Seeds of Wisdom RV and Economic Updates Wednesday Morning 8-6-25

Good morning Dinar Recaps,

BRICS Turns Crisis Into Opportunity: India Reconsiders U.S. Alliance as China Opens Trade Lifelines

With Washington escalating tariffs and pressure, India and Brazil deepen BRICS economic cooperation amid U.S. hostility

As tensions between India and the United States escalate, BRICS is quietly reshaping global trade dynamics, offering member nations economic alternatives that blunt the impact of Western tariffs. In the wake of President Donald Trump’s 25% to 50% tariff threats on Indian and Brazilian exports, member states are rapidly reassessing their foreign policy orientations — and China is stepping in to fill the void.

This realignment has become particularly visible as India faces one of the sharpest diplomatic downturns with Washington in decades, while Brazil gains new Chinese market access to counteract U.S. economic penalties.

Trump’s Tariff Ultimatum Triggers Diplomatic Rethink in India

Trump’s trade offensive against India, launched via Truth Social on August 1st, directly tied high tariffs to India's continued imports of Russian oil and its perceived unwillingness to align with Western sanctions. The President's rhetoric was scathing:

“India, Russia can take their dead economies down together, for all I care.”

In a particularly antagonistic swipe, Trump even floated an oil collaboration with Pakistan, hinting that Islamabad might one day supply India — a move many analysts read as calculated provocation.

Beyond rhetoric, Trump's criticism laid bare longstanding U.S. frustrations:

• India’s trade surplus with the U.S. now exceeds $45.7 billion

• High non-monetary trade barriers persist

• India remains the largest buyer of Russian energy and defense equipment

U.S. Secretary of State Marco Rubio reinforced this stance in a Fox Radio interview, criticizing India’s energy partnerships:

“Unfortunately, [India buying Russian oil] is helping to sustain the Russian war effort.”

India’s Ministry of Commerce & Industry responded tersely:

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

China Offers India a Strategic Alternative Through BRICS

As U.S.-India ties fracture, China has emerged as an unexpected diplomatic backchannel for India. At the 2025 BRICS Summit in Rio de Janeiro, China publicly backed India’s long-standing bid for UN Security Council reform — a gesture widely interpreted as an olive branch amid historic Sino-Indian rivalry.

Even more significant are the financial and policy shifts underway:

• India has received $12 billion in financing from the AIIB and $7.5 billion from the BRICS-led New Development Bank

• Reports indicate that India’s NITI Aayog may ease Chinese investment restrictions, allowing up to 24% foreign ownership without prior security clearance — a reversal from post-Galwan policy trends

These economic incentives, coupled with China’s diplomatic tone, suggest a reshaping of India’s calculus inside the BRICS alliance.

Brazil Finds a Lifeline in Chinese Trade Corridors

Simultaneously, Brazil has emerged as a primary test case for BRICS trade cooperation, leveraging the bloc’s cohesion to circumvent Trump’s 50% tariff on Brazilian goods, particularly coffee exports.

In a direct countermeasure:

• China has approved 183 Brazilian coffee companies for duty-free exports to its domestic market

• The deal ensures Brazilian exporters can offset U.S. tariff losses by gaining unrestricted access to Chinese consumers through 2030

• Additionally, 30 sesame-exporting firms in Brazil have also secured tariff-free export licenses to China under a four-year agreement

This shift not only mitigates U.S. penalties, but strategically strengthens intra-BRICS trade routes and dependence — a quiet but profound blow to Western leverage over emerging economies.

India’s Crossroads: Transactional U.S. Ties vs. Strategic BRICS Realignment

The deepening rift with Washington has led some analysts to speculate on extreme scenarios, including whether India could be pressured out of BRICS, or conversely, whether it will double down on its role in the multipolar alliance.

According to Derek J. Grossman, national security expert:

“This is the worst phase of India-U.S. relations in 25 years. We’re watching 25 years of progress rapidly unravel.”

With BRICS now accounting for 56% of global population and 44% of world GDP, the implications are massive. India is no longer merely navigating a bilateral trade dispute — it is at a geopolitical crossroads.

Conclusion: BRICS Evolves as a Shield Against U.S. Economic Coercion

Whether through China’s open market initiatives or BRICS’ development financing model, a clear pattern is emerging: the bloc is evolving into a strategic alternative to the U.S.-led order — one that prioritizes sovereignty, infrastructure development, and tariff resilience.

For India and Brazil, BRICS is no longer a symbolic coalition — it’s becoming a lifeline in the face of global economic weaponization.

@ Newshounds News™
Sources:
Watcher Guru – India BRICS Relations Wake-Up Call
Watcher Guru – BRICS Allows 183 Companies Direct Market Access to Bypass Tariffs

~~~~~~~~~

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Iraq Economic News and Points To Ponder Tuesday Afternoon 8-5-25

The Ministry Of Commerce Discusses Developments Regarding Iraq's Accession To The World Trade Organization With The British Embassy+

Tuesday, August 5, 2025 | Economic Number of reads: 351  Baghdad / NINA / Director General of the Department of Foreign Economic Relations at the Ministry of Trade, Riyadh Al-Hashemi, discussed with the Head of the Commercial Section at the British Embassy in Baghdad the latest developments in Iraq's accession to the World Trade Organization and ways to enhance partnership and cooperation between Iraq and the United Kingdom.

Al-Hashemi reviewed the most prominent developments and achievements made by the Ministry in coordination with the relevant Iraqi ministries and authorities to complete the requirements for accession to the World Trade Organization.

Al-Hashemi stressed the Iraqi government's keenness to benefit from the forms of support provided by the United Kingdom in this field, especially with regard to the technical and technological aspects, as it has an impact on enhancing Iraq's opportunities to join, improving the investment climate and developing the business environment.

The two sides also discussed ways to expedite the completion of the necessary procedures for the entry into force of the Partnership and Cooperation Agreement between Iraq and the United Kingdom.

For her part, the Head of the Commercial Section at the British Embassy renewed her country's support for Iraq's accession to the organization, noting the United Kingdom's readiness to provide the required support through cooperation and partnership programs, and contribute to the development of institutional competencies.

At the end of the meeting, the two sides praised the level of coordination and joint cooperation, and stressed the importance of continuing communication to achieve progress on issues of common interest and contribute to developing economic and trade relations between the two countries. /End https://ninanews.com/Website/News/Details?key=1244712

Iraq Regains Part Of Its Market Share With A Measured Increase In Production
August 5, 2025  Baghdad - Qusay Munther  The Ministry of Oil confirmed that it has not dealt with any suspicious tanker within Iraqi territorial waters, while noting that the Kurdistan Region has not yet committed to delivering any of its oil production in accordance with the agreement concluded with Baghdad.

 “Iraqi ports are secure and are managed in close coordination with security and operating agencies,” said Ali Nizar Faiq, director general of the Iraqi Oil Marketing Company (SOMO).

He added that “the leaked document in circulation is real, but it is a normal routine procedure aimed at controlling oil tanker loading schedules.” He pointed out that “the document was directed exclusively to the relevant security agencies, in a high-level format, to ensure tight control over export operations.”

Faiq explained that “any suspicious tanker will be located by the competent authorities.” He pointed out that “the four tankers mentioned in the document have been monitored, and may be loaded with industrial materials unrelated to oil.”

He stressed that “there are no current or future dealings with companies or entities subject to sanctions, and measures are being taken to remove any suspicious tanker from Iraqi territorial waters.”

He went on to say that “Iraqi daily oil exports range between 3.35 million and 3.4 million barrels, 78 percent to 80 percent of which go to Asian markets, as they are developing markets with high consumption.”

“The increase decided by OPEC for Iraq through oil production is a well-studied increase, as the market conditions were studied in terms of production, demand, and the extent of balance in the global oil market between supply and demand,” Faiq said.

“The increase only comes after ensuring that the market can bear it through OPEC experts and the countries allied with it,” he explained, explaining that “the increase came from the voluntarily reduced quantities, not from the original reduced quantities, according to the agreement between these countries.”

 He added that “this increase serves these countries and restores their market share somewhat, including Iraq in the global markets, except that…” Prices are also rising, supported by existing demand during the third quarter of this year.

Oil prices were unchanged after falling for three days, due to growing concerns about oversupply after OPEC+ agreed to another large production increase in September, but the possibility of further disruption to Russian supplies supported the market.

Brent crude futures settled at $68.76 per barrel, while US West Texas Intermediate crude fell two cents, or 0.03 percent, to $66.27 per barrel. Both crudes fell more than 1 percent in the previous session, reaching their lowest levels in a week at settlement.

 Meanwhile, the Southern Electricity Transmission Company confirmed that the operation of a new power transmission line will strengthen the power system in Dhi Qar and Muthanna governorates.

The Director General of the Southern Electricity Transmission Company, Hazem Lafta, said in a statement yesterday that “the operation of the Dhi Qar-Muthanna 400 kV combined power transmission line with a capacity of 2,000 megawatts, with 237 towers and a length of 90 kilometers, came based on the directives of Prime Minister Mohammed Shia Al-Sudani and the Minister of Electricity, Ziyad Ali Fadel,” stressing that “this line will contribute to strengthening the energy system and improving the performance level of the national grid in the provinces of Dhi Qar and Muthanna.”

He pointed out that "the work was completed in record time by the national staff of the Ministry of Electricity and the supporting and contracting parties."   LINK

The Dollar Price Stabilized In Local Markets As The Stock Exchange Closed

Tuesday, August 5, 2025, | Economic Number of reads: 123  Baghdad/NINA/ The dollar exchange rates stabilized in the markets of Baghdad and Erbil governorates, with the closing of the stock exchange on Tuesday evening.

The dollar prices maintained their stability in the Al-Kifah and Al-Harithiya stock exchanges in Baghdad, where the exchange rate recorded 139,950 dinars per 100 dollars, the same prices recorded this morning.

The selling prices in exchange offices in the local markets in Baghdad reached 141,000 dinars for every 100 dollars, while the purchase price reached 139,000 dinars.

In Erbil, the dollar prices also recorded stability, as the selling price reached 139,850 dinars, and the purchase price 139,750 dinars per 100 dollars. https://ninanews.com/Website/News/Details?key=1244791

Gold Rises, Supported By A Weaker Dollar And Lower US Treasury Yields

Tuesday, August 5, 2025 | Economic Number of reads: 189  Baghdad/ NINA /Gold prices rose for the fourth consecutive session on Tuesday, supported by a weaker dollar and lower US Treasury yields, as weaker-than-expected US jobs data reinforced bets on an interest rate cut in September.

Spot gold rose 0.1 percent to $3,375.89 per ounce, while US gold futures also rose 0.1 percent to $3,430.40.   The dollar index hit a near one-week low, making gold more accessible to holders of other currencies, and the yield on the benchmark 10-year Treasury note fell to a one-month low.

Among other precious metals, spot silver rose 0.1 percent to $37.44 an ounce, platinum gained 0.1 percent to $1,330.31, and palladium rose 0.2 percent to $1,204.25 . https://ninanews.com/Website/News/Details?key=1244721

Due To Increased Supply, Global Oil Prices Stabilize.

Economy | 05/08/2025  Mawazine News - Follow- up Oil prices were little changed on Tuesday after three days of declines due to mounting concerns about oversupply after OPEC+ agreed to another large production increase in September, but the possibility of further disruption to Russian supplies supported the market.

Brent crude futures were steady at $68.76 a barrel, while U.S. West Texas Intermediate (WTI) crude fell 2 cents, or 0.03%, to $66.27 a barrel. Both contracts fell more than 1% in the previous session and settled at their lowest levels in a week.
https://www.mawazin.net/Details.aspx?jimare=264605

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

Iraq Economic News and Points To Ponder Tuesday Afternoon 8-5-25

Source: 5 Iraqi Banks Subject To Sanctions For Dollar Violations
 
August 4, 2025  Al-Mustaqilla/- An informed source revealed in a statement to Al-Mustaqilla that  five Iraqi banks have recently been subjected to punitive measures by the Central ank for violations related to their failure to comply with regulations governing transactions in US dollars.
 
This comes as part of an escalating regulatory campaign aimed at  regulating banking performance and
 combating currency smuggling. 

The source, who requested anonymity, explained that among these banks is the Bank of Baghdad,
 whose case has been one of the most prominent banking issues raised recently, after it was onfirmed that it was banned from dealing in dollars  due to violations related to  foreign transfers and  suspicious transactions.

The source added that  some of the banks subject to sanctions also face additional measures due to their  involvement in unregulated financial activities or weak adherence to audit and compliance mechanisms.

He noted that the sanctions vary from one bank to another and include a  ban on dealing in dollars,
 freezing certain activities,  or  direct oversight by the Central Bank.
 
Despite the actual issuance of these sanctions, the source noted that the Central Bank has not officially announced the names of all the banks affected by the sanctions,  raising questions about the reasons for this secrecy, especially given the impact these measures have had on the  financial market and   citizens' confidence in banking institutions.
 
This development comes at a time when the  Iraqi banking sector is suffering from internal and external pressures,  due to  US sanctions and restrictions on the dollar, in addition to challenges related to money laundering and the  financing of foreign networks.
 
Experts are calling on the government and the Central Bank to   be more transparent in announcing details of banking sanctions, to  ensure public confidence and  reassure customers about the safety of the financial sector.    https://mustaqila.com/مصدر-5-مصارف-عراقية-تخضع-لعقوبات-بسبب-م/  

Source: The Central Bank Of Iraq Has Suspended The Bank Of Baghdad From Dealing In Dollars.
 
August 3, 2025 Al-Mustaqilla/- An informed source reported that the Central Bank of Iraq has issued a decision to suspend the Bank of Baghdad from dealing in US dollars,  in a new move aimed at  strengthening oversight of financial transactions and   combating manipulation in the foreign exchange market. 
 
The source, who requested anonymity, told Al-Mustaqilla on Sunday that the decision was part of a series of measures taken by the Central Bank to curb currency smuggling and  stabilize the dinar-dollar exchange rate,  following the detection of violations related to   transfer mechanisms and   foreign transactions.
 
Bank of Baghdad  is one of the largest private banks in Iraq and    has a prominent presence in the banking market.  This decision will have a significant impact on banking and commercial operations, especially in light of the challenges facing the country's financial system.

No official comment has yet been issued by the bank concerned, but it is expected that this move will be followed by similar decisions against other banks and financial institutions that may be proven to be involved in financial violations or abuses in the use of the US dollar.

It is noteworthy that the Central Bank of Iraq has recently intensified its oversight measures on  foreign currency auctions and  external transfers, in an attempt  to  control the market and  restrict  speculation and  smuggling, which directly impact the country's economic stability.    https://mustaqila.com/مصدر-المركزي-العراقي-يوقف-مصرف-بغداد-ع/   

Source Reveals: Bank Of Baghdad Remains Sanctioned Despite Official Denials
 
August 4, 2025   Al-Mustaqilla/- In a new development that has sparked controversy in banking and media circles, the  Bank of Baghdad  issued an official statement today denying recent reports regarding sanctions related to its dealings in US dollars. The statement  affirmed that its banking operations are   proceeding normally and  in accordance with the regulations approved by the Central Bank of Iraq. 

The statement read,  "The bank continues to provide its services as usual and regularly, and all banking operations are carried out in accordance with instructions issued by the relevant authorities, with no decisions prohibiting it from dealing in dollars."
 
Despite this official denial,  a well-informed source within the bank, who declined to be named, revealed to Al-Mustaqilla on Monday that   the bank had indeed been subjected to punitive measures recently.  

He confirmed that the penalty relates to its failure to fully comply with compliance instructions for dollar transactions,  making it one of a number of banks against which similar measures have been taken. 

The source added that   the penalty was imposed a few days ago, noting that the bank is still working to resolve the related cases, in coordination with the Central Bank of Iraq and   relevant international bodies.
 
This discrepancy between the official statement and leaks from within the bank reflects a state of ambiguity regarding the  nature of the sanctions and   their impact on ongoing financial transactions,
 
particularly in light of the increasing challenges facing the Iraqi banking sector due to US restrictions on foreign transfers.
 
Observers are anticipating further clarification from the Central Bank of Iraq to resolve the controversy,
 especially with increasing reports of a list of other banks that may be subject to similar measures in the coming days.    https://mustaqila.com/مصدر-يكشف-مصرف-بغداد-لا-يزال-معاقباً-رغ/ 

The Bank Of Baghdad Denies Suspending Dollar Transfers. 

Uses Economy News – Baghdad  The Bank of Baghdad denied on Monday reports circulating about a suspension of dollar transfers,  stressing that the bank continues to provide its banking services as usual and regularly.
 
The bank clarified in a statement received by Al-Eqtisad News that all banking operations, including foreign transfers in dollars, are conducted in accordance with the controls and instructions issued by the Central Bank of Iraq and  in line with standards of financial compliance, governance, and transparency.
 
The statement added that the  Bank of Baghdad is fully committed to implementing the instructions of the Central Bank of Iraq, calling on the  media and the public to exercise accuracy and  refrain from circulating rumors or unreliable information.  https://economy-news.net/content.php?id=58343 

A Company Disguised As Advertising Carries Out Money Laundering And Dollar Smuggling Operations.
 
Economy   2025-08-04 | 1,155 views  Alsumaria News – Local  Since its establishment in 2008, an advertising company run by "J.M."  has continued to operate normally,  indifferent to the corruption it carries out, as if it were conducting legal business.
 
Reports indicate that this company,  which has its official headquarters in central Baghdad,  has been involved in  money laundering and  illegally smuggling foreign currency,  specifically US dollars, out of Iraq over the past few years.
 
This has led to official investigations being opened at multiple levels.
 
Since its founding, the company has established itself as a leader in producing promotional materials,
organizing advertising campaigns, and  purchasing advertising space in newspapers, on screens, and in the digital space.
 
The company quickly  achieved success and  secured major contracts with telecommunications companies,  private banks,  media organizations, and even   government agencies.  According to unofficial data,
 
the company's annual revenues in some years amounted to millions of dollars.
 
But what raised suspicion was the  disproportionately large scale of some of the financial transactions, along with what was described as a  "sudden and unjustified expansion" in the company's assets, including  luxury offices, new cars, and
    unclear investments in  real estate and  foreign trade.
 
According to government sources and some media leaks, the  company's general manager , "J.K.", faces serious charges of money laundering. It is believed that the company used its commercial fronts to launder funds from illicit sources, through    fake deals and  inflated or fictitious invoices.

In addition, it is suspected that the company was involved in  purchasing large quantities of dollars from the black market and   transferring them abroad via local and foreign money transfer and exchange companies,  under the cover of alleged import and marketing activities.
 
It is also suspected that the company was tampering with government contracts, as   there are suspicions of concluding fictitious advertising deals with government agencies  in exchange for  commissions and   political favors.  Informed sources reported that
 
Official reactions
 
government investigative bodies have already begun investigating the company and its director.
 
The Central Bank has also restricted the company's dealings with several local banks
     after indications emerged of illogical financial transactions in its accounts. 
 
The source confirmed that "the Anti-Money Laundering Agency is monitoring the case in coordination with international agencies to monitor foreign transfers, some of which are believed to have taken place via the UAE, Turkey, Lebanon, and Jordan."
 
No final court ruling has yet been issued against the company's director or his company, but preliminary proceedings indicate  "significant complexity in the case, especially given the potential partners abroad."
 
This issue has cast a shadow over other advertising companies in Iraq,   as regulatory authorities have begun scrutinizing the records of major companies,   examining their sources of funding, and the  mechanisms by which they contract with public and private entities.
 
There have also been calls from within Parliament for stricter laws regarding  advertising company licensing and  monitoring of their finances.
 
The case of this company, whose name will be revealed later, remains one of the most prominent cases that combine the  economy,  media, and  corruption in Iraq.
 
If the charges against its director are proven, it will set a dangerous precedent for exploiting the media as a front for   money laundering and  smuggling.
 
This case  reveals the fragility of financial oversight in some sectors and  underscores the need for a more transparent and fair system for managing the Iraqi economy,  especially in light of the challenges facing the country.   
https://www.alsumaria.tv/news/economy/535947/تقوم-بعمليات-غسيل-أموال-وتهريب-الدولار-شركة-تتخفى-بقناع-الإعلانات  

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

Seeds of Wisdom RV and Economic Updates Tuesday Afternoon 8-5-25

Good Afternoon Dinar Recaps,

Trump Threatens Major Tariff Hike on India Over Russian Crude Imports

U.S.-India energy tensions escalate as Trump links trade penalties to continued Russian oil purchases

Trump Ties Tariffs to Russian Crude Trade

On Monday, U.S. President Donald Trump announced plans to “substantially raise tariffs” on Indian exports, citing India’s continued import and resale of Russian crude oil. The statement, published on Truth Social, marks the first direct linkage between U.S. trade penalties and India’s energy sourcing from Russia, according to Reuters.

Trump criticized India for purchasing “massive amounts” of Russian oil and profiting from resales while remaining “indifferent to Ukrainian deaths.” While no specific tariff categories were detailed, aides cited by Fortune warned that the new trade measures would be “very large, very soon.”

India’s Deepening Energy Ties with Russia

Despite mounting U.S. scrutiny and the threat of secondary sanctions, India has maintained Russian crude imports at over 1.5 million barrels per day throughout the summer.

Trade data cited by TRT World shows India’s imports from Russia surged from $9 billion in 2021 to over $64 billion in 2024, with discounted oil making up the vast majority of that increase.

To bypass sanctions and payment restrictions, Indian refiners have:

• Used rupee-based transactions

• Relied on direct Russian tankers

• Engaged third-party trading houses

At least four Russian-flagged, sanctioned tankers are reportedly anchored off India’s western coastline, unable to unload due to legal uncertainty — reflecting the growing operational risks tied to this trade.

Delhi Silent as Washington Ramps Up Pressure

India’s Ministry of External Affairs has not responded to Trump’s comments. In previous statements, however, Indian officials have emphasized the country's need for “strategic autonomy” and energy security, defending Russian crude purchases as a cost-effective, large-volume solution.

No formal timeline for the proposed U.S. tariff increases has been announced.

Ripple Effects for Indian Refiners

Trump’s threat adds fresh uncertainty for Indian refiners, many of whom are now:

• Reevaluating payment methods

• Switching flag registries for oil tankers

• Revising ship-to-ship transfer routes

Some Russian barrels are being re-routed through intermediaries in Fujairah (UAE) and Singapore, while U.S. Treasury advisories have triggered stricter due diligence from Indian shipping agents and insurers.

Even a symbolic tariff hike could have outsized effects by chilling third-party financing, delaying cargo insurance, and tightening liquidity access for Indian energy firms operating in gray-market supply chains.

Geopolitical Implications

This latest development underscores the fragile energy-trade balance between Washington and New Delhi. As Trump’s second term advances, India’s ties with Russia could become a central flashpoint in broader geopolitical realignment — especially if U.S. tariffs begin targeting core sectors like refined fuels, pharmaceuticals, and textiles.

Analysts warn that beyond economic implications, the tariffs could complicate:

• BRICS coordination on de-dollarized oil settlement

• Global South alliances navigating post-Ukraine energy trade

• India’s future role in U.S.-led Indo-Pacific security frameworks

@ Newshounds News™
Source: OilPrice   

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BRICS Oil Purchases from Russia Are Legal Under International Law, Says Source

Despite U.S. tariffs and threats, BRICS nations continue buying discounted Russian crude within approved price caps

Trump’s Sanctions Strategy Backfires as BRICS Defies Tariff Pressure

Since the U.S. imposed sanctions on Russia in February 2022, BRICS nations have steadily increased their purchases of Russian oil, drawing billions of dollars in energy savings. Despite U.S. attempts to isolate Moscow economically, countries like India and Brazil have intensified crude imports — even in the face of 25% tariffs and additional penalties from President Donald Trump.

India, in particular, has saved nearly $7 billion in foreign exchange costs by acquiring deeply discounted Russian crude, according to government trade data. These actions, perceived by some as defiance of U.S. policy, prompted Trump to publicly warn both India and Brazil: stop buying Russian oil or face further economic consequences.

India Responds: Oil Purchases Are Fully Legal

An unnamed source within the Reserve Bank of India (RBI) told TASS that BRICS nations are not violating international law by continuing oil trade with Russia. The official emphasized that the U.S. sanctions on Russian oil included a recommended price cap of $60 per barrel, and India has complied with this limit.

“India’s purchases of Russian oil have remained completely legal and within international norms,” the source stated. “Russian oil has never been subject to outright sanctions, nor is it currently banned by the U.S. or EU. Oil companies have consistently followed the $60 per barrel price cap recommended by the United States.”

The RBI official added that Trump’s latest tariffs contradict his own administration’s sanction framework, creating confusion among U.S. allies and trade partners alike.

Geopolitical Implications: BRICS Asserts Autonomy

India and Brazil’s continued engagement with Russian energy markets signals a broader BRICS strategy of asserting strategic autonomy. Rather than folding under pressure from Washington, these nations appear increasingly emboldened to pursue energy security on their own terms.

Analysts point out that:

• India has routed much of its Russian oil via intermediaries, using currencies such as the rupee and Chinese yuan to settle payments.

• Brazilian refineries have also increased uptake of discounted Russian barrels amid domestic fuel inflation.

• Neither country has shown signs of reducing imports despite U.S. threats of escalating tariffs.

Why Russian Oil Isn’t Technically Sanctioned

The confusion lies in how sanctions have been structured. Rather than banning Russian oil outright, the U.S. and EU agreed on a price-cap mechanism that allows purchases below $60 per barrel. This workaround was intended to:

• Limit Moscow’s revenue from oil sales

• Prevent global supply shocks

• Maintain access for developing nations to affordable energy

BRICS countries — especially India, China, Brazil, and South Africa — have used this mechanism to legally continue importing Russian crude, framing their actions as compliant with global frameworks and essential for national economic growth.

Conclusion: Tariff Escalation Likely to Face Global Pushback

While Trump’s tariffs may appeal to domestic political audiences, they risk fracturing long-standing alliances and trade relations with key BRICS economies. If the U.S. moves to punish legal oil transactions that abide by its own sanctions guidelines, it could trigger:

• Formal WTO disputes

• Retaliatory tariffs

• Stronger BRICS coordination on alternative energy payment systems

For now, BRICS officials appear resolute: buying Russian oil under the price cap is legal — and they intend to keep doing it.

@ Newshounds News™
Source: Watcher Guru   

~~~~~~~~~

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Follow the Roadmap

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Seeds of Wisdom Team™ Website

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Iraq Economic News and Points To Ponder Tuesday Morning 8-5-25

Oil Prices Fall To Their Lowest Level

Energy   Oil prices fell to their lowest levels in a week on Monday after the OPEC+ alliance confirmed its intention to significantly increase oil production in September, while traders remain cautious about the implications of any potential additional sanctions against Russia.

Brent crude futures fell $1.55, or 2.3%, to $68.1 a barrel by 13:34 GMT, their lowest level since July 23. US West Texas Intermediate crude also fell $1.72, or about 2.5%, to $65.65 a barrel. Both benchmarks lost about $2 each last Friday.

The OPEC+ alliance of oil-exporting countries announced on Sunday its agreement to increase production by 547,000 barrels per day in September, as part of a gradual plan to regain market share lost during the production cut period.

This move is part of a series of increases aimed at restoring approximately 2.5 million barrels per day, representing approximately 2.4% of global demand, in an early and full return from the largest tranche of cuts implemented by the alliance.   https://economy-news.net/content.php?id=58370

Globally: Gold Records Its Highest Gains In 10 Days.

Economy |  04/08/2025  Mawazine News - Follow-up  Gold prices continued to rise for the third consecutive session on Monday, supported by growing expectations that the US Federal Reserve will cut interest rates amid weak economic data released last week.

Spot gold rose 0.3% to $3,373.22 per ounce by 13:15 GMT, recording its highest level since July 24, while US gold futures rose 0.8% to $3,427.10.

Data last week showed a slower-than-expected slowdown in US job growth in July, and data for May and June were revised down by 258,000 jobs, indicating a clear deterioration in the labor market.

Gold is considered one of the assets that perform well in a low interest rate environment and is considered a safe haven against inflation.  https://www.mawazin.net/Details.aspx?jimare=264592

A Slight Rise In The Dollar Exchange Rate In Baghdad

Economy | 04/08/2025  Mawazine News - Baghdad -  The dollar exchange rate against the dinar witnessed a slight increase on Monday in local markets in Baghdad. The selling price reached 140,750 dinars for $100, while the buying price reached 138,750 dinars for $100.   https://www.mawazin.net/Details.aspx?jimare=264578

Researchers Analyze How The "Development Path" Will Change The Regional Energy Map For Iraq And Turkey.
 
Economy 2025-08-01 | Source: Anadolu Agency 1,920 views  Alsumaria News – Economy affairs expert Turkish researcher Sercan Caliskan and Gulf Yasar Al-Maliki said that the "Development Road" project between Turkey and Iraq  establishes an energy agreement between the two countries.

The "Development Road" is  a land and railway route extending from Iraq to Turkey and its ports. It is
     1,200 kilometers long inside Iraq and aims  to transport goods between Europe and the Gulf states.
 
Çalışkan, a researcher in Iraq studies, noted that relations between Ankara and Baghdad have
 developed to a strategic level in the energy sector, and that  this process is linked to the "Development Road" project.
 
Çalışkan, a researcher at the Turkish Center for Middle Eastern Studies, emphasized that the development road project not only entails new energy lines for Turkey and Iraq, but also for the countries of the region. 

He added, "The bilateral relations strengthened by the Development Road project have
created a favorable environment for opening up new horizons of opportunity in various fields."

He pointed out that  the negotiation process for the new energy agreement not only paved the way for oil transportation, but also for  comprehensive, long-term cooperation that would prevent legal disputes between the two parties.
 
For his part, Al-Maliki, affairs an expert on Gulf at the Middle East Economic Survey (MEES), said that 
Turkey and Iraq are keen to expand their economic cooperation within the framework of the Development Road project. Al-Maliki added,
 
"Crude oil from other countries can also be transported via the Turkish-Iraqi oil pipeline,
     which will strengthen Türkiye's position as a regional energy hub between Asia and Europe." He pointed out that re-transporting Kirkuk oil from northern Iraq to Mediterranean refineries is also important for Baghdad.
 
Last week, Turkish sources told Anadolu Agency that Ankara and Baghdad had begun negotiations to reach a more comprehensive agreement for the transport of Iraqi oil.
 
In this context, a Turkish presidential decree was published in the Official Gazette on July 21, announcing that the crude oil pipeline agreement between Turkey and Iraq, in effect since 1973, will expire on July 27, 2026.       
https://www.alsumaria.tv/news/economy/535557/باحثون-يحللون-كيف-سيغير-طريق-التنمية-خريطة-الطاقة-الإقليمية-للعراق-وتر   

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

Seeds of Wisdom RV and Economic Updates Tuesday Morning 8-5-25

Good Morning Dinar Recaps,

President Trump to Sign Executive Order Threatening Penalties for Crypto Debanking

New directive would investigate banks and impose penalties for politically motivated financial discrimination

Executive Action Targets Financial Discrimination

President Donald Trump is reportedly preparing to sign a sweeping executive order aimed at protecting crypto companies, conservative-aligned businesses, and individuals from being debanked by U.S. financial institutions, according to The Wall Street Journal.

The draft order directs federal regulators to:

• Investigate if financial institutions violated any laws by terminating services based on political or ideological bias.

• Enforce penalties, including fines, consent decrees, and disciplinary measures, for discriminatory debanking.

• Examine compliance with the Equal Credit Opportunity Act, antitrust laws, and consumer protection regulations.

The order could be signed as early as this week, though timing and final content remain subject to change.

What Is Debanking — And Why Now?

The executive order follows rising concern over what's been called “Operation Choke Point 2.0” — a term used by critics to describe regulatory pressure that allegedly forced banks to cut ties with politically disfavored industries, especially crypto firms, during the Biden administration.

This follows the earlier Operation Choke Point 1.0 (2013–2017), in which the DOJ pressured banks to avoid servicing high-risk industries like payday lending, firearms sales, and others.

The new Trump directive seeks to:

• Remove legacy policies that contributed to debanking.

• Mandate the Small Business Administration (SBA) to review its loan partner practices.

• Refer some cases to the Attorney General for prosecution.

Regulators Already Responding to Political Pressure

Amid growing Republican scrutiny, some banks have preemptively adjusted internal policies and met with GOP attorneys general to demonstrate neutrality regarding clients’ political affiliations.

Under Trump’s influence, financial regulators — including the Federal Reserve, OCC, and FDIC — have pledged to no longer consider “reputational risk” when evaluating banking relationships, a significant reversal from prior regulatory practice.

Crypto Leaders Speak Out on Industry Debanking

Executives across the crypto sector have long alleged that banks have unfairly denied them access to financial services.

While banks claim their decisions are grounded in legal and compliance risks — particularly anti-money laundering (AML) obligations — crypto leaders argue that political targeting was often at play.

Following Trump’s 2024 re-election campaign — which received support from several prominent crypto donors — Trump pledged to:

• End Operation Choke Point 2.0.

• Establish a regulatory framework that supports crypto innovation.

After his victory, crypto industry leaders including:

• Marc Andreessen (a16z crypto)

• Caitlin Long (Custodia)

• Brian Armstrong (Coinbase)

• Cameron & Tyler Winklevoss (Gemini)

• Jesse Powell (Kraken)

• Sam Kazemian (Frax Finance)

began publicly sharing stories of being debanked or deplatformed under previous administrations.

Congressional Oversight and Personal Testimonies

In January 2025, the U.S. House Committee on Oversight and Government Reform launched a formal investigation into crypto debanking. Firms including Coinbase, Kraken, and Uniswap Labs were contacted for testimony and documentation.

Adding to the personal narrative, Eric Trump, the former president’s son and an investor in bitcoin mining and DeFi ventures, described how he turned to crypto after being deplatformed by several banks:

“I never thought I'd fall into the world of crypto until every bank began cancelling us for absolutely no reason other than the fact that my father was in politics,” Eric Trump said in April.
“They came after us viciously. It wasn't until that time that I realized how important crypto was.”

Conclusion

If signed, this executive order could mark a turning point in the intersection of politics, finance, and crypto—setting new standards for financial neutrality and reshaping the banking landscape for digital asset firms.

@ Newshounds News™
Source: The Block

~~~~~~~~~

CFTC Moves to Allow Spot Crypto Trading on Registered Exchanges

New initiative aligns with Trump administration’s crypto recommendations and aims to bring federal-level clarity to digital asset markets

CFTC Launches Spot Market Crypto Initiative

The U.S. Commodity Futures Trading Commission (CFTC) has announced a major step toward regulating spot crypto trading, as part of its ongoing efforts to implement policy guidance from the Trump administration’s Working Group on Digital Asset Markets.

The new initiative would enable the trading of “spot crypto asset contracts” on CFTC-registered futures exchanges, marking a significant shift in how digital assets could be regulated at the federal level.

“The CFTC is full speed ahead on enabling immediate trading of digital assets at the Federal level in coordination with the SEC’s Project Crypto,”
— Caroline Pham, CFTC Acting Chair

What Are Spot Crypto Contracts?

These proposed spot crypto asset contracts would closely resemble traditional futures-style listed contracts — with the crucial difference that they would reflect real-time spot market prices for cryptocurrencies. Importantly, these contracts would be traded on designated contract markets (DCMs) registered with the CFTC.

This structure is designed to mirror existing futures market practices, while offering investors direct exposure to the spot value of cryptocurrencies — under federal oversight.

CFTC Opens Public Comment Period

The CFTC is requesting feedback on the application of two key legal provisions:

• Section 2(c)(2)(D) of the Commodity Exchange Act
  This provision requires that leveraged retail commodity transactions occur on CFTC-registered exchanges, offering a clear legal foundation for regulating leveraged spot crypto trading.

• Part 40 of CFTC Regulations
  This section governs how DCMs operate, including registration, compliance, and enforcement requirements.

The agency is also seeking views on:

• How this framework might interact with SEC oversight if crypto assets are classified as securities.

• The legal implications of offering non-security digital assets that may still qualify as investment contracts.

🗓️ Public comments are open until August 18.

Background: 18 Crypto Recommendations for the CFTC

The CFTC’s move is part of a broader initiative to implement the 18 recommendations from the President’s Working Group on Digital Asset Markets (released last week), which called on the Commission to:

• Clarify how digital assets are classified as commodities vs. securities.

• Outline rules for decentralized finance (DeFi) participation in regulated markets.

• Guide CFTC-regulated entities on digital asset custody, trading, and disclosure.

• Consider rule changes to accommodate blockchain-based derivatives.

Sixteen additional recommendations involve joint cooperation with agencies like the SEC, Treasury, and Federal Reserve, reflecting a coordinated federal crypto strategy.

Leadership Transition and Political Context

The CFTC is currently operating with just two commissioners:

• Caroline Pham, Acting Chair

• Kristin N. Johnson, who is reportedly planning to step down later this year.

Leadership gaps have widened following:

• Rostin Behnam’s resignation in January after the Trump administration’s return.

• Summer Mersinger and Christy Goldsmith Romero both stepping down in May.

The Trump White House had nominated Brian Quintenz, a former CFTC commissioner and crypto-friendly policy advocate, as permanent chair — but the Senate vote was delayed last week after White House intervention, leaving the appointment in limbo.

Conclusion

The CFTC’s proposal to allow spot crypto asset trading on federally registered exchanges represents a key moment in U.S. crypto regulation, signaling a turn toward institutionalization and clarity under the Trump administration.

By formally integrating digital asset spot trading into the framework used for derivatives markets, the CFTC is creating the conditions for regulated, scalable, and transparent crypto markets — with DeFi, retail leverage, and blockchain infrastructure all on the agenda.

@ Newshounds News™
Source: Cointelegraph    

~~~~~~~~~

SEC’s Hester Peirce Defends Crypto Privacy, Slams Financial Surveillance

“Crypto Mom” calls for modern laws, challenges financial overreach, and backs crypto’s privacy promise amid rising regulatory tension.

Hester Peirce Challenges Financial Surveillance Regime

SEC Commissioner Hester Peirce, known as “Crypto Mom” for her pro-digital asset stance, delivered a powerful defense of financial privacy during the Science of Blockchain Conference, urging U.S. regulators to rethink outdated laws that no longer serve the modern digital economy.

Peirce sharply criticized the Bank Secrecy Act (BSA) — a 55-year-old law she described as the foundation of a growing financial surveillance state. She called for a regulatory reset to protect individual freedoms in the digital era.

“Our laws have turned banks into surveillance arms of the government. Crypto can restore the privacy that once existed with cash.”
— Hester Peirce, SEC Commissioner

Financial Surveillance by the Numbers

Peirce highlighted the extent of state surveillance:

• 25 million financial activity reports were filed in 2024 alone

• 4.7 million were classified as “Suspicious Activity Reports” (SARs)

• All data is collected under BSA mandates, without requiring individual warrants

She also criticized the SEC’s Consolidated Audit Trail (CAT) system, which logs every investor trade, regardless of suspicion — a practice she said erodes privacy and civil liberties.

Crypto’s Role in Restoring Financial Privacy

Peirce framed cryptocurrencies as digital analogues of cash, enabling private peer-to-peer transactions without third-party oversight. She argued that attempting to apply surveillance laws to immutable open-source protocols is misguided.

Her comments come during the Tornado Cash case, where co-founder Roman Storm faces trial in New York. Prosecutors allege the privacy protocol facilitated money laundering, while his defense maintains it’s a neutral tool, not unlike email or encryption.

A Lesson From the 1990s Encryption Wars

Peirce drew parallels to the 1990s battles over public encryption, when the U.S. government tried to ban strong cryptography for national security reasons. She invoked the legacy of Phil Zimmermann, creator of Pretty Good Privacy (PGP), whose legal victory secured Americans' right to private communication.

“We didn’t ban email because bad actors used it. We shouldn’t ban crypto privacy tools either.”
— Hester Peirce

Rejecting the DeFi Broker Rule

Peirce also denounced the now-repealed DeFi broker reporting rule, which would have required decentralized platforms to report user data to the IRS — a policy she described as an attempt to “deputize” DeFi platforms as state surveillance tools.

That rule, introduced under the Biden administration, was formally repealed by President Trump in April, in line with his administration’s pro-crypto platform.

Industry Applauds Peirce’s Stance

Crypto leaders rallied behind Peirce’s speech:

• Peter Van Valkenburgh, CoinCenter: “One of the clearest defenses of financial privacy in the crypto era.”

• Nate Geraci, NovaDius Wealth: “Everyone in the industry should read her remarks in full.”

SEC’s New 'Project Crypto' Initiative

In a surprising alignment, SEC Chair Paul Atkins announced Project Crypto, a policy initiative to:

• Modernize securities laws for blockchain-based assets

• Support tokenized finance

• Review and repeal outdated regulations

The program marks the SEC’s first coordinated move to bring tokenized assets under a supportive federal framework.

Meanwhile, the White House is reportedly preparing an executive order to penalize banks that block crypto users and investors — further dismantling Biden-era crypto restrictions.

Conclusion: Privacy, Not Paranoia

Commissioner Peirce’s speech places financial privacy at the center of digital rights, casting crypto not just as a speculative asset class but as an essential safeguard against state overreach.

Her remarks — alongside the SEC’s shift toward Project Crypto — suggest a broader regulatory realignment is underway, one that may define how privacy, innovation, and individual sovereignty are balanced in the 21st century financial system.

@ Newshounds News™
Source: Coinpedia   

~~~~~~~~~

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“Tidbits From TNT” Tuesday Morning 8-5-2025

TNT:

Tishwash:  Today, Parliament holds its final session of the second term, with 10 items on the agenda.

The House of Representatives intends to hold its fourth session of the second term of its fourth and final legislative year today, Tuesday.

According to the agenda published by the media department, the parliament will vote on five laws and read five others. The parliamentary security and defense committee noted that all details of the Popular Mobilization Forces law have been finalized and submitted to the parliament presidency for a vote in the upcoming sessions .

According to today's session agenda, the Council will vote on draft laws, amending Law No. 20 of 2020 on the Foundations of Equivalency of Degrees, the Renewable Energy Regulation Law, the Mental Health Law, amending the National Nuclear Regulatory Authority Law, and the law ratifying the Mutual Encouragement and Protection Agreement between Iraq and Saudi Arabia. The Council will also conduct first readings of three draft laws: the first amendment to the Sunni Endowment Law, the Juvenile Care Law, and the first amendment to the Minors Care Law. The Council will also conduct the second reading of the Army Aviation College Law and the proposed law regulating the rights of minors.

For his part, the head of the Parliamentary Security Committee, Karim Aliwi, stated that "the Popular Mobilization Law has been fully completed," noting that "the committee hosted the leadership of the Popular Mobilization Authority, and its proposals and comments were incorporated into the final version of the law, ensuring the rights of the Mobilization's members are preserved." 

He explained that "the committee was keen to prepare a law that meets the requirements of the current stage and does justice to the fighters who made great sacrifices in the liberation battles, and all technical and legislative matters related to it have been completed  link

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

Tishwash:  The Ministry of Finance denies a liquidity shortage and explains the reason for the delay.

The Ministry of Finance denied on Monday any shortage of financial liquidity, while indicating that it is fully secured until the end of the current fiscal year.

A statement from the Ministry of Finance received by Al-Mada stated that "the Accounting Department at the Ministry of Finance has begun funding the salaries of civilian and military retirees for the month of August 2025," stressing that it has "completed the procedures for transferring the funding amounts to the National Retirement Authority, for disbursement by the relevant banks in accordance with approved procedures."

She explained that "the delay in salary disbursements was due to the weekend being the time for foreign banks to send remittances for oil sales, which led to the postponement of remittances, which are normally only carried out on official holidays. She explained that salaries are fully secured until the end of the current fiscal year, and that claims of a liquidity shortage are unfounded." 

The ministry called on "retirees to follow bank notifications starting today, noting that disbursements will be made gradually over the coming hours."  link

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

Tishwash:  The Ministerial Council for Economy forms a permanent committee with the participation of the Kurdistan Region to unify customs duties.

 The Ministerial Council for the Economy formed a permanent committee comprising representatives from the federal government and the Kurdistan Region, with the aim of unifying customs duties at all Iraqi border crossings and developing the customs work system. The meeting was held during a meeting dedicated to discussing Cabinet Resolution No. 270 of 2025, in the presence of officials from the ports and customs authorities from both the federal and regional sides.

A statement by the Council, a copy of which was received by {Euphrates News}, stated that: “Deputy Prime Minister and Minister of Foreign Affairs Dr. Fuad Hussein chaired the 25th session of the Ministerial Council for the Economy, which was held in the Council building in the presence of the Deputy Prime Minister and Minister of Planning, the Ministers of Finance, Trade, Agriculture, Industry, Labor and Social Affairs, the Secretary General of the Council of Ministers, the Governor of the Central Bank of Iraq, the Chairman of the Securities Commission, the Deputy Chairman of the National Investment Commission, and the Prime Minister’s Advisor for Legal Affairs.”

The Council noted that it would host the Chairman of the Border Ports Authority, the Director General and Director of the Legal Department of the Customs Authority in the Federal Government, and a delegation from the Kurdistan Region represented by the Advisor to the Ministry of Interior, the Director General of Customs, and the Director General of Relations with the representatives of the Region, to discuss Cabinet Resolution No. 270 of 2025 regarding customs tariffs and the unification of fees across all Iraqi border crossings.

He added, "After extensive discussions, the Council decided to form a permanent committee headed by the Prime Minister's Advisor for Border Crossings and Customs Affairs, with membership of representatives at the level of Director General from the General Customs Authority in the Ministry of Finance, the Ministry of Trade, the Central Bank, the Border Crossings Authority, and two representatives from the Kurdistan Region to unify efforts, conduct periodic evaluations, and provide observations and opinions in order to develop customs work at all border crossings. Specialists in the Kurdistan Regional Government will also submit their observations and proposals regarding the above-mentioned Cabinet decision within a period of thirty days from the date of formation of the above-mentioned committee."

The statement continued, "The Council also reviewed the World Bank report, along with the proposals and recommendations submitted by the committee responsible for studying the bank's indicators on the business sector. These included taking the necessary measures to implement the reform paragraphs included in the executive plan within specific deadlines, particularly simplifying procedures, amending laws and legislation, improving services and the business and investment environment, and shifting to the use of digital technology in all transactions."

He affirmed the Council's approval of the Ministry of Industry's request to allow the Baghdad Petrochemical Refinery Company to export oxidized asphalt through the Trebil border crossing. The Council also decided to recommend to the General Secretariat of the Council of Ministers, after obtaining the Prime Minister's approval, to issue a circular exempting foreign companies from opening branches in Iraq if their activity is related to supply contracts or providing consulting.  link

Mot:  . Careful What Ya Wish fer!!!! ----

Mot:  Can U Guess --- the Leader of -- ""Cat Beds"" 

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

IMF: Iraq Is The Fifth Largest Arab Economy

Economy | 03/08/2025   Mawazine News – Baghdad  Data released by the International Monetary Fund (IMF) on Sunday showed that Iraq ranked fifth among the largest Arab economies in 2025 in terms of nominal GDP, with a total of $259.02 billion.

According to the ranking, Saudi Arabia topped the list with a GDP of $1.083 trillion, followed by the UAE in second place with $548.6 billion, Egypt in third place with $347.59 billion, and Algeria in fourth place with $268.88 billion, ahead of Iraq, which came in fifth.

The other rankings were as follows:

Qatar:   $222.78 billion (sixth)

Morocco:   $165.84 billion (seventh)

Kuwait:   $153.1 billion (eighth)

Oman:   $103.35 billion (ninth)

Tunisia:   $96.29 billion (tenth)

These data reflect a clear disparity in the sizes of Arab economies, with Gulf countries dominating the top ranks thanks to their oil resources and significant investments, while North African countries occupy intermediate and varying positions based on demographic factors and different economic structures.

The Iraqi economy continues to maintain its position among the five largest Arab economies, despite the political, security, and service-related challenges it faces, relying primarily on its oil exports and strategic geographic location.

Observers believe that stable oil prices and the government's drive to diversify sources of income and revitalize the agriculture, industry, and services sectors may provide Iraq with a real opportunity to strengthen its economic position in the coming years.
https://www.mawazin.net/Details.aspx?jimare=264554

OPEC: Iraq's Production To Rise To 4.22 Million Barrels In September

Time: 2025/08/03 14:50:04 Reading: 450 times  {Economic: Al Furat News} OPEC+ announced on Sunday that eight of its member countries will raise their oil production ceiling by 547,000 barrels per day in September, thus ending their voluntary production cuts of 2.2 million barrels per day.

This decision comes as part of a gradual return to the voluntary cuts that have been in place since 2023. With the current compensation plans, the total production ceiling for the eight countries will increase by 528,000 barrels per day.

As a result, Russian oil production is set to rise to 9.449 million barrels per day in September, while Saudi production will increase to 9.976 million barrels per day. These figures do not include countries' compensation plans for previous overproduction.

In addition, the production ceiling will be raised for other members:

- Iraq: 4.22 million barrels per day.
-Kazakhstan: 1.55 million barrels per day.

The next meeting of the eight OPEC+ countries to discuss oil production quotas is scheduled for September 7.   LINK

Within A Week, Iraq's Oil Exports To The US Declined.

Economy | 03/08/2025  Mawazine News - Follow-up  The US Energy Information Administration announced, on Sunday, a decline in Iraqi oil exports to the United States during the past week.

The administration said in its statistics, "The average US imports of crude oil during the past week from nine major countries amounted to 5.368 million barrels per day, an increase of 17,000 barrels per day compared to the previous week, which averaged 5.351 million barrels per day."

It added that "Iraqi oil exports to the United States amounted to an average of 214,000 barrels, a decrease of 59,000 barrels per day compared to the previous week, which averaged 273,000 barrels per day."]

The administration also indicated that "the largest oil revenues to the United States during the past week came from Canada, at an average of 4.089 million barrels per day, followed by Nigeria with an average of 250,000 barrels per day, from Saudi Arabia with an average of 223,000 barrels per day, and from Mexico with an average of 172,000 barrels per day."

According to the table, "US crude oil imports from Colombia averaged 165,000 barrels per day, from Ecuador 98,000 barrels per day, from Libya 87,000 barrels per day, and from Brazil 70,000 barrels per day, while no imports were made from Venezuela." https://www.mawazin.net/Details.aspx?jimare=264531

For Several Days The Exchange Rate In Baghdad Has Been Stable.

Economy | 03/08/2025  Mawazine News - Baghdad -  The exchange rate of the dollar against the dinar witnessed stability in the Iraqi local markets on Sunday.

The selling price reached 140,500 dinars for $100, while the buying price reached 138,500 dinars for $100.   https://www.mawazin.net/Details.aspx?jimare=264541

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

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

Good Afternoon Dinar Recaps,

Russia and Saudi Arabia Announce Strategic Oil Production Hike Starting October

OPEC+ to add 547,000 barrels per day, challenging Western influence and deepening geopolitical rifts.

In a significant move that could reshape global energy markets and intensify geopolitical tensions, Russia, Saudi Arabia, and their OPEC+ partners have announced a coordinated production increase of 547,000 barrels per day beginning in October 2025.

While representing just 0.6% of global oil consumption, this shift signals a broader strategic objective: to reclaim market share and reassert influence over the global energy balance amid a deteriorating relationship between Moscow and Washington.

OPEC+ Shifts Strategy Toward Volume Recovery

The production increase, agreed upon on Sunday, August 3, by eight OPEC+ member countries, marks a decisive pivot from the group’s previous stance of tight output restrictions aimed at supporting high oil prices.

Led by Saudi Arabia and Russia, the initiative reflects a growing emphasis on volume over price, as producers seek to capitalize on long-term global demand trends. The Brent crude benchmark is currently trading near $70 per barrel, a stark contrast to the $120 per barrel highs of 2022 during the initial months of the Ukraine conflict.

For consumers, the stabilization in oil prices may translate to steady retail fuel prices. In France, for instance, average prices remain at 1.62 euros per liter for diesel and 1.66 euros for gasoline.

A Disputed Energy Outlook

OPEC+ forecasts suggest that global oil demand will continue to rise until mid-century, largely driven by industrializing economies. This projection stands in direct contradiction to the International Energy Agency (IEA), which anticipates a peak in oil demand by 2030, primarily due to the increasing adoption of electric vehicles and renewable energy technologies.

This divergence in outlook reflects not just differing economic models, but also ideological and geopolitical rivalries over the future of energy governance.

Geopolitical Implications: Oil as a Tool of Statecraft

The announcement comes amid heightened geopolitical tension. U.S. President Donald Trump has escalated pressure on Moscow, issuing an ultimatum to resolve the conflict in Ukraine within ten days or face a new round of punitive measures.

Among the options under review is a 100% tariff on imports of Russian goods, including hydrocarbons. This approach is designed to isolate Russia economically while also deterring its trading partners—most notably India, which has emerged as the second-largest importer of Russian oil, averaging 1.6 million barrels per day in 2025.

However, India has rejected U.S. pressure, asserting that its strategic autonomy and energy security priorities take precedence. Officials in New Delhi have reaffirmed their commitment to maintaining strong energy ties with Moscow, signaling a broader realignment in global economic alliances.

This position illustrates the erosion of Western unilateralism and the rise of alternative power blocs such as BRICS, which advocate for a more multipolar world order.

The New Energy Chessboard: OPEC+ Redefines Its Role

OPEC+’s production hike is not merely a response to market dynamics; it is part of a deliberate political and economic recalibration. In a world of fractured trade regimes, currency realignments, and strategic decoupling, energy is once again becoming a central tool of statecraft.

By increasing output, OPEC+ is attempting to:

• Reassert its relevance in a fragmented energy landscape,

• Undercut competitors and rebalance supply chains,

• And reshape the rules of global energy governance to better reflect a multipolar reality.

In this evolving context, every barrel of oil becomes a geopolitical asset, and every alliance an act of sovereignty.

Conclusion: A New Era of Energy Geopolitics

The decision by Russia, Saudi Arabia, and their allies to boost oil production is more than a supply-side adjustment. It marks a strategic inflection point—one where control over energy flows becomes intertwined with the global contest for economic influence and diplomatic leverage.

As Western powers attempt to assert pressure through sanctions and tariffs, OPEC+ is responding with market-based countermeasures that signal resilience and strategic foresight.

The global energy order is no longer defined by price alone—but by the political power that comes with production, distribution, and refusal.

@ Newshounds News™
Source: Cointribune   

BRICS 2025: What the Summit Really Achieved Behind Closed Doors

Despite the absence of Xi and Putin, the Rio summit delivered breakthroughs on currency cooperation and infrastructure investment.

While much of the media spotlight fixated on who didn’t attend the BRICS 2025 Summit in Rio de Janeiro, the reality is that the gathering produced substantive and strategic outcomes—quietly but decisively laying the groundwork for a more sovereign and coordinated financial future for the Global South.

Two key breakthroughs emerged:
➡️ The launch of the BRICS Multilateral Guarantees initiative, modeled after the World Bank’s MIGA, to reduce investment risk in the Global South.
➡️ Concrete steps forward in the BRICS currency project, aiming for a 2026–2027 operational window.

1. BRICS Multilateral Guarantees Initiative: Building Infrastructure for the South

The 2025 Summit culminated in a joint declaration titled “Strengthening Global South Cooperation for a More Inclusive and Sustainable Governance.” Central to this declaration was the unveiling of the BRICS Multilateral Guarantees initiative—a new framework designed to provide political risk insurance for infrastructure investment across member states and other Global South partners.

Inspired by the World Bank’s Multilateral Investment Guarantee Agency (MIGA), the initiative aims to address a long-standing issue: the lack of reliable, non-Western-backed investment security mechanisms. By mitigating risks such as expropriation, political unrest, or breach of contract, BRICS nations are attempting to unlock new capital inflows outside of Bretton Woods–style constraints.

This new institution signals the next phase of the bloc’s ambition: building parallel governance infrastructure, not just critiquing the existing one.

2. Currency Cooperation Accelerates: A Supranational BRICS Payment System

Perhaps more consequential is the clear acceleration of the BRICS monetary agenda. The Rio summit confirmed that the BRICS currency project is targeting full operational capacity by 2026 or 2027, with member nations actively piloting regional integration of settlement systems and CBDC frameworks.

Highlights from this monetary coordination include:

• Russia and China intensifying ruble-yuan bilateral trade settlement.

• India expanding rupee use in regional trade with Global South partners.

• The continued development of BRICS Pay, a blockchain-based, cross-border payment network designed to circumvent SWIFT and other Western-controlled systems.

• Integration of central bank digital currencies (CBDCs), with pilot projects testing interoperability between national CBDCs and the proposed supranational unit.

This isn’t just abstract planning—payment system development is already underway, and the next 18–24 months will be critical in proving that technical compatibility and geopolitical coordination can deliver a viable alternative to the U.S. dollar–centric system.

3. Trade Tensions, Dollar Dependencies, and the Reality Check

Despite ambitious rhetoric, the BRICS declaration notably omitted direct references to the United States—a diplomatic signal that member states are trying to balance internal objectives with economic realities.

Key context:

• BRICS members are still deeply integrated with U.S. markets.

• Many rely on the U.S. dollar for a significant portion of their export revenues.

• Any sudden decoupling from Western trade systems could cause domestic economic disruptions.

As of 2025, the expanded BRICS bloc accounts for 46% of the world’s population and 37% of global GDP, giving legitimacy to the idea of a multipolar monetary system. However, the success of dedollarization depends not just on political resolve, but on resolving contradictions in trade dependencies and trust in yet-to-be-launched instruments.

Conclusion: From Talk to Action

The BRICS 2025 Summit quietly achieved more than expected—delivering on real policy infrastructure and technological implementation. The Multilateral Guarantees initiative and progress on BRICS Pay represent a serious pivot from symbolic diplomacy to tangible coordination.

Still, the path forward remains complex. A shared currency or digital settlement layer will require deep technical alignment, institutional trust, and consistent political will, especially between countries with divergent economic models and national priorities.

If BRICS can overcome these obstacles, 2026 could mark the debut of a truly independent financial system—one that redefines not just how countries trade, but how they project sovereignty on the global stage.

@ Newshounds News™
Source: Watcher.Guru   

~~~~~~~~~

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“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