What Documents to Keep and for How Long

What Documents to Keep and for How Long

Daniel de Visé, USA TODAY  Wed, December 25, 2024

Can I just throw out those old documents in my basement? We asked accountants.

As you ransacked your basement in search of holiday decorations, perhaps you came upon boxes of documents from the last millennium. And then, you probably asked yourself: “Couldn’t I just throw these out?”

Companies and governments often have document retention policies. Most people do not.

Common wisdom suggests we keep important papers for seven years, for reasons that, we vaguely recall, have something to do with taxes.

For those of us with paper records dating to the Clinton Administration, that would seem to mean you can throw them away.

But does that mean everything?

We posed those questions to accountants and tax experts. Here’s what they told us.

Tax returns

Let’s start with the tax return, a near-universal document that fulfills our annual duty to Uncle Sam.

“The IRS can audit you for no reason, or any reason, for three years from the date you filed your return,” said Paul Mendelsohn, a CPA in Livingston, New Jersey.

“The IRS has more time,” beyond the three years, “if you pay late, file an amended return, file a fraudulent return or leave out income that is at least 25% of what you reported,” he said.

The seven-year rule exists, in part, because the IRS “typically has up to six years to audit your return if there’s a big issue, like unreported income,” said Mark Gallegos, a CPA in Chicago. The seventh year “is just a buffer.”

There are cases, though, in which even seven years is not long enough.

Example: There is no time limit for going after people who file a fraudulent tax return, or no return at all.

“If you never filed a tax return, the statute never starts, so you’d have to keep records indefinitely,” said Scott Brillhart, a CPA in Chicago.

Bottom line: Keep your tax returns for at least seven years, if not forever.

Tax supporting documents

The documents you file with your tax return or use to prepare it, including W-2 forms, 1099s, receipts and expense records, “can usually be tossed after seven years,” Gallegos said.

In fact, most of us won’t need the supporting documents for more than three years, Mendelsohn said.

And so, at a minimum, keep those records “for three years from the date you filed your original return, or two years from the date you paid the tax, whichever is later,” he said.

Bottom line: Keep supporting tax documents for at least three years, and ideally for seven.

Bank and credit card statements

TO READ MORE:  https://www.yahoo.com/finance/news/just-throw-those-old-documents-100545204.html

News, Rumors and Opinions Wednesday AM 12-25-2024

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 Special Restored Republic via a GCR Update as of Wed. 25 Dec. 2024

Compiled Wed. 25 Dec. 2024 12:01 am EST by Judy Byington

Judy Note: In other news Christmas used to be celebrated on Jan. 6 before the changeover from the Julian Calendar to the Gregorian Calendar. Evidently the Global Military Alliance is doing other things this Christmas and is going to wait until Jan. 6 2025 to celebrate Christmas.

If the Black Swan Event were to happen over the holidays, the Stock Market would go into turmoil starting Thurs. 26 Dec. 2024

(RUMORS)

Christmas Eve and Christmas Day: Operation Silent Night will target Elite strongholds under holiday cover Christmas Eve and Day. https://eraoflight.com/2024/12/24/military-alliance-launches-full-force-global-strikes-as-deep state-falls/

American Airlines has halted all flights across the U.S. on Christmas Eve due to a “technical fault” in their system, says FAA. Flights of other airlines were being delayed or cancelled due to extreme snow storms.

If the Black Swan Event were to happen over the holidays, the Stock Market would go  into turmoil starting Thurs. 26 Dec. 2024.

ISO20022 tokens like XRP, XLM, XDC were part of the new Global Financial System along with silver & gold. Expect cyber outages.

When the EBS happens it will last from 10 to 12 days:

There will be a EBS message sent over phones, TV and radio around the Globe saying that in the next five hours or so, everyone needed to be home for a global lockdown that would last 10 to 12 days.

NESARA will be announced to the world, which will show that EVERYTHING NEW is beginning.

At the end of the 12 days, they will give out an 800 number for individuals to call to obtain an appointment to set up your Quantum money account on the new Starlink Satellite System.

There were 75 Deepstate Banks that were seized and all assets and accounts closed. All the C***l’s Central Banks have been taken over, with assets entered into the Quantum Financial System (QFS).

The QFS is run on Blockchain where nothing fraudulent can happen because everything is traceable. They can see where all money goes, which stops corruption in its tracks.

Apparently all people have a sum of money in an individual Quantum Financial Account.

The seized assets of the Cabal were moved to those Quantum Financial Accounts of The People. All monies in trust funds were moved to individual QFS accounts. All our bank accounts, savings accounts and retirement accounts were safe in the new Quantum System.

The only monies not reflected in individual Quantum Accounts were investments and shares on the Stock Market. All that will be gone! It is advised to get out of the Stock Market immediately.

Read full post here:  https://dinarchronicles.com/2024/12/25/restored-republic-via-a-gcr-special-update-as-of-december-25-2024/

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

Frank26  [Iraq boots-on-the-ground report]  FIREFLY:
All banks according to Mr. Sammy have stopped all cash transfers from today to January 7th as part of early inventory.  We have declared a two-day holiday on Christmas and then the next day.  This is the first time that we've ever done anything like that on Christmas.  FRANK:  Soon you will have purchasing power for the first time in a long time.  FIREFLY:  This will also mark the end of using or handling cash as ever before...We're going digitally with a new rate...

Mnt Goat  “REASONS FOR THE DELAY IN SENDING GENERAL BUDGETS IN IRAQ AND ITS ECONOMIC REPERCUSSIONS”   ...Iraq is trying desperately to fix the system they have in place of budgeting. The article tells us the system has been an ongoing issue and needs to be fixed. It lists the issue involved and is very informative. I will tell everyone...The hold up of the budget is NOT about the RV...I can tell you for sure with 1000% assurance the hold up of the budget implementation is NOT due to waiting for the new RV rate. 

Anchored in Gold: A Conversation with Dr. Judy Shelton (Little By Little)

Andy Schectman/Miles Franklin:  12-24-2024

In this illuminating interview, Andy Schectman has the honor of speaking with Dr. Judy Shelton, a distinguished economist, monetary policy expert, and former Federal Reserve nominee.

Dr. Shelton is celebrated for her incisive views on global economics and her steadfast advocacy for sound money principles. Her work has been at the forefront of critical discussions about monetary stability and the enduring role of gold in a shifting financial landscape.

For Andy, with over 35 years of experience in the precious metals industry, it was an extraordinary privilege to engage in this conversation with one of the most respected voices in economics.

Dr. Shelton’s expertise and clarity bring unparalleled depth to this timely discussion on the future of money, financial stability, and the principles that underpin a strong global economy.

This is a must-watch dialogue that will inspire and inform anyone interested in the intersection of monetary policy and the enduring value of gold. Don’t miss it!

https://www.youtube.com/watch?v=Q04BjMEpZtA

“Tidbits and Merry Christmas From TNT” Wednesday Morning 12-25-2024

TNT:

Tishwash:  Parliamentary Finance: The budget will be passed with integrity and fairness

Member of the Parliamentary Finance Committee, Hussein Al-Saabari, confirmed today, Tuesday, that the proposed tables in the draft budget law are under study, and it is expected that they will be finally passed. 

Al-Saabari stressed in a statement to the Al-Maalouma Agency, “the necessity for the budget to be real and reflect everyone’s interests,” warning that “some amendments may benefit some parties at the expense of others, which is unacceptable.” 

He explained that "the budget must be fair and just for all Iraqis, while ensuring that resources are distributed in a way that achieves the public interest without prejudice to the rights of any party." 

He pointed out that "the draft budget law has not yet reached Parliament, and that the Council and its Finance Committee are ready to receive it as soon as it arrives." 

It is noteworthy that the House of Representatives previously hosted Prime Minister Mohammed Shia Al-Sudani and his deputies, the Minister of Planning, the Minister of Foreign Affairs, and the Minister of Interior, where the amendments to the budget for next year 2025 were discussed .  link

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Tishwash:  Central Bank of Iraq launches strategic projects to support digital transformation

His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Al-Alaq, announced the launch of strategic projects to support digital transformation in the country.

In a speech during the fourth annual international scientific conference, which was titled (Digital Financial Services - Challenges of Reality and Future Foresight), His Excellency the Governor stressed that "the Central Bank has paid great attention to digital transformation as one of its goals within its third strategic plan for the years from 2014 to 2026 to enhance the efficiency of banking work, improve financial performance, and meet customer needs in light of rapid technological development."

His Excellency noted that "the Central Bank has taken great steps to support digital transformation by developing the technical infrastructure and issuing regulations and instructions that contribute to enhancing financial inclusion," referring to "the start of launching strategic projects, including the instant payments project, local cards, and unified payment gateways, as well as issuing controls to license digital banks in Iraq, taking into account cybersecurity requirements and the risks associated with this transformation."

His Excellency added that "cybersecurity is one of the most important challenges facing us today, so the Central Bank has launched projects to enhance cybersecurity by developing the tools and systems of the Cybersecurity Management Center, and adopting an advanced approach to enhance the cybersecurity of the Central Bank and the banking sector."

His Excellency stressed "the Central Bank's commitment to continue its efforts to achieve financial digital transformation and enhance innovation and sustainability in the financial sector."

Central Bank of Iraq
Media Office
December 24, 2024  link

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

Tishwash:  What are Iraqis waiting for after the news of the "sudden suspension" of the dollar selling platform by the Central Bank?

Financial and banking expert Alaa Al-Fahd commented today, Tuesday (December 24, 2024), on the impact of the Central Bank’s suspension of the “platform” on the markets during the next stage.

Al-Fahd told Baghdad Today, "The Central Bank of Iraq worked during the previous period with a plan through a currency auction in the first phase, then establishing the electronic platform and intensive work to find correspondence methods between local banks and foreign banks with which we have commercial relations and their results in external transfers. Therefore, the bank announced some time ago that the platform will be stopped at the end of this year and there will be direct correspondent banks."

He explained that "this is a natural matter, as all central banks in the world are tasked with maintaining monetary policy, not selling currency. There is no central bank in the world that sells currency and mediates in buying and selling currency. This work is the responsibility and responsibility of banks and exchange companies. This is true and is a major challenge until the relations are direct commercial banking under the supervision of the Central Bank of Iraq."

He added, "Stopping the platform will not affect the local markets in terms of the dollar exchange rate, but there are those who are trying to spread rumors that this step will change the exchange rate, as the same dollar that the Central Bank of Iraq was selling through the platform will be sold to banks and banks that have relations with foreign banks so that the transfer is direct according to electronic transactions and monitoring, and for this reason the situation is under control and there is no fear of the impact on the markets."

Yesterday, Monday, economic expert Ziad Al-Hashemi revealed that the Central Bank of Iraq had suddenly suspended the dollar transfer platform before the scheduled date, without an official announcement, and without taking into account the interests of Iraqi companies and markets, in a move that is, to say the least, far from professionalism and transparency.

Al-Hashemi said in a post on the social networking site "Facebook", which was followed by "Baghdad Today", that "stopping the platform without an official announcement by the Central Bank may indicate that there is uncertainty and fear of the consequences of stopping the platform on the dollar exchange rates, and the lack of announcement may give the Central Bank an opportunity to evade and evade the decision to stop the platform and return to operating the platform, even temporarily, in the event that the dollar begins to rise to high rates  link

Mot:  When Ya Needs to do it Once a Year!!!! Siiggghhhhh 

Mot: Warning!!! -- In these Final Moments!!!! 

Mot:  ......... The List!!!!

A NEW CHRISTMAS STORY . . .

A NEW CHRISTMAS STORY . . .

This story is better than any greeting card.

The old man sat in his gas station on a cold Christmas Eve. He hadn't been
anywhere in years since his wife had passed away. It was just another day to
him. He didn't hate Christmas, just couldn't find a reason to celebrate.

He was sitting there looking at the snow that had been falling for the last
hour and wondering what it was all about when the door opened and a homeless
man stepped through.

Instead of throwing the man out, Old George as he was known by his
customers, told the man to come and sit by the heater and warm up. "Thank
you, but I don't mean to intrude," said the stranger. "I see you're busy,
I'll just go."

"Not without something hot in your belly." George said.

He turned and opened a wide mouth Thermos and handed it to the stranger.
"It ain't much, but it's hot and tasty. Stew ... Made it myself. When you're
done, there's coffee and it's fresh."

Just at that moment he heard the "ding" of the driveway bell. "Excuse me,
be right back," George said. There in the driveway was an old '53 Chevy.
Steam was rolling out of the front. The driver was panicked.

"Mister can you help me!" said the driver, with a deep Spanish accent."My wife is with
child and my car is broken."  George opened the hood. It was bad. The block
looked cracked from the cold, the car was dead.

"You ain't going in this thing," George said as he turned away.

"But Mister, please help ..." The door of the office closed behind George
as he went inside. He went to the office wall and got the keys to his old
truck, and went back outside. He walked around the building, opened the
garage, started the truck and drove it around to where the couple was
waiting. "Here, take my truck," he said. "She ain't the best thing you ever
looked at, but she runs real good."

George helped put the woman in the truck and watched as it sped off into
the night. He turned and walked back inside the office. "Glad I gave 'em the
truck, their tires were shot too. That 'ol truck has brand new ."George
thought he was talking to the stranger, but the man had gone. The Thermos
was on the desk, empty, with a used coffee cup beside it. "Well, at least he
got something in his belly," George thought.

George went back outside to see if the old Chevy would start. It
cranked slowly, but it started. He pulled it into the garage where the
truck had been. He thought he would tinker with it for something to do.
Christmas Eve meant no customers. He discovered the the block hadn't
cracked, it was just the bottom hose on the radiator. "Well, shoot, I can
fix this," he said to himself. So he put a new one on.

"Those tires ain't gonna get 'em through the winter either." He took the
snow treads off of his wife's old Lincoln. They were like new and he wasn't
going to drive the car anyway.

As he was working, he heard shots being fired. He ran outside and beside a
police car an officer lay on the cold ground. Bleeding from the left
shoulder, the officer moaned, "Please help me."

George helped the officer inside as he remembered the training he had
received in the Army as a medic. He knew the wound needed attention.
"Pressure to stop the bleeding," he thought. The uniform company had been
there that morning and had left clean shop towels. He used those and duct
tape to bind the wound. "Hey, they say duct tape can fix anythin'," he said,
trying to make the policeman feel at ease.

"Something for pain," George thought. All he had was the pills he used for
his back. "These ought to work." He put some water in a cup and gave the
policeman the pills. "You hang in there, I'm going to get you an ambulance."

The phone was dead. "Maybe I can get one of your buddies on that there
talk box out in your car." He went out only to find that a bullet had gone
into the dashboard destroying the two way radio.

He went back in to find the policeman sitting up. "Thanks," said the
officer. "You could have left me there. The guy that shot me is still in the
area."

George sat down beside him, "I would never leave an injured man in the
Army and I ain't gonna leave you." George pulled back the bandage to check
for bleeding. "Looks worse than what it is. Bullet passed right through 'ya.
Good thing it missed the important stuff though. I think with time your
gonna be right as rain."

George got up and poured a cup of coffee. "How do you take it?" he asked.

"None for me," said the officer.

"Oh, yer gonna drink this. Best in the city. Too bad I ain't got no
donuts." The officer laughed and winced at the same time.

The front door of the office flew open. In burst a young man with a gun.
"Give me all your cash! Do it now!" the young man yelled. His hand was
shaking and George could tell that he had never done anything like this
before. "That's the guy that shot me!" exclaimed the officer.

"Son, why are you doing this?" asked George, "You need to put the cannon
away. Somebody else might get hurt."

The young man was confused. "Shut up old man, or I'll shoot you, too. Now
give me the cash!"

The cop was reaching for his gun. "Put that thing away," George said to
the cop, "we got one too many in here now."

He turned his attention to the young man. "Son, it's Christmas Eve. If you
need money, well then, here. It ain't much but it's all I got. Now put that
pea shooter away."

George pulled $150 out of his pocket and handed it to the young man,
reaching for the barrel of the gun at the same time. The young man released
his grip on the gun, fell to his knees and began to cry. "I'm not very good
at this am I? All I wanted was to buy something for my wife and son," he
went on. "I've lost my job, my rent is due, my car got repossessed last
week."

George handed the gun to the cop. "Son, we all get in a bit of squeeze now
and then. The road gets hard sometimes, but we make it through the best we
can."

He got the young man to his feet, and sat him down on a chair across from
the cop. "Sometimes we do stupid things." George handed the young man a cup
of coffee. "Bein' stupid is one of the things that makes us human. Comin' in
here with a gun ain't the answer. Now sit there and get warm and we'll sort
this thing out."

The young man had stopped crying. He looked over to the cop. "Sorry I shot
you. It just went off. I'm sorry officer."

"Shut up and drink your coffee " the cop said.

George could hear the sounds of sirens outside. A police car and an
ambulance skidded to a halt. Two cops came through the door, guns drawn.
"Chuck! You ok?" one of the cops asked the wounded officer.

"Not bad for a guy who took a bullet. How did you find me?"

"GPS locator in the car. Best thing since sliced bread. Who did this?" the
other cop asked as he approached the young man.

Chuck answered him, "I don't know. The guy ran off into the dark. Just
dropped his gun and ran."

George and the young man both looked puzzled at each other.
"That guy work here?" the wounded cop continued.

"Yep," George said, "just hired him this morning. Boy lost his job."

The paramedics came in and loaded Chuck onto the stretcher. The young man
leaned over the wounded cop and whispered, "Why?"

Chuck just said, "Merry Christmas boy ... and you too, George, and thanks
for everything."

"Well, looks like you got one doozy of a break there. That ought to solve
some of your problems."

George went into the back room and came out with a box. He pulled out a
ring box. "Here you go, something for the little woman. I don't think Martha
would mind. She said it would come in handy some day."

The young man looked inside to see the biggest diamond ring he ever saw.
"I can't take this," said the young man. "It means something to you."

"And now it means something to you," replied George. "I got my memories.
That's all I need."

George reached into the box again. An airplane, a car and a truck appeared
next. They were toys that the oil company had left for him to sell. "Here's
something for that little man of yours."

The young man began to cry again as he handed back the $150 that the old
man had handed him earlier.

"And what are you supposed to buy Christmas dinner with? You keep that
too," George said. "Now git home to your family."

The young man turned with tears streaming down his face. "I'll be here in
the morning for work, if that job offer is still good."

"Nope. I'm closed Christmas day," George said. "See ya the day after."

George turned around to find that the stranger had returned. "Where'd you
come from? I thought you left?"

"I have been here. I have always been here," said the stranger."You say
you don't celebrate Christmas. Why?"

"Well, after my wife passed away, I just couldn't see what all the bother
was. Puttin' up a tree and all seemed a waste of a good pine tree. Bakin'
cookies like I used to with Martha just wasn't the same by myself and
besides I was gettin' a little chubby."

The stranger put his hand on George's shoulder. "But you do celebrate the
holiday, George. You gave me food and drink and warmed me when I was cold
and hungry. The woman with child will bear a son and he will become a great
doctor.

The policeman you helped will go on to save 19 people from being killed by
terrorists. The young man who tried to rob you will make you a rich man and
not take any for himself. "That is the spirit of the season and you keep it
as good as any man."

George was taken aback by all this stranger had said. "And how do you know
all this?" asked the old man.

"Trust me, George. I have the inside track on this sort of thing. And when
your days are done you will be with Martha again."

The stranger moved toward the door. "If you will excuse me, George, I have
to go now. I have to go home where there is a big celebration planned."

George watched as the old leather jacket and the torn pants that the
stranger was wearing turned into a white robe. A golden light began to fill
the room.

"You see, George ... it's My birthday. Merry Christmas."

George fell to his knees and replied, "Happy Birthday, Lord Jesus"

MERRY CHRISTMAS AND GOD BLESS!

Iraq Economic News And Points To Ponder Tuesday Afternoon 12-24-24

Congratulations on Christmas.. The President of the Republic stresses the importance of consolidating security and stability and enhancing brotherhood and coexistence among all components

Tuesday 24 December 2024 18:49 | GeneralNumber of readings: 106

Baghdad / NINA / The President of the Republic, Dr. Abdul Latif Jamal Rashid, congratulated the Christians of Iraq on the occasion of Christmas, stressing the importance of working to consolidate security and stability and enhance brotherhood and coexistence among all components.

The President said in a tweet on the Aks website: "On the occasion of Christmas and the New Year, we extend our warmest congratulations and blessings to our people and our Christian families in Iraq and the world, wishing them a happy holiday in which everyone enjoys security, safety and joy."

He added: "On this dear occasion, we stress the importance of preserving the gains achieved in the country, working to consolidate security and stability, and enhancing brotherhood and coexistence among all components, and working together to build a prosperous future for all Iraqis. We also stress the importance of working to establish security and peace and end the tensions and crises facing the region." / End9   https://ninanews.com/Website/News/Details?Key=1176497

Dollar Prices Rise In Baghdad And Erbil With Stock Exchanges Closed

Economy  | 05:00 - 12/24/2024   Mawazine News – Economy  The markets of the Iraqi capital, Baghdad, and Erbil, the capital of the Kurdistan Region, witnessed a rise in the dollar exchange rates with the closing of the stock exchanges on Tuesday evening. The

dollar prices also rose with the closing of the Al-Kifah and Al-Harithiya stock exchanges in Baghdad, recording 151,400 dinars for every 100 dollars, after it had recorded 151,200 dinars this morning.

Selling prices also rose in the local markets in Baghdad, where the selling price reached 152,500 dinars, while the purchase price reached 150,500 dinars for every 100 dollars.

In Erbil, the dollar also recorded a rise, where the selling price reached 151,400 dinars for every 100 dollars, while the purchase price reached 151,300 dinars for every 100 US dollars. https://www.mawazin.net/Details.aspx?jimare=257837

Gold Prices Stabilize In Baghdad

Stock Exchange  Economy News – Baghdad  The prices of "foreign and Iraqi" gold stabilized in the local markets in the capital, Baghdad, today, Tuesday (December 24, 2024).

Gold prices in the wholesale markets on Al-Nahr Street in the capital, Baghdad, this morning recorded a selling price for one mithqal of 21 karat Gulf, Turkish and European gold of 552 thousand dinars, and a purchase price of 548 thousand dinars.

The selling price of one mithqal of 21-karat Iraqi gold reached 522 thousand dinars, and the purchase price was 518 thousand.

As for gold prices in goldsmiths’ shops, the selling price of a mithqal of 21-karat Gulf gold ranges between 550,000 and 560,000 dinars, while the selling price of a mithqal of Iraqi gold ranges between 520,000 and 530,000 dinars.  95 views   12/24/2024 - https://economy-news.net/content.php?id=51235

Oil Prices Rise Ahead Of Christmas

Energy   Economy News – Baghdad   Oil prices rose on Tuesday in thin trading ahead of the Christmas holiday, supported by U.S. economic data and rising demand for oil in India, the world's third-largest oil importer.

Brent crude futures rose 33 cents, or 0.45 percent, to $72.95 a barrel, while U.S. West Texas Intermediate (WTI) crude futures rose 29 cents, or 0.42 percent, to $69.53 a barrel by 01:14 GMT.

New orders for key U.S. manufactured capital goods rose in November amid strong demand for machinery, while new home sales also rebounded in a sign that the U.S. economy is on solid footing toward the end of the year. The United States is the world's largest oil consumer.

In the shorter term, traders are looking for signs of U.S. demand from crude oil and fuel inventory data due from the American Petroleum Institute later on Tuesday.

WTI crude has finished the last three sessions just below $69.50 as volatility seeps out of the market ahead of the holiday period, said Tony Sycamore, market analyst at IG.

Meanwhile, India's crude oil imports, the world's third-largest oil importer, rose 2.6% year-on-year to 19.07 million metric tons in November, government data showed, supported by strong demand amid rising economic activity and travel.

118 views    12/24/2024 - 8:57 AM   https://economy-news.net/content.php?id=51221

Director Of Iraqi Ports: Our Revenues Exceeded One Trillion Dinars In 2024

economy | 08:21 - 12/24/2024  Mawazine News – Baghdad  The Director General of the Ports Company, Farhan Fartosi, stated today, Tuesday, that the company's revenues exceeded one trillion dinars in the year 2024.

Fartosi said in a statement to "Mawazine News" that "the company's revenues achieved a leap through the development of docks and port facilities, in addition to introducing the electronic automation system."

He pointed out that "the revenues for the year 2024 recorded more than one trillion dinars after they did not exceed half a trillion in previous years."  https://www.mawazin.net/Details.aspx?jimare=257853

Central Bank Governor: We Have Issued Controls To License Digital Banks In Iraq

Banks  Economy News – Baghdad  The Governor of the Central Bank, Ali Al-Alaq, announced today, Tuesday, the launch of strategic projects to support digital transformation, while indicating that the Central Bank has issued controls to license digital banks in Iraq.

Al-Alaq said in a speech during the fourth annual international scientific conference, entitled (Digital Financial Services - Challenges of Reality and Future Foresight), which was followed by "Al-Eqtisad News", that "the conference was organized in partnership between the Financial and Accounting Center and a number of universities and academic institutions, which gives an image aimed at discussing developments in the field of financial and digital services and the challenges they face, in addition to foreseeing the future of this vital sector."

He added that "the world has witnessed, since the late eighteenth century, four inventions that changed its face, the first with the invention of the steam engine, the second with the electric engine and large-scale production, the third that occurred in the middle of the twentieth century in the revolution of electronics and information technology, and the fourth that began in the year 2000, which focused on artificial intelligence, the Internet, robotics, and big information."

He explained that "the Central Bank paid great attention to digital transformation as one of its goals within its third strategic plan for the years from 2014 to 2026 to enhance the efficiency of banking work, improve financial performance, and meet customer needs in light of rapid technological development."

He continued: "The Central Bank has taken great strides to support digital transformation by rotating the technical infrastructure and issuing regulations and instructions that contribute to enhancing financial inclusion," noting "the launch of strategic projects, including the instant payments project, local cards and unified payment gateways, in addition to issuing controls to license digital banks in Iraq, taking into account cybersecurity requirements and the risks associated with this transformation."

He pointed out that "the objectives of the conference, which include identifying current challenges for digital financial services, anticipating future trends, and enhancing innovation and cooperation with relevant parties, reflect the urgent need for joint action."

He stressed that "cybersecurity is one of the most important challenges facing us today, so the Central Bank launched projects to enhance cybersecurity by developing tools and systems for the Cybersecurity Management Center, and adopting an advanced approach to enhance cybersecurity for the Central Bank and the banking sector."

He added, "Artificial intelligence and its role in digitizing financial services has become a topic that cannot be ignored as it opens new horizons for innovation and improvement of services. We at the Central Bank of Iraq believe that financial technology completes the future of the financial sector, which requires enhancing efforts to prepare national cadres capable of absorbing and developing these technologies," stressing "the Central Bank's commitment to continuing its efforts to achieve financial digital transformation and enhance innovation and sustainability in the financial sector."

227 views   Added 12/24/2024 - https://economy-news.net/content.php?id=51239 

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

What You Should — And Shouldn't — Do If You Win The Mega Millions Jackpot

What You Should — And Shouldn't — Do If You Win The Mega Millions Jackpot, according to an expert

Kate Murphy  ·Reporter  Updated Tue, December 24, 2024  Yahoo News

There’s still a chance — 1 in nearly 303 million — for a lucky winner to score the Mega Millions jackpot, which climbed to an estimated $1 billion ahead of Tuesday's 11 p.m. ET drawing.

While securing the golden ticket is all a matter of luck, holding on to one’s newfound fortune after such a windfall requires some strategy.

In fact, compared to the average American, lottery winners are more likely to declare bankruptcy within three to five years, due to a lack of financial planning.

Yahoo News spoke to Andrew Lokenauth, a personal finance expert and founder of thefinancenewsletter.com, for some tips on what to do, and not to do, if you are the jackpot winner. Some answers have been lightly edited for length and clarity.

Someone just won the lottery jackpot, what should they refrain from doing?

Andrew Lokenauth: One: Don't sign the ticket, because once people know who claimed it, everyone is going to be rushing after you. I would say put it in a safe place, and depending on the state you're in, you can claim it anonymously (Delaware, Kansas, North Dakota, Ohio, South Carolina or Maryland).

Two: Don't tell anybody. This leads back into the first point because you could become the victim of robbery, or people can try to extort you.

Go private until things get under control. You'd want to delete your social media or make it private until you figure things out. Legally change your address to a P.O. box. And get a new phone number and email address, because it can be easy to find both online.

What actions should lottery winners take?

Make digital copies (on encrypted storage) or print copies of your ticket. If you lose it or someone steals it ... these are time-stamped items of proof that you actually own the ticket.

You're going to want to look into hiring six different professionals. The first would be a lawyer, who would help you structure a legal entity [and set up a] trust that protects your money.

Who else should you hire?

TO READ MORE:  https://www.yahoo.com/news/what-you-should--and-shouldnt--do-if-you-win-the-mega-millions-jackpot-according-to-an-expert-154711354.html

“Bits and Pieces” in Dinarland Tuesday Afternoon 12-24-2024

Ariel: Iraqi Dinar Update, Strategic Window

12-23-2024

Iraqi Dinar Update

I can understand why this would be the case for the Central Bank of Iraq and determine a cohesive strategy for their new exchange rate. As we know speculation can run wild once they reinstate their currency.

Releasing a new exchange rate during a period when markets are closed or less active, such as during Christmas, could indeed provide a strategic window.

This timing allows for adjustments in the currency valuation without the immediate pressure or volatility that might come from active trading. This could minimize the risk of speculative attacks or undue market reactions.

 Introducing the new rate just before the weekend gives the Forex markets time to adjust over a couple of days before the new week starts.

This buffer can be useful for banks, traders, and the financial systems to recalibrate without the intensity of a full trading week’s pressure right away. Will everything go according to this plan? Not sure but it does make perfect sense.

 As we know others are saying they could delay it to July 2025 because of the digital transformation. Which I highly disagree with.

Because for one Starting a new fiscal year with an adjusted rate would simplify financial reporting and economic planning for businesses and government entities.

 It allows for a clean slate where all financial transactions from January 1, 2025, would be based on the new rate, reducing confusion and making economic analysis more straightforward.

While full digitalization by July 2025 might be an ambitious goal, Iraq has already taken significant steps towards digital banking. The introduction of digital payment methods, mobile banking apps, and efforts to reduce cash reliance indicate a progressive move towards digital finance.

 This groundwork suggests that even if full digitalization isn’t complete, substantial progress has been made, potentially sufficient to handle a currency revaluation without needing to wait until July 2025.

CryptoTrader:  Last year they revalued dinar to 1310 on February 7th,Which was a Tuesday. Here is the theory. Tomorrow being Tuesday and Christmas eve they can revalue after the US markets close as all forex closes till 5 pm Christmas day. They have ample time just like Sunday and it's a perfect diversion . It will hit forex on boxing day which is Thursday  .2 days of adjustments on forex and 2 days  of  weekend. And people can start exchange from 30th Monday which is a new moon day. Lot of financial market positive moves happen on new moon ,historically.  And like Sudani promised its just 1 day before the year end.

https://dinarchronicles.com/2024/12/23/ariel-prolotario1-iraqi-dinar-update-strategic-window/

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

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

Frank26  [Iraq boots-on-the-ground report]  FIREFLY:
Mr.  Sammy said with this auction stopping the value would have to be added to stop the chance of a collapse of the currency.  FRANK:  That's brilliant simple words but so well said.  Specific manicured words that defines it exactly...This is checkmate.  There is no other move.

Nader From The Mid East  I feel it's very very, we are very very very very close.  Very close.  Like very close guys.  I feel like once they stop the auctions everybody is going to be happy about it.  I think it's going to be stopping on the 28th...70% to 80% [chance].

*KTFA:

Clare:  Iraq suspends official work tomorrow, Wednesday

12/24/2024

The Iraqi government decided to suspend official work tomorrow, Wednesday, on the occasion of Christmas. 

A brief statement received by Shafaq News Agency stated that the Council of Ministers voted to consider tomorrow, Wednesday, December 25, 2024, an official holiday, on the occasion of Christmas.

Christmas, celebrated on December 25 of each year, is considered one of the most important religious and social occasions in the Christian world. These holidays symbolize the birth of Jesus Christ and are characterized by manifestations of joy and spiritual contemplation.

In Iraq, Christmas is an important religious and social occasion celebrated by Christian sects, where prayers are held in churches amidst a spiritual atmosphere, cities are decorated with trees and lights, and celebrations reflect the values ​​of coexistence and peace among the various components of Iraqi society.   LINK

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

Why Gold Will Dominate in 2025, Dollar Collapse | Alasdair Macleod

Soar financially:  12-24-2024

In "2025 - Collapse is Coming", Alasdair Macleod discusses the largest credit bubble in history, the risk of fiat currency collapse, and gold’s role as a safe haven. Learn about the debt traps facing major economies, the geopolitical challenges shaping markets, and what to expect in 2025.

Timestamps

00:00 Intro

01:16 Alasdair Macleod Introduction

02:25 Year in Review: 2024 Highlights

 05:00 The Largest Credit Bubble in History

 09:15 Geopolitical Shifts and Their Impact

12:47 BRICs and Currency Wars

16:10 Middle East Tensions and Implications

19:32 Central Banks Buying Gold

23:05 Economic Outlook for 2025

27:45 Impact of Rising Interest Rates

31:30 The Fed’s Debt Trap

 35:10 Gold vs. Fiat Currencies

39:00 The Role of Commodities in 2025

42:20 Protecting Wealth Amid a Collapse

 46:05 The Rise of Debt Traps Globally

 50:20 Challenges for Western Economies

54:15 Real Money vs. Credit

 57:45 Viewer Takeaways and Final Thoughts

 1:00:30 Closing Remarks

https://www.youtube.com/watch?v=DHoZj0rKPPA

“Tidbits From TNT” Tuesday 12-24-2024

TNT:

Nassif: Government reforms contributed to Iraq's exit from foreign debt risks

MP Alia Nassif confirmed on Monday that the current government has achieved important economic reforms, most notably Iraq’s exit from the dangers of foreign debt.

"One of the most important economic reforms of the current government is to free Iraq from the risks of foreign debt after paying most of it off over the past two years," Nassif said in a statement reported by the official news agency and seen by Al-Eqtisad News.

"Our economy has become more secure and not shackled by debt," she added, expressing her hope "to move in the coming period from a rentier economy to a productive economy through an agricultural industrial revolution link

Tishwash:  What are Iraqis waiting for after the news of the "sudden suspension" of the dollar selling platform by the Central Bank?

Financial and banking expert Alaa Al-Fahd commented today, Tuesday (December 24, 2024), on the impact of the Central Bank’s suspension of the “platform” on the markets during the next stage.

Al-Fahd told Baghdad Today, "The Central Bank of Iraq worked during the previous period with a plan through a currency auction in the first phase, then establishing the electronic platform and intensive work to find correspondence methods between local banks and foreign banks with which we have commercial relations and their results in external transfers. Therefore, the bank announced some time ago that the platform will be stopped at the end of this year and there will be direct correspondent banks."

He explained that "this is a natural matter, as all central banks in the world are tasked with maintaining monetary policy, not selling currency. There is no central bank in the world that sells currency and mediates in buying and selling currency. This work is the responsibility and responsibility of banks and exchange companies. This is true and is a major challenge until the relations are direct commercial banking under the supervision of the Central Bank of Iraq."

He added, "Stopping the platform will not affect the local markets in terms of the dollar exchange rate, but there are those who are trying to spread rumors that this step will change the exchange rate, as the same dollar that the Central Bank of Iraq was selling through the platform will be sold to banks and banks that have relations with foreign banks so that the transfer is direct according to electronic transactions and monitoring, and for this reason the situation is under control and there is no fear of the impact on the markets."

Yesterday, Monday, economic expert Ziad Al-Hashemi revealed that the Central Bank of Iraq had suddenly suspended the dollar transfer platform before the scheduled date, without an official announcement, and without taking into account the interests of Iraqi companies and markets, in a move that is, to say the least, far from professionalism and transparency.

Al-Hashemi said in a post on the social networking site "Facebook", which was followed by "Baghdad Today", that "stopping the platform without an official announcement by the Central Bank may indicate that there is uncertainty and fear of the consequences of stopping the platform on the dollar exchange rates, and the lack of announcement may give the Central Bank an opportunity to evade and evade the decision to stop the platform and return to operating the platform, even temporarily, in the event that the dollar begins to rise to high rates  link

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

Tishwash:  Dollar Auction.. What is the truth about stopping the Central Bank’s platform for currency conversion?

A responsible source in the Central Bank of Iraq revealed, on Monday evening, the truth about stopping the Central Bank's platform for currency transfer starting today.

The source told Shafak News Agency, "The talk about the official suspension of the Central Bank's platform for the currency transfer window, on today's date 12/23/2024, is incorrect. Today, the auction worked normally and there is no official decision to suspend it so far."

The source, who requested anonymity, added, “This platform will be stopped at the end of this year, according to what the bank officially announced. This does not mean stopping transfer operations, as some are trying to promote. However, after this step, there will be direct dealings between banks and correspondent banks, and not canceling transfer operations, as is being promoted. The issue is not limited to specific banks, but rather the process will be much broader.”

The responsible source in the Central Bank stated that "many Iraqi banks have the capabilities to deal directly with correspondent banks and operate in accordance with the work of advanced global banking sectors."  link

***********

Tishwash:  Al-Sudani is considering inviting American companies to work in the port of Faw

 Prime Minister Mohammed Shia Al-Sudani discussed, today, Monday, with the Ministers of Oil and Electricity, in addition to specialized advisors and a number of undersecretaries in the two ministries, extending an invitation to specialized American companies to establish a fixed gas platform in the Grand Faw Port.

Prime Minister Mohammed Shia Al-Sudani chairs a meeting on energy projects.

Prime Minister Mohammed Shia Al-Sudani chaired a meeting today, Monday, on oil and electricity sector projects, in the presence of the Ministers of Oil and Electricity, in addition to specialized advisors and a number of undersecretaries in the two ministries.

During the meeting, the gas projects that are being implemented within the government program were discussed, as well as the timetable set for their completion, especially since there is an increase in the levels of stopping the burning of associated gas, as the percentage currently stands at 67 percent, and it is hoped to reach 80 percent by the end of next year, leading to a complete cessation of burning by the end of 2027.

During the meeting, the invitation to specialized American companies to establish a fixed gas platform in the Grand Faw Port was also discussed.

The meeting discussed inviting international energy companies to invest in natural gas fields, in addition to discussing the plan to supply fuel to power plants at the present time and for the coming months. link 

Mot: . That's an excellent way to look at it  

 Mot: .. So What Do Reindeer Dream About --- 

Christmas Eve Coffee with MarkZ 12-24-2024

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 MarkZ and all!   Merry Christmas everyone

​​Member: What is the chance if we leave our iqd out, Santa will exchange for $$$???

Member: How long can they drag this thing out Mark?

MZ: Right now I have people who are absolutely positive it is happening this week. They are ending auctions in Iraq and I am being told it’s the 28th-which is a Saturday . I think the worst case scenario with People I know is somewhere between now and the 7th…or right after the inauguration.

MZ: Nobody knows the exact timing. Maybe 6-7 in the world may know- but we are not one of those.

Member: Banks - closing down for year end accounting purposes. Think they will RV then or wait until afterwards into 2025 for tax & Trump credit purposes?

Member: I was hoping for Christmas Day? They could send out notifications to book appts to cash in on 28 Dec

Member: Member Ariel just posted that tonight is a very logical night for RV to go.

Member: HOLLY has just reported that her sources suggest that the RV/GCR will initiate on JAN. 6th or 7th which is also Christmas to a lot of people.

MZ: Yes between here and there- I’m feeling good.

​​Member: I’m looking at January then I’ll be pleasantly surprised if sooner.

Member: Soo Iraq is doing RI then RV alone Or going with rest of countries???????!$$$$$$$$

MZ: I still think they are all going at once. I would be happy if they went alone- that would give me a chance to double dip other currencies….but no one I talk to thinks Iraq will go alone.

MZ: “Al Alaq announces the start of an era of digital transformation in Iraqi Banks.”  This is all part of their white papers r economic reforms. Al Alaq saying how successful it is and the final portion of those white papers or the monetary reform is total independence for Iraq and a stronger purchasing power of the Iraqi dinar . AKA a reinstatement of a revaluation.

Mark Z what are your thoughts on Iraq getting 10 day head start on the world, ten we go. Sounds like Iraq may have gone. Just grasping at anything at this point. We definitely need an rv

Member:  Jeff Rahm said last night it has RI in country at $7.88. Consider it a rumor.

MZ: “About 100% foreign remittances in Central Bank of Iraq sales”  What this is telling us is about $280 million is US cash and they have also used other foreign currencies to get dinar off the streets. And they have plans to end the purchases this month.

MZ: “Iraq Stock Exchange first with the volume of trading between Arab Markets”  it lonely launched a year or so ago…..but already it’s the largest trading market in the middle east. This one is huge. They are setting themselves up as a regional leader- a world leader…and what is going to be important?  They need a currency that matches the region. That rate bar is high when you look at Kuwait and Bahrain and ll the other currencies values over there.

Member: Kuwaits dinar value is around $3.40 to USD or more on a usual basis .

Member: I read an article stating that the economic growth will rise from 2.2% to 5.3% in 2025. That’s a huge jump to indicate RV

Member:  Mark is it true that Iraq has rv’d in country many times before?

MZ: At least 3 times in the 1900’s which were very substantial.

Member: (From Dinar Guru) Nader From The Mid East  I feel it's very very, we are very very very very close.  Very close.  Like very close guys.  I feel like once they stop the auctions everybody is going to be happy about it.  I think it's going to be stopping on the 28th...70% to 80% [chance].

MZ: That’s about where I am at exactly……I feel it’s about 80% to happen before Jan 1st.

MZ: “An expected rise in the dollar:  temporary shock awaits the Iraqi market”  this is talking about the end of the auctions –like Nader is saying. One thing that will solve all their worries is an upward reinstatement or revaluation close or higher than the US dollar.

MZ: And there are many here in the US and all over the world that are expecting a value change with the end of the auctions. Not just people on the internet…but folks in government and the banking world as well.

Member: I have heard contractors in Iraq getting paid at $3.91. have you heard this Mark?

MZ: I have heard from $3.47 to $3.92 from contractors.

Member: either one is exciting…..just do it Iraq.

Member: Any news on if we sign an NDA?

MZ: As of late I am hearing no NDA unless you are doing projects.

Member: how many people in the US hold dinar?

MZ: Probably less than 1%? We are a small percent of the economy but we will be able to do great things post RV

Member: Can we go multiple times to exchange?

MZ: I am told you can…but they hope you only go once.

​​Member: I can't decide if we are idiots or geniuses for doing this, but Merry Christmas from my Family to all of yours guys.

MZ: the good news is – if you wait long enough you are a genius….the bad news is –everyday before we win….people think we are idiots.  I am looking forward to the genius part.

Member: ​​In years to come- I want the story of how the RV happened at Christmas!

Member: Merry Christmas friends! May you be BLESSED beyond measure!

Member: Merry Christmas and may God bless us everyone!

MZ: I will be on at noon est tomorrow just for those who want to socialize. Merry Christmas to all.

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

THANK YOU MARK, MODS, AND COMM FAMILY!! SEE YOU TOMORROW AT NOON EST. FOR ANOTHER GREAT PODCAST!! UNLESS SOMETHING BIG HAPPENS!!

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

Youtube:     https://www.youtube.com/watch?v=5V2CGL9_oCM

Iraq Economic News And Points To Ponder Tuesday AM 12-24-24

Stopping The Dollar Transfer Platform...A Calculated Step Or A Risky Adventure?
 
December 23, 2024  Baghdad/Iraq Observer  The Central Bank of Iraq is scheduled to abandon the electronic platform for dollar transfers abroad at the end of this year,  which has raised questions about whether this decision indicates the abandonment of the Iraqi Central Bank and the US Federal Bank’s mechanisms for monitoring the movement of the dollar,
 
or is it a step towards adopting a new system that may It contributes to reducing sharp fluctuations in the exchange rate and returning it to its natural levels that are consistent with the requirements of the local market and the national economy.

The electronic platform was launched in early 2023 as a new mechanism aimed at auditing dollar transfers before they are implemented, replacing the previous system that relied on auditing by the US Federal Bank after the transfers were completed, which was considered a step to enhance transparency, improve control of the movement of funds, and ensure compliance with financial laws.
 
At that time, banks, companies and merchants in Iraq faced major challenges in adapting to the new mechanism, as it required time to understand the working mechanisms and ensure compliance with the requirements.
 
However, these entities were able to adapt gradually, especially after bank employees underwent extensive training courses on using the electronic platform, which contributed to achieving full compliance with the new work procedures and ensuring the smooth flow of financial operations.
 
According to the new transfer mechanism, banking operations in dollars will be limited to banks that have international banking relationships, or what are known as “correspondent banks.”
 
Concern and reassurance
 
Both the Central Bank of Iraq and the US Federal Reserve believe that this step will contribute to strengthening oversight of remittances in a more precise and specialized manner, by restricting transactions to a limited number of banks that have high banking standards and the ability to cooperate with international banks, which aims to reduce financial risks and ensure Compliance with international controls.
 
In turn, Mustafa Akram, a researcher in financial and banking affairs, said that
 
stopping work on the electronic platform (FITR) and restricting dollar transfers to a limited number of foreign banks may pose challenges to the local banking system, indicating that
 
“this step may raise concerns about the concentration of transactions in dollars.” “In a limited range, which may lead to effects on exchange rate stability.”

Akram added to “Iraq Observer” that  “there is a need for a deeper study of the impact of these measures on competitiveness in the Iraqi banking sector, while emphasizing the importance of preserving banking sovereignty and enhancing balance in the local market.”
 
Possible bounces
 
In light of these movements, news was raised about a trend towards making a new adjustment to the exchange rate, which raised concern among economists about the potential impact of this trend on the economic process in general.
 
Experts stressed that sudden changes in monetary policy may create additional confusion in the markets and weaken confidence in the financial system.
 
For his part, economic expert Uday Al-Alawi stressed that
 
“the biggest mistake the government can make is manipulating the dollar exchange rate through sudden decisions, because this has a direct impact on the national economy and undermines investors’ confidence in the financial system.” Al-Alawi added, in a press comment, that
 
“the government’s continued making of ill-considered decisions regarding the exchange rate will lead to the erosion of international and local confidence in the Iraqi economy, which will weaken the ability to attract the investments necessary to improve the economic reality.”
 
Economists fear the possibility of some banks not included in the transfers going to meet the requirements of their customers towards the parallel market, which could lead to a return to the rise of the dollar in Iraq.   https://observeriraq.net/إيقاف-منصة-تحويلات-الدولار-خطوة-محسوب/   

An expected rise in the dollar...a “temporary shock” awaiting the Iraqi market
 
Economy | Yesterday, 19:49 |
Baghdad today - Baghdad
 
Today, Monday (December 23, 2024), the "Future Iraq" Foundation for Economic Studies and Consultations expected a rise in the dollar exchange rate during the next few days, following the Central Bank of Iraq's announcement of stopping the currency conversion window platform.
 
The head of the institution, Manar Al-Obaidi, said in a statement to “Baghdad Today” that
 
“stopping the Central Bank’s currency transfer platform, which was officially announced on 12/23/2024, will lead to a temporary rise in the dollar exchange rate in the market as a result of the prevailing state of fear.”

However, things will return to normal at the beginning of the new year.” Al-Obaidi added,
 
"This decision had been previously announced by the Central Bank,
 
but such measures, when implemented, cause a shock in the market, leading to a temporary rise in the exchange rate, before the shock is gradually absorbed." He explained that
 
"the difference between the official and parallel market will remain, but it will shrink as the situation stabilizes."
 
On Tuesday (December 17, 2024), economic affairs specialist Nasser Al-Tamimi warned of a rise in the dollar exchange rates in Iraq in the coming days. Al-Tamimi told “Baghdad Today” that
 
 “there are real fears in the Iraqi market about the continued rise in dollar exchange rates after the platform was suspended by the Central Bank of Iraq,” noting that
 
“this matter will constitute a shock, especially at the beginning of the implementation of the decision and will push for a rise.” The dollar, to increase demand for it in the parallel market.” He added,
 
"After stopping the platform, most merchants, especially small ones, will depend on the parallel market to finance their foreign trade, while continuing to finance trade with Iran and Turkey with dollars, in illegal ways," pointing out that
 
"this is what will push the rise and  that is why practical steps must be taken to prevent This is done by the monetary authority in the country, and urgently.”
 
On Wednesday (September 4, 2024), the Central Bank of Iraq revealed the mechanism for ending the electronic platform for external transfers, while
 
indicating that placing external transfer operations and meeting requests for the dollar is on sound paths and consistent with international practices and standards. 
 
https://baghdadtoday.news/264515-ارتفاع-مرتقب-للدولار.-صدمة-مؤقتة-بانتظار-السوق-العراقي.html   

New Conditions From The Iraqi Central Bank For Buying And Selling Foreign Currencies
 
December 23, 2024  Baghdad/Iraq Observer  Today, Monday, the Central Bank of Iraq set new conditions for buying and selling foreign currencies.   Below is the document:  
 
https://observeriraq.net/wp-content/uploads/2024/12/IMG_9748.jpeg   
 
https://observeriraq.net/شروط-جديدة-من-المركزي-العراقي-لبيع-وشر/   
 
 ~~~~~

[approximate and incomplete translation of https://observeriraq.net/wp-content/uploads/2024/12/IMG_9748.jpeg ]
 
DATE:  2024/12/22  Electronic payment companies / two accessories
Exchange and mediation companies selling and selling foreign currencies
5 / Digital payment providers
 
Due to the availability of all the requirements for appointing the agent mentioned in (Chapter Two /
First / The Requirements of the Agent) from controls
The work of the providers of digital payment services for a year 2020 and the fact that exchange companies are my category (A,B) and the mediation companies by selling and selling
Foreign currencies Venice (C) licensed from this bank and is subject to its supervision and monitoring; The following decides:
 
1- Allowing exchange companies Vinte (A,B) and mediation companies to buy and sell foreign currencies (C) Digital payment services / accessories to provide cash withdrawal service (POC) according to the following conditions:
 
1- The agency/ executor in the name of the company should be limited and not owned by natural people.
 
A- The agency's services are provided inside the company’s headquarters and its branches exclusively.
 
B- The company informs this bank when contracting with the digital payment service and providing it with a copy of the signed contract The two parties.
 
C- Closing the agency / port in the event that this bank withdraws the company's leave.
 
D- The agency's domestic payment service for the agency took a written pledge from the company wishing to contract with him not to own any
A shareholder / executive and operating outside the exchange of the exchange or mediation company.
 
2- In the event that one of the shareholders or director of the exchange and mediation companies has an agency / port in his name and works outside the headquarters

The company can integrate the agency / port with the company and allow it to transfer its ownership in the name of the company in exclusivity and inform this bank that
An exception to the blindness of this bank number (114/10/9) on 2/22/2022, which includes not transferring the ownership of agents/withdrawals outlets POC; In the event that the agent / the perpetrator wants to leave the work, the digital payment companies must end the contract and take
The appropriate procedures for them not to sell the agency's ownership and its transmission.
 
With appreciation.  https://observeriraq.net/شروط-جديدة-من-المركزي-العراقي-لبيع-وشر/   

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

Seeds of Wisdom RV and Economic Updates Tuesday Morning 12-24-24

Good Morning Dinar Recaps,

RIPPLE CEO REVEALS GROWING REAL ESTATE DEMAND FOR XRP TESTING

▪️Brad Garlinghouse revealed that there has been an increase in demand for XRP not only as a payment solution within the real estate sector but also in the trade finance and insurance sectors.

▪️With the financial landscape shifting towards more efficient and secure solutions, Ripple stands at the forefront of this transformation, leveraging the advantages of XRP to enhance cross-border payment systems securely.

Ripple CEO Brad Garlinghouse has revealed that there is an increase in demand for XRP as a preferred payment solution within the real estate sector. Ripple is proactively working to boost the asset’s adoption, recognizing its potential in transforming transaction methodologies.

This growing interest is not only a testament to the efficacy of blockchain technology in facilitating seamless transactions but also highlights the evolving landscape of property sales and investments.

The real estate market has traditionally been bogged down by lengthy processes, high transaction costs, and a lack of transparency, making it a prime candidate for disruption. 

The founder identified other industries ripe for innovation, including insurance, trade finance, and identity management, in the interview shared on X by RippleLord, a Ripple enthusiast.

Ripple’s Payment Network in Real Estate

Ripple and the real estate sector stand to mutually benefit from each other, particularly as there is a growing demand from customers for Ripple’s deeper involvement in trade finance.

Ripple’s solutions have the potential to streamline processes and enhance operational efficiency, particularly in areas like global payments and title management, where inefficiencies have long hindered the real estate industry.

At the core of Ripple’s offerings is Ripple Payments, which was previously named RippleNet and utilizes advanced blockchain technology to facilitate efficient fund transfers for institutions around the world. Brad Garlinghouse emphasized that businesses are keen to explore how Ripple’s cutting-edge solutions can improve cross-border payments and minimize transaction friction. 

This need for modernization is particularly relevant today, as existing payment systems often leave users waiting weeks for transactions and facing high fees.

Ripple Payments provides a decentralized network for banks and financial institutions globally, utilizing products built on the XRP blockchain, such as xCurrent for cross-border payments and xRapid for cheap and fast transactions. 

Ripple seeks to collaborate with traditional financial institutions and real estate companies rather than replace them. Garlinghouse compares Ripple’s transformative potential to the internet’s evolution, noting its ability to change various sectors, including real estate, fundamentally.

As revealed in a CNF article, XRP’s permissionless nature and its On-Demand Liquidity (ODL) feature are particularly advantageous for real estate transactions. ODL enables international payments by using XRP to facilitate more efficient cross-border transactions.

This feature also provides instantaneous settlement, enhanced reliability, and reduced transaction costs, critical elements for real estate deals that often involve multiple currencies.

Currently, Ripple Payments supports over 55 countries and connects to more than 120 fiat currencies, simplifying the management of international transactions for real estate professionals. 

As XRP continues to gain recognition in the payments landscape, each unit is trading at $2.21, with a notable decrease of 2.94% in the last 24 hours. XRP’s trading volume of $ 11 billion has decreased by 9.30%, signaling a recent fall in market activity.

@ Newshounds News™

Source:  Crypto News Flash

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HOW MOONPAY PLANS TO REVOLUTIONIZE CRYPTO PAYMENTS

MoonPay, a fintech company has become a major player in crypto since its launch in 2018. Led by CEO Ivan Soto Wright, the platform helps investors buy and sell cryptos as well as NFTs easily. It is like a PayPal but for cryptocurrencies. The project is capturing the spotlight as there are news about them acquiring Helio pay, a crypto payment gateway.

MoonPay Role in Crypto Space

MoonPay has launched innovative crypto payment solutions like MoonPay Balance. This is a fiat to crypto transfer tool that works seamlessly with wallets like MetaMask. Rolled out in 27 European countries last month, this feature gives users a straightforward way to interact with decentralized finance (DeFi) protocols. But the company isn’t stopping there. A potential acquisition of Helio Pay, rumored to cost $150 million, might be their next big leap.

Helio Pay Acquisition News

Helio Pay is no small name in the crypto world. The platform is like Coinbase Commerce, helping over 6,000 merchants and creators accept payments in Bitcoin, Ether, and other digital currencies. It even integrates Solana Pay into Shopify, a platform with millions of users globally. This is going to be an amazing combo as MoonPay already serves more than 20 million users in over 160 countries.

According to Eleanor Terrett from Fox Business, MoonPay is in in talks to acquire helio for about $150 million.

If this acquisition goes through, this is going to be a big thing for crypto space especially for e-commerce merchants and their users. MoonPay will get to expand its reach and e-commerce will get enhancement with its services. How great would it be if you could use crypto to buy stuff online just like using a credit card — easy and simple.

Why This Matters

This potential deal highlights MoonPay’s ambitions of making crypto transactions easier for individuals. This will reshape how businesses and users interact with cryptocurrencies. Adding Helio Pay to their portfolio would strengthen their infrastructure. This would finally bring crypto payments into the mainstream. As crypto adoption grows globally, this is the perfect time to bring such enhancements to crypto payments.

What to Expect Next

If the Helio acquisition deal is closed, this will likely spark even more innovations in the crypto payment space. The company already has a bright name because of its focus on easing the crypto payments, the new takeover will shine the name even more. It’s just a matter of time before the actual confirmation comes out.

@ Newshounds News™

Source:  Coinpedia

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