Iraq Economic News and Points to Ponder Sunday Afternoon 12-1-24

With A Stable Outlook, Fitch Confirms Iraq At ‘B-‘

 Amr Salem November 28, 2024   Baghdad (IraqiNews.com) – Fitch Ratings affirmed on Thursday Iraq’s credit rating at ‘B-‘ with a stable outlook.

 The US credit rating agency said in a statement that Iraq’s ‘B-‘ rating is a reflection of its high level of political risk, poor governance, and heavy reliance on commodities.

As the government gradually eliminates production cutbacks to cover increased spending, Iraq’s oil output will rise to 4.28 million barrels per day in 2025 and 4.54 million by 2026, according to Fitch Ratings.

 Iraq’s budget deficit is projected to increase from 2.0 percent of GDP in 2023 to 8.0 percent of GDP in 2024, with an average of 12.4 percent throughout 2025–2026.

 Fitch Ratings is one of the three statistical rating agencies recognized by the US Securities and Exchange Commission.

 In order to assist investors and institutions in evaluating risks, the agency offers credit ratings that represent the capacity of governments and financial institutions to fulfill their commitments.

 The ratings, which assist in gauging investment risks, vary from ‘AAA’ to ‘D,’ with ‘AAA’ signaling the highest and safest grade and ‘D’ indicating a significant default risk.

 The organization is a major actor in international investment choices and credit risk assessment since it depends on thorough financial analysis that covers economic performance, public debt, political stability, and the global economic climate.  

  https://www.iraqinews.com/iraq/with-a-stable-outlook-fitch-confirms-iraq-at-b/     

Parliamentary Finance: This Is The Problem Of The Draft Amendment To The Budget Law And This Is The Date For The Tables To Arrive

Sunday 01 December 2024 | Economic Number of readings: 109

Baghdad / NINA / The Parliamentary Finance Committee revealed some details of its joint meeting with the agents and senior cadre officials in the Ministry of Oil, to discuss oil revenues and the draft amendment to the general budget law related to production costs in the Kurdistan Region's fields.

The head of the committee, Atwan Al-Atwani, said in a statement to media representatives, including the National Iraqi News Agency / NINA / today, Sunday, that "the meeting focused on the technical aspects of the oil revenues file, especially with regard to the extent of the region's commitment to the agreed-upon decision of the consulting company, the time frame required to complete the requirements of this estimate, and the estimated production costs and criteria for calculating them."

He explained that "there is an urgent need to end the management of this file according to legal foundations that achieve justice, which requires studying and reviewing the new amendment draft," indicating that "the agents of the Ministry of Finance will be hosted in a new meeting to explain the mechanism for paying these amounts that are considered sovereign expenses."

He added, "The draft amendment relates exclusively to Article 12, Second C, and does not include any other article in the General Budget Law," indicating that "the problem with the draft amendment to the new budget law is the extent to which companies contracting with the region adhere to the results of arbitration and the decision of the consulting company,

which may indicate a discrepancy between the companies' vision and conviction in determining the price and costs of production and the decision of the consulting company," noting the necessity of having an obligation to the provisions of the law and their implementation, and we do not want to add other new provisions, but rather limit ourselves to binding governing provisions."

Regarding the general budget tables, he explained, "The tables are supposed to reach the House of Representatives before the end of this year." / https://ninanews.com/Website/News/Details?Key=1172142

With The Document... The Central Bank Directs To Stop Financial Transfers To Tiktok Agents Inside The Country

Sunday 01 December 2024 | Economic Number of readings: 75  Baghdad / NINA / The Central Bank of Iraq has directed to stop financial transfers to TikTok agents inside the country.

According to a document issued by the Iraqi center, which NINA News Agency has reviewed, "the decision came based on a letter from the Iraqi Ministry of Communications."

According to this request, the Central Bank directed all authorized banks and non-banking institutions in Iraq to "stop incoming and outgoing financial transfers to TikTok agents inside Iraq."

According to this procedure, the financial revenues of TikTok users in Iraq will decrease, as the "clicks" and gifts provided by the application and sent by subscribers to each other, which are bought and sold from device and smartphone stores, will no longer benefit them.

Clicking on the TikTok application is a term that refers to a specific mechanism used by some users to obtain rewards or benefits within the application by interacting with the content intensively. Clicking usually includes users' interaction with video clips, such as continuous viewing or interacting with challenges and offers, with the aim of collecting points or prizes. These prizes may be in the form of "virtual gifts" that can be converted into real money through a certain mechanism.

The process is done by purchasing "TikTok Coins" which are used to purchase digital gifts, which can be sent to content creators as support. After collecting a certain amount of these virtual gifts, users can convert them into real money.   https://ninanews.com/Website/News/Details?key=1172159

Private Banks Association Announces Increase In Deposits In Banking Sector Over Last Two Years

Banks  Economy News – Baghdad   The Association of Private Banks announced today, Sunday, the increase in deposits in the banking sector during the last two years, while indicating the government’s great interest in the recent period in relation to digital transformation in general and the shift towards an electronic payment system.

The Executive Director of the Association of Private Banks, Ali Tariq, said in a statement to the official agency, which was followed by "Al-Eqtisad News": "During the last two years, deposits in the banking sector have increased, but there is still a large amount of cash outside the banking system, as this requires increasing confidence in the banking sector, whether governmental or private, and strengthening this confidence through the Central Bank of Iraq and the Iraqi government,

 in addition to offering investment programs for deposits that are reflected in citizens' deposits, which may achieve returns for depositors in these banks, and thus there is an incentive and motivation to increase these deposits."

Tariq added, "Strengthening the electronic payment system in Iraq has very positive repercussions on increasing the use of the banking system in payment and settlement operations, whether between citizens and government services or citizens with private commercial institutions," pointing to "the government's great interest in the recent period in relation to digital transformation in general and the shift towards an electronic payment system at the level of financial transactions."

He added, "About 75 percent of the money supply is outside the banking system and requires a great effort to encourage citizens, companies and institutions to use the banking system more, which is currently happening, but this type of work needs to be accelerated to control financial operations in Iraq."   https://economy-news.net/content.php?id=50417

Iraq Ranked Second Among Oil Exporters To America Last Week

Sunday 01 December 2024 10:19 | Economic Number of readings: 186  Baghdad / NINA / The US Energy Information Administration announced today, Sunday, that Iraq ranked second among oil exporters to America, surpassing Mexico and Saudi Arabia during the past week.

The administration said in a table, "The average US imports of crude oil during the past week from eight major countries amounted to 5.657 million barrels per day, down by 1.08 million barrels per day from the previous week, which amounted to 6.737 million barrels per day."

It added that "Iraq's oil exports to America amounted to 277 thousand barrels per day last week, up by 40 thousand barrels per day from the previous week, which amounted to 237 thousand barrels per day."

The administration indicated that "most of America's oil revenues during the past week came from Canada, followed by Venezuela, Saudi Arabia, and then Brazil."

According to the table, "the amount of US imports of crude oil continued at its rates from Mexico, Nigeria, Colombia, and Ecuador." https://ninanews.com/Website/News/Details?key=1172075

Gold Prices Drop In Baghdad

Stock Exchange  Economy News – Baghdad  The prices of "foreign and Iraqi" gold decreased in the local markets in the capital, Baghdad, today, Sunday.

This morning, gold prices in the wholesale markets on Al-Nahr Street in Baghdad witnessed a selling price of one mithqal of 21 karat Gulf, Turkish and European gold of 560 thousand dinars, and a purchase price of 556 thousand dinars.

The selling price of one mithqal of 21-karat Iraqi gold was recorded at 530 thousand dinars, and the purchase price was 526 thousand dinars.

As for gold prices in goldsmiths’ shops, the selling price of a mithqal of 21-karat Gulf gold ranged between 560,000 and 570,000 dinars, while the selling price of a mithqal of Iraqi gold ranged between 530,000 and 540,000 dinars.   https://economy-news.net/content.php?id=50414

Dollar prices fall in Baghdad and Erbil with the closing of the stock exchange

Economy   | 01/12/2024  Mawazine News – Baghdad  Baghdad and Erbil markets witnessed a decline in the dollar price on Sunday evening with the closing of the stock exchanges.

The dollar price fell in the Al-Kifah and Al-Harithiya stock exchanges in the Iraqi capital, Baghdad, to 149,900 dinars per 100 dollars, after it had recorded 150,000 dinars per 100 dollars in the morning.

The selling prices also stabilized in the local exchange markets in Baghdad, where the selling price reached 151,000 Iraqi dinars per 100 dollars, while the purchase price recorded 149,000 dinars per 100 dollars.

In Erbil, the capital of the Kurdistan Region, the dollar also recorded a decline, where the selling price reached 149,750 dinars per 100 dollars, and the purchase price reached 149,650 dinars per 100 US dollars.  https://www.mawazin.net/Details.aspx?jimare=257075

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

Seeds of Wisdom RV and Economic Updates Sunday Afternoon 12-01-24

Good Afternoon Dinar Recaps,

HONG KONG LAUNCHES DIGITAL BOND ISSUANCE GRANTS

Last month the Hong Kong Monetary Authority (HKMA) said it was planning to launch a grant program that would offer up to HK$2.5 million (US$ 321,000) in grants to digital bond issuers. Yesterday it announced that the program has started and will run for three years.

We believe the grant scheme also covers tokenized bonds, which are bonds issued conventionally and then a digital twin is created on a blockchain. Digital bonds often refer only to bonds issued natively on a blockchain.

The HKMA is using the digital bond term more expansively. “‘Digital bond’ refers to a bond that leverages distributed ledger technology (DLT) for digital representation of ownership, which could include, for example, legal titles and/or beneficial interests in the bond,” the HKMA wrote.

Digital bond grant criteria
The subsidy will cover up to half the expenses of each digital bond issuance, with a maximum of two issuances.

Half of the subsidy is available if most of the lead managers are based in Hong Kong and the team developing or maintaining the DLT platform has a substantial presence in Hong Kong.

Alternatively, instead of a local developer team, the issuance will qualify if it uses a DLT infrastructure where Hong Kong’s central securities depository, the CMU, is designated as the platform operator.

 For Hong Kong’s sovereign digital bond issuance earlier this year, the CMU was the operator of the local HSBC Orion DLT platform. We believe this means other platforms can also request this designation.

In order to qualify for the full subsidy there are four additional requirements:

▪️the issuer is not associated with the DLT platform

▪️the bond is at least HK$1 billion (US$128.5m)

▪️there are five or more investors not associated with the issuer or DLT platform

▪️the issuance is listed on the stock exchange or by a regulated virtual asset trading platform (VATP).

With the exception of sovereign or semi sovereign bonds, many recent bond issuances globally would not meet these criteria. For example, HSBC recently issued a Hong Kong digital bond on the HSBC Orion DLT. That would only qualify for half the grant because it would fail the platform test.

There are some easy workarounds to the DLT platform criterion. For example, one bank could issue a bond on a second bank’s platform, and then the second bank could issue a bond on the first banks’s platform.

@ Newshounds News™

Source:  Ledger Insights

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SOUTH KOREA DELAYS CRYPTO TAX AGAIN: WHAT IT MEANS FOR INVESTORS IN 2024

▪️South Korea delays crypto tax to 2027, marking a significant policy shift after prolonged debates and investor criticism.

▪️Crypto trading in South Korea thrives as daily volumes hit 6 trillion won, reflecting growing investor interest despite tax uncertainty.

In a latest development, the main opposition Democratic Party of Korea (DPK) agreed on Sunday to delay the controversial crypto tax for two years following investor backlash.

The latest move pushes the tax’s implementation to 2027, marking a significant shift in the country’s stance on digital asset taxation, allowing the market additional time to adapt.

“After extensive discussions, we concluded that additional institutional arrangements are necessary for the virtual asset taxation,” DPK floor leader Rep. Park Chan-dae said during the press meeting at the National Assembly. “We have agreed to defer taxation for two years.”

Park also noted that the decision was made after a ‘prolonged deliberation, debate, and political judgment.’

This decision comes after months of disagreement between the ruling PPP and the KDP. While the PPP supported a three-year grace period, the KDP had previously pushed for implementing the tax in 2025 and had accused the ruling party of using delays as a political strategy regarding South Korea crypto tax policies.

South Korea’s Journey In Crypto Taxes

South Korea’s journey toward taxing cryptocurrency gains began in 2021 when the government proposed a 20% tax on digital asset profits exceeding $1,800 annually. However, criticisms from investors and industry stakeholders led to repeated delays. Notably, the South Korea crypto tax’s implementation was initially pushed to 2023, then to 2025, and now to 2027.

The current tax framework charges taxes on gains exceeding 2.5 million won, whereas stock trading profits are taxed only above 50 million won, a disparity that has been heavily criticised.

Government’s Plans To Impose Crypto Taxes

Beginning next year, the government had planned to impose a 22 percent tax, including local taxes, on annual income exceeding 2.5 million won ($1,790) from virtual asset investments. Although the policy had already been postponed twice, the DPK initially intended to implement the taxation plan by raising the tax exemption threshold to 50 million won.

However, the widespread criticism from the increasing number of crypto investors and opposition from the ruling People Power Party (PPP) led the party to agree to a further postponement.

South Korea Remains Key Player In Global Market

South Korea remains a key player in the global crypto market. Notably, the decision to delay taxation of the South Korea crypto tax reflects the government’s cautious approach to balance regulation with market growth.

Notably, in the first half of 2024, the country’s daily crypto trading volume soared 67% from the previous period to six trillion won. Local media source Naver also reported that the number of domestic investors increased by 21%, reaching 7.78 million, with Bitcoin and Ethereum comprising the majority of holdings.

@ Newshounds News™

Source: CoinPedia 

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Source:  Seeds of Wisdom Team RV Currency Facts

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More News, Rumors and Opinions Sunday Afternoon 12-1-2024

Gold Telegraph: Today Marks a Historic Shift

11-30-2024

BREAKING NEWS: PRESIDENT-ELECT DONALD TRUMP THREATENS 100% TARIFF ON BRICS COUNTRIES IF THEY UNDERCUT THE US DOLLAR.

Here we go…

The financial storm has arrived. Nobody is laughing now.

Forcing nations into a corner may seem like power—until you realize the corner holds the world’s wealth in minerals. When those nations decide to act, what do you think will happen? All roads lead to gold.

Bullying does not work. Eventually that quiet kid in the back stands up and fights back. Typically, wins.

For years, people scoffed at me for highlighting BRICS and their push for true sovereignty.

Fast forward: the U.S. is now threatening 100% tariffs on BRICS nations daring to move away from the dollar.

A “free market” you say? The world needs gold now more than ever. Reset.

It is easier to defend a system already in existence than to accept the one coming. That is where we are today in the international monetary system. Embrace it or get left behind. Leaders better get smart right now.

If the U.S. wants a commitment from BRICS nations, it should issue long-term, gold-backed Treasury securities redeemable at maturity. Start there. Who else agrees?

Read:  Is The US Considering A Gold-Backed Treasury Instrument?  https://www.zerohedge.com/precious-metals/us-considering-gold-backed-treasury-instrument

Audit the Federal Reserve.

BRICS includes major U.S. trading partners like India and China. The United States threatened to put 100% tariffs on both countries if they circumvent the dollar. Both countries have been focused more on local currencies for trade in recent years. They both are stockpiling gold.

• U.S. and China Trade: Totaled approximately $758.4 billion in goods and services.

• U.S. and India Trade: Totaled approximately $191.8 billion in goods and services.

Back in 2016, President-Elect Donald Trump said: “Bringing back the gold standard would be very hard to do, but boy, would it be wonderful.” You are reading this right.

https://twitter.com/i/status/1863004909089833188

Today marks a historic shift. The United States, drowning in $36 trillion of debt and a nearly 7% GDP deficit, threatens nations to uphold its debt-based currency. Meanwhile, BRICS moves to reset and rebuild hard assets. The U.S. needs to leverage gold to retain dominance.

https://dinarchronicles.com/2024/11/30/gold-telegraph-today-marks-a-historic-shift/

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Ariel:  Iraq is Getting Ready to Launch

Revaluation?
Reinstatement?
Redenomination?
Does it matter?

No because the only thing that would warrant a post of this type given what Iraq is getting ready to launch hours from now concerning those bonds. I do not see any other major event that is on schedule for tomorrow.

Listen, regardless of what happens tomorrow Iraq stated on an official basis that they only have 5% left for their monetary reform. So regardless we are on track for anything to happen at this point.

https://dinarchronicles.com/2024/11/30/ariel-prolotario1-iraq-is-getting-ready-to-launch/

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

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

Militia Man  We have a couple members that speak fluent Arabic...They come in on occasion and talk to me...or I reach out to them...to see if they can reach out to the tribal people or people that they know that are working on the ground...What I learned was...He gave an example if you're taking a credit/debit card from a country A to country B and it works, meaning you have the ability to transfer money from one country to another on your card, ...you can swipe your card into an ATM and get money, let's say you're [Iraqi], if you're in a different country and you can swipe your card and get dinar or convert [Iraqi dinar] to Jordanian dinar or you can go to Saudi Arabia...the United States... Europe, if the card works in those counties, it's going to be reflective of...an exchange rate... [Post 1 of 2....stay tuned]

Militia Man  Article: "Trade Bank launches first experimental Visa card."  Quote "...the Visa includes features for use in online shopping as well as for use in purchases..."   When we go online, we're international in the World Wide Web.  It sounds like you're going to be able to use a new electronic card across borders.  If this is an international card, showtime is about to being.  Because once they have experimented, if it works, everybody's going to get one.  [Post 2 of 2]

Iraq Heist of the Century Haiti Path to Recovery - HTG Currency Investment

Edu Matrix:  12-1-2024

Iraq Heist of the Century Haiti Path to Recovery— HTG Currency Investment Iraqi Courts Sentence Thieves of the Heist of the Century—Tourism progress—Oil Exports—Haiti Currency Investment Opportunity. News updates from Iraq's tourism industry.

 Huge gift from the United States to Iraq. Haiti's long road to recovery. Haiti's natural resources and the Western world. Exchange rates for the Iraqi Dinar and the Haitian Gorge. Investment recommendation for the HTG.

https://www.youtube.com/watch?v=52Gh3Z1pDW4

MARKETS A LOOK AHEAD: TRUMP THREATENS BRICS! DEFENDS DOLLAR. (EXPECT PRICE SHOCKS).

Greg Mannarino:  12-1-2024

https://www.youtube.com/watch?v=LbEK_2WPdjI

Bubble 4.0: Markets Reached ‘Record Levels’ Of Overvaluation, What's Next?

Bubble 4.0: Markets Reached ‘Record Levels’ Of Overvaluation, What's Next?

Davis Lin:  12-1-2024

David Hay and Jeff Dicks, Co-CIOs of Evergreen Gavekal, explain alternatives to a very frothy equities market, the outlook for the bond market, and the growth prospects for the economy under a second Trump term.

0:00 - Intro

1:05 - What is the Trump trade?

2:40 - Bond market recap

 6:10 - Soft or no landing?

 7:28 - Retail sales and the consumer

10:00 - Household net worth

11:20 - Real wages

12:25 - Fed monetary policy

 13:40 - Global central bank policies

14:34 - U.S. dollar

17:20 - U.S. vs. emerging markets

18:45 - Deficit level

21:40 - Interest rate vs. Inflation

 26:10- Tariffs and economic growth

27:25 - Bubble 4.0

31:33 - Alternatives to stocks

32:43 - Valuations point to lower returns

34:20 - Market cyclically

38:33 - U.S. the “envy of the world”

 40:45 - Liquidity and market performance

24:45 - Economy now relies on foreign net savings

44:00 - Savings rate

45:30 - Mortgage spreads

48:22 - Mistakes of fixed income portfolios

https://www.youtube.com/watch?v=2_oiUS5lBrc

Iraq Economic News and Points to Ponder Sunday AM 12-1-24

Speculators, Crisis Traders, And 1,200 “Unlicensed” Money Exchange Shops..The Reasons For The Fluctuation Of Dollar Prices In Iraq
 
Economy ​ 11-28-2024, |Baghdad today – Baghdad  Today, Thursday (November 28, 2024), economic expert Samir Al-Nusairi revealed the reasons for the fluctuation in the exchange rate of the US dollar in stock markets, while confirming the existence of 1,200 unlicensed money exchange shops.

l-Nusairi told “Baghdad Today” that “once again the fluctuation in the exchange rate of the US dollar is back to the fore, and this time by speculators and merchants of crises and wars, exploiting the war that the Zionist entity is currently waging against our people in Palestine and Lebanon and the confusing security conditions resulting from that.”

He added, "The continuation of this problem from time to time can be attributed to several reasons, including before 2023 the
 
     lack of control over the regulation of foreign trade financing, the
 
     lack of a clear trade policy, the
 
     intertwining of policies, and the
 
     lack of an annual import program for the private sector in quantities and amounts. Rather, imports are open and without controls." For external transfers. He pointed out that "the
 
     lack of control over illicit imports and unofficial border crossings, in addition to the presence of about
 
     1,200 currency exchange shops spread across all governorates that are not licensed by the Central Bank, deal in cash dollars, and about
 
     12,000 outlets for disbursing the salaries of retirees and social welfare deal in trading it at the exchange rate on the black market.". 

He pointed out that   "most of the merchants who obtain the US dollar at the official rate from the Central Bank, but sell their goods in the local market at the black market price, as well as the  absence of global correspondent banks previously that deal with our banks and no accounts were opened for them in the currencies of the countries with which we have extensive trade exchange." Such as China, India, Turkey and the Emirates.

He explained that "the   failure of merchants and some banks to adhere to international banking standards that guarantee the dollar's access to the final beneficiary, so the
 
efforts of the Central Bank and the government in 2023 focused on drawing up a strategy for financial and banking reform for the purpose of controlling the stability of the exchange rate."

He explained, "Among the axes of this strategy are
 
     organizing the financing of foreign trade,
 
     building new international understandings with international banks, and
 
     opening accounts for our banks in correspondent banks, where
 
     more than 30 accounts have been opened with American, Chinese, Emirati, Turkish, and Indian banks.

We expect that the number of banks will increase over the next two months." Iraqi women who have accounts in correspondent banks due to the efforts made by the Central Bank to provide aid and assistance to them and coordinate with the targeted correspondent banks.”
 
The dollar exchange rates in local markets witnessed a state of fluctuation during the current week between rises and falls, which created a state of confusion among citizens.   
 
https://baghdadtoday.news/262905-مضاربون-وتجار-أزمات-و1200-محل-صرافة-غير-مجاز.-أسباب-تذبذب-أسعار-الدولار-في-العراق.html   

Warning About Canceling The Electronic Platform: It May End The Banking System In Iraq
 
November 30, 2024  Baghdad/Iraq Observer  The Central Bank of Iraq intends to cancel the “electronic platform” for financial transfers early next year.
 
The researcher and specialist in financial and banking affairs, Mustafa Hantoush, says that the Central Bank of Iraq, by not finding real solutions for remittances and moving towards topping the platform (Fitr) and handing over the Iraqi dollar to (4) banks owned by investors and banks (Jordanian and Gulf), will fire the coup de grace on the entire Iraqi banking system. Hantoush added during his speech to the Iraq Observer,
 
 “The banking system in Iraq as a whole will become punished, which will lay off approximately (100) workers in the Iraqi private banking sector for the benefit of Jordan and the Gulf countries.”

He continued,  “He may demand social welfare for them, and the stability of the exchange rate will become difficult due to the monopoly of the dollar by those banks, and it may cause new fluctuations in the exchange rate.”

The financial expert continues, “Thus, the   Central Bank of Iraq is failing in one of   the most important banking policies, which is the policy of achieving competition in the banking sector and preserving banking sovereignty.

Thus,  we call on the Central Bank to provide certain solutions, including extending work on the (Fitr) platform in coordination with the new administration of the United States of America.”

He continues by saying,  “Iraqi banks must be guaranteed to open accounts in dollar-denominated correspondent banks (Citibank/GBMorgan), as the countries of the region have done.”

He pointed out that  “it is also necessary to define and announce a mechanism for cooperation and auditing with Ernst & Young regarding transfers in currencies other than the dollar (euro - yuan - lira - dirham).” He stated,
 
 “Announcing the results of the agreement and contract with the company (Olver and Ayman) regarding the 28 sanctioned banks and what their fate is.” The financial expert called for
 
 “the necessity of approaching the central banks of the countries (Turkey - the Emirates - China - India) to agree to open branches of Iraqi banks to move from a remittance relationship to a banking relationship in trade.”

The decision to cancel the electronic platform for financial transfers represents a major challenge to the Iraqi economy, and may have direct effects on the exchange rate of the dollar against the Iraqi dinar. https://observeriraq.net/تحذير-من-إلغاء-المنصة-الالكترونية-قد-ي/   

Between Rapid Growth And Stagnation...An Economic Analysis Of Electronic Payment Numbers In Iraq
 
Economy ​ 11-29-2024, 15:32 |Baghdad today – Baghdad  Economist Manar Al-Obaidi confirmed today, Friday (November 29, 2024), that
 
electronic payments have increased this year according to Central Bank data, suggesting that
 
local electronic transactions will likely reach 21 trillion dinars. Al-Obaidi said in a post on Facebook, followed by Baghdad Today, that
 
“electronic payments rose in 2024 according to Central Bank data,” noting that
 
“it is expected to reach 21 trillion dinars in local electronic transactions and that the volume of foreign electronic transactions will reach Iraqi cards cost between 15 and 20 trillion annually in the same year.”

He added, "The total internal and external electronic payments will reach between 30 to 40 trillion dinars.
 
In contrast, there is a decrease in the size of current deposits from 107 trillion at the end of 2023 to 102 trillion in 2024," pointing out that
 
"there is a decrease in the size of private sector deposits (including citizens)." From 56.55 trillion dinars in 2023 to 56.17 trillion in 2024".

He continued,  "The value of cash in the banking sector reached 8.1 dinars for every 100 dinars exported in 2024 only, compared to 6.75 dinars for every 100 dinars exported in 2023," stressing that
 
"if all electronic payment incentives cannot increase the volume of current and private deposits in the banking sector and cannot... “As the monetary supply within the banking sector increases significantly, what is the benefit achieved by electronic payments?” Al-Obaidi wondered,
 
 “Why, despite the increase in payments, the citizen’s confidence in the banking sector has not increased, and he still puts in his bank account what covers electronic payments that he cannot pay exclusively with cash, specifically government ones?
 
Is there a need to increase mechanisms to
 
     stimulate electronic payment to increase electronic transactions, or is it a necessity to work?” To
 
     increase confidence in the banking sector, and then electronic payment will be one of the outcomes of increasing this confidence?    https://baghdadtoday.news/262956-بين-النمو-المتسارع-والركود.-تحليل-اقتصادي-لأرقام-المدفوعات-الإلكترونية-في-العراق.html   

Iraq Is Preparing For An Electronic Revolution In Electronic Payment As The Year 2025 Approaches
 
economy |  02:57 - 29/11/2024  Mawazine News – Baghdad  The head of the electronic payment team in Iraq, Nabil Al-Najjar, confirmed today, Friday, that
 
Iraq will witness a major transformation in the field of electronic payment in the next year.
 
Al-Najjar explained in a statement to the official agency, followed by "Mawazine News", that
 
"the number of electronic payment cards in Iraq has exceeded the barrier of 18 million cards, which means that a third of the population uses this method." He added,
 
"There is a government trend that supports electronic payment through a series of decisions that will contribute to this major transformation in the Iraqi economy."

Al-Najjar pointed out that  "Iraq is embarking on massive digital campaigns in line with the economic decisions adopted by the government of Prime Minister Muhammad Shia al-Sudani, and  it is expected that the year 2025 will witness a qualitative shift in electronic transactions."  https://www.mawazin.net/Details.aspx?jimare=256999   

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

Seeds of Wisdom RV and Economic Updates Sunday Morning 12-01-24

Good Morning Dinar Recaps,

NO TURNING BACK ON LAUNCHING BRICS PAYMENT SYSTEM: DIPLOMAT

BRICS Sherpa Sergey Ryabkov confirmed to reporters that the bloc will not scrap the formation of a new payment system. Speaking to reporters at the Sherpa meeting, the diplomat doubled down saying that there’s no turning back on launching the new BRICS payment system. The goal of the new system is to sideline the US dollar and settle cross-border transactions in a basket of local currencies.

For the uninitiated, BRICS is working on the formation of an independent payment system that will not incorporate the US dollar into its mechanism. The mechanism will include local currencies of the bloc and keep the US dollar away from all transactions.

“The glass is always half-full; it is never half-empty,” said Ryabkov when answering about the independent payment system within BRICS.

“We can measure how full the glass is in different ways but this ultimately depends on who is holding this glass in their hands. Therefore, we’ve made significant strides today. How much time it will take to fill the framework we’ve established with tangible actions depends on us. On BRICS and the global majority,” the diplomat said to reporters at a press conference.

Why is BRICS Creating a New Payment System?

The BRICS bloc is creating a new payment system to safeguard the economies of developing countries from US sanctions. The goal is to protect themselves economically without being pinned down by the US and the West. The diplomat called the US and the West “hostile states” who want to harm the prospects of developing countries.

The diplomat called the upcoming BRICS payment system a “critical milestone” for the bloc and “a point of no return.” He added that “we will do everything in our power to ensure success.”

@ Newshounds News™

Source:  Watcher Guru

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'GOVERNMENT HAS BECOME ADDICTED TO INDIRECT REGULATION' — RIPPLE CTO

In a recent Joe Rogan interview, Mark Andreesen revealed that the debanking of tech firms caused the Silicon Valley shift toward Trump.

Ripple chief technical officer David Schwartz recently joined the list of tech founders speaking out against Operation Chokepoint 2.0 — a government-run debanking operation against the crypto industry. Schwartz said the government is "addicted to indirect regulation" and laid out four reasons why de-banking undermines the rule of law.

Schwartz argued that debanked entities switch service providers or take their funds underground — thereby evading surveillance and sanctions control altogether. 

The CTO also said de-banking undermines due process, freedom of speech, and the right against unlawful search and seizure. Schwartz wrote:

"Our government has become addicted to indirect regulation precisely because of these evils. It is cheaper and easier to pressure someone else to punish me than to charge me with a crime and give me due process, but the government ought not to punish people without giving them due process."

"It is easier to pressure banks to cut off disfavored businesses than to make that business illegal," The CTO continued before imploring the government to use lawful and above-board processes to regulate businesses.

Industry founders recount government debanking operation
According to venture capitalist Mark Andreesen, more than 30 tech firms were victims of Operation Chokepoint 2.0, and tech founders recently took to social media to share their debanking experiences.

The list of figures speaking out included Frax Finance founder Sam Kazemian, who claimed that JPMorgan Chase debanked him in December 2022.

Coinbase co-founder and CEO Brian Armstrong also petitioned the government for records relating to Operation Chokepoint 2.0 via the Freedom of Information Act (FOIA) and is currently compiling those records.

In September 2024, Castle Island Ventures partner Nic Carter revealed that the Biden administration deliberately killed Silvergate Bank — a major institution for crypto banking — in an effort to destroy the crypto industry. “I believe Silvergate could have survived its drawdown — and was on a path to do so,” Carter said.

However, Industry executives remain optimistic that the incoming Trump administration will reverse years of regulatory hostility toward the crypto industry.

@ Newshounds News™

Source:  CoinTelegraph  

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ZIM ZIG: THE MOST BRILLIANT INVESTING STRATEGY EVER?  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

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News, Rumor and Opinions Sunday AM 12-1-2024

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. 1 Dec. 2024

Compiled Sun. 1 Dec. 2024 12:01 am EST by Judy Byington

The Role of the Military …Julian Assange on Telegram

The Deepstate’s financial empire will crumble. The Quantum Financial System (QFS) is set to officially take over, ushering in the greatest transfer of wealth in human history. The elite-controlled banks, stock markets, and fiat currencies will be obliterated and replaced with a fair, transparent financial system designed to serve the people, not the oppressors.

Prepare yourselves—this is the storm you’ve been waiting for. Nothing can stop what is coming.

Global Currency Reset:

Sat. 30 Nov. 2024 Mark Z: A number of my sources that are involved with groups and historic bonds are now back in place and prepared (according to them) for a very eventful two weeks. They expect to be very busy over the next two weeks. This probably means things are starting soon.  I have to agree with them.

Sat. 30 Nov. 2024 Wolverine: Zim Bonds are not currencies as they are on a contract rate. They are going to be worth HUGE.

Sat. 30 Nov. 2024: The Central Bank of Iraq will be holding a remittance auction for banks and exchange companies inside Iraq on Sun. 1 Dec. 2024. That means the Iraqi Dinar will be on the Forex inside Iraq on Sun. 1 Dec. 2024 and go live internationally on Monday 2 Dec. 2024. …Majeed KSA (in Iraq) on Telegram

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Please consider the following as RUMORS:

Here are the latest updates that demonstrate the unparalleled strength and integration of QFS, proving it to be the ultimate tool for humanity’s financial liberation.

Tues. 15 Oct. 204 Major Rollout: Asset-Backed Digital Currencies Activated in Key Nations: On October 15, 2024, the White Hats officially launched asset-backed digital currencies in several strategic nations, including Russia, India, Brazil, and Hungary. Unlike the central bank digital currencies (CBDCs) being pushed by globalists, these currencies are 100% backed by gold, silver, and other tangible assets, rendering them immune to inflation and manipulation.

India: The Reserve Bank of India (RBI) announced a shift from the fiat rupee to a Quantum Gold-Backed Rupee, facilitated by the QFS. The move has already stabilized the economy, with inflation dropping by 7% in just one month.

Brazil: Brazil’s government revealed that its new Quantum Real has attracted billions in foreign investment, thanks to its transparency and incorruptibility.

Mon. 28 Oct. 2024 Military Integration: Securing Global Financial Freedom. On October 28, 2024, leaked documents confirmed that the U.S. Space Force has deployed quantum satellites to secure QFS operations worldwide. These satellites, equipped with cutting-edge encryption, ensure that QFS transactions are immune to hacking or interference. This military integration demonstrates that QFS is not just a financial tool but a critical element of global sovereignty.

In addition, Special Operations Forces in alliance with the White Hats have successfully dismantled several deepstate-controlled data centers that were key to implementing the Digital Public Infrastructure (DPI). These operations, conducted in Switzerland, Belgium, and Canada, have crippled the globalists’ ability to spy on QFS transactions.

On Fri. 1 Nov. 2024: Russia’s Quantum Ruble was activated, bypassing Western sanctions and integrating seamlessly into the global QFS network. This integration is part of a larger plan to neutralize the fiat-based global financial system, which has enslaved nations under debt and corruption for decades.

Sun. 3 Nov. 2024 Integration with Global Trade: Quantum Nodes Deployed. These nodes highlight the global reach of QFS and its ability to bypass corrupt banking systems controlled by the Deepstate. A groundbreaking development occurred on November 3, 2024, when Quantum Trade Nodes were activated in Dubai, Singapore, and Frankfurt. These nodes act as transactional gateways, allowing nations to trade securely without reliance on traditional banking systems like SWIFT. The Quantum Trade Nodes provide instantaneous, transparent settlement of transactions, cutting out the need for intermediaries.

Dubai: The Dubai Trade Council reported that 60% of its exports and imports are now settled using QFS protocols, eliminating transaction delays and corruption.

Singapore: Singapore’s integration of Quantum Nodes has made it the fastest-growing hub for global trade, processing over $100 billion in QFS-backed transactions in just two weeks.

Frankfurt: Germany’s trade systems have seamlessly linked with QFS, reducing cross-border payment times from days to seconds.

Australia: The Australian government has announced plans to phase out fiat currency entirely by 2025 in favor of QFS integration.

September 2024 The Fall of the Globalists’ CBDCs: The Deepstate’s dream of controlling humanity through Central Bank Digital Currencies (CBDCs) is collapsing under the pressure of QFS. The exodus from CBDCs underscores the growing recognition that QFS offers a secure, incorruptible alternative to the deepstate’s financial schemes. Since September 2024, several nations have abandoned their plans for CBDC adoption after seeing the transparency and fairness of QFS.

Italy: The Italian government scrapped its CBDC pilot on October 20, 2024, citing public opposition and the superior performance of QFS-backed alternatives.

South Africa: On November 5, 2024, South Africa announced its withdrawal from the globalist-controlled CBDC initiative, opting to explore QFS integration instead.

Argentina: The Argentine Central Bank admitted on November 12, 2024, that its CBDC trials had failed to gain public trust, paving the way for a QFS-backed system.

Fri. 15 Nov. 2024: QFS and the End of Debt Slavery. This debt reset is part of a broader effort to free nations and individuals from the financial shackles imposed by the globalists. One of QFS’s most profound impacts is its ability to erase national and personal debt by exposing the fraudulent practices of central banks and their fractional reserve systems. On November 15, 2024, leaked reports revealed that the White Hats have been using QFS to conduct forensic audits of central banks in the UK, France, and Japan, uncovering trillions of dollars in fraudulent debt.

France: The French government is now under pressure to annul illegitimate debts imposed on its citizens, thanks to QFS-backed audits.

Japan: Japan has already announced plans to forgive $500 billion in public debt, crediting QFS for revealing the fraud.

UK: The UK’s central bank faces growing scrutiny, with insiders revealing plans to transition entirely to QFS by 2026.

Nov. 2024 Evidence of Mass Awakening: As of November 2024, a global awakening is underway, driven by the transparency and empowerment provided by QFS. Across social media platforms and encrypted communication channels, millions are sharing testimonials of how QFS is revolutionizing their financial lives.

Farmers in India are bypassing corrupt middlemen and receiving fair prices for their crops directly through QFS transactions.

Small businesses in Brazil are thriving as they gain access to QFS-backed loans with zero interest.

Activists in Europe are using QFS to fund grassroots movements without fear of government crackdowns.

The Road Ahead: The power of QFS is undeniable, and its integration into global systems is accelerating. The White Hats are not just fighting back—they are winning. The Quantum Financial System is proving itself to be the ultimate weapon against the deepstate’s agenda of mass control, and surveillance.

As of November 17, 2024, the future is no longer uncertain. With QFS, humanity is reclaiming its sovereignty, dismantling the corrupt systems of the past, and building a future of freedom, fairness, and transparency. The message is clear: the globalists’ reign of terror is crumbling, and the Quantum Age has begun.

Read full post here:  https://dinarchronicles.com/2024/12/01/restored-republic-via-a-gcr-update-as-of-december-1-2024/

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

Sandy Ingram  Although things appear to be on a downward slope, the truth is that things are looking up in a big way for Vietnam.  Vietnam Pictorial Article "Foreign investors flock to invest in southern provinces and cities" ...Over 40 German enterprises recently explored investment opportunities...Investors from South Korea, Japan and India have also visited leading to plans for major projects...  

Militia Man  Article quote: "...Fundamental channels to transfer process we find no room for there to be two price for the dollar."  Realize that's article VIII compliance with the IMF.  They don't want multi currency practices...You got to read these articles...and you have to paint a picture.  It's not easy to see.  It's really not, but you know what?  We can and we're seeing it...

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Expect Freefalling Markets; COVID Crash "On Steroids" | David Hunter

Liberty and Finance:  11-30-2024

David Hunter, a veteran contrarian macro strategist, is forecasting a major "melt-up" in financial markets followed by a dramatic collapse.

He predicts that stock markets will continue to surge, with the S&P 500 possibly reaching 7,500 and the NASDAQ hitting 25,000 before this parabolic rally culminates.

However, Hunter warns that this final stage will be followed by a global economic bust, driven by decades of overspending, over borrowing, and central bank policy errors. In terms of precious metals, he has a bullish pre-bust outlook, forecasting gold to rise to $3,400 and silver to reach $75 in the near term, boosted by a weakening dollar and falling interest rates.

He then sees a crash in prices. After the bust, Hunter sees both metals continuing their upward trajectory, with gold potentially reaching $20,000 and silver soaring to $500 as part of a broader commodity-driven recovery.

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

“Tidbits From TNT” Sunday Morning 12-1-2024

TNT:

Tishwash:  Iraq suspends official work on Tuesday, December 10 - Urgent

 The General Secretariat of the Council of Ministers announced today, Saturday (November 30, 2024), that official work will be suspended in the country on Tuesday, December 10, on the occasion of Victory Day over ISIS.

A government source told Baghdad Today, " The General Secretariat of the Council of Ministers decided to suspend official work on Tuesday, December 10, on the occasion of the anniversary of the liberation of the land of Iraq from the terrorist gangs of the ISIS organization (Victory Day)."

It is noteworthy that Iraq announced on December 10, 2017, victory over ISIS and the liberation of all cities that were controlled by the organization. link

Tishwash:  Electronic payment.. 18 million cards used in Iraq

Head of the electronic payment team in Iraq, Nabil Al-Najjar, confirmed today, Friday, that Iraq will witness a major electronic transformation next year. 

Al-Najjar said, "The number of cards for electronic payment users has exceeded the 18 million mark, which means that a third of the Iraqi people use electronic payment cards," noting that "there is a government trend in favor of electronic payment through some decisions, and this indicates a major shift in the Iraqi economy." 

He added, "The Iraqi market is heading towards major digital campaigns in accordance with the economic decisions issued by the government of Prime Minister Mohammed Shia al-Sudani, and it is expected that the year 2025 will witness a major shift in dealing with electronic payment."  link

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Tishwash:  Finance confirms its continued efforts to implement automation plans and use modern electronic systems 

The Ministry of Finance confirmed, on Saturday, its continued efforts to implement automation and digital transformation plans and use modern electronic systems.

A statement by the Ministry of Finance, seen by Al-Eqtisad News, stated that "Minister Taif Sami chaired the regular meeting of the Opinion Board, in the presence of the Undersecretary of the Ministry and the general managers of the departments, banks, bodies and affiliated companies."

He explained that "the meeting discussed a number of topics included in the agenda, including reviewing the recommendations of the committees formed by the Opinion Authority for previous sessions, determining the stages of progress and achievement rates, in addition to discussing the proposed amendments in order to develop the ministry's performance and adapt it to the requirements and vision of modern financial management witnessed by the finance and business sector.

The statement added, "The meeting addressed the emphasis on implementing the recommendations of the Council of Ministers, and the emphasis on continuing the intensive efforts and providing the capabilities within the framework of the government program to develop banking financial performance, and implement financial and strategic plans, including automation and digital transformation, and the use of modern electronic systems and improving the reality of work, to provide the best services to citizens.  link

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Tishwash:  Government Advisor: Number of Bank Accounts in Iraq Increases to More Than 14 Million

The Prime Minister's Advisor for Financial and Economic Affairs, Mazhar Muhammad Salih, confirmed on Saturday that financial inclusion in Iraq, represented by bank accounts, has risen to 14 million, with 20 million users, while he pointed out that Iraq is witnessing a boom in adopting e-governance as a basis for integrity and financial efficiency.

Saleh said in a statement reported by the official news agency, and reviewed by "Al-Eqtisad News", that "the pillar of financial inclusion is represented by the number of personal bank accounts, as inclusion aims to enable individuals and companies to access financial services appropriate to their needs in an easy and reasonable manner, while ensuring legal protection and transparency."

He added, "Financial inclusion focuses on enhancing the financial integration of economically and socially marginalized groups, such as the poor, women, and youth, as well as small and medium-sized enterprises that lack adequate access to financing in the banking system by opening a bank account."

He pointed out that "national indicators confirm that financial inclusion in Iraq has increased from 20% to 48% at the present time compared to previous years," explaining that "the reason is due to two main factors, which are the localization of salaries of employees, workers, retirees and social care, and the other is the spread of digital payments or digital financial inclusion."

Saleh stressed that "Iraq is witnessing a boom within the government program policy that considers e-governance as the basis for integrity, transparency, financial and economic efficiency, and optimal investment of resources and time," noting that "the latest statistics indicate that the number of bank accounts is about 14 million bank accounts and more than 20 million payment card users, which means an increase in the financial inclusion rate from 20% to 48%, which is a rate measured by the number of bank accounts opened for adults in the population."

He continued, "There are a number of open bank accounts that are dormant or zero, which should be excluded to reach the correct number of open bank accounts. There are open and zero accounts belonging to expatriates, deceased people, bankrupt companies, companies that have left work, and individuals who have not dealt with their bank accounts opened in banks that are under guardianship or are in trouble, and other factors and hopes are many."

He continued, "The real criterion for adopting the bank account as a criterion for financial inclusion is the bank accounts opened for active individuals, not the zero or inactive ones, which requires excluding them from the statistics of banks and the Iraqi banking system in general."  link

Mot: Seeeeee - Its Never Too Late!!!!!

Mot:  Doing a good deed-

MilitiaMan & Crew-Iraq Dinar News-Non-Oil Revenue-$62 Billion Investment-Halt Credit Activity-Agreement Oil & Gas

MilitiaMan & Crew-Iraq Dinar News-Non-Oil Revenue-$62 Billion Investment-Halt Credit Activity-Agreement Oil & Gas

11-30-2024

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

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

https://www.youtube.com/watch?v=604IRN-sgwc

More News, Rumors and Opinions Saturday PM 11-30-2024

KTFA:

Clare:  Iraq suspends official work on Tuesday, December 10 - Urgent

11/30/2024

Baghdad

The General Secretariat of the Council of Ministers announced today, Saturday (November 30, 2024), that official work will be suspended in the country on Tuesday, December 10, on the occasion of Victory Day over ISIS.

A government source told Baghdad Today, “It was decided to suspend official work on Tuesday, December 10, on the occasion of the anniversary of the liberation of Iraq from the terrorist ISIS gangs (Victory Day).”

It is noteworthy that Iraq announced on December 10, 2017, victory over ISIS and the liberation of all cities that were controlled by the organization.   LINK

Clare:  Sunday’s House of Representatives session agenda

Baghdad – WAA

The House of Representatives announced its agenda for tomorrow’s session, Sunday.

The media department of the Council of Representatives stated in a statement received by the Iraqi News Agency (INA): “The agenda of tomorrow’s session, Sunday, included voting on the proposed Personal Status Law, the draft law on returning real estate to its owners, the draft law on the second amendment to the General Amnesty Law, as well as the report and discussion (second reading) of the draft law on the fifth amendment to the Civil Aviation Law, and the report and discussion (second reading) of the draft law on the first amendment to the Industrial Cities Law.”

It added that “the session will begin at one o’clock in the afternoon.”  LINK

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

Bruce  [via WiserNow]  …our rate should be better at the redemption center…dinar and Dong and I know they’re gonna be a lot better on dinar  especially because we know there’s a contract rate on Dinar that will be offered to us that is extremely high… Okay, not at the bank but at the redemption centers. Just so you know. 

Militia Man  These guys are in a stage of getting ramped up for production for the construction and reconstruction efforts of the country like they’ve never seen in modern history…The new era…is coming upon Iraq.  Let’s hope they have a previous era takeoff in a real effective exchange rate to help boost that private sector and industrial capacities that they have going…

Why the Real Recession Data Is Only Coming Out Now | Danielle DiMartino Booth

Kitco News:  11-30-2024

Is the U.S. in the heat of a recession right now?

A recent jump in bankruptcies resembles that of the Great Financial Crisis, Danielle DiMartino Booth, CEO and Chief Strategist for QI Research, tells Jeremy Szafron, Kitco News anchor, on the sidelines of the New Orleans Investment Conference.

Booth discusses a range of topics, including the state of the U.S. economy, revisions in job market data, government versus private sector employment, and the impact of political shifts on economic policies. She also shares her latest take on recession timelines, the role of Elon Musk in government efficiency, and the challenges facing the Federal Reserve.

00:00 Introduction: Economic Data Overview

03:55 Recession and Economic Outlook

04:33 Corporate Layoffs and Attrition

05:28 Musk's Government Efficiency Initiative

07:58 Bankruptcies and Personal Debt

 09:57 Federal Reserve and Interest Rates

18:33 Bitcoin, Gold, and Investment Strategies

https://www.youtube.com/watch?v=tYJ2yvrvMh0

Iraq Economic News and Points to Ponder Saturday Afternoon 11-30-24

Iraqi Oil Records A Rise At The End Of Its Weekly Trading

Saturday 30 November 2024 | Economic Number of readings: 255  Baghdad / NINA / Iraqi oil concluded, today, Saturday, the weekly trading in the global market on the rise after recording continuous losses for 4 days.

According to oil market data, Basra Heavy crude recorded $ 68.50 per barrel, while the average recorded $ 71.65 per barrel, with a change rate of +0.78 for both January 2025 delivery.

The data also showed a noticeable decrease in global crude prices as well, as British Brent crude recorded $ 72.94, while US West Texas Intermediate crude recorded $ 68.00 per barrel, with a change rate of -0.34 and -0.72, respectively. / https://ninanews.com/Website/News/Details?key=1171891

More Than A Billion Dollars In Central Bank Currency Sales

Saturday 30 November 2024 | Economic Number of readings: 161  Baghdad/ NINA / The total sales of hard currency in the US dollar during the 5 days of the auction last week exceeded one billion dollars.

During this period, the Central Bank sold one billion, 393 million, 968 thousand, and 342 dollars, at a daily average of 278 million, 793 thousand, and 668 dollars, down from what was recorded in the previous week, which amounted to one billion, 434 million, 982 million, and 505 dollars.

The highest sales of the dollar were on Monday during the week, as sales amounted to 290 million, 459 thousand, and 512 dollars, while the lowest sales were on Wednesday in the same week, as sales amounted to 278 million, 258 thousand, and 12 dollars.

Foreign remittance sales during the past week amounted to 1 billion, 337 million, 368 thousand, and 342 dollars, an increase of 96% compared to cash sales, which amounted to 56 million, 600 thousand dollars. / End 7   https://ninanews.com/Website/News/Details?key=1171956

A Slight Decrease In The Dollar Prices In Baghdad And Erbil With The Closing At The Beginning Of The Week

Economy  | 11/30/2024  Mawazine News – Baghdad  The dollar prices fell slightly in the markets of Baghdad on Saturday, and in Erbil, the capital of the Kurdistan Region, with the closure of the stock exchange at the beginning of the week.

The dollar prices also fell with the closing of the Al-Kifah and Al-Harithiya stock exchanges to record 150,000 Iraqi dinars for every 100 dollars, while this morning it recorded 150,100 dinars for every 100 dollars.

The selling prices stabilized in the exchange shops in the local markets in Baghdad, where the selling price reached 151,000 Iraqi dinars for every 100 dollars, while the purchase price reached 149,000 dinars for every 100 dollars.

As for Erbil, the dollar recorded a slight decrease, where the selling price reached 150,000 dinars for every 100 dollars, and the purchase price reached 149,900 dinars for every 100 US dollars. https://www.mawazin.net/Details.aspx?jimare=257046

The Ministry Of Finance Confirms Its Continued Efforts To Implement Automation And Digital Transformation Plans And Use Modern Electronic Systems

economy | - 11/30/2024  Mawazine News – Baghdad  The Ministry of Finance confirmed, on Saturday, its continued efforts to implement automation and digital transformation plans and use modern electronic systems.

A statement by the Ministry of Finance received by "Mawazine News" stated that "Minister Taif Sami chaired the regular meeting of the Opinion Board today, Sunday, in the presence of the Undersecretary of the Ministry and the general managers of the departments, banks, bodies and affiliated companies."

He explained that "the meeting discussed a number of topics included in the agenda, including reviewing the recommendations of the committees formed by the Opinion Board for previous sessions, determining the stages of progress and achievement rates, as well as discussing the proposed amendments in order to develop the ministry's performance and adapt it to the requirements and vision of modern financial management witnessed by the financial and business sector.

The statement added that "the meeting addressed the emphasis on implementing the recommendations of the Council of Ministers, and the emphasis on continuing the tireless efforts and providing the capabilities within the framework of the government program to develop financial banking performance, and implement financial and strategic plans, including automation and digital transformation, and the use of modern electronic systems and improving the reality of work, to provide optimal services to citizens.    https://www.mawazin.net/Details.aspx?jimare=257053

Government Advisor: Number Of Bank Accounts In Iraq Increases To More Than 14 Million

Economy  | 11/30/2024  Saleh said in an interview followed by "Mawazine News": "The pillar of financial inclusion is represented by the number of personal bank accounts, as inclusion aims to enable individuals and companies to access financial services appropriate to their needs in an easy and reasonable manner, while ensuring legal protection and transparency."

He added, "Financial inclusion focuses on enhancing the financial integration of economically and socially marginalized groups, such as the poor, women, and youth, as well as small and medium-sized enterprises that lack adequate access to financing in the banking system by opening a bank account."

He pointed out that "national indicators confirm that financial inclusion in Iraq has increased from 20% to 48% at present compared to previous years," explaining that "the reason is due to two main factors, which are the localization of salaries of employees, workers, retirees and social care, and the other is the spread of digital payments or digital financial inclusion."

Saleh stressed that "Iraq is witnessing a boom within the government program policy that considers e-governance as the basis for integrity, transparency, financial and economic efficiency, and optimal investment of resources and time,"

noting that "the latest statistics indicate that the number of bank accounts is about 14 million bank accounts and more than 20 million payment card users, which means an increase in the financial inclusion rate from 20% to 48%, which is a rate measured by the number of bank accounts opened for adults in the population."

He continued, "There are a number of open bank accounts that are dormant or zero, which should be excluded to reach the correct number of open bank accounts.

There are open and zero accounts belonging to expatriates, deceased people, bankrupt companies, companies that have left work, and individuals who have not dealt with their bank accounts opened in banks that are under guardianship or are in trouble, and other factors and hopes are many."

He continued, "The real criterion for adopting the bank account as a criterion for financial inclusion is the bank accounts opened for active individuals, not the zero or inactive ones, which requires excluding them from the statistics of banks and the Iraqi banking system in general." https://www.mawazin.net/Details.aspx?jimare=257061

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