Addressing the problems of the Iraqi financial system

KTFA:

Clare: Addressing the problems of the Iraqi financial system

7/20/2024  Written by: Zahraa Haider Abdul Jabbar Al-Batat

The financial system in Iraq consists of a group of institutions and structures that manage the financial and economic affairs of the country. Here are the components of this system in detail: 

1. Central Bank of Iraq:

- Role: It is considered the body responsible for implementing monetary policy, issuing currency, and managing cash reserves.

- Objectives: price stability, exchange rate stability, and encouraging economic growth. 

2. Commercial banks:

- Its types: include government banks such as Rafidain Bank and Rashid Bank, in addition to local and foreign private banks.

- Services: Providing loans, opening accounts, making money transfers, and financing projects.

 3. Specialized banks:

Examples: Real Estate Bank, Agricultural Bank.

- Focus: Providing financial services to specific sectors such as agriculture and real estate. 

4. Stock market:

- Iraq Stock Exchange (ISX): is the place where stocks and bonds are traded.

- Objective: To promote investment and develop financial markets.

5. Ministry of Finance:

- Role: Preparing and implementing the state’s financial policy, managing government revenues and expenditures.

- Responsibilities: Preparing the general budget, managing public debt. 

6. Securities Commission:

- Function: Regulating and monitoring the stock market, ensuring compliance with financial laws and standards.

- Objectives: Protect investors, ensure market transparency. 

7. Investment companies:

- Role: Investment management, providing financial advisory services, managing investment portfolios.

- Objectives: Achieving investment returns for clients, enhancing local and foreign investments. 

Main challenges: 

1. Corruption: It hinders economic development and affects confidence in the financial system.

2. Political and security unrest: harm investments and hinder financial operations.

3. Rentier economy: It depends heavily on oil, which makes it vulnerable to oil price fluctuations.

4. Bureaucracy: It hinders efficiency and increases administrative complexities.

5. Weakness of the banking system: Lack of efficiency and development affects performance.

6. Inflation: affects purchasing power and financial stability.

7. Weak financial infrastructure: Lack of technological development affects efficiency.

8. Laws and regulations: may be insufficient or outdated.

9. The informal sector: It poses a challenge in collecting taxes and organizing the economy. 

These challenges require structural reforms and policy development to enhance financial stability and economic growth in Iraq. 

Reforming the financial system in Iraq according to the following mechanism: 

Applying the following mechanism to the Iraqi financial system requires adapting policies and procedures to the economic, social and political conditions specific to Iraq.

Here are some possible steps to achieve this: 

1. Updating financial institutions:

- Strengthening the role of the Ministry of Finance and the Central Bank of Iraq in managing financial and monetary policies.

- Developing the financial infrastructure to increase efficiency and transparency. 

2. Reforming the tax system:

- Improve tax collection and reduce tax evasion.

- Simplify the tax system to make it more transparent and fair. 

3. Strengthening monetary policies:

- Strengthening the independence of the Central Bank to ensure price stability and control inflation.

- Using monetary tools such as setting interest rates and regulating the money supply effectively. 

4. Public debt management:

- Develop strategies to manage public debt and reduce dependence on external loans.

- Issuing local government bonds to attract domestic investment. 

5. Strengthening control and regulation:

- Improving the control systems over banks and financial institutions to ensure the stability of the financial system.

- Enhancing financial laws and regulations to comply with international standards. 

6. Encouraging investment:

- Creating an attractive investment environment by improving infrastructure and reducing bureaucracy.

- Providing incentives to foreign and local investors. 

7. Enhancing transparency and accountability:

- Ensuring transparency of financial operations by publishing financial reports regularly.

- Strengthening accountability and combating corruption at all levels of financial management. 

By implementing these steps, the Iraqi financial system can benefit from global financial experiences, taking into account the fundamental differences between systems. 

Also, to implement these reforms effectively, close cooperation is required between the Iraqi government, international financial institutions, and the private sector to achieve financial stability and sustainable development in Iraq. 

Implementing each paragraph requires specific, practical steps, including: 

1. Updating financial institutions:

- Strengthening the role of the Ministry of Finance and the Central Bank.

- Training and professional development: Providing intensive training programs for employees to improve their competencies and knowledge of modern financial policies.

- Digital transformation: adopting advanced technological systems to improve the efficiency of financial and administrative operations.

- International cooperation: Benefiting from international expertise through partnerships and cooperation with global financial institutions. 

2. Reforming the tax system:

- Improving tax collection:

- Develop technological systems for collecting and analyzing data to increase the effectiveness of tax collection.

- Increase control and inspection of economic activities to reduce tax evasion.

- Simplifying the tax system:

- Restructuring tax brackets to be clearer and fairer.

- Providing facilities to taxpayers such as electronic services. 

3. Strengthening monetary policies:

- Strengthening the independence of the Central Bank:

- Issuing laws that guarantee the independence of the Central Bank from political influences.

- Use effective monetary tools:

- Determining interest rates based on economic conditions.

- Managing the money supply through open market operations and reserve policies. 

4. Public debt management:

- Developing debt management strategies:

- Analyze the debt structure and determine repayment priorities.

- Developing the bond market to attract local investors.

- Reducing dependence on external loans:

- Encouraging domestic investment and developing the financial infrastructure to attract local capital. 

5. Strengthening control and regulation:

- Improving control systems:

- Develop technology-based control mechanisms to improve monitoring of financial operations.

- Enhancing transparency in financial reporting.

- Strengthening laws and regulations:

- Updating financial laws to comply with international standards.

- Activating penalties for financial violations. 

6. Encouraging investment:

- Creating an attractive investment environment:

- Improving infrastructure including roads, bridges, electricity and communications.

- Reducing bureaucracy by simplifying government procedures.

- Providing incentives to investors:

- Tax exemptions for investment projects.

- Credit facilities to finance projects. 

7. Enhancing transparency and accountability:

- Ensuring transparency of financial operations:

- Publish financial reports periodically and in detail.

- Application of international standards in preparing financial reports.

- Promoting accountability and combating corruption:

- Establishing independent oversight bodies to combat corruption.

- Encouraging reporting of corruption by providing protection for whistleblowers. 

Implementing these steps requires strong government commitment and cooperation between the public and private sectors to achieve a stable and effective financial system.  LINK

Iraq Economic News and Points To Ponder Sunday Afternoon 7-21-24

Expert: The Fluctuation Of The Dollar Price In Iraq Is "Invalid"... And The Reason Is

Time: 2024/07/21 Reading: 546 times  {Economic: Al Furat News} The economic expert, Basem Jamil Antoine, considered the continued fluctuation of the dollar price in Iraq to be “null and void.”

Antoine {Euphrates News} said: "The continued difference between the parallel price of the dollar and the official price is considered an "invalid" process and there is no justification for the rise in exchange rates, especially since the amounts of dollars coming to the Central Bank from oil sales exceed 300 million dollars daily."

He added, "There are no special requests as the market has been affected by supply and demand and monetary inflation and the reduction in the amount of salaries and the treatment of this must be serious and accurate."

Antoine added, "Especially since salaries go to basic needs and it is not possible to reduce salary revenues, which are considered limited." The dollar exchange rates stabilized today, Sunday, in Baghdad markets. The prices came as follows:

The selling price is 150,000 Iraqi dinars.

The purchase price is 148,000 Iraqi dinars for 100 US dollars.   LINK

Continuous decline in the exchange rate of the US dollar in Baghdad

Economy | 07/21/2024  Mawazine News – Baghdad  The US dollar exchange rate witnessed a decline in the markets of the capital, Baghdad, today, Sunday, with the opening of the country's main stock exchange.

The dollar price decreased slightly with the opening of the Al-Kifah and Al-Harithiya stock exchanges, recording 149,000 dinars per 100 dollars, while yesterday, Saturday, it recorded 149,150 per 100 dollars.

As for the selling prices in the exchange shops in the local markets in Baghdad, they decreased, as the selling price reached 150,000 dinars, while the purchase price reached 148,000 dinars for every 100 dollars.   https://www.mawazin.net/Details.aspx?jimare=251643

The Central Bank Of Iraq Imposes Huge Fines On Banks During The First Quarter Of The Year

Economy |  07/21/2024  Mawazine News – Baghdad  The Central Bank of Iraq announced today, Sunday, the imposition of financial fines exceeding 43 billion Iraqi dinars on banks and non-banking institutions (exchange companies) during the past three months.

According to a report issued by the Central Bank, the value of fines imposed between the beginning of April and the end of June amounted to 43 billion, 465 million, 532 thousand, and 931 dinars.

The report indicated that May witnessed the highest value of fines, amounting to 34 billion, 2 million, 141 thousand, and 100 dinars, with the imposition of 42 administrative penalties, while June recorded the lowest value of fines, amounting to 2 billion, 829 million, 157 thousand, and 288 dinars, with 30 administrative penalties. The report did not reveal the names of the banks and institutions included in the fines and penalties.

For its part, the Investors Association in the Iraq Stock Exchange criticized the Central Bank’s decision, warning of its negative impact on the profitability of investors in the shares of these banks. https://www.mawazin.net/Details.aspx?jimare=251621n

Iraqi Participation In UNCTAD Meetings On World Trade

Economy | 07/20/2024  Baghdad - Mawazine News  The Ministry of Trade announced today, Saturday, its participation in the technical meetings of the United Nations Conference on Trade and Development (UNCTAD) in Istanbul, regarding the accession of Arab countries to the World Trade Organization.

The ministry stated in a statement that it "participated today in the technical meetings organized by UNCTAD in Istanbul, which will last for two days, to discuss the experiences of Arab countries in joining the World Trade Organization."

The Director General of the Department of Foreign Economic Relations, Riyadh Fakher Al-Hashemi, who represented the Ministry of Trade in these meetings, said, according to the statement, that "the meetings discussed the outcomes of the thirteenth ministerial conference of the World Trade Organization, the process of Arab countries' accession to the organization, and how Iraq can benefit from these experiences in its process of joining.

The statement added, "The importance of trade in services in supporting the economies of Arab countries and enhancing their growth was also reviewed."

Al-Hashemi stressed, according to the statement: “Iraq’s participation in these technical meetings enhances the experience of the Iraqi negotiating team and pushes it to move forward, and in an accelerated manner, towards achieving full accession to the World Trade Organization, as the exchange of knowledge and experiences gained from these meetings will have a significant positive impact on improving Iraq’s negotiating capabilities and achieving its economic goals.”

The statement indicated: “This participation is part of the ongoing efforts made by the Ministry of Trade to strengthen Iraq’s international economic relations and take advantage of available opportunities to enhance economic and commercial development in the country.” https://www.mawazin.net/Details.aspx?jimare=251576

Iraq Sells More Than $274 Million In Today's Trading

Banks  Economy News – Baghdad  The Central Bank of Iraq announced today, Sunday, its sales of hard currency, which amounted to more than 274 million dollars in today's transactions, according to the official price of 1310.

The bank's data showed that the total internal cash withdrawals amounted to $6,800,000, while the total amounts of transfers abroad, including remittances and credits, amounted to $268,183,903, while the total sales amounted to $274,983,903.   07/21/2024 - https://economy-news.net/content.php?id=45419

The Stock Market Starts Its Week With Losses

Market  Economy News – Baghdad   The stock market index fell in the first session of the week, falling by 0.51%.   The session also witnessed the trading of 839.2 million shares, worth 1.3 billion dinars.

The shares of 10 traded companies rose, while the shares of 10 companies fell.

Views 17 07/21/2024 - https://economy-news.net/content.php?id=45433 

Iraq's Oil Exports To US Rise In A week  

Energy  Economy News – Baghdad  The US Energy Information Administration announced today, Sunday, that Iraq's oil exports to America increased during the past week.

The administration said in a table seen by "Al-Eqtisad News" that "the average US imports of crude oil during the past week from eight major countries amounted to 6.044 million barrels per day, an increase of 409 thousand barrels per day from the previous week, which amounted to 5.635 million barrels per day."

She added that "Iraq's oil exports to America reached 220 thousand barrels per day last week, an increase of three thousand barrels per day from the previous week, which reached 217 thousand barrels per day."

The administration indicated that "the largest oil revenues for America during the past week came from Canada at a rate of 4.418 million barrels per day, followed by Mexico at an average of 388 thousand barrels per day, followed by Saudi Arabia at an average of 394 thousand barrels per day, from Brazil at 331 thousand barrels per day, and from Nigeria at an average of 164 thousand barrels per day."

According to the table, "the amount of US imports of crude oil from Colombia was at a rate of 79 thousand barrels per day, and from Ecuador at a rate of 50 thousand barrels per day."

101 views 07/21/2024 - https://economy-news.net/content.php?id=45403

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

Economist’s “News and Views” Sunday 7-21-2024

Financial System "Revamp" Is Coming | Kerry Lutz

Liberty and Finance:  7-20-2024

Kerry Lutz joins Dunagun Kaiser to discuss the evolution of the financial system and the impact of media on financial discourse. They reflect on how podcasting and independent media have transformed financial discussions compared to a decade ago.

The conversation critiques mainstream media's homogenization and its effect on public understanding of economic issues.

 Lutz also explores recent economic crises and the role of new technologies. He offers a forward-looking perspective on how emerging trends could reshape the financial landscape.

INTERVIEW TIMELINE:

 0:00 Intro

1:30 LibertyAndFinance & Kerry Lutz

7:00 Financial Survival Network

 18:40 The future financial landscape

https://www.youtube.com/watch?v=2UHmqPPJmmU

De-Dollarization Alarms the U.S. Economy: Will BRICS Adopt a New Currency?

Wealth Insights:  7-20-2024

Russia and China have drastically reduced their reliance on the US dollar, with over 90% of their trade now conducted in rubles and yuan. This shift is part of a broader de-dollarization strategy to decrease dependency on the US-led financial system.

Chinese banks in Russia have stopped processing dollar and euro settlements, making the yuan the most traded currency on the Moscow Exchange.

This move aligns with BRICS nations' efforts to establish a new currency to rival the US dollar. Join us as we explore the implications of this significant economic shift.

https://www.youtube.com/watch?v=-p24VY4BXyk

"All HELL BREAKS LOOSE" (In the Next Few Months) says FED Insider, Danielle DiMartino Booth

Sachs Realty:  7-20-2024

Everyone's getting fired across all industries, says Danielle. U.S. recession is here and the housing market is crashing.

https://www.youtube.com/watch?v=EMJpSo-AXDI

“Tidbits From TNT” Sunday 7-21-2024

TNT:

Tishwash:  Angry protesters compare salaries to presidencies, threaten sit-in in Baghdad

Hundreds of employees of Iraqi state departments and institutions demonstrated today, Saturday, in front of the fortified Green Zone in central Baghdad, demanding an amendment to the salary scale.              

Employee Wissam Ahmed told Shafak News Agency, "We went out today to demand that the government and parliament amend the salary scale and address the differences in classes for state employees."       

He added, "There is inequality and injustice in employees' salaries," indicating that "an employee in the Council of Ministers, Parliament, and the three presidencies receives a salary of 3 million dinars per month, while someone of the same rank in another ministry receives only 500,000 dinars."                    

For his part, the employee in the Ministry of Education, Ahmed Munim, said in an interview with Shafaq News Agency, "The demonstration is not the first, and it will not be the last for all employees to demand the establishment of a new salary scale based on justice and fairness, in which the amendment of risk allowances is also taken into account," adding that "the demonstration committee met a month ago with Prime Minister Mohammed Shia al-Sudani to amend the salary scale without reaching a solution."                                                    

Munim continued, saying, "The demonstration will turn into a comprehensive sit-in if our demands are not met."

Earlier today, Iraqi parliament member Raed Al-Maliki held the Council of Ministers responsible for not amending the salary scale for employees and workers in the public sector, renewing his demand for the federal government to send the Federal Civil Service Council Law for the purpose of legislating it.

Al-Maliki said in a joint press conference held with a number of his colleagues and members of the House of Representatives, "There is another legal path related to the salary scale, which is done through amending the Federal Civil Service Law or legislating a new Civil Service Law."

He explained that "we had in the Iraqi parliament a draft federal civil service law that combines four laws, including the salary scale law," stressing that "the Council of Ministers withdrew this service law, and it was not returned to parliament again despite repeated demands from the representatives." 

Al-Maliki pointed out that "the issue of amending the salary scale law is not with the House of Representatives and the delay is not from it, but the entire issue is with the Iraqi government because it has a financial aspect," stressing the parliament's readiness to amend the salary scale if the Council of Ministers sends the Federal Service Law at any time. link

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Tishwash:  Electronic payment products meet the needs of citizens

A responsible source in the global smart card company “Ki” described the current electronic payment products as “acceptable”, but the Iraqi market needs more in a way that makes the citizen’s life easier.

He said: The company realizes the extent of the Iraqi market's need for advanced financial services, especially after Iraqi society opened up to the world and it became easy to communicate and learn about global experiences.

He added that the support of the government and the Central Bank of Iraq represents an incentive to expand the range of products offered to a wide segment of Iraqi society, especially since interaction with electronic payment continues.

He pointed out that being present in all places and providing services to citizens in a manner that suits their needs represents a lofty goal for the company’s management and its work team.  link

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Tishwash:  Parliamentary Committee Calls for Substantial Amendments to Investment Law to Attract Foreign Investments

 The Iraqi Parliamentary Committee on Economy and Development called on the Iraqi government to make amendments to 12 paragraphs of the current investment law, with the aim of improving the investment environment and attracting foreign investments to the country.

The committee chairman, Hassan Al-Khafaji, explained that the committee discussed with the relevant parties, including university deans and the National Investment Commission, ways to improve the Iraqi investment law.

l-Khafaji stated that the committee was able to obtain the government’s approval to amend 4 out of 12 articles that were proposed, but he considered that the amendments that were approved “are still below the required level.”

Among the most important points discussed by the committee was one related to investment opportunities that investors obtain. Al-Khafaji pointed out that some unsound companies exploit these opportunities, which leads to the flight of capital and the disruption of projects.

Al-Khafaji stressed that the committee is striving to change this paragraph of the law, to ensure that serious investors have real opportunities to invest in Iraq.

In addition to the amendments to the investment law, the committee also discussed several other economic laws, including laws to combat price increases and open new cities.

These efforts by the committee come within the framework of its efforts to improve the Iraqi economy and attract foreign investments, which will create new job opportunities and improve the standard of living of citizens.  link

Mot: Soooooo Thoughtful!!! -- siigghhhhhh

Iraq Economic News and Points To Ponder Sunday AM 7-21-24

Parliamentary Finance: Iraq Adopts A Vision To Increase Its Reserves With The Central Bank

 July 19 16:24  Information/Baghdad…  A member of the Finance Committee, Mudar Maan, confirmed on Friday that   Iraq had increased its balance in what he called a safe haven.  Maan said in an interview with Al-Ma’louma,

“Iraq has adopted a good strategy in diversifying the financial reserves it has in the Central Bank, especially gold,  the balance of which has risen according to the latest readings to about 150 tons.” 

He added,   "There are three positives to Iraq's strengthening of its gold balance, the most notable of which is

     confronting the fluctuations of the international financial markets.  It also represents a

     desirable guarantee in the markets, in addition to

    strengthening the country's financial capacity."

 He pointed out that "Iraq is adopting a vision to increase its reserves with the Central Bank,  expressing his hope to move to dealing in a diversified basket of currencies and

committing to setting sufficient reserves that will make us more capable of facing any financial fluctuations in global markets."

 It is noteworthy that gold reserves in banks affect financial dealings by adding another advantage to the strength of the currency and the economy and the possibility of resorting to them in times of need.  

 https://almaalomah.me/news/70759/economy/المالية-النيابية:-العراق-يعتمد-رؤية-في-زيادة-احتياطاته-لدى-ا

Referring The {Arab Economic Unity} Agreement To Parliament To Cancel It

 Iraq 07/21/2024  Baghdad: Huda Al-Azzawi   The Council of Ministers recently approved the cancellation of the Arab Economic Unity Agreement signed on June 3, 1963 and referred to the House of Representatives.

 This agreement, which failed at the time, was considered one of the most important steps towards achieving economic integration between Arab countries, whether in establishing a common Arab market or liberalizing exchange. Trade, as well as encouraging investment among member states, and one of its most prominent items is the establishment of a Council for Arab Economic Unity.

 Advisor to the Prime Minister for Financial and Economic Affairs, Dr. Mazhar Muhammad Saleh, indicated in an interview with “Al-Sabah” that

 “although more than sixty years have passed since the signing of the Arab Economic Unity Agreement, it has faced great difficulties in achieving the principles of minimum steps toward Complete economic unity among the member countries,” noting that

 a number of Arab countries did not join that agreement that was announced in 1963 due to issues related to their economic policies or their vision for economic integration among the member countries, including the Kingdom of Saudi Arabia, Oman, Bahrain, the United Arab Emirates, Qatar, and others. 

He stressed, "In light of the above, it has become futile to commit to a restricted regional economic organization that has not provided anything real for joint Arab action for six decades."

 For his part, the specialist in development and financial affairs, Dr. Aqeel Jabr Ali Al-Muhammadawi, said in an interview with “Al-Sabah”:

 “We must carefully examine the

      essence of the content of the agreement, and be exposed to the

      challenges expected from the loss of the characteristics of exercising freedom of trade, transportation services, production and industry requirements, and the

     enjoyment of the five freedoms ( The freedom of movement of people and capital and the freedom to exchange goods and products) and others, as well as looking at the

  agreement to facilitate and develop Arab trade exchange, which links the commercial, productive, service and financial aspects, and the

      unified Arab investment agreement, and the

      corresponding restriction of the work of Arab organizations, councils and unions specialized in the fields of economics, development and education.

  And others, falling under the umbrella of economic unity Arabic". 

He pointed out, "The importance of developing and maturing this agreement and activating the decisions issued with countries that share characteristics, economic and social environment, and some legislation and constitutions.

Development aims to satisfy the basic needs of citizens and raise their standard of living, and share the goal of building and consolidating an economic base and freedom of trade exchange with a high level of productivity."

 Quantitatively and qualitatively, in addition to increasing their ability to compete as components and an initial structural model for entry that facilitates engagement in global free trade agreements, as understood from another point of view is anticipating the future economic and trade effects of the parties continuing with the exit of some countries and the parties not continuing with the Economic Unity Agreement, and in accordance with the text of Article 19 of this agreement, withdrawal may be made during the five-year transitional period Years".  Al-Muhammadawi suggested,

  “Discussing mechanisms for engaging in the common Arab economic market on the basis of common interests and benefits and how to build competitive standards for the Iraqi market, and benefiting from the experience of the successful joint economic integration of the Eurasian countries, the economic integration of the East Asian countries, and the model of economic and geopolitical integration of the BRICS bloc.”      https://alsabaah.iq/99661-.html

Electronic Payment Products Meet Citizen Needs

 July 20, 2024 Last updated: July 20, 2024   Independent/- An official source at the International Smart Card Company “K” described the current electronic payment products as “acceptable,”

but the Iraqi market needs more and in a way that makes the citizen’s life easier. He said:

The company realizes the extent of the Iraqi market’s need for advanced financial services, especially after Iraqi society has opened up to the world and it has become easy to communicate and learn about global experiences. He added that the

support of the government and the Central Bank of Iraq represents an incentive to expand the range of products provided to a wide segment of Iraqi society, especially since interaction with electronic payment continues. He pointed out that

being present in all places and providing services to the public in a way that suits their needs represents a lofty goal for the company’s management and its work team.    https://mustaqila.com/منتجات-الدفع-الإلكتروني-تلامس-حاجة-ال/     

Rafidain Bank Announces The Implementation Of The Comprehensive Banking System In 33 Of Its Branches

Friday 19 July 2024 09:24 | Economic  Baghdad / NINA / Rafidain Bank announced the implementation of the comprehensive banking system in Al-Nour branch in Kirkuk, indicating that the number of branches in which the comprehensive banking system was implemented reached 33 branches.

It said in a statement that "in implementation of the government program to move from paper transactions to electronic ones to provide the best services to citizens, Rafidain Bank announces the implementation of the comprehensive banking system in Al-Nour branch in Kirkuk, thus joining the branches in which the comprehensive system was activated in Baghdad and the governorates in addition to the border crossing branches (Zurbatiya - Safwan - Arar - Trebil) so that the number of branches that have implemented and completed the system becomes (33) branches in an important step to strengthen the banking system and achieve its requirements and leave paper work and move completely to electronic systems."

The bank confirmed that "the digital transformation plan and the adoption of the comprehensive banking system are proceeding according to the set timings to include all bank branches in the implementation of the system, especially since the priorities and adoptions of the government program include electronic transformation in financial transactions, reducing the circles of routine for citizens, shortening time, simplifying procedures, overcoming obstacles, and intensifying efforts to improve the level of services provided to customers and completing their transactions." https://ninanews.com/Website/News/Details?key=1142195

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

The Complications and Benefits of Sharing a Bank Account

The Complications and Benefits of Sharing a Bank Account

Should married couples merge their finances?

Sean Kernan YAHOO CREATOR  Updated June 18, 2024

Brian’s complaining went from a weekly affair, to a daily nuisance. We convened in a shared office gym each day. He was a well spoken and well paid engineer in his late 30s, and was having incrementally larger arguments with his wife over money.

It made no sense on paper. Both of them made more than $100K per year and lived in a low-cost area of Florida. Money should have been the last of their concerns. Yet every day in the gym, he’d groan, “She is constantly questioning every purchase.” Or, “I can’t even spend my own money without a fight.”

They’d succumbed to lifestyle inflation, which occurs when your spending rises alongside your income. They’d wracked up debt buying a bigger house and fancier cars. They’d also put their kids in a slightly-nicer private school that cost twice as much, which created resentment on Brian’s side.

And, as they’d added these costs, they’d also combined bank accounts. Because I was working as a budget manager for our company, and perhaps because we were friends, he thought I could help him navigate this domestic maze. But Brian’s problems appeared much deeper than just money. Sadly, he and his wife split just one year later.

Unsurprisingly, money and finances are a key factor in many divorces. Even with the best of intentions, a shared bank account can unleash a wave of problems that are hard to resolve. Yet combining accounts can be quite beneficial. So how do we navigate this predicament?

The give and take

In the 1970s and 80s, keeping separate accounts was seen as bad luck for a marriage. This legacy belief is less present today, but still harbors itself in more traditional circles. A study by Bank of America found that couples share accounts less and less in recent years. Young people are marrying later, after they’ve better established their careers. Additionally, in prior decades, women worked less and depended on husbands and needed account access.

Research shows that couples who share finances are happier — but, and it is a big but — it’s hard for researchers to know if they’re happier because they share an account, or if they share an account because they were already happy. The cited perk is that sharing promotes an “us” dynamic, a sense of unity that also promotes transparency.

I asked several married friends about their financial arrangement and each had surprisingly strong opinions. One looked at me incredulously and said, “People still share bank accounts? That is such a bad idea.” Another came in hot from the other side, saying, “We share an account. That’s pretty much how every marriage goes.” He was insistent, even though data shows that only 52–65% of couples in western nations use a joint-account.

An older female friend said that when she shared an account, her husband ran off and spent on things they never agreed to. When they separated, he effectively cleaned out her half, which left her in a financial pit. It took her years and a lawsuit to get her money back.

One option is a hybrid approach, where you have a shared expense account and separate personal accounts. This way you are tapping into the benefits of feeling like a team, while keeping yourself protected.

To read more:  https://www.yahoo.com/lifestyle/story/the-complications-and-benefits-of-sharing-a-bank-account-204402760.html

News, Rumors and Opinions Sunday AM 7-21-2024

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.

RV Excerpts from the Restored Republic via a GCR: Update as of Sun. 21 July 2024

Compiled Sun. 21 July 2024 12:01 am EST by Judy Byington

Global Currency Reset:  (Opinions/Rumors)

Sat. 20 July 2024 Banker: “Unfortunately there is very little intel flowing down from above for the banker but I did get a suggested current valuation in country was $3.60 to $4.00.  Hopefully I will have more very soon. GOD Bless.”

Fri. 19 July 2024 Wolverine: New Dinar Rate published Sun. night. Tier4b notification Mon. 22 July. The Pretorious Group has started in Brazil. Pentecostal Group is quiet. Private contractors are still getting paid.  NESARA and GESARA are now entered. The New Iraqi dinar Exchange rates will FINALLY be published directly on the Forex screens on Sunday evening 21 July 2024.

Fri. 19 July 2024 Bruce: As for our start, our source tells us is that we should get notified and prepared for exchanges on Sat. 20 July or Mon. 22 July. 

Fri. 19 July 2024 MarkZ: “I have some Iraqi contacts telling me that things have wrapped up. They say we could see a new rate release as early as today.”

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Global Financial Crisis:

Sat. 20 July 2024 Apple and Walmart banking partner, Green Dot Bank (GDOT) fined $44 million by the Federal Reserve | Fortune https://fortune.com/2024/07/19/apple-and-walmart-banking-partner-green-dot-fined-44-million-by-the-federal-reserve/

Sat. 20 July 2024: Breaking News! Alerts! Military Operation: Germany, Bavaria EBS just Now… Planes and Trains Grounded – Lights Off – The Castle Rock Scenario and Quantum Systems: Project Odin Switched On – Stock Market Crash and Global Martial Law! – amg-news.com – American Media Group

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EO13818 CAPTURED: (JFK Jr.) on Telegram Sat. 20 July 2024  (RUMORS/Conjecture)

White Hats own Blackrock. Blackrock owns Crowdstrike. Crowdstrike took down Internet = White Hats Orchestrated the Outage.

EO13818 captured Blackrock, Vanguard, State Street, JPMORGAN and ALL Central Banks.

First White Hat took over The Fed, Then Twitter 1.0, Then Blackrock, Vanguard, State Street and more.

Then we used Blackrock to shove over the top ESG down everyone’s throats to awaken them.

Then we used the Aladdin AI system created by Blackrock to gather evidence on all illegal banking and investment transactions and methodically crash the FIAT economy/currency

The Fed slowly increasing rates drove up inflation aiding the controlled economy crash.

BRICS+ is the partnership “we” have with global leaders to support the takedown of global Deep State.

We used The Great Reset playbook against them by accelerating the plan.

The reset will happen, but it’s controlled by us.

The Black Swan Event: cyber outages across the World.

The Stock Market will go into turmoil known as Black Monday. The crash will cripple the dollar and silver and gold will continue to reach new highs.

X-Files: “It will probably start on a Friday. Banks will be offline all weekend. DIGITAL MONEY WILL DISAPPEAR.

ISO20022 tokens like XRP & XLM are part of the new system along with silver & gold. Get ready for the switch to be made! It could have been made during this mornings cyber outtages. Everything we know is about to change.

Read full post here:  https://dinarchronicles.com/2024/07/21/restored-republic-via-a-gcr-update-as-of-july-21-2024/

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

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

Frank26   [Iraq boots-on-the-ground report]  FIREFLY:
We're hearing this man on Chanel one on the TV he's saying to us citizens, he's saying joining the WTO will eventually lead to the rising of the dinar value up.  It's all about global trade...In order to compete we will need a real effective exchange rate to produce anything in the global trading market.  FRANK:  He's right...It's amazing they are talking to you about the real effective exchange rate...because that is the end result of the float...God willing it comes out at $3.22 as an RI.

MarkZ & Militia Man   MarkZ:  ...this week there are television ads being run in Iraq about the “delete the zero” project? And they are doing this internationally - I think that is important. Many people left Iraq during the wars and have settled elsewhere in the region. So doing those ads internationally are for those citizens. IOO that is huge   Militia Man:   Obviously Iraq is trying to reach out to the people and share with them some education about how the “delete the zeros” works...I have a translator who reads and writes Arabic fluently…and they say this ad is the real deal… Part of a campaign of awareness and released in several countries...Like Al Alaq said in July of last year.  The project to delete the zeros still exists...the emphasis is that it’s all positive and they are going to do something with their currency. 

Iraq's PM Reveals Iraq's Future- BRICS vs US Gold Reserves -

Edu Matrix:  7-21-2024

Iraq's Prime Minister talks about investment and housing in Iraq- BRICS vs US Gold Reserves - Should the US be worried? Don't think so!

https://www.youtube.com/watch?v=fBQ7m_FVQpg

Ignore This At Your OWN RISK (FINANCIAL CRISIS AHEAD!)

Lynette Zang:  7-20-2024

In today's video we are talking about the longest inverted yield curve for bonds, why this is happening and what that really means for you...

https://www.youtube.com/watch?v=o-yAT6XI6DU

MilitiaMan: IQD Update - Iraq Dinar - ASYCUDA - WTO - Delete Zeros - Reform Financial System - Citizens Educated

IQD Update - Iraq Dinar - ASYCUDA - WTO - Delete Zeros - Reform Financial System - Citizens Educated

MilitiaMan and Crew:  7-20-2024

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

Be sure to listen to full video for all the news……..

https://www.youtube.com/watch?v=KnIA2GIGm9k

Sabickford’s “Greatest Hits” and One Liners” While We Wait

Sabickford’s “Greatest Hits” From Recaps Archives

I'm not saying it's hot outside but two Hobbits just threw a ring into my backyard

Warning- going to sleep on Sunday will cause Monday

I want to start juicing but I'm hesitant, I don't know how to juice Tacos

I've finally lost my mind. If found Don't bother to return it. It wasn't working properly anyway.

For the first time in forever, I decided to go shoot some pool tonight. You should have seen the look on the face of those swimmers.

Money cannot buy happiness, but it’s more comfortable to cry in a Corvette than on a bicycle.

I had My Wife Begging to me the other night - She was on her knees Begging - She Said Please come out from under the Bed and Fight Like A Man

I only do what the voices in my wife's head tell her to tell me to do…

Chinese proverb: "Man who want nurse for girlfriend must be patient"

Women spend more time wondering what men are thinking than men spend thinking.

There may be no excuse for laziness, but I'm still looking.

Behind every great man is a woman rolling her eyes.

'll bet you $4,567 you can't guess how much I owe my bookie.

I hate it when people use big words just to make themselves sound perspicacious.

I'm great at multi-tasking - I can waste time, be unproductive, and procrastinate all at once.

Tomorrow is "National Take Your Flask To Work Day!" I just made that up. Tell the Others,

I was born with my heart on my sleeve, a fire in my soul, and a mouth I can't control

Being married is like having the freedom to do whatever your wife tells you

It's ok to swallow your pride, You won't gain a pound

Inside me is a thin man trying to get out…I usually shut him up with chocolate.

Never underestimate the power of stupid people in large groups.

Right before I die I'm going to swallow a bag of popcorn kernels to make the cremation a bit more interesting.

I hate it when the voices in my heads go Silent… I never know what they are planning.

How many boxes of these Thin Mints do I have to eat before I start seeing results?

Wouldn't it be really fun if breast implants came with Squeaky toys inside them?

I'm not so sure about an inner child, but I have an inner idiot that surfaces from now and then.

Nothing Says 'I HATE YOU" like giving someone's Kid a Drum Set

TEENAGERS tired of being harassed by your parents? ACT NOW move out, get a job, and Pay your own way , QUICK while you still know everything!

A State trooper was asked on a Exam "What would you do if you had to arrest your mother?" In the Blank he put "Call for Backup!!!"

The cashier said Strip down, facing me. How was I to know she meant my debit card?

To All Trolls - So tell me.. Is your butt aware that you head had moved in?

When people cut you down or talk behind your back remember, they took time out of their pathetic lives to think about you.

You're not drunk until you have to grab onto the grass to keep from falling off the earth.

Sometimes life bites you in the Butt. Thankfully I have enough padding there to take the hit.

I sometimes put a sticky note on someone's car saying "Sorry for the Damage" . It's kind of funny watching them look for the damage.

Be the reason someone smiles today! Or the reason they drink. Whatever works.

I need a part-time job that pays $30,000 a week.

My brain is experiencing technical difficulties. Please stand by…

Don't they already have enough comedians in Politics?

Karma is like a rubber band. You can only stretch it so far before it comes back and SMACKS you in the face.

Never water yourself down just because someone can't handle you 100 proof

A police office came to my house and asked me where I was between 5 & 6. He seemed annoyed when I answered 'Kindergarten"

The more you weigh the harder you are to kidnap. Stay Safe - Eat cake.

I'm 100% sure I called shotgun, while you were shoving me in the back. Yea I realize I'm being arrested but the rules of shotgun are pretty clear, Man.

I hate those people who knock on your door and tell you need to be 'Saved" or you will "Burn". Stupid Firemen

I started on a new diet. It's called the "I have $10 until Friday" diet

Not one drop of my self worth depends on your acceptance of me

If procrastination was an Olympic Sport, I'd compete in it later.

I Think my problem is that I have really Fantastic bad ideas

I stopped explaining myself when I realized people only understand from their level of perception.

Don't believe all the rumors you hear about me, the truth is much worse.

Old People at weddings always poke me and say "You're Next!" So I started doing the same thing to them at Funerals.

I Hate Tacos! Said No Juan Ever

I have been putting a lot of thought into it and I don't think being an adult will work for me.

Sometimes the first steps to forgiveness is understanding the other person is an idiot.

I hate the term "Crazy" - I Prefer Happy with Benefits.

When I was a kid you didn't have to say "Don't Try This At Home!" Because we weren't complete morons back then.

I believe that everyone else my age is an adult, whereas I am merely in disguise

When does Hibernation start because I am 100% participating in that.

The fact that jellyfish have survived for 650 million years without a brain has given hope to many people.

Insanity is Hereditary. You get it from your kids.

I'm not much on Seizing the Day, I just poke at it with a stick.

I swear some people need a stamp on their forehead saying "DON"T REPRODUCE"

My bank has a new service where they text you your balance. It's cool, I just don't think they should add "LOL" at the end

If Being sarcastic burned calories, I'd be transparent by now.

“I need to talk to you!!" These six words have the ability to make you instantly recall every bad thing you have ever done, and some you didn't

You know it's been a good day when you didn't have to unleash the flying monkeys.

Don't be afraid of being outnumbered. Remember Eagles fly alone. Pigeons flock together.

Relationships are like a walk in the park- Jurassic park

The hardest part of parenting is trying to fake mad when your kid does something bad but Hilarious.

My soulmate is out there somewhere, pushing a pull door. I just know it.

Now they've invented a pregnancy test with a curved handle so you don't get pee on your hands. Listen, if you aren't ready to get pee on your hands, you definitely NOT ready for Motherhood.

Our town was so small the we didn't have a town Drunk, So we all took turns.

 Look, I'm trying to Rant Here. Stop interrupting me with Facts and Reason

Not to Brag.. I don't even need alcohol to make bad decisions.

I am fluent in three languages…English, Sarcasm, and Profanity

My Morning coffee makes me feel like I have my stuff together. I don't. But it makes me feel like I do.

My son asked me to explain women to him, SO I bought him a Xbox game for his PlayStation.

I don't need someone who sees the good in me. I need someone who sees the Bad and still wants me.

You are going to be Fine. You come from a long line of Lunatics.

I think I need professional Help. A Chef, A Butler and A Maid should do it.

In a packed Elevator, everyone is silent. Stomach: I will now Demonstrate the Mating call of a Whale.

If you line up all your Ex's in a row you can see the flow chart of your mental Illness.

Don't use the Bathroom in your dream…It's a Setup!!!

Before you ask me to babysit I think you should know that I think kids are super funny when they're drunk.

Eggs are fantastic for a fitness Diet. Don't like the taste? Add cocoa, butter, flour, sugar & butter. Bake 30 Min.

Got emotions? There's Alcohol for that.

And then alcohol said "put that on Facebook, it's hilarious". But alcohol was wrong, So Very wrong.

Sometimes it's just more fun to take the low road.

Remember to look both ways before crossing a woman.

Some things are better left unsaid. Which I realize right after I have said them.

Someone offered me grapes but I declined. I'm not used to taking wine in pill form.

I'm not Cheap, but I am on special this week.

That awkward moment when you're singing a song you often sang as a child - and you suddenly understand the lyrics.

Judging by the looks of my hair this morning, I think I may be a Muppet.

Shout out to everyone who got through the day without taking a nap. Pulled a All-Dayer! Pretty Cool!

I think way too many people have been drinking from the Fountain of Stupid

Well what day will you have time for my shenanigans?

Lieabetes (Lie-a-bee-tees) -noun- A serious affliction some people suffer from that prevents them from being able to tell the truth regardless of the situation.

I Planned to take over the world, But I'm Tired

I found some things to do today. They're called mimosas

Wine-O-Lympics Everyone's a winner in these games

The revised Serenity Prayer…God grant me the strength to accept things I cannot change, the courage to change the things I can, and the devoted friends who will post bail money when I snap.

Redneck word of the Week Twerk….Imma have two more beers then it's back to TWERK

This antidepressant works best if you take it with water lapping near your hammock on a Caribbean beach.

I've expanded my skills. I can now forget what I'm doing while I'm actually doing it.

I never thought I would be the kind of person that would get up early to exercise. I was right.

Wish me luck in the Olympics. Just kidding I'm on my forth cupcake.

Dear God, I've been very good today- No grumpy thoughts, no swearing, no smacking people in the head and no whining at all. But I'm about to get out of bed so I may need some help with the rest of the day.

Some of the best moments in life are the ones you can't tell anybody about.

The secret to being happy is having a good sense of humor and a Dirty Mind

The Lysol commercial told me to disinfect the things I touch the most. I have a feeling that this is going to burn.

We have to stop this recent culture of people telling us they're "Offended" and expecting us to care

I 've learned so much from my mistakes I'm thinking of making a few more

It's been one of those "I can no longer be held responsible for my actions" kind of days

What do you call a sleepwalking Nun? A Roamin' Catholic

You may not have lost all your marbles, but there's definitely a hole in your bag.

I used to be crazy but one of my voices is a therapist and declared I am sane.

Just call me the little engine that said "Ok, but I need a cup of coffee first."

What does it mean when Holy water sizzles when it hits your skin (asking for a friend)?

Some say that their body it a temple…Mine is a bouncy castle

Diet Tip: If you feel hungry you could really be just Thirsty. Drink a pitcher of Margaritas and see how you feel.

Today I bought a doughnut without the sprinkles. Diets are hard.

If Pigs could fly imagine how good their wings would taste.

Never ask a woman eating ice cream straight from the carton if she is OK.

Oh Lord, Please Keep all the stupid people from breeding. We are getting badly outnumbered down here.

When you see my head tilt to the right and I start to stare into space, I would RUN! The voices inside my head gave me a brilliant idea. Be very Afraid!

The first five days after the weekend are the hardest.

Chocolate comes from cocoa, which comes from a tree. That makes it a plant, therefore , Chocolate counts as a salad. You're Welcome.

I run entirely on Caffeine and Inappropriate thoughts.

Why Weigh yourself? You could set yourself on Fire and then roll in Broken glass and still feel the same way.

Don't cling to a mistake just because you spent time making it.

Everyone has baggage. Find someone who loves you enough to help you unpack.

Some “Iraq News” Posted by Clare at KTFA 7-20-2024

KTFA:

Clare:  Inclusion of commercial centers and private stores in the electronic payment system in Iraq

7/20/2024  Baghdad

The government media team announced, today, Saturday, ongoing directives and government follow-ups to include all shopping centers, pharmacies, medical clinics, shops and private stores in the electronic payment system.

The team's spokesman, Haider Majeed, said, "The official institutions continue to implement the decisions of the Council of Ministers and the directives of Prime Minister Mohammed Shia al-Sudani regarding the digital transformation process in the electronic payment file, which is one of the most important priorities of the government program."

He added, "The electronic payment process began in 10 government fuel stations in the capital, Baghdad, distributed between Karkh and Rusafa, and then the work expanded to all fuel filling stations in the governorates of Iraq, after which it included all private fuel filling stations."

Regarding official institutions, Majeed confirmed that “most of the institutions that provide services and have direct contact with citizens operate with the electronic payment system, starting with the Directorate of Passports, Nationality and Civil Status, followed by the Ministry of Health institutions, public clinics, and then the rest of the operating institutions in succession.”

He pointed out that "there are ongoing directives from the government and follow-ups between the Central Bank of Iraq, the Ministry of Finance, and the rest of the official institutions, to include private stores, pharmacies, medical clinics, shops, and markets in malls in the electronic payment file," stressing that "work is continuing in this regard."   LINK

Clare:  Iraq participates in UNCTAD technical meetings.. What is its relationship to international trade?

7/20/2024  Baghdad

The Ministry of Commerce announced today, Saturday, its participation in the technical meetings of the UNCTAD regarding the accession of Arab countries to the World Trade Organization in Istanbul.

The ministry stated, in a statement received by "Al-Eqtisad News", that it "participated today in the technical meetings organized by UNCTAD in Istanbul, which will last for two days, to discuss the experiences of Arab countries in joining the World Trade Organization."

Director General of the Department of Foreign Economic Relations, Riyadh Fakher Al-Hashemi, who represented the Ministry of Trade in these meetings, said, according to the statement, that "the meetings discussed the outcomes of the 13th Ministerial Conference of the World Trade Organization, the process of Arab countries joining the organization, and how Iraq can benefit from these experiences in its process of joining. The importance of trade in services in supporting the economies of Arab countries and enhancing their growth was also reviewed."

Al-Hashemi stressed that "Iraq's participation in these technical meetings enhances the experience of the Iraqi negotiating team and pushes it to move forward quickly towards achieving full accession to the World Trade Organization, as the exchange of knowledge and experiences gained from these meetings will have a significant positive impact on improving Iraq's negotiating capabilities and achieving its economic goals."

The statement indicated that "this participation is part of the ongoing efforts made by the Ministry of Trade to enhance Iraq's international economic relations, and to take advantage of the available opportunities to enhance economic and commercial development in the country." LINK

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Clare:  Members welcome Iraq’s return to WTO accession talks after 16 years

18 JULY 2024

ACCESSIONS

At the third meeting of the Working Party on the Accession of Iraq on 18 July, WTO members welcomed the formal resumption of the country’s accession process after a 16-year hiatus, commending Iraq for its renewed political commitment and engagement in the accession process.

 Iraq reaffirmed its pledge to join the WTO, highlighting significant economic and legislative reforms.

Mr. Atheer Dawood Salman Al Ghrairi, Iraq's Minister of Trade, led a high-level delegation from Baghdad at the third meeting of the Working Party.  Ambassador Saqr Almoqbel of the Kingdom of Saudi Arabia, who chaired the Working Party for the first time since his appointment last year, welcomed Iraq's return to Geneva after many years, highlighting the significance of the formal resumption of Iraq's accession process. “The Minister's presence here, the first since 2008, sends a clear signal that Iraq's accession process is now back on track,” he remarked. The Working Party held its second meeting in April 2008 and an informal meeting in November 2017.

The Chair acknowledged “the tremendous efforts by everyone, of course, starting with Iraq, but also members and partners, as well as former Chair Ambassador Omar Hilale of Morocco, to make today's meeting a reality”. He also referred to his visit to Baghdad in January 2024, where he met with senior Iraqi government officials, including President Abdul Latif Rashid.

Minister Al Ghrairi noted the importance of the meeting, which “represents a distinctive step for the Government and the people of Iraq towards becoming a full-fledged member of the WTO, a target we seek to achieve as a means to enhance our national economic strategy and integration in the global economy”.  He further stated that despite ongoing security, political, and regional challenges, “the Government of Iraq remains steadfast in its commitment to pursue a reform agenda in terms of enhancing trade policies, boosting the business environment, and creating favourable conditions for foreign investment.”

Minister Al Ghrairi highlighted the special importance attached by the Government to aligning its trade policies and regulatory frameworks with international rules and standards and strengthening institutional capacities to meet WTO requirements. “The National Committee on Iraq's Accession has intensified efforts and made substantial progress in fulfilling the accession requirements,” he said. Ahead of the third Working Party meeting, Iraq submitted key negotiating documents, including its initial market access offers on goods and services.

WTO Deputy Director-General Xiangchen Zhang stressed the significance of this meeting not only for Iraq but also for the Arab region, which still has a large number of accessions under way. “As the largest region outside the multilateral trading system, this moment signifies a renewed opportunity for progress and collaboration towards accession for Iraq and hopefully other Arab nations aspiring to join the WTO, enhancing regional and global trade dynamics.” He also emphasized the importance of technical assistance and capacity building in the region, especially for Iraq in view of its status as a post-conflict country.

Members highlighted the significance of Iraq's accession for the multilateral trading system. Many Arab members emphasized that Iraq's accession would contribute to regional integration efforts in support of peace and security.  Other participants in the meeting included observer governments and international organizations.

Iraq provided an update on its initial contacts with members regarding bilateral market access negotiations, noting that initial offers on goods and services were submitted in early May. The Iraqi delegation expressed readiness to further engage with WTO members.

The Working Party discussed various aspects of Iraq's foreign trade regime based on its revised Memorandum of the Foreign Trade Regime (MFTR) and other supporting documentation. Iraq provided a report on legislative developments, highlighting its latest efforts to conform with WTO-related rules.

Next steps

The Chair invited Iraq and WTO members to intensify bilateral negotiations on market access, building on the recent contacts.  

The Chair invited members to submit specific questions in writing by 15 August. He also asked Iraq to provide replies to members' questions and to submit other requested accession documents.  The Chair asked the WTO Secretariat to work with Iraq to revise its MFTR, which will serve as the basis for continuing the examination of Iraq's foreign trade regime at the next meeting of the Working Party.

In addition, the Chair asked Iraq to revise its Legislative Action Plan and submit copies of WTO-related legislation to provide an up-to-date picture of ongoing reforms.

The importance of technical assistance was emphasized, with several members and international organizations offering support. The Secretariat plans to organize a Round Table to discuss Iraq's technical assistance needs to further facilitate its accession process.

The Chair suggested that the fourth Working Party meeting could be scheduled for the first quarter of 2025, contingent on the progress of the outlined steps.

https://www.wto.org/english/ne.....ul24_e.htm

Clare:  Parliament's agenda for tomorrow

7/20/2024

The Media Department of the House of Representatives announced today, Saturday, the Parliament's agenda for tomorrow, Sunday.

TRANSLATION:

 Republic of Iraq House of Representatives

The fifth electoral session, the third legislative year, the second legislative term

In the name of God, the most gracious, the most merciful

Republic of Iraq House of Representatives

Reading) verses from the Holy Quran, I hate pain

First: First reading! Economy and Industry for the draft law reforming economic laws. (Committee on Commerce, Committee on Investment and Development, Committee on Legal, Committee on Finance), (16 articles). One

Agenda for Session No. (2), Sunday, July 21, 2024

Second: The first reading of the proposed law on the first amendment to the Law of the National Authority for Nuclear, Radiological, Chemical and Biological Control No. (1) of 2024. Health and Environment Committee (2 articles). F

Third: The first reading of the draft Islamic investment sukuk law, the Finance Committee, the Legal Committee, the Investment and Development Committee (19 articles).

Fourth, report and discuss the second reading of the draft law on compensation for the properties of those affected by the former regime.

Paradise for martyrs, victims and political prisoners).

No Najoma Ni Novineh Ran

The session begins at eleven in the morning    LINK

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

Clare: $27.5 billion is the volume of trade exchange between Iraq and China in the first half of 2024

7/20/2024  Baghdad

An economic institution announced that the volume of trade exchange between Iraq and China during the first half of this year amounted to $27.5 billion.

The head of the Iraq Future Economic Foundation, Munar Al-Obaidi, said that "Chinese exports to Iraq grew in the first half of this year by 16.17% compared to the first half of 2023, and by 12.17% compared to the second half of 2023."

He added that "the total value of Chinese exports to Iraq amounted to $8.15 billion in the first half of this year compared to $7 billion in the first half of 2023 and $7.3 billion in the second half of 2023."

Al-Obaidi continued: "Chinese exports to Iraq during 2024 are expected to exceed $16 billion, which is the highest historical value."

He explained that "China's exports of electrical appliances, which mainly include air conditioners, amounted to 23% of China's total exports, followed by exports of electronic devices represented by mobile phones, televisions and the like By 13%, and Chinese cars ranked third with 6% of the total value of Chinese exports to Iraq.

He explained that "China's exports of iron-based materials declined, and China's exports of car fuel decreased by 95%, in addition to a decrease in exports of clothing accessories."

He pointed out that "in contrast, China's exports of fruit-based products increased by 62%, ranking 14th among the most exported goods to Iraq."

He stressed that "the volume of trade exchange between Iraq and China amounted to $27.5 billion in the first half of this year, up by 14.38% compared to the first half of 2023 and 7.24% compared to the second half of 2023, and it is expected that trade exchange with China will reach more than $55 billion by the end of this year, making it Iraq's largest trading partner."   LINK

Seeds of Wisdom RV and Economics Updates Saturday Afternoon 7-20-24

Good Afternoon Dinar Recaps,

JORDAN LAUNCHES NATIONAL TECHNOLOGY NETWORK

The Ministry of Digital Economy and Entrepreneurship in Jordan has launched a national blockchain technology network in partnership with Jordanian blockchain company Blockexe. The implementation of blockchain technology in Jordan’s government sector aligns with the Jordanian Digital Transformation Strategy (2021-2025).

Enhancing Trust in Government Services

On July 17, the Jordanian Ministry of Digital Economy and Entrepreneurship announced its partnership with local blockchain company Blockexe to launch a national blockchain technology network called Modee Dlt. This protocol aims to enhance trust and transparency in government services.

The blockchain network has been integrated with the Jordanian government portal, allowing for decentralized and verifiable digital records of all Sanad transactions. According to a report, this implementation aligns with the Middle Eastern nation’s Digital Transformation Strategy (2021-2025), which focuses on strengthening the country’s digital infrastructure.

Under Jordan’s ambitious strategy, innovation, as well as private and public sector partnerships, are seen as key enablers; hence, they are encouraged. Investments in critical information technology infrastructure, including broadband expansion and 5G deployment, are similarly viewed as important enablers. When achieved, these and five other enablers help Jordan improve the quality of life for its citizens.

Meanwhile, the Ministry emphasized that utilizing the blockchain network across various government sectors will create a reliable digital environment, supporting the Kingdom’s broader goals of achieving a robust and trustworthy digital economy.

In addition to enhancing trust in government, this initiative aims to streamline the integration of e-government services, making them more transparent, efficient, and competitive both locally and internationally.

@ Newshounds News™

Read More:  Bitcoin News

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BANK OF INTERNATIONAL SETTLEMENTS ISSUE NEW RULES FOR XRP

"The BIS, which positions itself as a bank for central banks globally, has introduced new regulations governing banks’ exposure to Group 2 cryptocurrencies. Notably, the BIS had in the past defined what Group 2 crypto assets are in an effort to separate them from other cryptocurrencies."

"Group 2 assets include unbacked crypto assets such as XRP, Bitcoin (BTC), and Ethereum (ETH). The category also contains stablecoins that lack effective stability mechanisms. According to the BIS’ classifications, these assets are riskier due to their volatility."

"In the latest requirements, the BIS has stipulated that a bank’s total exposure to all these Group 2 assets must not exceed 1% of its Tier 1 capital. For the uninitiated, the Tier 1 Capital represents a bank’s core capital."

"This capital is the primary financial buffer that absorbs losses, ensuring the bank’s stability. Per the BIS requirement, if a bank with $1 trillion in Tier 1 Capital seeks to hold XRP and other assets in Group 2, the combined worth of all assets must not be more than $10 billion."

"Crypto regulations have taken focus in recent times as the industry pushes further into the mainstream scene. For instance, the European Union recently enacted the first part of its MiCA regulations, affecting stablecoins.

"Mainstream banks have begun gaining exposure to crypto assets. Recall that last December the Basel Committee disclosed the crypto holdings of 19 banks across different regions. The disclosure confirmed that these banks held $205 million in XRP at the time.

Despite this, XRP has not commanded as much adoption from banks and financial institutions due to the ongoing SEC lawsuit. Anderson, a crypto researcher, argued in February that XRP might not see increased adoption by banks until the U.S. SEC publicly declares it is not a security."

"Per the publication, the BIS’ recent requirements are set to take effect on JANUARY 1, 2026"

@ Newshounds News™

Read more:  Crypto News

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THE CENTRAL BANK OF THE UAE (CBUAE) and NATIONAL BANK OF ETHIOPIA (NBE) have signed an agreement to enhance financial and commercial co-operation between the two nations, in a deal worth AED 3 billion.

"Both parties also entered into two Memorandum of Understanding (MoU) to establish a framework for the use of LOCAL CURRENCIES in settling cross-border transactions and for linking their payment and messaging systems.

The agreement allows the CBUAE and the NBE to SWAP LOCAL CURRENCIES with a nominal value of up to AED 3 billion and ETB 46 billion, supporting the financial and commercial cooperation between the UAE and Ethiopia through the provision of LIQUIDITY IN LOCAL CURRENCIES to financial markets, enabling more effective and efficient settlement of cross-border transactions."

"Both parties will cooperate under the second MoU in the areas of PAYMENT PLATFORM SERVICES and ELECTRONIC SWITCHES, by interlinking their instant payment systems, national card switches UAESWITCH and ETHSWITCH, and messaging systems in accordance with the regulatory requirements of each country, in addition to the cooperation in the field of financial technology and CENTRAL BANK DIGITAL CURRENCIES."

"“The bilateral CURRENCY SWAP AGREEMENT and the MoUs signed today reflect the robust economic cooperation between the UAE and Ethiopia, specifically in the areas of trade and investment. SWAPPING THE CURRENCIES of the two countries and utilizing LOCAL CURRENCIES to settle cross-border transactions and enhancing the cooperation in interlinking instant payment systems, electronic switches and messaging systems will enhance economic, trade, and investment prospects. "

"The currency swap arrangement provides an important funding opportunity for Ethiopia and helps diversify the range of currencies at its disposal to facilitate the growing volume of trade and investment transactions expected over the coming years."

@ Newshounds News™

Read more:  ARN News Center

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~~~~~~~~~

Currency Swaps: Definition, How and Why They're Done

"A currency swap involves the exchange of interest—and sometimes of principal—in one currency for the same in another currency.

Companies doing business abroad often use currency swaps to get more favorable loan rates in the local currency than if they borrowed money from a local bank.

Considered to be a foreign exchange transaction, currency swaps are not required by law to be shown on a company's balance sheet.

Interest rate variations for currency swaps include fixed rate to fixed rate, floating rate to floating rate, or fixed rate to floating rate."

" Currency swaps were originally done to get around exchange controls, governmental limitations on the purchase and/or sale of currencies. Although nations with weak and/or developing economies generally use foreign exchange controls to limit speculation against their currencies, most developed economies have eliminated controls nowadays."

"So swaps are now done most commonly to hedge long-term investments and to change the interest rate exposure of the two parties. Companies doing business abroad often use currency swaps to get more favorable loan rates in the local currency than they could if they borrowed money from a bank in that country."

"Currency swaps are important financial instruments used by banks, investors, and multinational corporations."

"In a currency swap, the parties agree in advance whether or not they will exchange the principal amounts of the two currencies at the beginning of the transaction. The two principal amounts create an implied exchange rate. For example, if a swap involves exchanging €10 million versus $12.5 million, that creates an implied EUR/USD exchange rate of 1.25. At maturity, the same two principal amounts must be exchanged, which creates exchange rate risk as the market may have moved far from 1.25 in the intervening years. "

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Read more:  Investopedia

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DIGITAL RUSSIAN RUBLE CBDC

"Putin wants to speed up deployment of Russia’s CBDC.
During a meeting on economic issues earlier this week, Vladimir Putin seemed keen for Russia’s central bank digital currency (CBDC) pilots to accelerate, according to Russian news agency TASS.

“Now we need to take the next step, namely to move to a broader, full-scale implementation of the digital ruble in the economy, in economic activity and in the field of finance,” he said. Digital ruble trials started in August last year after months of delays waiting for supporting legislation.

The first wave of tests involved a dozen banks, with a second wave due to start in September with up to 19 additional banks, including Russia’s largest, Sber."

"“It is important for Russia to ‘seize the moment’, as they say, to create the legal framework and regulation in a timely manner, to develop infrastructure, to create conditions for the circulation of digital assets, both within the country and in relations with foreign partners,” he said."

"Russia already has a digital financial asset (DFA) framework for tokenized assets, including commodities such as gold. The usage of DFA such as tokenized gold for payments is banned. However, the country recently passed legislation supporting their use for cross border payments. Plus, Iran said it was working with Russia on CBDC and tokenized asset payments."

"Likewise, the central bank governor recently said that it was acceptable to use cryptocurrencies for international payments if it helps address sanctions"

"This underlines Putin’s desire to accelerate other modes of payment, particularly new digital technologies such as CBDC and digital assets that sidestep the West."

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Read more:  Ledger Insights
https://www.ledgerinsights.com/putin-wants-to-speed-up-deployment-of-russias-cbdc/

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CBDC ADOPTION IS A MATTER OF "WHEN" NOT "IF"

"RESERVE BANK OF INDIA (RBI) released a Central Bank Digital Currency (CBDC) called the Digital Rupee in 2022. The Digital Rupee is supposed to carry the same force as traditional currency. Pati mentioned that the regulator sees CBDC as a product for the future, with 140 countries exploring CBDC at various stages. “At some point of time, we would see that CBDC provides a good, safe and secure alternative to cash, and reduces our dependence on currency. This would also reduce the need for printing, distributing, retrieving back those currency notes and replenishing them,” Pati pointed out."

"RBI’s Chief General Manager for the Fintech Department, Suvendu Pati, said during Assocham’s India International Fintech Festival. “We didn’t want to impinge on fintechs because they are at different stages of development and they require treatment that improves their innovation,” Pati mentioned."

Pati emphasized the utility of CBDCs for cross-border money transfers. He said that cross-border payments have three challenges—
1. High remittance costs
2. Timelines for payments/ time zone restrictions
3. The lack of adequate transparency in tracking money back to the receipt

"“CBDC through its technology and tokenized way of transfers offers to break all these barriers and restrictions,” he mentioned. He added that India has entered into pilot agreements with a few countries and joined multi-lateral projects to this effect.

“This is one area where I would encourage apart from the traditional banks which are a part of the [CBDC] distribution systems, fintechs and NBFCs should also enter this segment because the potential for innovation is immense,” he said, adding that the regulator has started programmability as a part of CBDC to monitor the end use of the currency."

@ Newshounds News™

Read more:  Currency Insider

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