“Tidbits From TNT” 8-4-2025

TNT:

Tishwash:  The Iraqi government has granted Chinese companies oil investments to develop fields over five years. 

Reuters reported on Monday that the Iraqi government has granted numerous Chinese companies investment opportunities in the oil sector to increase production and develop fields over the next five years.

"Chinese companies offer competitive financing, reduce costs by using cheaper Chinese labor and equipment, and are willing to accept lower profit margins to win long-term contracts," the agency quoted Ali Abdul Amir of the state-run Basra Oil Company as saying, as monitored by the "Wadih" platform.

He continued, "These companies are known for their speedy project execution, strict adherence to timelines, and high capacity to operate in areas facing security challenges. He added that doing business with the Chinese is much easier and less complicated than with Western companies." link

Tishwash:  A government initiative to diversify the economy and boost investment confidence.

Throughout history, gold has maintained a cultural symbolism and enduring economic value. To leverage this status for the benefit of the national economy, Prime Minister Mohammed Shia al-Sudani launched an initiative to transform Baghdad into a regional center for the gold and jewelry industry and trade. The initiative, approved by the Ministerial Council for the Economy, aims to capitalize on Iraq's natural resources in gold and precious metals, regulate the local market, attract investment, and build value chains within the country.

strategic move

In this regard, economic and banking expert Dr. Nabil Rahim Al-Abadi explains that amid accelerating global economic fluctuations, demand for gold as a safe haven has surged. He explains that Prime Minister Mohammed Shia Al-Sudani's initiative to open the door to gold investment with strong government support and guarantees underscores the government's strategic direction to keep pace with global trends.

Al-Abadi added, in an interview with Al-Sabah, that gold is not just a valuable commodity, but has turned into a major investment tool in the portfolios of financial institutions and individuals alike, especially with expectations of its price rising to $3,500 per ounce by the end of this year, according to reports from Goldman Sachs Bank.

investor confidence

 He pointed out that global markets are witnessing a fundamental shift in dealing with the "yellow metal," especially with the rise in inflation and the decline in investor confidence in traditional currencies. He emphasized that during major crises, such as the Corona pandemic and the Russian-Ukrainian war, the price of gold rose by percentages ranging between (19-24)%, which strengthened its position as one of the most important hedging tools against economic risks.

 Successful experiences

He said that leading experts, such as Peter Schiff of Europak, have warned that the world is facing the largest wave of inflation in modern history, which has prompted central banks around the world to increase their gold reserves. He pointed out that the most successful model that Iraq can adopt is the system of gold exchange-traded funds (ETFs), which provide high liquidity and significantly reduce storage and insurance costs. The Gold Shares Fund, for example, is the largest gold fund in the world, managing assets amounting to hundreds of billions of dollars, making it an ideal model that can be applied to the Iraqi market.

Golden Certificates

He added that it is also possible to benefit from the experience of gold certificates offered by banks such as Banque Misr and Mashreq Bank, which allow investors to own gold without the need to store it physically, with full guarantees from the Central Bank, adding that there is a digital gold model, launched by Saudi banks such as Al Rajhi, which allows the buying and selling of gold with a minimum of (10) grams via phone applications, making it accessible to small investors.

 strict regulatory framework

When asked how Iraq could transform gold into an economic engine, the economist and banking expert explained that for the initiative to succeed, a strict regulatory framework must be established, including the establishment of an independent oversight body to oversee the quality of gold in circulation and the adoption of a transparent pricing mechanism that reflects global prices.

banking infrastructure

He emphasized the importance of developing an integrated banking infrastructure, including digital platforms for the immediate buying and selling of gold, along with tax exemptions to encourage storing gold in bank vaults rather than at home. He also proposed providing low-interest gold-backed loans, allowing businesspeople to benefit from price fluctuations without significant financial risk. He also emphasized the importance of building central vaults secured according to global security standards, which would be a crucial step in ensuring investor confidence.

 Challenges and risks

Al-Abadi believes that there are challenges that cannot be ignored, most notably: price fluctuations, as the difference between the buying and selling price may reach (15%) in some unregulated markets, which requires imposing a regulatory ceiling not exceeding (1.5%), in addition to the risks of home storage, which increases the possibility of theft, which requires incentives to encourage storage in bank vaults. He also believes that the trading of fake gold is a constant risk in emerging markets, and requires obligating banks to issue guarantee certificates of purity.

gradual strategy

He noted that Iraq could become a major player in the regional gold market if it follows a gradual strategy, starting with building the necessary infrastructure within six months, then launching digital platforms and certificates of deposit within a year, and finally linking the local market to global gold exchanges within three years. He noted that the success of this initiative will depend not only on government support, but also on tripartite cooperation between the government as a guarantor, banks as a carrier, and investors as a key driver. In times of crisis, gold becomes a currency of trust that can contribute to strengthening the Iraqi economy and integrating it into the global market with steady steps, rather than just being an investment.

fundamental reforms

For his part, economic expert Asaad Al-Rubaie said: “The current government has launched a series of steps to diversify financial revenues away from oil by implementing a package of fundamental reforms targeting non-oil revenues, including reforming the tax system by expanding the tax base, automating collection, combating tax evasion, supporting the private sector, and establishing strategic projects such as petrochemical plants and paving and expanding strategic roads, which represent a very important part of the success of any economic renaissance.” He indicated that the recent approval by the Ministerial Council for the Economy to establish the International Gold City in Baghdad comes in line with the objectives of the government program to support industrial development and provide job opportunities.

 Diversifying the economy

Al-Rubaie, speaking to Al-Sabah, considered launching such an initiative to localize the gold industry an important tributary to diversifying the economy away from oil, adding an important and strong pillar to the Iraqi economy and consolidating Iraq's economic position on the global map. It may be the first step in presenting Baghdad as a regional economic center, representing an excellent destination for global capital to invest in, and offering it as a competitor to other countries and cities such as Dubai, Istanbul, and others.

Integrated city

Al-Rubaie explained that the project aims to launch an integrated city with international standards for the gold industry, including units for gold and jewelry crafting, training and qualification centers for national cadres, and advanced markets and a stock exchange for gold trading. He described the initiative as reflecting a significant economic transformation aimed at localizing the gold industry and creating jobs, while supporting the private sector and enabling it to play a greater role in the national economy.

City of Gold

He added that Baghdad will have a strong influence and presence in the gold sector. In the year (2023), the Iraqi gold stock reached (145) tons, according to data from the World Gold Council. The country ranked first in the Arab world and seventh globally among the central banks that bought the most gold last year. He pointed out that the city of gold makes Baghdad an integrated regional hub that brings together manufacturing, training, marketing and trading in an integrated environment, and presents Baghdad as a regional competitor for the gold industry and its formulation. And re-export it.  link

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

Tishwash:  The Kurdistan Regional Government (KRG) has begun preparations to hand over oil to SOMO

 The Kurdistan Regional Government (KRG) has begun preparations to hand over oil to SOMO and foreign companies have returned to the oil fields.

The committee formed to investigate the 22 drone attacks on the Kurdistan Regional Government (KRG) oil fields has not yet submitted its final report to Iraqi Prime Minister Mohammed Shia Sudani, the newspaper Al-Arabiya al-Jadeed reported.

He added that the companies that left the oil fields have now returned to the oil fields and resumed their work and the Kurdistan Regional Government has begun preparations to export oil through SOMO.

He said the region will be responsible for compensating the companies for the amount allocated for domestic use, while SOMO will deal with foreign marketing. 

The Iraqi Council of Ministers approved the agreement between the Kurdistan Regional Government and the federal government in an extraordinary meeting on July 17,

According to the agreement, the Kurdistan Regional Government will immediately hand over all oil produced in the Kurdistan Regional Government (KRG) to the Oil Marketing Company (SOMO) for export and the Iraqi Ministry of Finance for each barrel According to the budget amendment law, it will pay $16 to the KRG, provided that the amount received is not less than 230,000 barrels per day, and if the amount of production is increased, it will be added to the current amount "It will be through a joint committee of the two governments. In the event of oil exports stopping for any reason, the entire amount will be returned to the Federal Oil Ministry.

"According to the report, the Kurdistan Region currently produces 280,000 barrels of oil per day, of which 50,000 barrels are for domestic consumption," the Council of Ministers said "It will use the remaining 230,000 barrels and deliver them to Iraq. Any excess will be delivered to SOMO in the future. link

Mot:  Letting Ya Knows How the Diet is AGoing!!!!  

Mot: Ya Keeps It Anyways !!!!! 

Iraq Economic News and Points To Ponder Monday Morning 8-4-25

A Government Initiative To Diversify The Economy And Boost Investment Confidence. 
 
Economic 08/04/2025  Baghdad: Hussein Thaghab  Throughout history, gold has maintained a cultural symbolism and  enduring economic value.
 
To leverage this status for the benefit of the national economy,   Prime Minister Mohammed Shia al-Sudani launched an initiative to  transform Baghdad into a regional center for the gold and jewelry industry and trade.

The initiative, approved by the Ministerial Council for the Economy, aims to
     capitalize on Iraq's natural resources in gold and precious metals,
     regulate the local market,
     attract investment, and
     build value chains within the country.
 
Strategic Move 
 
In this regard, economic and banking expert Dr. Nabil Rahim Al-Abadi explains that  amid accelerating global economic fluctuations,  demand for gold as a safe haven has surged.

He explains that  Prime Minister Mohammed Shia Al-Sudani's initiative to
     open the door to gold investment with  strong government support and   guarantees
     underscores the government's strategic direction to keep pace with global trends.
 
Al-Abadi added, in an interview with Al-Sabah, that 
gold is not just a valuable commodity,
but has turned into a major investment tool in the portfolios of
     financial institutions and individuals alike,
          especially with expectations of its price rising to $3,500 per ounce by the end of this year, according to reports from Goldman Sachs Bank.  He pointed out that
 
Investor Confidence 
 
global markets are witnessing a fundamental shift in dealing with the "yellow metal,"
     especially with the  rise in inflation and the  decline in investor confidence in traditional currencies.

He emphasized that during major crises, such as the  Corona pandemic and the   Russian-Ukrainian war, the  price of gold rose by percentages ranging between (19-24)%, which  strengthened its position as one of the most important hedging tools against economic risks.
 
Successful Experiences 
 
He said that leading experts, such as Peter Schiff of Europak, have warned that the world is facing the largest wave of inflation in modern history, which has prompted central banks around the world to increase their gold reserves.

He pointed out that the most successful model that Iraq can adopt is the system of gold exchange-traded funds (ETFs), which provide high liquidity and significantly reduce storage and insurance costs.
 
The Gold Shares Fund, for example, is the largest gold fund in the world,  managing assets amounting to hundreds of billions of dollars, making it an ideal model that can be applied to the Iraqi market. He added that
 
Golden Certificates 
 
it is also possible to benefit from the experience of gold certificates offered by banks such as
Banque Misr and Mashreq Bank, which  allow investors to own gold without the need to store it physically,   with full guarantees from the Central Bank, adding that
 
there is a digital gold model,  launched by Saudi banks such as Al Rajhi, which  allows the buying and selling of gold with a minimum of (10) grams via phone applications,  making it accessible to small investors.
 
Strict Regulatory Framework 
 
When asked how Iraq could transform gold into an economic engine,
the economist and banking expert explained that   for the initiative to succeed, a
     strict regulatory framework must be established, including the
     establishment of an independent oversight body to oversee the quality of gold in circulation and the
     adoption of a transparent pricing mechanism that reflects global prices.
 
Banking Infrastructure 
 
He emphasized the importance of developing an integrated banking infrastructure, including
     digital platforms for the immediate buying and selling of gold, along with
     tax exemptions to encourage storing gold in bank vaults rather than at home.
 
He also proposed providing low-interest gold-backed loans,   allowing business people to benefit from price fluctuations without significant financial risk.
 
He also emphasized the importance of   building central vaults secured according to global security standards, which would be a crucial step in  ensuring investor confidence.

Challenges And Risks 
 
Al-Abadi believes that there are challenges that cannot be ignored, most notably:
     price fluctuations, as the   difference between the buying and selling price may reach (15%) in some unregulated markets,  which requires imposing a regulatory ceiling not exceeding (1.5%),
 
in addition to the risks of home storage,  which increases the possibility of theft,
     which requires incentives to encourage storage in bank vaults.

He also believes that the trading of fake gold is a constant risk in emerging markets, and
     requires obligating banks to issue guarantee certificates of purity.  He noted that
 
Gradual Strategy 
 
Iraq could become a major player in the regional gold market if it follows a gradual strategy,  starting with building the necessary infrastructure within six months,   then launching   digital platforms and certificates of deposit within a year, and finally  linking the local market to global gold exchanges within three years. 

He noted that the success of this initiative will depend not only on government support, but also on tripartite cooperation between the government as a guarantor,  banks as a carrier, and  investors as a key driver.
 
In times of crisis, gold becomes a currency of trust that can contribute to strengthening the Iraqi economy and integrating it into the global market with steady steps, rather than just being an investment.
 
Fundamental Reforms 
 
For his part, economic expert Asaad Al-Rubaie said:
 
“The current government has launched a series of steps to  diversify financial revenues away from oil by implementing a package of fundamental reforms 
     targeting non-oil revenues, including
     reforming the tax system by expanding the tax base,
          automating collection,
          combating tax evasion,
     supporting the private sector, and
     establishing strategic projects such as
          petrochemical plants and
          paving and expanding strategic roads,
which represent a very important part of the success of any economic renaissance.”

He indicated that the recent approval by the Ministerial Council for the Economy to establish the International Gold City in Baghdad comes in line with the objectives of the government program to support industrial development and  provide job opportunities.
 
Diversifying The Economy 
 
Al-Rubaie, speaking to Al-Sabah, considered launching such an initiative to localize the gold industry an important tributary to  diversifying the economy away from oil,  adding an important and strong pillar to the Iraqi economy and  consolidating Iraq's economic position on the global map.
 
It may be the first step in presenting Baghdad as a regional economic center,
     representing an excellent destination for global capital to invest in, and
     offering it as a competitor to other countries and cities such as Dubai, Istanbul, and others.
 
Integrated City 
 
Al-Rubaie explained that the project aims to launch an integrated city with international standards for the gold industry, including
     units for gold and jewelry crafting,
     training and qualification centers for national cadres, and
     advanced markets and a
     stock exchange for gold trading.
 
He described the initiative as reflecting a significant economic transformation aimed at  localizing the gold industry and  creating jobs, while  supporting the private sector and  enabling it to play a greater role in the national economy.
 
City of Gold 
 
He added that Baghdad will have a strong influence and presence in the gold sector.
 
In the year (2023), the Iraqi gold stock reached (145) tons, according to data from the World Gold Council.
 
The country ranked
     first in the Arab world and
     seventh globally among the central banks that bought the most gold last year. He pointed out that
 
the city of gold makes Baghdad an integrated regional hub that brings together  manufacturing,
     training,   marketing and   trading in an integrated environment,and presents Baghdad as a regional competitor for the gold industry and its  formulation. And  re-export it.     https://alsabaah.iq/118479-.html  

Al-Sudani's Advisor To The Iraq Observer: The Three-Year Budget Has Given Iraq Financial Stability And Salaries Are Continuing.
 
August 2, 2025  Baghdad/Iraq Observer   The Prime Minister's financial advisor, Mazhar Mohammed Salih, confirmed that  the three-year budget has provided Iraq with financial stability despite the delay in the 2025 budget schedule, while  noting that salaries are continuing to be paid.  In a statement to Iraq Observer, Saleh said,
 
“The Triennial Federal Budget Law No. 13 of 2023 represents a qualitative shift in financial planning in Iraq, as  it is the first legislative experiment of its kind in the country,   enabling the executive and legislative authorities to manage public expenditures with unprecedented flexibility. He noted that
 
these expenditures constitute approximately 50% of the gross domestic product, and  we might as well     therefore represent the cornerstone of the overall demand of the Iraqi economy.”  He explained that
 
"this experiment was based on the amended Federal Financial Management Law No. 6 of 2019,
which, for the first time, authorized the enactment of a budget for three consecutive years. He indicated that
 
this step gave the government the ability to implement operational and investment budgets within a stable financial plan,   without delaying the 2025 budget schedules causing a significant disruption to the state's financial life,   particularly with regard to  salaries,   social care, and  deficit financing." 

According to the Prime Minister's advisor, "The House of Representatives added a new legal provision (Article 77/Second) to the three-year budget,   requiring the executive authority to submit an annual financial position for the following two years (2024 and 2025),  including detailed tables of
               expected revenues,
               public expenditures, the
               planned deficit, and its
               funding sources, as
                    a precautionary measure to address
                         external economic shocks and
                         unexpected changes." 

He pointed out that "the delay in submitting the 2025 schedules is due to technical and structural reasons, most notably the  fundamental amendment to the budget in February 2025 related to the evaluation of contracts    for the costs of producing and transporting Kurdistan Region oil  with the aim of implementing the region's share in the general budget,  in addition to the  sharp geopolitical fluctuations in global energy markets, the decisions of OPEC+, and the  subsequent direct repercussions on the estimation of Iraq's oil revenues."

Despite these challenges, Saleh affirmed that  "direct coordination between the executive and legislative authorities has continued uninterrupted, particularly on revenue and expenditure governance,  deficit management, and  financing. He noted that
 
there are outstanding financial rights for various functional and societal segments that are still awaiting approval of the financial tables for the 2025 budget, and that he expects these to be approved soon as part of the existing legislative procedures."
 
Saleh concluded his statement by emphasizing that "the flexibility provided by the three-year budget and the Financial Management Law has  contributed to maintaining the country's financial stability,  despite the delays in some implementation procedures."

He emphasized that the  government is proceeding with the completion of the budget requirements in cooperation with the House of Representatives,  to ensure the  sustainability of public spending and the   provision of development requirements and basic services to citizens.     https://observeriraq.net/مستشار-السوداني-الموازنة-الثلاثية-من/  

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

Seeds of Wisdom RV and Economic Updates Monday Morning 8-4-25

Good Morning Dinar Recaps,

White House Crypto Framework Brings SEC-CFTC Clarity for U.S. Markets

Trump Administration Proposes Regulatory Split to Unblock U.S. Crypto Industry

The White House’s long-awaited cryptocurrency policy recommendations have been released, signaling a potential end to years of legal ambiguity surrounding U.S. digital asset regulation. The report, issued by President Trump’s Working Group on Digital Assets, outlines a path forward for dividing responsibilities between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC)—a move that may ease investor uncertainty and accelerate institutional adoption.

Clear Jurisdictional Boundaries for Crypto Oversight

At the heart of the proposal is a division of regulatory oversight: the CFTC would take charge of spot crypto markets, while the SEC would continue to oversee securities-related activity. This long-debated division addresses what many in the industry have described as a major hurdle—regulatory overlap and inconsistent enforcement.

“Letting each body oversee the instruments that best align with their expertise avoids duplication and confusion,” said Edwin Mata, blockchain lawyer and CEO of tokenization platform Brickken.

According to Mata, this framework allows for “consistent legal interpretations”, an essential development in a jurisdiction like the United States, where precedent and case law play a central role. In the past, fragmented legal positions forced U.S. courts to mediate between agencies, often delaying innovation and creating compliance confusion.

“This will promote coherent jurisprudence and allow legal opinions to be formed on solid ground,” Mata said.

Ripple Lawsuit Resolution Sets the Stage

The policy release follows closely behind a milestone legal development: the resolution of the SEC’s high-profile lawsuit against Ripple Labs.

In March 2025, Ripple CEO Brad Garlinghouse announced the SEC had formally dropped its appeal of the case, calling the outcome a “resounding victory” for Ripple and the broader crypto sector. The multi-year dispute began in December 2020, when the SEC alleged that Ripple had raised $1.3 billion through unregistered sales of XRP.

In 2023, Judge Analisa Torres ruled that XRP was not a security when sold to retail investors—though institutional sales were deemed securities offerings. Ripple was fined $125 million, with the court approving a joint motion in June 2025 to release escrowed funds to pay the settlement.

The case clarified the application of U.S. securities law to digital tokens and contributed to the broader push for more precise regulatory definitions.

Key Hurdle to U.S. Innovation Addressed

Analysts at crypto exchange Bitfinex view the White House’s recommendation as an important step forward, particularly in legitimizing crypto firms through structured regulatory treatment.

“This addresses a key hurdle stopping U.S. crypto innovation,” the analysts noted, referring to ambiguous securities laws that have stalled capital formation and discouraged domestic growth.

They pointed out the report's alignment with broader legislative goals, including the CLARITY Act, which seeks to establish “same risk, same rules” principles across crypto and traditional finance. However, the Bitfinex team also warned of unresolved risks:

• A continued push for heightened SEC enforcement against non-compliant firms;

• Lack of clarity on a proposed U.S. Bitcoin reserve policy;

• And concerns over community fragmentation if regulatory burdens are perceived as excessive.

Ongoing Questions: Custody Rules and Dollar-Backed Innovation

While the White House report lays a foundation, analysts noted that banking custody regulations for crypto service providers remain unclear. This regulatory gap could still hamper progress for token issuers, exchanges, and institutional custodians.

“There is speculation that this is being worked on,” the analysts said, suggesting additional guidance may be forthcoming.

The report also links stablecoin infrastructure to the U.S. dollar’s long-term competitiveness, aligning with Trump administration goals to strengthen dollar dominance through blockchain innovation and global tax compliance.

Conclusion

The White House’s digital asset framework represents a critical inflection point for U.S. crypto markets, offering long-sought regulatory clarity through a formal SEC-CFTC split. While further progress is needed—particularly around custody, tax policy, and central bank reserves—the report marks a significant shift toward institutional scalability and legal certainty for the American blockchain sector.

@ Newshounds News™
Source: Cointelegraph

~~~~~~~~~

CFTC Launches “Crypto Sprint” to Implement Trump Administration’s Digital Asset Roadmap

Agency to Collaborate with SEC on Onchain Finance Strategy

The U.S. Commodity Futures Trading Commission (CFTC) has announced a new initiative titled “Crypto Sprint”, aimed at accelerating regulatory progress on cryptocurrency markets. The announcement comes just one week after the White House released its comprehensive Digital Asset Market Structure Report, crafted by President Donald Trump’s Working Group on Digital Assets.

According to CFTC Acting Chair Caroline Pham, the initiative reflects the agency’s intent to swiftly operationalize the report’s recommendations and collaborate with the Securities and Exchange Commission (SEC) on delivering legal clarity for crypto market participants.

“The CFTC is wasting no time in fulfilling President Trump’s vision to make America the crypto capital of the world,” Pham said in an official statement. “Providing regulatory clarity now and fostering innovation in digital asset markets will deliver on the Administration’s promise to usher in a Golden Age of Crypto.”

CFTC Positioned to Oversee Spot Crypto Markets

The 168-page report from the Trump administration lays out a multipronged roadmap for integrating blockchain infrastructure into the U.S. financial system. Among its most notable recommendations is a proposal to grant the CFTC formal jurisdiction over spot crypto markets—a critical gap in current regulatory coverage.

The document also calls for enhanced interagency coordination with the SEC to define key processes related to crypto trading, registration, and investor protection, while urging Congress to affirm Americans’ right to self-custody digital assets without intermediaries.

Project Crypto: A Regulatory Modernization Effort

The CFTC’s Crypto Sprint aligns with a broader interagency effort known as Project Crypto, which is also rooted in the White House’s digital asset agenda. The project aims to modernize securities rules to accommodate the structural evolution of capital markets toward onchain systems.

According to SEC Chair Paul Atkins, Project Crypto will prioritize drafting new rules around token distributions, custody arrangements, and digital asset trading. Together, the SEC and CFTC are expected to lay the regulatory foundation necessary to support the transition from traditional financial infrastructure to blockchain-native systems.

“This joint regulatory strategy is not simply reactive,” said a senior official familiar with the matter. “It is proactive, forward-looking, and designed to scale with the next generation of digital capital markets.”

Sharp Policy Reversal from Prior Administration

The Crypto Sprint and Project Crypto initiatives signal a clear departure from the previous administration’s adversarial and ambiguous stance toward crypto regulation. Under prior leadership, industry leaders frequently criticized regulators for inconsistent messaging and enforcement actions that lacked statutory clarity.

By contrast, the Trump administration’s approach emphasizes regulatory precision, interagency coordination, and private-sector innovation. The White House report not only envisions an expanded role for crypto in domestic finance but also encourages policies to solidify U.S. leadership in global digital asset development.

Next Steps and Industry Impact

While the CFTC has not disclosed which recommendations from the report it will prioritize, the Crypto Sprint is expected to generate formal rulemakings and public consultation processes in the months ahead. Legal analysts anticipate that early actions will likely focus on spot market jurisdiction, exchange registration pathways, and clear definitions for commodity tokens.

Industry groups have largely welcomed the initiative. Regulatory certainty—especially around custodial rights, token classifications, and institutional access—has long been cited as the key barrier to broader crypto adoption in the U.S.

As Acting Chair Pham emphasized, the CFTC’s efforts are aimed at transforming the U.S. into a global hub for digital asset innovation, in line with the administration’s stated goal of mainstreaming blockchain technology across financial and public-sector systems.

@ Newshounds News™
Source: The Block

~~~~~~~~~

Ripple Named One of the World’s Largest Private Companies in 2025

Ranked 23rd globally with $15 billion valuation, Ripple accelerates growth through global expansion and tokenization infrastructure.

Ripple has cemented its position as one of the most significant players in both the blockchain sector and the broader private market landscape. According to the latest CB Insights report, Ripple now ranks as the 23rd largest private company in the world, with an estimated valuation of $15 billion.

This achievement places Ripple ahead of well-known firms such as Klarna ($14.5B) and defense-tech startup Anduril ($14B), and underscores the company’s resilience during a period marked by legal uncertainty and broader crypto market turbulence.

Global Recognition Among the Unicorn Elite

Out of a total list of 1,276 unicorns, Ripple is not only one of the few blockchain-focused companies to make the top tier, but it also stands out as a leader in crypto financial infrastructure.

Other prominent names on the list include:

• SpaceX ($350B) – The top-ranked company with nearly $948 million in Bitcoin reserves.

• ByteDance and OpenAI – Tied for second with $300 billion valuations.

• OpenSea, Bitmain ($12B), and KuCoin ($10B) – Representing other crypto-based firms, though trailing behind Ripple.

Ripple’s ascendance into the top 25 illustrates its evolution from a cross-border payments innovator into a comprehensive digital finance platform, offering tokenized services and enterprise-grade solutions.

Core Drivers of Ripple’s Valuation Surge

Ripple’s position in the rankings is driven by a confluence of strategic, legal, and market-based developments:

• SEC Case Resolution Imminent

After nearly four years of legal disputes, Ripple settled with the U.S. Securities and Exchange Commission (SEC) for $50 million on May 8. A final judgment is expected by August 15, potentially lifting regulatory restrictions and freeing up capital currently held in escrow.

• Ripple Payments Platform Transformation

Ripple has rebranded and expanded its payments infrastructure to include tokenized services for enterprises, transitioning from a single-use platform to a multi-asset, multi-jurisdictional ecosystem.

• Strategic Middle East Expansion

The company is deepening its presence in the UAE through partnerships with Zand Bank and Mamo, both aimed at accelerating real-time cross-border payments.

• European MiCA License Pursuit

Ripple has confirmed its intent to apply for a Markets in Crypto-Assets (MiCA) license, facilitating broader operations across the European Economic Area (EEA) under a harmonized regulatory framework.

• U.S. Trust Bank Application

Ripple has filed with the Office of the Comptroller of the Currency (OCC) to establish a limited-purpose national trust bank. This entity will support Ripple’s stablecoin (RLUSD) operations and bolster the company’s tokenized finance infrastructure.

• RLUSD: Most Trusted Stablecoin

Ripple’s recently launched RLUSD stablecoin has been ranked as the most trusted in the market, reinforcing confidence among institutions and retail users alike.

• XRP Price Momentum

According to Google’s Gemini model, XRP is projected to reach $4.45 by August 31, supported by strong technical indicators and increased on-chain activity.

• Institutional Trust and Community Support

Ripple maintains robust support from a global community and enjoys a reputation for corporate transparency, especially in contrast to peers in the digital asset space.

No Plans for IPO in 2025

Despite its valuation and market momentum, Ripple is not pursuing an Initial Public Offering (IPO) this year.

CEO Brad Garlinghouse clarified at the CfC St. Moritz conference that going public is not under consideration in 2025. President Monica Long reinforced this position, stating that the company has ample liquidity and is focused on operational expansion, not capital fundraising.

Conclusion: Ripple Sets the Standard for Blockchain Enterprises

Ripple’s entry into the upper echelon of the global private market is a milestone for the crypto industry. It reflects a broader trend in which digital asset companies are maturing into compliant, capitalized, and globally relevant financial infrastructure providers.

As Ripple prepares for the final phase of its SEC case and scales operations across major global markets, its path appears set to influence how private blockchain firms position themselves in the evolving regulatory and financial landscape.

@ Newshounds News™
Source: Coinpedia   

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Iraq Economic News and Points To Ponder Sunday Afternoon 8-3-25

Economist: The Decline In Citizens' Purchasing Power Limits The Rise In The Exchange Rate
 
Time: 08/02/2025 15:27:56 Read: 585 times  {Economic: Al-Furat News} Economic expert Salah Nouri confirmed today, Saturday, that the dollar exchange rates in the parallel market depend primarily  on demand for trade purposes from neighboring  countries. 

He added in a statement by {Al-Furat News} that "demand depends on the purchasing power of the Iraqi citizen, and  currently purchasing power is weak and  the possibility of it continuing due to the financial crisis and the delay in disbursing salaries,  which is a large segment". 

Nouri pointed out that "if the election campaign goes on its correct democratic path without  exploiting public money or the flow of money from abroad, the  price of the dollar will remain in its current state without an excessive rise".      https://alforatnews.iq/news/خبير-اقتصادي-تراجع-القدرة-الشرائية-للمواطن-يحد-من-ارتفاع-سعر-الصرف   

Suspicious Platforms And A Market Without Laws Or Oversight... Cryptocurrencies Are Invading Iraq.
 
Baghdad Today – Baghdad  At a time when the global shift to a digital economy is accelerating,  Iraq is witnessing a significant increase in digital trading and cryptocurrency activity,  amidst the absence of
regulatory legislation and a   legal environment lacking the necessary controls.
 
Warnings of the worsening phenomenon are beginning to mount, especially with the  expansion of unlicensed platforms and the  increasing popular interest in these markets, which are described as complex and high-risk.  Internationally, cryptocurrencies such as  Bitcoin, Ethereum, and  others have become part of the alternative financial ecosystem, used for trading, investments, and even  cross-border transfers.
 
Although many countries have rushed to regulate this sector byenacting strict laws or  adopting regulatory frameworks, Iraq remains a bystander, lacking clear legislation or a regulatory body for this activity.
 
With the increasing use of the internet and digital payment methods,  economic analysts believe that
     Iraqis are gradually entering the world of digital trading through global and local platforms,  many of which lack any official licenses or legal oversight,  exposing users to significant risks.

Speaking to Baghdad Today,  economic affairs expert Nasser Al-Tamimi expressed his concern about the growth of digital trading in Iraq, noting that it has become a real threat on both the financial and social levels.

He said,  "The rapid growth in the number of Iraqi traders, especially  in the absence of legal regulation,   is a dangerous gateway to  financial fraud or even  money laundering."

Al-Tamimi asserts that  "the state cannot remain a spectator  to this ever-expanding digital financial phenomenon  without taking action to establish clear controls and legislation   that protect users' rights and safeguard the national economy."

He points out that some parties may exploit digital currencies as a tool for  smuggling funds or circumventing sanctions,  potentially   exposing the country to international pressure.
 
According to observers, digital trading and cryptocurrencies pose a new challenge to the Iraqi economy, unexpectedly emerging amid a clear legislative vacuum and a risky environment.

While countries around the world are addressing this phenomenon from a precise regulatory and technical perspective,  Iraq still lacks a legal and strategic vision for it. Al-Tamimi noted that
 
the very nature of the digital market,  which is based on sharp and sudden fluctuations, could result in huge losses for unskilled users,  especially with the promotion of a culture of "quick profit" without sufficient awareness of the risks. 

In light of this situation, Al-Tamimi called for the formation of a specialized committee comprising experts from the financial, technical, and legal sectors.
 
This committee would be tasked with  studying the reality of cryptocurrencies in Iraq and offering clear recommendations that would contribute to formulating a balanced legal framework.
 
According to Al-Tamimi, the required framework should "encourage innovation, but at the same time,
     set barriers to abuse and protect society from potential negative repercussions."
 
With the growing number of users and some platforms transforming into centers for collecting unsecured funds,  there is a pressing need for urgent government action to regulate this sector, not only   to protect citizens, but also to  ensure that cryptocurrencies do not become a dangerous loophole in the country's economic and security barrier.    https://baghdadtoday.news/280042-.html   

Iraqis Do Not Trust Banks. More Than 90% Of The Money Supply Is Outside The Banking System. Close Up
 
2025-08-02 02:58  Shafaq News - Baghdad   The relationship between Iraqi citizens and banks, both governmental and private,  remains isolated or nearly severed, especially when it comes to depositing money with these banks.
 
Citizens view these banks as deep wells that hide their money beneath the routine of lengthy transactions, while they see the rooms and closets of their homes as the safest places for their cash.
 
Citizen Wajdan Saleh is one of those people.
 
She is afraid to deposit her money in Iraqi banks and prefers to keep it at home, citing  her fear that the banks will not easily return her money if she needs it.
 
"I once deposited 5 million dinars in a government bank, and when I went to withdraw it after a long period of time,  they asked me to follow impossible procedures that took more than a week," Wajdan told Shafaq News Agency.

Wajdan added that since then she has not deposited any money, even the remittances she receives from relatives outside Iraq, which she receives immediately upon arrival.
 
"The lack of trust between citizens and banks has led to citizens  hoarding their money at home and  not depositing it in banks,  which has significantly impacted the monetary aggregate," MP Mustafa Al-Karawi asserted.

He added, "The issue of  developing the banking sector and  merging banks has been raised repeatedly in parliament, and the primary reason behind this is the loss of confidence citizens have had in the banking system in Iraq." 
 
Speaking to Shafaq News, Al-Karawi explained that this problem stems from long-standing issues related to weak electronic and banking accounting systems, which has made citizens  reluctant to use them and
 prefer to withdraw their full salaries as soon as they are deposited into the card, leaving no balance. 

He points out that the absence of modern banking systems has led people to refrain from depositing and saving in banks, which has led many to hoard their money at home, which in turn  eads to economic stagnation and reduces the amount of liquidity circulating in the market.
 
Al-Karawi calls for raising citizens' awareness and banking culture, as well as for  government and commercial institutions and the  private sector  to adopt e-commerce transactions, as  an important path to stimulating economic activity.

He concluded by saying that deposits in banks  not only provide financial security for citizens, but also enable banks to provide development services such as loans and advances,  which contribute to  stimulating the market and achieving the desired economic growth.
 
Economist Dr. Ali Daadoush told Shafaq News Agency,
 
"The phenomenon of hoarding money  amounts to 92% of the monetary mass outside the banking system. It represents a fundamental challenge to the monetary and financial structure in Iraq and
     is one of the most prominent manifestations of the structural fragility of the monetary economy."

He emphasized that "this phenomenon is complex and has  behavioral,   institutional, and  economic dimensions."  He adds, "The culture of hoarding is not a new phenomenon.
 
It is an extension of  decades of political and economic instability, from  blockades to sanctions, from a lack of security to fragile institutions.
 
During these periods,  the idea that paper money in your pocket is better than money in the bank became ingrained in the Iraqi mindset.

However,  this culture did not remain within the framework of individual behavior alone,  but rather transformed into a general phenomenon,  stifling the economic cycle and  weakening the ability of banks to perform their vital functions,  from financing to investment, from oversight to the activation of monetary instruments." 

 Daadoush points out that "the majority of those who hoard cash are individuals,   particularly in small towns, rural areas, and areas not covered by banking services.
 
This is due to a lack of trust in banks, a  result of  past experiences of bankruptcy, seizure, or corruption, and the  absence of a culture of financial inclusion in the educational and media systems."  Daadoush points to "the difficulty of banking procedures, the  lack of widespread branch presence, and the
decline in digital banking services, which  push people to cling to cash as an easier means of payment."
 
According to experts, this phenomenon has many negative aspects, including the  central bank losing effective control over the money supply, and its tools, such as interest rates and rediscounting, becoming less effective.
 
Meanwhile, banks suffer from a liquidity crunch, which weakens their ability to finance projects and pushes investors toward informal financing.
 
Furthermore, managing inflation due to the unofficial money supply  negatively impacts the central bank's decisions in achieving its primary objective of controlling the general price level and achieving stability.
 
Citizen Abdul Ali Alwan told Shafaq News Agency,  "The procedures for opening a bank account require official identification documents and an amount not exceeding $100.
 
This is normal, but the problem becomes more complicated if we are asked to withdraw part of the deposited amount."  He added,  "Routine procedures hinder the withdrawal process and take more than a week."
 
Due to the instability and the   closure of some private banks due to external sanctions, some people refuse to deposit money in these banks.  Contractor Abdul Zahra Fadel explains, "There are often times when there is a quick and urgent need for money,but banking procedures stand in the way.
 
Some private banks are subject to sanctions that require them to shut down for a period of time, and
then we face numerous problems."
 
He pointed out in an interview with Shafaq News Agency:  "When a citizen opens a bank account in hard currency, the money transferred to him through the bank is not disbursed in the same currency," noting that "the money transfer is also  not delivered at the parallel rate  under the pretext that the account opened with the bank is in hard currency, and  another account must be opened in local currency in order to withdraw the transfer."

He asserts that "banks in Baghdad adopt complex and often unreasonable procedures that place customers in prolonged suffering.  This is completely different from the banks in the region,which enjoy ease and transparency in all their banking transactions."
 
Ultimately, the Iraqi government  must improve the administrative performance of banks and  increase citizen confidence in the banking system by facilitating the procedures for withdrawing and depositing funds.    
  
https://shafaq.com/ar/تقارير-وتحليلات/العراقيون-لا-ي-تمنون-البنوك-كثر-من-90-من-الكتلة-النقدية-خارج-النظام-المصرفي 

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

Seeds of Wisdom RV and Economic Updates Sunday Afternoon 8-3-25

Good Afternoon Dinar Recaps,

Uzbekistan Joins BRICS Without Abandoning the West: A New Template for Strategic Non-Alignment

Uzbekistan’s entry into the BRICS+ partnership network has emerged as a pivotal case study in modern non-alignment diplomacy. At the July 2025 BRICS Summit, the Central Asian republic secured formal partner status—all without severing its existing ties with Western institutions.

This deliberate strategy illustrates how emerging economies can navigate the complex geopolitics of a multipolar world by engaging with BRICS without becoming entangled in bloc politics.

BRICS+ Uzbekistan: A Strategic Partnership Without Full Bloc Commitment

Uzbekistan’s BRICS partnership reflects a nuanced balancing act, one that sidesteps the binary “East vs. West” framing common in geopolitical discourse. As the only Central Asian nation currently participating in both the BRICS+ partner circle and the New Development Bank (NDB), Uzbekistan is crafting a non-alignment model rooted in pragmatic diplomacy.

Key elements of the partnership include:

• A $5 billion investment pipeline from the NDB for infrastructure, irrigation, and mining modernization.

• Retention of strong partnerships with the U.S. (via the C5+1 platform), the European Union, and continued WTO accession efforts.

• Expansion of bilateral ties with China, the Gulf States, and South Korea, alongside BRICS+ engagement.

This approach is what some observers have dubbed “institutional choreography”—weaving diverse global relationships into a stable development strategy while maintaining geopolitical flexibility.

Mounting Pressures on the BRICS Non-Aligned Movement

The viability of this model is not without its geopolitical tests.

Former U.S. President Donald Trump’s proposal of a 10% tariff on countries that “support anti-American BRICS policies” underscores the increasing politicization of global economic affiliations. While Uzbekistan’s BRICS involvement is framed around development, Washington’s perception of BRICS as a challenge to U.S. hegemony complicates the narrative.

Emerging Challenges:

• BRICS’ expansion to include countries like Iran, Egypt, and Ethiopia has sharpened Western scrutiny.

• U.S. policymakers may misinterpret economic cooperation as geopolitical alignment, even when development is the primary driver.

• Uzbekistan must manage the optics of its BRICS+ participation with precision to avoid reputational risks.

Brazilian President Luiz Inácio Lula da Silva recently described BRICS as “the heir of the Non-Aligned Movement”, highlighting both its potential and its limits amid collapsing multilateral frameworks.

A Model for Strategic Autonomy in a Multipolar World

Uzbekistan’s hybrid alignment could become a blueprint for emerging economies seeking to insulate themselves from great power rivalries while pursuing sustainable development.

Countries in Southeast Asia, the Caucasus, and East Africa are reportedly studying the Uzbekistan model, viewing it as a path toward:

• Strategic autonomy without isolation.

• Economic diversification without antagonism.

• Resilience building without bloc dependency.

The key to success lies in what Uzbek diplomats call “proactive communication”—positioning BRICS engagement as complementary to existing partnerships, not a threat to them. This includes:

• Adherence to global standards, including ESG frameworks and rule of law.

• Emphasizing development-first messaging to avoid mischaracterization as siding with any geopolitical bloc.

Conclusion: A BRICS+ Entry That Preserves the West-East Balance

Uzbekistan’s BRICS partnership is not just a bilateral development deal—it is a stress test for non-aligned multipolar diplomacy in the 21st century. By walking the tightrope between global power centers, Tashkent is pioneering a strategy that may reshape how small and mid-sized states pursue inclusive, non-zero-sum foreign policy.

@ Newshounds News™
Source: Watcher.Guru  

~~~~~~~~~

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Iraq Economic News and Points To Ponder Late Saturday Evening 8-2-25

Economist: Declining Purchasing Power Limits The Rise In The Exchange Rate

Time: 2025/08/02 Reading: 435 times  {Economic: Al Furat News} Economic expert Salah Nouri confirmed on Saturday that the dollar exchange rate on the parallel market depends primarily on trade demand from neighboring countries.

He added in a statement to Al Furat News that "demand depends on the purchasing power of the Iraqi citizen. Currently, purchasing power is weak and is likely to continue due to the financial crisis and delays in salary disbursements, which is a large segment."

Nouri pointed out that "if the election campaign proceeds along the correct democratic path, without exploiting public funds or influx of foreign funds, the dollar's value will remain at its current level without excessive increases."  LINK

The Dollar Exchange Rate Remains Stable In Baghdad.

Economy |  02/08/2025  Mawazine News - Baghdad -  The dollar exchange rate stabilized on Saturday at the Baghdad Stock Exchange and money exchanges. The dollar exchange rate was recorded at 140,000 dinars for every $100 in morning trading at the main stock exchange in the capital, Baghdad.  The exchange rate in local markets in Baghdad reached 141,000 dinars for sale, while the purchase price reached 139,000 dinars.   https://www.mawazin.net/Details.aspx?jimare=264498

Basra Crude Records Weekly Gains

Time: 2025/08/02 09:01:02 Reading: 435 times  {Economic: Al Furat News} Basra crude oil posted weekly gains, despite the decline in global oil prices at the end of the week's trading.

Basra Heavy crude closed its last session on Friday down $1.80, reaching $69.28, but posted weekly gains of $1.85, or 2.75%.

Basra Medium crude closed its last session with a similar decline of $1.80, settling at $72.33, but recorded weekly gains of $1.85, or 2.62%.

Global oil prices fell at settlement amid expectations of increased OPEC production and the potential impact of new US tariffs, which could undermine economic activity and reduce global energy demand.

Brent crude posted weekly gains of about 4.9%, while West Texas Intermediate crude gained 6.4%. LINK

Al-Sudani: Baiji Will Be An Important Industrial Oil City That Represents One Of The Pillars Of The Iraqi Economy.

Saturday, August 2, 2025 | Economic Number of reads: 316  Baghdad / NINA / Prime Minister Mohammed Shia Al-Sudani stressed: "Baiji will be an important industrial oil city that represents one of the pillars of the Iraqi economy."

The Prime Minister said during the inauguration of the fat refinery in Baiji: "Rehabilitating the refinery was not easy, because it consists of units with modern technology and supporting industrial units, and it was restarted with the energy and capacity of national effort."

He added: "The rehabilitation of the refinery was carried out with all its production lines and at the same level at which it was established by foreign companies."

Al-Sudani stressed that: "We have national competencies capable of achieving accomplishments and implementing projects that were previously the preserve of foreign companies."

He explained: "The economic dimension is always present, and to a large extent, in the priorities for implementing government projects.

" Al-Sudani continued, saying: "By rehabilitating this refinery, and other refineries and facilities, we will reach the export stage after covering the needs of the local market."

He pointed out: "The sectors contributing to the economy represent a priority in economic reform, so the contribution rate increased from 7% to 14%."

The Prime Minister explained: "The government has been able to achieve optimal investment in the oil and gas sector to meet the market's needs for petroleum products."  He concluded by saying: "Our vision for the oil sector is comprehensive, from Basra to Nineveh." /End https://ninanews.com/Website/News/Details?key=1244188

A Security Conference Discusses Preparations And Capacity Building For Upcoming National Challenges.

Saturday, August 2, 2025, | Number of reads: 171  Baghdad / NINA / The Deputy Commander of Joint Operations, Lieutenant General Qais Al-Muhammadawi, held an expanded security conference via closed-circuit television on Saturday, with the participation of a number of operations and axes commanders, and in the presence of the Commander of the Land Forces, the Director of Military Intelligence, and the Joint Operations Command Staff.

The Joint Operations Command said in a statement, "During the conference, an extensive discussion took place on current and future military and security plans, with a focus on mechanisms for operational reopening in areas of responsibility and confronting challenges."

The statement added, "The conference discussed ways to enhance the readiness of the forces and the importance of high coordination between the various formations to carry out duties with high efficiency and professionalism.

" It indicated that "the Deputy Commander of Joint Operations directed, at the conclusion of the conference, a set of recommendations, including specific timings and distribution of responsibilities, with an emphasis on reviewing plans in line with current challenges, the mechanism for coordination with neighboring commands, and dealing with intelligence information, as well as discussing preparations and capacity building to face upcoming national entitlements." LINK

Parliamentary Economy Committee: We Refuse To Vote On This Agreement. We Proposed A Package Of Comments Before Presenting It To Parliament.

Saturday, August 2, 2025, | Economic Number of reads: 182  Baghdad / NINA / The Parliamentary Committee on Economy, Industry and Trade announced the collection of signatures to reconsider the draft law ratifying the afforestation and mutual protection of investment agreement between the governments of the Republic of Iraq and the Kingdom of Saudi Arabia.

The Parliament Presidency also demanded that the vote on the agreement be postponed and that it be returned to the Council of Ministers for approval first, before proceeding with its submission to Parliament.

The committee's deputy chairman, Yasser Al-Husseini, said in a joint press conference on Saturday that "this agreement was not discussed or presented to the committee, and its opinion was not taken into account at all. Therefore, we collected signatures to demand that the Presidency hold workshops with legal and economic specialists and representatives of government agencies to determine the feasibility of passing this agreement, amending it, or proceeding with ratification or not."

In turn, MP Saud Al-Saadi said, "We noted that the Parliamentary Foreign Relations Committee did not send a photocopy of the draft law, nor did it send the committee's special report to the representatives two days before the session, as required by the internal regulations."

He added, "This agreement includes, in Article 9 of Annex A, excessive facilitation for the expropriation of lands and projects in Iraq for the Saudi side, and it also conflicts with the Iraqi Expropriation Law No. 12 of 1981, as amended, and the provisions of other applicable laws."

He continued, "Article 11 of the agreement included exceptions and permissions for financial transfers to Saudi Arabia under the guise of investment without restrictions or conditions, and Article 13 permitted the dispute to be referred to the Arab Court of Arbitration or to resort to international arbitration, which may harm the national interest."

He explained, "We believe it is necessary to stipulate that the dispute regarding the agreement be referred to Iraqi courts, and that investment disputes be subject to the Iraqi judiciary, before resorting to Arab arbitration or international arbitration chambers."

He added, "The current Council of Ministers did not approve this agreement because the draft law was sent to Parliament during the fourth legislative session in 2019, and no new government decision was issued including the consistency of the provisions of this agreement with the ministerial program or not." /End   https://ninanews.com/Website/News/Details?key=1244283

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

Iraq Economic News and Points To Ponder Saturday Afternoon 8-2-25

Among Them Is The Economic Contraction.. An Expert Reveals The Reasons Behind The Decline In The Exchange Rate.
 
July 31, 2025  Baghdad/Iraq Observer  Economic expert Munar Al-Obaidi confirmed that the exchange rate of the US dollar against the Iraqi dinar has witnessed a significant decline recently.
 
This decline is due to a group of intertwined economic and procedural factors,  which vary in their level of influence but have collectively contributed to strengthening the dinar.

Al-Obaidi told the Iraq Observer that “the reasons for the dollar’s decline include the   economic contraction and   declining consumer confidence.
 
The state of uncertainty in the Iraqi market, as a result of the economic slowdown, has  led to a decline in the confidence of individuals and institutions in spending, which has negatively impacted the volume of public demand, thus  reducing the need for the dollar as a stimulus for trade.
 
In addition, the halt in government investment spending has led to the government focusing on operational spending rather than investment spending, leading to a decline in economic activity.” 

He added that "the general budget is the primary driver of economic activity, and reducing investment spending has reduced aggregate demand,   including demand for the dollar."

He noted that "other reasons include  :
     tightening controls at border crossings and
     government measures to  curb smuggling and  regulate relations with the Kurdistan Region, which have contributed to  reducing the phenomenon of inflated invoices,  which has reduced the unreal demand for dollars in the parallel market."
 
Regarding the shift of traders to the formal banking system, Al-Abidi explained that “the markets have witnessed the  entry of a large segment of traders into the formal banking system, and  their reliance on the official dollar exchange rate through approved platforms, which has  reduced the  volume of trading in the parallel market and  reduced pressure on the dollar, in addition to a  decline in re-export operations.
 
The decline in the re-export of goods to neighboring countries has led to a reduction in demand for imported goods, which has  directly reflected in a decline in the need for dollars to finance these commercial operations.” 

 He emphasized that   "settling major companies' dues in oil products instead of cash also had an impact on depreciating the dollar, as the government settled a portion of foreign companies' dues  in black oil and naphtha   instead of cash,   reducing reliance on dollars sold by the Central Bank and   increasing their supply in the market." 

He pointed out that “preparations for the electoral process also play a role.
 
With the start of the election season, the volume of    spending related to the electoral campaigns increased, and this spending is often financed from cash reserves stored in dollars,  which necessitated converting large amounts of them into dinars to cover campaign expenses,  thus increasing the supply of dollars and  increasing the number of foreign visitors and arrivals.

The increasing number of arrivals to Iraq contributed to the introduction of quantities of foreign currencies into the local market, which provided an additional source of hard currency   outside the framework of central bank sales, and  contributed to strengthening the availability of dollars.”  He continued, saying,
 
"The halt to illicit trade as a result of the closure of the border with Syria played  a significant role in the decline of the dollar.
 
The closure of border crossings with Syria contributed to the  reduction of smuggling and illegal trade, which had been heavily dependent on the dollar in the parallel market,  leading to a further decline in demand for the dollar." 

He concluded by saying, "The   decline in the issued currency and the withdrawal of a portion of it from the market  is another reason behind the decline in the dollar price.
 
The Central Bank of Iraq withdrew a portion of the dinar money supply from the market,  creating a double demand for the Iraqi dinar against the dollar.
 
This balance in demand levels between the two currencies helped boost the value of the dinar and  raise its exchange rate against the dollar on the parallel market."   https://observeriraq.net/بينها-الانكماش-الاقتصادي-خبير-يكشف-ال/  

"Development Road" Opens The Way For A New Energy Agreement Between Iraq And Turkey.
 

Economy News - Follow-up  Researchers and experts confirmed on Friday that the"Development Road" project between Iraq and Turkey is no longer just a strategic corridor for transporting goods,
 
but rather a  gateway to a comprehensive energy agreement between the two countries  that could redraw the map of regional economic cooperation.
 
Turkish researcher Sercan Caliskan, who specializes in Iraqi affairs, explained, as reported by Anadolu Agency, that "relations between Ankara and Baghdad have witnessed a strategic development in the energy sector," noting that
 
"this path is directly linked to the 'Development Road' project, which extends 1,200 kilometers within Iraqi territory and aims to connect the Arabian Gulf to Europe via Turkish territory."
 
"The project is not limited to transportation and infrastructure, but  opens new horizons for regional cooperation,   especially in the energy sector,"explained Çalışkan, a researcher at the Turkish Center for Middle Eastern Studies. 

He continued: "The development path represents an opportunity to
     establish a long-term partnership that prevents legal disputes and
     builds the foundations for comprehensive cooperation on the oil and energy front."
 
For his part, Yasser Al-Maliki, an expert on Arabian Gulf affairs at the Middle East Economic Survey (MEES), said that
 
"the project falls within Ankara and Baghdad's plans to enhance their economic cooperation," stressing that  "the Iraq-Turkey oil pipeline could be used in the future to transport crude oil from other countries,  strengthening Turkey's position as a regional hub for energy transit between Asia and Europe."

Al-Maliki pointed out that  "re-exporting Kirkuk oil to Mediterranean refineries via Türkiye would be of great importance to Baghdad, as it seeks  to increase revenues and  reduce supply-related crises."
 
Turkish sources had previously revealed that negotiations had begun between Ankara and Baghdad to reach a new, more comprehensive oil transport agreement.
 
A Turkish presidential decree was published in the Official Gazette on July 21,
indicating that the current agreement signed between the two countries in 1973 would expire on July 27, 2026. views 96   08/01/2025 - https://economy-news.net/content.php?id=58198  

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

Seeds of Wisdom RV and Economic Updates Saturday Afternoon 8-2-25

Good Afternoon Dinar Recaps

$24,000 Guaranteed Income Coming to Young Adults in Georgia Under New Pilot Program

A new guaranteed income initiative in Georgia will provide selected participants with up to $24,000 in no-strings-attached cash over four years, as part of a pilot program aimed at economic resilience and wealth-building for young adults.

The program is spearheaded by the Georgia Resilience & Opportunity (GRO) Fund, a nonprofit focused on equitable economic development.

Program Overview

The Freedom Futures guaranteed income pilot will provide:

• $500 per month for 48 months

• Totaling $24,000 per participant

Funds can be used freely, with no restrictions on spending.

Eligibility Criteria

To qualify, applicants must:

• Be 18 to 25 years old

• Be enrolled in high school or a partner college/university

• Live in a household with income at or below 200% of the federal poverty level

Additional Wealth-Building Capital Offered

In addition to monthly income, participants may qualify for an investment sum of over $20,000, designated for:

• Homeownership

• Entrepreneurship

• Higher education

• Retirement savings

This capital will be distributed beginning in year three of the program. To access these funds, recipients must complete a financial education curriculum provided by the program.

Key Dates and Application Process

• Application deadline: August 27, 2025

• Required documents include: proof of identity, enrollment, and household income

• Notification: Applicants will be informed of selection within weeks after the deadline

• First payments: Begin in September 2025

For more information and to apply, visit the Freedom Futures application portal.

@ Newshounds News™
Source:  Daily Hodl

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India Leaving BRICS? U.S.-India Tensions Escalate Amid Tariffs, Oil Deals, and De-Dollarization Dispute

Speculation is mounting over whether India may exit the BRICS economic bloc amid its growing tensions with the United States. The diplomatic fallout has intensified following President Donald Trump’s imposition of sweeping tariffs on Indian goods and critical remarks from Secretary of State Marco Rubio regarding India’s continued energy partnership with Russia.

With relations between New Delhi and Washington reportedly at their lowest point since 1998, the geopolitical and economic stakes are rising fast. Key flashpoints include U.S. opposition to India’s Russian oil purchases, India’s refusal to support BRICS de-dollarization efforts, and growing speculation that India may reorient toward the West.

Trump’s Tariff Ultimatum Raises Stakes

On August 1, President Trump announced a 25% tariff on all Indian imports, citing persistent trade imbalances and India’s continued military and energy deals with Russia.

In a Truth Social post, Trump stated:

“India, Russia can take their dead economies down together.”

He went on to criticize India’s high tariffs, non-monetary trade barriers, and reliance on Russian military equipment and energy:

“India… has the most strenuous and obnoxious non-monetary Trade Barriers of any Country… they are Russia’s largest buyer of ENERGY… at a time when everyone wants Russia to STOP THE KILLING IN UKRAINE.”

The move is widely interpreted as an economic ultimatum meant to pressure India to sever deeper ties with Moscow—and potentially push it out of BRICS.

Rubio Condemns India’s Russia Oil Purchases

U.S. Secretary of State Marco Rubio added fuel to the controversy during an interview with Fox Radio, targeting India’s continued energy imports from Russia.

Rubio stated:

“India… buys [energy] from Russia… because Russian oil is sanctioned and cheap… That, unfortunately, is helping to sustain the Russian war effort.”

He noted that India’s purchases undermine Western sanctions and prolong the Ukraine conflict, making energy policy a central issue in broader diplomatic tensions.

India Rejects BRICS Currency, Signals Western Alignment

At the recent BRICS summit in Rio de Janeiro, India officially rejected the proposed joint currency initiative intended to reduce global dependence on the U.S. dollar. The move was confirmed by Indian External Affairs Minister S. Jaishankar, and it has caused friction within the BRICS bloc.

India’s refusal comes as Prime Minister Modi pursues deeper economic ties with the U.S., including negotiations on trade agreements reportedly worth $500 billion. Analysts see this as a strategic realignment toward the West—at the expense of BRICS unity.

Diplomatic Breakdown: Worst India-U.S. Crisis in 25 Years

National security expert Derek J. Grossman called the current standoff the worst diplomatic moment in U.S.-India relations since 1998.

India’s Ministry of Commerce & Industry responded to Trump’s tariff announcement with a carefully worded statement:

“The Government will take all steps necessary to secure our national interest.”

Whether this crisis leads to India formally exiting BRICS remains uncertain, but the current trajectory suggests New Delhi is increasingly aligned with Western economic frameworks, leaving its future in BRICS in question.

@ Newshounds News™
Source: Watcher.Guru

~~~~~~~~~

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Iraq Economic News and Points To Ponder Saturday Morning 8-2-25

Gold Declines Under Pressure From The Dollar

Time: 2025/08/01 12:13:46 Reading: 330 times  {Economic: Al Furat News} Gold prices are heading for their third consecutive weekly loss on Friday, pressured by a stronger dollar and declining expectations of a US interest rate cut.

While uncertainty over US tariffs on trading partners supported the yellow metal's prices,
spot gold settled at $3,288.89 per ounce by 07:33 GMT, down 1.4% so far this week.
Meanwhile, US gold futures fell 0.3% to $3,339.90 per ounce.  LINK

Government Advisor Denies Allegations Of 62 Trillion Dinars Lost

The Prime Minister's Financial Advisor, Mazhar Mohammed Salih, confirmed that the rumor of destroying half of the 62 trillion Iraqi dinars currency is illogical and baseless. While explaining that the Iraqi monetary system is subject to strict procedures for managing paper currency, he called on citizens to refrain from circulating fabricated news and to maintain cohesion and trust in national financial, banking and economic institutions.

Salih said: "Some social media outlets have recently circulated illogical allegations that huge sums estimated at 62 trillion dinars were destroyed due to "mice and rats." This news is completely untrue and lacks the slightest degree of credibility and economic logic."

Salih emphasized that "Iraq's issued currency does not exceed 100 trillion Iraqi dinars, which includes circulating currency and reserve currency. Therefore, claiming that more than half of the currency was destroyed due to environmental or biological factors is economically impossible and not credible in terms of the scale and institutional procedures surrounding currency management."

He explained that "official data indicate that approximately 88% of the total monetary supply is outside the banking system, hoarded by individuals, as a result of an inherited monetary culture in Iraqi society, rather than within the warehouses or vaults of a single institution, where it could be exposed to such damage."

He added that "the Iraqi monetary system is subject to strict procedures for managing paper currency, in terms of printing, storage, periodic inspection, and replacement through precise monetary and accounting mechanisms. Such large sums cannot be left vulnerable to damage without oversight or follow-up."

He pointed out that "the rumor aims to create confusion and provoke public opinion, especially among non-specialists who do not know the nature of the monetary system in our country or how it works. This is something that must be addressed with reason and wisdom.

" He called on "all citizens not to circulate such fabricated news, which represents an underestimation of people's intelligence and has no economic or realistic value. Rather, it is part of attempts to confuse public opinion at a time when greater cohesion and confidence in national financial, banking, and economic institutions are required."  https://economy-news.net/content.php?id=58205

Iraq Among Three Countries With The Highest Tariffs Imposed By Trump

Economy | 08:39 - 01/08/2025   Mawazine News - Follow-up
US President Donald Trump signed an executive order on Thursday evening increasing tariffs on dozens of countries with which the United States considers its trade balance to be heavily tilted in their favor. The White House described the move as "restructuring global trade to benefit American workers."
According to a senior White House official, these tariffs will take effect on August 7, seven days later than originally scheduled.

The White House said in a statement that the new tariffs range from 10% to 41%, with the exception of Brazil, which was subject to tariffs of up to 50%.

Syria topped the list, with the highest tariffs imposed on it. These tariffs will apply to countries that have not reached bilateral trade agreements with the United States.

The tariffs on some Arab countries:
15% on Jordan;
25% on Tunisia;
30% on Algeria and Libya;
35% on Iraq; and
41% on Syria.

Countries that have concluded bilateral trade agreements with the United States will be subject to the tariffs stipulated in those agreements, but most countries have imposed customs duties of between 10 and 15%.

Tariffs on some other countries:
10% on British goods;
15% on the European Union, Japan, and South Korea;
25% on India;

30% on South Africa;
35% on Serbia;
39% on Switzerland;

40% on Laos; 50% on Brazil.

These additional tariffs have sparked widespread concern among companies exporting to the United States.

The same applies to Canada, where Trump increased tariffs on non-NAFTA products from 25% to 35%.
Several Asian countries heavily dependent on the US market have expressed relief that their exports will be subject to additional tariffs lower than those Trump intended to impose, such as Cambodia and Thailand, which reduced their tariffs from 36% to 19%.

Taiwan, meanwhile, has expressed hope for an agreement to reduce the 20% tariff imposed on its exports.   https://www.mawazin.net/Details.aspx?jimare=264461

Despite Global Volatility, Iraqi Oil Continues To Rise

Economy | 11:11 - 01/08/2025  Mawazine News - Baghdad -  Iraqi oil prices rose on Friday during daily trading in the global market.

According to special data, Basra Medium crude oil recorded $74.13 per barrel, while Heavy crude oil recorded $71.08 per barrel, with a change of +0.87 for both.

The data also showed global oil prices, with British Brent crude recording $71.75 per barrel, while US West Texas Intermediate crude oil recorded $69.29 per barrel, with a change of +0.03 and +0.05, respectively.    https://www.mawazin.net/Details.aspx?jimare=264466

Iraq Faces A Climate Crisis That Threatens Its Economic And Social Security.

Time: 2025/08/01 17:20:24 Reading: 105 times  {Local: Al Furat News} The head of the Strategic Center for Human Rights in Iraq, Fadel Al-Gharawi, confirmed that the last three years (2022-2024) witnessed unprecedented climate transformations in the country, negatively impacting the economy, agriculture, and energy sectors, and causing waves of displacement, poverty, and serious environmental degradation. He warned that the crisis is no longer merely environmental, but has turned into a direct threat to national security and societal stability.

Al-Gharawi said in a statement received by {Euphrates News} that “Iraq has become one of the countries most affected by climate change phenomena, ranking fifth globally, as temperatures in the central and southern governorates exceeded 50 degrees Celsius during the summers of 2023 and 2024, and continued in 2025, with drought rates recorded at the highest levels in decades.

He indicated that the rate of increase in temperatures reached 0.48 degrees Celsius per decade, which is nearly double the global average, which portends a permanent environmental disaster.”

He added, "The flow of the Tigris and Euphrates rivers has decreased by 30-40% compared to the normal average, causing a sharp decline in water resources, accelerating desertification rates, and increasing evaporation rates, which has had a direct impact on agricultural and food production."

He explained that "the agricultural sector was the most affected by rising temperatures and water scarcity, noting that 2022 witnessed a 37% decline in wheat production, a 30% decline in barley production, and a 50% decline in total production in some areas.

In 2023, 50% of farmers were forced to reduce cultivated areas or use less water, while 71% of agricultural land was threatened with complete drought in 2024, with more than 100,000 dunums of arable land lost annually due to desertification."

Al-Gharawi pointed out that "these climate phenomena have led to the displacement of thousands of families from the countryside to the cities, after they lost their sources of livelihood. He indicated that at least 130,000 people were internally displaced between 2022 and 2023, while approximately 40% of farmers completely abandoned their profession during 2024, and more than 80% of affected rural families became dependent on humanitarian aid or food loans."

He explained that "the livestock sector, particularly buffalo, has been severely affected, with the number of buffalo heads declining from 150,000 in 2015 to less than 65,000 in 2024. Sheep and cattle farming has also declined due to pasture deterioration and the rising cost of feed, impacting national food security."

He also noted that "heat waves and dust also impacted public health, with thousands of cases of heatstroke and respiratory illnesses recorded, while one dust storm in 2022 hospitalized more than 5,000 people in just two days."

Al-Gharawi called on the Iraqi government to "strengthen and follow up on the implementation of the 'Green Iraq Initiative' project, which includes planting 5 million trees to reduce desertification, establishing solar energy projects to generate 1 gigawatt of electricity, and improving irrigation techniques."

He called for the adoption of an urgent national climate adaptation strategy that includes comprehensive, funded water and agricultural plans, the launch of direct support programs for affected farmers through national agricultural emergency funds, an immediate shift to renewable energy to reduce reliance on conventional electricity and reduce emissions, and the rehabilitation of desertified lands through afforestation and rainwater harvesting projects.

He also stressed the need to integrate climate change into national economic policies, link it to financial planning and social services, and enhance international cooperation to provide long-term climate financing to help Iraq address this crisis.  LINK

 

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

Seeds of Wisdom RV and Economic Updates Saturday Morning 8-2-25

Good Morning Dinar Recaps,

SEC Chair Atkins Urges Crypto Firms to Return to the U.S. Amid Regulatory Shift

A growing number of global crypto companies are expanding or returning to the United States as the Trump administration signals a policy pivot toward digital asset growth and onshoring.

SEC Endorses ‘Reshoring’ Strategy

In a speech delivered at the America First Policy Institute, SEC Chair Paul Atkins urged the U.S. to “reshore the crypto businesses that fled,” calling for a renewed effort to bring blockchain innovation back under U.S. jurisdiction. His remarks aligned with a broader push by the Trump administration to make the U.S. a leading global hub for digital assets.

Treasury Secretary Scott Bessent echoed the sentiment, declaring that the U.S. has entered a “golden age of crypto” and encouraging entrepreneurs to “start your companies here, launch your protocols here, and hire your workers here.”

Policy Shift Spurs Return of International Firms

Backed by political support and clearer regulatory frameworks, several international firms are re-entering or expanding within the U.S. market:

• Nexo (Bulgaria): Returned to the U.S. in April after a multi-year absence, citing improved regulatory clarity.

• Deribit (Netherlands): Exploring a U.S. entry as of early May.

• Wintermute (UK): Opened a New York office in May to increase U.S. market presence.

• OKX (Seychelles): Relaunched U.S. operations in June, establishing a new headquarters in San Jose, California.

• Bitmain (China): Announced plans to open its first U.S.-based ASIC production facility by 2026 and select a U.S. headquarters location by Q3 2025.

These moves come amid reports that other major ASIC manufacturers, including Canaan and MicroBT, are also shifting production to the United States.

U.S. Crypto Firms Expand Domestic Operations

Domestic firms are scaling up in response to state-level support and expanding regulatory certainty:

• Kraken: Relocated its global headquarters to Cheyenne, Wyoming, in June, citing the state’s crypto-friendly policies.

• MoonPay: Opened a new headquarters in New York in April and secured regulatory licenses to operate in all 50 states by June.

Conclusion

As pro-crypto reforms continue to take shape under the Trump administration, the return of global players and expansion of domestic firms suggest that the U.S. is regaining ground as a competitive destination for digital asset innovation.

@ Newshounds News™
Source: Cointelegraph    

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SEC Expands Crypto Roundtables Nationwide, Begins August 4 in Berkeley

The U.S. Securities and Exchange Commission (SEC) is taking its crypto policy outreach on the road, launching a nationwide series of roundtables aimed at early-stage blockchain developers and startups. The initiative, titled “Crypto on the Road,” builds on spring engagements that began in Washington and marks a significant expansion of the SEC’s public engagement with the digital asset industry.

Targeting Startups Outside Washington

According to the SEC’s August 1 announcement, the roadshow is designed to connect with smaller crypto teams—specifically those with 10 or fewer employees and less than two years in operation. The outreach aims to offer direct access to SEC representatives for developers and founders operating outside the Beltway.

Hester Peirce, head of the SEC’s Crypto Task Force, emphasized the importance of hearing from a broad cross-section of stakeholders:

“The Crypto Task Force is acutely aware that any regulatory framework will have far-reaching effects, and we want to ensure that our outreach is as comprehensive as possible.”

How to Participate

Teams interested in participating can request a meeting slot by emailing crypto@sec.gov with the subject line “Crypto on the Road.” Applicants should include the city of interest, the names of one or two attendees, and a brief description of their project and team.

The SEC also plans to publish a list of participating projects to maintain transparency throughout the process.

Nationwide Schedule Runs Through December

The initial roadshow calendar includes ten stops across the country, running from August through December:

• Berkeley, CA – August 4

• Boston, MA – August 19

• Dallas, TX – September 4

• Chicago, IL – September 15

• New York, NY – September 25

• Irvine, CA – October 3

• Cleveland, OH – October 24

• Scottsdale, AZ – October 29

• New York, NY (2nd stop) – November 12

• Ann Arbor, MI – December 5

Dates are subject to change as logistics are finalized.

Building on Spring Engagements

The roadshow follows the SEC’s first Crypto Task Force roundtable, held on March 21 in Washington, D.C. That session brought together a wide spectrum of voices, from blockchain advocates to policy skeptics. The dialogue highlighted shared concerns around the lack of regulatory clarity, even as participants diverged on how best to define oversight for decentralized platforms.

Key areas of debate included:

• The relevance and limitations of the Howey Test for evaluating digital assets

• Whether token decentralization should exempt projects from securities classification

• How regulation can encourage innovation without overreach

Following the inaugural session, the SEC hosted four additional events focusing on key regulatory issues, including the role of decentralized finance (DeFi) and consumer protection.

Seeking Ground-Level Insights

By moving discussions into key regional innovation hubs, the SEC is seeking more grounded insights from smart contract developers, tokenization teams, and early-stage consumer application builders. The insights gathered during this tour will help shape future SEC guidance and rulemaking on how digital assets and blockchain-based projects are treated under federal securities law.

@ Newshounds News™
Source: CryptoSlate

~~~~~~~~~

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“Tidbits From TNT” Saturday Morning 8-2-2025

TNT:

Tishwash:  International oil companies return to operations in Kurdistan fields

A responsible source in the Kurdistan Regional Government revealed on Saturday that a number of international oil companies have resumed operations in the Kurdistan Region's oil fields.

The source explained that "the vital oil facilities in the Kurdistan Region were subjected to more than 22 drone attacks in various parts of the region," noting that "the investigative committee has not yet submitted its final report to Prime Minister Mohammed Shia al-Sudani."

He added, "The region will bear the responsibility of compensating companies for the quantities allocated for local consumption."

He continued, "The region is preparing to deliver the ready quantities of crude oil produced by foreign companies that have gradually returned to operating in the region to the State Oil Marketing Organization (SOMO) for export via the Turkish port of Ceyhan, stressing that this step reflects the regional government's commitment to a joint understanding with the federal government to regulate the export file and protect oil investments." link

Tishwash:  China Petroleum Engineering wins bid for massive offshore pipeline project in Iraq

China Petroleum Engineering Corporation (CPEC), a subsidiary of the China National Petroleum Corporation (CNPC), announced it has won a bid for a major offshore pipeline project in Iraq. The project is expected to be worth approximately $2.5 billion.

This project represents an important step towards strengthening Iraq's oil export infrastructure, particularly its offshore component, which will contribute to increasing the country's capacity to pump and export crude oil.

According to economic websites, a Chinese company's winning of this massive bid confirms the growing role of Chinese companies in the global oil and energy sector, particularly in the Middle East and Iraq.

This major investment reflects China's commitment to securing and diversifying its energy sources, as Iraq is one of the world's largest oil producers and a major supplier to China.

The project is expected to contribute to the creation of significant job opportunities, both directly and indirectly, during the construction and operation phases.

This pipeline could also contribute to increasing Iraq's oil export revenues, which is vital for the country's economy, which is heavily dependent on oil revenues.

This project is another example of the growing economic cooperation between Iraq and China, which includes many sectors, particularly energy and infrastructure.  link

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

Tishwash:  Iraqis do not trust banks. More than 90% of the money supply is outside the banking system.

The relationship between Iraqi citizens and banks, both governmental and private, remains isolated or nearly severed, especially when it comes to depositing money with these banks. Citizens view these banks as deep wells that hide their money beneath the routine of lengthy transactions, while they see the rooms and closets of their homes as the safest places for their cash. 

Citizen Wajdan Saleh is one of those people. She is afraid to deposit her money in Iraqi banks and prefers to keep it at home, citing her fear that the banks will not easily return her money if she needs it. 

"I once deposited 5 million dinars in a government bank, and when I went to withdraw it after a long period of time, they asked me to follow impossible procedures that took more than a week," Wajdan told Shafaq News Agency.

Wajdan added that since then she has not deposited any money, even the remittances she receives from relatives outside Iraq, which she receives immediately upon arrival.

"The lack of trust between citizens and banks has led to citizens hoarding their money at home and not depositing it in banks, which has significantly impacted the monetary aggregate," MP Mustafa Al-Karawi asserted. He added, "The issue of developing the banking sector and merging banks has been raised repeatedly in parliament, and the primary reason behind this is the loss of confidence citizens have had in the banking system in Iraq."

Speaking to Shafaq News, Al-Karawi explained that this problem stems from long-standing issues related to weak electronic and banking accounting systems, which has made citizens reluctant to use them and prefer to withdraw their full salaries as soon as they are deposited into the card, leaving no balance.

He points out that the absence of modern banking systems has led people to refrain from depositing and saving in banks, which prompts many to hoard their money at home, which in turn leads to economic stagnation and reduces the amount of liquidity circulating in the market.

Al-Karawi calls for raising citizens' awareness and banking culture, as well as for government and commercial institutions and the private sector to adopt e-commerce transactions, as a key path to stimulating economic activity.

He concluded by saying that deposits in banks not only provide financial security for citizens, but also enable banks to provide development services such as loans and advances, which contribute to stimulating the market and achieving the desired economic growth.

Economist Dr. Ali Daadoush told Shafaq News Agency, "The phenomenon of hoarding money amounts to 92% of the monetary mass outside the banking system. It represents a fundamental challenge to the monetary and financial structure in Iraq and is one of the most prominent manifestations of the structural fragility of the monetary economy." He emphasized that "this phenomenon is complex and has behavioral, institutional, and economic dimensions."

He adds, "The culture of hoarding is not a new phenomenon. It is an extension of decades of political and economic instability, from blockades to sanctions, from a lack of security to fragile institutions. During these periods, the idea that paper money in your pocket is better than money in the bank became ingrained in the Iraqi mindset. However, this culture did not remain within the framework of individual behavior alone, but rather transformed into a general phenomenon, stifling the economic cycle and weakening the ability of banks to perform their vital functions, from financing to investment, from oversight to the activation of monetary instruments."

Daadoush points out that "the majority of those who hoard cash are individuals, particularly in small towns, rural areas, and areas not covered by banking services. This is due to a lack of trust in banks, a result of past experiences of bankruptcy, seizure, or corruption, and the absence of a culture of financial inclusion in the educational and media systems."

Daadoush points to "the difficulty of banking procedures, the lack of widespread branch presence, and the decline in digital banking services, which push people to cling to cash as an easier means of payment."

According to experts, this phenomenon has many negative aspects, including the central bank losing effective control over the money supply, and its tools, such as interest rates and rediscounting, becoming less effective. Meanwhile, banks suffer from a liquidity crunch, which weakens their ability to finance projects and pushes investors toward informal financing. Furthermore, managing inflation due to the unofficial money supply negatively impacts the central bank's decisions in achieving its primary objective of controlling the general price level and achieving stability.

Citizen Abdul Ali Alwan told Shafaq News Agency, "The procedures for opening a bank account require official identification documents and an amount not exceeding $100. This is normal, but the problem becomes more complicated if we are asked to withdraw part of the deposited amount."

He added, "Routine procedures hinder the withdrawal process and take more than a week."

Due to the instability and the closure of some private banks due to external sanctions, some people refuse to deposit money in these banks.

Contractor Abdul Zahra Fadel explains, "There are often times when there is a quick and urgent need for money, but banking procedures stand in the way. Some private banks are subject to sanctions that require them to shut down for a period of time, and then we face numerous problems."

He pointed out in an interview with Shafaq News Agency: "When a citizen opens a bank account in hard currency, the money transferred to him through the bank is not disbursed in the same currency," noting that "the money transfer is also not delivered at the parallel rate under the pretext that the account opened with the bank is in hard currency, and another account must be opened in local currency in order to withdraw the transfer."

He asserts that "banks in Baghdad adopt complex and often unreasonable procedures that place customers in prolonged suffering. This is completely different from the banks in the region, which enjoy ease and transparency in all their banking transactions."

Ultimately, the Iraqi government must improve the administrative performance of banks and increase citizen confidence in the banking system by facilitating the procedures for withdrawing and depositing funds.  link

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Mot:   Why of Course -- Here Ya Go!!!: