Iraq Economic News and Points To Ponder Saturday Afternoon 7-5-25

The Macro-Policy Gap Between The Banking And Economic Sectors

Dr. Haitham Hamid Mutlaq Al-Mansour  Economy News – Baghdad  There is no doubt that the overall policy between the banking and economic sectors in Iraq suffers from a lack of unified efforts and a lack of achievement of objectives. The two sectors pursue separate, complex paths, deepening a gap between them that reflects fundamental differences in vision, priorities, and mechanisms.

 It becomes clear to the observer that the relationship between the two sectors is not merely a technical issue, but rather is fundamentally a conflict reflecting a conflict of interests and competing priorities between institutions.

Therefore, this political gap is one of the deepest obstacles to achieving genuine, comprehensive reform.

While the banking sector plays a key role as a financial intermediary for economic activities such as agriculture, industry, trade, services, transportation, and other vital sectors, it is not only a source of economic value generated from goods and services, but rather a tool for attracting savers and investors.

From this, it is understood that banking reform policies include improving the efficiency of credit allocation, reducing non-performing loans, or increasing the rate of project lending, for example, to ensure the safe and efficient flow of funding to productive sectors such as industry or technology. The banking sector's mission ends where the economic sector's activity of investment and development begins.

Therefore, the weak relationship between banking and economic policies in Iraq can be likened to the country's "Achilles' heel." This fragile connection is a fatal weakness that threatens economic growth and stability, despite the country's vast resources.

The economy appears strong, with massive oil reserves amounting to 145 billion barrels, but the banking and economic systems are unable to transform this wealth into sustainable development.

By examining models of policy failure in many countries, we find that the aforementioned gap is evident in the distorted growth of banking activity, with many loans concentrated in unproductive sectors such as real estate, consumption, and the public sector, widening the gap between financing and real economic growth.

The banking system may be advanced, adopting financial technology or Basel standards, but the economy suffers from weak non-oil production and structural fragility, represented by the dominance of the informal sector and the growth of an unattractive business environment. The result is high financial liquidity without balanced economic growth.

In addition to the conflict between monetary and fiscal policies, we find that central banks aim for financial stability by targeting inflation and exchange rate stability, while governments focus on economic growth, such as increasing spending, employment, and subsidizing basic commodities.

This conflict leads to high bank liquidity amid an economic slowdown (as in Egypt, for example, during some periods). Bank credit expands in the absence of real investment projects, as in the debt crisis in Lebanon.

The economic policy gap re-emerges, with the separation between banking supervision and economic policy. Central banks monitor the health of the banking sector but do not control the direction of credit to productive sectors. This is especially true in emerging economies, where governments may intervene to direct loans and financing to small businesses.

This hinders economic growth, as they lack integrated information systems that link banking performance to economic performance. Banks may grant large loans for real estate, but there is no analysis of the impact of this on economic distortions such as real estate bubbles at the expense of the industrial sector.

Banking services are clearly positioned against traditional sectors such as agriculture, while industry still relies on traditional systems. This creates a fast financial economy versus a slow real economy.

On the other hand, there are numerous successful experiences in reconciling the banking and productive economic systems, too numerous to mention.

We can draw inspiration from them, but only Singapore, which transformed unproductive financing into productive financing by prohibiting banks from lending more than 40% of their portfolio to the real estate sector in 1970.

Then, 60% of credit was directed to manufacturing and technology through the Singapore Economic Development Board (EDB), a government agency that aims to attract investment and promote economic growth in Singapore.

It offers incentives for global companies to establish their headquarters in the country, with a focus on the technology and financial sectors. The result, after a long-term plan spanning three decades, is that Singapore has become one of the most competitive economies in the world.

Returning to the situation in Iraq, it suffers from structural imbalances and a reliance on oil revenues, which constitute approximately 95% of the general budget's financing.

This leaves the economy vulnerable to inflation and price fluctuations. This has led to the decline in growth in productive sectors, the emergence of a banking sector that directs its financing activity toward unproductive sectors, such as luxury real estate projects, without significant market demand.

 It also finances the import of luxury goods instead of developing and strengthening local industry. Banks rely on government deposits from oil revenues rather than actual savings, and there is a lack of guiding policies to stimulate financing for private productive and development sectors.

As a result, Iraq became a net importer in the foreign trade sector, which deprived it of opportunities to develop the specialization and competitiveness of its financial market, which weakened the banking sector’s ability to use financial and monetary instruments, especially interest rates, bonds and securities, to achieve overall equilibrium, and created a total imbalance far from the equilibrium interest rate, which limited the interest rate’s ability to stimulate capital and curb inflation, thus increasing financial fragility and deepening dependence on rents.

Therefore, it was possible to identify important axes to narrow the gap between banking and economic reforms through the following:

Diversifying the economy through development financing: Boosting real non-oil GDP through an expansionary economic policy that stimulates agricultural and industrial investments will gradually create a traditional balance between the real and monetary economies through monetary instruments such as interest rates and bonds, in light of a trade policy aimed at reducing imports.

Establishing an Iraqi bank for smart development finance: to finance productive projects in accordance with the investment map that supports the diversification of the Iraqi economy.

Building a sovereign fund to enhance financial and economic sustainability: by converting a portion of oil revenues into investments in productive sectors such as alternative energy and technology.

Reducing the dominance of the informal banking system over a large portion of financial transactions, through a scale of incentives and restrictions to regulate the work of the informal banking system, to enhance the capacity of fiscal and monetary policies and promote coordination between them.

Transparency in large loans by requiring banks to disclose data on large borrowers and grant loans based on creditworthiness.

Transparency of the general budget by publishing all major contracts, grants, and loans on an electronic platform.

Strengthening financial infrastructure, undermining technological backwardness, and promoting financial inclusion by modernizing payment systems, expanding bank branches, and developing the emerging base of fintech companies through attractive incentive policies.

Develop a strategy to redirect credit towards production to achieve economic diversification through coordination between monetary, fiscal, trade, industrial, agricultural, and other macro policies.

Establishing a sovereign technology fund with 10% of oil revenues invested.

Therefore, it is time to unify efforts and coordinate objectives to take steps to narrow the overall policy gap between the banking and economic sectors. Historical experience tells us that countries that waste their crises disappear, while those that invest in them grow and prosper. 311 views   https://economy-news.net/content.php?id=57022

An Ounce Is Down By 25,000 Dinars.. Gold Records A Decline In Iraq

Stock Exchange  Gold prices in Iraq witnessed a slight decline on Saturday, with an ounce reaching 4,365,594 dinars, compared to Thursday's price of 4,390,135 dinars.

+964 images from the (Network) platform:  86 views   https://economy-news.net/content.php?id=57002

A Slight Decline In Iraqi Oil Prices In Global Markets.

Economy | 05/07/2025   Mawazine News – Baghdad  Iraqi oil prices recorded a slight decrease during daily trading on the global market on Saturday.

According to data reviewed by Mawazine News, Basra Medium crude oil recorded $69.11 per barrel, while heavy crude oil recorded $66.11 per barrel, with a change of -0.11 for both.

The data also showed global oil prices, with British Brent crude recording $68.30 per barrel, while US West Texas Intermediate crude oil recorded $66.50 per barrel, with a change of -0.50 for both. https://www.mawazin.net/Details.aspx?jimare=263476

New Rise In Dollar Prices

Economy |05/07/2025   Mawazine News - Baghdad -  The US dollar exchange rate witnessed a slight increase on Saturday morning in Baghdad markets.

The dollar price rose on the Al-Kifah and Al-Harithiya stock exchanges to 141,200 Iraqi dinars for every $100, while last Thursday it recorded 141,150 dinars for every $100.

Selling prices rose in exchange shops in local markets in Baghdad, where the selling price reached 142,250 Iraqi dinars for every $100, and the buying price reached 140,250 dinars for every $100. https://www.mawazin.net/Details.aspx?jimare=263481

Al-Maliki: Iraq Has Achieved Self-Sufficiency In Wheat And Exports 11 Agricultural Products Abroad.
 
 Today 08:30  Information/Baghdad…  Minister of Agriculture Abbas Jabr al-Maliki revealed that  Iraq has made significant progress in the agricultural sector, noting that  the country has   achieved self-sufficiency in wheat production,which has  contributed to an  increase in the number of mills and a   saving in hard currency. 

In a televised interview followed by Al-Maalouma Agency, Al-Maliki said,   "There are 13 basic agricultural products  available locally and  banned from import in support of the national product," indicating that  "Iraq   currently exports 11 agricultural products abroad, and its   exports reached two million tons during the past year." 

He added,  "The wheat crop is increasing every year, while only the barley crop has been reduced as part of the agricultural plan, while  palm cultivation continues to increase, currently exceeding 23 million palm trees."  He pointed out that  "local production has become increasingly desirable to Iraqi citizens, and that the  Ministry of Trade was suffering from a problem with wheat storage capacity.

However,  the abundant production has allowed Iraq to
     donate quantities of wheat to Lebanon and Gaza in response to the appeals, and to
     ensure the availability of large quantities locally." 

Al-Maliki concluded by pointing out that  “there are major investment projects in the field of wheat and potato production, which will enhance the country’s food security.”  https://almaalomah.me/news/103409/economy/المالكي:-العراق-حقق-اكتفاء-ذاتيا-من-الحنطة-ويصدر-11-مادة-زرا  

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Seeds of Wisdom RV and Economic Updates Saturday Afternoon 7-5-25

Good Afternoon Dinar Recaps,

BRICS to Launch Guarantee Fund to Boost Investment and Lower Finance Costs
New BRICS Multilateral Guarantee Fund backed by NDB aims to challenge Western financial dominance

▪️ BRICS to announce a new guarantee fund backed by the New Development Bank (NDB) to reduce investment risk and financing costs.
▪️ The BRICS Multilateral Guarantee (BMG) Fund is modeled after the World Bank’s MIGA and will be a central theme at the 17th summit in Rio.
▪️ The initiative signals BRICS' push toward a multipolar financial order—but attracting institutional support will be key to success.

The BRICS alliance—comprising Brazil, Russia, India, China, and South Africa—is preparing to unveil a new financial tool: the BRICS Multilateral Guarantee (BMG) Fund, a mechanism designed to stimulate investment and reduce capital costs among its members.

According to Reuters, the fund will be officially announced during the upcoming 17th BRICS Summit in Rio de Janeiro, hosted by Brazil. The New Development Bank (NDB) will administer the BMG Fund, which is modeled on the World Bank’s Multilateral Investment Guarantee Agency (MIGA).

A Strategic Move Toward Financial Sovereignty

The guarantee fund represents a bold step by BRICS to counterbalance the financial influence of the West, particularly amid concerns over unpredictable U.S. economic policy shifts.

By offering in-house guarantees on investments made within the bloc, the BMG Fund aims to reduce reliance on Western-led financial institutions and cut the cost of borrowing for major development projects.

“This is a politically significant guarantee instrument,” said one source close to the matter. “It sends a message that BRICS is alive, working on solutions, strengthening the NDB, and responding to today’s global needs.”

Technical Approval Complete, Formal Launch Imminent

Insiders confirmed that the BMG Fund has already received technical approval from all BRICS member states. Its formal endorsement by finance ministers is expected to take place during the summit, which would make the fund operational.

The announcement could be a defining moment for the BRICS bloc as it positions itself as a global counterweight to institutions such as the World Bank and International Monetary Fund (IMF).

Challenges Ahead: Private Capital Participation Needed

While the BMG Fund is an ambitious initiative, its long-term viability depends on attracting institutional investors and major commercial banks. These players will be essential in helping the NDB manage risk and mobilize significant capital.

The fund’s success will hinge on whether it can convince private sector financiers that BRICS nations present secure and profitable investment opportunities.

This will require clear risk-sharing frameworks, attractive terms, and strong governance standards.

Toward a Multipolar Financial World

The launch of the BMG Fund reflects BRICS’ broader goal of reshaping the global financial order. As the bloc explores alternatives to dollar-based systems, it continues to build new financial architecture aimed at reducing dependency on Western financial institutions.

From the NDB’s expanding role to ongoing de-dollarization efforts, BRICS is methodically crafting a multipolar financial ecosystem.

The BMG Fund could become a cornerstone of this vision—if it gains sufficient backing from public and private sectors alike.

@ Newshounds News™
Source: Watcher.Guru

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Iraq Economic News and Points To Ponder Late Friday Evening 7-4-25

Al-Sudani's Advisor Explains The Reasons For The Delay In The 2025 Budget Schedules.

Money and Business  Economy News – Baghdad  The Prime Minister's financial advisor, Mazhar Mohammed Salih, explained on Friday the reasons for the delay in submitting the budget schedules, while stressing that the government has succeeded in managing the country's financial and economic policy.

Saleh told the official agency, followed by "Al-Eqtisad News", that "reading the financial compass, which required submitting the 2025 budget tables for legal approval in accordance with Article 77/Second of the Budget Law, was truly delayed for two fundamental reasons.

The first is waiting for the amendment to the three-year general budget law related to the values ​​of the region's oil contracts and the costs of transporting its oil, which were not approved until last February.

The other reason relates to the fluctuations that global energy markets were exposed to and the effects of global oil prices on the general budget, which also required rereading some financial constants and variables, whether revenues, expenditures, financing the deficit and its sources, more than once due to international geopolitical and economic problems and the major issues that occurred in the global economy at an accelerating pace, which led to the generation of volatile shocks in close periods of the current fiscal year, which necessitated hedging against external shocks."

He added that "all these factors led to the delay in submitting budget schedules to review some of its inputs and outputs," noting that "there is significant and ongoing cooperation between the legislative and executive authorities in monitoring and managing the country's financial affairs, with understanding, interaction, and optimization of great importance to ensuring the economic stability the country is experiencing."

Regarding the impact of delayed budget schedules on projects included in the investment section, Saleh pointed out that, “Based on the Federal General Budget Law No. 13 of 2023, the three-year budget, the federal financial policy was formed based on an approach called ‘fiscal space’, which gave it the high capacity to move dozens of approved and previously suspended strategic government projects forward into implementation.

This is what distinguished it with a highly active development wheel in implementing service projects that the country is witnessing without interruption, and its results have become tangible thanks to the success of the three-year budget, in addition to the major projects approved in the 2023 and 2024 budget schedules, which are currently ongoing without interruption.

” He stressed that “the state’s investment approach is proceeding in line with the sustainability of economic development and in accordance with the high positive results currently achieved in growth rates and the great economic stability that the country is witnessing, whether in terms of declining unemployment rates, increasing economic growth, and price stability, in an active and compatible trilogy achieved as a result of the success of the country’s financial and economic policy without interruption in the wheels of public spending, including the current year 2025.”

He continued, "As far as the rights and entitlements acquired in the operational aspect of the general budget are concerned, but have not been disbursed and are contingent upon the submission of the 2025 financial schedules, these are legally protected rights reserved for their beneficiaries and are not subject to statute of limitations.

They are merely a matter of timing and will be disbursed upon the approval of these schedules or any adjustment that does not conflict with the law." 300 views  https://economy-news.net/content.php?id=56975

Central Bank: The National Electronic Payment Card Project Is A Local Option And Will Be Exclusively In Dinars

Friday, July 4, 2025| Economic Number of reads: 126   Baghdad / NINA / The Central Bank of Iraq confirmed, today, Friday: "The National Electronic Payment Card project is a local option and exclusively in dinars."

A statement by the bank said: "The National Electronic Payment Card project is an additional local option used within Iraq exclusively and in Iraqi dinars and does not cancel or restrict existing international cards such as Visa and Mastercard, and there are no plans to cancel these cards or ban dealing in dollars outside Iraq." / End   https://ninanews.com/Website/News/Details?key=1238995

The Yellow Metal Continues To Rise Due To Concerns About Financial Stability.

economy | 04/07/2025  Mawazine News - Follow-up:  Gold prices rose in trading on Friday, amid expectations of continued gains in the coming days, after the US Congress passed a tax and spending cut bill supported by President Donald Trump, which raised concerns about financial stability.

Spot gold prices rose 0.1% to $3,329.67 per ounce by 02:21 a.m. GMT, while the precious metal gained 1.7% this week.

Despite these gains, US gold futures fell 0.1% to $3,339.30 per ounce, according to Reuters.

Analysts said that Trump's adherence to a July 9 deadline for reimposing tariffs could weaken the dollar, supporting gold prices further.

On April 2, Trump announced the imposition of reciprocal tariffs ranging from 10% to 50%, before temporarily reducing them to 10% until July 9 to allow time for negotiations.
Gold is a prominent safe-haven asset during times of geopolitical and economic tensions and typically performs strongly in the face of low interest rates.

Among other precious metals, spot silver fell 0.5% to $36.66 per ounce, while platinum rose 0.7% to $1,376.67, and palladium fell 0.6% to $1,130.60. https://www.mawazin.net/Details.aspx?jimare=263431

Stability Of Oil Prices In Global Markets

economy | 11:43 - 04/07/2025   Mawazine News - Follow-up  Oil prices were little changed on Friday, as a stable US labor market bolstered the Federal Reserve's stance on keeping interest rates unchanged, while investors awaited clarity on President Donald Trump's plans for tariffs on various countries.

Brent crude futures rose one cent, or 0.01%, to $68.81 a barrel, while US West Texas Intermediate crude rose three cents, or 0.04%, to $67.03. Trading was thin due to the US Independence Day holiday. https://www.mawazin.net/Details.aspx?jimare=263439

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

Seeds of Wisdom RV and Economic Updates Saturday Morning 7-5-25

Good Morning Dinar Recaps,

The World Quietly Moves on From the US Dollar
Global powers begin de-dollarization amid growing distrust in U.S. financial policy

The U.S. dollar’s dominance—long upheld by geopolitical strength and economic influence—is now facing its sharpest challenge yet. But the erosion is not being caused by market collapse or foreign sabotage. Instead, it's being driven by what many call the overuse and weaponization of the currency by Washington itself.

From Russia to Iran and Belarus, the White House’s sanctions strategy has left a trail of crippled economies and frozen assets. The sweeping penalties have not only disrupted trade flows and revenue generation but also undermined the credibility of the dollar as a neutral global tender.

“The weaponization of the U.S. dollar has gone too far,” emerging economies have repeatedly warned.

Unlike the British pound—once the global reserve before the 1940s—the U.S. dollar has increasingly been used as a policy lever. While Britain wielded military might, it rarely applied financial tools to isolate nations. The dollar’s use as a strategic bludgeon has now led many central banks to quietly start moving away from it.

World Central Banks Begin Dollar Diversification

Despite remaining the most dominant currency on Earth—with 86% of international transactions settled in USD—the greenback is no longer viewed as universally reliable. Instead, the global financial community is beginning to reevaluate its role and risk exposure.

With the U.S. national debt surpassing $36 trillion, emerging markets are especially wary. Economic leaders are reacting by diversifying their foreign reserves, turning to gold, the Chinese yuan, and other regional currencies.

There’s also growing concern about the IMF and World Bank, which operate under a system deeply intertwined with U.S. financial control. These institutions offer little structural space for competing currencies, further solidifying the dollar’s dominance—but at the cost of fairness and inclusivity.

De-Dollarization Accelerates

Trust is the cornerstone of any financial system, and today, that trust in the U.S. dollar is fraying fast. The consequences of economic coercion are becoming clearer, and global leaders are moving not in protest—but in quiet determination—to reduce dependency.

“To rebuild trust, the U.S. must stop using the dollar as a weapon,” the article notes. “And it must foster global partnerships, not economic pressure.”

If the trend continues, the greenback may enter an accelerated path of decline, not through collapse, but through irrelevance—displaced by a multipolar reserve structure already taking shape in boardrooms around the world.

The world isn’t sounding an alarm.
It’s walking away—quietly.

@ Newshounds News™
Source: Watcher.Guru 

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Will Tether’s USDT Get Banned in the US When the GENIUS Act Becomes Law?
New stablecoin rules threaten Tether’s US presence amid rising regulatory scrutiny

▪️ The GENIUS Act gives stablecoin issuers 18 to 36 months to comply with new transparency rules—or face a market ban.
▪️ Tether must choose between compliance, withdrawal, or launching a separate U.S.-compliant stablecoin.
▪️ Circle’s USDC could gain ground if Tether exits the American market.

Once the GENIUS Act is signed into law, stablecoin issuers will face a ticking clock: they’ll have 18 to 36 months to fully comply with sweeping new regulations—or be banned from operating in the United States.

At the heart of this regulatory overhaul is Tether, the issuer of USDT, the world’s largest stablecoin. Known for its limited transparency and lack of audited reserves, Tether now stands at a crossroads.

A New Regulatory Era for Stablecoins

The GENIUS Act aims to integrate stablecoins into traditional finance, creating a framework of regulatory safeguards for what are often the least volatile digital assets. While the bill is a milestone victory for the crypto industry, not all players are likely to survive its scrutiny.

USDT—which controls more than 60% of the global stablecoin market—could become a casualty. The bill demands regular audits, reserve transparency, AML/KYC enforcement, and technological capabilities to freeze or seize assets under lawful authority.

The Senate version provides a 3-year timeline. The House version cuts it to just 18 months.

Tether’s Troubled History with Transparency

Even before the GENIUS Act, Tether faced long-standing criticism for its lack of independent audits and opaque reserve reporting.

In 2021, the company settled with the New York Attorney General, paying $18.5 million and agreeing to exit the New York market after being accused of misleading claims about its fiat backing. The case revealed that $850 million had gone missing, and Bitfinex had used Tether reserves to cover the loss—meaning USDT was not fully backed for a period.

Since then, Tether has begun issuing quarterly attestations—but these still fall short of what the GENIUS Act will require.

Sanctions, Seizures & Scrutiny

Tether has also been under fire for enabling illicit financial activity. Accusations have included stablecoin usage by sanctioned entities in Russia and North Korea.

In response, Tether has increased cooperation with U.S. law enforcement. It froze $23 million in assets at the request of the U.S. Secret Service and has collaborated with the DOJ and FBI.

However, the GENIUS Act now makes such measures mandatory, not voluntary—requiring all stablecoin issuers to freeze assets, implement AML/KYC protocols, and comply with U.S. law enforcement across the board.

Can USDT Survive Without the U.S.?

Tether's dominance is undeniable, with a circulating supply of nearly 158 billion USDT—more than double that of second-place Circle’s USDC (62 billion).

Yet Tether’s core business isn’t U.S.-centric. Its largest trading volumes come from Asia, Latin America, and emerging markets—primarily through global platforms like Binance.

USDT trading volume exceeded $62 billion in a single day—mostly outside the U.S.

This raises the question: Would a U.S. withdrawal even hurt Tether? Perhaps not immediately—but it could send damaging signals to regulators, institutional investors, and traditional finance.

A Withdrawal Could Hurt More Than Help

Exiting the U.S. would sever access to a vital hub of financial innovation and liquidity. It would also invite loss of confidence, reinforcing the perception that Tether is unwilling—or unable—to meet robust standards.

Meanwhile, Circle’s USDC, which is fully compliant and actively adjusting to U.S. and EU regulations, would stand to gain significant market share.

However, even Circle’s advantage may not be enough to dethrone Tether without regulatory support or additional shifts in market dynamics.

Room for Compromise Still Exists

The GENIUS Act still needs to be reconciled with the House’s STABLE Act, offering room for negotiation on timelines and foreign issuer provisions.

A source close to the legislative process suggested both Congress and Tether may seek middle ground, noting that Tether’s massive U.S. Treasury holdings help support the dollar.

“Tether’s demand for U.S. Treasuries is larger than Germany’s. Forcing a full exit could destabilize demand for U.S. debt,” the source said.

A US-Based Tether Stablecoin in the Works?

Tether CEO Paolo Ardoino confirmed that the company plans to launch a separate, US-compliant stablecoin later this year—distinct from USDT and tailored to American regulations.

While this could offer a legal workaround, it also introduces operational headaches, regulatory duplication, and unnecessary complexity.

“They probably would prefer not to do that—it’s not ideal,” said the anonymous source.

What’s Next for Tether?

The GENIUS Act represents the most serious regulatory challenge Tether has ever faced. Whether it adapts, exits, or splits into separate compliant entities will define the next chapter of stablecoin evolution.

The world’s most widely used stablecoin must now choose: conform, divide, or retreat.

@ Newshounds News™
Source: BeInCrypto   

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“Tidbits From TNT” Saturday Morning 7-5-2025

TNT:

Tishwash:  Exclusively in Dinars: A Statement from the Central Bank of Iraq Regarding the "National Card" for Electronic Payment

#Electronic payment #Central Bank of Iraq #Dollar in Iraq #dollar #Iraqi dinar

Do not cancel Visa and MasterCard

On Friday, July 4, 2025, the Central Bank of Iraq issued a clarification regarding the National Electronic Payment Card Project, noting that the project does not cancel or restrict existing international cards.

In context: The suspension of Iraqi payment cards internationally comes into effect

The bank said in a statement received by Al-Jabal, "The National Electronic Payment Card Project is an additional local option used exclusively within Iraq and in Iraqi dinars. It does not cancel or restrict existing international cards such as Visa and Mastercard . There are also no plans to cancel these cards or prohibit transactions in dollars outside Iraq, as their holders can still use them inside and outside the country as is currently the case."

He added, "The project aims to reduce payment costs, enhance financial inclusion, diversify options for the public, and provide national cards to all institutions and segments within Iraq, while international cards remain the primary means of spending in dollars or other currencies outside Iraq and for purchases via global websites."  link

Tishwash:  The End of Dollar Dependence or the Beginning of Censorship? The National Payments Project Raises the Question of "Financial Sovereignty"

 In a pivotal step toward internal monetary independence, the Central Bank of Iraq (CBI) issued an official circular to all banks and electronic payment service providers announcing the commencement of the implementation of the National Card Scheme project.

 This is a local payment system managed through the national switchboard, completely separate from international platforms such as MasterCard and Visa. The decision comes at a particularly sensitive time, following the Popular Mobilization Forces (PMF) salary crisis and sanctions imposed on several banks, amid indications that Iraq is shifting to a relatively closed monetary environment in the face of external pressures.

A national system excludes international companies.
According to a circular obtained by Baghdad Today , the Central Bank has ordered the launch of a local system for settling bank card payments within Iraq, without going through any international entity. The circular clarified the need to adopt national codes such as (BIN) and (AID) to identify payment cards and link them to the national switchboard, which implicitly means eliminating any reliance on global payment networks such as Visa and MasterCard in local transactions. The circular emphasized that this project is "exclusively local" and that it will be completed by the end of this year, in preparation for its official adoption starting early next year.

Motives behind the decision: From sanctions to mobilization.
Banking expert and former Central Bank official Mahmoud Dagher told Baghdad Today that "the decision is partly linked to international sanctions and some pressure on Iraqi banks, so an alternative internal system is being considered."

He added, "Iraq faces no legal or technical obstacles to establishing this type of system, and many countries have preceded us in this," but he explained that "local systems remain limited and cannot be used outside the country's borders."

It's worth noting that the decision came after the Popular Mobilization Forces' salaries were frozen at some banks linked to international payment systems, opening a new door for the Central Bank to restructure its payments infrastructure away from international political influence.

Monetary shift or financial isolation?
The new approach coincides with escalating tensions between Baghdad and Washington, and with the mounting pressure on major Iraqi banks accused of financing entities sanctioned by the US. In this context, the Central Bank appears to have decided to proceed with a project that protects the domestic market from any "potential political freeze." However, this option, despite its importance in terms of sovereignty, raises questions:

Is it possible to actually dispense with global payment systems?
Is Iraq structurally prepared to operate a closed system capable of meeting domestic demand?
Most importantly, does this project pave the way for a gradual financial decoupling from the dollar?

The National Card Scheme project is not merely a technical decision regarding banking infrastructure; it is a step with political, economic, and security dimensions. If completed by the end of the year as planned, Iraq will have taken its first steps toward "internal monetary independence." However, this remains conditional on the state's ability to ensure efficiency, prevent collapse, and build confidence in a system that has yet to be tested in a fragile economic reality.  link

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Tishwash:  US anger at Iraq if it uses Russia's payment system

Details from Ziad Al-Hashemi

 Economic researcher Ziad Al-Hashemi said on Friday that the Central Bank of Iraq’s launch of the “National Card Scheme” system is a step towards strengthening financial sovereignty and reducing reliance on international payment networks. However, the similarity of this system to the Russian “Mir” system, which is subject to sanctions, may expose Iraq to international accountability and raise American reservations.

He pointed out that the lack of full commitment to security and compliance standards, and the lack of clarification of the nature of technical links with external systems, represents a potential loophole that could be exploited for suspicious financial activities. He called for enhancing transparency and raising the level of caution to avoid any external escalation or suspicions related to the use of this system.

Al-Hashemi stated in a post on the X platform:

The Central Bank of Iraq has decided to assert its sovereignty over electronic financial transactions within the country by launching the "National Card Scheme." This is a positive step, but it is not without loopholes that raise more than one question mark.

According to the bank's statement, the new system will not be linked to the Visa and MasterCard systems, but will use the same technologies as the Europay-MasterCard-Visa systems to ensure compliance with international standards and enhance security and efficiency.

The new system is somewhat similar to the Russian MIR system, which enhances national monetary sovereignty and significantly reduces reliance on global payment networks such as Visa and Mastercard, but at the same time, it is linked to some external domestic systems.

However, the Central Bank did not clarify whether the new electronic card system will adhere to security and compliance regulations such as PCI-DSS, or whether these regulations will be imposed on card users.

The lack of clear and full compliance with these standards may create future loopholes that could be exploited for innovative fraudulent operations, as has happened in the past.

 The Central Bank of Iraq is also called upon to enhance the transparency of this system and raise the level of prudence to ensure there is no intention to bypass the global financial system. These measures are essential to enhancing the reliability, safety, and security of the new domestic system.

 In the absence of these measures, the new local system will be subject to international scrutiny and accountability, especially if suspicious local transactions or direct or indirect ties to sanctioned payment systems such as Russia's Mir and Iran's Shtab emerge.  link

Mot:  ole ""Maxine"" and Grilling!!!!

Mot:  .. Its Gunna Be Sooooo Much Fun Tomorrow!!!!  

Safe Assets, Fatal Flaw: The Basel III Oversight?

Safe Assets, Fatal Flaw: The Basel III Oversight?

Miles Harris:  7-4-2025

What if the very regulations meant to prevent another banking collapse... are quietly setting us up for the next one?

Basel III was supposed to make the financial system safer. It encouraged banks to hold more liquid, "risk-free" assets like U.S. Treasuries and mortgage-backed securities.

 But these so-called 'safe assets' are now sitting on massive unrealized losses. And under the right stress conditions, those losses could pose a major threat to the banking system.

 00:00 Intro

 01:03 Concentration Risk

01:45 The Build up

04:22 The Shock

05:41 The Trigger

07:00 The Spiral

09:33 Crisis Imminent?

https://www.youtube.com/watch?v=uuKTOyuc1dk

Seeds of Wisdom RV and Economic Updates Friday Afternoon 7-4-25

Good Afternoon Dinar Recaps,

Iran, Part of BRICS, Threatens Brazil’s Push for Global Reform

Rising geopolitical tensions challenge Brazil’s leadership of BRICS ahead of Rio summit, as Iran’s presence tests unity and derails reform agenda.

As Brazil prepares to host the 17th BRICS Summit in Rio de Janeiro on July 6–7, escalating geopolitical rifts—particularly involving Iran—are threatening to derail President Luiz Inácio Lula da Silva’s global reform agenda. The tensions are drawing new lines within the bloc just as Brazil takes the helm of the newly expanded BRICS alliance.

Brazil’s Reform Agenda Meets Iranian Resistance

Under Lula’s leadership, Brazil hoped to use its BRICS presidency to promote a platform centered on:

▪️ Democratic multilateralism
▪️ Inclusive global governance reform
▪️ Green energy transition
▪️ Expanded vaccine cooperation
▪️ Fair trade policies

However, Iran’s inclusion in BRICS has created immediate and unprecedented challenges to this vision. Following renewed Iran-Israel hostilities, tensions within the group have heightened significantly, shifting the spotlight from economic reform to geopolitical friction.

“Iran’s presence is fundamentally altering the group’s direction,” say policy analysts, pointing out that Brazil’s diplomatic agenda is now overshadowed by hardline sovereignty narratives and authoritarian alignment.

A Struggle for BRICS Unity Amid Autocratic Drift

The entrance of Iran—along with Russia, China, and other authoritarian-leaning members—has shifted BRICS further from the democratic ideals that Brazil hoped to promote.

▪️ Iran has confirmed it will send a delegation to Rio, prompting fears that summit discussions will lean toward anti-West sovereignty statements rather than constructive reform.

▪️ The growing autocratic tilt undermines Brazil’s inclusive agenda and raises doubts about BRICS’s capacity for collective action.

▪️ Global instability—spurred by Russia’s war in Ukraine and Middle East tensions—is being described as a “dangerous distraction” from the bloc’s stated priorities.

“Brazil’s challenge is managing reform in a club where several members are more focused on geopolitical posturing than economic collaboration,” said Dr. Christopher Sabatini, senior fellow for Latin America at Chatham House.

Strategic Realignment May Be Brazil’s Best Bet

Facing this friction, Brazil may be forced to forge smaller coalitions within BRICS—particularly with more aligned partners like India and Indonesia—to salvage aspects of its original reform plan.

▪️ Limited cooperation on climate change, infrastructure, and trade reform could still emerge through bilateral or trilateral deals.

▪️ Lula’s administration may have to lower expectations for sweeping multilateral consensus at the summit due to widening internal divisions.

▪️ Still, Brazil’s presidency could be considered a success if it sidesteps ideological gridlock and instead champions tangible, issue-specific outcomes.

While the BRICS summit in Rio was envisioned as a platform for emerging market leadership, it has become a test of whether the bloc can maintain cohesion in the face of mounting internal contradictions. Iran’s role in BRICS—once viewed as symbolic—is now central to the debate over the organization’s future identity and global credibility.

@ Newshounds News™
Source: Watcher.Guru

~~~~~~~~~

The World Quietly Moves on From the US Dollar
Global sentiment shifts as currency weaponization fuels reserve diversification

Decades of U.S. dollar dominance are quietly unraveling—not through manipulation or market failures, but through currency weaponization. The White House’s overreach with economic sanctions has pushed even long-standing partners to reassess their reliance on the greenback.

From Russia to Iran, Belarus, and beyond, the U.S. has levied sanctions that have crippled national economies, isolating them from global trade. Despite repeated warnings from emerging economies, the U.S. continued to treat its currency as a tool of coercion. This has now sparked a widespread—but quiet—departure from the dollar.

Historically, the British pound, the global reserve currency before the 1940s, maintained its role without resorting to weaponization. In contrast, the U.S. dollar—though still dominant—is increasingly perceived as a liability, rather than an asset.

Central Banks Begin Diversifying Reserves

While the U.S. dollar remains central to global finance—involved in over 86% of transactions worldwide—confidence is eroding. Nations are no longer viewing the dollar as a financial solution but rather a growing problem, particularly in light of America’s $36 trillion national debt and its role in enforcing economic punishments.

In response, central banks are diversifying into gold and local currencies, hedging against the risks tied to U.S. fiscal policy and dollar-dependency. Officials are openly questioning the neutrality of global institutions like the IMF and World Bank, which operate firmly within the dollar-based framework.

Weaponization Accelerates De-Dollarization

The most alarming trend? The U.S. dollar is no longer viewed as neutral. The perception of its use as a geopolitical weapon has undermined the trust required to sustain its global supremacy.

Experts warn: unless the U.S. changes course, it could face a historic decline in dollar hegemony.

"To restore trust, the United States must stop using its currency as a weapon and instead support fair economic development globally," the article notes.

The de-dollarization movement is gaining traction—not as a loud rebellion, but as a strategic recalibration. The rest of the world is moving on. Quietly. Deliberately. And possibly, permanently.

@ Newshounds News™
Source: Watcher.Guru

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's News Telegram Room Link

Follow the Roadmap

Follow the Timeline 

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Thank you Dinar Recaps

Tidbits From TNT” Friday 7-4-2025

TNT:

Tishwash:  The Association of Private Banks to Nina: Iraq has made significant progress in promoting financial inclusion...and these are the requirements for the success of international standards.

The Iraqi Private Banks Association confirmed: "Iraq has achieved significant progress in financial inclusion thanks to the Central Bank's commitment to implementing international standards."

The head of the association, Wadih Al-Handhal, said in a statement to the National Iraqi News Agency ( NINA ), that "the Central Bank of Iraq is moving forward in implementing compliance standards and enhancing financial inclusion in the banking sector, and the Banks Association also supports raising awareness of financial inclusion."

He explained that "the success of the basic requirements for implementing these standards and achieving advanced levels in combating money laundering depend on training specialized and qualified staff to use information and databases, based on the principle of knowing the customer and the sources of his funds."

He added: "The Middle East and North Africa Financial Action Task Force (MENAFATF) has transformed Iraq from a gray zone to a monitoring area, and this is true evidence that Iraq has achieved significant progress in enhancing financial inclusion and combating money laundering and terrorist financing," noting that "the need for legal legislation still exists, and we must move forward in training human cadres to keep pace with the rapid digital and technological transformation in the world."

Regarding the financial inclusion rates achieved by Iraq, Al-Handhal explained that, “according to international standards, the current financial inclusion rate in Iraq has exceeded 46% compared to previous years, which is a very significant progress with which we seek to achieve a rate of 90-95% in cooperation with the Central Bank in the near future. The Arab Monetary Fund is also very satisfied with this rate and is following the growth of the banking sector. It considers Iraq to be implementing financial inclusion through a sound mechanism that has contributed to Iraq’s progress in ranking ahead of other countries.”  link

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

Tishwash:  Government advisor: The government has succeeded in managing fiscal policy.

The Prime Minister's financial advisor, Mazhar Mohammed Salih, explained on Friday the reasons for the delay in submitting the budget schedules, while stressing that the government has succeeded in managing the country's financial and economic policy.

Saleh said, "The financial compass reading, which required the submission of the 2025 budget tables for legal approval under Article 77/Second of the Budget Law, was truly delayed for two fundamental reasons. The first was to await the amendment to the three-year general budget law regarding the value of the region's oil contracts and the costs of transporting its oil, which were not approved until last February. The other reason relates to the fluctuations that global energy markets were exposed to and the effects of global oil prices on the general budget, which also required rereading some financial constants and variables, whether revenues, expenditures, deficit financing and its sources, more than once due to international geopolitical and economic problems and the major issues that occurred in the global economy at a rapid pace, which led to the generation of volatile shocks in close periods of the current fiscal year, which necessitated hedging against external shocks."

He added that "all these factors led to the delay in submitting budget schedules to review some of its inputs and outputs," noting that "there is significant and ongoing cooperation between the legislative and executive authorities in monitoring and managing the country's financial affairs, with understanding, interaction, and optimization of great importance to ensuring the economic stability the country is experiencing."

Regarding the impact of delayed budget schedules on projects included in the investment section, Saleh pointed out that, “Based on the Federal General Budget Law No. 13 of 2023, the three-year budget, the federal financial policy was formed based on an approach called ‘fiscal space’, which gave it the high capacity to move dozens of approved and previously suspended strategic government projects forward into implementation.

This is what distinguished it with a highly active development wheel in implementing service projects that the country is witnessing without interruption, and its results have become tangible thanks to the success of the three-year budget, in addition to the major projects approved in the 2023 and 2024 budget schedules, which are currently ongoing without interruption.”

He stressed that “the state’s investment approach is proceeding in line with the sustainability of economic development and in accordance with the high positive results currently achieved in growth rates and the great economic stability that the country is witnessing, whether in terms of declining unemployment rates, increasing economic growth, and price stability, in an active and compatible trilogy achieved as a result of the success of the country’s financial and economic policy without interruption in the wheels of public spending, including the current year 2025.”

He continued, "As far as the rights and entitlements acquired in the operational aspect of the general budget are concerned, but have not been disbursed and are contingent upon the submission of the 2025 financial schedules, these are legally protected rights reserved for their beneficiaries and are not subject to statute of limitations. They are merely a matter of timing and will be disbursed upon the approval of these schedules or any adjustment that does not conflict with the law."  link

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

Tishwash:  The US Treasury is pursuing corruption funds... and the Baghdad government remains silent.

An Imminent Crisis in the Iraqi Financial Sector: Has the Phase of Comprehensive Sanctions Begun?

Iraq's financial system is facing new signs of turmoil after the disruption of salary payments through some electronic payment companies affiliated with government institutions. While the reasons for the disruption appear technical, informed sources confirm that the matter is linked to US investigations targeting Iraqi banks and companies suspected of involvement in money laundering operations abroad, to countries including Turkey, Iran, and the UAE.

The same sources explained that the US Treasury had granted a grace period to a number of private banks and electronic payment companies to rectify their status and comply with international standards for combating money laundering and terrorist financing, including the Financial Action Task Force (FATF) and Know Your Customer (KYC) requirements. However, many of these entities have not demonstrated sufficient seriousness in resolving their cases, opening the door to the inclusion of new names on US sanctions lists in the near future.

 This situation threatens to directly disrupt the financial market's performance, especially if the sanctions affect active institutions relied upon to pay salaries and finance daily commercial activities. Experts expect liquidity within the market to be significantly affected, amid growing concerns about declining public confidence in local banks.

 This is particularly true with the increased demand for dollars for external transfers or for storage in anticipation of any unexpected developments. This pressure could lead to a decline in the value of the Iraqi dinar and a rise in the dollar on the parallel market, which would impact the prices of goods and services in an already tense economic environment.

Meanwhile, regulatory authorities within Iraq , led by the Central Bank, are preparing to impose stricter oversight on the activities of banks and money transfer companies in an attempt to avoid further escalation. This is particularly true since some technical reports have revealed clear violations in the performance of some banking institutions, including massive financial transfers abroad without legal documentation, the issuance of credit cards to fictitious accounts, and suspicions of financing prohibited activities or smuggling hard currency.

Despite the bleak outlook, observers believe the crisis could mark a turning point in Iraq's financial reform process. It has become imperative to restructure the private banking sector and impose strict regulatory classifications, along with a comprehensive review of electronic payment companies to ensure their compliance with international standards, and to open the door to broader partnerships with globally licensed financial service providers.

In this context, the crisis may turn into an opportunity to reshape the financial market in Iraq, starting with cleansing the banking environment of unregulated entities and bolstering international institutions' confidence in the Iraqi transfer and oversight system. The shift toward a more transparent and governed environment is not a luxury, but rather a necessity imposed by both domestic realities and international pressures.

Iraq today stands at a critical crossroads: either integrate into the global financial system on its terms and ensure gradual stability in its banking sector, or continue sliding toward financial isolation, which will have direct repercussions for the lives of citizens and the country's economy as a whole. link

Mot:  Come and Get it!!! -- Lunch is Ready!!!!

Mot:  Lee Greenwood, US soldiers release new version of 'God Bless the USA'

https://www.youtube.com/watch?v=0Japc8M8RQw

Iraq Economic News and Points To Ponder Friday Morning 7-4-25

The Dollar Continues To Fall Against The Dinar In Baghdad.

Economy | 10:40 - 03/07/2025  Mawazine News – Baghdad  The US dollar exchange rate fell on Thursday morning in the markets of Baghdad and Erbil, the capital of the Kurdistan Region.

The dollar price fell on the Al-Kifah and Al-Harithiya stock exchanges to 141,100 Iraqi dinars for every $100, while yesterday, Wednesday, it recorded 141,350 dinars for every $100.

Selling prices fell in exchange shops in the local markets in Baghdad, where the selling price reached 142,000 Iraqi dinars for every $100, and the buying price reached 140,000 dinars for every $100. https://www.mawazin.net/Details.aspx?jimare=263394

Gold Prices Fall Globally

Economy | 03/07/2025  Mawazine News - Follow-up:  Gold prices fell in global markets on Thursday as tensions eased between the United States and Vietnam following their conclusion of a trade agreement, while traders awaited US jobs data later in the day for clues on the path of US interest rates.

By 00:29 GMT, spot gold was down 0.3% at $3,345.57 per ounce. US gold futures lost 0.1% to $3,356.60.
US President Donald Trump said on Wednesday that the United States would impose 20% less tariffs on various goods from Vietnam than it had pledged.

The Southeast Asian nation is the tenth-largest trading partner of the United States.
Meanwhile, US and Indian negotiators sought to finalize a deal to reduce tariffs before a July 9 deadline set by Trump.

Trump showed no signs of extending the negotiating deadline despite stalled discussions with Japan, another major trading partner, but expressed optimism about a deal with India.

Markets are currently pricing in a 66 basis point cut in US interest rates this year, between September and December.

Among other precious metals, spot silver fell 0.6% to $36.36 an ounce, platinum lost 0.5% to $1,412.13, and palladium fell 0.4% to $1,150.28.  https://www.mawazin.net/Details.aspx?jimare=263390

Slight Rise In Iraqi Oil Prices On Global Markets

economy | 03/07/2025  Baghdad Today – Baghdad  Iraqi oil prices recorded a slight increase during daily trading on Thursday in the global market.

According to data reviewed by Mawazine News, Basra Medium crude recorded $68.18 per barrel, while Heavy crude recorded $65.18 per barrel, with a change of +0.23 for both.

The data also showed global oil prices, with British Brent crude recording $68.57 per barrel, while US West Texas Intermediate crude recorded $66.92 per barrel. https://www.mawazin.net/Details.aspx?jimare=263389

Statistics: A Slight Decrease In Iraq's Domestic Public Debt.

Economy | 03/07/2025  Mawazine News - Baghdad -  The Central Bank of Iraq announced, on Thursday, a slight decrease in the domestic public debt at the end of April 2025.

The bank said in an official statistic reviewed by Mawazine News that "Iraq's domestic public debt decreased at the end of April of this year to reach 85 trillion and 503 billion Iraqi dinars, down from 85 trillion and 536 billion dinars in March."

The bank added that "the decrease was a result of the repayment of loans from financial institutions, which amounted to 19 trillion and 119 billion dollars, after it was 19 trillion and 152 billion dollars."

He pointed out that "the remaining debts are owed by the Ministry of Finance, amounting to 756 billion dinars, and treasury transfer debts at the Central Bank and commercial banks, amounting to 51 trillion and 30 billion dinars, in addition to treasury transfers on the account of the Ministry of Finance amounting to 2 trillion and 30 billion dinars, and national term debts due to farmers amounting to 12 trillion and 568 billion dollars."   https://www.mawazin.net/Details.aspx?jimare=263396

Chaos And Sole Control... Who Is Behind The National Bank's Monopoly On Foreign Remittances?
 
Economy  2025-07-03 | 830 views  Alsumaria News – Economic  The banking sector in Iraq has recently witnessed a surge in popular discontent and  political controversy  following the National Bank of Iraq's dominance of remittances from abroad.
 
This has led to the  exclusion of several local banks from this vital sector, causing real crises for citizens and  raising widespread questions about the motives behind this monopoly and who is behind it.
 
A sudden decision... and a mysterious exclusion  
 
The story began when a sudden central decision was made to assign the responsibility for foreign remittances to the National Bank of Iraq.
 
This move, observers described as having implications that transcended technical or regulatory considerations, was particularly significant after the exclusion of well-known Iraqi banks that had been performing this role with relative efficiency.
 
Informed sources revealed that the   decision was made under pressure from influential figures seeking to  strengthen their financial influence within the banking sector, exploiting the so-called "financial window system," which regulates the receipt of remittances.
 
Sources indicate that  these figures share common interests with some members of the National Bank's senior management,  opening the door to potential financial and administrative corruption.

Monopoly disrupts the market... and citizens pay the price  
 
Since the National Bank of Iraq took over remittance management, receiving offices in Baghdad and other governorates have witnessed unprecedented congestion and frequent delays,
 
not to mention technical problems and unprofessional behavior by some employees, according to citizen complaints.
 
Citizen (K.N.), one of the affected people, confirmed to Sumaria News , “After the National Bank took over the remittances, I went to collect my remittances and I kept moving from one office to another because each employee sent me to another,” explaining that
 
“the current administration does not organize the work and we need to facilitate procedures for citizens, not complicate matters.”
 
Citizen Abu Ali complained about the poor technical services, telling Sumaria News, "Since the day the National Bank took over the remittances, the application has become even more dysfunctional." 

 He stated that  "the application stops repeatedly,  transfers are delayed or do not arrive, and  if a malfunction occurs, there is no one to respond,  in addition to the endless excuses."
 
Substandard customer service 
 
There have been numerous complaints about poor customer treatment at bank branches,
sparking a wave of anger on the street.
 
Citizen (H.A.) said, “When I went to the bank to inquire about a transfer that arrived in my name,
I was surprised by the way some employees treated me,” explaining that “this is worrisome.”
 
Employee (J.S.) stated, “I received a transfer through Al-Ahli Bank, after reviewing and postponing the appointment more than once,” explaining that “the customer is being neglected, as if he is forced to endure the mismanagement and delays.”

Delayed remittances... losses and suffering  
 
Delays in remittances have become an almost daily occurrence,
causing economic damage to many citizens who rely on these funds to make ends meet.
 
“I called customer service to inquire about a delayed transfer, but there was no response,” Y.M. said.  He continued,
 
"When they do respond, the response is general and useless," noting that "since Al Ahli Bank took over the remittances, the problems have increased and there are no real solutions."
 
Citizen (A.D.) describes the situation as a “real crisis,” noting,  “When I receive a remittance from abroad through Al-Ahli Bank, there is definitely a delay, and  it does not arrive on the same day.” 

He stressed that  "this causes us embarrassment due to the financial obligations we have," calling for other Iraqi banks to be allowed to conduct remittances and not for the National Bank to monopolize them.
 
Unanswered questions... and regulatory authorities remain silent 
 
In light of this critical situation, citizens and those interested in financial affairs are raising questions about the entity that made the decision to restrict remittances to the National Bank, and why other banks that provided acceptable services were excluded.
 
Why don't regulatory bodies, such as the Central Bank of Iraq and the Integrity Commission, investigate the reasons behind the decision?
 
Economists warn that "the continuation of this monopoly will lead to  financial distortions in the remittance market, pressure on citizens, and a collapse in public confidence in the local banking sector."
 
Calls for a transparent investigation 
 
Economists are calling for "a transparent investigation into the allocation of remittances to the National Bank,  and for any party that manipulated banking competition or led to the exclusion of other Iraqi banks to be held accountable." 

They are also calling on the Central Bank  to "urgently intervene and redistribute the remittance file to qualified banks according to standards of efficiency and fairness."  
  
https://www.alsumaria.tv/news/economy/532189/فوضى-وتحكم-منفرد-من-يقف-وراء-احتكار-الحوالات-الخارجية-للمصرف-الأهلي؟   

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

Seeds of Wisdom RV and Economic Updates Friday Morning 7-4-25

Good Morning Dinar Recaps,

House GOP Declares ‘Crypto Week’ to Advance Landmark Digital Asset Bills

House Republicans launch a coordinated push to transform U.S. crypto regulation—while halting central bank digital currency plans.

The U.S. House of Representatives is set to make cryptocurrency a legislative priority during the week of July 14, as House Republicans declare “Crypto Week”—a focused legislative campaign aimed at reshaping digital asset regulation and blocking the issuance of a Federal Reserve-backed central bank digital currency (CBDC).

The effort is part of former President Donald Trump’s broader policy strategy to establish the U.S. as a global leader in blockchain innovation and crypto competitiveness.

Three Key Bills Take Center Stage

During Crypto Week, House leadership will spotlight three critical pieces of legislation:

• The CLARITY Act

• The Anti-CBDC Surveillance State Act

• The GENIUS Act

“After years of dedicated work in Congress on digital assets, we are advancing landmark legislation to establish a clear regulatory framework,” said Rep. French Hill (R-AR), Chair of the House Financial Services Committee.

The bills aim to deliver regulatory certainty, protect consumer rights, and prohibit the Federal Reserve from issuing a CBDC—a digital version of the U.S. dollar that critics argue would endanger financial privacy.

Legislative Milestones Already Achieved

The groundwork for Crypto Week has already been laid:

• In April, the Anti-CBDC Surveillance State Act passed out of committee with a 27–22 vote.

• In June, the CLARITY Act was approved by both the House Financial Services and Agriculture Committees. The bill seeks to remove the SEC’s current oversight authority over crypto.

• That same month, the GENIUS Act cleared the Senate and now awaits a House vote.

“Time and again, we have heard the calls for regulatory clarity,” said Rep. GT Thompson (R-PA), Chair of the Agriculture Committee. “It will soon be time for the House to deliver for the American people and send CLARITY to the Senate.”

Crypto Week Signals a Turning Point

Rep. Tom Emmer (R-MN), a leading crypto advocate in Congress, said that the legislation represents a commitment to financial privacy and free-market innovation.

“American innovators are one step closer to having the clarity they need to build here at home,” Emmer said, “while ensuring the future of the digital economy reflects our values of privacy, individual sovereignty, and free-market competitiveness.”

Senator Cynthia Lummis (R-WY) emphasized that this federal momentum mirrors the trailblazing work already done at the state level.

“In Wyoming, we’ve worked for nearly a decade to embrace digital assets. It’s exciting to see the federal government beginning to follow in the Cowboy State’s footsteps.”

Lummis confirmed she is working closely with Rep. Hill and Rep. Thompson on comprehensive stablecoin legislation, adding:

“We must ensure any CBDC respects Americans’ privacy and financial freedom.”

As Crypto Week approaches, momentum continues to build for a comprehensive redefinition of how the U.S. treats digital assets—shifting the country’s position from reactive oversight to proactive leadership.

@ Newshounds News™
Source: Decrypt

~~~~~~~~~

US Senator Cynthia Lummis Drafts Standalone Crypto Tax Bill

Wyoming lawmaker seeks to overhaul digital asset taxation—cutting red tape, ending double taxation, and boosting U.S. innovation.

Senator Cynthia Lummis (R-WY) introduced a standalone draft bill on Thursday to modernize the U.S. tax code for digital assets—after previous attempts to include crypto reforms in the federal budget package failed.

The new legislation is designed to provide regulatory clarity and eliminate double taxation on crypto transactions involving staking, mining, and lending.

Key Provisions:

▪️ A de minimis exemption for crypto capital gains under $300 per transaction, with an annual cap of $5,000
▪️ Tax deferral on staking and mining rewards until the underlying assets are sold
▪️ Exemptions for crypto lending agreements and charitable donations involving digital assets

“This groundbreaking legislation is fully paid for, cuts through the bureaucratic red tape, and establishes common-sense rules that reflect how digital technologies function in the real world,” said Lummis.

“We cannot allow our archaic tax policies to stifle American innovation. My legislation ensures Americans can participate in the digital economy without inadvertent tax violations.”

The standalone bill is now the primary legislative vehicle for Lummis to fulfill her pro-crypto policy promises, particularly after Congress advanced the 2025 budget without incorporating any digital asset tax reforms.

Crypto Taxation Remains a Flashpoint

Across the U.S. crypto landscape, unclear and inefficient tax rules continue to frustrate investors, developers, and businesses.

A particular area of concern is the treatment of decentralized finance (DeFi) protocols and non-custodial platforms, where developers do not hold user funds or control consensus. Without updated tax code language, these actors risk being misclassified as money transmitters and subjected to reporting obligations designed for centralized financial institutions.

In June, lawmakers introduced an amendment to the Digital Asset Market Clarity Act of 2025—exempting DeFi developers from these requirements. That amendment, if retained in the final version of the bill, would protect innovation by distinguishing between centralized and decentralized projects.

A Race Against Time

U.S. lawmakers are working urgently to finalize crypto-related language in the upcoming federal spending bill, now headed to President Donald Trump’s desk. Whether Lummis’s proposals make it into law through this new standalone bill or are folded into broader packages remains to be seen.

But with bipartisan attention intensifying around crypto taxation, Lummis’s bill may mark a pivotal shift toward fairer, innovation-friendly tax treatment for U.S. digital asset holders. 

@ Newshounds News™
Source: Cointelegraph   

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's News Telegram Room Link

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Thank you Dinar Recaps

MilitiaMan & Crew: Iraq Dinar News-USA Treasury-Baghdad & Kurdistan-Oil-Salaries

MilitiaMan & Crew:  Iraq Dinar News-USA Treasury-Baghdad & Kurdistan-Oil-Salaries

7-3-2025

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

UST-Iraq Central Bank: Bridging Compliance and Standards in the Global Financial System

Welcome to our deep dive into the complexities of Iraq's financial landscape, focusing on the pivotal role of the U.S. Treasury (UST) and the Central Bank of Iraq in establishing international compliance and financial standards.

 In this video, we explore the intricate relationship between the Kurdistan Region and Baghdad, particularly regarding salary structures and the oil economy that significantly impacts both regions.

Key Topics Covered:

UST and Iraq's Central Bank: Understand how the U.S. Treasury engages with Iraq's Central Bank to enforce compliance with international financial regulations and standards.

Kurdistan and Baghdad Dynamics: Examine the ongoing negotiations and tensions between the Kurdistan Regional Government (KRG) and the Iraqi central government, focusing on salary distribution and oil revenue sharing.

Oil Revenue Implications: Learn how Iraq's vast oil reserves influence economic stability and the negotiations between the KRG and Baghdad, shaping the lives of citizens in both regions.

 ASYCUDA world System: Discover how the ASYCUDAworld system is revolutionizing customs operations in Iraq, fostering global integration and facilitating smoother trade processes.

Global Integration: Investigate the importance of integrating Iraq into the international financial system and the challenges faced along the way. Join us on this informative journey as we uncover the complexities of Iraq's economic environment and the efforts being made to align with global standards.

https://www.youtube.com/watch?v=PpqW5b6gCo8