Iraq Economic News and Points To Ponder Thursday Morning 7-10-25

18 Islamic Banks Banned From Dealing In Dollars...And Liquidation Looms!
 
July 8, 2025 Last updated: July 8, 2025  Al-Mustaqillah/- In a move that sparked widespread controversy within economic circles,  data from the Central Bank of Iraq revealed the inclusion of a group of Islamic banks on a list of banks prohibited from dealing in dollars.
 
This raised questions about the true reasons and motives behind this move, as well as the repercussions it could cast a shadow over the future of these banks and the Islamic financial sector as a whole.

List Of Banks Covered By The Ban:
 
    Elaph Islamic
    Kurdistan International Islamic Bank
    Islamic Cooperation
    Islamic Giving
    Islamic Advisor
    Islamic world
    Islamic South
    Islamic Arabic
    Light of Islamic Iraq
    Zain Iraq Islamic
    International Islamic
    Islamic Clutch
    Al-Ansari Islamic Bank
    International Islamic Trust
    Al Rajhi Islamic
    Islamic paper
    Asia Islamic Iraq
    Islamic Spectrum
    Islamic money
 
What Are The Reasons For The Ban?
 
Despite the absence of an official, explicit explanation from the Central Bank,
informed sources point to several possible reasons, most notably:
 
    Suspicions of dollar smuggling are now being leveled against several Iraqi banks as Washington and Baghdad seek to control the black market and reduce currency smuggling to neighboring countries.

    Failure to comply with international financial compliance standards, particularly those related to anti-money laundering and counter-terrorist financing (AML/CFT) standards.
 
    Some of these banks are linked to names or entities subject to US sanctions, which automatically places them under suspicion,even without an official announcement from the US Treasury Department.
 
    The weakness of internal control systems in some of these banks makes them fertile ground for violations or illegal uses of the dollar.
 
Serious Repercussions: Liquidation Is Imminent?
 
According to an informed economic source for Al-Mustaqilla,
 
some banned Islamic banks may be headed for voluntary or forced liquidation in the coming period,
given their inability to continue financial operations without dealing in dollars.
 
The dollar is a vital nerve in the Iraqi economy, whether for trade, transfers, or international client obligations.
 
What Does This Mean For The Islamic Financial Sector?
 
    Declining trust: Customers may lose confidence in Islamic banks in general,
even those not covered by the ban.
 
    Increased pressure on other banks: As these banks exit the dollar market,
customers will turn to other banks, potentially causing congestion or pressure on their services.
 
    Implications for investors: Especially those who use these banks as intermediaries to finance projects or investments based on foreign currency.
 
Where Are Things Headed?
 
The ball is now in the court of the Central Bank of Iraq, which is expected to provide an official and transparent explanation of the reasons behind the ban, to ensure it does not create a financial panic and reassure the local market and investors.
 
Islamic banks subject to the ban must also take the initiative to quickly settle their legal and commercial situations and work to improve compliance systems, to avoid escalating the situation to the point of liquidation or cancellation of the license.    
  
https://mustaqila.com/حظر-18-مصرفاً-إسلامياً-من-التعامل-بالدول/    
    

New Banking Sanctions Shake Iraq's Financial Sector Amid Mounting US Pressure.
  
Iraqi investment in the grip of the US dollar.  July 8, 2025 Last updated: July 8, 2025
 
Al-Mustaqilla/ - The Central Bank of Iraq announced the inclusion of a number of investment banks on a list of those banned from dealing in US dollars,
 
a move that sparked widespread concern in economic and financial circles and brought to the forefront old questions about the future of the Iraqi banking system in light of growing international pressure.
 
List Of Banks Covered By The Ban
 
The list published by the Central Bank on its official website included 12 private investment banks, the most prominent of which are:
 
    Middle East Iraqi Investment Bank 
    Iraqi Investment Bank 
    Dar Al Salam Investment 
    Babylon consumption 
    Sumer Commercial Bank 
    Mosul Bank for Development and Investment 
    Union Bank of Iraq 
    Ashur International Investment Bank 
    Trans-Iraq Investment Bank
     Al-Huda Bank
     Erbil Investment and Finance Bank
     Hammurabi Commercial Bank
 
US Pressure And Undeclared Sanctions
 
Although the Central Bank has not issued an official explanation regarding the reasons for the ban,
an informed source told Al -Mustaqilla that the decision is linked to indirect US sanctions,
based on suspicions regarding these banks' failure to comply with anti-money laundering and foreign transfer standards, in addition to their weak financial compliance systems.
 
The source explained that some of these banks may face liquidation in the near term,
as a result of international isolation and the freezing of their dollar transactions,
which will make it more difficult for them to continue operating in the local market.

 Attempts To Comply And Return To The Global Financial System
 
In contrast, some of the banned banks have begun taking steps to rectify their situation.
 
They are working to improve their compliance and internal control systems,  contracting with international financial audit firms, and seeking to open channels of negotiation with US and international entities to ease the measures imposed on them.
 
Worrying Repercussions For The Iraqi Market
 
The decision directly impacted the Iraqi market, particularly with regard to investor confidence,
project financing, and imports.
 
Among The Most Significant Potential Repercussions:
 
    The dollar exchange rate rose on the parallel market as a result of reducing the number of banks allowed to trade it.
 
    The banking sector's ability to finance major investment projects has declined.
 
    Withdrawal of local and foreign capital in search of a more stable financial environment
 
Urgent Banking Reforms To Avoid Collapse
 
Observers believe that what is happening does not amount to a passing crisis,  but rather represents a critical test of the Iraqi financial system's ability to reform and remain within the global financial system.
 
In this context, the need to implement radical reforms, including
 
    Updating the legal structure of banking supervision
 
    Enhancing transparency and financial disclosure
 
    Re-evaluating the role of investment banks in the national economy
 
The Window For Reform Is Narrowing
 
Recent developments confirm that Iraq stands at a critical financial crossroads,
requiring clear political and banking will to implement genuine reforms before the banking system loses what remains of internal and external confidence.    https://mustaqila.com/عقوبات-مصرفية-جديدة-تهز-القطاع-المالي/    

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

Seeds of Wisdom RV and Economic Updates Thursday Morning 7-10-25

Good Morning Dinar Recaps,

SEC’s Hester Peirce: “Tokenized Securities Are Still Securities”

U.S. Securities and Exchange Commission (SEC) Commissioner Hester Peirce, often referred to as the agency’s “Crypto Mom”, has reaffirmed the regulator’s stance that tokenized versions of traditional securities remain subject to existing securities laws — regardless of the underlying technology.

SEC Warns Market Participants on Tokenized Offerings

In a statement released Wednesday, Peirce urged companies exploring tokenized financial products to engage directly with the SEC. Her remarks come amid a wave of innovation from both crypto-native firms and traditional financial institutions experimenting with on-chain tokenization.

“As powerful as blockchain technology is, it does not have magical abilities to transform the nature of the underlying asset,”
— Hester Peirce, SEC Commissioner

She warned that firms distributing tokenized stocks, bonds, or other instruments must still comply with the federal securities laws.

Robinhood and the Tokenization Wave

Though Peirce did not name specific companies, her comments closely follow Robinhood’s recent launch of a tokenization-focused Layer-2 blockchain, aimed at offering tokenized U.S. stocks and ETFs to investors in Europe.

Robinhood has also reportedly submitted a proposal to the SEC in May 2025, seeking a regulatory framework for tokenized real-world assets (RWAs). The move suggests a growing recognition among industry players of the legal complexities surrounding tokenized finance.

A Call for Engagement and Flexibility

Peirce emphasized that the Commission is open to innovation — if market participants proactively engage and work within legal boundaries.

“When unique aspects of a technology warrant changes to existing rules or where regulatory requirements are outdated or unnecessary, we stand ready to work with market participants to craft appropriate exemptions and modernize rules,”
— Hester Peirce

Her comments echo those made frequently by former SEC Chair Gary Gensler, who often urged crypto firms to “come in and talk.” But this statement comes at a time when the regulatory climate is beginning to shift under the leadership of new Chair Paul Atkins and the Trump administration’s broader support for digital assets.

Awaiting Clarity from Congress

Peirce’s statement also arrives as Congress prepares to vote on the Digital Asset Market Clarity Act — a long-awaited legislative framework that aims to define regulatory roles for the SEC and the Commodity Futures Trading Commission (CFTC).

If passed, the bill could:

• Clarify oversight responsibilities for digital assets

• Provide legal certainty for tokenized securities and commodities

• Accelerate institutional adoption of real-world asset tokenization

Conclusion: Tech Innovation Still Requires Legal Caution

While blockchain and tokenization are transforming finance, the SEC’s message remains consistent: the medium does not change the law.

Hester Peirce’s latest comments serve as both a warning and an invitation: innovation is welcome, but compliance with securities law is non-negotiable.

@ Newshounds News™
Source: Cointelegraph

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DLT Platform Hedera Joins Project Acacia to Advance Digital Finance in Australia

In a major step toward building Australia’s next-generation financial infrastructure, Hedera has officially joined Project Acacia, a collaborative initiative led by the Reserve Bank of Australia (RBA) and the Digital Finance Cooperative Research Centre (DFCRC). The project is designed to explore digital money, tokenized assets, and real-world financial use cases powered by distributed ledger technology (DLT).

Hedera Brings Hashgraph Efficiency to Australian Digital Finance

On July 10, Hedera was formally included in the Acacia initiative, where it will contribute its Hashgraph-based DLT—known for high-speed, secure, and low-cost transactions—to a suite of pilot programs. These programs aim to test wholesale tokenized assets, improve settlement efficiency, and reduce systemic risks in Australia’s financial sector.

“Project Acacia will allow industries and regulators to work together to reshape the financial services industry while boosting efficiency and fostering economic growth,”
— Reserve Bank of Australia

The project's focus includes evaluating how DLT can enhance transparency and innovation in wholesale banking and cross-border settlement systems, aligning with broader governmental goals for economic modernization.

Multiple Blockchain Platforms Join the Mission

Hedera is not alone in this national initiative. Other prominent DLT platforms selected for Project Acacia include:

• Redbelly Network – Focused on compliant tokenization of real-world assets.

• R3 Corda – Specializing in asset and currency tokenization across regulated financial markets.

• Canvas Connect – A zero-knowledge layer-2 solution prioritizing privacy and financial interoperability.

• EVM-compatible networks – Supporting Ethereum-based smart contracts, ideal for programmable finance.

Together, these platforms will test various CBDC scenarios, settlement models, and tokenized asset flows to evaluate their integration with Australia's traditional banking infrastructure.

Australia Positions Itself as a Global DLT Leader

By anchoring Hedera and other advanced blockchain platforms into its national pilot program, Australia is signaling a serious commitment to technological innovation in finance. The effort also aligns with broader global trends toward central bank digital currencies (CBDCs) and the tokenization of real-world assets (RWAs).

The Australian Securities and Investments Commission (ASIC) emphasized the importance of this research in tackling regulatory risks and identifying growth opportunities within the digital asset economy.

Final Thought

As countries around the world race to define their roles in the digital asset revolution, Australia’s Project Acacia—now strengthened by Hedera’s participation—could serve as a model for collaborative innovation between governments, regulators, and the blockchain industry.

If successful, it may mark the beginning of a fully tokenized financial ecosystem, with Australia at the forefront.

@ Newshounds News™
Source: Coinpedia  

~~~~~~~~~

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MilitiaMan & Crew: Iraq Dinar News-Monetary Stability-Budget-Oil & Salaries a key focus

MilitiaMan & Crew:  Iraq Dinar News-Monetary Stability-Budget-Oil & Salaries a key focus

7-9-2025

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

Welcome to our latest video where we dive deep into the current state of Iraq's economy and the implications for the Iraqi Dinar.

 In this episode, we explore the key insights from Al-Nusairi's groundbreaking book on monetary stability, alongside expert analyses from Mazhar Mohammed Saleh regarding the successful measures in place to ensure economic resilience.

What We Cover:

Monetary Stability: Discover the principles and strategies outlined in Al-Nusairi's book that aim to stabilize the Iraqi Dinar during a digital transformation.

Expert Analysis: Hear from Mazhar Mohammed Saleh as he shares his similar opinion's that Iraq has succeeded on stabilizing prices and curbing inflation.

 Budget Insights: There is a vital issue that has yet to be put into place regarding the Tripartites Budget tables.

Join us for an insightful discussion and expert analysis on these pressing issues.

https://www.youtube.com/watch?v=DKUy8e0szFo

Iraq Economic News and Points To Ponder Wednesday Afternoon 7-9-25

Al-Sudani: We Will Not Allow Iraq To Become Part Of The Arena Of Wars And Conflicts, And We Will Not Allow Anyone To Outbid Our Principles

Wednesday, July 9, 2025, | Politics Number of reads: 188  Baghdad / NINA / Prime Minister Mohammed Shia Al-Sudani stressed that Iraq will not be allowed to be part of the arena of wars and conflicts.

Al-Sudani said, during his visit to the host of the Emir of the Bani Hassan tribes in the Al-Haidariya district, Sheikh Hussein Ali Al-Muhammad Al-Hasnawi, and Sheikh Abdul Hadi Al-Hasnawi, the representative, in the holy Najaf Governorate:   "Iraq is in the midst of a region rife with violence, and the war began there with the aggression launched by the Zionist entity against the Islamic nation.

The ongoing attacks in Gaza, Lebanon, Yemen, and the latest of which was on the Islamic Republic of Iran, oblige us to take our clear principled position, act wisely, and adhere to preserving the supreme interests of Iraq and Iraqis. We will not allow our country to be part of the arena of wars and conflicts."

He added: "We will not allow any party or entity to outbid our principles, especially when talking about the rule of law that protects everyone, and the state, with its official institutions, is concerned with the decision of peace, war, or foreign relations," stressing: "Restricting arms to the state is one of the fundamentals of building the state, and the government is proceeding according to a plan to achieve this goal."

He continued: "Our program is consistent with the basic principles announced by the supreme authority, when it outlined a work plan for all those who assume responsibility, prioritizing support for the state and its sovereignty, through respect for the law and combating corruption.

We are continuing the process of building, developing, and rebuilding our country, with an equal and non-discriminatory view for all Iraqis, with their diverse spectrums."

He continued: "It is time for the citizen to feel that the state, with all its institutions, provides services and implements the law. Today, we launched the executive work to expand the Najaf refinery, reaching a refining capacity of 90,000 barrels/day, and we will soon begin building the additional hydrogenation units."

Al-Sudani met with sheikhs and dignitaries of the district, and the general public, and was informed of their living and social conditions, and received their requests and needs.

He thanked the Bani Hassan tribes for the kind invitation and presence among our people in the Al-Haidariya district, which constitutes the intermediate station on the path of visitors and a shelter for all visitors of Abu Abdullah Al-Hussein (peace be upon him) during the days of the dictatorial regime, and today they serve his visitors, stressing that his visit to the holy Najaf Governorate is a continuation of the implementation of the government’s program and a confirmation of the title of the government of services, as all governorates are witnessing today service projects that are compatible with the hopes and sacrifices of the Iraqis. /End   https://ninanews.com/Website/News/Details?key=1239869

Among Them Is Iraq.. Four Arab Countries Possess More Than A Thousand Tons Of Gold Reserves.

Economy |  09/07/2025  Mawazine News - Follow-up  The World Gold Council announced on Wednesday that Iraq and four other Arab countries together possess more than 1,000 tons of global gold reserves.

In its latest table for July, reviewed by Mawazine News, the council stated that "the top five Arab countries, namely Saudi Arabia, Lebanon, Algeria, Iraq, and Libya, possess a combined 1,092.9 tons of gold," indicating that "the remaining Arab countries listed, namely Egypt, Qatar, Kuwait, Jordan, the UAE, and Syria, possess a combined 495.3 tons."

It added that "Iraq maintained its 29th global ranking out of 100 countries listed in the table, as its gold holdings amount to 162.7 tons, representing 16.8% of its remaining reserves."

The council noted that "the United States of America tops the list of the world's largest gold holders, with 8,133 tons, followed by Germany with 3,350 tons, then Italy with 2,451 tons, while Iceland and Hong Kong came in last with holdings of 2.1 and 2 tons, respectively."

It is worth noting that the World Gold Council, headquartered in the United Kingdom, includes among its members the world's largest gold mining companies and has extensive experience and in-depth knowledge of the factors affecting global gold markets. https://www.mawazin.net/Details.aspx?jimare=263650

Iraq Is The Third Arab Country In Terms Of Refinery Production.

Wednesday, July 9, 2025, | Economic Number of readings: 110  Baghdad/ NINA / Iraq ranked third in the Arab world in the list of refinery production of petroleum products in 2024, according to data from the Energy Research Unit.

The data showed that global refinery production increased by 807,000 barrels per day during the past year, reaching 93.631 million barrels per day, compared to 92.823 million barrels per day in 2023.

Saudi Arabia continued to lead the Arab countries in terms of refinery production, followed by Kuwait in second place, while Iraq rose to third place after surpassing the UAE, which witnessed a decline in its production.

Iraq recorded an increase in refinery production in 2024 by 60,000 barrels per day, reaching 988,000 barrels per day, compared to 928,000 barrels per day in 2023.

The UAE ranked fourth in the Arab world, followed by Algeria, then Egypt, Qatar, while Libya came at the bottom of the list. /End   https://ninanews.com/Website/News/Details?key=1239858

The Dollar Exchange Rate Against The Dinar Remains Stable In Local Markets.

Wednesday, July 9, 2025, | Economic Number of reads: 184  Baghdad / NINA / The dollar prices stabilized in the markets of Baghdad and Erbil governorates, on Wednesday.

The exchange rates recorded stability in the Al-Kifah and Al-Harithiya stock exchanges, recording 141,250 dinars for every $100.

The selling prices stabilized in exchange shops in the local markets in Baghdad, as the selling price reached 142,250 dinars for every $100, while the purchase price reached 141,000 dinars for every $100.

In Erbil, the dollar also recorded stability, as the selling price reached 142,300 dinars for every $100, and the purchase price was 141,000 dinars for every $100. /End https://ninanews.com/Website/News/Details?key=1239837

Gold Prices Decline In Baghdad And Erbil Markets.

Wednesday, July 9, 2025, Economic Number of readings: 145  Baghdad / NINA / The prices of foreign and Iraqi gold decreased on Wednesday in the local markets of the capital, Baghdad, and Erbil.

The selling prices of gold in the wholesale markets on Al-Naher Street in Baghdad this morning were recorded at 651 thousand dinars per mithqal of 21-karat Gulf, Turkish and European gold, with a purchase price of 647 thousand dinars.

The selling price of one mithqal of Iraqi 21-karat gold was recorded at 621 thousand dinars, while the purchase price was 617 thousand.

As for the goldsmiths, the selling price of one mithqal of 21-karat Gulf gold ranged between 655 and 665 thousand dinars, while the selling price of one mithqal of Iraqi gold ranged between 625 and 635 thousand dinars.

In Erbil, prices also witnessed a decrease, as the selling price of 22-carat gold reached about 684 thousand dinars, 21-carat gold reached 653 thousand dinars, while the selling price of 18-carat gold reached about 560 thousand dinars. /https://ninanews.com/Website/News/Details?key=1239845

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

Elites Are Repositioning: Gold, Debt, and the Global Reset Already Underway | Nomi Prins

Elites Are Repositioning: Gold, Debt, and the Global Reset Already Underway | Nomi Prins

Kitco News:  7-9-2025

The global financial system is entering a new phase - and Nomi Prins, Founder of Prinsights Global and best-selling author, joins Kitco News Anchor Jeremy Szafron on site at the 2025 Rule Symposium in Boca Raton to break it down.

Prins explains how BRICS nations are challenging dollar dominance through gold accumulation, strategic trade alliances, and parallel monetary systems.

She outlines how China’s sovereign moves are accelerating a long-term shift away from U.S. debt, and why investors should prepare now for what she calls a 'capital redirection decade.'

From central bank actions to political inflection points, Prins shares where this monetary transformation is headed—and why gold, strategy, and timing matter more than ever.

Key Topics:

-The quiet shift away from the U.S. dollar

-China, BRICS, and the rise of gold-backed policy

 -Sovereign demand and what it means for gold

-U.S. fiscal credibility and the next monetary order

-Prins’s framework for navigating financial fragmentation

-What investors need to know now about capital flows

00:00 Introduction

01:25 Central Banks and Gold Investments

 02:45 Economic Distortions and Federal Reserve Policies

05:16 Global Trade and Tariff Impacts

 07:38 Investment Opportunities in Commodities

 09:30 Geopolitical Influences on Markets

14:08 Strategic Investments and Future Outlook

24:46 Conclusion

https://www.youtube.com/watch?v=FcFyYwPvm6M

Seeds of Wisdom RV and Economic Updates Wednesday Afternoon 7-9-25

Good Afternoon Dinar Recaps,

No BRICS Currency Planned, Says Group’s Envoy

Despite ongoing de-dollarization efforts, the BRICS alliance has no plans to launch a new joint currency, according to Brazil’s Ambassador to India, Kenneth Felix Haczynski da Nobrega. The statement follows the 17th BRICS Summit in Rio de Janeiro (July 6–7, 2025), where the focus shifted to trade in local currencies rather than creating a shared alternative to the U.S. dollar.

No BRICS Currency — Only Local Settlement Initiatives

“To speak of a BRICS currency… that is something that does not exist,”
— Kenneth da Nobrega, Brazilian Ambassador to India

Contrary to previous speculation, no BRICS-wide digital or fiat currency was discussed at the recent summit. Instead, BRICS members — which now include Brazil, Russia, India, China, South Africa and several newer entrants — are choosing a pragmatic approach: encouraging trade settlements in local currencies.

This move will be conducted on a “voluntary basis”, with the aim of reducing reliance on the U.S. dollar in cross-border trade. Nobrega emphasized this strategy is not a direct attack on the dollar, but rather an expansion of available trade options.

Local Currency Use Gains Momentum

“What we are envisaging is stimulating businesses of BRICS countries to adopt local currencies as an option for conducting trade,” Nobrega explained. “This will be on a voluntary basis... just one more option, not a move against the dollar.”

The statement aligns with earlier remarks from Russia, which reported that 90% of its BRICS trade is already settled in local currencies.

This signals a growing trend across the bloc: de-dollarization by decentralization — empowering nations to transact in their own currencies rather than developing a complex and potentially controversial joint currency.

Why No BRICS Currency Yet?

According to the Ambassador, creating a BRICS currency is simply not feasible at this stage:

• A new tender would require a robust legal and financial framework

• The proposed currency would need global acceptance and forex credibility

• Building such trust would take years of coordinated effort — something the bloc is not prepared to undertake now

For now, the strategic focus is on building mechanisms for local currency usage, which are easier to implement and less politically sensitive.

BRICS Pushes for a Multipolar Financial System — Without a Single Currency

While a joint BRICS currency isn’t on the table, the broader mission remains: reshape the global financial order into a more multipolar and inclusive system.

• The Rio summit saw member nations calling for fairer global trade practices

• The emphasis was placed on sovereign monetary policies and regional payment infrastructure

• Moves like the expansion of the BRICS New Development Bank are reinforcing financial independence

Conclusion: No New Currency — But De-Dollarization Marches On

While some anticipated a BRICS currency rollout to rival the U.S. dollar, the alliance has made clear its current path: voluntary trade in local currencies, not a shared tender.

This shift offers flexibility, respects member sovereignty, and lowers the risk of geopolitical backlash — all while chipping away at dollar dominance through incremental, cooperative de-dollarization.

@ Newshounds News™
Source: Watcher.Guru    

~~~~~~~~~

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If the Fed Cuts, Long-Term Yields are Going to Rise in their Face

If the Fed Cuts, Long-Term Yields are Going to Rise in their Face

Arcadia Economics:   7-9-2025

Amidst escalating geopolitical tensions and a turbulent financial landscape, few voices command the attention of Dr. Jim Willie, famously known as the “Golden Jackass.” With a reputation for prescient, albeit often contrarian, analysis, Willie offers critical insights into the forces shaping both the Middle East and global financial markets.

As financial markets keenly await the Federal Reserve’s next move, particularly heading into July, speculation is rampant regarding a potential rate cut. Conventional wisdom often suggests that central bank rate cuts are intended to stimulate the economy by lowering borrowing costs across the board, including long-term interest rates. However, Willie offers a starkly different outlook.

He contends that if the Fed proceeds with a rate cut, long-term US interest rates are not only unlikely to fall but are poised to “rise in their face.” This counter-intuitive prediction directly challenges market expectations and suggests underlying systemic pressures could override the Fed’s intended policy direction.

 While the full rationale is explored in his analysis, such a scenario often implies a lack of market confidence in the central bank’s ability to manage the economy, accelerating inflation expectations, or a flight from sovereign debt amidst growing instability.

Beyond the intricate dance of monetary policy, Dr. Willie also lends his considerable insight to the fraught geopolitical situation engulfing the Middle East. With tensions between Iran, Israel, and the United States continuously simmering, Willie dissects the latest dynamics.

He offers a perspective on how these global flashpoints could ripple through the financial system, exacerbating existing vulnerabilities or creating new ones.

His analysis underscores the critical interconnectedness of global politics and financial stability, suggesting that events in one sphere inevitably influence the other. For Dr. Jim Willie, the “Golden Jackass,” these are not isolated concerns but pieces of a complex puzzle that demand a holistic understanding.

Dr. Jim Willie’s unique perspective and bold predictions serve as a crucial counter-narrative to mainstream financial commentary.

For a comprehensive understanding of these complex issues – from the potential fallout of a Fed rate cut on long-term yields to the intricate geopolitical dynamics shaping the Middle East – the full video discussion from Arcadia Economics featuring Dr. Jim Willie is essential viewing.

It promises further insights and information that challenges conventional wisdom and prepares viewers for the potential shifts ahead.

https://youtu.be/7dviLA7ZtbM

Iraq Economic News and Points To Ponder Wednesday Morning 7-9-25

Government Advisor: 3 Factors That Have Stripped The Parallel Exchange Market Of Its Price Influence And Diversified Our Financial Reserves
 
2025/07/07 Reads: 840 Times    {Economic: Al Furat News} The Prime Minister's Economic Advisor, Mazhar Mohammed Salih,confirmed that the   stability of the price structure and the  decline in annual inflation rates in Iraq  are the result of the success of three integrated economic policies that operated in a coordinated manner within the framework of the state's general economic policy.  Saleh said in a statement to {Al Furat News} that:

"Fiscal policy has contributed significantly to supporting prices through the general budget,
whose expenditures constitute more than 13% of the gross domestic product," noting that
 
"this support has been reflected in the expansion of social safety nets through    food baskets,     fuel price subsidies, and   support for farmers, in addition to the provision of   wide-ranging government services." 

He added,  "Monetary policy, in turn, has    achieved tangible success in maintaining the external value of the dinar   by controlling domestic liquidity levels    through the introduction of electronic payment systems and   increasing demand for foreign currency at local banks through their correspondents abroad.
 
This has contributed to  reducing financial transfer times and  implementing compliance rules related to money movement risks."

Saleh pointed out that  "the third of these policies was price defense through the     establishment of a hybrid market network, which   provided a wide supply of goods at stable prices and   directly impacted the local market by creating price competition that    reduced opportunities for speculation.
 
As a result of these three factors, the  effects of the parallel exchange market (the black market) were neutralized,   especially with regard to generating inflationary expectations,  whose effects have gradually faded."

He stated that "there are commodity stocks available to the state and the private sector, some of which have a shelf life of three to five years, especially with regard to spare parts and durable goods, which enhances market stability in the medium term."
 
Regarding the increase in gold reserves, Saleh explained that
 
"this is a successful monetary policy tool for diversifying Iraq's foreign reserves portfolio," noting that 
"gold represents a safe haven against fluctuations in   global exchange rates and    interest rates." ‘

He added that "this diversification, which includes   various foreign currencies and  monetary gold,
 
is based on precise international standards  to protect the country's assets from value fluctuations between currencies."
 
Regarding the impact of OPEC+ decisions, Saleh emphasized that  
"Iraq is part of the international consensus within the organization regarding oil production levels, and
 
that the national oil policy enjoys great flexibility that enables it to maintain export levels within Iraq's quota, thus mitigating the impact of the decline in oil prices on public revenues." 

 He noted in this context that   "Triennial Budget Law No. 13 of 2023 includes flexible financial tools to address any emergency gaps through the possibility of resorting to bridge borrowing from the local financial market,
 
supported by monetary policy that provides sustainable liquidity     through open market instruments, in accordance with the provisions of Central Bank of Iraq Law No. 56 of 2004."
 
The advisor concluded his remarks by emphasizing that "the economic stability Iraq is witnessing today is the result of the     integration of fiscal, monetary, and pricing policies    into a unified framework
 
that promotes sustainable development and supports the implementation of the  government's program and  comprehensive economic reforms."   https://alforatnews.iq/news/مستشار-حكومي-3-عوامل-جردت-سوق-الصرف-الموازي-من-تأثيراته-السعرية-وتنوع-احتياطاتنا-المالية 

International Financing To Liberalize The Railway Sector

Economic 07/09/2025   Dr. Maytham Adham Al-Zubaidi  In a remarkable move aimed at modernizing the transportation sector and boosting economic growth in Iraq, the  World Bank has approved $930 million in financing for an ambitious project to expand and modernize Iraq's railway network.
 
This project falls within the "Development Road,"  which seeks to transform Iraq into a regional logistics hub linking the Gulf region to Europe via Turkey.
 
However, the importance of this project goes beyond simply improving infrastructure;
 
it represents a qualitative leap in
     liberating the railway sector from monopoly,
     enhancing competitiveness, and
     opening the door to vital private sector participation.
 
The project encourages the establishment of dry ports and logistics centers in cooperation with the private sector,   creating a new competitive environment and  giving national and foreign companies the opportunity to enter the modern transportation system.
 
This transformation not only reduces costs, but also improves efficiency and creates competition in terms of quality and service.

Improving rail transport means
     opening up markets to producers and consumers,
     reducing shipping time and costs, and
     enhancing competitiveness as a lever for economic development domestically and regionally.
 
Shifting a significant portion of road freight to rail will also
     break the dominance of certain groups of companies that control the land transport sector,
          creating a more equitable and competitive market balance.
 
The renewed railway line is expected to transport about (6.3) million tons of goods and more than (2.85) million passengers by 2037,  which will enhance the connection between the governorates and drive economic activity across the country.
 
In addition, the project does not neglect the social aspect of job creation and sustainable development.
 
It is expected to provide more than 3,000 direct jobs during the construction phase,
in addition to approximately 22,000 job opportunities annually by 2040 in the field of operations and support services.
 
The project also includes specialized training programs for railway sector workers, with special attention paid to the participation of women.
 
The World Bank's railway modernization project in Iraq,  if implemented properly and thoughtfully,
will not merely be a technical financing exercise,
 
but rather a genuine structural reform aimed at building a more open and diversified economy based on partnership, competition, and transparency.
 
As Iraq enters a new phase of development after years of challenges, this initiative represents a turning point in building a    competitive,  sustainable, and   equitable infrastructure.    https://alsabaah.iq/117161-.html   

Shorter Route Linking Turkey To Kuwait Through Iraq Now Operational
 
 Iraq Amr Salem July 8, 2025 303 2 min  Container trucks on a road. Photo: IRU 
Baghdad (IraqiNews.com) – In a remarkable development, a new roadway  corridor connecting Turkey to Kuwait across Iraq is now operating,  significantly lowering transit times and increasing commercial effectiveness.

Major Turkish logistics company Hasbayrak International Transport successfully completed the first cargo across this route using the International Road Transport (TIR) transit system, according to the International Road Transport Union (IRU).
 
Three trucks carrying fresh fruit and vegetables left Turkey and arrived in Kuwait in just four days,
a substantial improvement over the customary 45-day sea route.
 
TIR-registered trucks crossed into Iraq at the Al Abdali border crossing and completed customs processes at the Sulaybia Dry Port,  demonstrating the country’s operational preparedness.
 
The step also signified the formal resurrection of TIR in Kuwait, in collaboration with Kuwaiti authorities.
 
Iraq’s Border Ports Commission started applying the
International Road Transport (TIR) transit system in the country in the beginning of April.
 
As the only worldwide transit system,  TIR permits the shipment of commodities in sealed load compartments  under customs supervision   from a country of origin to a country of  destination d    through a multilateral and mutually recognized system.    
  
https://www.iraqinews.com/iraq/shorter-route-linking-turkey-to-kuwait-through-iraq-now-operational/

All Iraqi Government Institutions Now Using E-Payment Systems, Says Official
 
Iraq   Jawad Al-Samarraie July 8, 2025  A person in Iraq using a POS machine to make an electronic payment. Photo by: INA Baghdad (IraqiNews.com) – All official government institutions in Iraq are now using electronic systems for  payments and   revenue collection,
 
marking a major milestone in the country’s digital transformation strategy, Government Media spokesperson Haider Majeed announced on Tuesday (July 8, 2025). Majeed stated
 
this nationwide shift, a key priority of the government program, aims to     enhance transparency,
simplify procedures for citizens, and    combat corruption  by reducing reliance on cash transactions.
 
“This reflects the government’s strategic effort to modernize the financial infrastructure,” he said.
 
The directive has also been extended to all private sector entities with direct public interaction, including       clinics,     pharmacies,     stores, and     fuel stations.

 Majeed noted there has been “wide acceptance” of e-payments from citizens, which has encouraged businesses to adopt the new systems.
 
The move is expected to  improve the  efficiency of government revenue and   tax collection,
  reduce financial leakage, and    boost financial inclusion by encouraging more citizens to use modern banking services.
 
The General Secretariat of the Council of Ministers is overseeing the nationwide implementation.  
  
https://www.iraqinews.com/iraq/all-government-institutions-adopt-e-payment-systems-2025/    

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

Seeds of Wisdom RV and Economic Updates Wednesday Morning 7-9-25

Good Morning Dinar Recaps,

5 Countries Where Crypto Is (Surprisingly) Tax-Free in 2025

As governments tighten their grip on digital assets, a handful of nations are charting a radically different course—offering legal, zero-tax treatment for crypto. From offshore havens to EU surprises, here are five countries where cryptocurrency remains tax-free in 2025, making them attractive destinations for investors, traders, and crypto entrepreneurs.

1. Cayman Islands: No Tax, Full Compliance

• Tax Status: No income tax, no capital gains tax, no corporate tax — and yes, that includes crypto.

• Who Benefits: Traders, DeFi treasuries, offshore crypto funds.

• Regulatory Framework: The updated Virtual Asset (Service Providers) Act is fully operational as of April 2025, providing legal clarity for exchanges, custodians, and platforms.

Why it matters: With a stable, USD-pegged currency, English common-law protections, and a pro-investor business climate, the Cayman Islands remain the world’s most complete crypto tax haven.

2. United Arab Emirates: Tax-Free Across All Emirates

• Tax Status: Zero tax on crypto trading, staking, mining, or sales — across all seven emirates.

• Regulators:

• Dubai’s VARA (Virtual Asset Regulatory Authority)

• Dubai Financial Services Authority (DIFC)

• Abu Dhabi Global Market (FSRA)

Why it matters: The UAE is more than a tax shelter — it’s a global regulatory hub for crypto innovation. With world-class infrastructure and business-friendly visa regimes, it’s fast becoming the go-to destination for crypto founders and high-net-worth individuals.

3. El Salvador: Bitcoin Legal Tender and Tax-Free

• Tax Status: No capital gains or income tax on Bitcoin transactions.

• Adoption: Bitcoin is legal tender; widely used with Lightning wallets like Chivo.

• Future Plans: Bitcoin City — a zero-tax, geothermal-powered city for crypto miners, investors, and startups.

Why it matters: El Salvador remains a bold global experiment, proving that state-backed crypto adoption and tax exemption can go hand-in-hand — at least for now.

4. Germany: Long-Term Holders Rejoice

• Tax Status: Hold crypto for 12+ months and pay zero tax on sales or swaps.

• Additional Benefit: Annual short-term gains under €1,000 are also tax-free.

Why it matters: As an EU powerhouse, Germany’s progressive stance is unexpected. It rewards hodlers with tax exemption and allows local EU-based investors to enjoy legal relief without going offshore.

5. Portugal: Europe’s Sun-Soaked Tax Haven

• Tax Status: Long-term capital gains on crypto (held over 1 year) are tax-exempt.

• NHR Program (before March 31, 2025 cutoff): Offers 20% flat tax on domestic income and exemption for foreign-source crypto income.

Caveats:

• Short-term gains (<1 year) taxed at 28%

• Staking and professional activity also taxed

Why it matters: Despite tightening rules, Portugal remains one of the few EU nations offering meaningful tax benefits to long-term crypto investors, retirees, and remote workers.

Where Is Crypto Tax-Free in 2025?

These five countries—Cayman Islands, UAE, El Salvador, Germany, and Portugal—are not just regulatory outliers. They are actively shaping the future of global crypto policy by creating pro-growth, pro-innovation tax environments for digital assets.

• Zero tax: Cayman, UAE, El Salvador

• Long-term exemption: Germany, Portugal

Yet, proceed with caution:

• Residency or relocation is often required.

• Regulatory frameworks vary.

• Tax status can change rapidly based on political or IMF pressures.

“In a tightening global regulatory climate, these five nations offer rare crypto tax relief — but it may not last forever.”

Planning to relocate for crypto tax advantages?
Consult a local tax advisor, monitor regulatory shifts, and ensure legal compliance. Because in 2025, tax freedom in crypto still exists — just not everywhere.

@ Newshounds News™
Source: Cointelegraph

~~~~~~~~~

Ripple Picks BNY Mellon to Back RLUSD Stablecoin Amid $500M Surge

Ripple’s U.S. dollar-backed stablecoin, RLUSD, just got a major boost — with Wall Street's oldest bank, BNY Mellon, now serving as the official custodian of its reserves. This move signals growing institutional confidence in Ripple's crypto-fintech strategy and places RLUSD in the center of what some are calling “Stablecoin Summer.”

BNY Mellon Now Custodies RLUSD Reserves

In a landmark development, BNY Mellon — the oldest bank in the United States — will act as primary custodian for RLUSD’s reserves.

“As primary custodian, we are thrilled to support the growth and adoption of RLUSD by facilitating the seamless movement of reserve assets and cash to support conversions,”
— Emily Portney, Global Head of Asset Servicing, BNY Mellon

This partnership marks a major trust upgrade for Ripple’s stablecoin, aligning it with one of the most trusted institutions in global finance.

RLUSD Market Cap Surges Past $500 Million

Launched in December 2024, RLUSD has already crossed the $500 million mark in just seven months — an impressive feat in a fast-evolving market.

• RLUSD is fully backed 1:1 by cash and U.S. Treasuries, offering transparency and security.

• Built to complement Ripple’s payments network and XRP token, RLUSD is already seeing early adoption in institutional and cross-border use cases.

Ripple Eyes National Banking Charter and Fed Access

Ripple isn’t stopping at a stablecoin. The company has officially:

• Applied for a U.S. national banking charter

• Requested a Federal Reserve master account

These steps would allow Ripple to hold reserves directly with the Fed, effectively integrating crypto into the traditional banking system. It’s a bold move — and a strong signal that Ripple is serious about long-term regulatory alignment.

AMINA Bank Brings RLUSD to Global Institutions

Adding to RLUSD’s institutional push, Swiss-based AMINA Bank — a licensed, FINMA-regulated institution — has announced:

• Custody and trading support for RLUSD

• Availability on mobile and desktop platforms

• Infrastructure built for institutional-grade reliability

This gives RLUSD global banking credibility and expands its reach into European and international markets.

The Bigger Picture: “Stablecoin Summer” in Full Swing

Ripple’s move comes amid a wave of pro-stablecoin momentum in the U.S.:

• The Trump administration is relaxing crypto restrictions

• Congress is advancing stablecoin legislation

• Tech giants like Amazon, Uber, Apple, Walmart, and Airbnb are exploring stablecoin use cases

This institutional wave is what analysts are calling Stablecoin Summer — and RLUSD is now right in the middle of it.

What’s Next for RLUSD?

With BNY Mellon backing reserves and global custody support from AMINA, Ripple is positioning RLUSD as a top-tier stablecoin contender.

Next milestone? $1 billion market cap may be closer than expected.

@ Newshounds News™
Source: Coinpedia

~~~~~~~~~

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“Tidbits From TNT” Wed. Morning 7-9-2025

TNT:

Tishwash:  Demonstrations in Sulaymaniyah protesting the deteriorating living conditions and delayed salaries. 

Baghdad Today correspondent reported, on Tuesday evening (July 8, 2025), that popular demonstrations broke out in the cities of Ranya and Qala Diza, affiliated with Sulaymaniyah Governorate, in protest against the deteriorating living conditions and the ongoing salary crisis in the region.

Our correspondent said that dozens of young people from both cities took to the streets in angry demonstrations demanding improvements to their living conditions and the payment of overdue salaries. They asserted that "their patience has run out as the crisis continues without any real solutions."

Our correspondent noted that security forces in the area had begun moving toward the demonstration site to contain the situation, with no clashes reported at the time of writing.  link

Tishwash:  Where are the 2025 budget schedules? Projects are suspended, plans are postponed, and Parliament holds the government accountable.

Despite more than half a year having passed since the start of the fiscal year, the 2025 budget schedules remain absent from the House of Representatives, a scene that rekindles concerns about a financial paralysis that threatens service and development projects in the governorates.

This delay comes despite the country's adoption of the "Tripartite Budget" law, which was supposed to spare Iraq the annual wait for approval of financial allocations and ensure stability in the flow of funds and project planning.

In this context, the Deputy Chairman of the Parliamentary Committee for Regions and Governorates, Jawad Al-Yasari, ruled out on Tuesday (July 8, 2025) the approval of the 2025 budget schedules during the remaining term of Parliament, holding the government responsible for the delay.

"The Iraqi government is responsible for the delay in approving the 2025 budget schedules, as it has not yet sent them to Parliament for review," Al-Yasari told Baghdad Today. "We don't know anything about them yet, and we don't believe the government is serious about sending them, which is why we rule out approving them within the remaining term of Parliament."

He added, "This delay has clear consequences, most notably the disruption of the launch of a large number of projects in the governorates, as well as the obstruction of the completion of existing projects that require financial allocations." He noted that "the government is currently content with paying salaries and outstanding financial obligations, in the absence of schedules and a parliamentary vote on them."

According to observers, the government's continued delay in submitting budget schedules reflects confusion in financial planning and a lack of a clear vision regarding spending priorities. This threatens to widen the gap between the central government and the governorates and weaken the state's ability to fulfill its service and development commitments. It also portends escalating popular discontent in some areas, particularly those that rely on investment allocations for infrastructure development and job creation, at a time when economic and living pressures on citizens are increasing.  link

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

Tishwash:  The House of Representatives will hold its first session of the second legislative term next Saturday.

Reciting verses from the Holy Quran

Agenda

Session No. (1)

Saturday 12/June/2025

Al-Nawar session

Affairs Department

First: Voting on the proposed law of the Iraqi Programmers Syndicate. Labor and Civil Society Organizations Committee, Legal Committee), (26) articles.

Second: Voting on the draft law of mental health. (Health and Environment Committee), (42) articles.

Third: Voting on the draft law of protection from the harms of tobacco. Health and Environment Committee), (21) articles.

Fourth: First reading of the proposed law of the Union of Private Hospitals in Iraq. Health and Environment Committee), (8) articles

Fifth: Report and discussion of the second reading of the proposed law amending the first amendment to the Law of the National Authority for Nuclear, Radiological, Chemical and Biological Control No. (1) of 2024. (Health and Environment Committee).

Sixth: Report and discussion of the second reading of the proposed law amending the third amendment to the Law on Compensating Those Affected Who Lost Parts of Their Bodies as a Result of the Practices of the Former Regime No. (5) of 2009, as amended. (Martyrs, Victims and Political Prisoners Committee).

Seventh: Report and discussion of the second reading of the draft law on the Republic of Iraq's accession to the Convention Amending the Convention on the Physical Protection of Nuclear Material (Foreign Relations Committee, Health and Environment Committee).

The session begins at one o'clock in the afternoon  link

Mot:  . Mirror -- Mirror ......... Siiigghhhhhhh

Mot: and then there is ""Opal"" ....

Seeds of Wisdom RV and Economic Updates Tuesday Afternoon 7-8-25

Good Afternoon Dinar Recaps,

Lula Defies Trump as U.S. Targets 50+ Nations in BRICS Tariff Threat

 A Diplomatic Showdown Over Tariffs and Global Trade

Tensions between Brazilian President Luiz Inácio Lula da Silva and Donald Trump have escalated into a full-blown diplomatic standoff. At the heart of the crisis: Trump’s threat to impose a 10% tariff on countries aligning with BRICS, a coalition increasingly seeking alternatives to U.S. economic dominance.

In a sharp rebuke, Lula directly challenged Trump’s tariff threats, rejecting what he sees as outdated and coercive economic policies.

 Trump’s Tariff Ultimatum Against BRICS

The controversy erupted following Trump’s warning that any nation aligning with BRICS policies would face an “additional 10% tariff.” His administration is reportedly preparing dozens of trade deals and intends to apply tariffs only if countries are deemed “anti-American.”

Trump stated:
“Any Country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% Tariff. There will be no exceptions to this policy.”

This statement followed public condemnation by BRICS leaders of recent U.S. military actions and growing dissatisfaction with the global trade order.

Lula: “We Don’t Want an Emperor”

Speaking at the BRICS Summit in Rio de Janeiro, Lula was blunt:

“The world has changed. We don’t want an emperor.”

He elaborated on BRICS' purpose as a counterbalance to Western dominance:

“This is a set of countries that wants to find another way of organizing the world from the economic perspective. I think that’s why the BRICS are making people uncomfortable.”

Lula also called for a gradual shift away from the dollar:

“The world needs to find a way that our trade relations don’t have to pass through the dollar. Our central banks have to discuss it with central banks from other countries. That’s something that happens gradually until it’s consolidated.”

 BRICS Pushes Back: Toward De-Dollarization

With 50+ nations now cooperating with BRICS, including 13 partner countries—Algeria, Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Nigeria, Thailand, Turkey, Uganda, Vietnam, and Uzbekistan—calls for alternative trade systems are growing louder.

Iran’s Supreme Leader Ayatollah Ali Khamenei declared:

“One of our problems today is being dependent on the dollar. BRICS countries must strive to eliminate the dollar in trade as much as possible.”

Other responses:

•  South African President Cyril Ramaphosa affirmed BRICS does not seek confrontation but wants fair trade.

• 🇨🇳 Chinese Foreign Ministry spokesperson Mao Ning condemned the tariffs as “tools of coercion” and reaffirmed BRICS’ commitment to “win-win cooperation.”

 A Larger Battle Over U.S. Economic Hegemony

What began as a spat between Lula and Trump is fast becoming a global referendum on U.S. trade policy and the dollar’s role in international finance.

More than 40 countries have applied to join BRICS or become partners—driven by:

• Discontent with U.S. dollar hegemony

• Concerns over weaponized trade policies

• Interest in multipolar trade frameworks

The broader implications are clear: this is not just a tariff fight—it’s a challenge to the structure of the global financial order.

Summary:

• Trump threatens 10% tariffs on “anti-American” BRICS-aligned nations.

• Lula responds: “We don’t want an emperor.”

• BRICS members call for de-dollarization and a new economic system.

• Over 50 countries now aligned with BRICS’ growing influence.

• The conflict signals a shift away from U.S.-centric trade norms toward a multipolar financial world.

@ Newshounds News™
Source:  Watcher.Guru

~~~~~~~~~

India’s Triumph at BRICS: PM Unites Summit Against Terrorism, Pushes Global Reforms

Modi’s Diplomatic Victory at the 17th BRICS Summit

India emerged as a decisive voice at the 17th BRICS Summit in Brazil, uniting the bloc on a firm stance against terrorism and driving calls for reform of global governance institutions.

🔹 Key Outcomes:
• India led unanimous condemnation of terrorism
• PM Modi condemned the Pahalgam terror attack as an “assault on humanity”
• BRICS declaration demanded action against UN-designated terrorists

Terrorism Takes Center Stage

At the session on Peace and Security, Prime Minister Narendra Modi delivered a powerful message against terrorism, directly addressing the April 22 Pahalgam attack in Jammu and Kashmir, which killed 26 civilians.

“This is not just a regional problem—it is an assault on humanity,” the Prime Minister declared.

The Rio de Janeiro Declaration, adopted at the summit’s close, condemned the attack in “the strongest terms”, and emphasized that there can be no “double standards” in the global fight against terrorism.

Para 34 of the declaration, shaped by India’s diplomacy, called for action against those who “abet, finance, covertly or overtly” support terrorism—an implicit rebuke of Pakistan’s alleged role in cross-border attacks.

PM Modi: “Victims and Supporters Cannot Be Treated the Same”

Modi reaffirmed India’s long-standing demand for sanctions on those aiding terrorism, stating:

“Victims and supporters of terrorism cannot be weighed on the same scale.”

All 11 BRICS members and partners endorsed the statement, marking a rare moment of consensus on this issue.

However, China’s double game drew attention. While Premier Li Qiang joined the condemnation, Beijing’s ongoing resistance to UN sanctions against Pakistan-based terrorists remained a sticking point.

Modi’s pointed remark about nations offering “silent consent” for terrorism was seen as a direct critique of China’s contradictory position.

Reforming Global Institutions: A Call for Inclusivity

Beyond security, India led the charge for reforming global governance bodies such as the UN Security Council, IMF, World Bank, and WTO.

“We must build a multipolar and inclusive world order,” Modi told the summit.

According to officials, Para 6 of the declaration “strongly endorsed” this message, and highlighted the roles of India and Brazil in amplifying the voice of the Global South.

Innovation and Development: BRICS Research Push

India also proposed a BRICS Science and Research Repository to:

• Strengthen critical mineral supply chains

• Advance responsible AI initiatives

• Support sustainable growth across developing economies

PM Modi held bilateral meetings with Malaysia, Cuba, South Africa, and Vietnam, promoting collaboration in digital infrastructure (like UPI) and the integration of Ayurveda into healthcare innovation.

India’s BRICS Leadership in 2026

With India set to assume the BRICS presidency in 2026, this summit further solidified its position as:

• A global advocate against terrorism

• A champion of institutional reform

• A driver of inclusive and sustainable development

While China’s strategic contradictions remain a challenge, the Rio summit marked a clear diplomatic win for India—one that could shape the direction of the bloc for years to come.

Summary:

• India secured unanimous condemnation of terrorism at BRICS 17.

• The Rio Declaration echoed India’s language on sanctions and double standards.

• PM Modi pushed for UNSC and IMF reform, backed by Global South partners.

• India proposed a BRICS research initiative focused on AI and supply chains.

• As future chair, India’s leadership is seen as a defining force in the bloc’s evolution.

@ Newshounds News™
Source:  India Today

~~~~~~~~~

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