DINARRECAPS8 7/19/24 DINARRECAPS8 7/19/24

Iraq Economic News and Points To Ponder Friday Afternoon 7-19-24

Trade: The Third Negotiating Meeting Of Iraq With The World Trade Organization Is Held At Its Headquarters In Geneva

Thursday 18 July 2024 18:25 | Economic Number of readings: 239 Baghdad / NINA / The Ministry of Trade announced today, Thursday, that the third negotiating meeting of Iraq with the World Trade Organization will be held at the organization's headquarters in Geneva.

The ministry's statement stated that "the Minister of Trade, head of the team concerned with Iraq's accession to the World Trade Organization, chaired the Iraqi side in the third negotiating meeting, in the presence of the Deputy Director-General of the Organization, Zhang Xing Chen, head of the working group for Iraq's accession, and the gentlemen and members of the team and representatives of the WTO countries."

Minister Al-Ghariri pointed out during a speech he delivered at the meeting, the importance of Iraq being part of the rules-based multilateral trading system.

Trade: The Third Negotiating Meeting Of Iraq With The World Trade Organization Is Held At Its Headquarters In Geneva

Minister Al-Ghariri pointed out during a speech he delivered at the meeting, the importance of Iraq being part of the rules-based multilateral trading system.

The minister stressed that we are pleased with the holding of the third meeting of the working group after sixteen years since the last meeting of the working group, which represents a fundamental step for us, government and people, on our way to joining, in addition to being a means through which we seek to achieve the development and diversification of our national economy and our integration with the global economy.

The minister pointed out that the Iraqi government is committed to its economic reform program by strengthening trade policy, improving the business environment, and creating favorable conditions for foreign investment, and that joining the World Trade Organization will contribute significantly to enhancing transparency, encouraging competition, and stimulating sustainable economic growth for Iraq.

He stressed that the new Iraqi government, led by Prime Minister Mohammed Shia al-Sudani, and within its government program, has set a clear vision for the future of economic liberalization in Iraq, which included setting timetables to achieve the liberalization process and focusing on sectors with high potential such as agriculture, industry and services, which stipulated supporting local and foreign investments and unifying customs policies at all borders and other measures to facilitate trade and investment and create investment opportunities.

The minister stressed that the government also attached special importance to aligning its trade policy and regulatory legislation with international capabilities, rules and standards and strengthening institutional capabilities to effectively meet the requirements of the World Trade Organization. /End8 https://ninanews.com/Website/News/Details?key=1142112

Minister Of Trade: Iraq's Accession To The World Trade Organization Will Contribute To Stimulating Economic Growth

Minister of Commerce Athir Al-Ghariri Money and business Economy News – Baghdad Minister of Trade Athir Dawood Salman Al-Ghurairi confirmed on Thursday that Iraq’s accession to the World Trade Organization will contribute to stimulating economic growth, during his speech at the third negotiating meeting with the World Trade Organization in the Swiss city of Geneva.

The Ministry of Trade said in a statement, seen by "Economy News", that "the Minister of Trade and the head of the team concerned with Iraq's accession to the World Trade Organization headed the Iraqi side in the third negotiating meeting with the World Trade Organization, in the presence of the Deputy Director-General of the Organization, Zhang Xing Chen, the head of the working group for Iraq's accession, members of the team and representatives of the WTO countries at the organization's headquarters in Geneva."

The minister pointed out - according to the statement - during a speech he gave at the meeting to "the importance of Iraq being part of the rules-based multilateral trading system," stressing that "we are pleased with the holding of the third meeting of the working group after sixteen years since the last meeting of the working group, which represents a fundamental step for us, government and people, on our way to joining, in addition to being a means through which we seek to achieve development and diversification of our national economy and our integration with the global economy."

The minister pointed out that "the government of Iraq is committed to its economic reform program by strengthening trade policy, improving the business environment and creating favorable conditions for foreign investment," indicating that "joining the World Trade Organization will contribute significantly to enhancing transparency, encouraging competition and stimulating sustainable economic growth for Iraq."

He continued, "The new Iraqi government, led by Prime Minister Mohammed Shia al-Sudani, and within its government program, has set a clear vision for the future of economic liberalization in Iraq, which includes setting timetables to achieve the liberalization process and focusing on sectors with high potential such as agriculture, industry and services, which stipulate supporting local and foreign investments and unifying customs policies at all borders and other measures to facilitate trade and investment and create investment opportunities."

The minister explained that "the government has also given special importance to aligning its trade policy and regulatory legislation with international capabilities, rules and standards and strengthening institutional capabilities to effectively meet the requirements of the World Trade Organization."191 views 2024/07/18 - https://economy-news.net/content.php?id=45361

Proposed Vision To Activate The Government And Central Bank Procedures In Economic And Banking Reform

Samir Al-Nusairi By analyzing the efforts and measures taken by the government and the Central Bank to implement what is stated in the government program of the government of the Sudanese Prime Minister, which is the ninth government after the change in 2003, and which has been in charge for approximately one year and eight months, and which has been able to achieve an acceptable percentage of the specified goals in the field of economic, financial and banking reform, and which included many economic sectors and fields that occupied almost most of the axes of the government program, but without achieving comprehensive and radical economic reform that begins with financial and banking reform, the government’s complete goals and visions cannot be achieved.

Therefore, the government program, as I see it, is a four-year strategy to achieve the revolution of economic, financial and banking reform.

The reason for launching this strategy is “because Iraq, after 20 years of economic failures, mismanagement, and mismanagement of public funds due to administrative and financial corruption, the loss of a sound economic approach, political conflicts, and instability in the business environment, has led to reliance on oil as a primary source of revenues from the general budget, which constitutes approximately 93% of the total resources and approximately 60% of the gross domestic product, and the failure to activate the productive sectors that generate national income.”

Which led to "a blurred vision and lack of clarity in the decisions of the reform process of previous governments, except for some achievements made by the Central Bank of Iraq during the past years, in which it overcame the challenges of monetary policy at rates that enabled it to maintain the stability of the dinar exchange rate during the previous years despite the economic crises and challenges.

Unfortunately, the fluctuation in exchange rates returned after the amendments made to the official exchange rate in 2020 and 2023 for many reasons, most notably the lack of control over financing foreign trade, non-compliance with international banking standards, the presence of unofficial border crossings, illegal inter-trade, and speculators in the foreign exchange market and their access to cash dollars allocated to travelers, which constitutes less than 10% of the supply for foreign transfers.

However, the Central Bank was able to build excellent foreign exchange reserves and maintain the general level of prices and the annual inflation rate at around 4% after it was 7.5% at the beginning of 2023. This confirms that the government and the Central Bank reviewed previous reform policies in 2023 through diagnosis and analysis and concluded that economic problems are the cause of most of Iraq's crises and that "the real solution to Iraq's crises is to work with a comprehensive change approach.

First - Starting a systematic movement to draw a roadmap for economic, administrative and legal reform carried out by the Iraqi elites and economic, financial and banking competencies (government and private sector) by establishing the Supreme Economic Council, with the private sector in all economic sectors as a member thereof, and the private banking sector as a basic member of its membership as the financing and investment sector that must contribute to sustainable development.

The reform movement should be based on several important economic pillars that adopt a new methodology for managing the economy and achieving the central goal of moving the economy from rentier to productive and from cash to digital, and activating the non-oil productive sectors to reach 30% of the general budget revenues in 2026, creating sustainable development, achieving diversity in resources, and developing economic and human structures for the sound construction of the national economy and building the preliminaries for the transition to a social market economy, provided that its recommendations, after approval by the Council of Ministers, are binding for implementation by the ministries, agencies and relevant bodies.

Second: Forming a (Central Follow-up Committee) linked to the Prime Minister’s Office to follow up on the implementation of decisions and has the authority to monitor and evaluate. It is formed under the chairmanship of the Prime Minister and includes a group of government advisors and experts and private sector experts.

Thirdly - Moving to central management of the economy so that the principle of (central planning and decentralization of implementation) is implemented. This means that the Supreme Council of the Economy will undertake the drawing up of plans and policies centrally and distribute their implementation to the ministries and specialized bodies within the government structure after approval by the Council of Ministers.

Fourth: Providing soft loans to finance small, medium and large projects in accordance with the national lending strategy recently launched by the Central Bank, and establishing a legal and institutional system to manage, develop and advance them, and issuing a special law for them. As well as issuing and amending the laws of the legal environment to regulate the economic process, which means issuing new laws instead of the laws issued in 2004, due to the changes that have occurred in the national economy during the past two decades.

Fifth: Activating investment in the agricultural, industrial, energy, tourism, services and housing sectors, as well as working to reform, develop and grow the banking sector through monetary policy applications and regulating the relationship and restrictions governing financial and monetary policies, in addition to the serious trend towards reforming the tax, financial and customs system. Addressing cases of failure to achieve the required growth rates in national income and overcoming the rise in unemployment and poverty rates.

Sixth: Developing a new methodology to overcome the challenges of instability in the financial and monetary systems. This means developing coordinated and balanced plans to overcome the challenges of monetary policy, the challenges of the deficit in non-oil revenue, and the deficit in the balance of payments and the trade balance.

Seventh: Accelerating the implementation of the e-government program and coordinating it with the electronic payment system, and the procedures for digital transformation in banking transactions, and focusing on activating the procedures of the Central Bank to implement the objectives of its third strategy, and following up on the decisions issued by the government regarding the use of electronic payment in commercial exchanges and banking operations, and establishing the National Company for Electronic Payment, which was announced by the Central Bank.

Eighth - Reviewing the banking market in Iraq towards activating the implementation of government decisions regarding government banks and the decisions of the Central Bank.

By classifying private banks, merging them, increasing their capital, and adopting them as solid international banks as correspondent banks, activating and accelerating joint procedures from the US Treasury regarding lifting sanctions and restrictions on the use of the US dollar in international transactions, and activating mechanisms, instructions, and controls for private banks’ commitment to complying with international banking standards.

Ninth: The necessity of having a representative of the private banking sector on the Board of Directors of the Central Bank and forming an advisory council for the Central Bank of experts and consultants working in the private banking sector and academics specializing in monetary policy in universities to study policies and programs and express an opinion on them before referring them to the Board of Directors to take the necessary decisions for implementation.

216 views Added 2024/07/18 - https://economy-news.net/content.php?id=45342

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

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Economist’s “ News and Views” Friday 7-19-2024

Gold & Silver Prices Crash Again, While Global Tech Outage Shuts Down Airlines & More

Arcadia Economics: 7-19-2024

Gold and silver prices continued their sharp selloff on Friday morning, which follows a selloff in the stock markets this week.

And before the markets were opening, a global tech outage hit airlines and business services.

There's a lot happening this morning.

Gold & Silver Prices Crash Again, While Global Tech Outage Shuts Down Airlines & More

Arcadia Economics: 7-19-2024

Gold and silver prices continued their sharp selloff on Friday morning, which follows a selloff in the stock markets this week.

And before the markets were opening, a global tech outage hit airlines and business services.

There's a lot happening this morning.

And fortunately Vince Lanci is here to break it all down and explain how it's impacting the markets.

To find out more, click to watch the video now!

https://www.youtube.com/watch?v=z20y9sEeFxc

Gold becoming legal tender Feat. Rob Kientz - LFTV Ep 182

Kinesis Money: 7-19-2024

In this week’s episode of Live from the Vault, Andrew Maguire and Rob Kientz of Gold Silver Pros discuss the changing world order, shifting market sentiments worldwide, and the transformative potential of sound money in fostering economic stability.

The precious metals experts delve into the principles of the Citizens for Sound Money movement, critically examine global Central Bank Digital Currency (CBDC) projects and issue a powerful call to action for today’s youth.

Timestamps

00:00 Start

02:45 Rob’s involvement with Citizens for Sound Money

11:15 Central Bank Digital Currencies

21:50 Physical gold’s impact and future

29:00 What’s happening in America

38:00 The United Kingdom and the youth

44:00 Retail and wholesale market sentiment

54:00 The dedollarisation process, war and geopolitcal change

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

BRICS Leave IMF and WTO: What are the alternatives?

Fastepo: 7-18-2024

At the upcoming BRICS summit in Kazan, one of the key topics on the agenda is the reform of international financial institutions, specifically the International Monetary Fund (IMF) and the World Trade Organization (WTO).

Russian Foreign Minister Sergey Lavrov has emphasized the importance of addressing these issues to enhance the global economic governance system and make it more inclusive and representative of emerging economies.

The BRICS nations, which include Brazil, Russia, India, China, and South Africa, are pushing for reforms that will better reflect the economic realities of the 21st century.

They argue that the current structures of the IMF and WTO disproportionately favor developed countries and do not adequately represent the interests of the Global South.

This includes calls for revising the IMF's quota system to give more weight to developing nations and for restoring the full functionality of the WTO's dispute settlement mechanism.

In this video, we explore the reasons behind the dissatisfaction with the IMF and WTO by examining cases where their policies have caused significant issues for borrowing countries.

We also discuss the solutions proposed by the Global South to address these challenges.

https://www.youtube.com/watch?v=omM52PEIgIQ

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Gold Standard Returns: Iraq and Neighbors Prepare to Abandon The Dollar Fiat Currency System

Gold Standard Returns: Iraq and Neighbors Prepare to Abandon The Dollar Fiat Currency System

On July 17, 2024 By Awake-In-3D

The secret plans of Iraq and neighboring countries to fortify their economies with gold reserves and join the New BRICS gold/oil backed currency system.

Iraq and its neighboring Middle Eastern nations are accelerating their gold accumulation at an unprecedented pace. This strategic move signals a clear intent to shield their economies from the potential collapse of the dollar-dominated fiat currency system.

Moreover, the Middle East is strengthening its ties with the BRICS Alliance, distancing itself from the G-7 Western bloc. This alignment suggests that countries like Iraq are preparing to actively engage in a new BRICS gold-backed financial system and the UNT gold and oil-backed currency unit for international trade.

Gold Standard Returns: Iraq and Neighbors Prepare to Abandon The Dollar Fiat Currency System

On July 17, 2024 By Awake-In-3D

The secret plans of Iraq and neighboring countries to fortify their economies with gold reserves and join the New BRICS gold/oil backed currency system.

Iraq and its neighboring Middle Eastern nations are accelerating their gold accumulation at an unprecedented pace. This strategic move signals a clear intent to shield their economies from the potential collapse of the dollar-dominated fiat currency system.

Moreover, the Middle East is strengthening its ties with the BRICS Alliance, distancing itself from the G-7 Western bloc. This alignment suggests that countries like Iraq are preparing to actively engage in a new BRICS gold-backed financial system and the UNT gold and oil-backed currency unit for international trade.

Such developments would lead to a significant revaluation (RV) of their currencies against dominant global fiat currencies like the US Dollar and Euro, signalling the beginning of the Global Currency Reset (GCR).

In This Article

Iraq’s Significant Increase in Gold Reserves
Middle Eastern Nations’ Collective Gold Holdings
Strategic Alliances with BRICS Over G-7
Implications for Global Currency Exchange Rates

Iraq and its neighboring Middle Eastern nations are rapidly accumulating gold reserves, positioning themselves strategically against the backdrop of a collapsing global fiat currency system.

This trend highlights a shift towards bolstering financial security through tangible assets, diverging from a reliance on dollar-dominated fiat currencies.

Iraq’s Significant Increase in Gold Reserves

Iraq has significantly increased its gold reserves, reaching 142.58 tonnes in the first quarter of 2024, up from 138.44 tonnes in the previous quarter.

This marks a historical high for Iraq, reflecting a strategic effort by the Central Bank of Iraq to diversify its foreign assets amid ongoing economic uncertainty.

Historically, Iraq’s gold reserves have averaged 46.32 tonnes from 2000 to 2024, with a record low of zero tonnes in 2000. The Central Bank’s strategy includes purchasing small quantities of gold over multiple transactions, ensuring a steady accumulation aligned with market conditions.

Middle Eastern Nations’ Collective Gold Holdings

The World Gold Council’s latest data for May reveals that five Arab countries, including Iraq, collectively possess over 1,000 tonnes of gold reserves.

Saudi Arabia leads the pack, followed by Lebanon, Algeria, Libya, and Iraq. This significant accumulation underscores the importance of gold as a key investment for central banks in the region amid ongoing geopolitical and economic uncertainties.

The focus on gold reserves by these nations highlights a regional trend of leveraging gold as a hedge against the obvious implosion of fiat currencies and the mathematically unsustainable global debt they create.

Strategic Alliances with BRICS Over G-7

Intriguingly, Middle Eastern countries, including Iraq, are strengthening ties with the BRICS Alliance rather than the G-7 Western Alliance. This alignment suggests a strategic pivot towards a gold-backed financial system being developed by BRICS.

The potential participation of Middle Eastern nations in the new BRICS gold-backed financial system and the UNT gold and oil-backed currency unit for international trade represents a significant shift in global economic alliances.

This move could herald a new era of financial stability and independence for these nations, reducing their vulnerability to the volatility of fiat currencies.

Implications for Global Currency Exchange Rates

The accelerated gold accumulation by Iraq and other Middle Eastern nations sets the stage for a significant currency exchange rate revaluation (RV) against dominant global fiat currencies such as the US Dollar and Euro.

As these nations prepare to participate in a gold-backed financial system, the traditional dominance of fiat currencies could be challenged. This shift could lead to more stable and resilient economies in the Middle East, fostering greater economic security and sovereignty.

The Bottom Line

Iraq and its Middle Eastern neighbors are strategically accumulating gold reserves, positioning themselves for a future less dependent on fiat currencies and more aligned with gold-backed financial systems.

This trend highlights a significant shift in global economic dynamics, with potential implications for currency valuations and international trade. As these nations strengthen their alliances with the BRICS Alliance, the global financial landscape will witness a significant financial system shift, ringing in a new era of economic stability and independence for humanity.

Supporting Articles:

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Coffee with MarkZ and Mr. Cottrell. 07/19/2024

Thank you MarkZ for all your time, and encouragement daily….. PDK

MarkZ Update- Some highlights by PDK-Not verbatim

MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context. Be sure to consult a professional for any financial decisions

Coffee with MarkZ and Mr. Cottrell. 07/19/2024

Member: Praise the lord for another day . Good morning everyone, good morning mods good morning mark z

Member: Wow wow wow what a morning all ready !!

Thank you MarkZ for all your time, and encouragement daily….. PDK

MarkZ Update- Some highlights by PDK-Not verbatim

MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context. Be sure to consult a professional for any financial decisions

Coffee with MarkZ and Mr. Cottrell. 07/19/2024

Member: Praise the lord for another day . Good morning everyone, good morning mods good morning mark z

Member: Wow wow wow what a morning all ready !!

MZ: I know a lot of people in businesses and industries that are being affected today . There are hospitals with issues, airlines canceling flights all over,….there are outages in New Zealand, Australia , Europe and all over the world.

MZ: I talked to some defense contractors who told me their systems are down. Also security people and banks reporting the same. This is how fragile our world of technology is . “Globlization” sounds cool…sounds efficient…but robs you of back up systems. One thing we know-( if history has taught us anything) is that stuff breaks.

Member: I work in a hospital in Mass and a friend at Yale Hospital We’re all dealing with down systems! It’s bad!

Member: London Stock Exchange Suffers Outages Amid Global Tech Issues

Member: Cyber issues pinned on Austin Texas based “CrowdStrike”

Member: I wonder about software called CROWD STRIKE. How'd they come up with that?!

Member: CrowdStrike is owned by Black rock, Vanguard, Morgan Stanley and Jennison Assoc.

MZ: I hear it was a microsoft update giving them blue screens of death all over the world.

Member: Anytime you get an update on windows it is considered as a worldwide update , and can easily contain a virus to kill your operating system . Maybe this is the event we are looking for???

Member: Some People were downplaying this…as if this isn’t a blackout…I was like “what more do you want?!” It’s a WORLDWIDE shut down of planes! They never said it would be electricity!

Member: Singapore's Changi Airport, one of the busiest in the world, says check-in process is being managed manually.

Member: I am hearing Swift system is down as well?

Member: Borders GROUND, trains and airport in Quebec all at full stop because of Microsoft down

Member: I can verify the outage. I’m a financial advisor and our system is down. I got two emails with report and status. Said it should be back to normal Monday!

Member: This is from a friendly county Sherriff this AM. All county sheriffs nation wide were called into an emergency meeting at 1 AM this morning.

MZ: I wonder if that is because of the 911 outages? “ Widespread IT outages reported across the globe- Major US Airlines ground all flights, 911 Emergency systems affected”

Member: I am all of a sudden reminded of the Y2K scare. When they reboot banking sys could all debts be gone?? Hmm

Member: Could this be the reset starting??? I’ve been saying for a while that Credits are rolling

Member: Could these outages be the beginning of “10 days of darkness” we’ve been hearing about?

Member: BREAKING: Russian airports are not affected by the global tech outage, no problems with check-ins or ticket bookings reported

Member: Outages seem to be growing/ spreading.

Member: Folks all servers ran by Windows is down ..which is banks, governments ect…..

Member: Mark? Is it true that Tier 3 must be finished before 4B can go?

MZ: Tier 3 does not have to be finished before we can go. It needs to be “mostly” finished. …of have a certain percent finished. This is how it was explained to me. This would be the historical asset and things that will be traunched over time. I am very confident that now all of 3 will be completed before 4 has started.

Member: So much happening…what more is needed to release the RV ???

MZ: I have been asking myself that question. Rumors are all the place right now.

MZ: I have some Iraqi contacts telling me things have wrapped up. These are folks in Iraq. They say we could see a new rate release as early as today.

MZ: Contacts in Geneva and the WTO …They are dead quiet. I am getting nothing from them today….so far. I am going straight to voicemail…It’s a little frustrating

MZ: But once again I have some redemption center/banking folks that will be working part time this weekend. Not on call…but physically being asked to go in for a set number of hours…..this is the second weekend in a row . Is it to throw us off and think it could go? I don’t know.

Member: We have all grown so skeptical with the “boy who cried wolf” every week….we probably won’t believe it when it actually happens.

MZ: Right now there is a lot unfolding and a lot of diversions happening.

Member: Melanie hinds said it will RV tonight at 5pm

Member: Bruce says to watch after markets close today……but with the outages…maybe they are already closed?

Member: We need to be asset backed to RV-imo. As Jennifer said, they cannot exchange fiat for fiat.

Member: senator calls for a ban on Congress and other government officials from trading stocks

Member: I THINK IT SHOULD BE MANDATORY TO STOP THE INSIDER TRADING WE SEE

Member: It's hard to see it sometimes, but good people far outnumber the bad...because the bad are relentless at being heard and seen.

MZ: I will not be doing a podcast tonight UNLESS there is some huge news.

Member: I pray that the dinar, and all the currencies, plus the RV come soon

Member: Success is not the key to happiness. Happiness is the key to success. If you love what you are doing, you will be successful.

Member: We realize the importance of our voices only when we are silenced

Member: Thanks to Mark and Mr. C for all the news. Have a great day everyone….keep phones charged and ready- just in case big things happen this weekend.

Member: May be a good weekend to stay home and avoid crowds……just a thought

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“Tidbits From TNT” Friday 7-19-2024

TNT:

Minister of Trade: All countries are keen on Iraq's return as a global economic player

Minister of Trade Athir Dawood Al-Ghariri confirmed today, Friday, that negotiations for Iraq's accession to the World Trade Organization are proceeding at a rapid pace, while indicating that all countries are keen on Iraq's return as a global economic player.

Al-Ghariri told the Iraqi News Agency (INA): "The resumption of negotiations for Iraq's accession to the World Trade Organization is a qualitative event and a testament to what the government promised through its program to reform the economic situation, considering the private sector as an essential part and the backbone of the Iraqi economy."

TNT:

Minister of Trade: All countries are keen on Iraq's return as a global economic player

Minister of Trade Athir Dawood Al-Ghariri confirmed today, Friday, that negotiations for Iraq's accession to the World Trade Organization are proceeding at a rapid pace, while indicating that all countries are keen on Iraq's return as a global economic player.

Al-Ghariri told the Iraqi News Agency (INA): "The resumption of negotiations for Iraq's accession to the World Trade Organization is a qualitative event and a testament to what the government promised through its program to reform the economic situation, considering the private sector as an essential part and the backbone of the Iraqi economy."

He expressed his "aspiration for the fourth round of negotiations to be held during the first quarter of next year," stressing that "this acceleration means that the negotiations are proceeding very quickly towards Iraq's accession to the World Trade Organization, considering Iraq an important economic bloc and all countries are keen for Iraq to return as an economic player in a multilateral system."

For his part, the Saudi Ambassador to the World Trade Organization, Saqr Abdullah Al-Muqbil, told the Iraqi News Agency (INA): "There is a positive view that we will find Iraq joining a multilateral trade system as it is one of the largest economies outside this organization."
Al-Muqbil stressed that "the Kingdom of Saudi Arabia has a priority to achieve Iraq's desire to join the organization."

In turn, the official responsible for Iraq's accession to the World Trade Organization said: "The member states were happy with the Iraqi delegation, and we hope that the Iraqi delegation has completed this long journey."

She added: "We seek to see Iraq become a member of the World Trade Organization."
The Minister of Trade and head of the Iraqi team concerned with joining the World Trade Organization, Athir Dawood Al-Ghariri, announced last Monday the resumption of negotiations to join the World Trade Organization, after a hiatus that lasted more than 16 years. link

Tishwash: Al-Rafidain announces the implementation of the comprehensive banking system in 33 branches

Al-Rafidain Bank announced today, Friday, the implementation of the comprehensive banking system in the Al-Nour branch in Kirkuk, while indicating the implementation of the comprehensive banking system in 33 branches.

A statement from the bank received by Al-Mada stated that, “In implementation of the government program to move from paper transactions to electronic ones to provide the best services to citizens, Al-Rafidain Bank announces the implementation of the comprehensive banking system in the Al-Nour branch in Kirkuk, thus joining the branches that have activated the comprehensive system in Baghdad and the governorates in addition to To the branches of the border crossings (Zurbatieh - Safwan - Arar - Trebil), bringing the number of branches in force and completed for the system to (33), in an important step to strengthen the banking system, achieve its requirements, abandon paper work, and move completely to electronic systems.

The bank confirmed that “the plan for digital transformation and adoption of the comprehensive banking system is proceeding according to the set timings to include all branches of the bank in implementing the system, especially since one of the priorities and adoptions of the government program is electronic Transformation in financial transactions, reducing episodes of red tape for citizens, reducing time, simplifying procedures, removing obstacles, and intensifying efforts to improve the level of services provided.” customers and complete their transactions. link

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Tishwash: An economist warns against Arab and foreign banks taking over their Iraqi counterparts: they control the dollar

On Thursday, economic affairs researcher Ahmed Abd Rabbo warned of the acquisition of Iraqi banks by many Arab and foreign banks, while stating that these banks control the dollar exchange rate in local markets in Iraq.

Abd Rabbo said, “The takeover of the sanctioned local banks’ accounts by Arab and foreign banks affects, to some extent, the banking sectors in Iraq.” Pointing out, “This acquisition is the participation of these foreign banks in the Iraqi banking sector, but it amounts to a sale and delivery, and it is as happened in the local industrial and agricultural sector, as these sectors have become imported, so the The banking sector has also become imported.”

Abd Rabbo pointed out in his interview with (Al-Mada), that “foreign banks control the dollar exchange rate, as they found the appropriate opportunity to acquire the shares of Iraqi banks after some Iraqi banks were exposed to American sanctions.”

He added, "Iraq needs to some extent to correct the course of monetary policy in a way that is compatible with the Iraqi economic situation, and to give Iraqi banks a great opportunity to take their role in the monetary arena."

Since the US Treasury imposed sanctions on Iraqi banks, as a result of dollar smuggling to Iran, foreign banks have dominated the financial arena and controlled a large percentage of dollar sales in Iraq, as the National Bank of Iraq accounts for a third of foreign currency sales, which are considered the main source of the Iraqi economy, as they are Many of the shares in this bank are owned by Arab and foreign banks. link

Tishwash: Proposed vision to activate the government and central bank procedures in economic and banking reform

By analyzing the efforts and measures taken by the government and the Central Bank to implement what is stated in the government program of the government of the Sudanese Prime Minister, which is the ninth government after the change in 2003, and which has been in charge for approximately one year and eight months, and which has been able to achieve an acceptable percentage of the specified goals in the field of economic, financial and banking reform.

And which included many economic sectors and fields that occupied almost most of the axes of the government program, but without achieving comprehensive and radical economic reform that begins with financial and banking reform, the government’s complete goals and visions cannot be achieved. Therefore, the government program, as I see it, is a four-year strategy to achieve the revolution of economic, financial and banking reform.

I mean here drawing a strategic and executive roadmap to activate the procedures for economic, financial, banking, administrative and legislative reforms by adopting radical change for the coming years while benefiting from the experience of institutions and experts in the government and the private sector in confronting crises and activating the reform procedures of the government and the Central Bank, and according to the proposed vision that I put before the eyes of the Prime Minister, the Governor of the Central Bank and the Ministerial Council for the Economy, as follows:

First - Starting a systematic movement to draw a roadmap for economic, administrative and legal reform carried out by the Iraqi elites and economic, financial and banking competencies (government and private sector) by establishing the Supreme Economic Council, with the private sector in all economic sectors as a member thereof, and the private banking sector as a basic member of its membership as the financing and investment sector that must contribute to sustainable development. The reform movement should be based on several important economic pillars that adopt a new methodology for managing the economy and achieving the central goal of moving the economy from rentier to productive and from cash to digital, and activating the non-oil productive sectors to reach 30% of the general budget revenues in 2026, creating sustainable development, achieving diversity in resources, and developing economic and human structures for the sound construction of the national economy and building the preliminaries for the transition to a social market economy, provided that its recommendations, after approval by the Council of Ministers, are binding for implementation by the ministries, agencies and relevant bodies.

Eighth - Reviewing the banking market in Iraq towards activating the implementation of government decisions regarding government banks and the decisions of the Central Bank.

Mot: .... When ur Finally Growded Up

Mot: . What Goes Around - Comes Back Around!!! ---

DINARRECAPS8 7/19/24 DINARRECAPS8 7/19/24

Iraq News Highlights and Points To Ponder Friday AM 7-19-24

Rising Suicide Rates In Iraq: A Warning Bell For Society And Government

Posted On2024-07-18 By Sotaliraq Iraq has witnessed a significant increase in suicide cases in recent years, raising increasing concern among officials and society alike. This increase comes amid difficult economic and social conditions.

In addition to the psychological challenges that many citizens, especially young people, suffer from, such as unemployment and social marginalization, which leads some of them to resort to suicide as a final solution to their problems.

The official spokesman for the Ministry of Health, Saif Al-Badr, says, “Suicide is a global phenomenon that causes the death of 800,000 people annually, at a rate of one person every 40 seconds, and represents the fourth leading cause of death worldwide for people between the ages of 10 and 29, according to reports from the World Health Organization.”

“The estimated suicide rates in the Middle East Region are generally lower than in other WHO regions, which may be due to the prevalence of religious beliefs and social and cultural traditions that influence suicidal behaviour,” he added, adding:

“However, there is evidence that suicide rates in the Middle East Region are relatively high, especially among young people aged 15-29 and older people over 60.”

Rising Suicide Rates In Iraq: A Warning Bell For Society And Government

The official spokesman for the Ministry of Health, Saif Al-Badr, says, “Suicide is a global phenomenon that causes the death of 800,000 people annually, at a rate of one person every 40 seconds, and represents the fourth leading cause of death worldwide for people between the ages of 10 and 29, according to reports from the World Health Organization.”

“However, there is evidence that suicide rates in the Middle East Region are relatively high, especially among young people aged 15-29 and older people over 60.”

While reviewing the official statistics on the number of deaths resulting from suicide issued by the Iraqi Supreme Judicial Council (as the body responsible and authorized to issue statistical data and figures in Iraq - except for the Kurdistan Region) for the period from 2017 to 2022, we see them as follows:

-178 suicides in 2017.

-306 suicides in 2018.

-316 suicides in 2019.

-233 suicides in 2020.

Al-Badr added, “Official statistics indicated a clear increase in 2021 as a result of the outbreak of the Corona pandemic, as 364 suicides were recorded and 511 suicides in 2022,” noting that “through studying and comparing the statistical figures, an increase in the number of cases was observed between 2017 and 2022.”

He explained that “official statistics showed that the most common methods used in cases of suicidal behaviour are hanging, burning, and the use of firearms, in addition to other methods. The reasons leading to suicide were also indicated as being due to psychological reasons at a rate of 45-50 percent, in addition to social, familial, and economic reasons, in addition to reasons related to the use of narcotic substances and various psychotropic substances.”

It shows, “As indicated by the official statistics issued by the Iraqi Ministry of Health, as the body responsible for issuing data on suicide attempts that did not result in death, there were 1,028 suicide attempts in 2022, the majority of which were by females.”

The ministry spokesman continued, “The statistics indicated that the age group under 18 years represented 20%, and the reasons for suicide attempts were due to psychological reasons at 43%, family reasons at 35%, economic reasons at 15%, and other reasons at 8%.”

For his part, academic Qasim Hassan Saleh says, “The Iraqi governments and ruling parties have not addressed the causes that lead to suicide, although psychologists, sociologists, and intellectuals have written dozens of articles containing scientific treatments to limit this phenomenon, with the exception of one treatment devised by the Baghdad Municipality, which is that fences will be built on bridges to prevent young people from committing suicide.”

He added, "The causes of suicide can be summed up in three: unemployment among the youth, deteriorating social and economic conditions, and backward social customs and traditions. These are the traditional causes of suicide."

He added, “When an individual finds that reality does not provide him with a solution to his problem, and reaches a stage of despair and helplessness, he resorts to ending his life. There is more than one incident, including the suicide of six women in Najaf ten years ago, which came about because of the difficult situation of their children, and because they were unable to support them, they chose to commit suicide collectively.”

In addition, MP Nour Nafeh says, “Parliament is closely following the increasing suicide cases in several Iraqi governorates, which have recently reached exceptional numbers compared to previous years, especially among young people under the age of 30.”

She added, “Poverty, family problems, and psychological crises are direct causes of the suicide fever, in addition to the pressure of studying and results, which have pushed some students in the prime of their lives to commit suicide in a very painful manner during the past months.”

It turned out that “part of the exacerbation of the suicide phenomenon is what is being promoted on social media platforms and some websites, which give a simple concept of suicide, and present it as a treatment for problems,” noting “the need to adopt serious solutions and open up to programs that contribute to reducing suicide rates, which are rising at an alarming rate.”

The MP continued, “The sensitivity of the suicide file pushes many families to conceal the reasons behind their children’s suicide, which is a big mistake, as it hinders the possibility of studying and containing it early through psychiatry, which represents a treatment no less important than any other medical procedure.” LINK

The Deep Dollar Crisis... What Did Economic Experts Say About Monetary Policy In Iraq?

Alsumaria Special 2024-07-19 | 202 views Economists: There is a need for a monetary policy that achieves stability and protects the country's interests

With the continuation of the dollar crisis and the absence of effective solutions, economists believe that there is a real need to establish a monetary policy that establishes economic stability while preserving the country's interests and putting an end to the US Federal Reserve's sanctions against Iraqi banks.

Listen to what the experts said in detail in this report. LINK

Minister: Regional Countries Want Iraq To Return As A Global Economic Player

Economy | 01:19 - 07/19/2024 Baghdad - Mawazine News Minister of Trade Athir Dawood Al-Ghariri confirmed today, Friday, that negotiations for Iraq's accession to the World Trade Organization are proceeding at a rapid pace, while indicating that all countries are keen on Iraq's return as a global economic player. Al-

Ghariri said, "The resumption of negotiations for Iraq's accession to the World Trade Organization is a qualitative event and a confirmation of what the government promised through its program to reform the economic situation, considering the private sector an essential part and the backbone of the Iraqi economy."

Al-Ghariri announced last Monday the resumption of negotiations to join the World Trade Organization, after a hiatus that lasted more than 16 years. https://www.mawazin.net/Details.aspx?jimare=251546

Expert Calls On The Government To Invest In Gas: Importing Costs Us Billions Of Dollars

Posted On 2024-07-19 By Sotaliraq Energy economist Kofid Sherwani called on the government to expedite the implementation of projects to isolate gas associated with oil extraction operations, while pointing out that importing natural gas from countries costs Iraq billions of dollars.

Sherwani said, "Iraq has huge reserves of natural gas amounting to 132 trillion standard cubic feet," indicating that "associated gas isolation projects in the southern fields must be expedited so that they can be used to operate power plants."

Sherwani added, “These projects were supposed to be expedited more than ten years ago so that Iraq could reach the stage of self-sufficiency and dispense with importing natural gas and electricity from any other source.”

He pointed out that “the rate of gas flaring in Iraq has decreased from 40% to 35%, according to the statements of the Ministry of Oil, the cessation of gas flaring will be within three years, while self-sufficiency in natural gas will be within five years.” He noted that “this will save the state billions of dollars, up to 4 or 5 billion dollars spent annually on importing natural gas and electricity.”

The reason for the interruptions in the natural gas imported to Iraq is that the areas from which gas is supplied by countries are originally in need of gas, and this need increases in some seasons, because this gas is used in power stations and equipping some factories, as they represent the final areas in the distribution network, so there is always little flow and many stops, and this causes interruptions that directly affect the supply of electrical energy, some of whose stations depend on imported Iranian gas in the amount of 50 million cubic meters per day,” he continued.

The energy economics expert explained that “the United States has imposed restrictions within the sanctions imposed on Iran, while it has imposed restrictions on sending the financial equivalent for imported gas and electricity, and when these payments are delayed, Iran sometimes reduces or cuts off the supplied quantities as a form of pressure on the Iraqi government to pay the accumulated costs of the imported gas.”

He stressed that “Iraq has already paid all of Iran’s dues for the price of gas and electricity, but despite that, we hope that the Ministry of Oil’s projects to isolate and invest in gas will be expedited to reach the stage of sufficiency, and to provide these amounts, and perhaps in the event of enhancing gas production capabilities, Iraq will reach the stage of exporting for the period after five years or a little more.”

Last March, the Iraqi Ministry of Electricity announced that it had signed a contract to supply gas from Iran for a period of 5 years.

The ministry said in a statement that its minister, Ziad Ali Fadel, signed a gas supply contract with the National Iranian Gas Company for a period of 5 years, with pumping rates reaching 50 million cubic meters per day, and its quantities vary according to the system’s needs in order to maintain the momentum of the production stations’ work, and to keep pace with peak loads and the increasing demand for electrical energy.

The process of importing Iranian gas began about 8 years ago, with an average of 25 million cubic meters per day. The delay in import operations often occurs in the summer, which leads to a decline in energy production in Iraq to high levels, and causes major problems for the government due to the state of popular discontent and protests that accompanied that situation in quite a few years. LINK

Dinar Recaps 20 7/19/24 Dinar Recaps 20 7/19/24

News, Rumors and Opinions Friday AM 7-19-2024

Note: All intel should be considered as "Rumors" until we receive official announcements ...and “Rates and Dates” could change anytime until we get to the banks/redemption centers.

Restored Republic via a GCR: Update as of Fri. 19 July 2024

Compiled Fri. 19 July 2024 12:01 am EST by Judy Byington

Global Currency Reset: (Rumors/Opinions)

Thurs. 18 July 2024 Wolverine:The Precatorios group has started. They are going to make a global announcement on Sat. 20 July 2024. They will release their “own opera” to celebrate this incredible achievement. This group only started about two months ago with huge momentum, they have funds beyond scope, and they will be well off. Good news from them.

Note: All intel should be considered as "Rumors" until we receive official announcements ...and “Rates and Dates” could change anytime until we get to the banks/redemption centers.

Restored Republic via a GCR: Update as of Fri. 19 July 2024

Compiled Fri. 19 July 2024 12:01 am EST by Judy Byington

Global Currency Reset: (Rumors/Opinions)

Thurs. 18 July 2024 Wolverine:The Precatorios group has started. They are going to make a global announcement on Sat. 20 July 2024. They will release their “own opera” to celebrate this incredible achievement. This group only started about two months ago with huge momentum, they have funds beyond scope, and they will be well off. Good news from them.

Wolverine Cont……The Pentecostal group is paying, and we will hear good news coming from them. They have been instructed to do no more audios. So, all is hushed at the moment.

Bond holders: I have seen private contracts, I have seen the certificates, never seen so many zeros, one account in Mauricio’s group had 36 zeroes, but so many more zeroes on these other certificates. Obviously, most of these funds will be going to humanitarian purposes as no one person could possibly use this quantity of funds.

We are just on the edge! Another bondholder has received notifications.

I know you want to know about Tie4B, but this is all I am receiving, as I am just a messenger. The Tier4B group will come like a thief in the night. Just wait for it to happen for our email. There was no announcement made for these bondholders and this is what will happen for all of you. Just keep an eye on your emails. If Bondholders are getting paid, then obviously Tier4B will start.

At the moment, I am not hearing anything from Reno or Zurich. But if they are paid, they would be under an NDA.

I am mostly hearing from independent sources out of Brazil and good news from Colombia as well. And good news from the private contractors.

There is not much noise coming from Hong Kong, Reno or Zurich everything is hush, but I suppose that is good news, and we will wait to see what happens later in the day (Today is My Friday morning).

Hopefully we will get really good news that we are waiting for. That opera is just around the corner and hopefully to be released soon. Keep the faith this is coming. Precatorios and Pentecostal are being done now and the rest will come.

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Thurs. 18 July 2024 Bruce:

We had pretty good info coming to us on Tuesday, but today it got more intense. This afternoon, we got about 4 to 5 different calls from our sources puts us. Remember we talked about the 18th our drop-dead day to get things started. Well…I think it still is. I am going to tell you what four different sources have told us:

Our redemption center source that talked directly to Wells Fargo Atlanta, saying we would have this within 24 hours.

Then we had a call from New York Wells Fargo Corp, that said we would be getting notifications after markets close tomorrow Friday 19 July, they close at 4 pm for the stock market and then Forex shuts down around 5 pm for the weekend for 48 hours. So either 4 pm or 5 pm tomorrow, depending on what market you are talking about tomorrow afternoon.

Another front, Iraq has lower denominations out, this means all businesses using lower denominations in circulation in country, and we have heard that the rate on the IQD in country, international rate is over $6 in country. This has little to do with us or our rate here.

You have heard me say that they intend to offer us the contract rate on the IQD which is quite high, and that is offered to us and we should not have to ask for it, because Pres Trump wanted us to get the highest rate available. That is what we are hearing now. This is a good time for us.

Thurs. 18 July 2024: BOMBSHELL!! Gold-Backed Revolution: QFS Is Setting the Stage for a Global Financial Reset Like No Other! – Gazetteller

Read full post here: https://dinarchronicles.com/2024/07/19/restored-republic-via-a-gcr-update-as-of-july-19-2024/

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Courtesy of Dinar Guru: https://www.dinarguru.com/

Harlequinc3 Question about the dinar 3-zeros video from 7-17-2024 below: "As I watch the video, it seems their illustration hints on deleting from the currency in such a way that appears they would not recognize the existing zeros and only accept larger denominations with the thought in mind that the additional 3 zeros are no longer recognized." The CBI will remove 3 zeros off .00076 (1310 IQD: $1USD.) This makes the exchange rate $.76. But almost at the exact same time, they will reinstate their currency internationally to $3.22 (and possibly add inflation for 20 years to it — 20%) up to $3.86. Reinstating it means we can exchange the dinar internationally just like any other currency. [Post 1 of 2....stay tuned]

Harlequinc3 Think of removing three zeros as literally ‘removing the old currency from circulation.’ That’s all it means. How they do it is entice you and me and Iraqi citizens with an attractive amount. After a certain amount of all that old currency is removed, CBI will up the exchange rate in increments until it hits the rate they want. This is called a dirty float. Most likely after awhile, the CBI will change this to a pure float which is like what you see on regular ForEx, like the dollar does, the Euro does, the pound does, etc. But that won’t matter to you and me because we will have already gotten rid of our dinars and exchanged them for dollars (or whatever currency your own country uses.) [Post 2 of 2]

China's Banking System Is COLLAPSING...

Lynette Zang: 7-18-2024

In today's video we are discussing the recent and sudden "vanishing" of over 40 banks in China, the Chinese banking market and what this all means for your money and your future.

https://www.youtube.com/watch?v=y9o6Z29qT2s

The DEATH Of THE DOLLAR IS COMING FROM WITHIN... AND ITS ABOUT TO GET MUCH WORSE.

Greg Mannarino: 7-18-2024

https://www.youtube.com/watch?v=zC_FUE8Pp68

Dinar Recaps 20 7/19/24 Dinar Recaps 20 7/19/24

Breaking World News: Friday 7-19-2024

Breaking World News:

BREAKING - London stock market hit by technical fallout‼

BREAKING: Major US airlines including American Airlines, Delta and United grounding all of their flights due to IT issues

BREAKING : A significant Microsoft outage has occurred, causing major issues to dozens of services and affecting thousands to millions of users nationwide

BREAKING: Global IT outage live: Computer havoc caused by Crowdstrike outage could take days to fix - ABC News

Breaking World News:

BREAKING - London stock market hit by technical fallout‼

BREAKING: Major US airlines including American Airlines, Delta and United grounding all of their flights due to IT issues

BREAKING : A significant Microsoft outage has occurred, causing major issues to dozens of services and affecting thousands to millions of users nationwide

BREAKING: Global IT outage live: Computer havoc caused by Crowdstrike outage could take days to fix - ABC News

Widespread technology outage disrupts flights, banks, media outlets and companies around the world

CHARLOTTE GRAHAM-McLAY and ELAINE KURTENBACH

Updated Fri, July 19, 2024 at 7:09 AM EDT

WELLINGTON, New Zealand (AP) — A global technology outage grounded flights, knocked banks and hospital systems offline and media outlets off air on Friday in a massive disruption that affected companies and services around the world and highlighted dependence on software from a handful of providers.

Cybersecurity firm CrowdStrike said that the issue believed to be behind the outage was not a security incident or cyberattack — and that a fix was on the way. The company said the problem occurred when it deployed a faulty update to computers running Microsoft Windows.

But hours after the problem was first detected, the disarray continued — and escalated.

Long lines formed at airports in the U.S., Europe and Asia as airlines lost access to check-in and booking services at a time when many travelers are heading away on summer vacations. News outlets in Australia — where telecommunications were severely affected — were pushed off air for hours. Hospitals and doctor's offices had problems with their appointment systems, while banks in South Africa and New Zealand reported outages to their payment system or websites and apps.

Some athletes and spectators descending on Paris ahead of the Olympics were delayed, but Games organizers said disruptions were limited and didn't affect ticketing or the torch relay.

DownDectector, which tracks user-reported disruptions to internet services, recorded that airlines, payment platforms and online shopping websites across the world were affected — although the disruption appeared piecemeal and was apparently related to whether the companies used Microsoft cloud-based services.

Cyber expert James Bore said real harm would be caused by the outage because systems we’ve come to rely on at critical times are not going to be available. Hospitals, for example, will struggle to sort out appointments and those who need care may not get it.

“There are going to be deaths because of this. It’s inevitable,’’ Bore said. “We’ve got so many systems tied up with this.”

Microsoft 365 posted on social media platform X that the company was “working on rerouting the impacted traffic to alternate systems to alleviate impact” and that they were “observing a positive trend in service availability.”

The company did not respond to a request for comment.

CrowdStrike said in an emailed statement that the company “is actively working with customers impacted by a defect found in a single content update for Windows hosts.”

It said: “This is not a security incident or cyberattack. The issue has been identified, isolated and a fix has been deployed.”

The Austin, Texas-based company's Nasdaq-traded shares were down nearly 15% in premarket trading early Friday.

A recording playing on its customer service line said, “CrowdStrike is aware of the reports of crashes on Microsoft ports related to the Falcon sensor,” referring to one of its products used to block online attacks.

Meanwhile, governments, officials and companies across the world scrambled to respond.

New Zealand's acting prime minister, David Seymour, said on X that officials in the country were “moving at pace to understand the potential impacts,” adding that he had no information indicating it was a cybersecurity threat.

The issue was causing “inconvenience" for the public and businesses, he added.

On Friday morning, major delays reported at airports grew, with most attributing the problems in booking systems of individual airlines.

In the U.S., the FAA said the airlines United, American, Delta and Allegiant had all been grounded.

Airlines and railways in the U.K. were also affected, with longer than usual waiting times.

With athletes and spectators arriving from around the world for the Paris Olympics, the city's airport authority said its computer systems were not affected by the outage, but that disruptions to airline operations was causing delays at two major Paris airports. The Paris Olympics organizers said the outage affected their computer systems and the arrival of some delegations and their uniforms and accreditations had been delayed.

But the impact was limited, the organizers said, and the outages had not affected ticketing or the torch relay.

In Germany, Berlin-Brandenburg Airport halted flights for several hours due to difficulties in checking in passengers, while landings at Zurich airport were suspended and flights in Hungary, Italy and Turkey disrupted.

The Dutch carrier KLM said it had been “forced to suspend most” of its operations.

Amsterdam’s Schiphol Airport warned that the outage was having a “major impact on flights” to and from the busy European hub. The chaotic morning coincided with one of the busiest days of the year for Schiphol.

Widespread problems were reported at Australian airports, where lines grew and some passengers were stranded as online check-in services and self-service booths were disabled — although flights were still operating.

In India, Hong Kong and Thailand, many airlines were forced to manually check in passengers. An airline in Kenya was also reporting disruption.

While the outages were being experienced worldwide, Australia appeared to be severely affected by the issue. Disruption reported on the site DownDetector included the banks NAB, Commonwealth and Bendigo, and the airlines Virgin Australia and Qantas, as well as internet and phone providers such as Telstra.

National news outlets — including public broadcaster ABC and Sky News Australia — were unable to broadcast on their TV and radio channels for hours. Some news anchors went on air online from dark offices, in front of computers showing “blue screens of death.”

Hospitals in several countries also reported problems.

Britain’s National Health Service said the outage caused problems at most doctors’ offices across England. NHS England said in a statement said the glitch was affecting the appointment and patient record system used across the public health system.

Some hospitals in northern Germany canceled all elective surgery scheduled for Friday, but emergency care was unaffected.

Israel said its hospitals and post office operations were disrupted.

In South Africa, at least one major bank said it was experiencing nationwide service disruptions as customers reported they were unable to make payments using their bank cards in stores. The New Zealand banks ASB and Kiwibank said their services were down as well.

Shipping was disrupted too: A major container hub in the Baltic port of Gdansk, Poland, the Baltic Hub, said it was battling problems resulting from the global system outage.

Kurtenbach reported from Bangkok. Associated Press journalists around the world contributed. LINK

DINARRECAPS8 7/19/24 DINARRECAPS8 7/19/24

Seeds of Wisdom RV and Economics Updates Thursday Evening 7-18-24

Good Evening Dinar Recaps,

An Update on Vietnam’s Quest for Crypto Regulation

An article by Hudson Reporter dated April 21, 2024 titled: Vietnam’s Path to Crypto Regulation by 2025: A Governmental Necessity, gives an update on Vietnam's quest for Crypto Regulation.

The article states that Vietnam plans to develop a legal framework for cryptocurrency regulation by May 2025 to address ownership risks and prevent illegal activities such as money laundering

Key Takeaways from the article: 1. Cryptocurrencies are not banned in Vietnam but regulation is urgently needed.

2. The Finance Ministry has been tasked to draft a regulatory framework by May 2025.

3. Measures against misuse, like money laundering, are also being studied. @ Newshounds News™

Good Evening Dinar Recaps,

An Update on Vietnam’s Quest for Crypto Regulation

An article by Hudson Reporter dated April 21, 2024 titled: Vietnam’s Path to Crypto Regulation by 2025: A Governmental Necessity, gives an update on Vietnam's quest for Crypto Regulation.

The article states that Vietnam plans to develop a legal framework for cryptocurrency regulation by May 2025 to address ownership risks and prevent illegal activities such as money laundering

Key Takeaways from the article:

1. Cryptocurrencies are not banned in Vietnam but regulation is urgently needed.
2. The Finance Ministry has been tasked to draft a regulatory framework by May 2025.
3. Measures against misuse, like money laundering, are also being studied.

@ Newshounds News™

To learn more: Hudson Reporter

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DE-DOLLARIZATION CONTINUES TO BE THE THEME OF BRICS NATIONS

"All are trying to make themselves safe. Information leaked not long ago that in the environment when the United States and the whole collective West want to steal Russian money Saudi Arabia is thinking how to reduce dependence on the dollar. THE PROCESS OF DE-DOLLARIZATION IS UNDERWAY, IT CANNOT BE STOPPED, he said."
Quote from Russian Foreign Minister Sergey Lavrov

@ Newshounds News™

Read more: X

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Crypto Regulations in Vietnam 2024

The post Crypto Regulations in Vietnam 2024 appeared first on Coinpedia Fintech News

Vietnam, a socialist country in Southeast Asia, has a population of 99.46 million and covers 331 thousand square kilometers. It has developed a strong market economy with socialist influences, making it one of the fastest-growing economies in terms of GDP. This economic growth has attracted significant foreign investment.

Vietnamese Government on Cryptocurrencies

Cryptocurrency is not banned in Vietnam, but a legal framework is needed to ensure its proper development and mitigate risks, according to a representative from the Ministry of Justice. Cao Dang Vinh, Deputy Director of the Department of Economic and Civil Legislation, noted on April 12 that there are varying understandings of virtual assets, digital currencies, and cryptocurrencies, with different countries adopting diverse management approaches.

Cryptocurrency is not banned in Vietnam: Ministry Cao Dang Vinh noted global variations in cryptocurrency perspectives and the absence of specific regulations in Vietnam. Vietnam lacks a legal framework for cryptocurrencies, stressing the need for regulation.

Cryptocurrencies carry risks that can lead to appropriation or money laundering. Vietnam currently lacks regulations to manage their development, and cryptocurrency is not considered a legal asset. Vinh emphasized the need for a legal framework to prevent these risks and illegal activities. The Ministry of Finance will provide specific proposals, and the Ministry of Justice will offer detailed opinions accordingly.

In addition to this, the Vietnamese state authorities are working on the possible applications of blockchain technology in the country.

Blockchain for Vietnam’s Cashless Society

The deputy Prime Minister of Vietnam, Vuong Dinh Hue signed out a policy decision in 2017, setting out the government’s plan to reduce the cash transactions in the country to less than 10%. The State Bank of Vietnam also announced the development of $700 million cashless payment network in collaboration with South Korean payment service provider Alliex.

Another bank, Tien Phong Commercial Joint Stock Bank(TPBank) moving one step further in the use of blockchain technology, joined hands with Japan’s SBI Ripple Asia to develop Ripplenet blockchain-based global payment network for processing cross-border transactions.

Launch of the First Money Transfer Service between Japan and Vietnam that Utilize Distributed Ledger Technology (DLT). TPBank is the latest financial institution supported by SBI Ripple Asia to leverage Ripple

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Cryptocurrencies law

In Vietnam, cryptocurrencies were not considered legal means of payment but could be bought, held, and traded. The government continued to reevaluate its approach to the crypto space, with the central bank maintaining that cryptocurrencies were not legal tender.

Cryptocurrencies were categorized as assets or goods under the 2015 Civil Code and the Commercial Law of 2005. These laws defined property broadly to include objects, money, valuable papers, property rights, and movable property, including future assets, allowing cryptocurrencies to be traded within the country.

What led to look over the need of Regulations?

The government of Vietnam cites many official reasons for the need for regulations and ban them as a means of payment,

—The crypto industry has no government supervision and therefore prone to illegal activities.

—Cryptocurrencies lack customer protection as they are volatile in nature which leads to price instability, security concerns, and market manipulation.

—Cryptocurrencies are open to illegal activities such as tax evasion, money laundering, terrorist funding and hacking.

The cryptocurrencies might possess the capacity to destabilize existing financial systems which can affect the nation’s economy.

Regulatory RoadMap of Cryptocurrencies

Vietnam has made several efforts to regulate the country’s cryptocurrency space. On 21 August 2017, the Prime Minister, Nguyen Xuan Phuc approved a project to complete the legal framework for managing digital assets and their activities.

On April 11, 2018, a directive was issued to the relevant authorities to manage crypto transactions in order to analyse the negative impact on the nation’s economy. In the directive, Bitcoin and similar cryptocurrencies were banned for using them as a mode of payments for any goods or services. But the users were free to invest in Cryptocurrencies. Those who found guilty would be penalised with a fine up to VND 200 million ($ 9,000).

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In February 2019, The Ministry of Justice also filed a report that reviewed the current legislation on crypto-related business in the country. They proposed three different policies that the government could consider and start working on the policy selected by the government. They are:

1. Floating and lax Regulatory approach

2. Straightforward approach

3. Legislation of digital Assets transactions under specific conditions.

Recently on May 11 2020, the Vietnamese Finance Ministry has approved to establish a research group to review, analyse and develop various regulatory policies around crypto-assets. The research group would be comprised of nine members of the group of the following departments,

—General Department of Taxation

—National Institute of Finance

—General Department of Vietnam Customs

—Department of Banking and Financial Institutions of the State Bank of Vietnam

The research group would be led by the Vice-Chairman of State Securities Commission, Pham Hong Son.

Authorities in Vietnam to Establish Crypto Research Group to Evaluate Policy. On May 11, the Ministry of Finance in Vietnam said it will come up with a research group responsible for examining & making policy proposals about crypto and virtual assets

1. Taxation and Mining

2. Taxes on Cryptocurrencies

As you have already aware of the fact that, Bitcoin and other cryptocurrencies are not considered as legal tenders and are banned to use them as a mode of payment, the tax policies are also not framed yet. Cryptocurrency taxation in Vietnam remains uncertain due to the lack of a clear legal framework.

The tax authorities have lost a lawsuit against a local citizen who was been taxed on the Bitcoin earnings. As the cryptocurrencies are not considered as a legal asset under Vietnamese law, the court ruled the authorities that they have no right to tax him.

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Mining of Cryptocurrencies

The Cryptocurrencies remain illegal as of now and restricted with the use of payment methods and so the mining. It is also considered illegal The government has also has passed a law which bans the import of bitcoin mining equipment into Vietnam.

However, the Ministry of Industry and trade expressed displeasure towards the ban and also showed concern over the decline in the mining business. The ministry sent a proposal to the Prime Minister of Vietnam, called the Document 5964 / BTC – TCHQ, mentioning that the mining pieces of equipment are not listed in the banned list of import or unsafe list. Hence the import should be allowed which was accepted by the government.

12-04-2024: Vietnam Does Not Ban Cryptocurrency, Confirms Ministry of Justice

A Ministry of Justice representative clarified that while cryptocurrency isn’t banned in Vietnam, there’s a need for a legal framework to guide its development and mitigate risks. Cao Dang Vinh, Deputy Director of the Economic and Civil Legislation Department, noted varying global perspectives on virtual assets, digital currencies, and cryptocurrencies.

Concluding Note

The Vietnamese Government has now acquired a progressive approach towards regulating the cryptocurrencies and initiated various steps. The various other approaches, however, are still vague and lack clarity.

More laws and reforms are required to ascertain the secured flow of cryptocurrency transactions in the country so that no scams or fraud occur risking the investor’s funds. The future of the cryptocurrencies are more secure and reliable in the country when these regulatory frameworks are put in place.

Read more: Binance

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BASEL 3 AND GOLD REGULATIONS

"Basel III is a set of financial reforms developed by the Basel Committee on Banking Supervision. It introduces stricter capital requirements to increase the resilience of banks. The main focus is on improving the quality of capital, particularly Tier 1 capital, which is essential for absorbing losses."

The Significance of Gold in Basel III Regulations

"Gold’s role in Basel III significantly changes how banks handle this asset. With the new Basel III Bank Accords, gold is taking center stage again as an important asset for financial institutions. The most significant change is that Basel III regulations treat gold held in vaults as a zero-risk asset, a status previously reserved for cash. This change elevates gold’s importance in ensuring the stability and liquidity of banks."

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Impact on Liquidity and Stable Funding

"Gold significantly impacts banks’ liquidity. Under Basel III’s measures, banks must maintain a specific Liquidity Coverage Ratio (LCR) to ensure they have enough high-quality liquid assets to survive financial stress. Gold can be considered part of these High-Quality Liquid Assets (HQLA)"

"Basel III regulations make gold a more attractive asset for banks by allowing bullion held in vaults or on an allocated basis to be treated as cash with a 0% risk weight. "

"Basel III demands that financial institutions hold a higher proportion of physical gold, rather than trading in derivatives. This change increases financing costs and demands more robust liquidity buffers. Banks must now hold physical assets to meet liquidity requirements, pushing the preference for tangible gold. As a result, this regulation stabilizes the gold market by reducing reliance on paper gold and emphasizing the importance of physical gold holdings. This shift supports higher demand and potentially boosts the price and stability of gold in the long term."

"With Basel III, gold is now considered a High-Quality Liquid Asset (HQLA)"

@ Newshounds News™

Read more: Metals Edge

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BASEL 3 ENDGAME

"Many parts of Basel III are already in place worldwide, including the U.S. However, the final changes, called Basel III Endgame and agreed upon in 2017, have been delayed for years by the COVID-19 pandemic and banks calling for more time to adjust to and lobby against the new regulations."

"12 Deadlines have come and gone, with mid-2025 the latest date for when the rules are supposed to go into effect in the U.S., which means announcing them months earlier to provide regulators, banks, and other stakeholders the time needed to prepare to meet the new standards. Banks would start using the rules on July 1, 2025, with the goal of having them fully in place three years later."

What Affect Would Basel III Have on Small and Medium-Sized Banks?
"While Basel III primarily targets very large, internationally active banks, critics charge that its regulations would also affect small and medium-sized banks. "

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When Does Basel III Go Into Effect?

"Since the Basel III Endgame process began, bank requests for more time to digest and comment on the plans, COVID-19, and shifts in the post-pandemic economy have all pushed back the deadlines. As it stands now, the regulations should start taking effect July 1, 2025, followed by a three-year phase-in period to give banks time to transition to the new rules. While previous deadlines have come and gone, the commentary period is over, which offers U.S. federal regulators more room to maneuver in going ahead with implementation."

@ Newshounds News™

Read more: Investopedia

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Chainlink’s tokenization sandbox cuts trials to days instead of months

The sandbox could lead to more financial institutions adopting asset tokenization solutions.

Chainlink is ushering in a new turnkey solution for institutions looking to conduct tokenization trials in the latest development for the tokenization industry.

Chainlink has introduced its new Digital Assets Sandbox (DAS) for financial institutions, which aims to accelerate digital asset innovation.

DAS will enable financial institutions to quickly experiment with new revenue-generating opportunities, like bond tokenization, with improved time-to-market and greater overall efficiency.

According to Angela Walker, the global head of banking and capital markets at Chainlink Labs, the new sandbox was born due to institutional demand for secure digital asset experimentation environments.

@ Newshounds News™

Read more: Coin Telegraph

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Does It Seem That Every American Has More Money Than You?

Here’s why everyone in America seems to have more money than you. It may not be what you think

Vawn Himmelsbach Updated Thu, July 18, 2024 Moneywise

If your friends, family, and coworkers always seem to be dining out, going to parties, taking exotic vacations — and maybe even paying $2,000 each for Taylor Swift tickets — while you clip coupons for groceries, you might feel like everyone you know has more money than you.

This could be especially painful if you’re feeling the pinch of inflation, right down to your grocery bill.

But Americans have a lot of debt. In fact, U.S. household debt reached $17.69 trillion in the first quarter of this year, according to data from the Federal Reserve Bank of New York (FRBNY). Although inflation has been mostly declining over the past two years — after pandemic highs — the Consumer Price Index increased 3.3% during the 12 months ending May 2024.

As if the debt weren’t enough, almost half of Americans (48.6%) consider themselves “broke,” according to a MarketWatch Guides survey, with about two-thirds (66.2%) “living paycheck to paycheck.”

Considering the financial instability of everyday Americans, why does it appear like everyone is living the high life — except you?

Does It Seem That Every American Has More Money Than You?

Here’s why everyone in America seems to have more money than you. It may not be what you think

Vawn Himmelsbach Updated Thu, July 18, 2024 Moneywise

This could be especially painful if you’re feeling the pinch of inflation, right down to your grocery bill.

Considering the financial instability of everyday Americans, why does it appear like everyone is living the high life — except you?

Racking up credit card debt

Americans have an enormous amount of credit card debt. Outstanding balances on credit cards reached a grand total of $1.12 trillion in Q1 — up 13.1% from the same period last year — according to data from FRBNY.

This is a grim milestone, as 2023 was the first time outstanding credit card balances surpassed the $1 trillion mark.

Another Bankrate survey found that 49% of credit card holders were carrying a balance from month to month in 2023. In some cases, Americans may be relying more on their credit cards as their finances are stretched thin, thanks to the higher cost of everyday expenses and higher interest rates on credit and loans.

But with credit card interest rates around the 21% mark — and in some cases as high as 30% — using a credit card to foot bills or bridge monthly shortfalls can be a losing game. If you buy groceries with a credit card and only make the minimum monthly payments, it could take years to pay off that bill, since you’ll be paying back the interest rather than the principal.

In other cases, people might be living the high life by charging everything to their credit cards (or even taking out loans), while ignoring the consequences. So, while it might look like they have a lot of disposable income, they’re racking up more and more debt, which eventually will catch up with them.

Making lifestyle sacrifices or trade-offs

Maybe one of your friends always seems to be traveling to yet another exotic locale. It’s possible they’re living beyond their means, but they could also be making sacrifices in other areas to prioritize travel. For example, maybe they’ve chosen not to buy a car and use public transit instead, so they can funnel more of their budget toward travel.

A LendingTree study of census data found that 18.3 million homeowners in the U.S. spend more than 30% of their monthly income on housing. So if someone you know has a beautiful home, they may have chosen to make sacrifices in other areas — such as entertainment expenses or vacations — so they can afford their home.

Some people you know may be working long hours and missing time with family and friends in order to fund their lifestyle. They also might be working side hustles to bump up their disposable income.

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Evening News with MarkZ and Dr. Scott Young. 07/18/2024

Evening News with MarkZ and Dr. Scott Young. 07/18/2024

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Evening News with MarkZ and Dr. Scott Young. 07/18/2024

MarkZ Disclaimer: Please consider everything on this call as my opinion. Be sure to consult a professional for any financial decisions

THANK YOU ALL FOR JOINING. HAVE A BLESSED NIGHT! SEE YOU ALL IN THE MORNING FOR COFFEE @ 10:00 AM EST ~ UNLESS BREAKING NEWS HAPPENS!

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