More News, Rumors and Opinions Tuesday PM 1-14-2025

KTFA

Clare:  Economist describes the establishment of the first Rafidain Bank as an excellent step

1/14/2025  Baghdad

Economic expert, Mustafa Akram Hantoush, described the establishment of the first Rafidain Bank as an “excellent step.”

Yesterday, Monday, the Council of Ministers decided to establish the First Rafidain Bank with a capital of one trillion dinars and a government participation rate of 24%.

Hantoush told Al-Eqtisad News, "Establishing the First Rafidain Bank is an excellent step, especially since it will be a mixed sector company."

He added that the new bank will help the state enhance its payment and electronic transaction capabilities, in addition to assisting the Trade Bank of Iraq in transfers and credits.   LINK

Clare: Al-Sudani discusses with the British King establishing a "productive partnership" between Baghdad and London

1/14/2025

The Minister Mohammed Shia al-Sudani discussed today, Tuesday, with the King of the United Kingdom, Charles III, establishing a "productive partnership" between Baghdad and London.

A statement by the Prime Minister's Office received by Shafaq News stated that "Al-Sudani met today, Tuesday, with the King of the United Kingdom, Charles III, at Buckingham Palace in the British capital, London. During the meeting, bilateral cooperation between Iraq and the United Kingdom was reviewed, as well as ways to establish a productive partnership in various economic and development fields."

The statement added that "the meeting discussed cooperation in the field of confronting the challenges of climate change, and opportunities to enhance cultural cooperation."

According to the statement, Al-Sudani expressed his "appreciation for the official invitation he received to visit Britain," stressing "Iraq's determination to consolidate constructive bilateral relations in various fields, in a way that enhances the mutual and sustainable interests of the Iraqi and British peoples."

For his part, King Charles III welcomed Al-Sudani, pointing out "the depth of the historical relationship between Iraq and Britain, and the prominent importance that the governments of the two countries attach to developing common interests and understandings at various levels."  LINK

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

Mnt Goat   Article:  “ECONOMIST: THE CENTRAL BANK’S POLICY IS MOVING TOWARDS GLOBALIZING IRAQI BANKS”  Quote: “Safwan Qusay confirmed that the Central Bank’s policy is moving towards globalizing Iraqi banks, while stressing that it will contribute to raising the status of these banks globally” also “the process of ending dealings with the electronic platform will contribute to accepting local banks that have the ability to provide guarantees and international compliance conditions with international correspondent banks.”    Yes, “providing guarantees and international compliance” is all insurance related. Investors in Iraq need to know that their funds in Iraqi banks will be protected...  [Post 1 of 2....stay tuned]

Mnt Goat  Article quote: “He added that these correspondent banks can carry out the process of changing the Iraqi dinar to any global currency immediately, and for more than a million banks around the world.”  What did it just tell us? A million banks around the world? What does this mean to us as investors? We know that...conditions to get back to FOREX that this insurance part is a pillar of the financial reform. Therefore, it is a reform that needed to take place and is now taking place. Also, I want to add that the statement of “changing the Iraqi dinar to any global currency immediately” is an amazing statement...Could this news get any better at this time?   Can this be what is holding up the revaluation and the reinstatement?   [Post 2 of 2]

Food And Energy Costs Set To SKYROCKET! AS DOLLAR DIES FASTER.

Greg Mannarino:  1-14-2025

https://www.youtube.com/watch?v=BGMGbK6TuvU

US BANKRUPTCIES SOAR to 14-Year High as Banks Brace For Impact

Taylor Kenny:  1-14-2025

U.S. corporate bankruptcies have soared to a 14-year high, reaching levels not seen since the 2008 financial crisis. This video explores the implications of these bankruptcies, their impact on banks, and the looming threat of a widespread financial crisis. Learn why this isn’t just about struggling companies—it’s a sign of deeper instability in our economy and financial system.

https://www.youtube.com/watch?v=Womjz43Dj7Q

Iraq Economic News and Points to Ponder Tuesday Afternoon 1-14-25

The Dollar Exchange Rate Decreased In Baghdad Markets

Stock Exchange  Economy News – Baghdad   The US dollar exchange rate fell this morning, Tuesday, in Baghdad markets.  The dollar prices witnessed a decline with the opening of the Al-Kifah and Al-Harithiya stock exchanges, recording 150,950 dinars for every 100 dollars, while yesterday morning, Monday, it recorded 151,150 dinars for every 100 dollars.

Selling prices in exchange shops in local markets in Baghdad recorded stability, as the selling price reached 152,000 dinars, while the purchase price reached 150,000 dinars for every 100 dollars. 91 views 01/14/2025 - https://economy-news.net/content.php?id=51930

Gold Prices Fall In Baghdad

Stock Exchange  Economy News – Baghdad   The prices of "foreign and Iraqi" gold decreased in the local markets in the capital, Baghdad, today, Tuesday (January 14, 2025).

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 564 thousand dinars, and a purchase price of 560 thousand dinars.

The selling price of one mithqal of 21-karat Iraqi gold reached 534 thousand dinars, and the purchase price was 530 thousand.

As for gold prices in goldsmiths’ shops, the selling price of a mithqal of 21-karat Gulf gold ranges between 565,000 and 575,000 dinars, while the selling price of a mithqal of Iraqi gold ranges between 535,000 and 545,000 dinars.    90 views 01/14/2025 - https://economy-news.net/content.php?id=51933

Slight Drop In Oil Prices  

Economy | 11:21 - 01/14/2025  Mawazine News – Baghdad  Oil prices fell in early trading on Tuesday but remained near four-month highs as Chinese and Indian buyers sought new suppliers following U.S. President Joe Biden's administration's sanctions on Russian oil.
Brent crude futures fell 22 cents, or 0.27%, to $80.79 a barrel, while U.S. West Texas Intermediate (WTI) crude futures lost 16 cents, or 0.2%, to $78.66 a barrel.  https://www.mawazin.net/Details.aspx?jimare=258572

Economist Describes The Establishment Of The First Rafidain Bank As An Excellent Step

Banks   Economy News – Baghdad  Economic expert, Mustafa Akram Hantoush, described the establishment of the first Rafidain Bank as an “excellent step.”

Yesterday, Monday, the Council of Ministers decided to establish the First Rafidain Bank with a capital of one trillion dinars and a government participation rate of 24%.

Hantoush told Al-Eqtisad News, "Establishing the First Rafidain Bank is an excellent step, especially since it will be a mixed sector company."

He added that the new bank will help the state enhance its payment and electronic transaction capabilities, in addition to assisting the Trade Bank of Iraq in transfers and credits. 1250 views 01/14/2025 - https://economy-news.net/content.php?id=51928

l-Sudani Confirms To The British King: We Are Determined To Strengthen Bilateral Relations

Political | 04:12 - 01/14/2025  Mawazine News – Baghdad  Prime Minister Mohammed Shia al-Sudani affirmed, on Tuesday, Iraq's determination to consolidate bilateral relations with Britain in various fields.

Al-Sudani's office stated in a statement received by (Mawazine News), "The latter met, today, Tuesday, with the King of the United Kingdom, Charles III, at Buckingham Palace in the British capital, London, and they reviewed bilateral cooperation between Iraq and the United Kingdom, and ways to establish a productive partnership in various economic and development fields.

They also discussed cooperation in the field of confronting the challenges of climate change, and opportunities to enhance cultural cooperation."

Al-Sudani expressed his "appreciation for the official invitation he received to visit Britain, stressing Iraq's determination to consolidate constructive bilateral relations in various fields, in a way that enhances the mutual and sustainable interests of the Iraqi and British peoples."

For his part, King Charles III of Sudan pointed to "the depth of the historical relationship between Iraq and Britain, and the prominent importance that the governments of the two countries attach to developing common interests and understandings at various levels." https://www.mawazin.net/Details.aspx?jimare=258583

Iraq Stock Exchange Trades 57 Billion Shares In A Month

Stock Exchange   Economy News – Baghdad   The Iraq Stock Exchange announced today, Tuesday, that 57 billion shares were traded with a financial value of 55 billion dinars during last December.

The market stated in a report reviewed by "Al-Eqtisad News" that "the market organized 20 trading sessions and the number of companies whose shares were traded during December amounted to 74 joint-stock companies out of 104 companies listed on the market."

The report added that "the number of traded shares reached 57 billion, 862 million, and 320 thousand shares, with a financial value of 55 billion, 652 million, and 595 thousand dinars, through the execution of 15,136 transactions," indicating that "the ISX60 traded price index closed at 1,073 points, recording an increase of 4% from its closing in the previous session."

It is noteworthy that the Iraq Stock Exchange organizes five trading sessions weekly from Sunday to Thursday, with the participation of 104 Iraqi joint-stock companies representing the banking, communications, industry, agriculture, insurance, financial investment, tourism and hotels sectors. 89 views 01/14/2025 - https://economy-news.net/content.php?id=51939

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

Seeds of Wisdom RV and Economic Updates Tuesday Afternoon 1-14-25

Good Afternoon Dinar Recaps,

BRICS NEWS:  ANALYSTS PREDICT THE FUTURE OF BRICS CURRENCY

The BRICS alliance is working on the formation of a new currency to challenge the US dollar’s global prospects. The bloc aims to dethrone the US dollar from the world’s reserve currency and usher into a new financial era.

The bold idea is pushed most by members China, Russia, and Iran, as their economies are hampered by the US. The White House pressed sanctions on Russia and Iran and both countries are seeking an alternative currency.

n the other hand, China seeks global domination through BRICS and the launch of a new currency will boost its prospects.

On the contrary, India is against the idea as their leaders have openly supported the US dollar. India’s Foreign Minister S. Jaishankar repeatedly said that they need the US dollar and will not sideline it for trade. The statement highlights the stark differences and ideas among the member nations of the nine-country alliance.

Decoding the Future of BRICS Currency, Analysts Share Their Opinions

Two financial analysts decoded the future of the BRICS currency and shared their opinions about its prospects in the global markets. However, both strategists believe that the contrasting ideas among BRICS members will make the currency a disaster in the forex markets.

“In my mind, there are issues between those countries that make up the BRICS community,” says Michael Diaz, Global Managing Partner of Diaz, Reus & Targ, based in Miami. 

“I don’t believe that they will settle on a unified currency because they all have national security concerns. They could move to digital Bitcoin, but because of the individualized interests of those countries, I don’t see it as a risk to the US dollar,” he said.

Another analyst, Monteiro de Carvalho, a partner at Monteiro & Weiss Trade said that he does not believe BRICS currency can challenge the US dollar. 

“The very cohesion of BRICS ultimately favors a more fragmented international trade profile into competing blocs. Within BRICS, China acts as a globalizing agent, with its initiatives primarily aimed at opening markets for its products and companies. In the global context, this stance contrasts with countries that have adopted more protectionist measures,” he said.

@ Newshounds News™

Source:  Watcher Guru

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BLACKROCK LAUNCHES CANADIAN BITCOIN ETF WITH DUAL-CURRENCY TRADING OPTIONS

BlackRock has launched its first Canadian Bitcoin ETF, offering dual-currency trading options amid market fluctuations and outflows in the U.S. Bitcoin ETF sector.

▪️BlackRock has launched its iShares Bitcoin ETF (IBIT) on Cboe Canada, offering both CAD and USD trading options and providing Canadian investors easier access to Bitcoin exposure

▪️The fund invests primarily in the U.S. iShares Bitcoin Trust ETF and allows investors to hold Bitcoin exposure in tax-advantaged accounts through traditional brokerage platforms

▪️Treasury Secretary nominee Scott Bessent plans to divest his BlackRock Bitcoin ETF holdings before Trump’s inauguration to comply with Federal ethics guidelines

▪️The U.S. iShares Bitcoin ETF has accumulated $52.7 billion in assets under management, though it recently experienced a record-high outflow of $333 million on January 2, 2025

▪️Bitcoin spot ETFs saw collective outflows of $313.6 million on Monday, with Bitcoin trading around $95,000 at press time

Helen Hayes, Head of iShares Canada at BlackRock, explained the practical benefits of the new fund. “The iShares Fund provides Canadian investors with a convenient and cost-effective way to gain exposure to Bitcoin and helps remove the operational and custody complexities of holding Bitcoin directly,” she said.

@ Newshounds News™

Read More: Blockonomi

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JPMORGAN PROJECTS $3–$8 BILLION INFLOWS FOR POTENTIAL XRP ETF

▪️JPMorgan predicts that spot-based XRP ETF could see inflows of between $3 billion and $8 billion.

▪️Anticipation for XRP ETF approval is rising as multiple applications await the SEC’s verdicts.

▪️Ripple’s increasing usage and payment role make XRP a strong candidate for an ETF product.

JPMorgan, a leading global financial institution, has estimated that a spot-based XRP ETF may see flows of $3 billion and $8 billion. The financial giant based this approximation on the performance of Bitcoin and Ethereum ETFs that started in the market last year.

Spot ETFs have gained much popularity in the crypto market and represent about 8% of Bitcoin’s total market capitalization, which is now $1.81 trillion. Nonetheless, Ethereum ETFs have comparatively lower penetration at 3%, but the trend is still likely to experience an increase in future inflows.

According to JPMorgan, an XRP ETF is expected to have a similar market impact as Bitcoin ETFs. Similar levels of success are also expected from Solana-based ETFs. This will also stress the growing interest in diversified cryptocurrency ETFs among institutional and retail investors.

Industry players compete for approval

Increasing adoption and use of XRP in payment solutions add more weight to the crypto’s suitability for an ETF. Currently, there are already some applications for the XRP spot ETF being filed by some industry participants including Bitwise and WisdomTree. The competition has been further intensified especially after the emergence of positive results in Bitcoin and Ethereum ETFs.

As previously reported by Cryptopolitan, Ripple President Monica Long stated an XRP ETF may be launched right behind Bitcoin and Ethereum products. Her remarks are in line with the market sentiment that the prospect of an XRP spot ETF being approved has risen considerably.

Nate Geraci, a well-known expert in the ETF market, also noted that an XRP spot ETF could be approved within the year. This would be a great boost to Ripple and would also provide a lot of credence to the XRP token as a key digital currency in the market.

While XRP has been garnering much attention, BlackRock, the world’s largest asset manager, has ruled out plans to apply for more altcoin ETFs at this time. The company continues to concentrate on its Bitcoin ETF, which has made it a leading player in the cryptocurrency investment market.

Ripple’s executives have also been making headlines. Ripple CEO Brad Garlinghouse, the Chief Legal Officer Stuart Alderoty, and the U.S president-elect, Donald Trump, held a meeting that set speculations on possible friendly policies towards XRP. Even without any details about the meeting, the crypto community has considered this a positive sign.

The further expansion of the Ripple ecosystem has also added more wind to XRP’s sails. The RLUSD, a stablecoin issued on the XRP Ledger, is used to enhance the options of settlements on the XRP Ledger. The adoption of the XRP Ledger is expected to grow due to RLUSD improving cross-border transaction efficiency.

XRP price update

At the time of writing, XRP is trading at $2.47, a decrease of 3.28% in 24 hours.

@ Newshounds News™

Read more: Cryptopolitan

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BRICS vs. the Dollar, Clarifications, Threats, and Global Economic Dynamics

BRICS vs. the Dollar, Clarifications, Threats, and Global Economic Dynamics

Geopolitical Analyst:  1-14-2025

As the global landscape shifts, the BRICS nations are making it clear: their move towards de-dollarization isn’t a hostile act against the US, but a pragmatic response to what they perceive as Washington’s flawed monetary policies.

 Russian Deputy Foreign Minister Sergey Ryabkov, acting as Russia’s sherpa in BRICS, stated in a recent interview with TASS that they are prepared to explain this stance to US President-elect Donald Trump.

Ryabkov emphasized that BRICS is not seeking to dethrone the dollar as the world’s reserve currency. Instead, their actions are a direct consequence of what they consider “irresponsible and fundamentally flawed policy” emanating from Washington.

 He went on to highlight that these policies have persisted across multiple administrations, including Trump’s first term, suggesting a systemic issue rather than a personal attack on any particular leader.

This pointed critique comes amidst discussions about BRICS’ increasing efforts in local currency trade and their exploration of alternative financial mechanisms. While these moves are often interpreted in the US as a direct challenge to the dollar’s dominance, Ryabkov frames it as a necessary step taken to mitigate the risks associated with the perceived volatility and unpredictability of US monetary policy.

The message is clear: BRICS nations feel they are being forced to seek alternatives to protect their economies. They are not proactively attacking the dollar; they are reacting to circumstances they feel are largely dictated by Washington’s actions.

This echoes the sentiment expressed by Russian President Vladamir Putin, which Ryabkov summarized as, “They are biting the hand that feeds them.” This quote suggests a frustration within BRICS that the very policies the US pursues are ironically pushing other nations away from the dollar, and ultimately, potentially destabilizing the US’s own influence.

The willingness of BRICS to engage in dialogue with Trump is significant. It suggests a desire to clarify their position, avoid misinterpretations, and potentially find a path towards a more stable and predictable global financial system. It also indicates that they see an opportunity in a new Trump presidency to renegotiate, if not their financial independence, then at least a re-evaluation of US monetary policy.

The conversation is likely to be complex, requiring a frank and honest assessment of global financial realities. For the US, this means acknowledging that its policies have consequences beyond its own borders. For BRICS, it requires a clear and consistent message that outlines their intentions and avoids being portrayed as aggressively anti-dollar.

Ultimately, this situation presents an opportunity for both sides to reassess their approach and work towards a system that benefits all. The alternative is an increasingly fragmented global financial landscape, where the dollar’s long-standing dominance may be slowly eroded not by direct confrontation, but by a quiet retreat to safer, more predictable alternatives.

The message from BRICS is clear: they are not looking to undermine the dollar, but they are certainly looking for alternatives to the policies that they feel are pushing them away. The question remains, will the US listen?

https://youtu.be/pMExOSzRnNY

“Coffee With MarkZ” Tuesday Morning Chat 1-14-2025

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….Great Blessings to us all

Member: RV There yet…..RV There yet…..RV There yet!!!!!

Member: MLK Day is a holiday so it's a 3 day weekend. Another prime opportunity to RV. Its also Inauguration day…..It’s a tri-fecta of possibilities

MZ: It really is a prime time to do it with the extended weekend. There will be several days of inauguration festivities, MLK Day and right after will be the National day of Prayer. Prime time to do it.

Member: Mark, it feels like everything's coming to head...

Member: Will the RV can be kicked into February?

MZ:I don’t think so at this point. I am not hearing anything pointing to that.

Member: How much time will we have to exchange?

MZ: I was told at least 30 days.

MZ: On the bond side there is still a lot of hope for between the 16th and the 22nd. Groups have been quiet as have Indian Nations since last Friday or Saturday. .

Member: Maybe they are waiting for the “shotgun” to happen on the 3 day weekend and everyone go at the same time???

Member: Sudani met with the king of England who pledge $12B trade w/ Iraq this morning

Member: Article: Al-Mashhadani: Iraq enjoys stability and is about to economic prosperity and returned to its influential role in the region

MZ: I love that one…..yes they are about prosper economically

MZ: “Coordination Framework: Soon we will vote on amending the budget law” We already had the first 2 readings.” This will solve the oil dispute between Baghdad and Erbil. We have seen major progress in the last couple of days ….With the budget is a rate potential.

MZ: “Iraq to create a new State Owned Bank” it’s a new innovative financial institution named Rafadain First Bank…The government will be a 24% stake holder. They will modernize with their current structure and focus on exchange. They are doing everything they need to do to raise the purchasing power for all Iraqis.

MZ: “Anouz: The region’s commitment to deliver oil revenues is a prerequisite for guaranteeing the salaries of its employees” they are dedicated to fix this issue.

Member: What was the date of Kuwait RV? Just in case this is a mirror. Was thinking January 29th?

Member: I beleive it was March 24, 1991?

Member: I wish they would stop yakking about it and flip the damn switch already!

Member: Throw That Switch Iraq, Throw That Switch Now

Member: What if this isn’t a movie? What if only Iraq RV’s (I’m convinced it will) and no other currencies do? No NESARA? But gas /food prices go down. Are you prepared for no NESARA but economy gets better?

Member: Best to be prepared for all possibilities. Hope for the best and prepare for the worst. We have all been waiting so long…..I wager most have several different exchange plans. No matter how it rolls out.

Member: Wells Fargo Approves #XRP for All Payments on Credit Cards and Loans

Member: We are so blessed to be alive at this time even through the trials and tribulations…

Member: Thanks Mark and mods….everyone have a good day.

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

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

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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.

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

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News, Rumors and Opinions Tuesday 1-14-2025

Ariel: The New Forex Currency Trading Options Announced

1-14-2025

The New Forex Currency Trading Options Announced

The New World Of Banking

IQD – Iraqi Dinar

CNY – Chinese Yuan Renminbi

NGN – Nigerian Naira

UZS – Uzbekistani Som

IDR – Indonesian Rupiah

KRW – South Korean Won

COP – Colombian Peso

VND – Vietnamese Dong

IRR – Iranian Rial

PLN – Polish Złoty

KGS – Kyrgyzstani Som

CLP – Chilean Peso

MXN – Mexican Peso

PEN – Peruvian Sol

These currencies have now been added to the platform. Do you all know what this means for the currency you hold?

Travis:  OH MY GOD WHAT JUST HAPPENED …..I have had a pocket option trading account for years! and l have never in my life seen them ever make announcement like this ( Newly added currencies ) that means these Newly added currencies will be (trading ) THIS IS INSANE

https://dinarchronicles.com/2025/01/14/ariel-prolotario1-the-new-forex-currency-trading-options-announced/

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

Frank26   We have security and stability in order to introduce the new exchange rate that Dr. Shabibi and the US Treasury have been protecting for a long time.  There are no more CBI auctions.  It is now called... remittance, just like the American banks do...The CBI is now functioning exactly like international banks, exactly like American banks...

Mnt Goat   Article:  “AL-NUSAIRI: EXPLAINS THE NEW MECHANISM FOR EXTERNAL TRANSFERS AFTER THE PLATFORM IS CLOSED”  ...the best part of the article is the CBI is telling us that this new strategy is normal and is working so far. I quote: “This means that the Central Bank has achieved a basic objective of monetary policy.”

The One Risk That Could Shatter U.S. Banks in 2025- Danielle DiMartino Booth’s Stark Warning

Daniela Cambone:  1-13-2025

“I'd like to invite members of the Federal Open Market Committee to hop on LinkedIn and to read about the plight of so many of those who are out of work,” says Danielle DiMartino Booth, CEO & Chief Strategist for QI Research.

In our 2025 Outlook Series, Booth sits down with Daniela Cambone to share the growing concerns over the disconnect between Fed policy and the challenges faced by everyday Americans in the labor market.

She also issues a stark warning about the risks in the U.S. banking sector, highlighting a troubling trend of 'double defaults'—where the same property or asset defaults twice—particularly in commercial real estate and corporate bonds.

Don’t miss this deep dive into the critical economic issues shaping 2025.

CHAPTERS:

0:00 U.S. debt

 3:13 Fed policy in 2025

5:02 Disconnect between Fed policy and real economy

5:53 Housing market

7:23 Labor Market

8:46 U.S. economic slowdown

 11:06 Tariffs

11:58 Banking sector risks

 13:51 Gold

https://www.youtube.com/watch?v=cIIsDZ8r_bQ

Iraq Economic News and Points to Ponder Tuesday AM 1-14-25

Foreign Workers And The Depletion Of The Dollar

Economical 01/13/2025  I have a happy gesture  There is no country without foreign labor, because it needs labor in specific fields that were not available in its youth, or it is one of the professions that have been renewed in the country’s environment, especially large and arduous works, so it seeks the help of labor.

This is one of the advantages of attracting these workers to operate production or service activities or any profession or business in which the workforce is not available at home.

In Iraq, the matter appears different.
 
The doors are open, and with them other doors have been opened through which the worker can enter during certain occasions, or for the ease of obtaining a visa.
 
Therefore, we see this labor in every governorate, and even in every Iraqi city, and it has reached the villages and countrysides, and
 
it performs work that is not difficult or that does not exist with Iraqi hands, and it is also possible that the origin is to employ the Iraqi labor force and reduce unemployment rates, at least in the picture.
 
The phenomenon that anyone can think of is these numbers that entered Iraq.
 
According to the official statistics of the Ministry of Labor and Social Affairs, this employment is estimated to be (one of the hot issues in need of real treatments, and we are interested in this issue and are working on it diligently).
 
It, i.e. the ministry, says (we do not have official statistics for foreign workers in Iraq), but
 
it estimates it (at more than 800 thousand to one million foreign workers in the country, according to unofficial statistics, and only 43 thousand of them are registered with social security).
 
In fact, the number is more than that, because there are unregistered workers who are in violation of the law, especially since the Ministry says that it gives two reasons for the entry of workers:

The first, according to tourism and visit licenses, multiple visas, and others, which is a circumvention of the law. The second is that many Syrian workers work in restaurants, shops, and markets, and their residency is illegal, neither according to the labor law, nor the residency law in the Ministry of Interior.
 
In light of the saying that for every foreign worker there is an Iraqi worker, this number will increase.
 
For example, in a grocery store, as a herbal seller, or as a generator operator, and other simple jobs that the employer prefers to the Iraqi because it is cheaper, more secure, and he also works silently in the place, and is not required and has no problems.
 
But the matter has economic dimensions, if we exclude other problems and dimensions, including what affects the dollar through currency transfers to the countries of these workers.

If we take the reality of the number that the Ministry approximated, then if each worker transfers $400 per month on average, this means $400 million per month, which means billions of dollars annually.
 
This labor depletes the foreign currency that comes from the oil source and from US Treasury transfers, which alone also causes the price of the dollar to rise, even if the transfers are made through official transfer outlets.     https://alsabaah.iq/108423-.html  

Emiratisation...Signs Of Positive Development To Support The National Economy

Economical 01/13/2025 Baghdad: Hussein Thaghab   Need is one of the basic drivers of creativity and innovation.
 
In the case of Iraq, the urgent need to provide medicines locally appears to have motivated the government and the private sector to invest in establishing local pharmaceutical factories.
 
This development is an important step towards reducing dependence on imports from abroad and achieving self-sufficiency in the field of medicines, especially in light of the current economic and health conditions.
 
The presence of 18 pharmaceutical factories under construction, with some of these projects progressing to advanced stages, reflects the serious trend towards building a strong infrastructure in the pharmaceutical industry sector.
 
This will contribute to providing necessary medicines at reasonable prices and with local quality in line with international standards, as well as creating job opportunities and strengthening the national economy.
 
International economic expert Dr. Saif Al-Halafi said:
 
The efforts of companies have begun to become clear by some investors in creating pharmaceutical generative factories in Iraqi startup companies that are coming par excellence to the competitive labor market, and here we must know the ability of the Iraqi Stock Exchange to absorb new ideas coming strongly through emerging Iraqi pharmaceutical generative companies.

And  including all of them in its multiple platforms, whether traditional or non-traditional, or the important listing in the OTC platform, to enter the important investment by the investor public through the new upcoming investment giant, which is the pharmaceutical industries in Iraq and the great economic feasibility it achieves for the country.

In all its joints. Al-Halafi added to “Al-Sabah”:
 
Economic power
 
It must be known that the global pharmaceutical industry is an economic and health force as  
it is considered one of the most important economic sectors in the world, as

it plays a pivotal role in improving public health and developing treatments and medicines that
 
     contribute to saving lives first, and
     achieving major economic benefits second, pointing out.
 
These industries rely heavily on advanced technology, research and development, and create job opportunities for a wide range of human development sectors, making them among the most profitable sectors in the world, according to estimates from previous years, as the global pharmaceutical industry achieved revenues exceeding 1.5 trillion. dollar. Al-Halafi pointed out that
 
Making profits
 
the new world expects to increase this number in the coming years due to the abundance of traditional or transmissible diseases or even an increase in the efficiency of vaccines for many diseases, pointing out that the
 
ability of pharmaceutical companies to achieve profits is based on several factors,
 
the most important of which is innovation, as companies spend Major companies invest huge amounts of money on research and development, which enables them to invent new medicines and improve existing medicines,
 
especially since medicines that treat chronic and rare diseases contribute greatly to increasing profits and increasing the domestic product of countries, and patents provide protection.
 
It has been legal for companies against competition for years, allowing them to set high prices for new medicines without interference from competitors.
 
The Iraqi government can also intervene in setting prices for local products to protect consumers.

He stated that
 
Global demand
 
global demand increases with the increase in the population and their aging,
 
which raises the demand for pharmaceutical treatments in developing and developed countries alike, pointing out that the
 
pharmaceutical industries in the economies of countries contribute to strengthening the economies of countries, especially the Iraqi economy, through several ways, including
 
     creating job opportunities in The pharmaceutical sector and

    providing millions of job opportunities in research, development, production, and distribution. He pointed to the
 
  development of scientific specializations that become an urgent need to teach and diversify them in Iraqi universities, such as departments of mathematics, chemistry, analytical chemistry, and biology departments, as well as departments of pharmacy and medicine. It also goes to   increase government revenues through taxes imposed on major companies. He stressed that the
 
Domestic exports
 
pharmaceutical industries contribute significantly to supporting government budgets, as
 
they provide import hard currency for Iraq and will create export dollars in the event that the local product advances and is able to compete with foreign products in exports.
 
It also enhances local exports, as some countries such as the United States, Germany, rely on... India receives pharmaceutical exports as a major portion of its revenue. He explained that
 
in Iraq, the pharmaceutical industries face great challenges,
 
but with the government adopting a policy of localization of the industry, and the
 
continuous urging by the government and the Prime Minister, Mr. Muhammad Shiaa Al-Sudani, to develop these strategic industries, these industries began to show signs of positive development that could contribute to supporting the national economy. And improving the health system.

Advanced stages
 
He pointed to some current unaccredited approximate numbers about the pharmaceutical industries in Iraq, as  there are 18 pharmaceutical factories under construction, some of which have reached advanced stages of up to 98 percent.
 
There are 76 new requests from the private sector to establish pharmaceutical factories using modern technology, and 24 factories.
 
Pharmaceuticals were present until the end of 2022, operating at low capacity to cover only 10 percent of Iraq’s need for medicines.
 
Localization of industry
 
In turn, the specialist in economic affairs, Aqeel Al Hamad, said:

The initial approximate figures for the pharmaceutical industry localization program achieve 35 percent of Iraq’s need for medicines, which is covered by local production, compared to only 10 percent when the localization program began, pointing to the production of new medicines, such as 28 medicines to treat the high Blood pressure, 28 medications for diabetes, and 18 medications to treat cancer, pointing out that
 
with the continuation of the localization program and increased government support for this industry, Iraq can turn into an exporter. for medicines and medical supplies in the near future.
 
Regarding the role of the pharmaceutical industry in the Iraqi economy, the specialist in economic affairs, Jassem Jaber, pointed out that
 
it contributes to reducing dependence on imports, which is necessary to ensure the sustainable provision of medicines in the country.
 
It contributes to enhancing public health and increasing the production of medicines locally, which means providing treatments at reasonable prices and reducing the deficit in the availability of medicines.
 
Medicines, supporting the economy as local pharmaceutical industries provide job opportunities and stimulate investment in research, development and infrastructure. He stressed that
 
National revenues
 
the development of the pharmaceutical industry achieves an increase in national revenues, and
 
with the development of these industries, Iraq can become an exporter of medicines and medical supplies, especially after the completion of strategic projects such as Al-Faw Port and the Development Road and we have signs of the idea of ​​ an export dollar.     https://alsabaah.iq/108422-.html 

Parliamentary Finance: Bank Reform Strengthens Iraq's Financial Position Globally 

Time: 01/13/2025 11:45:35 Read: 253 times  {Economic: Al-Furat News} Member of the Parliamentary Finance Committee, Jamal Cougar, confirmed today, Monday, that the restructuring of the Rafidain and Al-Rashid banks is a decisive step to
 
     improve the financial situation of Iraq and
     enhance its position in the global financial system. Cougar told Al-Furat News Agency:
 
“Restructuring banks is a very important matter and has many positives, as
 
these banks have not been reviewed for many years.
 
These measures will contribute to strengthening the national economy and addressing some of the errors that may exist in the current financial system.”". He added:
 
"Reforming banks will lead to their development in line with the conditions of the US Federal Reserve and the SWIFT system, in addition to many international requirements that will contribute to improving the performance of the Iraqi financial sector at the global level."
 
It is noteworthy that Prime Minister Muhammad Shiaa Al-Sudani reviewed the plan for the restructuring project of Al-Rasheed and Al-Rafidain banks, and the technical and administrative procedures related to the project, which include a comprehensive review and structural administrative reforms with the aim of providing integrated banking services to citizens and companies. He explained that
 
the completion rate of the project to restructure Rafidain Bank has reached its final stages, confirming that
 
it will enter into implementation during the next few period, within the framework of a plan that has been studied and implemented in accordance with the set standards and specifications.    
  
https://alforatnews.iq/news/المالية-النيابية-إصلاح-المصارف-يعزز-مكانة-العراق-المالية-عالميًا    

To Withdraw Savings From Citizens... A Concerned Person Demands The Activation Of The Electronic Payment System In Iraq
 
January 13, 2025  Baghdad/Iraq Observer   Mustafa Hantoush, a researcher in financial and banking affairs, confirmed that although  Iraq issues approximately 102 trillion currency,  there are several problems surrounding this process, while he called for the necessity of activating the electronic payment system to be able to withdraw citizens’ savings in the form of bank deposits.

Hantoush told the Iraq Observer,   “Iraq issues a currency of approximately 102 trillion, and this currency is allocated to the Federal Reserve in a currency that has real reserves of
 
     gold,
     treasury bonds, and
     foreign currencies such as the dollar, for example.

It is a currency that is issued and covered by 100%, while some countries cover their currency by 50%, and they are doing so.”
 
“It is a good step that is expected to create strength and stability for the Iraqi currency.” He added,
 
"The currency exported from Iraq is in front of real reserves, and
 
any dinar is printed in exchange for real reserves among international banks, and
 
they are of good types, but there is a problem related to the amount of 102 trillion, as
 
     it does not appear and
     is either in the market or part of it for home savers." Hantoush called for
 
the necessity of “activating an electronic payment system that pays for a banking system to bring in savings, because the
 
presence of currency among citizens and outside the banking systems could create problems that affect other non-banking sectors, such as the real estate sector, as happened with the rise in real estate prices in 2020, where the exchange rate was manipulated, which led to a rise.”
 
“The property prices increased by 100% at a time when the exchange rate reached about 123.” He continued, 
 
 “One of the determinants of printing currency is
 
     monitoring savings in currency found in homes,
     determining their location,
     creating studies, and
     operating banking systems to withdraw them.
 
Iraq needs a real banking system based on banking operations to bring in deposits that
 
     attract this mass of savings and
     pump them back into the Iraqi banking sector.”  
  
https://observeriraq.net/لسحب-المدخرات-لدى-المواطنيين-معني-يطا/   

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

Seeds of Wisdom RV and Economic Updates Tuesday Morning 1-14-25

Good Morning Dinar Recaps,

CRYPTO ADVISORY COUNCIL LED BY 24 CEOS TO COLLABORATE WITH SEC, CFTC, AND TREASURY FOR REGULATORY CLARITY

▪️Crypto council will collaborate with key regulators, including the SEC, CFTC, and Treasury, to enhance regulatory clarity and promote a pro-crypto environment.

▪️The crypto industry will host the ‘Inaugural Crypto Ball’ on January 17 in Washington, DC, organized by BTC Inc and Stand With Crypto.

As per the latest Bloomberg report, President-elect Donald Trump will be appointing a total of 24 CEOs and founders to his crypto advisory council. Trump’s crypto council will provide guidance on digital asset policy and collaborate with Congress to draft cryptocurrency legislation.

Additionally, it also plans to establish a strategic Bitcoin reserve, thereby fulfilling the promise of Trump’s election campaign.

 The Crypto Council also plans to work with top government regulators such as US SEC, US CFTC, and Treasury to bring regulatory clarity and promote a pro-crypto environment, per the CNF report.

The Bloomberg report shows that many potential appointees have existing ties to Trump and have met with him in recent months. On the other hand, Trump and key advisors, including the newly appointed crypto czar David Sacks, will be reviewing candidates for the council.

Crypto Executives Meet Trump Before Oath-Taking

Following Donald Trump’s election victory in November 2024, top leaders from the crypto industry have visited his residence at Mar-a-Lago in order to build a good rapport with the President-elect. Crypto.com CEO Kris Marszalek recently met with Donald Trump to discuss crypto-friendly policies and potential roles within the upcoming administration.

Meanwhile, MicroStrategy CEO Michael Saylor was seen in discussions with Eric Trump, focusing on Bitcoin’s potential role in the U.S. economy. Coinbase CEO Brian Armstrong has also reportedly held meetings with Trump in recent weeks.

Circle CEO Jeremy Allaire was among the recent ones to meet Donald Trump and also announced a significant donation to the Trump inaugural committee. On Thursday, Circle CEO Jeremy Allaire revealed that the company donated 1 million USDC to Trump’s inaugural committee in an effort to establish goodwill as the new administration forms its advisory council, reported CNF.

Crypto Czar David Sacks Gears for Inaugural Crypto Ball

Last month, in December 2024, Donald Trump appointed Bo Hines to lead the newly established crypto council. Hines will be reporting to David Sacks, with the duo focused on offering a conducive environment for the crypto industry.

Bo will work with David to foster innovation and growth in the digital assets space while ensuring industry leaders have the resources they need to succeed,

The crypto industry is gearing up for a significant event, the ‘Inaugural Crypto Ball,’ set to take place on January 17 in Washington, DC, to celebrate and support the incoming administration. 

Organized by David Bailey’s BTC Inc., advocacy group Stand With Crypto, and other crypto organizations, the black-tie event will be held at the Andrew W. Mellon Auditorium.

Tickets are priced at $2,500, covering cocktails, hors d’oeuvres, and valet service. Additionally, reports suggest that David Bailey is under consideration for a potential position on the administration’s advisory council.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

ITALY’S LARGEST BANKING GROUP INVESTS DIRECTLY IN CRYPTOS FOR FIRST TIME

“As of Monday, Intesa Sanpaolo owns 11 Bitcoins.”

Banca Intesa Sanpaolo, Italy’s largest bank by assets, purchased 11 Bitcoins on Monday, worth €1 million ($1.02 million).

According to a Wired Italia report, this marks the first time in Italy, a credit institution concluded a direct crypto transaction.

Some employees of the largest Italian bank first flagged the crypto purchase and sale on the imageboard website 4Chan.

“As of today (Monday), Intesa Sanpaolo owns 11 Bitcoins. Thank you all for the teamwork”, said Niccolò Bardoscia, head of digital assets trading & investments at Intesa Sanpaolo in a mail.

However, Bardoscia did not reveal further information on Intesa Sanpaolo’s motivations for choosing BTC or its future crypto strategies. It is unclear whether the move signals the bank’s intent to expand its crypto services.

Last November, Intesa Sanpaolo expanded the remit of its digital assets desk to cover spot trading for crypto. The biggest lender in Italy had previously only traded crypto options, futures, and exchange-traded funds. However, the spot trading isn’t yet up and running.

Milan-based Intesa Sanpaolo has worked with Ripple Custody (formerly Metaco), to facilitate tokenised asset custody.

Intesa’s move mirrors a growing trend among traditional financial institutions exploring cryptos.

Italy’s Crypto Tax Revisions

The bank’s Bitcoin investment came when the country overhauled its crypto taxation laws, particularly focusing on Bitcoin (BTC) capital gains.

In December 2024, Italy’s Senate finalised the tax rates for crypto capital gains, confirming a 26% tax for 2025. Further, the parliament approved a government proposal to increase the withholding tax on Bitcoin profits to 33% in 2026.

In July 2024, Intesa became the sole institutional investor in Italian development bank Cassa Depositi e Prestiti’s digital bond issuance. The move marked a significant step in digital asset adoption in Italy.

Besides, the implementation of the European MiCA Regulation marks a significant shift in the regulatory landscape for crypto service providers across the EU.

The European Union set a Dec. 30 deadline for its member states to implement MiCA, although not all countries have managed to.

In Italy, the MiCA Decree, the Legislative Decree of September 5, 2024, assigns critical responsibilities to the Commissione Nazionale per le Società e la Borsa (Consob) and the Bank of Italy. It designs them as the primary national authorities for overseeing compliance with MiCA’s provisions.

@ Newshounds News™

Source:  CryptoNews

~~~~~~~~~

CARDANO FOUNDATION UNVEILS ‘VENTURE HUB’ PILOT PROJECT TO FORTIFY BLOCKCHAIN INNOVATION

The Cardano Foundation, an autonomous not-for-profit organization backing the Cardano blockchain, has recently unveiled a pilot project Venture Hub. The new pilot project aims to expedite projects developing on the Cardano blockchain. The company revealed this development on its official X account.

Cardano Foundation Starts Pilot Program ‘Venture Hub’ to Increase Chosen Ventures’ Visibility

The Cardano Foundation mentioned that it leverages the new pilot project Venture Hub to enhance its methodology to back ecosystem endeavors. For this purpose, it offers modified assistance to exclusive and beneficial projects. 

It leverages its comprehensive experience backing projects via more than five hundred Slack and Telegram channels. Subsequently, the platform pursues to expand selected ventures’ visibility and offer valued feedback to advance its programs.

Venture Hub will reportedly include Web 3.0 Ventures, Web 3.0 Innovators, and Web 2.0 Businesses. These 3 categories take into account existing entities utilizing blockchain to increase client services and established blockchain firms endeavoring to grow or migrate to Cardano. In addition to this, the latest ventures introducing scalable solutions on the blockchain of Cardano are also invited. 

The Cardano Foundation will let the selected projects access an exceptional combination of business, visibility, and technical support. This will lead to the projects’ long-term success.

Venture Hub to Deliver Technical Support and Strategic Business Advice to Boost Project Development

Hence, in the case of visibility boost, the program will deliver a wider exposure via an organized Demo Day, marketing, and PR endeavors. Additionally, the projects will also get strategic business advice to attain sustainable growth.

Moreover, the in-house technical professionals will provide personalized guidance to the selected projects. Venture Hub will potentially cater to the respective projects at diverse development points. They range between early-stage ventures and fully established businesses dealing with blockchain solutions.

According to the Cardano Foundation, the participants will benefit from sophisticated technical strategies and boosted business development with ecosystem collaborators. Apart from that, they will also enjoy an enhanced visibility across the Cardano ecosystem.

Furthermore, the platform will also deliver investment readiness via curated opportunities such as VC engagements and Project Catalyst workshops.

The applications are invited between the 13th and 31st of January. Following that, the platform will announce the successful candidates in February while the 12-week program is scheduled to start on the 17th of March.

@ Newshounds News™

Source:  Blockchain Reporter

~~~~~~~~~

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“Tidbits From TNT” Tuesday Morning 1-14-2025

TNT:

Tishwash:  Accompanied by a large delegation... Al-Sudani begins an official visit to Britain today 

Prime Minister Mohammed Shia Al-Sudani begins a visit to the United Kingdom this Monday afternoon, at the head of a high-level delegation, in response to an official invitation from the British Prime Minister.

According to a government statement received by the Mail, Al-Sudani "will hold a series of meetings, most notably with the King of the United Kingdom, His Majesty Charles III, and British Prime Minister Keir Starmer, in addition to meeting with a number of senior officials in the British government. He will also hold meetings with representatives of companies and the business sector, in addition to holding seminars and dialogues with specialized research centers."

The statement said, "The Prime Minister's visit comes within the framework of enhancing prospects for cooperation between Iraq and the United Kingdom, as it will witness the signing of agreements and memoranda of understanding in various tracks, especially in the economic, investment and security fields."

He added that Al-Sudani will be accompanied on his visit by a high-level delegation that includes a number of ministers, members of the House of Representatives, the Governor of Basra, and a number of advisors, in addition to representatives of the private sector, businessmen and industrialists specializing in various economic sectors  link

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

Tishwash: Foreign Minister arrives in New York to assume presidency of G77 and China

 Deputy Prime Minister and Minister of Foreign Affairs, Fuad Hussein, arrived in New York, today, Monday, January 13, 2025, to participate in the ceremony of Iraq assuming the presidency of the Group of 77 and China for the year 2025.

The Ministry of Foreign Affairs stated in a statement received by "Baghdad Today", that "Minister Hussein will hold meetings with the Secretary-General of the United Nations, Antonio Guterres, and the President of the United Nations General Assembly, Mr. Philomon Yang.

It is noteworthy that Iraq achieved a remarkable diplomatic achievement by being officially elected to chair the Group of 77 and China during the 48th annual meeting, which was held at the United Nations headquarters in New York on September 27, 2024, with the participation of Fuad Hussein.

It is worth noting that the Group of 77 and China is the largest group of countries within the United Nations, with 134 member states.  link

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

Tishwash:  Chinese Ambassador: A large number of Chinese companies are present in Iraq

The Chinese Ambassador to Iraq, Cui Wei, confirmed today, Sunday, that there are a large number of Chinese companies present in Iraq as a result of the security and stability witnessed by the country and the government support provided, in addition to the facilities provided to foreign companies.

Cui Wei said, during a press conference followed by "Kalima News": "The volume of trade cooperation between Iraq and China since the beginning of last year until November amounted to 50 billion US dollars."

He explained that "cash dealings between the two countries are currently in the initial stages," indicating that "in the coming period it will be developed as it is an important source for both countries."

He added, "There are a large number of Chinese companies present in Iraq as a result of the security and stability witnessed in the country and the government support provided, in addition to the facilities provided to foreign companies."

He pointed out that "the government has given clear attention to the reconstruction and building file, and there is also a decrease in unemployment and poverty rates," stressing that "a report published in one of the international agencies indicates that growth rates in Iraq will rise during the current year by 4.1 percent."

He pointed out that "Iraq's efforts in renaissance, development and progress are clear, and there is a possibility of harmonizing the development road projects and the Belt and Road Initiative."

He noted that "the work carried out by Chinese companies in the port of Faw will be completed by the tenth month of this year, which is the work of cleaning the channel."  link

Mot: .. Only ole ""Earl"" 

Mot :  The big “Here After”

MilitiaMan & Crew Iraq Dinar News-CBI-Systems Adjusting-Political Support-Global Financial System-United Kingdom

MilitiaMan & Crew Iraq Dinar News-CBI-Systems Adjusting-Political Support-Global Financial System-United Kingdom

1-13-2025

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=vwUEmwxjOrI

Iraq Economic News and Points to Ponder Monday Evening 1-13-25

British And French Companies Compete With China In Energy Projects In Iraq
 
Energy   Economy News - Follow-up   A report by the American energy news website, Oil Price, discussed the recent progress of two international Western companies to develop oil and gas fields in Iraq, indicating the return of Western companies to compete with Chinese dominance in the energy sector in Iraq, at a time when the British Petroleum Company will develop the Kirkuk oil field, while an agreement was reached with the French Total Company for an accelerated gas investment project in the Artawi field with a capacity of 50 million cubic feet per day.

The report states that China has invested huge sums in energy and construction projects in Iraq since 2013 under the Belt and Road Initiative and the Iraq-China Framework Agreement to implement projects in exchange for oil equipment and expand its activity across 34 oil and gas fields across the country that it won in licensing rounds that Western companies were absent from.

Today, BP is prominent in the scene, having agreed with the Iraqi side on December 19 on the final terms for developing the giant Kirkuk oil fields in northern Iraq, which contain an estimated 9 billion proven barrels of oil reserves. For BP, the site will complement its share in the giant Rumaila field.

The Kirkuk and Rumaila oil fields, whose production constitutes 80% of Iraq’s combined oil production, require continuous water pumping projects to maintain production. Reports indicate that the British company’s preparations for work in the field have been completed and it is expected to start the field development project by the end of this January.

The report quoted a source in the North Oil Company as saying that while the company has submitted an initial plan that includes completing the survey work and preparing the wells that have decreased in production, the agreement between the oil company and the British company to develop the Kirkuk fields will come into effect by the end of this month.

As for the French company Total, it has started work on the long-delayed $27 billion energy project in Iraq, as it has begun building a gas processing plant in Iraq in the Artawi field in Basra, which is the first phase of a huge deal for several energy projects, with the production capacity to process 50 million cubic feet per day, which is enough to supply at least 200,000 housing units in Basra.

In May of last year, the French energy company Total reached an agreement with the Iraqi government to begin work on the delayed $27 billion energy project. The company had initially signed a deal with Iraq in 2021 to build and complete four oil, gas and renewable energy projects in southern Iraq over 25 years at an initial investment rate of $10 billion.

However, this huge project has faced obstacles due to disagreements between Iraqi political parties over the terms of the deal, which led to its postponement. However, in the end, Iraq agreed to a 30% lower share in the project, which moved the deal back, opening the door to attracting foreign investment back to the country.

In recent years, Western companies such as the American company Exxon Mobil, the Dutch company Shell, and the British company British Petroleum have returned to Iraq to implement oil and gas field development projects in Iraq, which will contribute to increasing production rates after years of instability. Another factor that encouraged Western companies to come to Iraq is the relative security stability that the country is experiencing, which has doubled the chances of foreign investment to return.

Total CEO Patrick Pouyanne said in press statements, "The Iraqi government has confirmed all the terms of the agreement and there are no amendments, and this is more than good news for me."

Meanwhile, Iraq is expected to resume oil exports via the Iraq-Turkey Ceyhan pipeline to the Mediterranean coast. Oil exports through this pipeline, which amount to 450,000 barrels per day, have been halted since Turkey closed the pipeline on March 25, 2023, in response to a French international dispute settlement court ruling that Iraq be compensated $1.5 billion for oil exports without Baghdad’s knowledge.  223 views  Added 01/13/2025 - https://economy-news.net/content.php?id=51892

"Al-Eqtisad News" Publishes The Full Decisions Of The Cabinet Session

Money and business   Economy News – Baghdad  Al-Eqtisad News publishes the full decisions of the second Cabinet session, which was held today, Monday, headed by Prime Minister Mohammed Shia Al-Sudani.

The Prime Minister's Media Office said in a statement, seen by "Al-Eqtisad News", that "Al-Sudani chaired, today, Monday, the second regular cabinet session of the current year, during which the general conditions in the country were discussed, important files and priorities of the government program were discussed, in addition to discussing the topics included on the agenda and taking the necessary decisions regarding them."

The statement added, "The Council of Ministers voted to exempt retirees from its decision No. (24888) regarding deducting (1%) of salaries to support (Gaza and Lebanon) retroactively, starting from the date of its issuance on November 24, 2024, and to recover the deducted amounts, due to the difficulty of retirees submitting requests for their unwillingness to donate, unlike employees who can submit requests through their departments, and all deducted amounts will be returned."

He explained that "within the government's measures in the environmental field, the Council of Ministers approved the recommendations of the report on treating air pollution and the spread of bad odors, which was prepared by the Ministry of Environment, as follows:

First: Immediate recommendations, including:

1. Strengthening human resources and logistical infrastructure in the environment directorates, rehabilitating air quality monitoring stations in Baghdad and the governorates, establishing the nucleus of a national center for handling, processing and linking monitoring stations and emission sources, and providing supporting portable devices.

2. Securing the necessary funding to support regulatory activities, establishing a sustainable funding mechanism to support the Ministry of Environment, and allocating part of the state’s general budget to strengthen the environmental inspection system.

3. Polluting activities provide efficient control systems for the polluting emissions resulting from them, provide environmental requirements, and adhere to applicable environmental legislation.

4. Coordination between security and environmental agencies to develop a long-term plan to ensure continued monitoring and closure of violating activities.

5. Using the best available technological solutions to improve fuel combustion efficiency in activities.

6. Participation of security agencies with technical teams to monitor irregular industrial activities that pollute the air, and take legal action against them.

Second: Medium and long-term recommendations, which included:

1. Preparing an integrated national program to address air pollution, analyze data, review legislation, estimate health impact, and calculate damage costs, with the participation of relevant parties to achieve sustainable goals.

2. Providing industrial and service activities with fuel treated with a low sulfur content within standard specifications to reduce emissions to the permissible limits.

3. Updating environmental laws and legislation to include the mandatory application of modern technologies in industrial facilities, and developing comprehensive national action plans to reduce air pollution.

4. Supporting scientific studies and research to identify pollution sources and their effects, and developing emission treatment solutions.

5. Afforestation, protection of natural areas and increasing green spaces.

6. Proper waste management, establishing regular landfill sites, encouraging waste recycling, achieving zero waste, setting strict policies, implementing alternative waste management technologies, and raising awareness of environmentally friendly practices.

He added that "the Council approved the recommendations of the minutes of the meeting of the Diwani Order Committee (23577) regarding the appointment of educational supervisors and specialists, which stipulate the appointment of specialist and educational supervisors who are graduates of the (Peace, Construction, Creativity and Challenge Course), provided that the deletion and creation are carried out by the Ministry of Finance according to the data sent by the Ministry of Education."

He pointed out that "the Ministries of Education and Finance are preparing the criteria for those accepted from among the applicants for work in educational and specialist supervision, based on separating the job grade from the job title."

In order to find a legal formula for the homes of squatters, the Council of Ministers approved the following:

1. The Mayor of Baghdad and the governors shall sell the properly divided residential lands owned by the competent municipality to the squatters who built residential buildings on them before December 10, 2024 (the date of determining the residential units by the population census committees), located within the boundaries of the basic design, as an exception to the public auction, in accordance with the Law on the Sale and Lease of State Property No. (21 of 2013) as amended.

2. The sale referred to in paragraph (1) above requires the following:

A- The land must be within the boundaries of the basic design.

B- Building from fixed structures.

C- Sale to the actual occupant of the property or his heirs whom he was legally responsible for supporting.

D - To submit an application to the Municipality Directorate within 180 working days from the date of issuance of the regulations by the Ministry of Construction and Housing.

E- The application must be accompanied by a written declaration certified by a notary public stating that the applicant, his spouse, or any of his minor children do not own a residence or a residential plot of land.

And - that the sale be for a real consideration estimated by an appraisal committee formed pursuant to Law No. 21 of 2013, as an exception to the public auction.

Z - The sale price shall be paid in accordance with the provisions of the above law.

3. It is not permissible to sell more than one piece to the applicant for ownership, and Kirkuk Governorate is not included in the provisions of this decision.

4. The committees formed in the Baghdad Municipality and the governorates, in accordance with Legislative Resolution No. (154 of 2001), shall assume legal responsibility for removing encroachments on municipal lands after the issuance of this resolution.

Within the banking reform procedures, the following was approved:

1. Establishing a new joint-stock bank that relies on the latest technologies, and aims to be a partner with companies and businessmen, whether inside or outside Iraq, and to provide financial and banking services to individuals through an integrated digital experience, and to be a leading bank at the regional level.

2. Naming the bank as the First Rafidain Bank.

3. The bank’s capital shall be (1) trillion Iraqi dinars, and the state’s contribution (government sector, public sector and individuals) shall be (24%) of the nominal capital.

4. The bank shall start with a paid-up capital of no less than (500) billion dinars.

5. Maintaining Rafidain Bank as a financial and basic gateway for implementing all government transactions, while continuing to work on its structure with Rashid Bank through a roadmap for developing Rafidain Bank in coordination with the contracted consulting company, Ernst & Young.

6. Authorizing the Central Bank to contract with a consulting company to establish the new bank, and to provide support in the various founding operations of the bank, its formations and departments.

7. The committee formed under the chairmanship of the Governor of the Central Bank, the General Managers of the Central Bank of Iraq, the General Manager of Rafidain Bank, the Undersecretary of the Ministry of Finance, and the Advisors to the Prime Minister shall coordinate with the consulting company regarding the establishment of the aforementioned bank.

8. Proceed with the plan to transform the Industrial Bank into a private joint-stock company (with a strategic partner).

9. Maintaining the status quo for the Agricultural Bank, the Real Estate Bank, and the Housing Fund.

He added that "in the electricity sector, the Council voted to approve the amendment of Cabinet Resolution (393 of 2019), confirmed by Cabinet Resolution (24210 of 2024), which includes the implementation of projects in the electricity system on lands belonging to government agencies after obtaining initial approvals from the owner and other parties, and before completing the allocation procedures or transfer of ownership of the part related to the start of project implementation, in a way that ensures compliance with the Ministry of Finance's directive dated September 12, 2024, as follows:

1- Handing over the lands owned by the Ministry of Finance for the sites of secondary station projects to the Ministry of Electricity (initial handover), and the latter ministry shall undertake the necessary procedures for the project.

2- Forming a working group to expedite the allocation procedures set forth in Paragraph (1) of Cabinet Resolution No. (24210) and registering them with the competent real estate registration departments.

The statement continued, "In order to maximize the state's revenues, the following was approved:

1. Authorizing the Minister of Construction, Housing, Municipalities and Public Works to advertise for renting spaces designated for installing billboards on public road right-of-ways located outside the boundaries of the Baghdad Municipality and municipalities and on bridges.

2. The rental mentioned in paragraph (1) above shall be for one company, a company for each governorate, or multiple companies, as required by the circumstances of the advertisement.

3. Applications are exclusively for companies registered with the Ministry of Commerce/Companies Registration Department specializing in the field of advertising.

4. Rental allowances for advertising spaces shall be estimated by the committees that must be formed in the Ministry of Construction, Housing, Municipalities and Public Works/Roads and Bridges Department, pursuant to the Sale and Lease of State Property Law No. (21) of 2013 (as amended).

He explained that "in order to meet the needs of displaced and returning families and to ease their burden, the Council of Ministers agreed to the Ministry of Migration and Displacement continue to work in accordance with paragraph (1) of Cabinet Resolution (24007 of 2024), which includes the inclusion of these categories in the programs of subsidy salaries, social protection, full-time assistants, and soft loans."

He pointed out that "in the field of energy, the Council of Ministers approved the Iraqi Drilling Company's contract with the companies (EBS and Kosel), the subcontractor of the Iraqi Drilling Company, according to new contractual terms as an exception to the contracting methods stipulated in the instructions for implementing government contracts (2 of 2014) to implement the contract for the project to drill (18) wells."

As part of the government’s measures to complete stalled and suspended projects, the Council of Ministers approved the following:

1. Deleting the non-referred components that did not include the estimated cost amounts stated in the Ministry of Planning’s letter dated December 30, 2024.

2. Deleting the completed components that are not included in Cabinet Resolution No. (301 of 2021) stated in the Ministry of Planning letter referred to in the above paragraph, based on the cumulative expenditure.

3. Deleting the components referred to investment or that have been delivered to the beneficiary and that are not included in Resolution (301 of 2021), based on the cumulative expense.

4. Establish (4) complementary business components shown in the attached table, linking the Ministry of Planning’s letter dated December 30, 2024.

5. Reducing the total cost of the project (establishing 20 model youth and women’s forums in the districts and sub-districts of Baghdad Governorate and the governorates) in the investment budget tables of the Ministry of Youth and Sports for the year 2024, and changing the name of the project to (establishing model youth and women’s forums in the districts and sub-districts of Baghdad Governorate and the governorates, number 14) instead of establishing model youth and women’s forums in the districts and sub-districts of Baghdad Governorate and the governorates, number 20).

The Council of Ministers approved the exemption of the projects (Rehabilitation of the main Dora sewage pumping station) and (Rehabilitation of (22) pumping stations on the Rusafa side) from Cabinet Resolution (24217 of 2024) and their continued financing from the World Bank loan, while ensuring the World Bank’s commitment to financing and emphasizing the Baghdad Municipality to complete the two projects urgently, according to a statement from the media office.

The following was also approved:

1. Financing the Ministry of Finance with an amount equivalent to (390) thousand US dollars, the Republic of Iraq’s contribution to the Arab Labor Organization in the amount of the financial appropriation, based on the provisions of the Federal General Budget Law (13 of 2023).

2. Appointing employees in administrative positions in line with the amount of the Republic of Iraq’s contribution, which amounts to (10%) of the countries’ contributions within the budget approved by the Arab Labor Organization.

The statement highlighted that "the Council voted on the draft law on the Republic of Iraq's accession to the Arab States in Asia Cooperative Agreement for Research, Development and Training in the Field of Nuclear Science and Technology for the year 2017 (ARASIA), which entered into force on July 28, 2020, and referred it to the Council of Representatives, based on the provisions of the Constitution." 114 views 01/13/2025 - https://economy-news.net/content.php?id=51911

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