Official: Masrour Barzani's upcoming visit to the United States

Erbil (Kurdistan 24)- Kurdistan Regional Government (KRG) Spokesperson Peshwa Hawrami announced on Wednesday, May 14, 2025, that Prime Minister Masrour Barzani is expected to visit the United States.

During a press conference, Hawrami said that Prime Minister Masrour Barzani will visit the United States in the coming days to hold a number of important meetings with American officials.  link

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Tishwash:  this is from Korean news

Iraq sees economic gains, investor confidence rises' : Iraqi envoy

The Iraqi economy has witnessed significant and remarkable improvements over the past few years. According to the latest international economic indicators, Iraq has entered a new phase of recovery and growth amid significant transformations that reflect a tangible improvement in economic performance and enhance confidence in the national economy among local and international investors.

This improvement comes amid an economic policy characterized by openness and balanced planning to address challenges and stimulate sustainable development.

Iraqi Ambassador to Korea Mohammed Mustafa Juma Almuntafeky / Courtesy of the Embassy of the Republic of Iraq in Seoul

Increased Non-Oil Revenues and Improved Financial Performance

In a remarkable development, Iraq's nonoil sector recorded unprecedented growth during 2024. Nonoil revenues rose by 198 percent during the first nine months of the year — a jump from $3.5 billion in the same period in 2023 to $10 billion in 2024. These revenues now account for 12.1 percent of the state’s total revenues, clearly indicating a diversification of income sources and improvements in financial management efficiency.

Decline in Inflation Rates and Recovery of the Financial Market

The annual inflation rate fell to 2.8 percent in the fourth quarter of 2024, down from 4 percent in the same period in 2023 — a 30 percent decrease. This decline signifies greater price stability and improved purchasing power for citizens, enhancing overall economic confidence.

Meanwhile, the Iraqi financial market has shown strong recovery, with the ISX60 index increasing by 20.23 percent, reflecting growing investor trust and a widening base of market participants.

International Monetary Fund Confirms Improvement

According to recent reports from the International Monetary Fund, Iraq’s economic indicators have improved markedly. The IMF cites the stabilization of financial policies, rising growth rates and an uptick in foreign investment as positive signs. These developments come alongside efforts to reform Iraq’s banking system and improve the legal and regulatory framework for investment.

Growing Foreign Investment and Expanding Global Partnerships

Foreign investment in Iraq has reached $88 billion, highlighting increasing global investor confidence. Iraq is also actively engaging with international companies to implement strategic initiatives such as the $17 billion Development Road project, which aims to link Iraq to Europe through Turkey.

Furthermore, the government has committed $100 billion over three years for large-scale infrastructure projects. This allocation opens up extensive opportunities for international firms to participate in Iraq’s economic transformation and development.

Looking Ahead

All these figures paint a picture of a changing Iraqi economy — one that is increasingly stable, growing and attractive to global partners. With an expected GDP growth of 3.6 percent in 2025 projected by the IMF, Iraq is positioning itself as a key economic player and promising investment destination in the Middle East. link   

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