KTFA, News Dinar Recaps 20 KTFA, News Dinar Recaps 20
KTFA: Clare: Inclusion of commercial centers and private stores in the electronic payment system in Iraq
7/20/2024 Baghdad
The government media team announced, today, Saturday, ongoing directives and government follow-ups to include all shopping centers, pharmacies, medical clinics, shops and private stores in the electronic payment system.
The team's spokesman, Haider Majeed, said, "The official institutions continue to implement the decisions of the Council of Ministers and the directives of Prime Minister Mohammed Shia al-Sudani regarding the digital transformation process in the electronic payment file, which is one of the most important priorities of the government program."
KTFA:
Clare: Inclusion of commercial centers and private stores in the electronic payment system in Iraq
7/20/2024 Baghdad
The government media team announced, today, Saturday, ongoing directives and government follow-ups to include all shopping centers, pharmacies, medical clinics, shops and private stores in the electronic payment system.
The team's spokesman, Haider Majeed, said, "The official institutions continue to implement the decisions of the Council of Ministers and the directives of Prime Minister Mohammed Shia al-Sudani regarding the digital transformation process in the electronic payment file, which is one of the most important priorities of the government program."
He added, "The electronic payment process began in 10 government fuel stations in the capital, Baghdad, distributed between Karkh and Rusafa, and then the work expanded to all fuel filling stations in the governorates of Iraq, after which it included all private fuel filling stations."
Regarding official institutions, Majeed confirmed that “most of the institutions that provide services and have direct contact with citizens operate with the electronic payment system, starting with the Directorate of Passports, Nationality and Civil Status, followed by the Ministry of Health institutions, public clinics, and then the rest of the operating institutions in succession.”
He pointed out that "there are ongoing directives from the government and follow-ups between the Central Bank of Iraq, the Ministry of Finance, and the rest of the official institutions, to include private stores, pharmacies, medical clinics, shops, and markets in malls in the electronic payment file," stressing that "work is continuing in this regard." LINK
Clare: Iraq participates in UNCTAD technical meetings.. What is its relationship to international trade?
7/20/2024 Baghdad
The Ministry of Commerce announced today, Saturday, its participation in the technical meetings of the UNCTAD regarding the accession of Arab countries to the World Trade Organization in Istanbul.
The ministry stated, in a statement received by "Al-Eqtisad News", that it "participated today in the technical meetings organized by UNCTAD in Istanbul, which will last for two days, to discuss the experiences of Arab countries in joining the World Trade Organization."
Director General of the Department of Foreign Economic Relations, Riyadh Fakher Al-Hashemi, who represented the Ministry of Trade in these meetings, said, according to the statement, that "the meetings discussed the outcomes of the 13th Ministerial Conference of the World Trade Organization, the process of Arab countries joining the organization, and how Iraq can benefit from these experiences in its process of joining. The importance of trade in services in supporting the economies of Arab countries and enhancing their growth was also reviewed."
Al-Hashemi stressed that "Iraq's participation in these technical meetings enhances the experience of the Iraqi negotiating team and pushes it to move forward quickly towards achieving full accession to the World Trade Organization, as the exchange of knowledge and experiences gained from these meetings will have a significant positive impact on improving Iraq's negotiating capabilities and achieving its economic goals."
The statement indicated that "this participation is part of the ongoing efforts made by the Ministry of Trade to enhance Iraq's international economic relations, and to take advantage of the available opportunities to enhance economic and commercial development in the country." LINK
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Clare: Members welcome Iraq’s return to WTO accession talks after 16 years
18 JULY 2024
ACCESSIONS
At the third meeting of the Working Party on the Accession of Iraq on 18 July, WTO members welcomed the formal resumption of the country’s accession process after a 16-year hiatus, commending Iraq for its renewed political commitment and engagement in the accession process.
Iraq reaffirmed its pledge to join the WTO, highlighting significant economic and legislative reforms.
Mr. Atheer Dawood Salman Al Ghrairi, Iraq's Minister of Trade, led a high-level delegation from Baghdad at the third meeting of the Working Party. Ambassador Saqr Almoqbel of the Kingdom of Saudi Arabia, who chaired the Working Party for the first time since his appointment last year, welcomed Iraq's return to Geneva after many years, highlighting the significance of the formal resumption of Iraq's accession process. “The Minister's presence here, the first since 2008, sends a clear signal that Iraq's accession process is now back on track,” he remarked. The Working Party held itssecond meeting in April 2008and aninformal meeting in November 2017.
The Chair acknowledged “the tremendous efforts by everyone, of course, starting with Iraq, but also members and partners, as well as former Chair Ambassador Omar Hilale of Morocco, to make today's meeting a reality”. He also referred tohis visit to Baghdadin January 2024, where he met with senior Iraqi government officials, including President Abdul Latif Rashid.
Minister Al Ghrairi noted the importance of the meeting, which “represents a distinctive step for the Government and the people of Iraq towards becoming a full-fledged member of the WTO, a target we seek to achieve as a means to enhance our national economic strategy and integration in the global economy”. He further stated that despite ongoing security, political, and regional challenges, “the Government of Iraq remains steadfast in its commitment to pursue a reform agenda in terms of enhancing trade policies, boosting the business environment, and creating favourable conditions for foreign investment.”
Minister Al Ghrairi highlighted the special importance attached by the Government to aligning its trade policies and regulatory frameworks with international rules and standards and strengthening institutional capacities to meet WTO requirements. “The National Committee on Iraq's Accession has intensified efforts and made substantial progress in fulfilling the accession requirements,” he said. Ahead of the third Working Party meeting, Iraq submitted key negotiating documents, including its initial market access offers on goods and services.
WTO Deputy Director-General Xiangchen Zhang stressed the significance of this meeting not only for Iraq but also for the Arab region, which still has a large number of accessions under way. “As the largest region outside the multilateral trading system, this moment signifies a renewed opportunity for progress and collaboration towards accession for Iraq and hopefully other Arab nations aspiring to join the WTO, enhancing regional and global trade dynamics.” He also emphasized the importance of technical assistance and capacity building in the region, especially for Iraq in view of its status as a post-conflict country.
Members highlighted the significance of Iraq's accession for the multilateral trading system. Many Arab members emphasized that Iraq's accession would contribute to regional integration efforts in support of peace and security. Other participants in the meeting included observer governments and international organizations.
Iraq provided an update on its initial contacts with members regarding bilateral market access negotiations, noting that initial offers on goods and services were submitted in early May. The Iraqi delegation expressed readiness to further engage with WTO members.
The Working Party discussed various aspects of Iraq's foreign trade regime based on its revised Memorandum of the Foreign Trade Regime (MFTR) and other supporting documentation. Iraq provided a report on legislative developments, highlighting its latest efforts to conform with WTO-related rules.
Next steps
The Chair invited Iraq and WTO members to intensify bilateral negotiations on market access, building on the recent contacts.
The Chair invited members to submit specific questions in writing by 15 August. He also asked Iraq to provide replies to members' questions and to submit other requested accession documents. The Chair asked the WTO Secretariat to work with Iraq to revise its MFTR, which will serve as the basis for continuing the examination of Iraq's foreign trade regime at the next meeting of the Working Party.
In addition, the Chair asked Iraq to revise its Legislative Action Plan and submit copies of WTO-related legislation to provide an up-to-date picture of ongoing reforms.
The importance of technical assistance was emphasized, with several members and international organizations offering support. The Secretariat plans to organize a Round Table to discuss Iraq's technical assistance needs to further facilitate its accession process.
The Chair suggested that the fourth Working Party meeting could be scheduled for the first quarter of 2025, contingent on the progress of the outlined steps.
Clare: Parliament's agenda for tomorrow
7/20/2024
The Media Department of the House of Representatives announced today, Saturday, the Parliament's agenda for tomorrow, Sunday.
TRANSLATION:
Republic of Iraq House of Representatives
The fifth electoral session, the third legislative year, the second legislative term
In the name of God, the most gracious, the most merciful
Republic of Iraq House of Representatives
Reading) verses from the Holy Quran, I hate pain
First: First reading! Economy and Industry for the draft law reforming economic laws. (Committee on Commerce, Committee on Investment and Development, Committee on Legal, Committee on Finance), (16 articles). One
Agenda for Session No. (2), Sunday, July 21, 2024
Second: The first reading of the proposed law on the first amendment to the Law of the National Authority for Nuclear, Radiological, Chemical and Biological Control No. (1) of 2024. Health and Environment Committee (2 articles). F
Third: The first reading of the draft Islamic investment sukuk law, the Finance Committee, the Legal Committee, the Investment and Development Committee (19 articles).
Fourth, report and discuss the second reading of the draft law on compensation for the properties of those affected by the former regime.
Paradise for martyrs, victims and political prisoners).
No Najoma Ni Novineh Ran
The session begins at eleven in the morning LINK
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Clare: $27.5 billion is the volume of trade exchange between Iraq and China in the first half of 2024
7/20/2024 Baghdad
An economic institution announced that the volume of trade exchange between Iraq and China during the first half of this year amounted to $27.5 billion.
The head of the Iraq Future Economic Foundation, Munar Al-Obaidi, said that "Chinese exports to Iraq grew in the first half of this year by 16.17% compared to the first half of 2023, and by 12.17% compared to the second half of 2023."
He added that "the total value of Chinese exports to Iraq amounted to $8.15 billion in the first half of this year compared to $7 billion in the first half of 2023 and $7.3 billion in the second half of 2023."
Al-Obaidi continued: "Chinese exports to Iraq during 2024 are expected to exceed $16 billion, which is the highest historical value."
He explained that "China's exports of electrical appliances, which mainly include air conditioners, amounted to 23% of China's total exports, followed by exports of electronic devices represented by mobile phones, televisions and the like By 13%, and Chinese cars ranked third with 6% of the total value of Chinese exports to Iraq.
He explained that "China's exports of iron-based materials declined, and China's exports of car fuel decreased by 95%, in addition to a decrease in exports of clothing accessories."
He pointed out that "in contrast, China's exports of fruit-based products increased by 62%, ranking 14th among the most exported goods to Iraq."
He stressed that "the volume of trade exchange between Iraq and China amounted to $27.5 billion in the first half of this year, up by 14.38% compared to the first half of 2023 and 7.24% compared to the second half of 2023, and it is expected that trade exchange with China will reach more than $55 billion by the end of this year, making it Iraq's largest trading partner." LINK
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Economics, Gold and Silver, News DINARRECAPS8 Economics, Gold and Silver, News DINARRECAPS8
Good Afternoon Dinar Recaps,
JORDAN LAUNCHES NATIONAL TECHNOLOGY NETWORK
The Ministry of Digital Economy and Entrepreneurship in Jordan has launched a national blockchain technology network in partnership with Jordanian blockchain company Blockexe. The implementation of blockchain technology in Jordan’s government sector aligns with the Jordanian Digital Transformation Strategy (2021-2025).
Enhancing Trust in Government Services On July 17,the Jordanian Ministry of Digital Economy and Entrepreneurship announced its partnership with local blockchain company Blockexe to launch a national blockchain technology network calledModee Dlt.This protocol aims to enhance trust and transparency in government services.
The blockchain network has been integrated with the Jordanian government portal, allowing for decentralized and verifiable digital records of all Sanad transactions. According to a report, this implementation aligns with the Middle Eastern nation’s Digital Transformation Strategy (2021-2025), which focuses on strengthening the country’s digital infrastructure.
Good Afternoon Dinar Recaps,
JORDAN LAUNCHES NATIONAL TECHNOLOGY NETWORK
The Ministry of Digital Economy and Entrepreneurship in Jordan has launched a national blockchain technology network in partnership with Jordanian blockchain company Blockexe. The implementation of blockchain technology in Jordan’s government sector aligns with the Jordanian Digital Transformation Strategy (2021-2025).
Enhancing Trust in Government Services
On July 17,the Jordanian Ministry of Digital Economy and Entrepreneurship announced its partnership with local blockchain company Blockexe to launch a national blockchain technology network calledModee Dlt.This protocol aims to enhance trust and transparency in government services.
The blockchain network has been integrated with the Jordanian government portal, allowing for decentralized and verifiable digital records of all Sanad transactions. According to a report, this implementation aligns with the Middle Eastern nation’s Digital Transformation Strategy (2021-2025), which focuses on strengthening the country’s digital infrastructure.
Under Jordan’s ambitious strategy, innovation, as well as private and public sector partnerships, are seen as key enablers; hence, they are encouraged. Investments in critical information technology infrastructure, including broadband expansion and 5G deployment, are similarly viewed as important enablers.When achieved, these and five other enablers help Jordan improve the quality of life for its citizens.
Meanwhile, the Ministry emphasized that utilizing the blockchain network across various government sectorswill create a reliable digital environment,supporting the Kingdom’s broader goals of achieving a robust and trustworthy digital economy.
In addition to enhancing trust in government, this initiative aims to streamline the integration of e-government services, making them more transparent, efficient, and competitive both locally and internationally.
@ Newshounds News™
Read More:Bitcoin News
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BANK OF INTERNATIONAL SETTLEMENTS ISSUE NEW RULES FOR XRP
"The BIS, which positions itself as a bank for central banks globally, has introduced new regulations governing banks’ exposure to Group 2 cryptocurrencies.Notably, the BIS had in the past defined what Group 2 crypto assets are in an effort to separate them from other cryptocurrencies."
"Group 2 assets include unbacked crypto assets such as XRP, Bitcoin (BTC), and Ethereum (ETH).The category also contains stablecoins that lack effective stability mechanisms. According to the BIS’ classifications, these assets are riskier due to their volatility."
"In the latest requirements, the BIS has stipulated that a bank’s total exposure to all these Group 2 assets must not exceed 1% of its Tier 1 capital. For the uninitiated, the Tier 1 Capital represents a bank’s core capital."
"This capital is the primary financial buffer that absorbs losses, ensuring the bank’s stability. Per the BIS requirement, if a bank with $1 trillion in Tier 1 Capital seeks to hold XRP and other assets in Group 2, the combined worth of all assets must not be more than $10 billion."
"Crypto regulations have taken focus in recent times as the industry pushes further into the mainstream scene. For instance, the European Union recently enacted the first part of its MiCA regulations, affecting stablecoins.
"Mainstream banks have begun gaining exposure to crypto assets.Recall that last December the Basel Committee disclosed the crypto holdings of 19 banks across different regions. The disclosure confirmed that these banks held $205 million in XRP at the time.
Despite this, XRP has not commanded as much adoption from banks and financial institutions due to the ongoing SEC lawsuit. Anderson, a crypto researcher, argued in February that XRP might not see increased adoption by banks until the U.S. SEC publicly declares it is not a security."
"Per the publication, the BIS’ recent requirements are set to take effect on JANUARY 1, 2026" @ Newshounds News™
Read more:Crypto News
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THE CENTRAL BANK OF THE UAE (CBUAE) and NATIONAL BANK OF ETHIOPIA (NBE) have signed an agreement to enhance financial and commercial co-operation between the two nations, in a deal worth AED 3 billion.
"Both parties also entered into two Memorandum of Understanding (MoU) to establish a framework for the use of LOCAL CURRENCIES in settling cross-border transactions and for linking their payment and messaging systems.
The agreement allows the CBUAE and the NBE to SWAP LOCAL CURRENCIES with a nominal value of up to AED 3 billion and ETB 46 billion, supporting the financial and commercial cooperation between the UAE and Ethiopia through the provision of LIQUIDITY IN LOCAL CURRENCIES to financial markets, enabling more effective and efficient settlement of cross-border transactions."
"Both parties will cooperate under the second MoU in the areas of PAYMENT PLATFORM SERVICES and ELECTRONIC SWITCHES, by interlinking their instant payment systems, national card switches UAESWITCH and ETHSWITCH, and messaging systems in accordance with the regulatory requirements of each country, in addition to the cooperation in the field of financial technology and CENTRAL BANK DIGITAL CURRENCIES."
"“The bilateral CURRENCY SWAP AGREEMENT and the MoUs signed today reflect the robust economic cooperation between the UAE and Ethiopia, specifically in the areas of trade and investment. SWAPPING THE CURRENCIES of the two countries and utilizing LOCAL CURRENCIES to settle cross-border transactions and enhancing the cooperation in interlinking instant payment systems, electronic switches and messaging systems will enhance economic, trade, and investment prospects. "
"The currency swap arrangement provides an important funding opportunity for Ethiopia and helps diversify the range of currencies at its disposal to facilitate the growing volume of trade and investment transactions expected over the coming years."
@ Newshounds News™
Read more:ARN News Center
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Currency Swaps: Definition, How and Why They're Done
"A currency swap involves the exchange of interest—and sometimes of principal—in one currency for the same in another currency.
Companies doing business abroad often use currency swaps to get more favorable loan rates in the local currency than if they borrowed money from a local bank.
Considered to be a foreign exchange transaction, currency swaps are not required by law to be shown on a company's balance sheet.
Interest rate variations for currency swaps include fixed rate to fixed rate, floating rate to floating rate, or fixed rate to floating rate."
" Currency swaps were originally done to get around exchange controls, governmental limitations on the purchase and/or sale of currencies. Although nations with weak and/or developing economies generally use foreign exchange controls to limit speculation against their currencies, most developed economies have eliminated controls nowadays."
"So swaps are now done most commonly to hedge long-term investments and to change the interest rate exposure of the two parties. Companies doing business abroad often use currency swaps to get more favorable loan rates in the local currency than they could if they borrowed money from a bank in that country."
"Currency swaps are important financial instruments used by banks, investors, and multinational corporations."
"In a currency swap, the parties agree in advance whether or not they will exchange the principal amounts of the two currencies at the beginning of the transaction. The two principal amounts create an implied exchange rate. For example, if a swap involves exchanging €10 million versus $12.5 million, that creates an implied EUR/USD exchange rate of 1.25. At maturity, the same two principal amounts must be exchanged, which creates exchange rate risk as the market may have moved far from 1.25 in the intervening years. "
@ Newshounds News™
Read more: Investopedia
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DIGITAL RUSSIAN RUBLE CBDC
"Putin wants to speed up deployment of Russia’s CBDC.
During a meeting on economic issues earlier this week, VladimirPutin seemed keen for Russia’s central bank digital currency (CBDC) pilots to accelerate,according to Russian news agency TASS.
“Now we need to take the next step, namely to move to a broader, full-scale implementation of the digital ruble in the economy, in economic activity and in the field of finance,” he said. Digital ruble trials started in August last year after months of delays waiting for supporting legislation.
The first wave of tests involved a dozen banks, with a second wave due to start in September with up to 19 additional banks, including Russia’s largest, Sber."
"“It is important for Russia to ‘seize the moment’, as they say, to create the legal framework and regulation in a timely manner, to develop infrastructure, to create conditions for the circulation of digital assets, both within the country and in relations with foreign partners,” he said."
"Russia already has a digital financial asset (DFA) framework for tokenized assets, including commodities such as gold.The usage of DFA such as tokenized gold for payments is banned.However, the country recently passed legislation supporting their use for cross border payments.Plus, Iran said it was working with Russia on CBDC and tokenized asset payments."
"Likewise, the central bank governor recently said that it was acceptable to use cryptocurrencies for international payments if it helps address sanctions"
"This underlines Putin’s desire to accelerate other modes of payment, particularly new digital technologies such as CBDC and digital assets that sidestep the West."
@ Newshounds News™
Read more:Ledger Insights
https://www.ledgerinsights.com/putin-wants-to-speed-up-deployment-of-russias-cbdc/
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CBDC ADOPTION IS A MATTER OF "WHEN" NOT "IF"
"RESERVE BANK OF INDIA (RBI) released a Central Bank Digital Currency (CBDC) called the Digital Rupee in 2022. The Digital Rupee is supposed to carry the same force as traditional currency. Pati mentioned that the regulator sees CBDC as a product for the future,with 140 countries exploring CBDC at various stages. “At some point of time, we would see that CBDC provides a good, safe and secure alternative to cash, and reduces ourdependence on currency.This would also reduce the need for printing, distributing, retrieving back those currency notes and replenishing them,” Pati pointed out."
"RBI’s Chief General Manager for the Fintech Department, Suvendu Pati, said during Assocham’s India International Fintech Festival. “We didn’t want to impinge on fintechs because they are at different stages of development and they require treatment that improves their innovation,” Pati mentioned."
Pati emphasized the utility of CBDCs for cross-border money transfers. He said that cross-border payments have three challenges—
1. High remittance costs
2. Timelines for payments/ time zone restrictions
3. The lack of adequate transparency in tracking money back to the receipt
"“CBDC through its technology and tokenized way of transfers offers to break all these barriers and restrictions,” he mentioned. He added that India has entered into pilot agreements with a few countries and joined multi-lateral projects to this effect.
“This is one area where I would encourage apart from the traditional banks which are a part of the [CBDC] distribution systems, fintechs and NBFCs should also enter this segment because the potential for innovation is immense,” he said,adding that the regulator has started programmability as a part of CBDC to monitor the end use of the currency."
@ Newshounds News™
Read more:Currency Insider
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Economics, News Dinar Recaps 20 Economics, News Dinar Recaps 20
Peter Grandich: The BRICS are Changing the Landscape for Gold Investors
Palisades Gold Radio: 7-20-2024
Tom welcomes returning guest Peter Grandich from Peter Grandich and Company for a discussion on current economic risks and market trends.
Grandich expresses concern over the markets' failure to acknowledge major issues. He argues that gold markets show some recognition of these issues, while the stock market remains complacent.
With experience through three financial crises, Grandich warns that this situation is more severe due to political division and lack of meaningful solutions from Congress or the Fed.
Peter Grandich: The BRICS are Changing the Landscape for Gold Investors
Palisades Gold Radio: 7-20-2024
Tom welcomes returning guest Peter Grandich from Peter Grandich and Company for a discussion on current economic risks and market trends.
Grandich expresses concern over the markets' failure to acknowledge major issues. He argues that gold markets show some recognition of these issues, while the stock market remains complacent.
With experience through three financial crises, Grandich warns that this situation is more severe due to political division and lack of meaningful solutions from Congress or the Fed.
He criticizes the Fed's role in exacerbating debt through money creation during the pandemic.
Peter discusses societal shifts towards consuming beyond means and their impact on happiness, the stock market, and the economy.
He traces these trends to the influence of television and the internet, which have convinced people that they need more money for happiness. They note that some of the happiest people have little or no wealth while some wealthy individuals are unhappy.
He criticize politicians' approach to economics compared to household management, resulting in societal issues like increasing consumer debt and a culture of living beyond it's means.
Grandich discusses potential risks to the markets, including political instability leading up to the U.S. election and the impact on foreign investors divesting from American securities.
He emphasizes gold's importance as a store of value in the new economic structure and advocates for capital preservation due to perceived market overvaluation.
Grandich encourages individuals to build a "financial ark" through self-sufficiency, preparing for potential financial hardships, and diversifying portfolios with stocks, bonds, and gold. He also mentions the junior resource market as an area of potential undervaluation for companies searching for metals and base metals.
Time Stamp References:
0:00 – Introduction
0:31 - Markets & Uncertainty
2:12 - Fixing Things & Politics
5:40 - Exponential Debt Crises
8:30 - Mass Media & Marketing
10:57 - Historic Comparisons
13:55 - Fed Perception/Reality
16:58 - Dot Plots & Fed Cuts
19:26 - Political Turmoil Risk
23:59 - BRICS Alliance & Gold
28:20 - Building a Financial Ark
32:19 - Defining Bubbles
35:56 - Anti-Bubble Opportunities
38:52 - Thoughts on Uranium
41:27 - Base Metals & Miners
46:35 - Crash Scenarios & Gold
49:20 - Wrap Up
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Economics, News Dinar Recaps 20 Economics, News Dinar Recaps 20
TNT: Tishwash: Trade participates in UNCTAD meetings on Arab countries’ accession to WTO
The Ministry of Trade announced, today, Saturday, its participation in the technical meetings of the UNCTAD regarding the accession of Arab countries to the World Trade Organization in Istanbul.
The ministry stated in a statement received by the Iraqi News Agency (INA), that "it participated today in the technical meetings organized by UNCTAD in Istanbul, which will last for two days, to discuss the experiences of Arab countries in joining the World Trade Organization." The Director General of the Department of Foreign Economic Relations, Riyadh Fakher Al-Hashemi, who represented the Ministry of Trade in these meetings, said, according to the statement, that "the meetings discussed the outcomes of the 13th Ministerial Conference of the World Trade Organization, the process of Arab countries' accession to the organization, and how Iraq can benefit from these experiences in its path to joining, and the importance of trade in services in supporting the economies of Arab countries and enhancing their growth was also reviewed."
TNT:
Tishwash: Trade participates in UNCTAD meetings on Arab countries’ accession to WTO
The Ministry of Trade announced, today, Saturday, its participation in the technical meetings of the UNCTAD regarding the accession of Arab countries to the World Trade Organization in Istanbul.
The ministry stated in a statement received by the Iraqi News Agency (INA), that "it participated today in the technical meetings organized by UNCTAD in Istanbul, which will last for two days, to discuss the experiences of Arab countries in joining the World Trade Organization."
The Director General of the Department of Foreign Economic Relations, Riyadh Fakher Al-Hashemi, who represented the Ministry of Trade in these meetings, said, according to the statement, that "the meetings discussed the outcomes of the 13th Ministerial Conference of the World Trade Organization, the process of Arab countries' accession to the organization, and how Iraq can benefit from these experiences in its path to joining, and the importance of trade in services in supporting the economies of Arab countries and enhancing their growth was also reviewed."
Al-Hashemi stressed that "Iraq's participation in these technical meetings enhances the experience of the Iraqi negotiating team, and pushes it to move forward quickly towards achieving full accession to the World Trade Organization, as the exchange of knowledge and experiences gained from these meetings will have a significant positive impact on improving Iraq's negotiating capabilities and achieving its economic goals."
The statement indicated that "this participation is part of the ongoing efforts made by the Ministry of Trade to enhance Iraq's international economic relations, and to take advantage of the available opportunities to enhance economic and commercial development in the country." link
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Tishwash: What is the benefit of Iraq joining the World Trade Organization? Al-Monitor sheds light on the "secrets"
Iraq announced the resumption of negotiations to join the World Trade Organization for the first time since 2008, a step that may benefit the Iraqi economy but will take a long time.
Al-Monitor reported in a report translated by "Al-Eqtisad News" that "the Iraqi negotiating teams began "preparatory meetings" at the headquarters of the World Trade Organization in Geneva, and the Iraqi delegation included officials from ministries in the federal government and the Kurdistan Regional Government, while another meeting will be held at an unspecified date to review Iraq's accession to the World Trade Organization."
The World Trade Organization is an intergovernmental organization that aims to promote international trade. It provides a platform for governments to negotiate trade rules and disputes among themselves. Member states make key decisions. The WTO has 164 members who say they are responsible for 98% of world trade.
Iraq first applied to join the WTO in 2004, the year after the U.S. invasion that toppled dictator Saddam Hussein. A “working group” was then set up, but there has been little progress since then. The group last met formally in 2008. An informal meeting was held in 2017, according to the WTO’s website.
The process has gained significant momentum recently. In January, a WTO delegation visited Baghdad “to mobilize political support for the resumption of Iraq’s WTO accession process.” The discussion focused on Iraq’s economic reforms and was led by Saqr bin Abdullah Al-Muqbil, Saudi Arabia’s ambassador to the WTO and chair of the Iraq Accession Working Group, the organization said in a statement at the time.
A basic requirement for WTO accession is consistent trade policies across the country, including tariff rates and customs procedures. Thus, differences in the tariff structure between the federal government and the Kurdistan Regional Government have been an obstacle to Iraq’s efforts to join the WTO.
The UN team for Iraq said in a statement that Iraq decided to unify the two customs systems in 2019, and the Federal Ministry of Finance finally approved the unified customs tariff framework in February of this year.
Joining the WTO could benefit Iraq. According to a report issued by the Council on Foreign Relations in April 2023, the WTO has been largely successful in expanding free trade.
The Council noted that the dollar value of international trade has quadrupled since the establishment of the World Trade Organization in 1995, and that average tariffs do not exceed 3%.
According to the Council on Foreign Relations, there are also negative aspects to the WTO.
The council noted in the report that "globalization and free trade have their drawbacks. These include the potential for economic inequality and job loss."
The WTO has been particularly criticized for its application of rules toward China.
“The WTO is also struggling to perform its third function – enforcing the rules – particularly with China. Since joining the WTO in 2001, China has violated global trade rules by providing extensive subsidies to its domestic industries and stealing technology and other intellectual property. China has faced few, if any, consequences for its actions,” the council said.
China has a growing presence in Iraq, and there have been significant Chinese investments in Iraqi oil and infrastructure in recent years.
The WTO says it has helped facilitate poverty alleviation in developing economies by promoting trade.
In September 2023, WTO Director-General Ngozi Okonjo-Iweala told the Center for Strategic and International Studies: “Over the past generation, market-oriented reforms in places like Eastern Europe, India, and China, together with the open global economy anchored in the GATT/WTO system, have boosted growth and trade and helped lift more than a billion people out of extreme poverty.”
GATT stands for General Agreement on Tariffs and Trade, the predecessor to the World Trade Organization.
Iraq's trade is dominated by oil. Crude oil accounted for 90% of Iraq's $123 billion in exports in 2022. Iraq imported $67.1 billion that year, with the main imports being refined petroleum, broadcasting equipment, and cars.
These figures gave Iraq a trade surplus of more than $50 billion in 2022, according to the Observatory of Economic Complexity.
Iraq may have a long wait before joining the WTO. East Timor joined in February after seven years of negotiations. Comoros joined at the same time — a process that took 17 years, Arabian Gulf Business Insight reported at the time. link
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Tishwash: Opening a group of factories and plants in the field of military industries in Iraq
Prime Minister Mohammed Shia Al-Sudani inaugurated today, Saturday, a group of factories and plants in the field of military industries.
The Prime Minister's Media Office stated in a statement received by "Al-Eqtisad News" that "Prime Minister Mohammed Shia Al-Sudani reviewed the executive work of the project to produce medium-range ammunition, oils and electric cars at the Military Industrialization Authority."
He added that "the Prime Minister inaugurated the distribution and power transformer rehabilitation and maintenance laboratory/first phase, the qualitative testing laboratories and the firing ranges for the light equipment production line in the Military Industrialization Authority's industrial complex."
He pointed out that "the Prime Minister launched the executive work on the capsule factory project for light ammunition, affiliated with the General Military Industries Company, and launched the executive work on the military and civilian boats production factory project in the industrial complex of the Military Industrialization Authority."
He added that "Al-Sudani inaugurated the iron alloys and colored metals factory at the General Military Industries Company."
Prime Minister Mohammed Shia Al-Sudani inaugurated today, Saturday, the factories for the production of light ammunition and mortar shells at the industrial complex of the Military Industrialization Authority.
This morning, the Prime Minister arrived at the industrial complex of the Military Industrialization Authority south of Baghdad to inaugurate a number of military production factories and rehabilitation laboratories. link
Mot: .. AHAH!!!! -- it was ---
Mot: . As Ya Become More and More Seasoned !!!!
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KTFA: Clare: Iraq announces the imminent offering of 100 investment opportunities to international companies
7/19/2024 Baghdad - WAA - Chairman of the National Investment Commission, Haider Makiya, announced today, Friday, that 100 investment opportunities will soon be offered to international companies in all Iraqi governorates.
Makiya said in a statement received by the Iraqi News Agency (INA): "The National Investment Commission and the Iraqi Economic Council have completed all preparations to hold a major investment forum in which about 100 investment opportunities will be presented in all Iraqi governorates."LINK
KTFA:
Clare: Iraq announces the imminent offering of 100 investment opportunities to international companies
7/19/2024 Baghdad - WAA
- Chairman of the National Investment Commission, Haider Makiya, announced today, Friday, that 100 investment opportunities will soon be offered to international companies in all Iraqi governorates.
Makiya said in a statement received by the Iraqi News Agency (INA): "The National Investment Commission and the Iraqi Economic Council have completed all preparations to hold a major investment forum in which about 100 investment opportunities will be presented in all Iraqi governorates."LINK
Clare: Minister of Trade: All countries are keen on Iraq's return as a global economic player
7/19/2024 Baghdad - WAA -
Minister of Trade Athir Dawood Al-Ghariri confirmed today, Friday, that negotiations for Iraq's accession to the World Trade Organization are proceeding at a rapid pace, while indicating that all countries are keen on Iraq's return as a global economic player.
Al-Ghariri told the Iraqi News Agency (INA): "The resumption of negotiations for Iraq's accession to the World Trade Organization is a qualitative event and a testament to what the government promised through its program to reform the economic situation, considering the private sector as an essential part and the backbone of the Iraqi economy."
He expressed his "aspiration for the fourth round of negotiations to be held during the first quarter of next year," stressing that "this acceleration means that the negotiations are proceeding very quickly towards Iraq's accession to the World Trade Organization, considering Iraq an important economic bloc and all countries are keen for Iraq to return as an economic player in a multilateral system."
For his part, the Saudi Ambassador to the World Trade Organization, Saqr Abdullah Al-Muqbil, told the Iraqi News Agency (INA): "There is a positive view that we will find Iraq joining a multilateral trade system as it is one of the largest economies outside this organization."
Al-Muqbil stressed that "the Kingdom of Saudi Arabia has a priority to achieve Iraq's desire to join the organization."
In turn, the official responsible for Iraq's accession to the World Trade Organization said: "The member states were happy with the Iraqi delegation, and we hope that the Iraqi delegation has completed this long journey."
She added: "We seek to see Iraq become a member of the World Trade Organization."
The Minister of Trade and head of the Iraqi team concerned with joining the World Trade Organization, Athir Dawood Al-Ghariri, announced last Monday the resumption of negotiations to join the World Trade Organization, after a hiatus that lasted more than 16 years.LINK
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Clare: Removing Zeros from the Iraqi Currency: Talk Returns and Possibility of Implementation
Sadiq Al-Azraqi7/19/2024
Removing zeros from a currency is a procedure undertaken by some countries in order to revalue the national currency and simplify financial transactions. This is done by removing a specific number of zeros from the nominal value of the currency, making it appear less inflationary and more stable.
For example, if the currency is the “dinar” and its value is equal to 1,000 dinars, after removing three zeros, its value will become one new dinar.
One of the possible reasons for deleting zeros is to combat inflation. When a currency suffers from high inflation, the nominal values can become very high and impractical to be offered in large quantities in daily transactions. Deleting zeros can contribute to enhancing confidence in the national currency, facilitating accounting operations and financial transactions; this may contribute to improving the country's image before investors and the international community.
Potential challenges of deleting zeros include printing new currency, modifying accounting systems, and training on how to use the new currency. It may initially cause some confusion among residents and consumers, and if the deletion process is not implemented well, it may lead to economic disruptions. As a result, deleting zeros is not a solution to all economic problems, but rather a procedure that requires good planning and careful implementation to ensure that the desired goals are achieved, according to experts.
Examples of countries that have taken this action include Turkey in 2005 when it removed six zeros from its currency, Brazil on several occasions in the 1980s and 1990s, Zimbabwe, which removed twelve zeros from its currency in 2009, and Venezuela, which removed five zeros in 2018. The number of cases in the world in which currency zeros were removed is estimated at 70 cases witnessed by the world since 1960.
In a renewed statement by the Governor of the Central Bank of Iraq, Ali Al-Alaq, he said that “the project to remove zeros from the currency is still ongoing,” meaning removing three zeros from the Iraqi dinar. For example, the value of the 1,000-dinar banknote will be replaced with a one-dinar note from the new currency, five thousand with five dinars, ten thousand with ten dinars, and so on.
According to experts, the actual value of the money people own does not change after deleting the zeros, but this step contributes to simplifying the buying and selling processes for individuals and companies, and makes the financial amounts simpler and more understandable. Instead of dealing with huge numbers such as a trillion or a million (1,000,000 Iraqi dinars), they can be converted to just one thousand 1,000 dinars after deleting three zeros.
Removing zeros helps in issuing small currencies such as coins, enables the re-pricing of small goods at lower prices, facilitates their circulation and their survival in the markets, and gives a positive psychological boost to the population with the fact that the Iraqi dinar can now buy more goods and services.
Therefore, countries aim to remove zeros to restore confidence in the local currency among residents and investors, to increase demand for it, and for the local currency to become more competitive with foreign currencies and to be less replaced by other currencies.
The policy of deleting zeros is often linked to broader economic reforms, such as raising interest rates on bank deposits, to encourage people to save in banks and benefit from high interest rates on their bank deposits, in an attempt to withdraw liquidity from the market, reduce consumption and lower prices.
This also entails exploiting this liquidity to expand productive projects, attract local and foreign investments within the country and create many job opportunities so that the local economy can ultimately recover.
But on the other hand, deleting zeros may cost Iraq money to print new banknotes. For example, after deleting 3 zeros from the Iraqi dinar, when we talk about a 200-dinar banknote, it is actually equivalent to 200,000 dinars. As a result, it may be necessary to print 4 more 50-dinar banknotes instead of the 50,000-dinar banknote.
However, according to the available results, this may not have a clear impact on improving the local economy if it is not part of a package of economic reforms that help reduce the amount of money circulating among people and stimulate the economy, especially since Iraq's economy is an oil economy that needs to stimulate other productive sectors to drive the local economy.
Could removing zeros from the Iraqi dinar be a real start to stimulating the Iraqi economy, after it became clear that all plans were unable to rescue the dinar from its declining value?
In a statement by the financial advisor to the Iraqi government, Mazhar Muhammad Salih, he said that “the phenomenon of multiplying zeros in the monetary unit or adding zeros usually comes as a result of economies being exposed to rampant waves of inflation or sharp increases in the price level that continue for years due to wars, blockades and conflicts that lead to financing the deficit of government budgets through the issuance of money,” noting that the continuous rise in prices without stopping leads to the erosion of the value of the monetary unit, which necessitates the issuance of larger denominations of money due to the lack of value of smaller denominations of money and the disappearance of their ability to cover high-value transactions and exchanges in the market, according to his description.
Former member of the Parliamentary Finance Committee, Ahmed Hama Rashid, believes that “Iraq is not prepared for the project of deleting zeros,” and explains, “We always hear the Central Bank’s statements about implementing a project, only to then back down from implementation for undisclosed reasons.”
Regarding the implementation of the project to remove zeros from the Iraqi currency, banking consultant Abdul Rahman Al-Shaikhli recalls that the printing of the Iraqi dinar in the nineties of the last century was done by poor printing presses and that “the first factor that stood in the way of the project was the discrepancy between the official exchange rate (now 1332 dinars per dollar) and the parallel market exchange rate (now rising above 1500 dinars) and it constituted an obstacle to the implementation of the project.”
He points out that "the project will be successful if an exchange rate of one thousand dinars for every one dollar is reached. At that time, deleting the three zeros will achieve its economic feasibility, as the exchange rate will be transformed into one dinar for every one dollar, and this is what the late former governor of the Central Bank, Sinan Al-Shabibi, aspired to," he said.
Al-Shaikhli added that the other factor that affected the project to remove zeros from the Iraqi currency was the call made by the government of former Prime Minister Nouri al-Maliki for the years 2006-2014, to legislate the infrastructure law, which was opposed by a number of political blocs in parliament at the time, as it leads to an increase in investments in Iraq through deferred payment, which limits the value of the monetary project, he said. LINK
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Clare: THE WTO FULL ACCESSION HAS NEVER BEEN A REQUIREMENT FOR A RATE CHANGE.
DON'T LOSE SIGHT OF THE VIDEO THAT WAS RELEASED IN IRAQ & ARAB NATIONS EXPLAINING ALAQ'S COMMENT ABOUT THE DELETION OF THE ZEROS.... THAT WAS HUGE!!!
THIS IS WHAT WE WANT THE DELETION OF THE ZEROS!!!! COME ON CBI...LOL
THE SLEW OF ARTICLES LIKE WS & FRANK TOLD US HAVE STARTED!!! IMO
STAY TEMPERED AND SMART!
Clare: Mikati visits Iraq at Al-Sudani's invitation
7/19/2024
Lebanese Prime Minister Najib Mikati is scheduled to visit Iraq in the coming hours, responding to an invitation from Prime Minister Mohammed Shia al-Sudani.
The Lebanese newspaper "Al-Jumhuriya" quoted government sources in the country as saying that Mikati will be accompanied on his visit by a ministerial delegation that includes: Minister of Energy Walid Fayyad, Minister of Economy Amin Salam, Minister of Agriculture Abbas Hajj Hassan, and Minister of Industry George Bouchikian, in addition to a number of advisors.
The Iraqi government agreed in July to unload the fuel shipment despite Beirut not paying the financial dues it owes to Baghdad.
This comes after a call made by Lebanese Prime Minister Najib Mikati to his Iraqi counterpart, Mohammed Shia al-Sudani, and after Minister Fayyad had made several calls to his counterpart, Iraqi Oil Minister Hayan Abdul Ghani, the Iraqi Prime Minister’s Office, and the Iraqi Embassy in Lebanon, to address the fuel dues crisis and spare Lebanon total darkness.
The Lebanese Minister had previously announced that the Iraqi Oil Marketing Company (SOMO) had stopped unloading fuel oil tankers exported to Lebanon due to non-payment of the due funds for the second year in a row.
Fayyad said, "For the fifth consecutive month, the Central Bank of Lebanon has not transferred the price of fuel shipments to the Iraqi government's account, and thus Lebanon becomes financially exposed to Iraq, as the due funds have not been transferred for the second consecutive year," according to the Lebanese newspaper Al-Akhbar. LINK
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Clare: Government advisor reveals Iraq's gold reserves have risen to 150 tons... and the reason for its high price
7/18/2024
The economic advisor to the Prime Minister, Mazhar Muhammad Salih, revealed today, Thursday, that Iraq’s gold reserves have risen to 150 tons, while noting the reason for its high price.
Saleh told {Euphrates News} that: "Gold is one of the most important safe investment havens in the world, which is resorted to by the investment portfolios of central banks and various investors through international financial markets, including the Central Bank of Iraq, which currently holds less than 150 tons of cash gold within Iraq's international reserves, relying on a standard rule for optimal diversification of the investment portfolio of Iraq's international reserves."
He added, "It is a rule adopted globally by multilateral international financial organizations such as the International Monetary Fund, the World Bank and others, within the principle of ensuring the liquidity of investment portfolios and protecting them from various financial and economic risks and various fluctuations affecting the value of financial assets, by resorting to safe and optimal diversification of investment portfolios."
Saleh pointed out that "there is an inverse correlation between gold and oil on the one hand and the value of the dollar on the other hand. Whenever the value of the US currency declines or investment returns in the US currency decline, such as the returns on dollar-denominated bonds or interest on dollar deposits, investors go towards the safe haven, which is gold, which is stable in value and guaranteed purchasing power."
"Gold is a rare asset whose (asset cycle) is long and stable, mostly without serious fluctuations, which encourages this stability by investing in the market value of gold and within the standard limits required by investment portfolios in terms of growth and stability in the value of its components in a balanced manner without incurring {unrealized} losses, as they are called in accounting,"
Saleh continued, "noting that countries can issue gold-backed bonds (gold bonds) in order to borrow from the financial market, as the gold guarantee is one of the basic attractive and desirable guarantees in global financial markets."
He continuedby saying, "We cannot fail to mention that 17% of the world's gold is currently stored in the vaults of central banks in countries, and that 77% of the world's gold wealth has been extracted," noting that "50% of that wealth has been manufactured for various purposes, such as woven goods, industrial or craft materials, and other jewelry."
Saleh concluded by saying, “The value of gold in the world is currently estimated at about 15 trillion dollars, which represents a percentage of the annual global gross product of about 14% only, while the quantities of gold discovered from the depths of the earth {currently in circulation and stored} are estimated at about 187 thousand tons distributed in various parts of the world.”
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Good Afternoon Dinar Recaps,
State Street Panning Tokenized Deposits and Stablecoin – Report
Today Bloomberg reported thatState Street is exploring participating in various digital currency initiatives. The bank is already an investor in Fnality,the interbank DLT payment solution backed by 20 institutions. Bloomberg cited a source sayingit was exploring participating in other DLT payment consortia, as well as tokenized deposits and a stablecoin.
While the mention of tokenized deposits is no surprise,it’s the stablecoin plans that stand out.It’s highly unlikely that U.S. banking regulators would sanction the bank issuing a stablecoin. However, State Street has a significant asset management subsidiary, so that could be a different story.
State Street Global Advisors (SSGA) recently partnered with Galaxy Asset Managementto launch crypto-related ETFs. Notably, Galaxy is collaborating on the AllUnity Euro stablecoin with another bank-affiliated asset manager, Deutsche Bank’s DWS.
Good Afternoon Dinar Recaps,
State Street Panning Tokenized Deposits and Stablecoin – Report
Today Bloomberg reported thatState Street is exploring participating in various digital currency initiatives. The bank is already an investor in Fnality,the interbank DLT payment solution backed by 20 institutions. Bloomberg cited a source sayingit was exploring participating in other DLT payment consortia, as well as tokenized deposits and a stablecoin.
While the mention of tokenized deposits is no surprise,it’s the stablecoin plans that stand out.It’s highly unlikely that U.S. banking regulators would sanction the bank issuing a stablecoin. However, State Street has a significant asset management subsidiary, so that could be a different story.
State Street Global Advisors (SSGA) recently partnered with Galaxy Asset Managementto launch crypto-related ETFs. Notably, Galaxy is collaborating on the AllUnity Euro stablecoin with another bank-affiliated asset manager, Deutsche Bank’s DWS.
The need for asset manager stablecoins
The settlement of tokenized assets triggers the need for a stablecoin.It’s likely SSGA may want to tokenize funds. Many of the incumbents that have launched tokenized funds on public blockchain support settlement using stablecoins, including Franklin Templeton.
ETF issuer WisdomTree,which is also a Fnality stockholder, is planning to issue its own stablecoin and recently received a trust license to do so.
If asset managers are willing to offer redemptions using stablecoins, then they ideally have to have a significant stablecoin balance.However, stablecoins don’t pay interest. On the other hand, if the asset manager has its own stablecoin, it will earn the interest on the Treasuries that back the stablecoin.
While BlackRock doesn’t have its own stablecoin, stablecoin issuer Circle has offered to buy back any BlackRock BUIDL tokens – BUIDL is the asset manager’s tokenized money market fund.BlackRock is both an investor in Circle and manages most of its reserves.
Tokenized deposit initiatives
Turning to tokenized deposits,JP Morgan has its JPM Coin and Citi has its Citi Token Services.That’s useful for multinational companies that deal with the same bank in different countries. But the interesting work is happening for payments involving more than one bank.
There are numerous initiatives, but State Street isn’t involved in the high profile ones. For example, in the U.S. there Regulated Settlement Network is starting another round of trials co-ordinated by SIFMA. Participants include JP Morgan, Citi, Wells Fargo, Visa and Mastercard. State Street’s biggest competitor, BNY Mellon, is a project contributor.
Time will tell which projects State Street plans to join.
@ Newshounds News™
Read more: Ledger Insights
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IS THE RUSSIAN RUBLE PEGGED TO GOLD?
Vladimir Putin’s gold strategy explains why sanctions against Russia have failed.
"In early 2022, Russia pegged its currency, the ruble, to gold, and 5,000 rubles will now buy an ounce of pure gold. The plan was to shift the currency away from a pegged value and into the gold standard itself so the ruble would become a credible gold substitute at a fixed rate."
"Since 2013, Russia has been preparing for western sanctions and managed to isolate its economy from transactions requiring American dollars.There are more than 16,000 sanctions imposed against Russia. "
"The U.K., the United States and Canada will not touch Russian gold. But others will.The United Arab Emirates (U.A.E.) imported 96.4 tonnes (US$6.2 billion) of Russian gold in 2022 following the British sanctions. That’s up 15 times from the 2021 imports of only 1.3 tonnes (US$84.5 million)."
"The other big client of Russian gold is Switzerland. "That’s why global sanctions against Russia haven’t derailed a thing. In order for Putin’s plan for economic resilience through gold to work, however, gold needs to increase in value. His long-term goal is that gold, not the U.S. dollar, will be the global trading currency."
In 2022, Switzerland imported 75 tonnes of Russian gold (US$4.87 billion). In 2023, it imported about US$8.22 billion in gold from the U.A.E., which doesn’t produce its own but buys enormous sums from Russia, and US$3.92 billion from Uzbekistan, Russia’s next-door neighbor.Billions upon billions of dollars of Russian gold is being freely traded at top dollar while avoiding every one of those 16,000 sanctions."
@ Newshounds News™ Read more:
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Fact Check: Is The Russian Ruble Already Backed By Gold?
"Russia’s central bank has resumed buying gold at a set fixed price of 5,000 rubles ($52) per gram and analysts say this could be the starting point for a shift to a new gold standard across the world."
"Meanwhile, Russia’s Ministry of Finance also referred to gold as an “ideal alternative” to the U.S. dollar.
“This is potentially a very big deal.This is basically pegging the ruble to gold,”said Joseph Brown of Heresy Financial in a YouTube video.If Russia is at the point of having enough gold to back up the ruble, “then they can price oil in gold and then accept gold or the ruble for payment,” Brown said. “They can literally take this, in just a few steps, and force the whole world into a new gold standard. Like a new Brenton Woods.”
"Russia’s fixed price for gold is reminiscent of what the U.S. did during the “gold standard” years — 1879 to 1914 — when one ounce of gold would represent $21.In the 1930s, the U.S. banned gold ownership and raised the value of the dollar in gold from $20.67 to $35 per ounce."
"In 1971, Richard Nixon put a halt on the U.S. dollar’s convertibility into gold, making it difficult for other countries to redeem dollars for gold. This marked the end of the gold standard."
"By pegging its currency to gold, Russia has effectively ratcheted up the ruble’s value against the dollar.Pegging one gram of gold to 5,000 rubles means one troy ounce of gold (32 grams) would now cost 158,183.78 rubles in Russia.At the current exchange rate, 32 grams of gold would cost roughly $1,600 in Russia instead of the $1,928 it cost outside Russia."
"“Russia’s intention would be for the value of the ruble to be linked directly to the value of gold,” Gainesville Coins precious metals expert Everett Millman told Kitco News.“Setting a fixed price for rubles per gram of gold seems to be the intention.That’s pretty important when it comes to how Russia could seek funding and manage its central bank financing outside of the US dollar system.”
@ Newshounds News™ Read more:
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EU, UK regulators launch consultations on digital asset data reporting and wallets
Tech consultation season has kicked off in Europe, with regulators from the United Kingdom and the European Union seeking feedback on digital asset-related issues.
On July 15,the European Banking Authority (EBA), an independent EU Authority in charge of prudential regulation and supervision across the European banking sector, launched a consultation on draft guidelines for digital asset issuer reporting requirements.
The same day,the U.K. Payments Systems Regulator (PSR) and Financial Conduct Authority (FCA) announced they were jointly seeking views on the benefits and risks digital wallets bring to people and businesses.
EBA guidelines on reporting requirements
The EU banking regulator is seeking feedback on draft guidelinesaimed at ensuring that “competent authorities” have enough information to supervise the compliance of digital asset issuers with theMarkets in Crypto Asset Regulation (MiCAR)—parts of which came into force this June, with the full provisions scheduled to kick in by the end of the year.
The landmark MiCAR provides rules for offering and admission to trading asset-referenced tokens (ARTs), e-money tokens (EMTs), and other types of digital assets, as well as rules for those providing digital asset services in the EU. It sets out a range of regulatory requirements, including authorizations, conduct, and prudential requirements for issuers and mandates for issuers of certain tokens to report “data points” to the authorities.
When MiCAR’s stablecoin rules came into force onJune 30, issuers of ARTs—stablecoins that purport to maintain a stable value by referencing another value or right—and EMTs—stablecoins pegged to a fiat currency—had several new obligations, including arequirement to be authorized by the Central Bank, prudential requirements, and conduct and governance requirements around marketing, dealing with conflicts of interest, and disclosure of information.
Regarding this latter obligation, the EBA has decided that the reporting requirements placed on issuers of ARTs and EMTs were “not enough to allow competent authorities and the EBA to discharge their supervisory tasks and the significance assessment tasks under MiCAR.”
Having identified these so-called “data gaps,” the banking regulator is consulting on draft guidelines specifying common templates and instructions for issuers to provide the necessary information to fill the gaps.
In addition, the draft guidelines include common templates and instructions that issuers should use to collect the data they need from the relevant Crypto-Asset Service Providers (CASPs).
The EBA said it would accept comments on the consultation paper up to October 11, 2024.
PSR and FCA call for information on digital wallets
Meanwhile, across the pond, the FCA—the U.K.’s top finance sector watchdog—and the PSR—its independent subsidiary focused on payment systems—are seeking views on the benefits and risks of digital wallets.
Building on the PSR’s previous work on contactless mobile payments and the FCA’s work on big tech activity in financial services,this consultation aims to better understand the impact on consumers and businesses that digital wallets’ increasing popularity creates.
“The use of digital wallets has grown rapidly over the last few years, and it’s likely that more than half of UK adults now use one. With Apple Pay, Google Pay and PayPal being three of the most widely used digital wallets in the UK today” said Monday’s announcement.
The PSR said it was particularly interested in understanding how digital wallets impact consumers’ choice of payment options at checkout.
“Digital wallets are steadily becoming a go-to payment type and while this presents exciting opportunities, there might be risks too,” said David Geale, the PSR’s Managing Director.
“ We look forward to hearing views and evidence from a wide range of stakeholders throughout this process.”
The regulators hope to hear from stakeholders across the payments and wider financial services landscape, including digital wallets, technology providers, and their service users.
The call for information is open until September 13. After that, the regulators said they would analyze all responses received and provide an update by Q1 2025.
FCA Chief Executive Nikhil Rathi stated. “We want to make sure we can maximise the opportunities and benefits for consumers and businesses while protecting against any risks this technology may present.”
@ Newshounds News™
Read more:CoinGeek
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ASSET TOKENIZATION TODAY AND TOMORROW
The estimated worth of asset tokenization today is as much as $3.5 billion. And with projections that it could reach $16 trillion by 2030, the tokenization market represents a massive opportunity.So, what’s holding the technology back from fully realizing its potential? That was the question posed during the London Tokenization Policy Summit held earlier this year hosted by Ripple and the Imperial College Business School’s Centre for Financial Technology.
Tokenization Use Cases: The “Real Deal” of Digitization
With a promise to remove payment gateway intermediaries; improve payment processor efficiencies; ensure data protection, data privacy and transparency; and enable real-time settlement, tokenization is championed as the “real deal” function of blockchain technology. It's potential for significant impact across a broad range of sectors is massive.
Tokenized mortgages, consumer loans and microloanshave all helped make private credit and debt the second fastest growing sector, while property purchases and treasury notes also stand to benefit. Additional tokenization use cases include enhanced capital flows for small- and medium-sized enterprises, improved efficiencies in carbon credit trading and better price discovery compared to traditional assets.
But despite tokenization’s potential as a new asset class, challenges to mainstream adoption persist.A lack of well-established Special Purpose Vehicles makes it difficult to tokenize real-world assets.Cross-chain protocols are needed to improve interoperability. Limited liquidity in secondary markets means an elevated risk on investment. And there is a clear need for providers that can simplify tokenization into a single offering to help break down silos between financial ecosystems.
To overcome these hurdles and scale tokenization, there are three key areas of emphasis: 1. collateralization, 2. valuation and 3. passkeys.Ensuring that tokens are backed by sufficient reserves, hold the same value internationally and are protected through secure passkeys and proper key management will help to foster trust and—ultimately—adoption.
A New Financial Framework
Central to the topic of tokenization is the importance of a robust regulatory framework to underpin the tokenized economy. Once in place, this framework would provide the necessary structure, safeguards and confidence needed for sustainable growth and development.
Looking Ahead Banks, traditional finance players and regulators are all key to furthering this adoption of tokenization. @ Newshounds News™ Read more:
One thing is abundantly clear: tokenization is more than just a buzzword, it’s a rapidly growing movement that is poised to reshape the financial landscape.
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Trade: The Third Negotiating Meeting Of Iraq With The World Trade Organization Is Held At Its Headquarters In Geneva
Thursday 18 July 2024 18:25 | Economic Number of readings: 239 Baghdad / NINA / The Ministry of Trade announced today, Thursday, that the third negotiating meeting of Iraq with the World Trade Organization will be held at the organization's headquarters in Geneva.
The ministry's statement stated that "the Minister of Trade, head of the team concerned with Iraq's accession to the World Trade Organization, chaired the Iraqi side in the third negotiating meeting, in the presence of the Deputy Director-General of the Organization, Zhang Xing Chen, head of the working group for Iraq's accession, and the gentlemen and members of the team and representatives of the WTO countries."
Minister Al-Ghariri pointed out during a speech he delivered at the meeting, the importance of Iraq being part of the rules-based multilateral trading system.
Trade: The Third Negotiating Meeting Of Iraq With The World Trade Organization Is Held At Its Headquarters In Geneva
Thursday 18 July 2024 18:25 | Economic Number of readings: 239 Baghdad / NINA / The Ministry of Trade announced today, Thursday, that the third negotiating meeting of Iraq with the World Trade Organization will be held at the organization's headquarters in Geneva.
The ministry's statement stated that "the Minister of Trade, head of the team concerned with Iraq's accession to the World Trade Organization, chaired the Iraqi side in the third negotiating meeting, in the presence of the Deputy Director-General of the Organization, Zhang Xing Chen, head of the working group for Iraq's accession, and the gentlemen and members of the team and representatives of the WTO countries."
Minister Al-Ghariri pointed out during a speech he delivered at the meeting, the importance of Iraq being part of the rules-based multilateral trading system.
The minister stressed that we are pleased with the holding of the third meeting of the working group after sixteen years since the last meeting of the working group, which represents a fundamental step for us, government and people, on our way to joining, in addition to being a means through which we seek to achieve the development and diversification of our national economy and our integration with the global economy.
The minister pointed out that the Iraqi government is committed to its economic reform program by strengthening trade policy, improving the business environment, and creating favorable conditions for foreign investment, and that joining the World Trade Organization will contribute significantly to enhancing transparency, encouraging competition, and stimulating sustainable economic growth for Iraq.
He stressed that the new Iraqi government, led by Prime Minister Mohammed Shia al-Sudani, and within its government program, has set a clear vision for the future of economic liberalization in Iraq, which included setting timetables to achieve the liberalization process and focusing on sectors with high potential such as agriculture, industry and services, which stipulated supporting local and foreign investments and unifying customs policies at all borders and other measures to facilitate trade and investment and create investment opportunities.
The minister stressed that the government also attached special importance to aligning its trade policy and regulatory legislation with international capabilities, rules and standards and strengthening institutional capabilities to effectively meet the requirements of the World Trade Organization. /End8 https://ninanews.com/Website/News/Details?key=1142112
Minister Of Trade: Iraq's Accession To The World Trade Organization Will Contribute To Stimulating Economic Growth
Minister of Commerce Athir Al-Ghariri Money and business Economy News – Baghdad Minister of Trade Athir Dawood Salman Al-Ghurairi confirmed on Thursday that Iraq’s accession to the World Trade Organization will contribute to stimulating economic growth, during his speech at the third negotiating meeting with the World Trade Organization in the Swiss city of Geneva.
The Ministry of Trade said in a statement, seen by "Economy News", that "the Minister of Trade and the head of the team concerned with Iraq's accession to the World Trade Organization headed the Iraqi side in the third negotiating meeting with the World Trade Organization, in the presence of the Deputy Director-General of the Organization, Zhang Xing Chen, the head of the working group for Iraq's accession, members of the team and representatives of the WTO countries at the organization's headquarters in Geneva."
The minister pointed out - according to the statement - during a speech he gave at the meeting to "the importance of Iraq being part of the rules-based multilateral trading system," stressing that "we are pleased with the holding of the third meeting of the working group after sixteen years since the last meeting of the working group, which represents a fundamental step for us, government and people, on our way to joining, in addition to being a means through which we seek to achieve development and diversification of our national economy and our integration with the global economy."
The minister pointed out that "the government of Iraq is committed to its economic reform program by strengthening trade policy, improving the business environment and creating favorable conditions for foreign investment," indicating that "joining the World Trade Organization will contribute significantly to enhancing transparency, encouraging competition and stimulating sustainable economic growth for Iraq."
He continued, "The new Iraqi government, led by Prime Minister Mohammed Shia al-Sudani, and within its government program, has set a clear vision for the future of economic liberalization in Iraq, which includes setting timetables to achieve the liberalization process and focusing on sectors with high potential such as agriculture, industry and services, which stipulate supporting local and foreign investments and unifying customs policies at all borders and other measures to facilitate trade and investment and create investment opportunities."
The minister explained that "the government has also given special importance to aligning its trade policy and regulatory legislation with international capabilities, rules and standards and strengthening institutional capabilities to effectively meet the requirements of the World Trade Organization."191 views 2024/07/18 - https://economy-news.net/content.php?id=45361
Proposed Vision To Activate The Government And Central Bank Procedures In Economic And Banking Reform
Samir Al-Nusairi By analyzing the efforts and measures taken by the government and the Central Bank to implement what is stated in the government program of the government of the Sudanese Prime Minister, which is the ninth government after the change in 2003, and which has been in charge for approximately one year and eight months, and which has been able to achieve an acceptable percentage of the specified goals in the field of economic, financial and banking reform, and which included many economic sectors and fields that occupied almost most of the axes of the government program, but without achieving comprehensive and radical economic reform that begins with financial and banking reform, the government’s complete goals and visions cannot be achieved.
Therefore, the government program, as I see it, is a four-year strategy to achieve the revolution of economic, financial and banking reform.
The reason for launching this strategy is “because Iraq, after 20 years of economic failures, mismanagement, and mismanagement of public funds due to administrative and financial corruption, the loss of a sound economic approach, political conflicts, and instability in the business environment, has led to reliance on oil as a primary source of revenues from the general budget, which constitutes approximately 93% of the total resources and approximately 60% of the gross domestic product, and the failure to activate the productive sectors that generate national income.”
Which led to "a blurred vision and lack of clarity in the decisions of the reform process of previous governments, except for some achievements made by the Central Bank of Iraq during the past years, in which it overcame the challenges of monetary policy at rates that enabled it to maintain the stability of the dinar exchange rate during the previous years despite the economic crises and challenges.
Unfortunately, the fluctuation in exchange rates returned after the amendments made to the official exchange rate in 2020 and 2023 for many reasons, most notably the lack of control over financing foreign trade, non-compliance with international banking standards, the presence of unofficial border crossings, illegal inter-trade, and speculators in the foreign exchange market and their access to cash dollars allocated to travelers, which constitutes less than 10% of the supply for foreign transfers.
However, the Central Bank was able to build excellent foreign exchange reserves and maintain the general level of prices and the annual inflation rate at around 4% after it was 7.5% at the beginning of 2023. This confirms that the government and the Central Bank reviewed previous reform policies in 2023 through diagnosis and analysis and concluded that economic problems are the cause of most of Iraq's crises and that "the real solution to Iraq's crises is to work with a comprehensive change approach.
I mean here drawing a strategic and executive roadmap to activate the procedures for economic, financial, banking, administrative and legislative reforms by adopting radical change for the coming years while benefiting from the experience of institutions and experts in the government and the private sector in confronting crises and activating the reform procedures of the government and the Central Bank, and according to the proposed vision that I put before the eyes of the Prime Minister, the Governor of the Central Bank and the Ministerial Council for the Economy, as follows:
First - Starting a systematic movement to draw a roadmap for economic, administrative and legal reform carried out by the Iraqi elites and economic, financial and banking competencies (government and private sector) by establishing the Supreme Economic Council, with the private sector in all economic sectors as a member thereof, and the private banking sector as a basic member of its membership as the financing and investment sector that must contribute to sustainable development.
The reform movement should be based on several important economic pillars that adopt a new methodology for managing the economy and achieving the central goal of moving the economy from rentier to productive and from cash to digital, and activating the non-oil productive sectors to reach 30% of the general budget revenues in 2026, creating sustainable development, achieving diversity in resources, and developing economic and human structures for the sound construction of the national economy and building the preliminaries for the transition to a social market economy, provided that its recommendations, after approval by the Council of Ministers, are binding for implementation by the ministries, agencies and relevant bodies.
Second: Forming a (Central Follow-up Committee) linked to the Prime Minister’s Office to follow up on the implementation of decisions and has the authority to monitor and evaluate. It is formed under the chairmanship of the Prime Minister and includes a group of government advisors and experts and private sector experts.
Thirdly - Moving to central management of the economy so that the principle of (central planning and decentralization of implementation) is implemented. This means that the Supreme Council of the Economy will undertake the drawing up of plans and policies centrally and distribute their implementation to the ministries and specialized bodies within the government structure after approval by the Council of Ministers.
Fourth: Providing soft loans to finance small, medium and large projects in accordance with the national lending strategy recently launched by the Central Bank, and establishing a legal and institutional system to manage, develop and advance them, and issuing a special law for them. As well as issuing and amending the laws of the legal environment to regulate the economic process, which means issuing new laws instead of the laws issued in 2004, due to the changes that have occurred in the national economy during the past two decades.
Fifth: Activating investment in the agricultural, industrial, energy, tourism, services and housing sectors, as well as working to reform, develop and grow the banking sector through monetary policy applications and regulating the relationship and restrictions governing financial and monetary policies, in addition to the serious trend towards reforming the tax, financial and customs system. Addressing cases of failure to achieve the required growth rates in national income and overcoming the rise in unemployment and poverty rates.
Sixth: Developing a new methodology to overcome the challenges of instability in the financial and monetary systems. This means developing coordinated and balanced plans to overcome the challenges of monetary policy, the challenges of the deficit in non-oil revenue, and the deficit in the balance of payments and the trade balance.
Seventh: Accelerating the implementation of the e-government program and coordinating it with the electronic payment system, and the procedures for digital transformation in banking transactions, and focusing on activating the procedures of the Central Bank to implement the objectives of its third strategy, and following up on the decisions issued by the government regarding the use of electronic payment in commercial exchanges and banking operations, and establishing the National Company for Electronic Payment, which was announced by the Central Bank.
Eighth - Reviewing the banking market in Iraq towards activating the implementation of government decisions regarding government banks and the decisions of the Central Bank.
By classifying private banks, merging them, increasing their capital, and adopting them as solid international banks as correspondent banks, activating and accelerating joint procedures from the US Treasury regarding lifting sanctions and restrictions on the use of the US dollar in international transactions, and activating mechanisms, instructions, and controls for private banks’ commitment to complying with international banking standards.
Ninth: The necessity of having a representative of the private banking sector on the Board of Directors of the Central Bank and forming an advisory council for the Central Bank of experts and consultants working in the private banking sector and academics specializing in monetary policy in universities to study policies and programs and express an opinion on them before referring them to the Board of Directors to take the necessary decisions for implementation.
216 views Added 2024/07/18 - https://economy-news.net/content.php?id=45342
For current and reliable Iraqi news please visit:https://www.bondladyscorner.com/
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Economics, News Dinar Recaps 20 Economics, News Dinar Recaps 20
Gold & Silver Prices Crash Again, While Global Tech Outage Shuts Down Airlines & More
Arcadia Economics: 7-19-2024
Gold and silver prices continued their sharp selloff on Friday morning, which follows a selloff in the stock markets this week.
And before the markets were opening, a global tech outage hit airlines and business services.
There's a lot happening this morning.
Gold & Silver Prices Crash Again, While Global Tech Outage Shuts Down Airlines & More
Arcadia Economics: 7-19-2024
Gold and silver prices continued their sharp selloff on Friday morning, which follows a selloff in the stock markets this week.
And before the markets were opening, a global tech outage hit airlines and business services.
There's a lot happening this morning.
And fortunately Vince Lanci is here to break it all down and explain how it's impacting the markets.
To find out more, click to watch the video now!
Gold becoming legal tender Feat. Rob Kientz - LFTV Ep 182
Kinesis Money: 7-19-2024
In this week’s episode of Live from the Vault, Andrew Maguire and Rob Kientz of Gold Silver Pros discuss the changing world order, shifting market sentiments worldwide, and the transformative potential of sound money in fostering economic stability.
The precious metals experts delve into the principles of the Citizens for Sound Money movement, critically examine global Central Bank Digital Currency (CBDC) projects and issue a powerful call to action for today’s youth.
Timestamps
00:00 Start
02:45 Rob’s involvement with Citizens for Sound Money
11:15 Central Bank Digital Currencies
21:50 Physical gold’s impact and future
29:00 What’s happening in America
38:00 The United Kingdom and the youth
44:00 Retail and wholesale market sentiment
54:00 The dedollarisation process, war and geopolitcal change
BRICS Leave IMF and WTO: What are the alternatives?
Fastepo: 7-18-2024
At the upcoming BRICS summit in Kazan, one of the key topics on the agenda is the reform of international financial institutions, specifically the International Monetary Fund (IMF) and the World Trade Organization (WTO).
Russian Foreign Minister Sergey Lavrov has emphasized the importance of addressing these issues to enhance the global economic governance system and make it more inclusive and representative of emerging economies.
The BRICS nations, which include Brazil, Russia, India, China, and South Africa, are pushing for reforms that will better reflect the economic realities of the 21st century.
They argue that the current structures of the IMF and WTO disproportionately favor developed countries and do not adequately represent the interests of the Global South.
This includes calls for revising the IMF's quota system to give more weight to developing nations and for restoring the full functionality of the WTO's dispute settlement mechanism.
In this video, we explore the reasons behind the dissatisfaction with the IMF and WTO by examining cases where their policies have caused significant issues for borrowing countries.
We also discuss the solutions proposed by the Global South to address these challenges.
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TNT: Minister of Trade: All countries are keen on Iraq's return as a global economic player
Minister of Trade Athir Dawood Al-Ghariri confirmed today, Friday, that negotiations for Iraq's accession to the World Trade Organization are proceeding at a rapid pace, while indicating that all countries are keen on Iraq's return as a global economic player.
Al-Ghariri told the Iraqi News Agency (INA): "The resumption of negotiations for Iraq's accession to the World Trade Organization is a qualitative event and a testament to what the government promised through its program to reform the economic situation, considering the private sector as an essential part and the backbone of the Iraqi economy."
TNT:
Minister of Trade: All countries are keen on Iraq's return as a global economic player
Minister of Trade Athir Dawood Al-Ghariri confirmed today, Friday, that negotiations for Iraq's accession to the World Trade Organization are proceeding at a rapid pace, while indicating that all countries are keen on Iraq's return as a global economic player.
Al-Ghariri told the Iraqi News Agency (INA): "The resumption of negotiations for Iraq's accession to the World Trade Organization is a qualitative event and a testament to what the government promised through its program to reform the economic situation, considering the private sector as an essential part and the backbone of the Iraqi economy."
He expressed his "aspiration for the fourth round of negotiations to be held during the first quarter of next year," stressing that "this acceleration means that the negotiations are proceeding very quickly towards Iraq's accession to the World Trade Organization, considering Iraq an important economic bloc and all countries are keen for Iraq to return as an economic player in a multilateral system."
For his part, the Saudi Ambassador to the World Trade Organization, Saqr Abdullah Al-Muqbil, told the Iraqi News Agency (INA): "There is a positive view that we will find Iraq joining a multilateral trade system as it is one of the largest economies outside this organization."
Al-Muqbil stressed that "the Kingdom of Saudi Arabia has a priority to achieve Iraq's desire to join the organization."
In turn, the official responsible for Iraq's accession to the World Trade Organization said: "The member states were happy with the Iraqi delegation, and we hope that the Iraqi delegation has completed this long journey."
She added: "We seek to see Iraq become a member of the World Trade Organization."
The Minister of Trade and head of the Iraqi team concerned with joining the World Trade Organization, Athir Dawood Al-Ghariri, announced last Monday the resumption of negotiations to join the World Trade Organization, after a hiatus that lasted more than 16 years. link
Tishwash: Al-Rafidain announces the implementation of the comprehensive banking system in 33 branches
Al-Rafidain Bank announced today, Friday, the implementation of the comprehensive banking system in the Al-Nour branch in Kirkuk, while indicating the implementation of the comprehensive banking system in 33 branches.
A statement from the bank received by Al-Mada stated that, “In implementation of the government program to move from paper transactions to electronic ones to provide the best services to citizens, Al-Rafidain Bank announces the implementation of the comprehensive banking system in the Al-Nour branch in Kirkuk, thus joining the branches that have activated the comprehensive system in Baghdad and the governorates in addition to To the branches of the border crossings (Zurbatieh - Safwan - Arar - Trebil), bringing the number of branches in force and completed for the system to (33), in an important step to strengthen the banking system, achieve its requirements, abandon paper work, and move completely to electronic systems.
The bank confirmed that “the plan for digital transformation and adoption of the comprehensive banking system is proceeding according to the set timings to include all branches of the bank in implementing the system, especially since one of the priorities and adoptions of the government program is electronic Transformation in financial transactions, reducing episodes of red tape for citizens, reducing time, simplifying procedures, removing obstacles, and intensifying efforts to improve the level of services provided.” customers and complete their transactions. link
************
Tishwash: An economist warns against Arab and foreign banks taking over their Iraqi counterparts: they control the dollar
On Thursday, economic affairs researcher Ahmed Abd Rabbo warned of the acquisition of Iraqi banks by many Arab and foreign banks, while stating that these banks control the dollar exchange rate in local markets in Iraq.
Abd Rabbo said, “The takeover of the sanctioned local banks’ accounts by Arab and foreign banks affects, to some extent, the banking sectors in Iraq.” Pointing out, “This acquisition is the participation of these foreign banks in the Iraqi banking sector, but it amounts to a sale and delivery, and it is as happened in the local industrial and agricultural sector, as these sectors have become imported, so the The banking sector has also become imported.”
Abd Rabbo pointed out in his interview with (Al-Mada), that “foreign banks control the dollar exchange rate, as they found the appropriate opportunity to acquire the shares of Iraqi banks after some Iraqi banks were exposed to American sanctions.”
He added, "Iraq needs to some extent to correct the course of monetary policy in a way that is compatible with the Iraqi economic situation, and to give Iraqi banks a great opportunity to take their role in the monetary arena."
Since the US Treasury imposed sanctions on Iraqi banks, as a result of dollar smuggling to Iran, foreign banks have dominated the financial arena and controlled a large percentage of dollar sales in Iraq, as the National Bank of Iraq accounts for a third of foreign currency sales, which are considered the main source of the Iraqi economy, as they are Many of the shares in this bank are owned by Arab and foreign banks. link
Tishwash: Proposed vision to activate the government and central bank procedures in economic and banking reform
By analyzing the efforts and measures taken by the government and the Central Bank to implement what is stated in the government program of the government of the Sudanese Prime Minister, which is the ninth government after the change in 2003, and which has been in charge for approximately one year and eight months, and which has been able to achieve an acceptable percentage of the specified goals in the field of economic, financial and banking reform.
And which included many economic sectors and fields that occupied almost most of the axes of the government program, but without achieving comprehensive and radical economic reform that begins with financial and banking reform, the government’s complete goals and visions cannot be achieved. Therefore, the government program, as I see it, is a four-year strategy to achieve the revolution of economic, financial and banking reform.
The reason for launching this strategy is “because Iraq, after 20 years of economic failures, mismanagement, and mismanagement of public funds due to administrative and financial corruption, the loss of a sound economic approach, political conflicts, and instability in the business environment, has led to reliance on oil as a primary source of revenues from the general budget, which constitutes approximately 93% of the total resources and approximately 60% of the gross domestic product, and the failure to activate the productive sectors that generate national income.”
Which led to "a blurred vision and lack of clarity in the decisions of the reform process of previous governments, except for some achievements made by the Central Bank of Iraq during the past years, in which it overcame the challenges of monetary policy at rates that enabled it to maintain the stability of the dinar exchange rate during the previous years despite the economic crises and challenges.
Unfortunately, the fluctuation in exchange rates returned after the amendments made to the official exchange rate in 2020 and 2023 for many reasons, most notably the lack of control over financing foreign trade, non-compliance with international banking standards, the presence of unofficial border crossings, illegal inter-trade, and speculators in the foreign exchange market and their access to cash dollars allocated to travelers, which constitutes less than 10% of the supply for foreign transfers.
However, the Central Bank was able to build excellent foreign exchange reserves and maintain the general level of prices and the annual inflation rate at around 4% after it was 7.5% at the beginning of 2023. This confirms that the government and the Central Bank reviewed previous reform policies in 2023 through diagnosis and analysis and concluded that economic problems are the cause of most of Iraq's crises and that "the real solution to Iraq's crises is to work with a comprehensive change approach.
I mean here drawing a strategic and executive roadmap to activate the procedures for economic, financial, banking, administrative and legislative reforms by adopting radical change for the coming years while benefiting from the experience of institutions and experts in the government and the private sector in confronting crises and activating the reform procedures of the government and the Central Bank, and according to the proposed vision that I put before the eyes of the Prime Minister, the Governor of the Central Bank and the Ministerial Council for the Economy, as follows:
First - Starting a systematic movement to draw a roadmap for economic, administrative and legal reform carried out by the Iraqi elites and economic, financial and banking competencies (government and private sector) by establishing the Supreme Economic Council, with the private sector in all economic sectors as a member thereof, and the private banking sector as a basic member of its membership as the financing and investment sector that must contribute to sustainable development. The reform movement should be based on several important economic pillars that adopt a new methodology for managing the economy and achieving the central goal of moving the economy from rentier to productive and from cash to digital, and activating the non-oil productive sectors to reach 30% of the general budget revenues in 2026, creating sustainable development, achieving diversity in resources, and developing economic and human structures for the sound construction of the national economy and building the preliminaries for the transition to a social market economy, provided that its recommendations, after approval by the Council of Ministers, are binding for implementation by the ministries, agencies and relevant bodies.
Second: Forming a (Central Follow-up Committee) linked to the Prime Minister’s Office to follow up on the implementation of decisions and has the authority to monitor and evaluate. It is formed under the chairmanship of the Prime Minister and includes a group of government advisors and experts and private sector experts.
Thirdly - Moving to central management of the economy so that the principle of (central planning and decentralization of implementation) is implemented. This means that the Supreme Council of the Economy will undertake the drawing up of plans and policies centrally and distribute their implementation to the ministries and specialized bodies within the government structure after approval by the Council of Ministers.
Fourth: Providing soft loans to finance small, medium and large projects in accordance with the national lending strategy recently launched by the Central Bank, and establishing a legal and institutional system to manage, develop and advance them, and issuing a special law for them. As well as issuing and amending the laws of the legal environment to regulate the economic process, which means issuing new laws instead of the laws issued in 2004, due to the changes that have occurred in the national economy during the past two decades.
Fifth: Activating investment in the agricultural, industrial, energy, tourism, services and housing sectors, as well as working to reform, develop and grow the banking sector through monetary policy applications and regulating the relationship and restrictions governing financial and monetary policies, in addition to the serious trend towards reforming the tax, financial and customs system. Addressing cases of failure to achieve the required growth rates in national income and overcoming the rise in unemployment and poverty rates.
Sixth: Developing a new methodology to overcome the challenges of instability in the financial and monetary systems. This means developing coordinated and balanced plans to overcome the challenges of monetary policy, the challenges of the deficit in non-oil revenue, and the deficit in the balance of payments and the trade balance.
Seventh: Accelerating the implementation of the e-government program and coordinating it with the electronic payment system, and the procedures for digital transformation in banking transactions, and focusing on activating the procedures of the Central Bank to implement the objectives of its third strategy, and following up on the decisions issued by the government regarding the use of electronic payment in commercial exchanges and banking operations, and establishing the National Company for Electronic Payment, which was announced by the Central Bank.
Eighth - Reviewing the banking market in Iraq towards activating the implementation of government decisions regarding government banks and the decisions of the Central Bank.
By classifying private banks, merging them, increasing their capital, and adopting them as solid international banks as correspondent banks, activating and accelerating joint procedures from the US Treasury regarding lifting sanctions and restrictions on the use of the US dollar in international transactions, and activating mechanisms, instructions, and controls for private banks’ commitment to complying with international banking standards.
Ninth: The necessity of having a representative of the private banking sector on the Board of Directors of the Central Bank and forming an advisory council for the Central Bank of experts and consultants working in the private banking sector and academics specializing in monetary policy in universities to study policies and programs and express an opinion on them before referring them to the Board of Directors to take the necessary decisions for implementation. link
Mot: .... When ur Finally Growded Up
Mot: . What Goes Around - Comes Back Around!!! ---
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Breaking World News:
BREAKING - London stock market hit by technical fallout‼
BREAKING: Major US airlines including American Airlines, Delta and United grounding all of their flights due to IT issues
BREAKING : A significant Microsoft outage has occurred, causing major issues to dozens of services and affecting thousands to millions of users nationwide
BREAKING: Global IT outage live: Computer havoc caused by Crowdstrike outage could take days to fix - ABC News
Breaking World News:
BREAKING - London stock market hit by technical fallout‼
BREAKING: Major US airlines including American Airlines, Delta and United grounding all of their flights due to IT issues
BREAKING : A significant Microsoft outage has occurred, causing major issues to dozens of services and affecting thousands to millions of users nationwide
BREAKING: Global IT outage live: Computer havoc caused by Crowdstrike outage could take days to fix - ABC News
Widespread technology outage disrupts flights, banks, media outlets and companies around the world
CHARLOTTE GRAHAM-McLAY and ELAINE KURTENBACH
Updated Fri, July 19, 2024 at 7:09 AM EDT
WELLINGTON, New Zealand (AP) — A global technology outage grounded flights, knocked banks and hospital systems offline and media outlets off air on Friday in a massive disruption that affected companies and services around the world and highlighted dependence on software from a handful of providers.
Cybersecurity firm CrowdStrike said that the issue believed to be behind the outage was not a security incident or cyberattack — and that a fix was on the way. The company said the problem occurred when it deployed a faulty update to computers running Microsoft Windows.
But hours after the problem was first detected, the disarray continued — and escalated.
Long lines formed at airports in the U.S., Europe and Asia as airlines lost access to check-in and booking services at a time when many travelers are heading away on summer vacations. News outlets in Australia — where telecommunications were severely affected — were pushed off air for hours. Hospitals and doctor's offices had problems with their appointment systems, while banks in South Africa and New Zealand reported outages to their payment system or websites and apps.
Some athletes and spectators descending on Paris ahead of the Olympics were delayed, but Games organizers said disruptions were limited and didn't affect ticketing or the torch relay.
DownDectector, which tracks user-reported disruptions to internet services, recorded that airlines, payment platforms and online shopping websites across the world were affected — although the disruption appeared piecemeal and was apparently related to whether the companies used Microsoft cloud-based services.
Cyber expert James Bore said real harm would be caused by the outage because systems we’ve come to rely on at critical times are not going to be available. Hospitals, for example, will struggle to sort out appointments and those who need care may not get it.
“There are going to be deaths because of this. It’s inevitable,’’ Bore said. “We’ve got so many systems tied up with this.”
Microsoft 365 posted on social media platform X that the company was “working on rerouting the impacted traffic to alternate systems to alleviate impact” and that they were “observing a positive trend in service availability.”
The company did not respond to a request for comment.
CrowdStrike said in an emailed statement that the company “is actively working with customers impacted by a defect found in a single content update for Windows hosts.”
It said: “This is not a security incident or cyberattack. The issue has been identified, isolated and a fix has been deployed.”
The Austin, Texas-based company's Nasdaq-traded shares were down nearly 15% in premarket trading early Friday.
A recording playing on its customer service line said, “CrowdStrike is aware of the reports of crashes on Microsoft ports related to the Falcon sensor,” referring to one of its products used to block online attacks.
Meanwhile, governments, officials and companies across the world scrambled to respond.
New Zealand's acting prime minister, David Seymour, said on X that officials in the country were “moving at pace to understand the potential impacts,” adding that he had no information indicating it was a cybersecurity threat.
The issue was causing “inconvenience" for the public and businesses, he added.
On Friday morning, major delays reported at airports grew, with most attributing the problems in booking systems of individual airlines.
In the U.S., the FAA said the airlines United, American, Delta and Allegiant had all been grounded.
Airlines and railways in the U.K. were also affected, with longer than usual waiting times.
With athletes and spectators arriving from around the world for the Paris Olympics, the city's airport authority said its computer systems were not affected by the outage, but that disruptions to airline operations was causing delays at two major Paris airports. The Paris Olympics organizers said the outage affected their computer systems and the arrival of some delegations and their uniforms and accreditations had been delayed.
But the impact was limited, the organizers said, and the outages had not affected ticketing or the torch relay.
In Germany, Berlin-Brandenburg Airport halted flights for several hours due to difficulties in checking in passengers, while landings at Zurich airport were suspended and flights in Hungary, Italy and Turkey disrupted.
The Dutch carrier KLM said it had been “forced to suspend most” of its operations.
Amsterdam’s Schiphol Airport warned that the outage was having a “major impact on flights” to and from the busy European hub. The chaotic morning coincided with one of the busiest days of the year for Schiphol.
Widespread problems were reported at Australian airports, where lines grew and some passengers were stranded as online check-in services and self-service booths were disabled — although flights were still operating.
In India, Hong Kong and Thailand, many airlines were forced to manually check in passengers. An airline in Kenya was also reporting disruption.
While the outages were being experienced worldwide, Australia appeared to be severely affected by the issue. Disruption reported on the site DownDetector included the banks NAB, Commonwealth and Bendigo, and the airlines Virgin Australia and Qantas, as well as internet and phone providers such as Telstra.
National news outlets — including public broadcaster ABC and Sky News Australia — were unable to broadcast on their TV and radio channels for hours. Some news anchors went on air online from dark offices, in front of computers showing “blue screens of death.”
Hospitals in several countries also reported problems.
Britain’s National Health Service said the outage caused problems at most doctors’ offices across England. NHS England said in a statement said the glitch was affecting the appointment and patient record system used across the public health system.
Some hospitals in northern Germany canceled all elective surgery scheduled for Friday, but emergency care was unaffected.
Israel said its hospitals and post office operations were disrupted.
In South Africa, at least one major bank said it was experiencing nationwide service disruptions as customers reported they were unable to make payments using their bank cards in stores. The New Zealand banks ASB and Kiwibank said their services were down as well.
Shipping was disrupted too: A major container hub in the Baltic port of Gdansk, Poland, the Baltic Hub, said it was battling problems resulting from the global system outage.
Kurtenbach reported from Bangkok. Associated Press journalists around the world contributed. LINK
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Economics, Gold and Silver, News DINARRECAPS8 Economics, Gold and Silver, News DINARRECAPS8
Good Evening Dinar Recaps,
An Update on Vietnam’s Quest for Crypto Regulation
An article by Hudson Reporter dated April 21, 2024 titled: Vietnam’s Path to Crypto Regulation by 2025: A Governmental Necessity,gives an update on Vietnam's quest for Crypto Regulation.
The article states thatVietnam plans to develop a legal framework for cryptocurrency regulation by May 2025 to address ownership risks and prevent illegal activities such as money laundering
Key Takeaways from the article: 1. Cryptocurrencies are not banned in Vietnam but regulation is urgently needed.
2. The Finance Ministry has been tasked to draft a regulatory framework by May 2025.
3. Measures against misuse, like money laundering, are also being studied. @ Newshounds News™
Good Evening Dinar Recaps,
An Update on Vietnam’s Quest for Crypto Regulation
An article by Hudson Reporter dated April 21, 2024 titled: Vietnam’s Path to Crypto Regulation by 2025: A Governmental Necessity,gives an update on Vietnam's quest for Crypto Regulation.
The article states thatVietnam plans to develop a legal framework for cryptocurrency regulation by May 2025 to address ownership risks and prevent illegal activities such as money laundering
Key Takeaways from the article:
1. Cryptocurrencies are not banned in Vietnam but regulation is urgently needed.
2. The Finance Ministry has been tasked to draft a regulatory framework by May 2025.
3. Measures against misuse, like money laundering, are also being studied.
@ Newshounds News™
To learn more: Hudson Reporter
~~~~~~~~~
DE-DOLLARIZATION CONTINUES TO BE THE THEME OF BRICS NATIONS
"All are trying to make themselves safe. Information leaked not long ago that in the environment when the United States and the whole collective West want to steal Russian money Saudi Arabia is thinking how to reduce dependence on the dollar.THE PROCESS OF DE-DOLLARIZATION IS UNDERWAY, IT CANNOT BE STOPPED, he said."
Quote from Russian Foreign Minister Sergey Lavrov
@ Newshounds News™
Read more:X
~~~~~~~~~
*******************
Crypto Regulations in Vietnam 2024
The post Crypto Regulations in Vietnam 2024 appeared first on Coinpedia Fintech News
Vietnam, a socialist country in Southeast Asia, has a population of 99.46 million and covers 331 thousand square kilometers.It has developed a strong market economy with socialist influences, making it one of the fastest-growing economies in terms of GDP. This economic growth has attracted significant foreign investment.
Vietnamese Government on Cryptocurrencies
Cryptocurrency is not banned in Vietnam,but alegal framework is needed to ensure its proper development and mitigate risks, according to a representative from the Ministry of Justice. Cao Dang Vinh, Deputy Director of the Department of Economic and Civil Legislation, noted on April 12 thatthere are varying understandings of virtual assets, digital currencies, and cryptocurrencies, with different countries adopting diverse management approaches.
Cryptocurrency is not banned in Vietnam: Ministry Cao Dang Vinh noted global variations in cryptocurrency perspectives and the absence of specific regulations in Vietnam. Vietnam lacks a legal framework for cryptocurrencies, stressing the need for regulation.
Cryptocurrencies carry risks that can lead to appropriation or money laundering.Vietnam currently lacks regulations to manage their development, and cryptocurrency is not considered a legal asset.Vinh emphasized the need for a legal framework to prevent these risks and illegal activities.The Ministry of Finance will provide specific proposals, and the Ministry of Justice will offer detailed opinions accordingly.
In addition to this,the Vietnamese state authorities are working on the possible applications ofblockchain technologyin the country.
Blockchain for Vietnam’s Cashless Society
The deputy Prime Minister of Vietnam, Vuong Dinh Hue signed out a policy decision in 2017, setting out the government’s plan to reduce the cash transactions in the country to less than 10%.The State Bank of Vietnam also announced the development of $700 million cashless payment network in collaboration with South Korean payment service provider Alliex. Another bank, Tien Phong Commercial Joint Stock Bank(TPBank) moving one step further in the use of blockchain technology, joined hands with Japan’s SBI Ripple Asia to develop Ripplenet blockchain-based global payment network for processing cross-border transactions.
Launch of the First Money Transfer Service between Japan and Vietnam that Utilize Distributed Ledger Technology (DLT). TPBank is the latest financial institution supported by SBI Ripple Asia to leverage Ripple
****************************
Cryptocurrencies law
In Vietnam, cryptocurrencies were not considered legal means of payment but could be bought, held, and traded.The government continued to reevaluate its approach to the crypto space, with the central bank maintaining that cryptocurrencies were not legal tender.
Cryptocurrencies were categorized as assets or goods under the 2015 Civil Code and the Commercial Law of 2005.These laws defined property broadly to include objects, money, valuable papers, property rights, and movable property, including future assets, allowing cryptocurrencies to be traded within the country.
What led to look over the need of Regulations?
The government of Vietnam cites many official reasons for the need for regulations and ban them as a means of payment,
—The crypto industry has no government supervisionand therefore prone to illegal activities.
—Cryptocurrencies lack customer protectionas they are volatile in nature which leads to price instability, security concerns, and market manipulation.
—Cryptocurrencies are open to illegal activitiessuch as tax evasion, money laundering, terrorist funding and hacking.
The cryptocurrencies might possess the capacity to destabilize existing financial systems which can affect the nation’s economy.
Regulatory RoadMap of Cryptocurrencies
Vietnam has made several efforts to regulate the country’s cryptocurrency space. On21 August 2017,the Prime Minister, Nguyen Xuan Phuc approved a project to complete the legal framework for managing digital assets and their activities.
OnApril 11, 2018,a directive was issued to the relevant authorities to manage crypto transactions in order to analyse the negative impact on the nation’s economy. In the directive, Bitcoin and similar cryptocurrencies were banned for using them as a mode of payments for any goods or services. But the users were free to invest in Cryptocurrencies. Those who found guilty would be penalised with a fine up to VND 200 million ($ 9,000).
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InFebruary 2019,The Ministry of Justice also filed a report that reviewed the current legislation on crypto-related business in the country. They proposed three different policies that the government could consider and start working on the policy selected by the government. They are:
1. Floating and lax Regulatory approach
2. Straightforward approach
3. Legislation of digital Assets transactions under specific conditions.
Recently onMay 11 2020, the Vietnamese Finance Ministry has approved to establish a research group to review, analyse and develop various regulatory policies around crypto-assets. The research group would be comprised of nine members of the group of the following departments,
—General Department of Taxation
—National Institute of Finance
—General Department of Vietnam Customs
—Department of Banking and Financial Institutions of the State Bank of Vietnam
The research group would be led by the Vice-Chairman of State Securities Commission, Pham Hong Son.
Authorities in Vietnam to Establish Crypto Research Group to Evaluate Policy. OnMay 11,the Ministry of Finance in Vietnam said it will come up with a research group responsible for examining & making policy proposals about crypto and virtual assets
1. Taxation and Mining
2. Taxes on Cryptocurrencies
As you have already aware of the fact that, Bitcoin and other cryptocurrencies are not considered as legal tenders and are banned to use them as a mode of payment, the tax policies are also not framed yet. Cryptocurrency taxation in Vietnam remains uncertain due to the lack of a clear legal framework.
The tax authorities have lost a lawsuitagainst a local citizen who was been taxed on the Bitcoin earnings. As the cryptocurrencies are not considered as a legal asset under Vietnamese law, the court ruled the authorities that they have no right to tax him.
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Mining of Cryptocurrencies
The Cryptocurrencies remain illegalas of now and restricted with the use of payment methods andso the mining. It is also considered illegalThe government has also has passed a law whichbans the import of bitcoin mining equipment into Vietnam.
However, the Ministry of Industry and trade expressed displeasure towards the ban and also showed concern over the decline in the mining business.The ministry sent a proposal to the Prime Minister of Vietnam, called the Document 5964 / BTC – TCHQ, mentioning that the mining pieces of equipment are not listed in the banned list of import or unsafe list.Hence the import should be allowed which was accepted by the government.
12-04-2024: Vietnam Does Not Ban Cryptocurrency, Confirms Ministry of Justice
A Ministry of Justice representative clarified that while cryptocurrency isn’t banned in Vietnam, there’s a need for a legal framework to guide its development and mitigate risks.Cao Dang Vinh, Deputy Director of the Economic and Civil Legislation Department, noted varying global perspectives on virtual assets, digital currencies, and cryptocurrencies.
Concluding Note
The Vietnamese Government has now acquired a progressive approach towards regulating the cryptocurrencies and initiated various steps.The various other approaches, however, are still vague and lack clarity.
More laws and reforms are required to ascertain the secured flow of cryptocurrency transactions in the country so that no scams or fraud occur risking the investor’s funds.The future of the cryptocurrencies are more secure and reliable in the country when these regulatory frameworks are put in place.
Read more: Binance
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BASEL 3 AND GOLD REGULATIONS
"Basel III is a set of financial reforms developed by the Basel Committee on Banking Supervision.It introduces stricter capital requirements to increase the resilience of banks. The main focus is on improving the quality of capital, particularly Tier 1 capital,which is essential for absorbing losses."
The Significance of Gold in Basel III Regulations
"Gold’s role in Basel III significantly changes how banks handle this asset. With the new Basel III Bank Accords, gold is taking center stage again as an important asset for financial institutions. The most significant change is that Basel III regulations treat gold held in vaults as a zero-risk asset, a status previously reserved for cash. This change elevates gold’s importance in ensuring the stability and liquidity of banks."
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Impact on Liquidity and Stable Funding
"Gold significantly impacts banks’ liquidity. Under Basel III’s measures, banks must maintain a specific Liquidity Coverage Ratio (LCR) to ensure they have enough high-quality liquid assets to survive financial stress. Gold can be considered part of these High-Quality Liquid Assets (HQLA)"
"Basel III regulations make gold a more attractive asset for banks by allowing bullion held in vaults or on an allocated basis to be treated as cash with a 0% risk weight. "
"Basel III demands that financial institutions hold a higher proportion of physical gold, rather than trading in derivatives. This change increases financing costs and demands more robust liquidity buffers. Banks must now hold physical assets to meet liquidity requirements, pushing the preference for tangible gold. As a result, this regulation stabilizes the gold market by reducing reliance on paper gold and emphasizing the importance of physical gold holdings. This shift supports higher demand and potentially boosts the price and stability of gold in the long term."
"With Basel III, gold is now considered a High-Quality Liquid Asset (HQLA)"
@ Newshounds News™
Read more:Metals Edge
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BASEL 3 ENDGAME
"Many parts of Basel III are already in place worldwide, including the U.S. However, the final changes, called Basel III Endgame and agreed upon in 2017, have been delayed for years by the COVID-19 pandemic and banks calling for more time to adjust to and lobby against the new regulations."
"12 Deadlines have come and gone,with mid-2025 the latest date for when the rules are supposed to go into effect in the U.S., which means announcing them months earlier to provide regulators, banks, and other stakeholders the time needed to prepare to meet the new standards. Banks would start using the rules on July 1, 2025, with the goal of having them fully in place three years later."
What Affect Would Basel III Have on Small and Medium-Sized Banks?
"While Basel III primarily targets very large, internationally active banks, critics charge that its regulations would also affect small and medium-sized banks. "
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When Does Basel III Go Into Effect?
"Since the Basel III Endgame process began, bank requests for more time to digest and comment on the plans, COVID-19, and shifts in the post-pandemic economy have all pushed back the deadlines.As it stands now, the regulations should start taking effect July 1, 2025, followed by a three-year phase-in period to give banks time to transition to the new rules.While previous deadlines have come and gone, the commentary period is over, which offers U.S. federal regulators more room to maneuver in going ahead with implementation."
@ Newshounds News™
Read more:Investopedia
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Chainlink’s tokenization sandbox cuts trials to days instead of months
The sandbox could lead to more financial institutions adopting asset tokenization solutions.
Chainlink is ushering in a new turnkey solution for institutions looking to conduct tokenization trials in the latest development for the tokenization industry.
Chainlink has introduced its new Digital Assets Sandbox (DAS) for financial institutions, which aims to accelerate digital asset innovation.
DAS will enable financial institutions to quickly experiment with new revenue-generating opportunities, like bond tokenization, with improved time-to-market and greater overall efficiency.
According to Angela Walker, the global head of banking and capital markets at Chainlink Labs, the new sandbox was born due to institutional demand for secure digital asset experimentation environments.
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