“Tidbits From TNT” Wednesday Morning 10-16-2024

TNT:

Tishwash:  Foreign Minister begins European tour lasting several days and opens two Iraqi embassies

Foreign Minister Fuad Hussein begins a European tour today, Wednesday, that will last for days and witness the opening of two Iraqi embassies.

 Hussein said in a press statement that the tour "begins with a visit to Ireland and ends with a visit to France, passing through the Czech Republic and Croatia to meet with senior officials there," indicating that "this tour aims to strengthen our bilateral relations."

"We will participate in a number of seminars and conferences," he added.

Hussein pointed out that "during his tour, he will open the Iraqi embassies in Dublin and Zagreb." link

Tishwash:  Iraq Increases Reserves at IMF by 50%

 A meeting of the Iraqi Cabinet this evening approved an increase in Iraq's quota at the International Monetary Fund (IMF) by 831.9 million Special Drawing Rights (SDR), equivalent to 1.45 trillion Iraqi dinars [$1.1 billion] based on the exchange rate as of October 8, 2024.

This 50-percet increase in Iraq's previous quota will enhance the country's voting power within the IMF.

The additional allocation will be included in the 2025 budget.

The IMF created SDRs as an international reserve asset to supplement member countries' official reserves; they are not a currency, but rather a claim on freely usable currencies of IMF member countries. They serve as a potential source of liquidity for IMF member nations.

SDRs represent a weighted basket of major international currencies, and can he held as part of a country's foreign exchange reserves. Adding SDRs to a country's international reserves makes it more resilient financially. link

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Tishwash:  Opening of the first center for testing and marking imported gold at Baghdad Airport

The Ministry of Planning opened, today, Tuesday, the first center for examining and marking imported gold jewelry at Baghdad International Airport.

The head of the Central Organization for Standardization and Quality Control, Fayyad Muhammad Abdul, said in a statement received by {Euphrates News} a copy of it, that: “The opening of this center came in implementation of the directives of Prime Minister Muhammad Shia al-Sudani and under the direct supervision and continuous follow-up of the Minister of Planning,” indicating that “it is one of four centers in Iraqi airports to examine and mark gold jewelry imported into Iraq by Iraqi merchants.”

He added, "The Central Organization for Standardization and Quality Control, the Central Bank of Iraq, the Anti-Money Laundering and Terrorism Financing Office, and the Ministry of Trade now have a single database (electronic platform) to know the movement of gold in Iraq," noting that "the opening of the gold testing and marking center at Baghdad Airport was preceded by the opening of a similar center at Najaf Airport, then at Basra Airport, and then its opening at Kirkuk Airport."

Abdul Bin, "These procedures will facilitate the flow of work and shorten the time and date by facilitating the procedures for suppliers of gold bullion and jewelry, as well as activating the supervisory aspect of the device's work in protecting gold, and thus this matter will have a positive impact on the economic movement in the country."

He continued, "The devices used in examining and marking gold, Iraq is one of three countries in the region that possess these devices, which are distributed as (3) devices for examination and (3) devices for marking jewelry in each airport," noting that "the Central Organization for Standardization and Quality Control is working to train Iraqi staff in addition to the staff of the organization so that we have a great technical capacity in order to facilitate procedures and protect citizens from fraud." 

For his part, the Assistant Director of Baghdad International Airport, Hussein Ali Hussein, said, "The opening of the jewelry inspection and marking unit came in cooperation between the Central Organization for Standardization and Quality Control and the airport administration and will contribute to facilitating procedures at the airport," indicating that "his administration worked to provide the technical requirements and facilities necessary to complete this technical and technological center and its sustainability, which was recommended by the regulatory authorities."  link

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Tishwash:  The Central Bank reveals the percentage of gold in Iraq's foreign currency reserves

The Central Bank of Iraq revealed that the contribution of gold inside and outside the country in 2023 is equal to 8.5% of the country's total foreign currency reserves.

The bank said in a report it recently published and reviewed by "Al-Eqtisad News", that "the total reserves of the Central Bank of hard currency, whether gold, dollars or foreign currency, at the bank in the year 2023 amounted to 145.257 trillion dinars, an increase of 3.50% over the year 2022, which amounted to 140.086 trillion dinars."

He added, "The percentage of gold's contribution to these hard currency reserves amounted to 8.5%, which is equal to 12.293 trillion dinars, an increase of 10.37% compared to the year 2022, which amounted to 11.018 trillion dinars."

According to the report, "the contribution of balances in foreign banks and in New York to the foreign currency reserve amounts to 91.3%, which is equal to 132.641 trillion dinars," noting that "the contribution of foreign currency in the Central Bank's vaults amounts to 0.2%, which is equal to 323 billion dinars."  link

Mot: . and Yet Another ""Tip"" on Raising the ""Wee Folks"" 

Mot:  Bet You Were Wondering What NOW to Do ---

Seeds of Wisdom RV and Economic Updates Tuesday Evening 10-15-24

Good Evening Dinar Recaps,

RIPPLE’S ISO 20022 COMPLIANCE PAVES WAY FOR XRP IN TRADITIONAL PAYMENT SYSTEMS

▪️Ripple is ISO 20022 compliant, a move many say will benefit XRP.

▪️As a cross-border enabler, Ripple’s success can translate to XRP’s growth.

Market participants believe Ripple’s adoption of ISO 20022 could open the way for XRP’s integration into traditional payment systems. While XRP and ISO 20022 are unrelated, Ripple’s compliance with this industry standard for financial messaging may benefit the coin.

Ripple’s Connection With ISO 20022
ISO 20022 is a flexible framework that allows users and message development organizations to define information according to an internationally agreed-upon approach. This standard provides a structured and data-rich common language readily exchanged among corporations and banking systems.

This standard, developed by the International Organization for Standardization (ISO), also provides the opportunity for enhanced analytics. This can lead to offering valuable new levels of payment services to financial institutions’ customers.

Approximately 72% of institutions connected to the SWIFT network anticipate switching to ISO 20022 by November 2025. Additionally, over 70 countries, including Switzerland, China, India, and Japan, anticipate adopting ISO 20022 into their payment systems, according to a CNF report. The messaging system is set for smooth harmonization and efficiency in cross-border transactions.

SWIFT, which handles a substantial share of cross-border payments, is leading the transition from its earlier messaging system (MT) to ISO 20022. The move aims to standardize financial communications and streamline payment processes, allowing financial institutions to operate globally.

Ripple, a key player in blockchain-based payments, joined the standards body in 2020.

Ripple’s participation allows its payment network, RippleNet, to integrate with other ISO 20022-compliant institutions. This compliance makes it easier for RippleNet to conduct cross-border transactions through a unified Application Programming Interface (API).

The company’s involvement with ISO 20022 has raised discussions about how it might impact XRP. The token does not comply with the messaging standard despite Ripple’s adherence to ISO 20022. Some crypto community members claim XRP complies with ISO 20022 due to Ripple’s participation in the standard.

Ripple’s Chief Technology Officer, David Schwartz, recently refuted this claim, emphasizing that the token has nothing to do with ISO 20022. He argues that ISO 20022 is a messaging standard, while XRP functions entirely as a cryptocurrency.

Possible Benefits for XRP
Although XRP is not directly compliant with the messaging standard, it can still benefit from Ripple’s alignment with the framework. Ripple’s compliance may facilitate XRP’s integration into established banking institutions.

For instance, Ripple’s payment solutions, especially On-Demand Liquidity (ODL), may gain more popularity as financial institutions switch to ISO 20022. 

ODL allows faster, cost-effective cross-border settlements using XRP as a bridge asset between different fiat currencies. XRP’s faster transaction speed could entice financial institutions seeking efficient cross-border payment options to adopt the token.

Furthermore, Ripple’s involvement with ISO 20022 may create new opportunities for XRP to be integrated into the wider financial ecosystem. Overall, this might impact the price of the coin, up 1.25% as of writing to $0.5389.

@ Newshounds News™

Source:  Crypto News Flash 

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UAE STABLECOIN ISSUER GETS NOD FROM CENTRAL BANK

With Tether waiting in the wings, AED Stablecoin becomes the front-runner to launch the United Arab Emirates’ first regulated dirham-pegged token.

The Central Bank of the United Arab Emirates (CBUAE) has granted in-principle approval to AED Stablecoin under its Payment Token Service Regulation framework, the company said in a news release.

AED Stablecoin’s preliminary license approval makes it a frontrunner in the race to become the first issuer of a regulated dirham-pegged stablecoin in the UAE.

This development eases concerns about potential restrictions on crypto payments, which had arisen following the CBUAE’s recent release of its licensing framework, which prohibits crypto for payments unless it involves licensed dirham-pegged tokens.

If fully approved, AED Stablecoin’s AE Coin could serve as a local trading pair for cryptocurrencies in exchanges and decentralized platforms, while allowing merchants to accept it for goods and services.

The central bank’s licensing framework also bars algorithmic stablecoins and privacy tokens, favoring fully cash-backed assets.

Issuers are required to back their stablecoins with cash in a separate escrow fully denominated in dirhams within a UAE bank.

Alternatively, they may hold at least 50% of reserve assets as cash, with the remaining portion invested in UAE government bonds and CBUAE Monetary Bills with an average duration of up to six months.

UAE’s crypto red carpet
AED Stablecoin is expected to face competition from Tether, the issuer of the world’s largest stablecoin by market capitalization, USDt.

Tether recently said that it has partnered with local firms Phoenix Group and Green Acorn Investments to introduce its own dirham-pegged stablecoin.

Meanwhile, the UAE’s crypto-friendly regulatory environment has been attracting major players.

OKX recently launched a retail and institutional trading platform in the UAE after obtaining a full license, which includes derivatives trading for qualified institutional investors.

Additionally, crypto exchange M2 has opened a new system that allows residents to directly convert dirhams into Bitcoin.

@ Newshounds News™

Source:  CoinTelegraph

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🌍 BOB LOCK CALL WED. NOON CENTRAL - PODCAST CALL TELEGRAM ROOM.  |  Youtube

LIVE CALL WITH BOB LOCK WEDNESDAY, OCTOBER 16TH AT 1 PM ET, NOON CT

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@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

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Financial Role Models of Millionaires: Who Do They Look Up To?

Financial Role Models of Millionaires: Who Do They Look Up To?

Cindy Lamothe  Sun, October 13, 2024  GOBankingRates

Many people seeking to grow their wealth may look up to millionaires as a source of inspiration, But who do these wealthy individuals admire?

According to Stephen Greet, CEO & co-founder of BeamJobs, self-made millionaires often seek advice from bold thinkers outside of traditional finance. “While this advice can be valuable for people with lower net worth, it’s crucial to adapt it carefully to fit your financial situation,” he said.

Below are some of the types of financial role models that inspire millionaires.

They Admire Contrarian Thinkers

“In my experience, self-made millionaires often look to contrarian thinkers or those who have succeeded by taking calculated, unconventional risks,” said Greet. He noted that they don’t always rely on traditional financial advisors or family; instead, they value perspectives from entrepreneurs, innovators or even mentors outside finance.

“These are individuals who see the world differently and aren’t afraid to break from the norm — a mindset that resonates with those who have built wealth from scratch,” he explained. “Now, are these good sources for people with lower net worth? I think the answer is yes — but with a caveat.”

While following these bold thinkers can open your eyes to opportunities others might miss, he said it’s essential to temper their advice with a strong understanding of your own financial reality. “For those with less wealth, risk tolerance is lower, so applying insights from these contrarian sources means adapting strategies to fit your financial situation.”

In other words, he said you can learn how to think differently, but the execution must be more conservative.

According to Greet, the takeaway for those with lower net worth is this: don’t limit yourself to traditional advice. “Look for insights from innovators who challenge the status quo. The key is blending their visionary mindset with practical, scalable steps that fit your financial capacity.”

They Look Within, Not Out

TO READ MORE:  https://www.yahoo.com/finance/news/financial-role-models-millionaires-look-170108523.html

Economist’s “News and Views” 10-15-2024

Will BRICS Make An Announcement About Gold Backed 'Unit' At Next Week's Meeting?

Arcadia Economics:  10-15-2024

We're now one week away from the beginning of the BRICS meeting.

And some of the questions I'm hearing people ask is whether there will be an official announcement, if they might actually launch a gold-backed payment settlement currency next week, and whether that could lead to a substantial move in the gold price.

So in today's video, I share my own thoughts about what I'm expecting heading into the meeting. As well as why.

https://www.youtube.com/watch?v=ebKKAUmI4Lo

INFLATED TO DEATH... THE ECONOMY IS DEAD... FOR THE MARKET- WE BUY IT ALL!

Greg Mannarino:  10-15-2024

https://www.youtube.com/watch?v=YoAHvcSZfF8

‘Everything Rally’ Is Here: Markets Repeating 1982’s 100% Bull Run | Eric Jackson

David Lin:  10-15-2024

Eric Jackson, CIO of EMJ Capital, discusses how conditions are ripe for an "everything rally" reminiscent of the bull rally of the early 1980s.

0:00 - "Everything Rally" Is Here

3:13 - Comparing 1982 To Today

7:35 - Bond Yields And Stocks

10:52 - Fed 50 Bps Cuts During Crises

12:48 - What Is "Everything Rally"

14:20 - Conditions For Bull Run Today

17:32 - China's Stimulus

18:40 - Inflation Vs. Tech Stocks

22:00 - Stock Market Ex-Mag 7

26:20 - Capital Rotation Out Of Big Tech

27:45 - NVIDIA

29:20 - Tech Valuations

31:10 - What Could Turn Eric Bearish?

33:00 - Is Tech Recession-Proof?

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

Tuesday Night Chat with MarkZ 10-15-2024

Tuesday Evening News With MarkZ

MarkZ  Update- Some highlights by PDK-Not verbatim

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

Member: Good Evening Mark, mods and RVer’s

Member: The can has been kicked so many times there is no can left to kick. let's go rv

MZ: “Foreign Minister and new UNAMI minister discuss termination of mission”   For those that may not know UNAMI is the United Nations assistance mission for Iraq. This was put into place in 2003….This one is huge…..Many have told us when this mission ends there will be a new value …and the US gets paid.

MZ: In Iraq –when they publish an article…many times it is already done

MZ:  ” Treasury Secretary and US Ambassador discuss government efforts for economic reforms”  They are discussing how well things have gone and things they would like to see to improve relations with the US. .

Member: I still don’t think it will RV until after the elections.

MZ: Guess we will find out in 3 weeks. I pray we go sooner….but if we go after…well, we go after.

Member: Mr C. also said RV after the Election

Member: I still think it will all go at the same time

Member: I think it will be so close it will look like it all happened at the same time

Member: I just got word that Tiers 1 and 2 are funded. 3 and 4 are any minute now.

MZ: I have heard that too……That is definitely the rumor running around….now they just need to give us our notices and pay those historic bonds.

Member: Oh the increase of wealth management commercials… it’s like they know something!!!! It definitely isn’t because of this current economy!

Member: Any news on bonds today?

Member: Guess not…..or Mark would tell us.

MZ: “Poland now holds more gold than Great Britain”  they hold more than 400 tons. They must think something is going on . If gold is revalued in any meaningful way- they have enough to back a currency. Generally 30-40% of currency needs to be backed by gold to hold liquidity.

MZ: “ As BRICS accumulates gold, Western banks continue to short sell”  There is a seismic shift shaking the foundations of global finance

Member: the Dong is so hard to get any info. I'm hoping it goes with the Dinar. Fingers crossed.

Member: Hoping the Bolivar goes as well….I think this one is going to be a sleeper ….

Member: Keep praying and stay positive….the best is yet to come

Member: SEE Y'ALL LATER>>SWEET DREAMS TO ALL!!!

Jennifer from ATB joins the stream tonight. Please listen to the replay for their information.

THE CONTENT IN THIS PODCAST IS FOR GENERAL & EDUCATIONAL PURPOSES ONLY&NOT INTENDED TO PROVIDE ANY PROFESSIONAL, FINANCIAL OR LEGAL ADVICE. PLEASE CONSIDER EVERYTHING DISCUSSED IN MARKZ’S OPINION ONLY

FOLLOW MARKZ : TWITTER . https://twitter.com/originalmarkz?s=21. TRUTH SOCIAL . https://truthsocial.com/@theoriginalm...

Mod:  MarkZ "Back To Basics" Pre-Recorded Call" for Newbies 10-19-2022 ) https://www.youtube.com/watch?v=37oILmAlptM

MARKZ DAILY LINKS: https://theoriginalmarkz.com/home/

Note from PDK: Please listen to the replay for all the details and entire stream….I do not transcribe political opinions, medical opinions or many guests on this stream……just RV/currency related topics.

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

Youtube:     https://www.youtube.com/watch?v=H4iJdMk042Y

Iraq Economic News and Points To Ponder Tuesday Afternoon 10-15-24

The Central Bank Of Iraq Sells More Than $ 257 Million
Time: 2024/10/15 15:48:16 Reading: 650 times  {Economic: Al Furat News} The Central Bank of Iraq’s dollar sales, on Tuesday, amounted to more than $257 million in the currency auction.

The Central Bank sold in its auction today 257 million, 793 thousand, and 643 dollars, covering it at a basic exchange rate of 1310 dinars per dollar for documentary credits and international settlements for electronic cards, at a rate of 1310 dinars per dollar for foreign transfers, and at a rate of 1305 dinars per dollar in cash.  Most of the dollar sales went to boost balances abroad in the form of transfers and credits, which amounted to $252,843,643, an increase of 98% over cash sales of $5,050,000.

The number of banks that purchased cash dollars was one bank, while the number of banks that met requests to enhance balances abroad was 13 banks, and the total number of exchange companies participating in the auction was 8 companies.  LINK

Iraqi Oil Maintains Gains On Second Day Of Trading

Tuesday 15 October 2024 | Economic Number of readings: 245  Baghdad / NINA / Iraqi oil prices stabilized on Tuesday, the second day of trading, after exceeding the $77 per barrel barrier at the end of last week's trading.

Basra Heavy crude recorded $74.10 per barrel during yesterday's trading, while the average recorded $77.25 per barrel, with a change rate of +1.54 and +1.49, respectively.

The data also showed a decrease in global crude prices as well, as British Brent crude recorded $74.57, while US West Texas Intermediate crude recorded $71.05 per barrel, by -2.89 and -2.78. https://ninanews.com/Website/News/Details?key=1162191

Launching Of The Activities Of The International Scientific Conference Under The Slogan "Development And Financial And Economic Stability To Restore Confidence In The Dinar"

Tuesday 15 October 2024 | Economic Number of readings: 345  Mosul/ NINA / The activities of the international scientific conference were launched at the University of Mosul under the slogan "Development and Financial and Economic Stability to Restore Confidence in the Dinar.

Nineveh Governor Abdul Qader Al-Dakhil said during his attendance at the conference that Nineveh Governorate is regaining its health with its universities and scientific expertise."

Al-Dakhil added for the first time, "As a local government, we have implemented major strategic projects such as the Mosul Airport project and other vital development projects. We are working to develop the health sector by establishing many projects, the most important of which is the Ibn Sina Hospital project with a capacity of 600 beds."

He continued, "We are proud of our solid universities and we have an integrated plan that will be launched in the near future that includes all vital sectors, indicating that the city of waterfalls will see the light soon and the mini sports city in the right side of Mosul will join its ranks."

He said, "We have promising investment opportunities in the areas south of Mosul, whether in the oil, energy or sulfur sectors," noting that "the development road is one of the vital projects and will pass through the city of Mosul, in addition to the ring road, which is considered a vital and economic artery that revitalizes the city."

He added, "We promise our people in Nineveh that we are able to make Life again in a manner befitting its Iraqi identity, future and cultural heritage.”/ https://ninanews.com/Website/News/Details?key=1162221

In September, The United States Imported More Than 5 Million Barrels Of Oil From Iraq

10/15/2024  Mawazine News – Economy  Iraq's oil exports to the US exceeded 5 million barrels last September.  The US Energy Information Administration said, "Iraq exported 5.970 million barrels of crude oil to the US last September, up from 5.741 million barrels in August."

It added, "Iraq exported an average of 222,000 barrels of crude oil to the US during the first week of September, while it exported an average of 155,000 barrels per day in the second week, and exported an average of 265,000 barrels per day in the third week," noting that "the fourth week's exports averaged 152,000 barrels per day."

It continued, "Iraq came in fifth place in its exports to the US last month after Canada, which came in first place as the largest oil exporter to the US, followed by Mexico, Saudi Arabia, and Colombia." https://www.mawazin.net/Details.aspx?jimare=255987

Planning Launches Unified Electronic Platform Services

The Ministry of Planning announced today, Tuesday, the launch and activation of the services of the unified electronic platform for government advertisements and tenders (WWW.ITP.IQ), which is the first of its kind in Iraq.

The ministry said in a statement that "this platform was created under the direct guidance, supervision and follow-up of Deputy Prime Minister and Minister of Planning Mohammed Ali Tamim, and it specializes in tenders, contracts and government procurement affairs, stressing that "it will be applied to the rest of the ministries, agencies and governorates gradually."

The ministry indicated that "the platform will enable all government agencies to manage the activities of contracting procedures represented by publishing tender advertisements and selling their documents electronically and updating their statuses such as extension, re-announcement, cancellation and announcing the winner,

in addition to enabling all agencies to publish government purchase requests and solicit suppliers' offers to meet these requests electronically, leading to the preparation of a database that includes companies, contractors, suppliers and consultants interested in obtaining an opportunity to implement government projects using the method of direct invitations, contracting and direct purchase."

The ministry confirmed, according to the statement, that "the platform will allow commercial entities and businessmen to have immediate access to tenders announced by government contracting agencies and enable them to purchase the documents of these tenders electronically and follow up on the status of the submitted offers and the results of the study and analysis committees using the same mechanism."

The statement pointed out that "launching the electronic platform will contribute to supporting owners of small and medium enterprises, companies and suppliers by enabling them to submit their offers electronically to participate in government purchase request processing activities, in addition to allocating spaces within the platform that allow these commercial entities to promote their products and services electronically through the platform to activate electronic purchasing activity." He

explained that "the platform will enable companies, contractors and consultants to register their data, activities and specialized work within the platform database to enhance their opportunities to implement government projects using the direct invitation method and facilitate their selection processes for this purpose."

According to the statement, the ministry called on "commercial entities interested in implementing government projects, investment opportunities and preparing state purchases to visit the website (WWW.ITP.IQ) to view the platform's services, benefit from them and subscribe to its electronic services."    https://www.radionawa.com/all-detail.aspx?jimare=39758

The First Of Its Kind.. Launching The Baghdadna Electronic Service Platform

Baghdad Governorate logo  Local  Economy News – Baghdad  Baghdad Provincial Council announced on Tuesday the establishment of the Governance and Communications Committee to manage digital transformation in the capital, Baghdad, while pointing to the launch of the “Baghdadna” platform to provide more than 25 electronic services to citizens via smart devices.

The head of the e-governance and communications committee in the council, Muthanna Al-Azzawi, said in the first conference to announce the (Baghdadna) platform, which was followed by "Al-Eqtisad News", "We announce the establishment of the Governance and Communications Committee to manage digital transformation in Baghdad Governorate," indicating that "this committee is the first of its kind in the governorate, and aims to adopt and manage digital transformation files and provide electronic services to citizens."

He explained that "the first work of the Governance and Communications Committee is to start announcing the (Baghdadna) platform, which is the official government platform that will represent Baghdad Governorate, to provide all services electronically," stressing that "the platform will provide more than 25 real services to citizens through smart devices."

He added that "the goal of the Governance and Communications Committee is to build a smart local government that provides its services to citizens through smart devices, as citizens will be able to apply for the service through a single platform, and government institutions will complete the rest of the procedures electronically," noting that "the Baghdad local government will undertake the formulation of general policies for the governorate, while exercising its role in planning, monitoring and legislating on sectoral institutions."

Al-Azzawi called on all those interested in the field of digital transformation and information technology, researchers, civil society organizations, and the private sector, who have pioneering experience in this field, to “visit the committee and review the projects and the possibility of providing funds for the purpose of adopting and launching them.”  https://economy-news.net/content.php?id=48750

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

Seeds of Wisdom RV and Economic Updates Tuesday Afternoon 10-15-24

Good Afternoon Dinar Recaps,

IOTA UNVEILS IOTA LABS: A NEW ECOSYSTEM ARM TO PROPEL DEFI, WEB3, AND REAL-WORLD SOLUTIONS

▪️IOTA has launched a dedicated outfit to boost innovation in its ecosystem.

▪️The protocol plans to support all projects, irrespective of their technological and ecosystem leaning.

IOTA is advancing its push in the Web3 ecosystem by introducing IOTA Labs. As an independent arm of its broader ecosystem, IOTA Labs will help the protocol turbocharge its growth, drive adoption, and back innovators in Web3.

Right Time for IOTA Labs Launch
Almost every blockchain protocol, including Layer-1 and Layer-2 outfits, has a dedicated outfit to support ecosystem growth. This is essential to create useful Decentralized Applications (DApp) for the community.

According to IOTA Labs, its goal with the new outfit is modeled after the concept of Alchemy, which aims to transform the ordinary into something unique. The platform outlined five major elements of a thriving Web3 ecosystem, which will serve as a guide for its mission overall.

🎉 New @iotalabs_ account just launched! 🎉As IOTA’s new independent ecosystem arm, they’re here to fuel growth, drive adoption, and turn bold ideas into real-world solutions.

Be sure to follow them for the latest news #crypto, #DeFi & #Web3 from the #IOTA community https://t.co/VCQ8HIOC5w  — IOTA (@iota) October 15, 2024

These elements include Community Building and Relationships, Developer Support and Collaboration, and Incentives to Drive Innovation. Additionally, the firm named Reliable Infrastructure for Seamless Access and Cross-Sector Collaboration to complete the top five elements.

It is worth noting that IOTA has worked effectively across all five elements in the past. As mentioned earlier in a CNF report, one research study from a Turkish University confirmed that the Tangle Protocol from IOTA is superior to other types of DLT, including traditional blockchains, for the Internet of Things (IoT). This is evident from its cross-sector collaboration and usage among innovators.

IOTA has a good track record of offering reliable infrastructure for seamless access. From powering the stablecoin market to facilitating trades across East Africa, the protocol is one of the most used blockchains for building transparent event-tracking databases.

Having played a key role in innovation over the past years, IOTA Labs is emerging to amplify cross-industry adoption. Overall, the essence of this push is to scale the IOTA ecosystem and empower its application to attain true autonomy.

The IOTA Labs Ideals: A Unified Approach
In the Web3 world, there is often fragmented innovation as everyone tries to showcase their uniqueness. As IOTA Labs noted, it is committed to supporting and enhancing every facet of the ecosystem.

Many industry investment funds are generally targeted at a specific niche. In an earlier CNF report, Aethir unveiled a $100 million fund to provide tailored support for AI and cloud gaming developers. With IOTA Labs, the fund allocation will benefit every developer, including those in gaming, Cloud services, AI, Decentralized Finance (DeFi), and driving Real-World solutions.

To begin with, IOTA Labs said it will commit $2 million as incentives in various campaigns over the next six months. As noted, besides developers, the incentive to bootstrap the IOTA Labs will also benefit users within the ecosystem.

@ Newshounds News™

Source:  Crypto News Flash

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RIPPLE SWELL 2024 LIVE: CLO STUART ALDEROTY AND ADRIENNE HARRIS DISCUSS CRYPTOCURRENCY

Ripple Swell, the annual conference hosted by the payment firm Ripple, begins today in Miami, running from October 15 to 16. This event gathers Ripple’s partners and clients for discussions.

During the conference, Ripple’s General Counsel, Stuart Alderoty, shared the stage with Adrienne Harris, the chief of the New York Department of Financial Services (NYDFS). 

Harris announced that the NYDFS has formed a dedicated team of approximately 60 professionals focused specifically on cryptocurrency.

Fox Business journalist Eleanor Terrett wrote on X, “Harris says the NYDFS now has a team of around 60 people focusing specifically on #crypto.”

Social media users noted an interesting coincidence as the company is currently awaiting regulatory approval from the New York Department of Financial Services (NYDFS) for this launch.

 Key Insights on Digital Assets and Tokenization

Andrew Czupek, Senior Vice President and Head of Digital Assets at Northern Trust, spoke about the importance of traditional technology infrastructure in unlocking the full potential of digital assets.

He compared the current situation to the electronic trading revolution of the 1980s, explaining  that mass adoption of digital assets will take time.

In a panel discussion alongside James Wallis, Graham, CEO of Archax, discussed the impact of digital ETFs on the market. He pointed out that while tokenization took a while to gain traction, it is now evident that real-world use cases are starting to emerge, with users around the globe beginning to experience the benefits.

@ Newshounds News™

Source:  CoinPedia    

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RIPPLE REVEALS FIRST PARTNERS FOR RLUSD STABLECOIN WITH TOP EXCHANGES AND PLATFORMS, PLANS LAUNCH ON XRP LEDGER AND ETHEREUM

▪️Ripple aims to position RLUSD as a leading stablecoin in the rapidly growing $170 billion market, focusing on regulatory compliance and utility in cross-border payments.

▪️The RLUSD stablecoin will be backed by short-term U.S. Treasuries and cash equivalents, with testing currently ongoing on the XRP Ledger and Ethereum networks.

In the latest push for its USD-pegged RLUSD stablecoin, blockchain startup Ripple announced its exchange partners and market maker partners during the Ripple Swell 2024 conference in Miami, Florida, on Tuesday.

In its official announcement, Ripple has named exchange partners such as Bitstamp, Uphold, Bitso, Independent Reserve, MoonPay, CoinMENA, and Bullish, for hosting its RLUSD stablecoin.

Similarly, its market maker partners include Keyrock and B2C2 which will provide liquidity support to the RLUSD stablecoin during the launch period.

Moreover, Ripple has appointed former FDIC chair Sheila Bair and David Puth, ex-CEO of Centre, the consortium behind USD Coin (USDC), to the advisory board for its stablecoin. Speaking on this development, Ripple CEO Brad Garlinghouse said:

With our initial exchange partners, clear utility and demand for RLUSD, and a strong focus on regulatory compliance, Ripple’s stablecoin is poised to become the gold standard for enterprise-grade stablecoins. “Our payment solutions will leverage RLUSD, XRP, and other digital assets to enable faster, more reliable, and cost-effective cross-border payments.

Although the official date for the launch of RLUSD stablecoin is not clear, Garlinghouse said last month that it would happen in “weeks, not months” from now. He also warned users to be vigilant about any RLUSD scams and only wait for the official announcement from the firm, reported CNF.

Ripple’s RLUSD Eyes Big Pie of the Stablecoin Market
The announcement follows Ripple’s earlier plans to launch its stablecoin, aiming to capture a share of the rapidly expanding $170 billion stablecoin market. 

Stablecoins play a crucial role in the crypto economy, acting as a link between traditional government-issued currencies and blockchain-based digital assets. Also, the stablecoin market is likely to grow to a trillion dollars by 2030. Thus, Ripple’s RLUSD will be pitching direct competition to giants like USDT and USDC through its institution-first approach, reported CNF.

President of Ripple Labs, Monica Long, said that the company is operationally ready from their end. Through the stablecoin, Ripple intends to capitalize on its established role in payments and serve as a crucial bridge for the tokenization of real-world assets, Long stated. In the last 24 hours, Ripple has already minted 4.5 million RLUSD stablecoins, reported CNF. Speaking on the matter, Long said:

For RLUSD and stablecoins generally, we definitely have validated the utility of them with payments. We’re also believers in this broader trend of real-world asset tokenization.

When we think beyond tokenizing money to different instruments and capital markets like securities and bonds, real estate and other assets, you need a stable coin that’s trusted and very reliable, very robustly managed for on and offramps as well.

RLUSD’s value will be supported by short-term U.S. Treasuries, dollar deposits, and cash equivalents. It is currently undergoing testing on the XRP Ledger and Ethereum networks. The company plans to publish independent monthly attestations of its reserves, which will be conducted by the San Francisco-based accounting firm BPM.

@ Newshounds News™

Source:  Crypto News Flash 

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Source:  Seeds of Wisdom Team RV Currency Facts

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News, Rumors and Opinions Tuesday Afternoon 10-15-2024

MikeCristo8: Why the BRICS Currency Matters

10-15-2024

Don’t be surprised if China devalues the yuan against their gold reserves to get a $40 USD oil price.

That will bring down the dollar.

The relationship between gold and oil since 1900 and now, and the relationship between the dollar and oil.

That’s why BRICS is moving to a hard asset backed currency.

This is why the BRICS currency matters.

The Israel will not attack Iran’s oil is all noise.

They need to distract from the fact that the dollar is no longer pricing oil.

Oil is about to massively crash.

China is manipulating the yuan against their gold reserves to crash oil in USD.

The central planners are doing currency swaps (within the G7) to keep oil from crashing.

Few understand this.

The price of oil is deflationary when measured against gold.

Big if true.

JUST IN: BRICS Advances 'Multicurrency System' To Break US Dollar Dominance

So if BRICS returns the oil price back to the 1971 gold standard

The dollar collapses.

This is what Alasdair Macleod was talking about.

https://dinarchronicles.com/2024/10/15/mikecristo8-why-the-brics-currency-matters/

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

RV Excerpts from the Restored Republic via a GCR: Update as of Tues. 15 Oct. 2024

Mon. 14 Oct. 2024 The GLOBAL DE-DOLLARIZATION is happening RIGHT NOW! …Carolyn Bessette Kennedy on Telegram

And what does this BRICS initiative really mean for the world’s economy? This isn’t just another economic move—it’s a direct STRIKE BACK at the weaponization of the U.S. dollar! The elites have long used the dollar as their ultimate tool to CONTROL the global financial system and FORCE their agenda on any nation that doesn’t fall in line with their sinister policies.

Countries like Russia and Iran were the first to see through the lies, and now, more and more nations are WAKING UP to the truth. BRICS isn’t just creating a new system; they’re DESTROYING the old one.

Lavrov has spoken—sanctions are the weapon of the West, but their time is running out. Anyone, any country, could be next in the crosshairs of the globalist agenda. But BRICS is here to change the game. And the real shocker? Even Janet Yellen, the U.S. Secretary of the Treasury, can’t hide it anymore. She KNOWS these sanctions are BACKFIRING and driving the world towards a massive rejection of the U.S. dollar!

The BRICS nations are not just protecting themselves—they’re setting the stage for the collapse of the global dominance of the dollar.

America’s entire system is at RISK. Imagine what happens when the dollar is no longer the king of global trade. The implications are HUGE. The U.S. economy is tightly bound to the dollar’s power—and that power is SLIPPING away. The question is: Are you ready for what comes next?

The elites are scrambling. The system they built is CRUMBLING. The storm is brewing. Are you paying attention?

https://dinarchronicles.com/2024/10/15/restored-republic-via-a-gcr-update-as-of-october-15-2024/

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

Militia Man  Article: "World Trade Organization in Geneva 2024 was held on July 18th."  That's just a few months ago... Quote:  "The significance of this is it marked the formal resumption of Iraq's accession  process to the WTO after a 6-year hiatus."  They have intensified the bilateral negotiations for the accession...There's a push now and they will need to be an internationally accepted currency in place ahead of the accession.

Mnt Goat  Article:  "IRAQ EXPORTS MORE THAN 54 MILLION BARRELS OF OIL AND ITS DERIVATIVES TO
AMERICA"   ...the best part is that Iraq is now refining their own oil and selling not only raw crude oil exports but now running refineries to generate oil products (or derivatives) and exporting them too.

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IQD VND HTG ARS Exchange Rates The Iraqi PM Delivers Good News

Edu Matrix:  10-15-2024

The Iraqi PM Delivers Good News,  IQD VND HTG ARS Exchange Rates –

Not everyone agrees with the Iraqi Prime Ministers assessment. However, it is true, Iraq is doing well in economic progress, and we are hoping for a continuation of this pattern.

There is concern over oil prices decreasing in 2025 and Iraq having to cope with a tight budget due to over 90% of the country's revenue comes from the oil industry.

https://www.youtube.com/watch?v=k_agtEl-uk4

“Coffee With MarkZ” Tuesday Morning Chat 10-15-2024

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

MarkZ  Update- Some highlights by PDK-Not verbatim

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

Member: Good Morning - is this another Groundhog day or could this be it?

Member: My two week notice is typed up and ready to hit ”send”

Member: What good news do you have for us today Mark?

MZ:  From Iraq” Parliamentary calls to oblige the Iraqi government to cancel the privileges granted to Jordan”  They are saying they give Jordan all this preferential treatment but don’t get much back. May need to re-negotiate this…….Why is this important?  Jordan is mostly in Americas pocket…so watching Iraq step back from it …saying if it’s not good for trade they are not going to do it just to make America happy….Iraq is standing on its own two feet.

MZ: “The US Senate enters the line of pressure on the Central Bank of Iraq”  We keep reading articles on how well Iraq is doing cleaning up corruption. But 2 senators are concerned about untraceable wire transfers from banks….Are they going to Iran?   That is the question …If it is …it may be why we have not gone yet.

Member: or is it going to line the pockets of crooked politicians? Very suspicious.

MZ: “The recovery department signs a cooperation agreement with the Arab and International Police Directorate” This is to work with international policing operatives to recover any money stolen from the Iraqi government.

MZ: “ The launch of the activities of the International Scientific conference under the slogan “Development financial and economic stability to restore confidence in the dinar”  This seems to be the number one goal in the government right now….to restore the confidence in the dinar so that when they change the value-people have faith in it and use the dinar instead of the dollar.

MZ: yes we want it faster….but I think we are about to get it.

MZ: “Coordination with the World Bank for projects”  Pretty much everybody except the US and the federal Reserve is banking on Iraq’s WTO ascension and the increase in value of the dinar. The world bank is one of those and they are working with Iraq on larger infrastructure projects. Iraq is not staying in the background for much longer.

Member: If there is an announcement this week that Iraq has ascended to full-membership in the WTF, does that mean the new IDQ rate is public

MZ: Most likely when they announce the official WTO ascension we will see a public rate….imo

Member: The WTO needs the rate, we don’t need the WTO.

Member: Yesterday Frank 26 said Iraqi emoloyees would not get paid on the new rate this pay period but will next pay period. I wonder -How long is a pay period in Iraq??

Member: Makes sense, as salaries are normally paid in arrears, not in advance. Inference, rate change should be imminent. imo.

Member: Question about rates: is the rate at the redemption centers THE rate? Or could it float up if we wait? Or down if we don’t get in on time?

Member: RC rate is better than Forex rate. Remember, 'A bird in the hand is worth 2 in the bush'. imo.

Member: RV Intel? Bond holders?

MZ: I am still not seeing any activity on Asian bonds. Everything that I am hearing and seeing this week and last week has been on the German bonds. There were a couple meetings last night and there are bond holders who keep saying that absolutely this is our week.

MZ: I have facilitators saying “They are telling us this is our week…..that everything is complete…but have not seen much yet. They are waiting on the final “GO” to distribute the funds to the holders.

MZ: The bond holders seem more hopeful than the facilitators that this is our week. I was hoping to have more news than that this week.

Member: Maybe the facilitators are skeptical of the “Boy who cried wolf” and rightly so.

Member: I heard years ago when 30% of the bonds are done…then we get our notifications….hope that still is true.

Member: Are the German bonds the proverbial lynchpin of the bonds?

MZ: I believe the German bonds and the Iraqi Dinar are the lynchpins of this thing….the cornerstones of the entire reset tight now.  The two key things we are watching is the German bonds and the Iraqi dinar right now

Member: I heard a rumor that the new rate should be on FOREX tonight before they electronically pay the contracts tomorrow

Member: DOW is down .62% this morning

Member: Let’s talk about the up coming BRICS meeting this month and its implications

Member: What about the Chinese elders demanding perp walks before they will put up the gold for RV

Member: Sure is a lot happening…we have to hope releasing the RV/reset is one of them

Member: Getting off the roller coaster… planning on RV after inauguration. Maybe I’ll be pleasantly surprised.

Member: My vacation starts in 2 days It would be a great time to head to the bank! Wouldn’t have to ever go “back to work”

Member: If the "whitehats" are in control, I wish they would just show it! We're all tired.

Member: Thanks Mark and Mods for all the time you spend keeping us encouraged……have a great day.

Member: Happy Birthday to all celebrating all your RV dreams comes thru this week

THE CONTENT IN THIS PODCAST IS FOR GENERAL & EDUCATIONAL PURPOSES ONLY&NOT INTENDED TO PROVIDE ANY PROFESSIONAL, FINANCIAL OR LEGAL ADVICE. PLEASE CONSIDER EVERYTHING DISCUSSED IN MARKZ’S OPINION ONLY

FOLLOW MARKZ : TWITTER . https://twitter.com/originalmarkz?s=21. TRUTH SOCIAL . https://truthsocial.com/@theoriginalm...

Mod:  MarkZ "Back To Basics" Pre-Recorded Call" for Newbies 10-19-2022 ) https://www.youtube.com/watch?v=37oILmAlptM

MARKZ DAILY LINKS: https://theoriginalmarkz.com/home/

Note from PDK: Please listen to the replay for all the details and entire stream….I do not transcribe political opinions, medical opinions or many guests on this stream……just RV/currency related topics.

 ZESTER'S LINK TREE: https://linktr.ee/CrazyCryptonaut

THANKS FOR JOINING. HAVE A BLESSED DAY! SEE YOU ALL THIS EVENING FOR NEWS @ 7:00 PM EST ~ UNLESS BREAKING NEWS HAPPENS!

Twitch:   https://www.twitch.tv/theoriginalmarkz

Youtube:     https://www.youtube.com/watch?v=9Lb6RfnziOE

“Tidbits From TNT” Tuesday 10-15-2024

TNT:

Tishwash:  Issuance of the first national card outside Iraq

The Ministry of Interior announced the issuance of the first national card outside Iraq.

The ministry said in a statement received by {Euphrates News} a copy of it that "in a step that is considered the first in the history of the Iraqi Ministry of Interior, the first national card was issued at the Embassy of the Republic of Iraq in the British capital, London, after a special office was opened to issue national cards there."

He added, "It is hoped that the Ministry of Interior will open a number of national card issuance offices in a number of countries in succession to provide the best services to Iraqis residing outside the country."  link

Tishwash: Trade Bank of Iraq announces the imminent opening of a cash deposit center in Karkh

The Trade Bank of Iraq announced today, Monday, the imminent opening of the cash deposit center in the Karkh side.

The bank's media advisor, Aqil Al-Shuwaili, said in a statement received by the Iraqi News Agency (INA): "Based on the directives of the respected Prime Minister, Mohammed Shia Al-Sudani, to provide the best services to citizens, the Trade Bank of Iraq announces the imminent opening of the (Cash Deposit Center)."

He explained that "this center receives all cash deposits only for all customers," indicating that "this is a new service that the bank will launch with the aim of providing the best services to customers, and to contribute to reducing the pressure of cash deposits on its other branches in Baghdad  link

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Tishwash:  Government advisor: Tensions and war in the region may lead to a jump in oil prices

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, identified today, Monday, the indicators of the rise in oil prices in global markets, and while he attributed them to two basic variables, he indicated that if tensions and war continue in the region, a jump in prices is expected.

Saleh told the Iraqi News Agency (INA): "The oil asset cycle is subject to accelerated upward volatility across current energy market indicators and two fundamental variables that affect global oil supply and demand: the first is OPEC+'s decisions to reduce oil production on the production of OPEC countries themselves and their allies, as OPEC+ has currently implemented significant oil production cuts of 5.86 million barrels per day." 

He added, "These cuts consist of two parts: the first is a reduction of 3.66 million barrels per day extended until the end of 2025, and the other is an additional voluntary reduction of 2.2 million barrels per day that remains in effect until September 2024." 

He pointed out that "the cuts come to remove the current oil glut, which is affected by the decline in growth in the world's most important energy-consuming economies, China," noting that "the second variable is the geopolitical situation and the war taking place in the two energy basin regions of the world, namely the Russian-Ukrainian war and the other is the ongoing war in the Middle East, especially the Gaza and Lebanon war with the Zionist entity and its effects on the oil-producing Gulf region, which dominates more than 50% of global oil exports." 

He continued, "If military operations or geopolitical tensions continue in the two regions, oil prices are expected to jump."  link

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

Tishwash:  Al-Mandlawi: Iraq is making exceptional efforts to prevent the specter of a major war from looming over the region and the world

Acting Speaker of the House of Representatives Mohsen Al Mandalawi warned the international community against the consequences of the conflict in the Middle East region turning into a comprehensive war with a greater impact on global security and peace, while stressing that Iraq is making exceptional efforts to prevent the specter of a major war from the region and the world.

In his speech delivered today, Monday, during his participation in the (149) session of the Inter-Parliamentary Union in Geneva, Al-Mandlawi called for “the formation of an international parliamentary delegation to visit Lebanon and Palestine and investigate the facts about the extent of the Zionist terrorist attacks against civilians,” describing the events taking place as a “major challenge” to the global system and a real threat to international legitimacy, indicating that “the recent attack on the UN peacekeeping forces (UNIFIL) is evidence of the extent of the arrogance of the occupation and its leaders, and has proven that this outcast entity is now outside the legal, humanitarian and international framework.”

Al-Mandlawi said, "International parliamentary bodies are facing a challenge and a test of the usefulness of their existence to express the aspirations of their peoples," calling on them to "take a clear and rapid position to spare the region and the world the dangers of slipping into a large and destructive war," calling on the presidency of the union and representatives of the participating parliaments to "condemn the Zionist practices and serious violations of the charters and legitimate resolutions, and take responsible action to stop the aggression against Palestine, Lebanon and the countries of the region, by demanding that the Security Council take the necessary decisions in this regard, hold the leaders of the entity accountable, prevent humanitarian disasters against civilians, provide urgent humanitarian aid and return the displaced."

He stressed the "necessity for the Union to adopt the signing of an international agreement that criminalizes the use of artificial intelligence technology as a weapon in wars, due to its deadly impact that exceeds the impact of nuclear weapons, and to pay attention to enhancing the parliamentary performance of the legislative bodies of member states and enabling them to perform their duties, in addition to taking the initiative to organize a responsible and serious humanitarian stand to intervene by all means in order to immediately stop the wars of genocide practiced by the Zionist entity, and to save the region and the world from its danger, effects and repercussions, and to exert efforts to raise the levels of cooperation between parliaments to exchange parliamentary expertise, and to emphasize the need to respect international humanitarian law and the rights of peoples to security and stability."

Al-Mandlawi explained that "Iraq is making exceptional parliamentary and governmental diplomatic efforts to prevent the specter of a comprehensive war from the region and the world, and that the Zionist entity is striving to ignite and expand this war by targeting diplomatic missions, leaders and symbols of countries within an aggressive methodology to control and impose wills and drag the region and the world into a comprehensive bloody war,"

 Indicating that "Iraq, Yemen, Syria and Iran are at the top of the list of targeted countries, while adding that announcing the name of the highest religious authority, Sayyid Ali al-Sistani, who is a symbol of peace and moderation in the world, within the list of the entity's targets, is nothing but evidence of its arrogance and its lack of consideration for human and heavenly values ​​and international legitimacy." link

Mot: .. making it work 

Mot: waiting - waiting – waitiing  

Iraq News Highlights and Points To Ponder Tuesday AM 10-15-24

Government Advisor: Tensions And War In The Region May Lead To A Jump In Oil Prices

10/14/2024   Mawazine News - Economy   The financial advisor to the Prime Minister, Mazhar Muhammad Salih, identified today, Monday, the indicators of the rise in oil prices in global markets, and while he attributed them to two basic variables, he indicated that if tensions and war continue in the region, a jump in prices is expected.

Salih said, according to the official agency: "The oil asset cycle is subject to accelerated upward volatility through current energy market indicators and two basic variables that affect oil supply and demand in the world: the first is OPEC + decisions to reduce oil production on the production of OPEC countries themselves and their allies, as OPEC + has currently implemented large cuts in oil production amounting to 5.86 million barrels per day."

He added, "These cuts consist of two parts: the first is a reduction of 3.66 million barrels per day extended until the end of 2025, and the other is an additional voluntary reduction of 2.2 million barrels per day that remains in effect until September 2024."

He pointed out that "the cuts come to remove the current oil glut, which is affected by the decline in growth in the world's most important energy-consuming economies, China," noting that "the second variable is the geopolitical situation and the war taking place in the two energy basin regions of the world, namely the Russian-Ukrainian war and the other is the ongoing war in the Middle East, especially the Gaza and Lebanon war with the Zionist entity and its effects on the oil-producing Gulf region, which dominates more than 50% of global oil exports."

He continued, "If military operations or geopolitical tensions continue in the two regions, oil prices are expected to jump."   https://www.mawazin.net/Details.aspx?jimare=255968

World Bank Support: Is External Financing Enough To Stabilize Iraq?

October 15, 2024  Baghdad/Al-Masala: The World Bank warns that the poorest countries, where about 40% of the population lives below the poverty line, are facing a significant decline in international aid, with an accelerating economic and social deterioration.

The bank's report indicated that these countries suffer from the highest levels of debt since 2006, which increases the repercussions of climate change, and fuels political instability and wars. These countries have also been severely affected by the Covid-19 pandemic, which led to a 14% decline in per capita GDP between 2020 and 2024.

The World Bank has called for increased external support for these countries through the International Development Association, but bilateral aid has declined significantly, deepening the crisis.

Poor countries must invest 8% of their GDP annually to achieve development goals, a huge challenge given their structural problems and the conflicts that impede control of their territories.

The report indicated that these countries can improve their conditions by increasing tax revenues and improving the effectiveness of public spending, but structural economic conditions and debts constitute a major obstacle.

In the Iraqi case, in terms of the impact of debt and corruption on the country’s economy, Iraq suffers from large debts and a financial system that relies heavily on oil revenues, with low international support and reduced foreign investment.

There are also structural problems such as corruption and political insecurity that hinder necessary economic reforms.

With regional tensions and internal conflicts escalating, Iraq needs massive investments to achieve sustainable development, but without strong international support, Iraq may face a similar path to these poor countries.https://almasalah.com/archives/103288

Government Advisor Prefers Maximizing Non-Oil Revenues By 2024

Information/Baghdad…   The Prime Minister's Economic Advisor, Mazhar Muhammad Salih, preferred, on Tuesday, to maximize non-oil revenues for the year 2024 compared to previous years.

Mazhar said in a statement to Al-Maalouma Agency, "Maximizing non-oil revenues stipulated in the government's program for financial reform, which calls for raising the contribution of non-oil revenues to 20% of total annual revenues compared to the previous low rates."

He added, "The development of oil and non-oil revenues (at the semi-annual level) between 2023 and 2024 showed a distinctive growth in revenues in general and non-oil revenues in particular."

He added, "The main objective of this conservative financial planning is to secure spending priorities in the country's general budget, most notably government salaries and wages, retirement pensions, social care, and development projects that are a priority in sustainable development." LINK

Al-Shammari: 757 Billion Dinars In The Ministry Of Interior’s Revenues In 2023

Posted On 2024-10-15 By Sotaliraq    Interior Minister Abdul Amir Al-Shammari confirmed that the total revenues for 2023 amounted to 757 billion dinars, which were returned to the state treasury, while he issued strict directives to the Explosives Control Directorate regarding external checkpoints and airports.

The Parliamentary Finance Committee said in a statement: “It hosted, headed by Atwan Al-Atwani, and in the presence of its members and a number of members of other parliamentary committees, the Minister of Interior Abdul Amir Al-Shammari and his accompanying delegation, at the committee’s headquarters to discuss issues related to maximizing revenues and mechanisms for improving the provision of services to citizens.”

Al-Atwani welcomed the Minister of Interior, noting that “the Finance Committee works according to the principle of joint integration to support the government.” He stressed “the need for solidarity in studying the financial and economic situation, and pointed out that relying on oil as a primary resource does not achieve the financial stability required to achieve sustainable development.”

The committee stressed “the importance of forming a committee to study non-oil revenues and monitor their distribution, in addition to analyzing state assets and studying their financial statements. The issue of those whose contracts were terminated and transferring beneficiaries of social protection salaries to the ministry to benefit from their services was also addressed.”

For his part, the Minister of Interior praised the efforts of the Finance Committee and parliamentary committees in supporting the ministry and the government, explaining that “the ministry has received the security file for a number of governorates and is continuing to work on receiving the rest of the governorates, according to the government program.”

He provided an explanation of the ministry’s plan to maximize non-oil revenues, noting that “the total revenues for 2023 amounted to 757 billion dinars, which were returned to the state treasury.”

Discussions between the committee members and the minister touched on many of the ministry’s issues, including the services of issuing electronic passports and unified cards, revenues from the ministry’s fund and other departments, the importance of electronic automation and functional intersection, in addition to discussing the issue of residential complexes.

The committee also inquired about the criteria for distributing job grades according to governorates, stressing “the need for coordination and work to complete the 2025 budget schedules on time.”

In addition, the Minister of Interior, Abdul Amir Al-Shammari, issued directives regarding the Explosives Control Directorate related to external checkpoints and airports.

The ministry said in a statement received by “Al-Zawraa” that “Minister of Interior, Abdul Amir Al-Shammari, visited the Explosives Control Directorate and was briefed on the most important duties and tasks carried out by this directorate.”

According to the statement, the minister stressed “the continuation of training the Explosives Control Directorate’s staff and developing their capabilities,” directing “cooperation with organizations supporting training.” He stressed “the intensification of efforts at external checkpoints and airports, and the rapid response to all calls and work on immediate presence and rapid movement in the event of any emergency, God forbid.”

On the sidelines of this visit, Al-Shammari opened two new buildings in the directorate, and provided support to it by directing the provision of the directorate with juvenile officers and contract police and providing it with various vehicles, including specialized ones, while praising “the work of this directorate and the achievements made by its cadres.”  LINK