Some Iraq Financial News Posted by Clare at KTFA 10-13-2024
KTFA:
Clare: Ministry of Finance announces release of more than 400 billion dinars from governorate allocations
10/13/2024
The Ministry of Finance announced that it is about to release more than 400 billion dinars from the governorates’ allocations today, Sunday.
Finance Minister Taif Sami said in a press statement: "The ministry will release today more than 400 billion dinars from governorate allocations."
KTFA:
Clare: Ministry of Finance announces release of more than 400 billion dinars from governorate allocations
10/13/2024
The Ministry of Finance announced that it is about to release more than 400 billion dinars from the governorates’ allocations today, Sunday.
Finance Minister Taif Sami said in a press statement: "The ministry will release today more than 400 billion dinars from governorate allocations."
She pointed out that "financial allocations have been secured for the ration card and the food basket, sufficient for the next six months."
Regarding the revenues generated from exporting the region’s oil, Sami said, “The regional government has not handed over its oil revenues to the state treasury since the Federal Court issued a decision to pay the salaries of Kurdistan employees, noting that the salaries of the region’s employees are estimated at 13 trillion dinars.”LINK
Clare: Iraqi Parliament Discusses Budget Law with Finance Minister, Customs and Tax Officials
10/13/2024
The Parliamentary Finance Committee hosted, on Sunday, the Minister of Finance Taif Sami, the Chairman of the General Authority of Customs Hassan Al-Akeili, the Chairman of the General Authority of Taxes Waad Al-Alawi, and the Director of the Budget Department at the Ministry of Finance Wasan Saad.
Shafaq News Agency correspondent said that the hosting was to discuss the Iraqi state's general budget law, financing projects in the governorates, and enhancing non-oil financial revenues through customs and taxes. LINK
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Clare: Parliamentary Finance: The three-year budget aims to facilitate contracting and financing
10/13/2024 Baghdad
The Parliamentary Finance Committee confirmed, on Sunday, that the three-year budget aims to facilitate contracting and financing.
The head of the committee, Atwan Al-Atwani, said in a statement received by "Al-Eqtisad News", that "the committee hosted the Minister of Finance, Taif Sami, the heads of the Customs and Tax Authority, and the Director General of the Budget to discuss non-oil revenues, financing the governorates, and food security."
He added, "The three-year budget aims to facilitate contracting and financing," noting that "total reliance on oil gives us an unstable economy and disrupts development plans."
He continued: "Our meeting today is very important to delve into the file of the state's non-oil revenues, and we are working to establish scientific foundations to maximize them." LINK
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Clare: Parliamentary Finance: The Ministry of Finance is about to complete the procedures for appointing 150,000 contractors
10/13/2024
The head of the Parliamentary Finance Committee, Atwan Al Atwani, revealed today, Sunday, that the Ministry of Finance is close to completing the procedures for appointing 150,000 contractors.
Al-Atwani said in a press statement that "the committee hosted Finance Minister Taif Sami to discuss the financial situation in light of the circumstances the world is experiencing and the security tension in the region."
He added that "discussions were held regarding securing food, medicine, and basic necessities for life, as well as securing financial allocations for the governorates under the 2023 budget provisions, as well as the current year's budget."
Al-Atwani continued, "The meeting resulted in a set of matters that were confirmed to have been achieved, including securing the ration card for a period of six months, as well as discussions regarding securing and releasing financial allocations and financing spending funds for all governorates and launching projects that were contracted for in 2023.
" He called on citizens "to rest assured that all requirements for the ration card and food supplies have been secured by the government, and that the financial allocations are available and there is no need to worry."
Al-Atwani pointed out that, "Regarding the implementation of the budget items and the paragraph on appointing contracts in the governorates, as well as the status of the ministries, the Ministry of Finance informed us that work is underway to contract and is awaiting the completion of the governorates' requirements to submit the names and implement the contracts for all those included in the paragraph, which is to appoint one hundred and fifty thousand contracts in all governorates." LINK
Clare: Rafidain Bank: Implementing the comprehensive banking system in 44 branches
10/13/2024 Baghdad
In implementation of the government program to move from paper transactions to electronic ones to provide the best services to citizens.
Rafidain Bank announced in a statement received by Mawazine News a copy of it the implementation of the comprehensive banking system in the Nasr Square and Oil Products branches in Baghdad, the Anbar branch and the Al-Ghari branch in Najaf
Al-Ashraf to join the branches that have activated the comprehensive system in Baghdad and the governorates in addition to the border crossing branches (Zurbatiyah - Safwan - Arar - Trebil) so that the number of branches that have implemented and completed the system becomes (44) branches.... The bank confirms that the digital transformation plan and the adoption of the comprehensive banking system are proceeding according to the scheduled timings to include all the bank's branches in the application of the system.
Media Office of Rafidain Bank LINK
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Clare: Digital Transformation in Iraq: A Strategic Plan and New Procedures
10/13/2024
Iraqi Prime Minister Mohammed Shia al-Sudani chaired, on Sunday, the periodic meeting of the Supreme Committee for Digital Transformation in Iraq.
During the meeting, according to a statement issued by his office and received by Shafak News Agency, the implementation of previous decisions and directives was reviewed, and practical procedures related to digital transformation in public sector institutions and infrastructure development were followed up, in a way that helps accelerate this important digital transition that will contribute to improving the quality of service provided to citizens.
The Prime Minister stressed the government's interest in the comprehensive digital transformation process, which has become a necessity in Iraq. The five-year development plan has adopted this process, pointing out the possibility of benefiting from the youth reality of Iraqi society to move towards the rapid implementation of this transformation. His Excellency also stressed the importance of thoughtful planning in this field, due to its importance in achieving development.
The Supreme Committee for Digital Transformation considered a number of the presented files, and approved the technical report on the strategic directions to provide the requirements for digital transformation, which includes the methodology and general principles for launching this process, and benefiting from the successful experiences of countries similar to the situation of Iraq, as well as the vision required to be adopted to achieve this transformation, provided that the services provided to the citizen are the first idea for launching the digital transformation process in terms of service and cybersecurity.
The committee also approved the steps for digital transformation in the Retirement and Social Security Department at the Ministry of Labor and Social Affairs, and also discussed the steps necessary to implement digital transformation in the Companies Registration Department at the Ministry of Commerce.
The Committee agreed to continue cooperation with the United Nations Development Program, with the aim of improving indicators related to the communications and information technology sector, and approved the Communications and Media Commission and the Central Bank of Iraq to negotiate with international digital companies. LINK
Iraq News Highlights and Points To Ponder Sunday AM 10-13-24
"Autumn" Economic Recession In Iraq.. And A Government Advisor Explains The Reasons
Time: 2024/10/11 Read: 2,574 times {Economic: Al Furat News} A government advisor revealed that Iraq is going through a “seasonal economic recession.”
The financial advisor to the Prime Minister, Mazhar Mohammed Saleh, told {Al-Furat News}: "The fluctuation of the dollar exchange rate in the parallel market has nothing to do with the phenomenon of seasonal recession that the markets are currently witnessing."
"Autumn" Economic Recession In Iraq.. And A Government Advisor Explains The Reasons
Time: 2024/10/11 Read: 2,574 times {Economic: Al Furat News} A government advisor revealed that Iraq is going through a “seasonal economic recession.”
The financial advisor to the Prime Minister, Mazhar Mohammed Saleh, told {Al-Furat News}: "The fluctuation of the dollar exchange rate in the parallel market has nothing to do with the phenomenon of seasonal recession that the markets are currently witnessing."
He explained that "the recession in demand comes after the high peak of sales that preceded the current school season and the end of most major religious and social occasions, in addition to the entry of the fall season, which is the end of the summer season, that abundant season in agricultural production and marketing."
Saleh explained, "In all cases, there is a recession in demand or a recession in seasonal economic activity, which is a phenomenon that occurs when economic activity declines during a certain period of the year as a result of seasonal factors."
He continued, "This recession can occur in different sectors such as tourism, agriculture, or retail sales, and is often affected by natural factors such as weather, religious occasions and holidays, or changes in demand patterns from one season to another."
Saleh believed that this recession "will take such a seasonal change, a few weeks until the entry of winter for economic activity to begin interacting in this short-term economic cycle."Raghad LINK
Members Welcome Iraq’s Return To WTO Accession Talks After 16 Year
ACCESSIONS
Iraq
Iraq's Working Party was established on 13 December 2004. The Working Party met for a third time in July 2024. The Working Party is chaired by Ambassador Saqer Abdullah ALMOQBEL (Saudi Arabia, Kingdom of). For more information on the current status of this accession, please click here.
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Iraq ACCESSION Members welcome Iraq’s return to WTO accession talks after 16 years Acc_18jul24_md
Members welcome Iraq’s return to WTO accession talks after 16 years
18 July 2024
At the third meeting of the Working Party on the Accession of Iraq on 18 July, WTO members welcomed
Iraq ACCESSION Members welcome Iraq’s return to WTO accession talks after 16 years Irakacc220124_md
Working Party Chair visits Baghdad to hold high-level consultations on Iraq’s accession
16 January 2024
The Chair of Iraq’s Accession Working Party, Ambassador Saqer AlMoqbel of the Kingdom of Saudi…
More news on Iraq See latest article on Iraq in August 2024 newsletter
Current status in the accession process
Click here to see the image below full size
All documents on the accession of Iraq in Documents Online by date of circulation
Note:
The de-restriction of documents is a key component of the transparency obligations of the Multilateral Trading System. Paragraphs 1 and 2(e) of the Ministerial Council Decision WT/L/452 of 14 May 2002 provide that “documents relating to working parties on accession shall be restricted and shall be automatically de-restricted upon the adoption of the report of the working party” by the Ministerial Conference/General Council.
The time of completion of the de-restriction process depends on the amount and complexities of the documents involved. Prior to 2002, the de-restriction of accession-related documents was governed by a different set of rules (i.e. General Council Decision WT/L/160/Rev.1 of 26 July 1996), which only affect documents circulated prior to 2002. https://www.wto.org/english/thewto_e/acc_e/a1_iraq_e.htm#status
An Absent Minister, “Suspicious” Agents, And “Absent” Oversight... Oil Is At Its Worst And Smugglers Are Living A “Honeymoon”
Alsumaria Special 2024-10-13 | Sumerian News-Politics For about a month, the Minister of Oil was absent Deputy president council Minister of Energy Affairs Hayan Abdul Ghani was removed from his ministry due to a health condition he suffered from, but during this month he got a lot There are suspicious movements and decisions inside the ministry, taking advantage of the minister’s absence from the head of his ministry.
In mid-September, Abdul Ghani suffered a stroke while in the United States.United On an official visit, the minister was absent from the ministry throughout the month. He is supposed to return to his duties today or tomorrow, according to what sources revealed. However, during this period of absence, and the preoccupation of the Prime Minister, council Ministers in the political and security situations, two of the undersecretaries of the Ministry of Oil took advantage of this period to intensify their activities and meetings with foreign companies at times and to make wrong decisions at other times, according to what sources revealed to Sumaria News.
Sources say that one of the ministry's undersecretaries preferred to stop the operations. export Oil products out Iraq In return for granting these products to some fictitious parties and factories, and we are talking here about the fuel oil product, and fictitious factories are factories that exist only on paper, and do not carry out any activity or production, from the oxidized asphalt factories, which only take shares of fuel oil at a price subsidized by the state not exceeding 250 to 300 dollars, while its price outside Iraq About $500 per ton, i.e. a profit margin of 100%.
The agents’ activities came in contradiction to the policy and directions of the government and its prime minister to maximize the country’s foreign currency resources by selling this product through the Oil Marketing Company to accredited and reliable companies and exporting it abroad instead of consuming it or smuggling it by some owners of fictitious factories inside Iraq, according to what was revealed by informed sources and official correspondence.
As for the other agent of the Ministry of Oil, he was immersed in a long series of meetings with foreign companies to conclude contracts and side deals.
All this is happening, at a time when the Internal Control Department is completely absent from the scene in the Ministry of Oil, which is supposed to monitor these activities and events, but the truth is that the Director General of the Internal Control Department in the Ministry of Oil, who was hosted in an open session in council Iraqi MPs last September,
it turned out that there is a lot From the negligence and laxity of this department regarding the files of corruption, negligence and misuse of authority, with the existence of an official letter from the Parliamentary Integrity Committee regarding his ineligibility for the position because he suffers from health problems, according to what was stated in the letter.
The Parliamentary Oil Committee also indicated at the time that the Director General of Control is arbitrary in his decisions and has emptied his department of about 35 competent employees who are needed by internal control, which in itself is suspicious and suspicious behavior.
Between a minister who was absent, agents who “move secretly” and an internal control director who is absent from the scene, informed sources say that the Ministry of Oil is going through its worst phase as a result of the chaos occurring in the ministry, calling on the head of...councilMinisters to conduct a real review of all the ministry's joints.
Estimates indicate that about a third of the factories that receive black oil inIraqThey are “fake factories” that benefit from subsidized fuel oil and smuggle it and sell it outside Iraq, which provides profits of one billion dollars annually, or about 100 million dollars monthly. LINK
With The Opening Of Trading On The Stock Exchange.. 1531 Dinars Per Dollar
Money and business Economy News – Baghdad With the opening of trading in the Harithiya and Al-Kifah stock exchanges in the capital, Baghdad, the exchange rate of the US dollar reached 153,150 dinars for every 100 dollars.
As for the selling prices in exchange shops in the local markets in Baghdad, they reached 154,250 dinars for sale, while the purchase price reached 152,500 dinars for every 100 dollars.
Views 66 10/13/2024 - https://economy-news.net/content.php?id=48643
More Than A Billion Dollars In Sales From The Central Bank Of Iraq During The Week
economy | 03:17 - 12/10/2024 Mawazine News - Economy The total sales of the Central Bank of Iraq of hard currency for the US dollar during the days in which the auction was opened last week exceeded one billion dollars.
The sources reported that the Central Bank sold during the past week and for the 5 days in which the auction was opened one billion, 309 million, 74 thousand, and 838 dollars, at a daily average of 261 million, 814 thousand, and 876 dollars, higher than the previous week, which amounted to one billion, 36 million, 172 thousand, and 839 dollars.
The highest sales of the dollar were on Tuesday, when sales amounted to 265 million, 549 thousand, and 741 dollars, while the lowest sales were on Sunday, when sales amounted to 257 million, 883 thousand, and 86 dollars.
Our correspondent indicated that foreign remittance sales during the past week amounted to 1 billion, 254 million, 458 thousand, and 363 dollars, an increase of 96% compared to cash sales, which amounted to 54 million, 616 thousand, and 20 dollars.
Seeds of Wisdom RV and Economic Updates Sunday Morning 10-13-24
Good Morning Dinar Recaps,
US SHARE OF WORLD ECONOMY PROJECTED TO REACH HISTORIC LOW
The U.S. share of the global economy has fallen below 15% during President Joe Biden’s term, according to Sputnik’s analysis of World Bank and International Monetary Fund (IMF) data. Once peaking at over 21% in 1999, the U.S. has seen a steady decline, with China now commanding a larger share at 18.76%. This downward trend has persisted through recent administrations, underscoring shifts in global economic power.
Good Morning Dinar Recaps,
US SHARE OF WORLD ECONOMY PROJECTED TO REACH HISTORIC LOW
The U.S. share of the global economy has fallen below 15% during President Joe Biden’s term, according to Sputnik’s analysis of World Bank and International Monetary Fund (IMF) data. Once peaking at over 21% in 1999, the U.S. has seen a steady decline, with China now commanding a larger share at 18.76%. This downward trend has persisted through recent administrations, underscoring shifts in global economic power.
US Global Economic Share Drops Below 15% Under Biden
The U.S. share of the global economy has fallen below 15% during Joe Biden’s presidency, according to news outlet Sputnik’s analysis of World Bank and International Monetary Fund (IMF) data. By the end of Biden’s term, projections suggest it could reach a historic low of 14.76%.
Back in 1990, the U.S. held a 20.16% share of the global economy based on purchasing power parity (PPP), which peaked at 21.01% in 1999 when its output was $9.6 trillion out of a global $45.85 trillion. Since then, the U.S. portion has seen a gradual decline, with a notable drop from 2006 to 2008, when the share decreased by 0.6% annually.
Although the U.S. saw a brief recovery during Barack Obama’s second term, with the share reaching 16.26% in 2014 and 2015, the momentum was not maintained. By the end of Obama’s presidency, the share had dipped to 16.04%, and it continued to shrink by another 0.7% during Donald Trump’s administration.
By the end of 2023, the U.S. share dropped to 14.82%, down from 15% during Biden’s second year. IMF estimates project a further decline of 0.06% by the end of 2024, bringing the total decrease under Biden to 0.58%, with the share at 14.76%, the news outlet detailed.
In contrast, China’s share of the global economy has grown to 18.76%, while Japan’s share has decreased by 4.33% since 1990.
@ Newshounds News™
Source: Bitcoin News
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RIPPLE SCORES BEST CROSS-BORDER PAYMENT PLATFORM AWARD AS XRP STRUGGLES
▪️Ripple was awarded the “platinum winner” status for the Best Cross-Border Payments Platform at the Fintech & Payments Awards 2024.
▪️The award could increase the demand for XRP despite the price decline in the recent past.
San Francisco-based blockchain company Ripple has clinched the ‘Best Cross-Border Payments Platform—platinum winner’ in the Fintech & Payments Awards 2024.
This recognition comes from Juniper Research, a reputable industry analysis firm that specializes in fintech and new technologies. Despite the recent volatility in the price of its associated cryptocurrency, XRP, Ripple remains a leader in cross-border payments.
This recent accolade is not the first time that Juniper Research has recognized Ripple. In 2023, the firm was rewarded for its efforts in Central Bank Digital Currency (CBDC).
This recent recognition comes in the wake of other recognitions that have placed Ripple strategically positioned to compete with other companies offering cross-border payment solutions.
Award Potentially Boosts XRP Despite Recent Price Dip
In response to the announcement on X, Ripple said that it was honored to be recognized for its work in the fintech and payment industries. It is important to note that Ripple uses blockchain to solve issues typical for cross-border payments, including time and money.
The award can also positively impact Ripple’s native token XRP as the token is a key part of the company’s payment solution. The general adoption of Ripple technology may create a high demand for XRP, which will, in turn, affect its price.
However, there have been some price fluctuations lately. For instance, XRP went below $0.54 due to legal problems with the SEC, but the company’s technological developments might help the token’s value in the future.
Other winners of the Fintech & Payments Awards include SAP Fioneer for banking as a service and Signicat for digital identity services. These companies, together with Ripple, are part of the new generation of companies that are revolutionizing the way of managing payments, identification, and banking services.
Additionally, in the field of fraud prevention, Visa and Fraud.net were identified as leaders for their work to strengthen security in digital payments.
Ripple Expands its Global Presence
In addition to the Juniper Research award, Ripple has been growing in the Latin American market. Ripple has further cemented its position within the Brazilian market through a new partnership with Mercado Bitcoin, the largest cryptocurrency exchange in Latin America. The partnership seeks to improve cross-border payment services in Brazil with the help of its blockchain technology.
It also enhances the speed and reduction of costs in international transactions for companies that use Brazilian Reais. Mercado Bitcoin is the first Brazilian company to join Ripple Payments.
Besides the shift to Brazil, the company was recently approved by the Dubai Financial Services Authority (DFSA) to operate within the Dubai International Financial Centre (DIFC).
This is a boost for Ripple as it seeks to expand its business within the UAE. The introduction of Ripple Payments Direct (RPD) is designed to offer faster, safer, and legally compliant cross-border transactions to companies in the UAE.
@ Newshounds News™
Source: Crypto News Flash
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ARKHAM INTELLIGENCE PLANS TO LAUNCH A DERIVATIVES EXCHANGE NEXT MONTH: REPORT
Arkham’s new derivatives exchange will attempt to compete with giants such as Binance for retail investors.
However, it will not be available for customers in the United States.
Arkham Intelligence, the firm behind the blockchain data tracking platform Arkham Intel, intends to launch a crypto derivatives exchange in November, Bloomberg reports citing a person familiar with the matter.
The new derivatives exchange will attempt to compete with giants such as Binance for retail investors, but it will not be available for customers in the United States, Bloomberg adds.
Arkham will also relocate its business and new derivatives exchange to the Dominican Republic from London and New York, and the company is in the process of obtaining the necessary free-trade zone license.
In July, Arkham CEO Miguel Morel said the firm would explore ways to monetize the platform sometime in 2024 but would keep core functions free.
Arkham remains one of the most popular crypto data and research platforms, having amassed nearly 84,000 new X followers between Sept. 30 and Oct. 7, according to The Block's Data Dashboard.
@ Newshounds News™
Source: The Block
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SOUTH AFRICA'S TAX AGENCY ADDS CRYPTO TO COMPLIANCE PROGRAMS
The South African Revenue Service (SARS) has announced plans to include crypto assets in its tax compliance programs. SARS is seeking information on crypto users and is increasing its efforts to identify and audit non-compliant taxpayers.
The revenue collector urged taxpayers concerned about compliance to participate in the Voluntary Disclosure Program, but those already under audit will be ineligible. SARS has emphasized the consequences of willful tax evasion and stated its commitment to pursuing all non-compliant taxpayers.
SARS Aims to Streamline Crypto Tax Compliance
The South African Revenue Service (SARS) announced plans to include crypto assets in its compliance programs. The revenue collector is seeking information on crypto users from the Financial Sector Conduct Authority (FSCA) and crypto asset service providers.
SARS stated on October 9 that it felt compelled to take this step after noticing that taxpayers were not declaring crypto assets and trades in tax returns. According to the statement, South African law requires SARS to account for all income and assets, including cryptocurrency.
This understanding is thought to have prompted the revenue collector to initially request voluntary declarations from entities dealing with crypto.
However, in its latest remarks on the issue, SARS stated it is working to simplify compliance for taxpayers and traders. At the same time, the revenue collector emphasized the consequences of willful tax evasion. To achieve this, SARS said it has bolstered its audit teams and resorted to using the latest technologies.
“SARS has resorted to greater use of artificial intelligence, machine learning and algorithms to process our work. In implementing our mandate, SARS has recently issued query letters to taxpayers with crypto assets.
These letters aim to gain insight into taxpayers’ investment in crypto assets and the trades undertaken to enable SARS to assess taxpayers’ compliance in this regard,” said South African revenue collector said.
South Africa Issues Warning to Non-Compliant Crypto Traders
Meanwhile, the revenue collector has encouraged South African taxpayers concerned about compliance to participate in the Voluntary Disclosure Program (VDP). However, SARS warned that taxpayers identified for audit will be ineligible for the VDP.
SARS Commissioner Edward Kieswetter stated that technology has significantly improved the revenue collector’s ability to identify non-compliant taxpayers. He added, “SARS will pursue all without fear, favor, or prejudice.”
@ Newshounds News™
Source: Bitcoin News
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News, Rumors and Opinions Sunday AM 10-13-2024
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. 13 Oct. 2024
Compiled Sun. 13 Oct. 2024 12:01 am EST by Judy Byington
Judy Note: (RUMORS) On October 24 and 25, every cell phone on the planet will be hit with a loud, unmistakable alert signal. The signal will be transmitted directly from Starlink satellites, bypassing traditional media channels that are controlled by the elites.
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. 13 Oct. 2024
Compiled Sun. 13 Oct. 2024 12:01 am EST by Judy Byington
Judy Note: (RUMORS) On October 24 and 25, every cell phone on the planet will be hit with a loud, unmistakable alert signal. The signal will be transmitted directly from Starlink satellites, bypassing traditional media channels that are controlled by the elites.
The Earth Alliance, Starlink, and the military are all in place, ready to execute the final phase of this plan. The old world is crumbling, and a new era of freedom is about to begin. The Earth Alliance has been preparing for this for years, quietly building a network of satellites and secure communication lines that will make this operation possible. Starlink
The EBS alert will be initiated globally but will be activated in phases. Depending on where you are, you may receive the alert slightly earlier or later than others, but make no mistake—it is coming.
The EBS broadcast will last up to 10 days depending on the situation on the ground. During this time, there will be no internet access, no social media, no TV, and no mainstream news.
Stock up on food, water, and essential supplies. Have backup power sources ready. You won’t be able to go to the store or access online services during this time.
The DeepState’s financial institutions will crumble, and the Quantum Financial System (QFS) will officially take over, marking the beginning of the greatest wealth transfer in human history. The elite-controlled banks, stock markets, and fiat currencies will be obliterated, replaced by a fair and transparent financial system that serves the people, not the elites.
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Global Currency Reset:
On 14 Oct. 2020 the UNITED STATES CORPORATION COMPANY (allegedly) filed a Chapter 11 (involuntary) bankruptcy in the Northern District of Florida Bankruptcy Court Case #20-40375.
On Wed. 9 Oct. 2024 BRICS 12 Countries Ditched US Dollar and will now pay trade in local currencies: https://watcher.guru/news/brics-12-countries-ditch-us-dollar-pay-85-trade-in-local-currencies
Sat. 12 Oct. 2024 Wolverine: “From all sources, this is the week we have been waiting for. Things are defiantly moving.”
On Mon. 14 Oct. 2024 at the BRICS Summit they are (allegedly) going to announce the Seven Kingdoms, along with the Global Currency Reset.
Mon. 14 Oct. 2024 the old banking system—Bank of America, Deutsche Bank and JP Morgan— was expected to collapse, with the QFS taking over as stock markets crash.
Wed. 16 Oct. is a designated celebration day for Iraq and the day they will (allegedly) pay their contractors in the new Dinar Rate.
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Global Financial Crisis:
Sat. 12 Oct. 2024: BRICS: These 40 Countries Want To Ditch the US Dollar! VIDEO – amg-news.com – American Media Group
Sat. 12 Oct. 2024: Operation Sandman is a collaboration of 100+ nations in agreement to simultaneously sell off their US Treasury holdings, sending them back to the US to collapse the US Dollar. https://x.com/danscavino/status/1845139034601030143?s=46
Sat. 12 Oct. 2024: 7 Eleven is closing hundreds of store locations across North America due to underperformance.
Read full post here: https://dinarchronicles.com/2024/10/13/restored-republic-via-a-gcr-update-as-of-october-13-2024/
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Courtesy of Dinar Guru: https://www.dinarguru.com/
Militia Man Article Quote: "There's been a completion of the first steps of the banking reform process." In my view the next phase should introduce new currency denominations. If they're going to have 3 zeros removed as Alaq said, you're going to need new denominations. They never have had a three zeros exchange rate to be supporting the global financial system. They haven't done that in 21 years so why now? They never will as far as I'm concerned...they're never going to be the savior of anything at 1310.
Bruce [via WiserNow] ...we heard...let's see the 16th, which would be Wednesday, is the day that Iraq is paying all of their contractors and paying any back pay that they need to pay...And it's also the day, Wednesday the 16th, the day of celebration in Iraq for this RV and their new rate on the dinar, etc. So it looks like our start date would be Wednesday the 16th, but it could be actually, that we would start on Tuesday. I know we're supposed to get notified on Tuesday whether we start exchanges or not. We'll have to see, but the whole thing is lining up beautifully...I'm excited about the timing...
X22 Report Streamed on: Oct 12, 10:30 am EDT
Today’s Guest: Bix Weir
Website: Road To Roota http://roadtoroota.com
Bix begins the conversation talking about the economy. The [CB] are destroying their old system and the good guys are preparing and ready to bring in the new system. The system will be moving back to sound money and the constitution, the control of the creation of currency will taken away from the [CB]. It will be bumpy so buckle up and get prepared.
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Consumer Debt Crisis - ANOTHER GREAT DEPRESSION? (John Rubino)
Sachs Realty: 10-12-2024
Americans are enslaved to debt! With the cost of living at unsustainable levels and loan delinquencies on the rise, will we see another Great Depression in the United States?
“Tidbits From TNT” Sunday Morning 10-13-2024
TNT:
Tishwash: Parliament discusses budget law with Finance Minister, Customs and Tax officials
Today, Sunday, the Parliamentary Finance Committee hosted: Minister of Finance Taif Sami, Chairman of the General Authority of Customs Hassan Al-Akeili, Chairman of the General Authority of Taxes Waad Al-Alawi, and Director of the Budget Department at the Ministry of Finance Wasan Saad.
The hosting witnessed a discussion of the Iraqi state’s general budget law, financing projects in the governorates, and enhancing non-oil financial revenues through customs and taxes link
TNT:
Tishwash: Parliament discusses budget law with Finance Minister, Customs and Tax officials
Today, Sunday, the Parliamentary Finance Committee hosted: Minister of Finance Taif Sami, Chairman of the General Authority of Customs Hassan Al-Akeili, Chairman of the General Authority of Taxes Waad Al-Alawi, and Director of the Budget Department at the Ministry of Finance Wasan Saad.
The hosting witnessed a discussion of the Iraqi state’s general budget law, financing projects in the governorates, and enhancing non-oil financial revenues through customs and taxes link
Tishwash: "Autumn" economic recession in Iraq.. and a government advisor explains the reasons
A government advisor revealed that Iraq is going through a “seasonal economic recession.”
The financial advisor to the Prime Minister, Mazhar Mohammed Saleh, told {Al-Furat News}: "The fluctuation of the dollar exchange rate in the parallel market has nothing to do with the phenomenon of seasonal recession that the markets are currently witnessing."
He explained that "the recession in demand comes after the high peak of sales that preceded the current school season and the end of most major religious and social occasions, in addition to the entry of the fall season, which is the end of the summer season, that abundant season in agricultural production and marketing."
Saleh explained, "In all cases, there is a recession in demand or a recession in seasonal economic activity, which is a phenomenon that occurs when economic activity declines during a certain period of the year as a result of seasonal factors."
He continued, "This recession can occur in different sectors such as tourism, agriculture, or retail sales, and is often affected by natural factors such as weather, religious occasions and holidays, or changes in demand patterns from one season to another."
Saleh believed that this recession "will take such a seasonal change, a few weeks until the entry of winter for economic activity to begin interacting in this short-term economic cycle." link
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Tishwash: Postponement of the "Iraq Investment Forum" for this reason
The committee in charge of preparing and supervising the (Iraq Investment Forum) announced the postponement of the date of the forum, which was scheduled for November 2-3, to another date that will be determined later, due to the tense and unstable political and security conditions witnessed by the region at the regional and international levels, which negatively affects the holding of all local, Arab, regional and international economic activities and events. link
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Tishwash: Minister of Industry inaugurates Baghdad Industry and Mining Forum
Minister of Industry and Minerals Khaled Battal Al-Najm inaugurated the Baghdad International Forum for Industry and Mining, which is organized by the ministry under the patronage of the Prime Minister over two days under the slogan (Mining is Sustainable Development ... and Safe Investment).
The minister stressed in a speech in which he opened the forum that the Ministry of Industry and Minerals is proceeding with confident steps and a firm determination to achieve the goals of the government program and its drawn vision, the most important axes of which are achieving a real partnership between the public and private sectors and opening the way for local and foreign partners to invest in strategic industries and other industries, noting that this forum will witness the presentation and announcement of (135) investment opportunities and projects for partnership with the ministry's companies in the field of mining and various industrial fields.
He added: "We have started with tangible practical steps to activate the mining sector by conducting geological surveys of the country by specialized international companies and using the latest technologies.
He continued that achieving a real industrial renaissance in the country requires a set of success factors, the most important and first of which are energy, specifically gas and electricity.
He pointed out that the Ministry of Industry cannot achieve its set goals without everyone's cooperation and understanding of the requirements for achieving those goals.
He explained that the Ministry of Industry and Minerals, according to its law and duties, takes into account the private industrial sector by facilitating the work of this sector and overcoming the obstacles facing industrialists in medium, small and even micro-enterprises. He explained
that a day or more has been allocated per month to work in the Iraqi Federation of Industries with the technical staff in the ministry to listen directly to the problems of industrialists and support the private industrial sector in a way that reflects on the economic and developmental reality of the country. He indicated that the current reality requires us to invest in developing our local industry in a way that keeps pace with technological transformations. And the global economy.
He stressed that Iraq has all the ingredients that qualify it to be a major player in the industrial sector, starting with human competencies and labor force and ending with the provision of natural resources.
He pointed out that our strategy and work plan are based on strengthening the industrial infrastructure in cooperation with other sectoral ministries, improving the investment environment and encouraging industries.
He pointed out to working to build strategic partnerships with solid international companies to transfer technology and localize knowledge in a way that enhances our ability to compete in local and regional markets.
The forum was attended by Minister of Labor and Social Affairs Ahmed Al-Asadi, a number of representatives, government officials, ambassadors, and a large gathering of businessmen, investors and representatives of local, Arab and foreign private sector companies.
The forum aims to establish real industrial partnerships between public companies and the private sector, as it will include various axes and activities, including holding dialogue sessions on industrial partnerships, privileges and legislation in creating an attractive environment and opportunities for investment, in addition to presentations of available investment opportunities and projects and introducing them from a technical point of view, as well as other paragraphs and activities. link
Mot: . can you tell
Mot: . Crafty she is!!!
3 Ways To Overcome Fear of Spending in Retirement
3 Ways To Overcome Fear of Spending in Retirement, According to a Financial Expert
T. Woods Sat, October 12, 2024 GOBankingRates
James Canole is the founder of the financial advice website Root Financial Partners, and is a CFP professional/financial advisor whose podcast, “Ready for Retirement,” helps guide people toward a comfortable and prosperous nest egg for their retirement years.
On a recent episode of his podcast series, Canole spoke to a retiree facing a fundamental challenge: how to comfortably spend money in your retirement.
3 Ways To Overcome Fear of Spending in Retirement, According to a Financial Expert
T. Woods Sat, October 12, 2024 GOBankingRates
James Canole is the founder of the financial advice website Root Financial Partners, and is a CFP professional/financial advisor whose podcast, “Ready for Retirement,” helps guide people toward a comfortable and prosperous nest egg for their retirement years.
On a recent episode of his podcast series, Canole spoke to a retiree facing a fundamental challenge: how to comfortably spend money in your retirement.
Canole introduced his guest, “Ben,” as a man who “saved aggressively” so that he could retire at the age of 53. However, while Ben is enjoying his retirement, he’s found it incredibly difficult to spend money on certain things.
Growing up with a single mom, Ben came to appreciate what “a very important channel for us” money was, and how much he needed to value and appreciate it. As he became older, and aggressively saved in order to build a portfolio upon which he could retire early, his value of money only increased.
As such, Ben has found that the major issue for his retirement has been the struggle to give himself permission to spend the money that he saved and earned. “I hate to say that I’m denying myself,” he lamented, “but I oftentimes feel that that’s the case right now.”
Making the transition from “a saving to a spending mindset” was a problem he never anticipated, but it is one he has had to confront now, to the point that his retirement spending actually continues to decrease. Through Ben’s discussion with Canole, however, the two worked out ways to overcome the fear of spending and allow Ben to enjoy his golden years.
Give Yourself Permission To Spend
You’ve worked hard for your retirement, and you’ve planned ahead. This is the moment you’ve been saving for. If you don’t spend on yourself now, when will you?
Commit to a Spending Decision
TO READ MORE: https://finance.yahoo.com/news/3-ways-overcome-fear-spending-120021438.html
Seeds of Wisdom RV and Economic Updates Saturday Afternoon 10-12-24
Good Afternoon Dinar Recaps,
STABLECOIN LIQUIDITY IS INCREASING, WHAT DOES THIS MEAN? (CRYPTOQUANT)
Rising stablecoin liquidity could lead to increasing prices for crypto assets. Here’s why.
Stablecoin dynamics are flashing positive, reaching record highs and boosting liquidity within the crypto market. As historical data shows, this is good news for bitcoin (BTC) and the entire crypto industry because more liquidity often correlates with higher prices.
A recent CryptoQuant report revealed that the total market capitalization of major USD-backed stablecoins now stands at $169 billion, representing a 31% or $40 billion increase since the beginning of the year. This growth caused liquidity in the crypto market, as measured by stablecoin value, to reach a record high in late September.
Good Afternoon Dinar Recaps,
STABLECOIN LIQUIDITY IS INCREASING, WHAT DOES THIS MEAN? (CRYPTOQUANT)
Rising stablecoin liquidity could lead to increasing prices for crypto assets. Here’s why.
Stablecoin dynamics are flashing positive, reaching record highs and boosting liquidity within the crypto market. As historical data shows, this is good news for bitcoin (BTC) and the entire crypto industry because more liquidity often correlates with higher prices.
A recent CryptoQuant report revealed that the total market capitalization of major USD-backed stablecoins now stands at $169 billion, representing a 31% or $40 billion increase since the beginning of the year. This growth caused liquidity in the crypto market, as measured by stablecoin value, to reach a record high in late September.
Stablecoin Liquidity is Increasing
The increasing liquidity can be seen in higher stablecoin balances on centralized exchanges. Tether USD (USDT), which continues to dominate the stablecoin market, has been the major driver of this growth.
The total USDT (ERC20) balances on centralized exchanges hit a record high of 22.7 billion this month, growing by 54% or $8 billion year-to-date.
CryptoQuant also noted that roughly $8.5 billion USDT issued on the Tron network is currently held on centralized exchanges, which is a good sign.
“Larger balances of stablecoins on exchanges are positively correlated with higher Bitcoin and crypto prices,” the market analytics platform stated.
This bull cycle started in January 2023, and since then, the total amount of USDT (ERC20) on centralized exchanges has grown from $9.2 billion to $22.7 billion, a whopping 146% increase.
The dominance of USDT has led the asset to amass a 71% share of the stablecoin market, with its closest rival, USD Coin (USDC), following with 21%. USDT’s market cap is nearing $120 billion, up 30% or $28 billion since the beginning of 2024, while USDC has a cap of $36 billion, representing a 44% or $11 billion growth year-to-date. CryptoQuant said USDT and USDC have accounted for almost all the net stablecoin growth recorded this year.
A Potential Bitcoin Rally
Interestingly, USDT and USDC have continued to increase monthly, although slower than earlier this year. An increased pace in the monthly growth of these assets’ market caps could signal a new rally for BTC and crypto prices, especially since the leading cryptocurrency has been flat.
While USDT and USDC continue to dominate, new players are emerging. Ripple Labs, the developer of the XRP Ledger, recently launched a USD-backed stablecoin, RLUSD. Since late September, RLUSD has already amassed a market cap of $47 million, and analysts say the asset has the potential to grow significantly.
@ Newshounds News™
Source: CryptoPotato
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RIPPLE: FORMER EXECUTIVE EXPLAINS WHY XRP IS SUPERIOR TO BITCOIN
Despite the dominance of the leading cryptocurrency, one former Ripple executive has recently explained why he believes XRP is superior to Bitcoin.
Specifically, Matt Hamilton, the former director of Developer Relations at RippleX, discussed the facets that edge out XRP when compared to the much more popular BTC.
The year has been a vital one for cryptocurrencies, and mostly because of the continued rise of Bitcoin. Yet, there are many in the industry who believe that the asset may not fare well when compared to its technological counterparts. The question is, does XRP really have an advantage over the industry’s leader?
Ex-Ripple Executive Highlights Why XRP is Better Than BTC
Throughout 2024, Ripple and Bitcoin have had very different years. Where the latter became the first crypto-based ETF to be approved by the US Securities and Exchange Commission (SEC), the agency has reengaged in its years-long legal battle with Ripple.
The two tokens appear to be in completely different positions, yet one expert has a strong opinion on which could be perceived as better.
Former Ripple executive Matt Hamilton has recently discussed the ways in which he believes XRP is superior to Bitcoin. Speaking during a recent podcast appearance, Hamilton did not mince words when comparing the two. Specifically, he noted there are reasons why Bitcoin has some key drawbacks, and XRP could eventually reach a mass audience.
Hamilton noted that XRP has a massive scalability advantage to BTC. The leading crypto (BTC) has a low throughput, which works against mass adoption hopes. With a network that can only handle as much as 10 transactions, large-scale, cross-border payments would not be possible under BTC.
Interstingly, Hamilton said that if Bitcoin was the world’s only currency for transactions, a person would only be able to make two transactions throughout their lifetime due to the scalability concern. Although it has addressed the issue, it is far behind the competition.
The XRP Ledger (XRP:) can handle mass transactions. The network throughput increased from 1,500 TPS to 3,400 TPS in the last year. Moreover, that coincides with Hamilton’s second key defense of XRP’s superiority: transaction costs.
s urged policymakers to adopt sandbox-based frameworks to enhance regulatory clarity for DeFi innovations and address key risks.
This week, the World Economic Forum (WEF) backed a “sandbox-first approach” for DeFi adoption, urging regulators to use regulatory sandboxes to build innovation and manage risks in DeFi.
In other news, IDA Finance announced its integration with Chainlink’s blockchain services for its upcoming HKDA stablecoin, aiming to improve transparency and security in cross-chain operations.
WEF backs “Sandbox-first approach” for DeFi adoption
The World Economic Forum (WEF) has urged regulators and policymakers to conduct DeFi-related innovations and experiments with regulatory sandboxes.
The statement from the WEF aims to focus on risk mitigation and the assurance of transparency to create a tailored approach to DeFi’s regulation.
In its assessment of nine economies worldwide, the WEF identified this need for countries like the United States, the United Kingdom, Japan and the United Arab Emirates.
The WEF said that countries adopting “a nimble, sandbox approach” had shown signs of advancing DeFi innovation by addressing inherent risks in the DeFi ecosystem.
IDA integrates HKDA stablecoin with Chainlink for secure cross-chain use
On Oct. 9, IDA Finance, a Hong Kong-based issuer of digital assets, announced that it would be integrating Chainlink’s blockchain services into its forthcoming HKDA stablecoin.
The collaboration aims to improve transparency and security of cross-chain operations by integrating Chainlink’s oracle services into the Hong Kong dollar-backed stablecoin.
As part of the integration, implementing Chainlink’s Proof-of-Reserves (PoR) technology will enable onchain verification of assets backing IDA Finance’s HKDA stablecoin.
By establishing a medium for the monitoring of HKDA’s collateral, the PoR technology will help mitigate risks of insufficient reserves and function to provide credibility and security for holders.
@ Newshounds News™
Source: CoinTelegraph
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🌍NEW INDUSTRY BILLIONAIRES | Youtube
@ Newshounds News™
Source: Seeds of Wisdom Team RV Currency Facts
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🌍 RIPPLE’S XRP INVOLVED IN ANOTHER LAWSUIT | Youtube
@ Newshounds News™
Source: Seeds of Wisdom Team RV Currency Facts
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More News, Rumors and Opinions Saturday PM 10-12-2024
KTFA:
Clare: Minister of Industry launches 135 investment opportunities
10/12/2024 Baghdad - WAA - Hassan Al-Fawaz,
Minister of Industry and Minerals, Khaled Batal Al-Najm, announced today, Saturday, 135 partnership opportunities with the private sector.
Al-Najm said in a speech during the Baghdad International Forum for Industry and Mining, held by the Ministry of Industry and Minerals in its third session, attended by the correspondent of the Iraqi News Agency (INA): "Industry in Iraq is making confident strides to achieve the goals of the government program and implement the ministry's plan, one of the most important axes of which is achieving a real partnership between the public and private sectors and presenting various investment opportunities."
KTFA:
Clare: Minister of Industry launches 135 investment opportunities
10/12/2024 Baghdad - WAA - Hassan Al-Fawaz,
Minister of Industry and Minerals, Khaled Batal Al-Najm, announced today, Saturday, 135 partnership opportunities with the private sector.
Al-Najm said in a speech during the Baghdad International Forum for Industry and Mining, held by the Ministry of Industry and Minerals in its third session, attended by the correspondent of the Iraqi News Agency (INA): "Industry in Iraq is making confident strides to achieve the goals of the government program and implement the ministry's plan, one of the most important axes of which is achieving a real partnership between the public and private sectors and presenting various investment opportunities."
He pointed out that "the ministry held two previous investment conferences, which resulted in many partnership contracts," noting that "this forum, held under the patronage of Prime Minister Mohammed Shia al-Sudani, announces the launch of 135 partnership opportunities with the private sector."
He explained that "the ministry has begun taking tangible steps to conduct a geological survey of the country using the best technologies and by specialized international companies." LINK
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Clare: The problem of fluctuation in the US dollar exchange rate
10/12/2024 Samir Al-Nusairi
Once again, the fluctuation in the US dollar exchange rate has returned to the forefront, and this time it is due to speculators and traders of crises and wars, exploiting the war currently being waged by the Zionist entity against our Arab people in Palestine and Lebanon and the confusing security situation resulting from that.
The current level is above 1,500 dinars on the black market, and the continuation of this problem from time to time can be attributed to several reasons, including before 2023 the lack of control over the organization of trade financing and the lack of a clear trade policy, the entanglement of policies and the lack of an annual import program for the private sector in terms of quantities and amounts, but imports are open and without controls on external transfers.
In addition to "the lack of control over illegal imports and unofficial border crossings, as well as the presence of about 1,200 exchange offices spread across all governorates that are not licensed by the Central Bank and deal in cash dollars and about 12,000 outlets for disbursing pensioners' salaries and social care that deal with its trading at the exchange rate on the black market."
And that "most traders who obtain the US dollar at the official price from the Central Bank, but they sell their goods in the local market at the black market price, as well as the lack of global correspondent banks previously dealing with our banks and accounts were not opened for them in the currencies of countries with which we have extensive trade exchange such as China, India, Turkey and the Emirates."
Also, "the failure of traders and some Banks comply with international banking standards that guarantee that the dollar reaches the final beneficiary, so dollar transfers are manipulated and reach countries that are sanctioned by the US or are internationally besieged. Therefore, the efforts of the Central Bank and the government in 2023 focused on drawing up a strategy for financial and banking reform in order to control the stability of the exchange rate.
“Among these strategies are organizing foreign trade financing, building new international understandings with global banks, and opening accounts for our banks in correspondent banks, as more than 30 accounts have been opened with American, Chinese, Emirati, Turkish, and Indian banks. We expect that during the next two months the number of Iraqi banks that have accounts in correspondent banks will increase due to the efforts made by the Central Bank to provide aid and assistance to them and coordinate with the targeted correspondent banks.
“Opening dealings with local currencies such as the Chinese yuan, the European euro, the Emirati dirham, the Turkish lira, and the Indian rupee in foreign transfers with the aim of reducing the demand for the US dollar, in addition to taking measures in cooperation between the Central Bank and the government to expand the comprehensive digital transformation from the cash economy to the digital economy and stimulate the use of electronic payment tools.
This strategy aims to “put pressure on speculators dealing in cash dollars in the black market and limit their activities that harm the national economy, which was discussed in last week’s meeting of the Prime Minister in the presence of the Minister of Finance, the Governor of the Central Bank, advisors, and directors of government banks.”
It should be noted here that "the availability of foreign exchange reserves for the Central Bank exceeding 100 billion dollars and a gold reserve exceeding 143 tons confirms that the Iraqi dinar will recover and is strong, as the local currency in circulation is covered by the foreign exchange reserve, in addition to the other executive measures to support and stimulate the local product and control the monetary market and the commercial market, which will control the exchange rate, as I expect, in the near future LINK
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Courtesy of Dinar Guru: https://www.dinarguru.com/
Frank26 Articles...makes it very clear what they're doing - adding value by lifting the 3 zeros. It's right there. It's from the Prime Minister. It's from Alaq the governor of the CBI word for word. Anybody that tell you it's a scam, educate them because this is not Bigfoot. This is not a UFO. This is not Lock Ness. This is a reality...happening right before our eyes.
Mnt Goat Article: “THE CENTRAL BANK CONTINUES THE ACTUAL IMPLEMENTATION OF BANKING REFORM PLANS” ...the CBI has completed the first phase of the banking reform process... First of all, we can confirm by this article that there is a plan and they are working towards it, and that is their road map...
Russia Freezes Billions in EU Assets (Western assets in Russia)
Geo Flux: 10-12-2024
The ongoing economic conflict between Russia and the EU has led to significant asset freezes and restrictions on both sides.
While the EU has frozen around €260 billion of Russian Central Bank reserves, Russia has retaliated by imposing limitations on Western investors and businesses operating within its borders.
European banks still operating in Russia, including Raiffeisen and UniCredit, have seen substantial profits but face increasing pressure to exit. Some have encountered asset seizures and court orders against their Russian operations.
Meanwhile, other European businesses struggle with restrictions on capital repatriation and forced asset sales at discounted prices. Russia's countermeasures include potential nationalization of Western-owned properties and additional taxes on asset sales.
The EU has responded by banning certain services to Russia and restricting Russian nationals' involvement in EU crypto-asset services. This economic tug-of-war continues to evolve, impacting businesses and financial institutions on both sides.
Iraq Economic News and Points To Ponder Saturday AM 10-12-24
The Problem Of Fluctuation In The US Dollar Exchange Rate
Financial and Banking Advisor Samir Al-Nusairi Samir Al-Nusairi Once again, the fluctuation in the US dollar exchange rate has returned to the forefront, and this time it is due to speculators and traders of crises and wars, exploiting the war currently being waged by the Zionist entity against our Arab people in Palestine and Lebanon and the confusing security situation resulting from that.
The current level is above 1,500 dinars on the black market, and the continuation of this problem from time to time can be attributed to several reasons, including before 2023 the lack of control over the organization of trade financing and the lack of a clear trade policy, the entanglement of policies and the lack of an annual import program for the private sector in terms of quantities and amounts, but imports are open and without controls on external transfers.
The Problem Of Fluctuation In The US Dollar Exchange Rate
Financial and Banking Advisor Samir Al-Nusairi Samir Al-Nusairi Once again, the fluctuation in the US dollar exchange rate has returned to the forefront, and this time it is due to speculators and traders of crises and wars, exploiting the war currently being waged by the Zionist entity against our Arab people in Palestine and Lebanon and the confusing security situation resulting from that.
The current level is above 1,500 dinars on the black market, and the continuation of this problem from time to time can be attributed to several reasons, including before 2023 the lack of control over the organization of trade financing and the lack of a clear trade policy, the entanglement of policies and the lack of an annual import program for the private sector in terms of quantities and amounts, but imports are open and without controls on external transfers.
In addition to "the lack of control over illegal imports and unofficial border crossings, as well as the presence of about 1,200 exchange offices spread across all governorates that are not licensed by the Central Bank and deal in cash dollars and about 12,000 outlets for disbursing pensioners' salaries and social care that deal with its trading at the exchange rate on the black market."
And that "most traders who obtain the US dollar at the official price from the Central Bank, but they sell their goods in the local market at the black market price, as well as the lack of global correspondent banks previously dealing with our banks and accounts were not opened for them in the currencies of countries with which we have extensive trade exchange such as China, India, Turkey and the Emirates." Also,
"the failure of traders and some Banks comply with international banking standards that guarantee that the dollar reaches the final beneficiary, so dollar transfers are manipulated and reach countries that are sanctioned by the US or are internationally besieged.
Therefore, the efforts of the Central Bank and the government in 2023 focused on drawing up a strategy for financial and banking reform in order to control the stability of the exchange rate.
“Among these strategies are organizing foreign trade financing, building new international understandings with global banks, and opening accounts for our banks in correspondent banks, as more than 30 accounts have been opened with American, Chinese, Emirati, Turkish, and Indian banks.
We expect that during the next two months the number of Iraqi banks that have accounts in correspondent banks will increase due to the efforts made by the Central Bank to provide aid and assistance to them and coordinate with the targeted correspondent banks.
“Opening dealings with local currencies such as the Chinese yuan, the European euro, the Emirati dirham, the Turkish lira, and the Indian rupee in foreign transfers with the aim of reducing the demand for the US dollar, in addition to taking measures in cooperation between the Central Bank and the government to expand the comprehensive digital transformation from the cash economy to the digital economy and stimulate the use of electronic payment tools.
This strategy aims to “put pressure on speculators dealing in cash dollars in the black market and limit their activities that harm the national economy, which was discussed in last week’s meeting of the Prime Minister in the presence of the Minister of Finance, the Governor of the Central Bank, advisors, and directors of government banks.”
It should be noted here that "the availability of foreign exchange reserves for the Central Bank exceeding 100 billion dollars and a gold reserve exceeding 143 tons confirms that the Iraqi dinar will recover and is strong, as the local currency in circulation is covered by the foreign exchange reserve, in addition to the other executive measures to support and stimulate the local product and control the monetary market and the commercial market, which will control the exchange rate, as I expect, in the near future." 127 views 10/12/2024 - https://economy-news.net/content.php?id=48611
More than a billion dollars in sales from the Central Bank of Iraq during the week
Economy | 12/10/2024 Mawazine News – The total sales of the Central Bank of Iraq of hard currency for the US dollar during the days in which the auction was opened last week exceeded one billion dollars.
The sources reported that the Central Bank sold during the past week and for the 5 days in which the auction was opened one billion, 309 million, 74 thousand, and 838 dollars, at a daily average of 261 million, 814 thousand, and 876 dollars, higher than the previous week, which amounted to one billion, 36 million, 172 thousand, and 839 dollars.
The highest sales of the dollar were on Tuesday, when sales amounted to 265 million, 549 thousand, and 741 dollars, while the lowest sales were on Sunday, when sales amounted to 257 million, 883 thousand, and 86 dollars.
Our correspondent indicated that foreign remittance sales during the past week amounted to 1 billion, 254 million, 458 thousand, and 363 dollars, an increase of 96% compared to cash sales, which amounted to 54 million, 616 thousand, and 20 dollars. https://www.mawazin.net/Details.aspx?jimare=255894
Oil Posts Second Straight Weekly Gain Amid Supply Disruption Fears
Saturday 12 October 2024 10:42 | Economic number Of Readings: 214 Baghdad / NINA / Oil prices fell at the settlement at the end of Friday's sessions, but achieved weekly gains for the second consecutive time amid the contrast between the impact of Hurricane Milton on fuel demand in the US state of Florida and fears of a possible supply disruption in the Middle East.
Brent crude futures fell 36 cents, or 0.45%, to $79.04 a barrel at settlement, and US West Texas Intermediate crude futures lost 29 cents, or 0.38%, to $75.56 a barrel. Both benchmarks rose more than 1% during the week.
Crude oil prices rose this month after Iran fired more than 180 rockets at Israel on October 1, raising the possibility of Israel responding by striking Iranian oil facilities. Israel has not yet responded to the attack.
Israeli Defense Minister Yoav Galant said that any strike against Iran would be "deadly, targeted and surprising."
In the United States, Hurricane Milton barreled into the Atlantic Ocean on Thursday after making its way through Florida, killing at least 10 people and knocking out power to millions.
The state suffered from gasoline shortages earlier in the week as drivers stocked up ahead of the hurricane, with nearly a quarter of Florida’s gas stations running out of fuel by Wednesday morning.
Florida is the third-largest consumer of gasoline in the United States, but there are no refineries in the state, leaving it reliant on seaborne imports.
On the supply side, Libya’s National Oil Corporation said it had restored crude production to pre-central bank crisis levels of 1.25 million barrels on Friday. /End9 https://ninanews.com/Website/News/Details?key=1161486
Water Resources Begins Developing A Comprehensive Plan To Manage And Sustain Ecotourism In Basra Marshes
The marshes Construction and reconstruction Economy News – Baghdad The Ministry of Water Resources announced, on Saturday, the start of developing a comprehensive plan to manage and sustain ecotourism in the Basra marshes, and stressed the need to ensure that tourism is practiced in a sustainable manner.
The Assistant Director of the Center for the Revitalization of Iraqi Marshes and Wetlands in Basra Governorate, Nazim Abdul Imam Fayez, said in a statement, which was reviewed by "Al-Eqtisad News", that "based on the recommendations of the World Heritage Committee in paragraph (11) in session (46) regarding the property of the marshes of southern Iraq, work has begun on developing a program and implementing a comprehensive plan for managing ecotourism in the marshlands areas.
" Fayez added that "the committee stressed ensuring the practice of tourism in a sustainable manner, and identifying environmental paths within the marshes," noting "the importance of tourism and its organization and the necessity of updating this study to improve the environment in the southern marshes."
He explained that "river field trips were conducted within the marshes of Al-Mashab and Al-Sallal, which are considered part of the eastern Hammar Marsh and within which the World Heritage Reserve is located, with an area of (200) km2, starting from the boat dock in Al-Manzouri in the governorate; in order to identify environmental and river paths, accompanied by a joint committee from the Arab Regional Center for World Heritage, Basra Governorate and representatives of the relevant ministries and bodies."
He added, "The ministry has paid attention to the marshlands by developing an annual plan to purify the main and secondary nutrients and support and strengthen the payment to preserve the biodiversity, plant and water storage and improve its quality,
in addition to installing monitoring stations to identify the quality of water and discharges coming into the marshes on a daily basis in cooperation with the National Center for Water Resources Management in Basra Governorate." 65 views 10/12/2024 - https://economy-news.net/content.php?id=48613
Dollar Exchange Rate Drops In Baghdad
economy | 03:27 - 12/10/2024 Mawazine News - The US dollar exchange rate fell in Baghdad markets on Saturday morning.
The dollar exchange rate stabilized at the opening of the Al-Kifah and Al-Harithiya stock exchanges, recording 153,800 dinars per 100 dollars, the same prices recorded last Thursday.
The selling prices stabilized in exchange shops in local markets in Baghdad, where the selling price reached 154,750 dinars, while the purchase price reached 152,750 dinars per 100 dollars. https://www.mawazin.net/Details.aspx?jimare=255899
For current and reliable Iraqi news please visit: https://www.bondladyscorner.com/
How to Buy Gold for $900 per Ounce
How to Buy Gold for $900 per Ounce
Notes From the Field By James Hickman / Simon Black October 11, 2024
Today’s letter is about how to go back in time.
A lot of us remember 2009 as a pretty tough economy. The whole world was in bad shape. Major banks had failed, panic had set in, governments were spending money hand over fist, and debts were rising fast. It was pretty brutal.
But if there’s anything nostalgic about 2009, it would be that, almost exactly 15 years ago, gold traded below $1,000 an ounce for the last time. Today, the price of gold is hovering at its all-time high, more than $2,600 per ounce.
We’ve talked a lot about why that is. Central banks have been buying up physical gold, literally by the metric ton, primarily because they are looking to diversify a portion of their reserves outside of the US dollar.
How to Buy Gold for $900 per Ounce
Notes From the Field By James Hickman / Simon Black October 11, 2024
Today’s letter is about how to go back in time.
A lot of us remember 2009 as a pretty tough economy. The whole world was in bad shape. Major banks had failed, panic had set in, governments were spending money hand over fist, and debts were rising fast. It was pretty brutal.
But if there’s anything nostalgic about 2009, it would be that, almost exactly 15 years ago, gold traded below $1,000 an ounce for the last time. Today, the price of gold is hovering at its all-time high, more than $2,600 per ounce.
We’ve talked a lot about why that is. Central banks have been buying up physical gold, literally by the metric ton, primarily because they are looking to diversify a portion of their reserves outside of the US dollar.
And central banks are sitting on a LOT of US dollar reserves— more than $8 trillion.
It makes sense that they want to diversify. There’s so much more conflict in the world, and US global dominance is waning.
Iran is now flat-out threatening the US government and promising to retaliate if America provides military support to Israel. This would have been unthinkable even five years ago.
But today, adversary nations have seized on the US government’s weakness. And foreign central banks— which, again, hold trillions of US dollar reserves— have noticed.
They’ve also noticed America’s outrageous national debt, and its annual budget deficits; in fact the most recent estimate by the Congressional Budget Office of the Fiscal Year 2024 is an incredible $1.8 trillion.
So obviously these central banks see a clear need to diversify. And gold is one of the best and easiest ways for them to do that.
The gold market is big. It can handle tens of billions of dollars of inflows at a time. Plus gold is universally valued around the world with a 5,000 year history of maintaining its value. No central banker is worried about whether or not they’ll be able to liquidate their gold holdings in the future.
But central banks only buy physical gold, i.e. piles and piles of physical gold bars. They do not buy gold mines... or gold miners.
This is why there is a historic anomaly in front of us: the price of gold has soared to an all-time high. But many gold companies are laughably cheap.
This is pretty strange when you think about it; a gold miner’s revenue is denominated in... gold! And many of these companies are starting to see soaring revenues and record profits. Yet their stock prices are still languishing.
For example, one gold producer we profiled in our premium research is trading at a Price to Earnings (P/E) of just 4x. It has almost no debt. And it produces a ton of Free Cash Flow.
The company has even blown away expectations and managed to produce 100,000 ounces of gold. Yet the stock price has barely budged.
What’s amazing is that the entire company is currently valued at less than the market price of that one year's worth of gold that it mined.
But the kicker is how little it cost this company to produce that gold.
Their “All In Sustaining Cost” (AISC)— everything spent to pull that gold out of the ground, from mining to processing— was less than $1,000 per ounce.
And in our view, buying shares in an efficient, profitable, deeply undervalued mining company with such a low cost structure is almost like going back in time to 2009 and buying up gold at less than $1,000 per ounce... especially given that the company still has millions of ounces of proven gold reserves in the ground which it has yet to extract.
I’ve written many times before— we still see significant upside for gold. Especially if Kamala is elected.
Based on the type of spending she envisions, plus her weak “vibes” and “joy” leadership, I don’t expect the dollar to last as the global reserve currency beyond her first term.
Instead, central banks will continue to turn to gold. And when central banks converted just $80 billion— about 1%— of their US reserves into gold, the price increased to over $2,600 an ounce.
What would happen to the gold price if they converted 5%... or 20% of their US dollar reserves into gold?
Even buying physical gold, right now, at all time highs, would probably work out really well.
But buying a company whose revenue is gold, yet costs a fraction of that price, could work out even better.
Gold is just one of the real assets we talk about in Schiff Sovereign Premium.
We’ve been clear that America’s debt problems can only be solved by lower interest rates and more money printing from the Federal Reserve.
That’s why we don’t believe inflation is behind us, and why we believe so whole-heartedly in the value of real assets— critical resources that cannot be conjured out of thin air by governments and central banks.
This gold producer is just one example of these massively undervalued real asset companies we’ve named in Schiff Sovereign Premium— a highly educational, month-by-month guide that is designed to help you navigate the world from a position of strength, both personally and financially.
You can click here if you want to learn more about both the Plan B strategies and compelling investment research we present.
To your freedom, James Hickman Co-Founder, Schiff Sovereign LLC
https://www.schiffsovereign.com/trends/how-to-buy-gold-for-900-per-ounce-151648/
Will BRICS Ditch the Dollar for Gold?
Will BRICS Ditch the Dollar for Gold?
Liberty and Finance: 10-11-2024
In a recent episode of Liberty and Finance, Doomberg offered insightful commentary on the upcoming BRICS meeting and the implications of a potential gold-backed currency. The conversation not only examined the shift in global financial dynamics and diminishing reliance on the US dollar, but also grappling with the broader economic landscape shaped by strong data and shifting fiscal policies.
As the BRICS nations — Brazil, Russia, India, China, and South Africa — prepare for their forthcoming summit, discussions surrounding the potential launch of a gold-backed currency unit have taken center stage.
Will BRICS Ditch the Dollar for Gold?
Liberty and Finance: 10-11-2024
In a recent episode of Liberty and Finance, Doomberg offered insightful commentary on the upcoming BRICS meeting and the implications of a potential gold-backed currency. The conversation not only examined the shift in global financial dynamics and diminishing reliance on the US dollar, but also grappling with the broader economic landscape shaped by strong data and shifting fiscal policies.
As the BRICS nations — Brazil, Russia, India, China, and South Africa — prepare for their forthcoming summit, discussions surrounding the potential launch of a gold-backed currency unit have taken center stage.
This proposal presents an intriguing vision: a monetary system where the value of currency is tied to a tangible asset, in this case, gold. Such a move could signify a monumental shift in the global financial order, challenging the longstanding dominance of the US dollar as the world’s reserve currency.
Doomberg astutely highlights the gravity of this potential development. The launch of a gold-backed currency by BRICS could reconfigure global trade dynamics, prompt a re-evaluation of currency values, and ultimately influence the pricing of gold itself.
As countries begin to pivot away from the US dollar, the investment landscape may experience unprecedented volatility, prompting gold prices to rise as nations reconstitute their reserves.
Despite the prevailing narrative of economic decline, Doomberg remains skeptical about an imminent recession. Citing robust economic indicators and significant fiscal spending, they argue that the current economic environment does not align with the typical precursors of recession.
This stance offers a refreshing perspective amidst the often alarmist financial commentary dominating headlines. The lack of recessionary signals may embolden nations to engage in ambitious projects—such as the gold-backed currency initiative—without the fear of impending economic downturns.
The discussion takes an intriguing turn as it broaches the topic of the Power of Siberia 2 pipeline, a critical infrastructure project that promises to reshape global energy distribution. By providing a direct route for natural gas from Russia to China, the pipeline establishes a formidable link between two of the world’s largest economies.
Doomberg emphasizes the strategic importance of this pipeline in the context of global energy realignment, particularly as Europe continues to seek alternatives to Russian gas.
Furthermore, as natural gas is increasingly seen as a bridging fuel in the transition to greener energy sources, its strategic significance cannot be understated. The availability and distribution of natural gas will play a pivotal role in global energy stability, further influencing economic dynamics and national policies.
Perhaps one of the most provocative elements of their conversation is the potential for a gold-backed currency from BRICS to elicit strategic responses from Western economies, particularly the G7. The launch of a BRICS currency could ignite a currency war, prompting the G7 nations to reassess their monetary policies, potentially leading to an accelerated shift toward more protective economic strategies. The implications could be far-reaching, resulting in tighter monetary controls, increased investment into gold reserves, and possibly the reinstatement of discussions around a gold standard.
Doomberg posits that the responses from G7 economies will be crucial in framing the narrative around the economic order and might trigger a realignment that hasn’t been seen for decades.
The discussions presented by Doomberg on Liberty and Finance encapsulate the multifaceted nature of today’s global economy. As the BRICS nations prepare for their meeting, the potential rollout of a gold-backed currency comes with both opportunities and challenges.
The shifting dynamics—whether through the lens of gold prices, energy distribution via pipelines, or the reactions from Western economies—could redefine economic relations as we know them.
https://dinarchronicles.com/2024/10/11/liberty-and-finance-will-brics-ditch-the-dollar-for-gold/