News — Dinar Recaps Blog Page — Dinar Recaps (2024)

Economics, News Dinar Recaps 20 9/9/24 Economics, News Dinar Recaps 20 9/9/24

TNT:

Tishwash: Iraq finalizes strategic agreement with major global oil company

Baker Hughes, the global energy technology company, revealed on Sunday that it is discussing with the Iraqi Ministry of Oil the final touches to a strategic framework agreement, as well as signing a memorandum of understanding in the gas sector, stressing its commitment to the government and its desire to invest in Iraq.

A statement by the media office of Prime Minister Mohammed Shia al-Sudani, received by Shafaq News Agency, stated that the latter received today in Baghdad the Chairman of the Board of Directors of Baker Hughes, a company specializing in oil and gas, and its CEO Lorenzo Simonelli and his accompanying delegation.

TNT:

Tishwash: Iraq finalizes strategic agreement with major global oil company

Al-Sudani stressed that Baker Hughes is one of the four largest companies in the world specializing in energy and oil services, pointing out that “the government is keen on the company’s presence in Iraq, which was invited to expand investment in it, through cooperation with the government or with the private sector in the field of oil and gas.”

He noted that "the Iraqi market has become a promising market, and that the government is planning major projects, especially integrated projects in the oil, gas and petrochemical sectors."

Al-Sudani pointed to the development path that includes oil and gas transport projects, stressing the importance of completing the projects that the company is working on in Iraq, especially the Nasiriyah oil field in which the company is investing to extract associated gas, with a capacity of 200 million standard cubic feet, which is hoped to be completed in 2026.

For its part, the Baker Hughes delegation confirmed their commitment to the government and their desire to invest in Iraq in the oil or gas sectors, and that they came to put the final touches on signing a strategic framework agreement with the Ministry of Oil, as well as signing a memorandum of understanding in the field of gas, and investing in the gas platform that will be established in the Grand Faw Port, expressing their desire to finance some projects in Iraq. link

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Tishwash: Al-Sudani's advisor settles the controversy over the agreement with Washington to withdraw US forces - Urgent

Subhan Mulla Jiyad, political advisor to Prime Minister Mohammed Shia al-Sudani, said today, Monday (September 9, 2024), the controversy over the Baghdad-Washington agreement to expel American forces.

In an interview with Baghdad Today, Mulla Jiyad said, "Defense Minister Thabet Al-Abbasi's statement yesterday was clear and explicit about the results of what the joint military committees reached after a series of meetings that led to Washington's understanding of the Iraqi position and agreement on a timetable for the withdrawal of forces, which is supposed to end in 2026."

He added, "The agreement was made, but it did not turn into a joint statement to be signed in a final manner by the political leaderships, noting that the Supreme Military Committee concerned with this file submitted its decisions and the results of the meetings to the political parties of both countries, referring to Iraq and America, and is awaiting its signature."

Baghdad and Washington have reached an agreement on the withdrawal of international coalition forces from Iraq, according to a plan to be implemented in stages over the next two years.

Sources told Reuters that the plan includes the withdrawal of hundreds of US-led coalition forces by September 2025 and the rest by the end of 2026.

The plan has been largely agreed upon and is awaiting final approval from both countries and a date for its announcement. A senior US official said, "We have reached an agreement, and right now it's just a matter of when it will be announced."

The two countries are also seeking to establish a new advisory relationship that could allow some US forces to remain in Iraq after the withdrawal.

The sources said that the official announcement was initially scheduled to be issued weeks ago, but was postponed due to the regional escalation linked to the Israeli war on the Gaza Strip, and to settle some remaining details.

Reuters was told by these sources that the announcement of the agreement could happen this month. Farhad Alaa al-Din, the Iraqi prime minister’s foreign relations adviser, said that technical talks with Washington on the withdrawal have ended.

"We are about to take the relationship between Iraq and the members of the international coalition to a new level that focuses on bilateral relations in the military, security, economic and cultural fields," he added.

A State Department spokesman and a defense official said that US President Joe Biden and Iraqi Prime Minister Mohammed Shia al-Sudani confirmed in a joint statement in April that they would review several factors to determine when and how the coalition mission in Iraq would end and transition to permanent bilateral security partnerships.

Al-Sudani said earlier that US forces - despite his appreciation for the assistance they provide - have become a magnet for instability, as they are frequently targeted and usually respond with attacks without coordination with the Iraqi government.

The agreement, when announced, is likely to represent a political victory for the Iraqi prime minister, who is seeking to balance Baghdad's position as an ally of both Washington and Tehran, which are on opposite sides of the Middle East.

The United States has about 2,500 troops in Iraq and 900 in neighboring Syria, as part of a coalition formed in 2014 to fight ISIS after it overran vast areas of both countries link

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Tishwash: 2024 Budget: A Sloping Path to Rolling Hopes

The draft general budget law is “the legislative authority’s approval of the general budget, i.e. its approval of the government’s expectations for public expenditures and revenues for the coming year and its approval thereof in a manner that authorizes the government to disburse appropriations within the specified limits in terms of quantity, purpose, and time period, in accordance with the financial procedures and accounting principles established in this regard.”

In 2023, the Iraqi government approved a three-year federal general budget called the (2023, 2024 and 2025) budget. It received very large objections, and we had pointed out the problems that hindered its implementation.

At the time, but the insistence is great, citing one reason, which is not to delay the approval of the budget for the coming years, meaning the years 2024 and 2025.

Among the reasons that may lead to a delay in approving the general budget:

1- Iraq's total dependence on oil revenues because oil revenues are unstable and difficult to predict.

2 - Delay in the government’s procedures for preparing the draft general budget law and the large number of discussions, objections and proposals.

3- Political differences between the forces that form governments.

4 - Marathon negotiations between the federal government and the region to determine the quotas and volume of exported oil.

Did the three-year budget achieve its objectives?

Here, what is the appropriate action to take if the approval of the general budget is delayed and the delay continues for several months without it being approved? To answer this question, we say: The Iraqi legislator addressed this matter in accordance with Paragraph (3) of Article (13) of the Federal Financial Administration Law No. (4) of 2020, as amended, as it stated that in the event that the draft federal general budget law for a specific fiscal year is not approved, the final financial statements actually disbursed are considered the basis for the financial statements for the year in which the budget was not approved and are submitted to the Council of Representatives for the purpose of ratification. That is, the government spends on

The basis of the previous year’s budget and within the limits of the amounts and spending rates that occurred in the past, i.e. the old budget is used until the new budget is approved.

This means that spending on operational matters is continuing at the same level as last year, but the problem is realizing in new investment projects that were not previously included in the three-year budget (2023-2024-2025), as these projects require new approval from Parliament and because they are financed from the investment budget, the wheel of development has therefore been delayed for another year as well.

Knowing that the impact of the delay in approving the budget is not very harmful to the implementation of the budget, especially since the operating budget has been approved and its basic paragraph related to salaries, wages, social protection and retirees, in addition to governing expenses such as the ration card, purchasing wheat and medicines, as well as interest and installments of the public debt, are all valid and payable, even if the schedules have not been approved, as happened in the years 2020 and 2022.”

The Iraqi parliament voted on the 2023 budget in June and it was published, but it did not enter into force due to a lawsuit against it in the Federal Court. As for the 2024 budget tables, they were also in June, i.e. after a full year had passed, but they were not published in the Iraqi Gazette due to differences in them.

According to Prime Minister Mohammed Shia al-Sudani, the 2024 budget is 211 trillion dinars, and employee salaries for the year 2024 are 62 trillion dinars, while the 2023 budget was 199 trillion dinars and employee salaries were 59 trillion dinars.

The deficit in the two budgets is approximately 64 trillion for the two years. The revenues of the 2024 budget are estimated at 144 trillion and 336 billion dinars, while the expenditures amount to 210 trillion and 936 billion dinars, while the deficit is 63 trillion and 599 billion dinars.

The existence of a deficit of more than 60 trillion dinars is a cause for concern. This deficit will depend on the increase in oil prices to be compensated for in one way or another, or it will be compensated for by the state taking measures to contain it, or the state will default on its commitment.

Conclusion: The government failed to overcome the approval of the federal general budgets on time by approving the three-year general budget (2023, 2024 and 2025). Rather, the crises that accompanied this budget (2023) are almost worse than others, which is the existence of a difference in the tables between the one sent by the General Secretariat of the Council of Ministers and the one that came approved by the House of Representatives.

The solution is not to re-legislate the three-year budget because it did not achieve its goals, and to re-sign the tables that were sent by the Prime Minister’s Office. link

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Militiaman, News Dinar Recaps 20 9/9/24 Militiaman, News Dinar Recaps 20 9/9/24

Iraq Dinar-Central Bank-Iraqi dinar exchange rate, Baghdad-Kurdistan-History

Militiaman and Crew: 9-8-2024

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

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

Iraq Dinar-Central Bank-Iraqi dinar exchange rate, Baghdad-Kurdistan-History

Militiaman and Crew: 9-8-2024

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

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

https://www.youtube.com/watch?v=0VMlMM1XENw

News DINARRECAPS8 9/9/24 News DINARRECAPS8 9/9/24

Are Central Bank Decisions Sufficient To Stop Inflation And Strengthen The Currency In Iraq?

September 8, 2024 Last updated: September 8, 2024 Independent/-As part of theIraqi government’sefforts to improve theeconomic situationandstabilizethelocal currency, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, revealed the role of thecentral bank’sdecisions inreducing inflation ratesandenhancingthevalueof the nationalcurrency.

While Saleh's statements reflect the government's commitment to achieving economic stability, many questions arise about the effectiveness of these policies in confronting real economic challenges.

The role of the central bank in stabilizing the currency:Saleh stressed that themonetary policiesof thecentral bank, including decisions toraiseorlower interest rates, play animportant role instabilizingthe localcurrency.

Are Central Bank Decisions Sufficient To Stop Inflation And Strengthen The Currency In Iraq?

September 8, 2024 Last updated: September 8, 2024 Independent/-As part of theIraqi government’sefforts to improve theeconomic situationandstabilizethelocal currency, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, revealed the role of thecentral bank’sdecisions inreducing inflation ratesandenhancingthevalueof the nationalcurrency.

While Saleh's statements reflect the government's commitment to achieving economic stability, many questions arise about the effectiveness of these policies in confronting real economic challenges.

The role of the central bank in stabilizing the currency:Saleh stressed that themonetary policiesof thecentral bank, including decisions toraiseorlower interest rates, play animportant role instabilizingthe localcurrency.

He explained thatthesepoliciesaim toachieveabalancebetween theinternalandexternal valueof thecurrency, which is supposed to contribute to reducing inflation rates.

While thesemeasures areviewed aseconomic stabilizers, the question remains as to how well they will meet the challenges of rising inflation and other economic pressures.

Economic growth and enhancing the value of the currency:Saleh pointed out thatsustainable economic growthenhances thevalueandstabilityof thecurrency.

He stressed that thereal factors affectingcurrency strengthincludehigh productivity,good employment,real investment, andinnovation.

In this context, many wonder about the ability of the Iraqi economy to achieve thissustainable growth, in light of the challenges it faces, such as low oil prices and political crises.

Technology and Innovation:Stimulating Productivity and Economic Growth:Saleh pointed out thattechnology and innovationcan play adecisive roleinimproving productivityandeconomic growth,whichenhancesthevalueof thecurrency.

However, whileinnovationandtechnologyarepositive factors,achieving these goals requiresasuitable environment forresearchanddevelopment, as well aseffective investment support.

In this regard, questions remain about the extent of Iraq's ability to achieve these requirements amid the current challenges.

The importance of political and administrative stability:Saleh also explained thatpolitical stabilityand thestrengthof theadministrative systemareimportant factorsinenhancing confidencein the nationalcurrency.

In this context, many wonder about the stability of the political and administrative situation in Iraq, especially in light of the ongoing political crises and administrative challenges.

Achievingpolitical stabilitymay be essential to achieving the desired economic goals.

https://mustaqila.com/هل-قرارات-البنك-المركزي-كافية-لوقف-الت/

Economist: The Ban On Iraqi Banks May Be Lifted Within Six Months

September 8 19:06 Information/private.. Economist Ahmed Abd Rabbo revealed today, Sunday, that
Oliver Wymanhas conducted a comprehensive review of the conditions of Iraqi banks, and itsreportmaybe issued after six months.

Abd Rabbo said in a special statement to the Maalouma Agency,

“Thedecisions of that companyregarding the sanctioned bankswill be binding on theCentral Bank of Iraqand theUS Federal Reserve,” noting that

“reforming the banking system facilitates the process of economic reforms.” He continued,

"Thecompany's final reportmaylift the ban on Iraqi banks, while it was positive," pointing out that

"lifting the ban on Iraqi banks will help support the Iraqi economy."

It is noteworthy that America imposes several sanctions on Iraqi banks in an attempt to pressure the Iraqi government to pass various policies. https://almaalomah.me/news/75810/economy/اقتصادي:-الحظر-على-المصارف-العراقية-قد-يرفع-خلال-ستة-اشهر

18 Trillion Dinars, The Volume Of Digital Trading In Iraq

September 8, 2024 Baghdad/Iraq Observer The electronic payment campaign announced today, Sunday, that the volume ofdigital tradinghas risen to 18 trillion dinars, while highlighting the economic gains.

Campaign spokesman Mustafa Akram Hantoush said in an interview followed by Iraq Observer,

“Electronic payment has achieved very great achievements, and

it is a very successful experience in the financial and banking aspect and beneficial to all parties.” He added,

“Cash dealing involves risks, as

money can be stolen or burned when transported or stored, or
exposed to loss, while

electronic dealing and digital trading

facilitate the process of transferring and trading money and are

beneficial to the stateso that there is a

reading ofliquidity, collecting money, and a
reading of thepaymentsand thewinning and losing sectors, which can be

“Through which plans are made.”

He continued, “Electronic paymentis a successful topic by all standards, and the

countries that implement it are witnessingdevelopmentin thefinancialandbanking system.”

Regarding the numbers achieved, Hantoush explained,

“Thetotal electronic payment by the year 2020 did not exceed300 billion dinars, compared toelectronic payment for the current year, which reached more than18 trillion dinars. This is a big leap that is not easy to achieve within 3-4 years.”

He stated that “there are about20 millionelectronic paymentcardsso far, afterwe had nearly10 million cardsin 2020,” explaining that

“the indicators of the issue are positive and it is successful in all aspects.” He stated that

“the government, with its recent decisions and the specialized committees on electronic payment, has reached the levels of detailed statements, liquidity statements, risk assessment, and even the issue of regulations and directing electronic signatures,” explaining that

“the issue ofelectronic payment has become in line with society.” He stressed that

“the government recently issued a set of decisions related to regulatory cases, including activating a law special for electronic signature, and creating a financial regulation for electronic payment between theIntegrity Commissionand theSupervision Bureau,” explaining that

“the issue has moved from the stage of applied procedures to the stage of general organization.”

https://observeriraq.net/18-ترليون-دينار-حجم-التداول-الرقمي-في-ال/

Government Advisor: We Are Working To Develop A Tax System That Is Attractive To Investors

Economy Baghdad – IA Sunday, the Chairman of the Supreme Committee for Tax Reform and Advisor to the Prime Minister for Economic Affairs, Abdul Hussein Al-Anbaki,announced a three-pronged plan for tax reform.

While he indicated taking facilitating measures related to tax administration, he confirmed the exemption of previous fines for many segments to restore the confidence of those charged with paying the tax.

Al-Anbaki told the Iraqi News Agency (INA):

“Some media outlets interpreted the tax reform as meaning that its purpose is to increase non-oil revenues, and this interpretation is not scientifically sound,” indicating that

“theprimary goal of the tax reform is to create an easy, transparent tax system that is friendly to the business environment.”

It is attractive to investors, because the tax rate is not the basis, but rather the tax rate when multiplied by the tax base, the result is tax revenue.” He continued:

“In tax reform, we seek to make the tax base large,” explaining that

“when the tax base is large, tax revenues will inevitably rise, even if the tax rates are the same and at lower rates.” He added,

"Tax revenues are an incidental result of the state of tax reform and not the basis for which the field of tax reform is launched," noting that

"theSupreme Committee for Tax Reformwants to

achieve tax justiceand
make tax accounting easy and transparent, and
does not want there to be cases of"Extortion, obstruction and delay in tax procedures." He pointed out that

"many facilitations have been made that, as a result, lead to restoring the confidence of those charged with paying taxes in the tax administration," noting that

"many brackets have been exempted, the cases of allowances have been expanded, and

they have been exempted from previous fines and accumulated interest for the purpose of restoring the confidence of those charged with the tax administration." He stated,

"When those responsible for accounting come, this will lead to an increase in tax revenues," stressing that

"the purpose of these measures is to create a tax system that is attractive to investors and not to search for an increase in tax revenues only becauseincreasing tax revenues is considered an achievement." https://www.ina.iq/216450--.html

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

Economics, Gold and Silver, News DINARRECAPS8 9/9/24 Economics, Gold and Silver, News DINARRECAPS8 9/9/24

Good Morning Dinar Recaps,

Ripple Targets FCA Approval, Eyes London IPO by 2025

▪️Ripple’s FCA approval may come by December 2024, setting the stage for a potential London IPO in 2025.

▪️Ripple is expanding XRP Ledger with features like NFTs, smart contracts, DEX, and AMM to strengthen its ecosystem

.
Ripple’s protracted battle with regulatory hurdles took another crucial turn when Judge Torres granted Ripple’s motion for a stay on the monetary penalty. This judgment is regarded as a critical development, potentially benefiting Ripple’s efforts to obtain permission from the UK Financial Conduct Authority (FCA).

Good Morning Dinar Recaps,

Ripple Targets FCA Approval, Eyes London IPO by 2025

▪️Ripple’s FCA approval may come by December 2024, setting the stage for a potential London IPO in 2025.

▪️Ripple is expanding XRP Ledger with features like NFTs, smart contracts, DEX, and AMM to strengthen its ecosystem

Ripple Overcomes Regulatory Hurdles, UK License and London IPO in Sight

Previously, there was suspicion that the uncertainty surrounding the penalty Ripple could face from the SEC was delaying the licensing process for its UK crypto license. Now that the stay is in place and financial expectations are apparent, Ripple is on track to get permission by December 2024.

This certification is especially significant for Ripple’s overall plan, as it may pave the way for an initial public offering (IPO) in London as early as 2025. Ripple’s decision to pursue an IPO outside of the United States is consistent with its prolonged avoidance of the American market, owing principally to regulatory uncertainty.

Due to the SEC’s hostile attitude toward the company and the larger cryptocurrency industry, Ripple has been wary of launching an IPO in the United States, as CNF previously reported.

This friction has been a primary driver of Ripple’s expansion into other countries, particularly the United Kingdom, where regulatory regimes appear more receptive.

Ripple’s CEO, Brad Garlinghouse, reiterated these comments during Korea Blockchain Week, wherehe emphasized the problems of the US regulatory framework. He stated thatone of the most important pieces of advice he gives to cryptocurrency entrepreneurs is to avoid establishing their operations in the United States.

Garlinghouse’s statements underline a growing industry worry about the absence of clear and supporting legislation in the United States, which has served as a bottleneck for many organizations looking to develop blockchain.

Meanwhile, Ripple is not solely concerned with handling regulatory difficulties.According to our prior report, the firm is also working to improve the technological capabilities of the XRP Ledger.

Non-fungible tokens (NFTs),decentralized exchanges (DEX),smart contracts, andautomated market makers (AMMs)are some of the most recent additions. These changes aim to improve the XRPL’s functionality and increase its use cases, hence strengthening Ripple’s position in the cryptocurrency sector.

Ripple is preparing for a good year ahead, with FCA approval appearing on the horizon and promising technological breakthroughs. If all goes as planned, 2025 might be a watershed moment for Ripple, especially with the potential of a London IPO on the way.

@ Newshounds News™

Source:Crypto News Flash

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CFTC LOSES ROUND ONE: KALSHI CLEARED TO OFFER US ELECTION BETS

A federal judge this week sided with the prediction market Kalshi’s motion for summary judgment in its legal battle with the U.S. Commodity Futures Trading Commission (CFTC).This decision opens the door for U.S. citizens to place bets on the upcoming November election.

However, the ruling isn’t the final word just yet, as the CFTC can still appeal. Following the judge’s order, the commodities regulator immediately filed an emergency request for a two-week stay.

Kalshi’s Legal Victory Could Change U.S. Election Betting Landscape, CFTC Files Emergency Motion

In a legal twist last year, Kalshi, a financial exchange and prediction market, took the Commodity Futures Trading Commission (CFTC) to court. Kalshi, established in 2018 by Tarek Mansour and Luana Lopes Lara, allows users to trade on real-world event outcomes.

The lawsuit, filed in November 2023,challenged the CFTC’s decision to block the company from offering specific event contracts, particularly those related to betting on the U.S. election, on its federally regulated platform.

On Sept. 6, 2024,Judge Jia Cobb delivered a decision in favor of Kalshi, rejecting the CFTC’s cross-motion for summary judgment. Bloomberg Law reported thatKalshi’s CEO,Tarek Mansour, called the rulinga milestone.

“Election markets are now legal in the United States for the first time in 100 years,”Mansour remarked. On the firm’s website, it states:

Election markets are coming to Kalshi. We did it! Stay tuned for more info, and God bless America!

Paradigm’s vice president of government affairs,Alexander Grieve, shared on X thathe was delighted his firm supported the amicus. “Proud Paradigm contributed an amicus in this case, as (if it wasn’t clear already) the outcome of November’s election will have profound impact on the direction of crypto in this country,” Grieve said. “American companies need the ability to hedge political risk,” the Paradigm executive added.

Attorney Jake Chervinskypraised the ruling. “Huge win for Kalshi against the CFTC,” Chervinsky wrote. “I want to see the opinion before I start dancing on the grave of the administrative state, but this is even more evidence that the best way to deal with regulatory overreach is to file more lawsuits.” Although Kalshi secured a victory, the commodities regulator still has the option to appeal and take the fight back to court.

Right after the verdict,the CFTC swiftly filed an emergency motion requesting a two-week stay. They argued that “without the benefit of the court’s reasoning, the CFTC is unable to make an informed decision whether to appeal, nor is it able to fully brief a motion for stay pending any forthcoming appeal.” The regulator further added:

Time is of the essence in the issuance of a stay. The CFTC expects that Plaintiff Kalshi will immediately list the relevant election contracts and that trading will begin as soon as the contracts list. Plaintiff has already announced on its homepage that ‘Election Markets are Coming to Kalshi!’

The news arrives at a moment when Polymarket,a blockchain-powered prediction platform, has seen a significant increase in volume and open interest, thanks to the upcoming 2024 election.

Meanwhile, U.S. lawmakers, includingDemocratic Senator Elizabeth Warren from Massachusetts, have been pressing the CFTC to crack down on election prediction markets. “The last thing that voters heading to the polls need are bets waged on the outcome of that election,” the policymaker’s letter argued.

What do you think about Kalshi’s win this week and the chance the CFTC may appeal the decision? Share your thoughts and opinions about this subject in the comments section below.

@ Newshounds News™

Source:

Bitcoin News

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IOTA NEWS: INTRODUCING TWO NEW BONDS WITH IOLEND AND RUSTYROBOT – EXCITING OPPORTUNITIES AHEAD

▪️ApeBond has announced a significant partnership with IOLEND and the Rusty Robot Country Club (RRCC) to introduce two new IOTA bonds.

▪️This collaboration aims to enhance the DeFi ecosystem by leveraging IOTA’s infrastructure to provide sustainable growth and financial stability.

Multi-chain bonding protocol ApeBond recently announced big news for the IOTA community with the goal of introducing two new IOTA bonds in partnership with IOLEND as well as the Rusty Robot Country Club.

As said,the ApeBond project focuses on fostering a sustainable future for decentralized finance (DeFi) projects and communities. By leveraging cross-chain capabilities, ApeBond aims to provide long-term stability and growth opportunities within the DeFi ecosystem.

IOLEND has emerged as a key player in the decentralized finance (DeFi) market that offers innovative lending solutions on the IOTA network’s Ethereum Virtual Machine (EVM). what makes IOLEND special is that it uses top cryptocurrencies like ETH, USDT, and IOTA as collateral while standing out from other DeFi platforms.

IOLEND has been built on the RDNT Capital fork with the trusted framework of Aave. Thus, it ensures that users feel secure and confident in the platform’s reliability. Furthermore, this DeFi protocol allows users to deposit and withdraw assets, with interest rates determined by market forces, per the Crypto News Flash report.

One of IOLEND’s key strengths is its highly competitive APRs, which are among the lowest in the market. Users can earn up to 250% APR on ETH loops and 275% APR on USDT loops. These impressive yields are further enhanced by rewards in $IOL, IOLEND’s native governance token.

🔥 Big news for the @iota community! Today we’re thrilled to introduce not one, but TWO new #IOTA Bonds in partnership with @iolendfi and @RustyRobotCC 👇

💵 @iolendfi is a DeFi platform that aggregates top yield opportunities with smart leverage tools & yield-bearing…

pic.twitter.com/9vtgcPwmf2

— ApeBond (@ApeBond) September 5, 2024

IOTA and Rusty Robot Country Club
The Rusty Robot Country Club is one of the longest-standing NFT communities currently on the IOTA blockchain that brings together a global team with the common vision of becoming the world’s largest creative brand.

RRCC excels in global creative collaboration across various mediums likemusic,comics, andbooks. Their platform, Coda, empowers artists to tokenize intellectual property (IP) through real-world asset (RWA) tokenization.

Moreover,the RCCC NFTs offer access to an ecosystem that includes comics, collectibles, Rusty Apparel, Rusty Robot Records, and $RUST-powered DeFi tools. Furthermore, the RUST token is central to the RRCC ecosystem as all the post-NFT sale activities require holding this token. Impressively, RRCC launched without an ICO, private sale, or investor backing.

The partnership between ApeBond and IOTA EVM marks a major advancement in diversifying treasuries and driving substantial growth.By utilizing IOTA EVM’s robust infrastructure, ApeBond enhances projects’ ability to manage their resources efficiently, promoting financial stability and supporting innovation and expansion. This collaboration will cultivate a vibrant DeFi ecosystem where projects can flourish and achieve growth, reported Crypto News Flash.

@ Newshounds News™

Source:

Crypto News Flash

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CARDANO FOUNDER REVEALS GAME-CHANGING PLAN FOR UNMATCHED SCALABILITY

Cardano founder Charles Hoskinson has recently unveiled a blueprint to significantly enhance the scalability of the Cardano blockchain.

In a tweet, Cardano developer Input Output Global (IOG) shared a game-changing statement made by Cardano founder Charles Hoskinson at a recent event that touched on making Cardano the best in class in scalability.

"Leios is going to provide a dramatic increase in layer 1 performance. Complemented by rollups – coming to PlutusV3 – and Hydra, these things together will make for best in class for scalability," the IOG tweet citing the Cardano founder reads.

According to the Cardano founder,Ouroboros Leios together with rollups that are coming to Plutus V3 and scaling solution Hydra will result in best-in-class scalability performance.

Ouroboros Leios, a new Ouroboros family variant, is designed to significantly enhance throughput while maintaining at least the same level of security as earlier Ouroboros variants.

Existing variants of the Ouroboros blockchain algorithm have limited throughput capabilities, both in terms of data throughput and CPU processing.

They are restricted not by the resources available to each node (network capacity or CPU performance) but by the distributed algorithm's data and communication needs.Improving this requires a new algorithm design, which is what Ouroboros Leios aims to be.

Adviser To The Prime Minister: Central Bank Decisions Contribute To Reducing Inflation Rates In The Country

Economical 09/08/2024 Baghdad: the mainstay of the emirate The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, explained that the decisions of the Central Bank contribute to reducing inflation rates in the country, and pointed out that economic growth contributes to strengthening the value of the local currency.

Saleh said in a statement to “Al-Sabah”:

“The policies of the Central Bank play a major role in stabilizing the currency, which is something that achieves harmony between the internal value of the currency and its external value,” explaining that

“decisions to raise or reduce interest as part of monetary policy work will undoubtedly be reflected in... Reducing inflation rates and maintaining the stability of the currency value.”

He added that the prosperous and sustainable economic growth in gross domestic product contributes to enhancing the value of the currency and its stability, indicating that the

real factors affecting the strength of the national currency include high productivity and high employment of the labor force, in addition to real investment and innovation, especially technological development . Saleh pointed out that

technology and innovation can lead to improved productivity and economic growth, which enhances the value of the currency, and these are all factors generated by the real sector in the economy or the national development policy.

He pointed out the importance of political stability and the strength of the administrative system and its governance, which are important behavioral factors in enhancing confidence in the national currency. https://alsabaah.iq/102304-.html

Sudanese Issues 16 Directives To Develop Electronic Payment Systems And Services

September 7, 2024 Baghdad / Iraq Observer Today, Saturday, Prime Minister Muhammad Shiaa Al-Sudani directed a package of measures and directives to be taken to develop electronic payment systems and services and to follow up on their implementation by specialized committees.

A government source told Iraq Observer,

“Within the framework of Prime Minister Muhammad Shiaa Al-Sudani’s continuous follow-up on the development of electronic payment systems and services, and in light of his review of the supervisory field reports related to the implementation of these services in various Iraqi ministries and institutions, he directed that a package of relevant measures be taken with follow-up.” Implemented by specialized committees.”

He added, “The directives were as follows:

1. Directing the Ministry of Planning, in cooperation with the Central Bank of Iraq and the World Bank, to create a national budget allocated to support and develop digital payment systems nationwide.

2. Directing all ministries, including the Central Bank of Iraq, to prepare electronic cash flow statements periodically to ensure financial transparency, determine liquidity and manage risks, which contributes to improving financial planning.

3. Directing ministries and government institutions to establish strategic partnerships with banking and non-banking financial institutions as well as technological institutions and adopt effective action steps for cooperation and exchange of proposals and experiences.

4. Obligating financial and banking institutions to develop their technical and digital systems in accordance with the latest international standards, including strengthening anti-money laundering and anti-fraud systems; This is to ensure operating efficiency, improve the quality of banking services, and achieve full compliance with regulatory controls.

5. Obligating financial and banking institutions to develop cyber protection systems and adopt the cyber resilience document, while strictly adhering to the controls issued by the Central Bank regarding electronic governance, to ensure comprehensive protection of banking systems against cyber threats and to ensure business continuity in light of crises.

6. Directing ministries and government institutions to develop capable government work teams to follow up on electronic payment operations on a daily basis through training and qualification, and through specialized system portals provided by payment service companies.

7. Directing the Ministry of Communications to cooperate with ministries and government institutions to expedite the adoption of the Electronic Signature and Electronic Transactions Law No. 78 of 2012 to comply with the requirements of electronic payment and collection settlements in the Ministry of Finance in cooperation with the Central Bank of Iraq.

8. Instructing the Ministry of Finance to submit a study on the mechanisms for creating intermediary accounts, approved by government institutions as a mechanism for dealing with restricted government accounts to solve the problem of deductions to citizens in the event of failure of financial operations.

9. The Central Bank issues directives to private and government banks to deal transparently and not to discriminate between electronic payment companies.

10. The Central Bank of Iraq prepares what is necessary to cancel prepaid ceilings for cards used locally to ensure wider and more flexible use.

11. Directing ministries and government institutions to establish specialized units within state departments to facilitate financial reconciliation and settlements and resolve disputes resulting from electronic payments, in coordination with banks.

12. Directing the Integrity Commission to intensify oversight of collection points in government departments to ensure transparency and integrity.

13. Directing the Financial Supervision Bureau to develop and legislate administrative and financial updates that are compatible with electronic payment systems and to follow them on an ongoing basis.

14. Emphasis on government institutions and electronic payment service provider companies to implement the paragraphs contained in the electronic collection and collection agreements, and in accordance with the responsibilities of each party contained in those agreements.

15. Directing government banks to complete the activation of the comprehensive banking system to improve financial and administrative performance.

16. Obligating all ministries and government institutions to adopt advanced electronic administrative and accounting systems to enhance efficiency and transparency. https://observeriraq.net/السوداني-يصدر-16-توجيهاً-لتطوير-أنظمة-وخ/

For This Reason... Economic Calls To Review Tax Laws And Develop The Collection System

Money and business Economy News – Baghdad With the increase in the size of state expenditures in the general budget, there has been talk for years about the issue of

maximizing non-oil revenues,

reforming the tax system in Iraq, and

raising the value of taxes on the wealthy,

which is something that actually needs to address the current laws regarding tax, controlling import operations, and preventing the smuggling of goods through border crossings.

In this regard, economic and financial expert Safwan Qusay revealed the formation of a committee by the Prime Minister to review tax laws, especially the income tax law issued in 1982, indicating that

the law needs to be reviewed to amend some allowances in proportion to current income rates and develop the tax collection system. To reduce tax evasion. He pointed out that

“the proposed increase in tax aims to stop manipulation of invoices related to import operations and reduce tax evasion.”

Qusay also confirmed that “the committee is considering introducing amendments to property and real estate taxes, especially with regard to the transfer of property between individuals.” https://economy-news.net/content.php?id=47221

An Advisor To The Prime Minister Warns Of The “Risks Of Low Oil” On Fiscal Policy And Spending

Time: 09/04/2024 17:39:37 Read: 2,977 times {Economic: Al-Furat News}The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, warned today, Wednesday, of the “risks of a decline in oil revenues” with the decline in crude prices in global markets. Saleh told Al-Furat News Agency,

“First, there must be a systematic investigation into the fundamental factors causing the decline in crude oil prices in global markets and their rapid decline in the past few weeks, as

China is one of the world’s largest economies that import crude oil among nations, as its imports increase.” Of crude oil, about 10 million barrels of oil per day, and Iraq alone contributes about 10% to China’s need for oil, or approximately 30% of Iraq’s oil exports are directed towards the Chinese market. He stated,

"China's demand for oil is linked to the annual growth rates of its economy, and it is a truly direct relationship.

Thegreater the growth in annual gross domestic product, the greater the demand for crude oil." Saleh pointed out,

“There is a parallel between increasing GDP and increasing oil consumption by a rate ranging from 0.5% to every 1% increase in GDP, although this parallel may change based on energy efficiency and market developments.”. He pointed out that

“with this slowdown in Chinese economic growth (which is the second largest economy in the world), it has begun to increase during the second half of this year, as the annual growth rate is expected to decline to about 4.5%, after it was 5. 4% at the beginning of the year, and

thus thedecline in growth in the Chinese economy has become an urgent issue that greatly affects the global economy and the stability of demand in the energy market.” He noted,

"Chinese economic data are noticeable indicators of weakness, especially in the industrial and service sectors, as the Purchasing Managers' Index in China in August 2024, which is a main measure of economic activity, recorded a decline to its lowest level since six previous years." He continued,

"Such a decline reflects a decline in both domestic and external demand for goods and services, as new export orders in China fell in July for the first time in eight months, indicating a decline in global demand for Chinese products." The government advisor explained,

"The prices of new homes in China also rose, but at a very weak pace, which adds more pressure to the Chinese economy itself." He pointed out that

"international expectations indicate that growth in the gross domestic product in these countries will continue to decline to about 3.5% until the year 2028, which reflects the structural challenges facing the Chinese economy in the long term." Saleh said,

“Based on the above, oil prices witnessed a noticeable decline today, September 4, 2034, as Brent crude fell below $74 per barrel.

This sharp decline is attributed, as we mentioned earlier, to ongoing concerns about the slowdown in economic growth in China, which... "It negatively affected the demand for oil, which increased global markets' concern about the continued weakness of global demand for crude oil." He concluded by saying,

“The matter is related to Iraq, where the federal general budget issued by Law No. 13 of 2023 (the tripartite budget) is still hedging an annual hypothetical deficit of approximately 64 trillion dinars, and the price of a barrel of oil for the purposes of evaluating oil revenues in the budget during the past year is about $70 per barrel (as an annual average).

Therefore, fiscal policy may face the risks of a decline in oil revenues, by activating the necessary precautionary financial measures to sustain expenditures and in accordance with the priorities and principles set forth by the Federal Budget Law itself, whether in financing the deficit or in arranging public spending priorities.

https://alforatnews.iq/news/مستشار-لرئيس-الوزراء-يحذر-من-مخاطر-انخفاض-النفط-على-السياسة-المالية-والانفاق

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

Economics, Gold and Silver, News DINARRECAPS8 9/8/24 Economics, Gold and Silver, News DINARRECAPS8 9/8/24

Good morning Dinar Recaps,

PETER BRANDT AND PETER SCHIFF DEBATE GOLD AND BITCOIN

▪️Peter Brandt and Peter Schiff debated Gold and Bitcoin's performance.

▪️Schiff criticized Bitcoin ETFs, while Brandt suggested a long-term view.

▪️Gold is seen as safe, Bitcoin as risky, with differing future outlooks.

Famous investor Peter Brandt and long-time cryptocurrency critic Peter Schiff engaged in a debate over Gold and Bitcoin $54,220.27.

The discussion began whenSchiffhighlighted the poor performance of Bitcoin ETFs.Schiff pointed out that since the launch of Bitcoin ETFs, their gains have been below 10%, while gold has shown a 24% increase.

Good morning Dinar Recaps,

PETER BRANDT AND PETER SCHIFF DEBATE GOLD AND BITCOIN

▪️Peter Brandt and Peter Schiff debated Gold and Bitcoin's performance.

▪️Schiff criticized Bitcoin ETFs, while Brandt suggested a long-term view.

▪️Gold is seen as safe, Bitcoin as risky, with differing future outlooks.

Famous investor Peter Brandt and long-time cryptocurrency critic Peter Schiff engaged in a debate over Gold and Bitcoin $54,220.27.

Brandtresponded by arguing that this situation should be viewed from a long-term perspective. The chart he shared showed that gold has weakened compared to Bitcoin and indicated a “Head and Shoulders” formation in favor of Bitcoin.

Comparison of Gold and Bitcoin

The formation in the chart shared by Peter Brandt is a technical analysis indicator frequently used in the investment world. The Head and Shoulders formation usually indicates thatthe value of an asset will decrease. In this case, according to Brandt,this formation is developing in favor of Bitcoin, suggesting it could gain value against gold.

However,Peter Schiff looks at the same chart from a different angle and argues thatgold will prevail. Schiff believes thatgold has always been a safe haven against economic fluctuationsand thatBitcoin cannot fulfill this function. (referenced chart was not part of the article)

Different Investor Groups for Bitcoin and Gold

Goldis traditionally seen as a safe investment vehicle and gains value, especially during inflation periods.Bitcoin, on the other hand, is considered a riskier asset. Institutional investors still view Bitcoin as a highly volatile investment. However, some investors believe thatBitcoin could be called “digital gold”in the future and could replace precious metals.

Recent Inflation Data and the Drop in Gold Prices

The US inflation data announced in mid-August was below expectations. This caused a sudden drop in gold prices. Investors misinterpreted the low inflation data and turned to selling gold.Peter Schiff argued that this development was a wrong decision, stating that investors misread the inflation data and that gold did not lose its real value.

Peter Schiff: “Investors misinterpreted the inflation data. This led to the unnecessary selling of precious metal.”

Bitcoin, on the other hand, gained value during this period and attracted investors’ attention. However, Peter Schiff emphasized thatBitcoin acts as an “anti-gold” and contains higher risk compared to gold. According to Schiff,Bitcoin investors were mistaken in using the inflation data against gold.

The debate between Peter Brandt and Peter Schiff brought the long-standing competition between cryptocurrencies and precious metals back to the forefront.Cryptocurrency investorsargue that Bitcoin will surpass gold in the long run, whiletraditional investorsbelieve that gold holds an unchanging value.

A key point in the debate is how investors will choose between these two assets.While gold is accepted as a long-standing trust element, Bitcoin is rising as a new investment alternative in the digitalizing world.However, neither side can definitively conclude how their assets will perform in the long run.

@ Newshounds News™

Source:CoinTurk News

~~~~~~~~~

EL SALVADOR CELEBRATES 3 YEARS OF BITCOIN ADOPTION, EYES BROADER ACCESS

▪️El Salvador is celebrating the third anniversary of adopting Bitcoin as a legal tender.

▪️The Central American country has $31 million in unrealized gains from its BTC holdings.

▪️President Nayib Bukele's government is promoting Bitcoin awareness through education.

Three years ago today, El Salvador made history as the first nation to adopt Bitcoin as legal tender.

This move has sparked a phase of growth and development for the country, as it has become a model for crypto adoption and has drawn attention from global stakeholders.

Bitcoin’s Role in El Salvador Grows With $31 Million in Unrealized Gains

In honor of this milestone, Max Keiser, senior Bitcoin adviser to President Nayib Bukele, shared the administration’s vision for expanding Bitcoin access.

“Our plan is to provide every Salvadoran with a Bitcoin cold storage solution. So that even $0.50 of regular savings into Bitcoin creates education, retirement, and inheritance funds,” he explained.

Keiser’s statement highlights theBitcoin-friendly approach chosen by President Bukele’s government.Though international bodies likethe IMF initially criticized the move, they have since acknowledged that Bitcoin’s adoption has not harmed the country’s economy.

Instead,Bitcoin has benefited El Salvador. Its national Bitcoin wallet holds 5,865 BTC, generating over $31 million in unrealized gains. While the profit may seem small, the real impact has been increased global recognition and investment in the country.

For context, a port in El Salvador’s proposed Bitcoin City was one of the two that Turkish company Yilport Holdings would upgrade with a record $1.6 billion investment. Further, Bukele’s administration’s strong stance on freedom of speech and individual liberty has also gained attention.

President Bukele stressed this in a recent post, describingEl Salvador as a new safe haven for freedom of speech and expression.

“As the world spirals into chaos and government crackdowns intensify, we will stand as the new beacon of hope for the future,” Bukele stated.

Despite the progress, Bukele acknowledged that Bitcoin adoption has not reached the expected levels. He attributes this to its voluntary use in the country but remains optimistic about the long-term financial benefits for early adopters.

Meanwhile,political opponents have called the Bitcoin initiative a failure, claiming “nobody” uses it. In response, the government is ramping up efforts to promote Bitcoin awareness, focusing on education. Recently, a Bitcoin training program was launched for 80,000 public servants.

@ Newshounds News™

Source:

BeinCrypto

~~~~~~~~~

TOP 9 CRYPTO FRIENDLY COUNTRIES FOR DIGITAL ASSETS INVESTORS

Which are the most crypto friendly countries with the highest tax exemptions for individuals?As crypto regulations have taken the mainstage of the financial systems of most countries, crypto investors are keen to move their assets to crypto tax-free countries.

We go over the best countries that support technological innovation and exempt individuals from paying capital gains taxes. This list covers the top 9 crypto friendly countries for investors.

1. El Salvador

After becoming the first country in the world to qualify bitcoin as legal tender,El Salvador, aims to attract foreign investors and has a tax exemption in place for them. The nation exempts bitcoin profits from any capital gains or income tax.

The world is still waiting for El Salvador’s legal framework to enforce these official statements, but the crypto world is praising it asone of the best crypto tax-free countries.

2. Switzerland

Switzerland is the crypto-valley of Europe and is seen as an innovation hub. Regarding taxation,the Swiss Federal Tax Administration sees crypto transactions to be the same as traditional fiat transactions and exempts it from tax reporting.

Cryptocurrency investors choose Switzerland for the lack of taxation for profits stemming from crypto trading. Big crypto foundations have also chosen the Swiss as their home, including Ethereum, Tezos, and the Diem Association.

However, the profits of crypto business and professional trading are liable to income taxation, which differs from region to region, and an annual wealth tax.

3. Germany

Germany is one of the top crypto friendly countries, as it’s one of the few crypto tax-free countries in the world.

As opposed to the EU, Germany has a unique take on crypto taxation, and it encourages individual investors. If held for more than a year, the laws exempt bitcoin and other cryptocurrencies from capital gains tax.

If the funds are exchanged for fiat or for other cryptos within one year, you are still exempt from paying tax if your profit is under €600 (~ $700). Beyond that gains limit, investors have to report their income for tax.

However, businesses must report and pay corporate income taxes for crypto gains, and it works the same way as any other asset.

4. Singapore

Known as one of the most developed economies in the world, Singapore, is also one of the best places for business. The nation isquite pro cryptoand has issued a series of laws to back them. That’s why Singapore continues to attract crypto organizations and investors.

Singapore is a fintech hub in the Southeast Asia region.

Singapore doesn’t have a capital gains tax. Cryptocurrency funds of individuals and companies are not liable to taxation. But Singapore-based companies are liable to income tax, if they operate as a crypto trading company or if they accept crypto payments.

Bitcoin comes under intangible property, not legal tender. The laws view crypto payments as barter trades. It taxes goods and services, but not payment tokens.

The country’s central bank, the Monetary Authority of Singapore (MAS), aims to develop a balanced environment for crypto. The MAS doesn’t look to heavily regulate crypto, but rather to monitor it as a preventive measure to spot money laundering and illegal activities. Bitcoin falls under goods and, as such, experiences goods and services tax.

5. Malta

Home to many crypto and blockchain companies,the famous blockchain island of Europe has many laws favoring crypto investors and entrepreneurs.

Overseas companies operating in Malta and foreign residents receive several privileges.They do not have to pay incomeand capital gains tax in Malta for long-term investments in digital currencies.

However, crypto trades do receive 35% in income tax as they are the same as stock trading by legal definition. But this too can be lowered to 0–5%, if you benefit from the structuring options offered by the country’s financial system. Malta sees bitcoin and other financial tokens as different assets. Financial tokens can be dividends, interest or premiums, and regular income tax applies to it.

Non-domicile corporations are subject to a 5% income tax. Malta is one of the top crypto friendly countries and a tax haven for foreign entities, companies, and residents.

6. Portugal

Portugal is one of the most attractive crypto friendly countries in the world.

As of 2016, thePortuguese Tax Authority (PTA) exempts crypto transactions from capital gains and income tax. Businesses that accept digital currencies for their goods and services are liable to income tax.

7. Slovenia

Slovenia is another small European country with an attractive taxing system for digital assets.The country’s lawmakers are still working on a legal framework to make the tax law clear for all individuals and businesses interested in conducting business there.

Slovenia exempts individuals from capital gains tax when selling bitcoin, as these gains are not seen as income. Companies that receive crypto payments are eligible to pay corporate income tax. ICOs are also subject to taxation. Slovenia doesn’t allow companies to conduct only cryptocurrency transactions, such as accepting bitcoin as the only means of payment.

Other commercial activity that involves cryptocurrency, such as crypto mining, is subject to a 25% income tax.

8. Bermuda

Bermuda is a popular destination for cryptocurrency holders,

as it has comparatively favorable standards as far as financial regimes worldwide go. In 2018, Bermuda released the Digital Asset Business Act, which stands as the country’s regulations for digital assets. Famous for its lack of income and capital gains taxes, crypto transactions are also tax-free in Bermuda.

Famous for becoming the first country in the world to accept taxes and fees in cryptocurrency, Bermuda, is a popular destination for crypto investors. As of October 2019, Bermuda accepts payments for governmental services in USD Coin (USDC).

9. Belarus

The president of Belarus, Alexander Lukashenko, wants to turn the country into a crypto-based digital economy. That’s why, in 2017, he signed a new law that legalizes cryptocurrencies. The same decree also exempts businesses and individuals from crypto taxes until 2023, when the law will undergo a review.

Mining and crypto investments are exempted from income tax and capital gains. Belarus wants to boost technological innovation, and it’s one of the top crypto friendly countries in the world for its legal approach and crypto trading.

@ Newshounds News™

Read more:

BeinCrypto

~~~~~~~~~

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Economics, Gold and Silver, News DINARRECAPS8 9/8/24 Economics, Gold and Silver, News DINARRECAPS8 9/8/24

Good morning Dinar Recaps,

THE UN’S SUMMIT OF THE FUTURE IS ONLY WEEKS AWAY YET THE PUBLIC REMAINS IGNORANT

A resetting of the global financial system is a crucial component of their plans.

With the UN’s Summit of the Future less than 20 days away the vast majority of the public has no idea governments of the world are set to sign the so-called Pact for the Future.

On September 22 and 23, the United Nations member states will gather in New York City at the UN headquarters for the historic Summit of the Future with the intention to sign the Pact for the Future. This document is expected toradically accelerate the push towards the completion of the UN Sustainable Development Goals (SDGs) and the Agenda 2030.

Good morning Dinar Recaps,

THE UN’S SUMMIT OF THE FUTURE IS ONLY WEEKS AWAY YET THE PUBLIC REMAINS IGNORANT

A resetting of the global financial system is a crucial component of their plans.

With the UN’s Summit of the Future less than 20 days away the vast majority of the public has no idea governments of the world are set to sign the so-called Pact for the Future.

The Summit of the Future is taking place during the 79th session of the annual UN General Assembly.The summit has been in the making since at least 2022 after repeated calls by UN Secretary-General Antonio Guterresto shift financial resources to rapidly complete the Agenda 2030 goals set by the UN in 2015.

Although thishistoric gathering is sure to impact the majority of the world’s population,it has received very little coverage from the corporate media, and almost no coverage from the independent media.

One issue which has received mainstream coverage relates to77 Nobel Laureates and world leaders signing a letter complaining about references to fossil fuels being removed from the Pact for the Future. The references were later reinserted after the letter was made public.

The discussion about fossil fuels fits the UN’s narrative about impending doom relating to climate change.It is this panic around climate change which has led to the convening of the Summit of the Future and calls for strengthening the UN infrastructure.

The Summit’s theme— “Ultilateral Solutions for A Better Tomorrow”— illustrates the goal of this gathering. Namely, a push for strengthening, and even remaking, the UN to better tackle crises which are ostensibly looming in the coming years.

The UN is focused on several potential planetary emergencies, including climate change, war, biodiversity loss, and environmental degradation. The UN claims these potential crises are too great for any one nation-state to tackle alone, and thus, will require greater cooperation and organization between UN member states.

“We recognize that the multilateral system and its institutions, with the United Nations and its Charter at the centre, must be strengthened to keep pace with a changing world. They must be fit for the present and the future – effective and capable, prepared for the future, just, democratic, equitable and representative of today’s world, inclusive, interconnected, and financially stable,” the latest draft of the Pact for the Future states.

AsThe Last American Vagabond (TLAV)has previously reported, theSummit of the Future is also expected to include calls for remaking the UN into what has been called “UN 2.0”.

Global Shocks Require Global Government

The 3rd draft of the Pact for the Future was released on August 27and is currently being reviewed by UN member states.This draft continues the discussion around “global shocks” and how these shocks will require a global response.

For example, one section titled “We will strengthen the international response to complex global shocks”, states thatthere is a need for a “coordinated and multidimensional international response to complex global shocks and the central role of the United Nations in this regard.”

The UN defines “complex global shocks” as events that “have severely disruptive and adverse consequences for a significant proportion of countries and the global population”. These shocks would require a “multidimensional multistakeholder, and whole of government, whole of society response.”

The document says “armed conflict” does not constitute a complex global shock”, but could lead to “impacts across multiple sectors”.

These potential shocks would necessitate the activation of “emergency platforms” which could grant the UN more power to respond to these apparent emergencies. The document says the UN will present member states with “protocols for convening and operationalizing emergency platforms based on flexible approaches to respond to a range of different complex global shocks”.

While the UN claims these emergency platforms will only be “convened for a finite period”, and will not be a standing institution or entity with respect to national sovereignty,critics of the UN fear that these emergency platforms will be seized upon and used to grant the UN new legal powers.

TLAV has previously reported that calls for an Emergency Platform are similar to calls for the UN to declare a planetary emergency. UN-affiliated organizations like theClimate Governance Commission (CGC)have been calling for such a declaration over the last year.

In late November 2023, just before the opening of theUN Climate Change Conference COP28,theClimate Governance Commissionreleased a report titledGoverning Our Planetary Emergency. In this report, the CGC continues their advocacy for updating our ideas on governance.

We can trace the call for a Planetary Emergency back to the infamous but obscure group, theClub of Rome. The CGC’s November 2023 report even notes that the belief in a “polycrisis” is “recognized in the work of theClub of Rome Planetary Emergency Project“.

This reference to the Club of Rome reveals yet another reason the public ought to be concerned with the push for a planetary emergency and claims of crossing planetary boundaries

The Club of Rome has been calling for declaring a Planetary Emergency since at least 2019 with the publication of their “Planetary Emergency Plan”. The report would be updated in August 2020, after the beginning ofCOVID1984.

The Club of Rome’s Emergency Plan is described as a “roadmap for governments and other stakeholders to shift our societies and economies to bring back balance between people, planet and prosperity”.

Ultimately, the push for an emergency platform as part of the Pact for the Future is intended to reinforce the idea thathumanity is facing a Planetary Emergency which requires the UN’s influence and authority to be increased.

The document shies away from the term world or global government — instead preferring multilateralism or global governance— but the outcome is the same: a United Nations with more authority to act and compel nation states to comply with its edicts.

For example, under a section titled “Transforming Global Governance”, the UN document outlines “Action 41”:

“We will transform global governance and reinvigorate the multilateral system to tackle the challenges, and seize the opportunities, of today and tomorrow.”

The section goes on to describe numerous ways in which the Pact for the Future intends to transform and empower the UN to tackle the emergencies facing the planet.

Resetting the Financial System

The latest draft of the Pact for the Future also outlines specific ways in which the “international financial architecture” should be reformed so that it “supports countries equitably during systemic shocks and makes the financial system more stable.”

Specifically,section 82 statesthat the “growing frequency and intensity of global economic shocks” has slowed down progress on the completion of the UN SDGs. The solution, according to the Pact, is to “recognize the role of Special Drawing Rights (SDRs) in strengthening the global financial safety net in a world prone to systemic shocks”.

SDRs are not considered a currency but instead are considered “foreign exchange reserve assets” which allow IMF member nations to exchange SDRs for a currency held by IMF members. Interestingly, independent researcherJames Corbett warned about the potential for the SDRs to become a “world reserve currency” as far back as 2013.

The Pact for the Future makes it clear that SDRs will indeed play a major role in the transformation of the international financial system.

“We welcome the pledges to rechannel over $100 billion worth of SDRs to developing countries while stressing the urgency of delivering on these pledges to developing countries as rapidly as possible,” the draft states.

The draft also notes that the UN will call on nations to “continue to explore options to voluntarily rechannel at least half of SDRs from the 2021 allocation, including through multilateral development banks, while respecting relevant legal frameworks and preserving the reserve asset character of Special Drawing Rights.”

Further recommendations of the draft includeencouraging the International Monetary Fundto “explore all options to continue to strengthen the global financial safety net” to help developing nations respond to “macroeconomic shocks”.

Under “Action 55” it states, “We will accelerate the reform of the international financial architecture so that it can meet the challenge of climate change.”

The Pact mentionsMultilateral Development Banksagain, calling on these institutions to “increase the availability, accessibility and impact of climate finance to developing countries” and supporting these countries as they develop strategies to fight climate change.

There are multiple sections in the draft with references to these banks and their need to “mobilize additional financing” to support “adaptation and deploy and develop renewable and energy efficiency technologies”.

The document repeatedly mentions these “Multilateral Development Banks” and they are clearly going to be an important piece of the UN 2.0 system.TLAV will be investigating these institutions in future reports.

The stated goalof reforming the international financial system to fund the SDGs and Agenda 2030 mimic recent statements made by UN Secretary General Antonio Guterres where he called for a “new Bretton Woods moment”, referencing the infamous 1944 international agreement that established the IMF.

The Breton Woods meeting also adopted rules for governing monetary relations among independent states, including requiring each nation to guarantee convertibility of their currencies into U.S. dollars.

Guterres noted that in 2022the IMF allocated $650 billion in SDRs, with the European Union nations receiving 160 billion dollars in SDRs and African countries receiving only 34 billion dollars.

Additionally, a UN document on the Summit of the Future titled,What Would it Deliver?, calls for “A Global Financial System That Works For All”.

“A transformed international financial architecture is fit for purpose, more inclusive, just, representative, effective, and resilient, responsive to the world today rather than as it looked following the Second World War. This architecture invests up-front in SDGs, climate action, and future generations.”

These calls mirror similar ones made during the “Summit for a New Global Financing Pact” held in Paris, France in June 2023.

The Summit,led by French President Emmanuel Macron,welcomed50 heads of state,representatives of NGOs and civil society organizationsto discuss the effortto reset the international financial systemas part of the continued push towards the 2030 Agenda and Net Zero goals.

The French government stated that the objective of the gathering was to “build a new contract between [the global] North and South” which will better equip the nations to fight poverty and climate change.

The summit was attended by US President Joe Biden, German Chancellor Olaf Scholz, British Prime Minister Rishi Sunak, and Brazilian President Luiz Inacio Lula da Silva.

In addition to heads of state,the summit was organized with support from the Open Society Foundations, the Bill and Melinda Gates Foundation, and the Rockefeller Foundation, among others.

Based on these previous statements from the UN and the draft of the Pact for the Future,it is clear that a resetting of the financial system is a crucial component of their plans.

If there is any chance to prevent the signing of the Pact for the Future, the creation of emergency platforms, and the potential declaration of a planetary emergency, we must spread the word quickly.

Additionally, we ought to put our energy into the creation of alternative, parallel systems which can compete with the Technocratic State directly.This is why I am helping produce The People’s Reset: UK, “Our Summit for Our Future”, taking place in Bath, UK the weekend after the UN’s Summit.

For 3 days we will host 24 presenters from around the world with a focus on solutions for creating these much-needed parallel systems in the areas of health, finance, education, digital technology, and community building. Together we can create the more beautiful world we know is possible.

TLAV will be on the ground in New York City reporting from the Summit of the Future. Stay tuned for updates as we document this historic gathering of globalists.

@ Newshounds News™

Source:Vigilant News

~~~~~~~~~

BRICS: 3 MAJOR ANNOUNCEMENTS TO EXPECT AT THE 2024 SUMMIT

The BRICS economic alliance is headed toward what may be the most important event in its history. The bloc’s annual summit has become a vital meeting for the group. Moreover,this year’s iteration looks to be filled with the potential for groundbreaking developments to arise. Specifically, the BRICS collective is expected to share 3 major announcements throughout its 2024 annual summit.

In 2023, the group enacted its first expansion since 2001. A landmark moment forthe bloc, the United Arab Emirates (UAE), Egypt, Ethiopia, and Iran joining the bloc. With its members now reaching nine, there are some thoughts that this year’s announcements could be even more groundbreaking.

1. BRICS Pay to Make Its Long-Awaited Arrival

Perhapsthe most important focusfor the alliance as it approaches its 2024 summitis the arrival of BRICS Pay.For the past two years, de-dollarization has been a focal point for its infrastructure. With talks of a native currency fizzling out,its own payment system is set to be a game-changer.

Blockchain-based,it should be one of the biggest geopolitical and economic developments of recent years. Moreover,it will operate as the global south’s answer to the Western-dominated SWIFT payment system. Specifically, in its allowance of nations toconduct increased bilateral trade in local currencies.

Since 2022, and the weaponization of the US dollar, BRICS has fast-tracked these efforts.Earlier this year, Russia loosened its legal restrictions on cryptocurrencies. Therefore, leading many to believe that this new payment system is critical to its ongoing trade dealings.

It couldn’t have come at a better time either.In the last six months, Russian trade with the bloc has increased 14.7%. That figure is present even withChina reportedly returning 80% of all transactions in the Ruble.

The BRICS Pay project is set to be the cornerstone of the event. Its presence should serve as a key turning point for the economic grouping for years to come. Not only is it the natural next step in lessening reliance on the greenback, butit opens a world of possibilities for trade dealings within the bloc.

Earlier this year, Russian President Vladimir Putin traveled to North Korea, Iran, and India to facilitate new trade dealings. These agreements should factor in heavily. Specifically,non-BRICS members should be able to increase trade with the group. Thus, contributing to its local currency goals.

2. Another Expansion to Grow Bloc Beyond 10 Members

Following last year,the BRICS 2024 summit will see the world anticipate an announcement regarding continued expansion.In 2023, it issued more than six invitations to join the alliance. Subsequently, there has undeniably been increased interest in nations seeking to follow thefour countries that accepted.

Earlier this year, more than 30 nations confirmed interest in joining BRICS. Interestingly, that figure may have only gotten bigger as the year has gone on. In a surprising development,NATO member Turkey announced its interest in becoming a member.

They join countries like Venezuela, Nigeria, Malaysia, and Thailand, all seeking entry.Every nation listed has reason to want to become a member. Moreover, they all bring some sort of value to what the collective is building. However, the question of expansion is one only the current members can answer.

The year has been full of uncertainty regarding continued expansion. It is easy to forget thatthe four nations included in 2023 were the first to join since South Africa more than two decades prior.

There is value to continued growth, but dissension toward the merit of that value. Currently, the bloc appears split on whether or not a 2024 Summit expansion announcement would be beneficial to the overall goals of the bloc.

The Saudi Arabia issue still looms large.Although they accepted the invitation, the nation has yet to join the bloc. That has created concern regarding continued invitations.Earlier in the year, the idea of partner nations—as opposed to full members—was discussed. That is likely to be the announcement, with several of the prospective countries included.

3. New Development Bank Gets Highlighted as 10-Year Anniversary Approaches

Finally, the BRICS 2024 Summit should place a focus on its New Development Bank.More aptly known as the BRICS Bank, it is approaching its 10-year anniversary in 2025. Therefore, it is expected that a roadmap or strategic announcement of some sort should be in the works.

In August, BRICS Bank president Diane Rousseff noted that local currency promotion remains a main focus. Moreover, the development bank welcomed its first additional member country since 2021. Indeed, Algeria joined the bank in a notable addition.

Therefore,many experts predict the BRICS banks to be involved in some way. It has been a staple of the economic alliance since it launched in 2015. Moreover,it has been key to providing developing nations with access to local currencies. In that sense, it provides an invaluable quality to the purpose of the bloc itself.

Already issuing more than $5 billion in loans, there is more expected. Moreover,native currency loans are expected to become its primary funding method.It is also likely that the BRICS Pay system could become a critical aspect of its operations after it launches in October.

All of these are focal pointsas the day draws near.Overall, it should be one of the most important geopolitical developments of 2024. Additionally,it could rival the landmark announcements that took place just a year prior.

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TNT:

Tishwash: Opportunities in Iraq” after overcoming “years of turmoil” at an international conference in Washington

The American Atlantic Council Institute announced that it will organize a conference on Iraq in Washington on October 15, with the participation of current and former politicians and experts from the United States and Iraq, where it will address opportunities and challenges in relations, overcoming years of turmoil, with a focus on the energy sector, and diversifying the Iraqi economy.

According to the American Institute, the conference, which is being held within the framework of the "Iraq Initiative", under the title "The Path to Recovery, Development and Global Partnerships in Iraq", will bring together a diverse group of senior experts, researchers and policy makers from both the United States and Iraq, including current and former senior officials.

TNT:

Tishwash: Opportunities in Iraq” after overcoming “years of turmoil” at an international conference in Washington

The report, translated by Shafaq News Agency, explained that the conference, the third of its kind for the "Iraq Initiative", will address the major challenges and opportunities facing Iraq as it begins to overcome years of volatility, with early signs of recovery and development.

The report added that the conference will focus this year on the advancement of the energy sector, the efforts of the Iraqi government towards sustainable economic diversification, and the evolving path of the US-Iraqi relationship.

The report added that the conference will witness dynamic discussion panels that explore how Iraq, the United States and the international community can interact positively with Iraq as it moves through its unique social, political, economic and security changes.

The report added that the conference will witness direct personal participation and via video, and will include translation into Kurdish and Arabic.

The report concluded by saying that the "Iraq Initiative" program provides transatlantic and regional policymakers with unique insights and analyses on the ongoing challenges and opportunities facing Iraq as the country attempts to establish an inclusive political system, attract economic investment, and stimulate a vibrant civil society. link

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Tishwash: Government Advisor: We are working on developing a tax system that is attractive to investors

The head of the Supreme Committee for Tax Reform, the Prime Minister’s Advisor for Economic Affairs, Abdul Hussein Al-Anbaki, announced today, Sunday, a three-pronged plan for tax reform. While he indicated that facilitating measures would be taken regarding the tax administration, he confirmed that previous fines would be exempted for many groups to restore the confidence of taxpayers in paying taxes.

Al-Anbaky said in an interview with the Iraqi News Agency, which was followed by "Al-Eqtisad News", that "some media outlets interpreted the tax reform as aiming to increase non-oil revenues, and this interpretation is not scientifically sound," indicating that "the main goal of the tax reform is to create an easy and transparent tax system that is friendly to the business environment and attractive to investors, because the tax rate is not the basis, but rather the tax rate when multiplied by the tax base is the result of the tax revenue."

He continued: "We seek in tax reform to have a large tax base," explaining that "when the tax base is large, tax revenue will inevitably increase, even if tax rates are the same and at lower rates."

He added that "tax revenue is a by-product of the tax reform situation and not the basis for which the tax reform is launched," noting that "the Supreme Committee for Tax Reform wants to achieve tax justice and make tax accounting easy and transparent and does not want there to be cases of extortion, obstruction and delay of tax procedures."

He pointed out that "many facilities have been made, which ultimately lead to restoring the confidence of taxpayers in paying taxes in the tax administration," indicating that "many categories have been exempted, the cases of allowances have been expanded, and they have been exempted from previous fines and accumulated interest in order to restore the confidence of taxpayers in the tax administration."

He said, "When taxpayers come to account, this will lead to an increase in tax revenues," stressing that "the aim of these measures is to create a tax system that is attractive to investors and not just to seek to increase tax revenues because increasing tax revenues is a foregone conclusion." link

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Tishwash: Central Bank of Iraq announces comprehensive banking reform map

After the Central Bank delegation returned from the last round of negotiations with the US Treasury and the US Federal Reserve, it revealed the roadmap for radical and comprehensive banking reform, which begins with working to cancel...

The electronic platform for foreign transfers, which was implemented as a first stage to reorganize financial transfers in a way that ensures proactive control over them instead of subsequent control. This was a temporary exceptional measure and a gradual shift was planned towards building direct relationships between banks in Iraq and foreign correspondent and approved banks, mediated by an international auditing company to conduct pre-audit of transfers before they are executed by correspondent banks.

During the year 2024, up until now, 95% of the transfer process from the electronic platform to the correspondent banking mechanism directly between it and Iraqi banks has been achieved. This means that only about 5% of it remains within the platform, which will be transferred using the same mechanism before the end of this year, according to the plan.

Thus, some expectations about possible effects on the exchange rate and transfer operations are baseless, because the process will not be sudden or in one go at the end of this year, but rather it was originally achieved during the past period with effort and careful follow-up, except for the remaining small percentage that will be accomplished in the coming short period.

The Central Bank confirms that trade with the United Arab Emirates, Turkey, India and China represents about 70% of Iraq’s foreign trade as (imports), which prompted the Central Bank of Iraq to find channels for transfer in euros, Chinese yuan, Indian rupees and UAE dirhams, through approved correspondent banks in those countries. (13) Iraqi banks have actually begun to conduct transfer operations with a pre-audit mechanism that has been agreed upon and approved in addition to transfers in dollars.

Providing channels for personal transfers for legitimate purposes and external purchases through electronic payment channels, global money transfer companies, cash sales to travelers, and paying cash dollars for incoming transfers to the parties and purposes specified in the Central Bank’s published instructions.

The Central Bank stresses that it has placed foreign transfer operations and meeting dollar demands on sound tracks consistent with international practices and standards and the Anti-Money Laundering and Terrorist Financing Law.

He explains that providing the aforementioned channels for all purposes at the official dollar price makes this price the true indicator of economic practices, which is proven by the reality of price stability and control of inflation, and any other price traded outside those channels is an abnormal price that those with unorthodox or illegal practices resort to, who move away from official channels in their dealings, so they bear the additional costs alone by purchasing at a higher price than the official price to delude others with the difference between the official price and others.

The map and mechanisms announced by the Central Bank will certainly lead to lifting the confusion and instability in the monetary market, which is prevalent due to the continued imposition of American restrictions on our private banks and directing accusations, slander, rumors, analyses, interpretations and targeting of the Central Bank, and will create a state of optimism by lifting the restrictions imposed on some private banks.

This means that there are great efforts made by the Central Bank, in cooperation with the government, since the beginning of 2023 until now, in the field of implementing the financial and banking reform program and fruitful coordination with financial policy, which refutes the slander. And the accusations and spreading optimism and reassuring the market and citizens. This is what the Governor of the Central Bank had previously emphasized before the Central Bank delegation’s recent trip to America. And the new reform roadmap is a result of the efforts previously made and which the Central Bank has been working on for a year and eight months, and it is as follows:

- Reorganizing foreign trade financing to achieve several objectives at once, one of which is the transparency of foreign transfer operations that begin with the transfer process and the transferor to the final beneficiary and to the source through all data, documents and information that enhance and match reality.

All large and medium-sized companies are committed to achieving this goal. The problem now is the dealings of small traders outside the operations.

Foreign transfers are a pressure on the dollar money market and cause it to rise.

- The Central Bank opened channels for the Chinese, Turkish, Indian and Emirati currencies, which are currencies that represent a significant weight in foreign trade, as there was a halt for a period due to a new regulation aimed at providing sufficient control over these operations.

“A new audit mechanism has been put in place by an international company, and the process has been finalised and is now being restarted.”

The Central Bank has continuously urged the opening of relations with correspondent banks, because the Iraqi bank without having external correspondents is considered a local bank and cannot open up to the world.

The Central Bank, for its part, supports and assists this trend.”

- “In light of the new regulation of the foreign exchange process, the real price at which the Central Bank sells more than $250 million daily at the official price should be considered. This means that the bank covers foreign trade, and this explains why there is no inflation or price increases.

The parallel market is a market for those who do not want to go towards the regular methods of transfer and it is an illegal trade or trade that escapes the regular procedures or other illegal operations such as drug trafficking, human trafficking, corruption money, etc.

- Whether the dollar price rose or fell is not a correct indicator, as one must look at what and how much the Central Bank sells at the official price to liquidate various needs.

- That "the primary objective of the Central Bank is to maintain the general level of prices and limit inflation, and this is supposed to be the measure of the success of monetary policy, which has succeeded in controlling this aspect and the level of inflation compared to other countries and even in previous years is much lower, and within the target, and this means that foreign trade, on which Iraq depends primarily to meet the needs of citizens, is covered by the official price."

- “There is great praise in all meetings with international organizations, including the International Monetary Fund, the Federal Reserve, and the US Treasury, for the transformations, management, and organization of the external transfer process in the Central Bank of Iraq at the present time.”

And that "the Central Bank's plan until the end of the year will reach 100%, with foreign transfers between Iraqi banks and correspondent banks, without going through the US Federal Reserve.

The plan to reform and lift restrictions on banks includes two axes: the first relates to conducting an audit of previous operations that were suspected by an independent external audit office, some of which have been completed while we await the completion of the audit of others in order to determine the overall picture and classify the nature of these problems and how procedures will be carried out regarding them later.

And to reach a real, stable banking sector that is consistent with what is required at the level of the national economy, and to prevent some banks from remaining marginal and not representing a real addition to the Iraqi economy, and to gain external acceptance through agreement on their implementation of international policies, procedures and standards.

- The Central Bank has not set a quota for foreign transfers for banks, and they can submit whatever foreign transfer transactions they can attract. The Central Bank does not interfere in customers’ choices, and the banks that carry out this process rely on their capabilities to attract their customers. link

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News DINARRECAPS8 9/7/24 News DINARRECAPS8 9/7/24

Call For Political And Social Forces To The "Trial Of The Century"

Time: 2024/09/07 20:25:08 Read: 728 times

{Politics: Al Furat News} Member of the National Wisdom Movement, Riyadh Al-Awadi, called on political and social forces to support the call of the head of the National State Forces Alliance, Mr. Ammar Al-Hakim, to hold a public trial in the case of the theft of tax deposits known as the “theft of the century.”

Al-Awadi told {Euphrates News} that: "What Mr. Ammar al-Hakim's speech means is that this trial must be public and at the level of media and glorification that he received," considering it "a credible example of political work if it serves the interest of the country."

Call For Political And Social Forces To The "Trial Of The Century"

Time: 2024/09/07 20:25:08 Read: 728 times

He added, "Mr. Ammar al-Hakim's call for a transparent trial of the "theft of the century" case gives strength to the political system and will enhance trust between citizens and politicians, as well as give high transparency to the judiciary in the country."

Al-Awadi stressed that "Mr. Ammar al-Hakim's call will contribute to reducing the scourge of corruption in the country," calling on political and social forces to "support the call that serves the interest of Iraq."

The head of the National State Forces Alliance, Mr. Ammar al-Hakim, called for a public trial in the case of the theft of tax deposits known as the "theft of the century."

In light of this, the Secretary-General of the Asa'ib Ahl al-Haq movement, Sheikh Qais Khazali, announced his support for Mr. Ammar al-Hakim's call.

Sheikh Al-Khazaali said in a tweet: “To resolve the conflict, put an end to sedition, establish the truth and invalidate falsehood, we announce our support for the call of His Eminence, Brother Sayyed Ammar Al-Hakim (may God glorify him) to hold a public and major trial in the case of (the theft of the century), to be broadcast live on satellite channels and media outlets.”

He added, “So that our dear Iraqi people may know the truth as it is, and so that our just judiciary may play its important role in protecting the rights of Iraq and Iraqis.” LINK

The Central Bank explains the mechanism for ending the work of the dollar registration platform

September 6, 2024 Baghdad - Qusay Munther The Central Bank has put in place a new mechanism to end the work of the electronic platform for registering the dollar, stressing that foreign transfer operations and meeting requests for the dollar are proceeding on sound tracks and in line with international practices and standards and the Anti-Money Laundering and Terrorist Financing Law.

The bank said in a statement received by (Al-Zaman) yesterday that (the electronic platform for foreign transfers managed by the bank at the beginning of 2023 began as a first stage by reorganizing financial transfers in a way that ensures proactive control over them instead of subsequent control by the Federal Reserve auditing daily transfers).

Gradual Transformation

He added that (this is an exceptional procedure as the Federal Reserve does not usually do this, and a gradual shift was planned towards building direct relationships between banks in Iraq and foreign correspondent and accredited banks, mediated by an international auditing company to conduct a preliminary audit of transfers before they are executed by correspondent banks),

and he continued that (during the current year, 95 percent of the transfer process was achieved from the electronic platform to the mechanism of correspondent banks directly between them and local banks, which means that only about 5 percent of it remains within the platform, which will be transferred using the same mechanism before the end of this year and according to the plan),

indicating that (some expectations regarding potential impacts on the exchange rate and transfer operations are baseless, because the process will not be sudden or in one batch at the end of this year, but rather it was originally achieved during the past period with effort and careful follow-up, except for the remaining small percentage that will be completed in the coming short period),

indicating that (trade with the UAE, Turkey, India and China represents about 70 percent of Iraq's foreign trade as imports, which prompted the bank to find channels for transfer in euros, Chinese yuan, Indian rupee and dirham

The statement explained that (with the provision of channels for personal transfers for legitimate purposes and external purchases through electronic payment channels and international money transfer companies and cash sales to travelers, and the payment of cash dollars for incoming transfers to the parties and purposes specified in the Central Bank’s published instructions), and stressed (putting external transfer operations and meeting requests for dollars on sound paths consistent with international practices and standards and the Anti-Money Laundering and Terrorist Financing Law).

Official price

The statement added that (providing the aforementioned channels for all purposes at the official dollar price makes this price the true indicator of economic practices, which is proven by the reality of price stability and control of inflation,

and any other price traded outside of these channels is an abnormal price that those with unorthodox or illegal practices resort to, who avoid official channels in their dealings, and they bear the additional costs alone by purchasing at a higher price than the official price to delude others with the difference between the official price and the other). LINK

The Central Bank Of Iraq Sold More Than A Billion Dollars During The Past Week

Saturday 07 September 2024 | Economic Number of readings: 134 Baghdad/ NINA / The total sales of the Central Bank of Iraq of hard currency during the days in which the auction was opened last week exceeded one billion dollars.

The Central Bank sold during the past week and for the 5 days in which the auction was opened one billion, 286 million, 141 thousand, and 172 dollars, at a daily average of 257 million, 228 million, and 234 dollars, higher than the previous week, which amounted to one billion, 113 million, 820 million, and 107 dollars.

The highest dollar sales were on Sunday, where sales amounted to 279 million, 390 thousand, and 704 dollars, while the lowest sales were on Wednesday, where sales amounted to 255 million, 233 thousand, and 188 dollars.

Foreign remittance sales during the past week amounted to 1 billion, 283 million, 91 thousand, and 172 dollars, an increase of 96% compared to cash sales, which amounted to 48 million and 50 thousand dollars. / End https://ninanews.com/Website/News/Details?key=1152374

Stability of the dollar exchange rate in local markets

Economy | - 07/09/2024 Mawazine News – Baghdad Mawazine News publishes today, Saturday, the exchange rates of the dollar against the Iraqi dinar in local markets. The prices are as follows:

- Selling: 150,500 Iraqi dinars for every 100 dollars.

- Buying: 148,500 Iraqi dinars for every 100 dollars.

https://www.mawazin.net/Details.aspx?jimare=254555

Basra crude suffers huge weekly losses

Saturday 07 September 2024 | Economic Number of readings: 167 Baghdad / NINA / Basra crude (heavy and medium) suffered heavy weekly losses as global oil prices recorded sharp weekly losses.

Basra Heavy crude closed in its last session yesterday, Friday, up 40 cents to reach $68.76, but recorded weekly losses of $6.10, equivalent to 7.90%.

Basra Medium crude also closed in its last session up 40 cents to reach $71.76, and recorded weekly losses of $6.10, equivalent to 7.60%.

Global oil prices have recorded extended losses for 4 consecutive sessions, amid anticipation of the position of / OPEC + /.

US West Texas Intermediate crude recorded weekly losses of 7.9%, and Brent crude recorded sharp weekly losses exceeding https://ninanews.com/Website/News/Details?key=1152318

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