Iraq News Highlights and Points to Ponder Friday AM 12-27-24

Foreign Policy: Demographic Gift Will Make Iraq A “Global Economic Power” With Washington’s Help

Translated reports |Today  Baghdad Today – Translation  The American newspaper Foreign Policy, which is close to the White House, published a report today, Friday, December 27, 2024, on the population census prepared by the Iraqi government, stressing that the results of the census must be respected by all political parties in Iraq to prevent "dire consequences" and pave the way for "huge investment."

The newspaper said, according to what was translated by "Baghdad Today", that Iraq, which is now enjoying a "demographic gift" as a result of the high percentage of youth among its population, which has reached sixty percent, must invest properly by implementing plans and making decisions that improve the Iraqi economy and raise "investment and entrepreneurship rates and integrate the young workforce into the private sector through government initiatives that guarantee investment," according to its description.

She continued, "The United States must help the Iraqi government to exploit the demographic gift correctly and achieve appropriate economic investment in it to prevent the severe damage that Iraq will be exposed to, and consequently the United States and its interests in the country, if it fails to do so," noting that failure to invest the demographic gift correctly will lead to "high rates of unemployment, crime, and political and security instability."

The network also confirmed that Iraq would be a "huge regional and international economic power if it exploited its demographic gift as East Asian countries did, achieving what was known at the time as their economic miracle during the nineties by exploiting the youth and their high percentages in society."

The Foreign Policy report concluded by stressing that the Iraqi government, along with Washington, must ensure that Baghdad succeeds in exploiting its demographic gift during the coming period, stressing that the real test of the Iraqi government and regime’s ability to lead the country in a correct manner that guarantees continued international support will be after the announcement of the final results of the census expected during the next month.

On November 20 and 21, 2024, Iraq conducted a comprehensive population and housing census, including the Kurdistan Region, the first since 1987.

The Iraqi government announced the preliminary results of the census on the 25th of last month, where the population of Iraq reached more than 45 million people, including foreigners and refugees, and the percentage of the population of working age (15-64 years) reached 60.2%, so that Iraq has entered the demographic gift stage with the percentage of the population of working age reaching 60%.   LINK

Policy   Al-Ekti: There Is No Real Will To Pass The Oil And Gas Law

Information/Baghdad...  On Friday, the member of the Patriotic Union of Kurdistan, Burhan Sheikh Raouf, confirmed that there is no real will to pass the oil and gas law and legislate it in parliament, despite the existence of an agreement in the State Administration Coalition to legislate it within 9 months of the beginning of Al-Sudani’s rule.

Sheikh Raouf told Al-Maalouma, "The Patriotic Union of Kurdistan seeks and stands by resolving all the problems between Baghdad and Erbil and passing the oil and gas law by the House of Representatives."

He added, "There is a need for an oil and gas law and finding solutions to the oil problems between Baghdad and Erbil according to the legal and constitutional frameworks and in cooperation and coordination between the federal and Kurdish governments."

He explained that "the delay in approving the oil and gas law is due to the lack of a real will to legislate it, despite the existence of an agreement within the State Administration Coalition to pass this law within 9 months of the formation of Al-Sudani's government, but the situation did not proceed as agreed upon." End 25N  LINK

What Is The Size Of The Budget Deficit Until Last October?

Money and business  Economy News – Baghdad   Economic expert Nabil Al-Marsoumi revealed, today, Friday, the size of the budget deficit until last October.

Al-Marsoumi said in a tweet followed by "Al-Eqtisad News", "Although the general average of oil prices in the past period was around $73 per barrel, the Iraqi budget until last October recorded a real deficit of 16 trillion dinars after public expenditures rose with advances to about 140 trillion dinars compared to 124 trillion dinars for public revenues."

 The economic expert pointed out that "a large part of this miracle was covered through domestic borrowing, which rose at the end of last October from 70 to 80 trillion dinars." Views 69  12/27/2024 - https://economy-news.net/content.php?id=51339

Uncertainty over the 2025 budget.. Parliament: We don't know anything about it yet

Baghdad Today – Baghdad  Member of Parliament Ahmed Al-Sharmani explained today, Thursday (December 26, 2024), that Parliament does not know anything about the 2025 budget schedules, suggesting that the government is deliberately delaying sending it.

Al-Sharmani said in an interview with "Baghdad Today", "According to the Financial Management Law, the budget or its schedules must reach the House of Representatives at the end of the month (10) of each year, and any delay in doing so is considered a legal violation, especially since this violation has been repeated for many years."

He explained that "the 2025 budget tables are not known to the House of Representatives so far, and the delay in sending them is a violation, and there is no specific date for sending those tables."

Al-Sharmani added, "Perhaps the government will link sending the tables with amending the law proposed in Parliament, and this will delay sending the tables for a long time due to disagreements over the origin of the amendment."

MP Jawad Al-Yassari confirmed on December 19, 2024, that political differences over amending the budget law will delay voting on the 2025 budget schedules, indicating that “the Iraqi government is waiting for Parliament to amend the budget law, so that it can send it the schedules for 2025 according to the amendments.”

It is noteworthy that Member of Parliament Mustafa Al-Karaawi announced on December 8, 2024, the postponement of the second reading of the amendment to the General Budget Law until after the legislative holiday.   LINK

Uncertainty Over The 2025 Budget.. Parliament: We Don't Know Anything About It Yet

Baghdad Today – Baghdad   Member of Parliament Ahmed Al-Sharmani explained today, Thursday (December 26, 2024), that Parliament does not know anything about the 2025 budget schedules, suggesting that the government is deliberately delaying sending it.

Al-Sharmani said in an interview with "Baghdad Today", "According to the Financial Management Law, the budget or its schedules must reach the House of Representatives at the end of the month (10) of each year, and any delay in doing so is considered a legal violation, especially since this violation has been repeated for many years."

He explained that "the 2025 budget tables are not known to the House of Representatives so far, and the delay in sending them is a violation, and there is no specific date for sending those tables."

Al-Sharmani added, "Perhaps the government will link sending the tables with amending the law proposed in Parliament, and this will delay sending the tables for a long time due to disagreements over the origin of the amendment."

MP Jawad Al-Yassari confirmed on December 19, 2024, that political differences over amending the budget law will delay voting on the 2025 budget schedules, indicating that “the Iraqi government is waiting for Parliament to amend the budget law, so that it can send it the schedules for 2025 according to the amendments.”

It is noteworthy that Member of Parliament Mustafa Al-Karaawi announced on December 8, 2024, the postponement of the second reading of the amendment to the General Budget Law until after the legislative holiday.   LINK

Seeds of Wisdom RV and Economic Updates Friday Morning 12-27-24

Good Morning Dinar Recaps,

RUSSIA USES BITCOIN TO AVOID SANCTIONS, FINANCE MINISTER SAYS

Russia has begun using Bitcoin to avoid Western sanctions, according to the country’s Finance Minister Anton Siluanov. In a TV interview this week, the FM confirmed the country is now using cryptocurrency to make and receive international payments, thanks to a new law.

The Kremlin last month created an experimental legal framework for cryptocurrency miners. It included a provision whereby approved entities can use crypto for international trade.

Russia is one of several countries in BRICS that are embracing crypto, especially Bitcoin. Russia in particular has embraced the new digital ruble, and now has Bitcoin as a new alternative to fiat currency.

Additionally, the new Bitcoin law is a benefit for Russian energy companies. Now, the companies can sell to a power-hungry group of domestic bitcoin miners, in an industry that continues to grow. While not all countries that Russia does deals with cater to crypto yet, being one of the first in the region to embrace Bitcoin is a huge step.

In the realm of de-dollarization, Russia’s decision to use Bitcoin in trade is also a plus. While Russia claims that the BRICS bloc is not trying to rid the world of the greenback, the USD is still a rival Russia hopes to overshadow soon. Bitcoin is becoming a more popular alternative to USD and fiat. Even the US is considering a Bitcoin reserve for the greenback’s safety net.

Earlier this year, State Duma deputy Anton Tkachev proposed a Bitcoin Reserve in Russia to protect against Western sanctions. The move goes hand-in-hand with this new law allowing Russia to trade internationally with BTC. 

Furthermore, Tkachev told Finance Minister Anton Siluanov that cryptocurrencies are “virtually the only instrument for international trade” under current restrictions. Russia’s newest law could create a challenge for President-elect Donald Trump as well.

The incoming US president is both a crypto supporter and advocate for U.S. dollar dominance and faces challenges from Putin and Russia. Therefore, his support of both BTC and Fiat could create a conflict in the future.

@ Newshounds News™

Source:  Watcher Guru

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LAWMAKERS PREPARE TO INTRODUCE NEW CRYPTOCURRENCY REGULATIONS IN 2024

▪️U.S. Congress prepares to introduce new cryptocurrency regulations in 2024.

▪️Legislation focuses on stablecoins and market structures like FIT21.

▪️Future approval of these bills depends on congressional priorities in 2025.

@ Newshounds News™

Read More:  Coin-Turk

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MilitiaMan & Crew Iraq Dinar News-Iraqs Wealth Fund-National Currency-Arab World Volume Trading-Iraq up 131%-Why?

MilitiaMan & Crew Iraq Dinar News-Iraqs Wealth Fund-National Currency-Arab World Volume Trading-Iraq up 131%-Why?

12-26-2024

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

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

https://www.youtube.com/watch?v=JOuI3DdGFBE

Iraq Economic News and Points to Ponder Thursday Evening 12-26-24

Iraq Establishes 'Investment Portfolio' To Support Stability Of National Currency

Time: 2024/12/26 Read: 1,612 times   {Economic: Al Furat News} The economic advisor to the Prime Minister, Mazhar Muhammad Salih, revealed Iraq’s first step after extinguishing its foreign debts towards establishing an investment portfolio to support the stability of the national currency.

Saleh explained to {Euphrates News} that: "Since 2004, after Iraq was able to extinguish $100 billion of its accumulated debts, which are called pre-1990 debts resulting from wars and conflicts, and with the improvement in the current account of the balance of payments, the first step taken by Iraq was to establish an investment portfolio of foreign reserves."

He added, "Or what is called the country's foreign exchange reserves that perform the function of stabilizing the value of the national currency or what is called the external value of money."

Saleh said that "these assets that support the stability of the balance of payments and the national currency {i.e. foreign reserves} are one of the aspects of the sovereign funds called {quasi-sovereign wealth fund}."

He pointed out that "they differ from traditional sovereign funds in that their assets are characterized by high liquidity or investment in liquid or semi-liquid assets and are subject to a highly accurate diversification rule in foreign currencies and highly liquid financial investment tools by virtue of their function as international reserves supporting the balance of payments and stabilizing the value of the national currency."  LINK

Parliamentary Finance Committee Settles The Matter: The Dollar Exchange Rate Will Not Change

Money and business  Economy News – Baghdad  The Parliamentary Finance Committee revealed the numbers of employees, retirees and social welfare beneficiaries, confirming that their salaries are fully secured for next year, with no intention to change the dollar exchange rate.

Committee member, Moeen Al-Kazemi, stressed the "need to increase non-oil revenues to ease the burden on the general budget."

Al-Kadhimi stressed that "the government is working to increase revenues from non-oil sources such as taxes, customs, the Communications and Media Commission, and profitable companies in state departments, in addition to collecting water, electricity and other services."

He pointed out that "non-oil revenues could reach 30 trillion dinars in 2025, in addition to 120 trillion dinars of oil revenues, which makes the total revenues sufficient to secure the salaries of 4.2 million employees, and the salaries of 3.5 million retirees," noting that "the allocations for these salaries amounted to 65 trillion dinars in 2024, and it is expected that there will not be a significant increase during the next year."

Al-Kadhimi also explained that "the number of beneficiaries of social care will reach 5 million beneficiaries," stressing "the importance of following a sound financial policy to increase non-oil revenues and ensure financial stability, while maintaining the dollar exchange rate without change." 333 views  Added 12/26/2024 - 3:33 PM  https://economy-news.net/content.php?id=51320

Dollar Exchange Rates Rise In Baghdad Markets On Thursday Morning

Time: 2024/12/26 Read: 1,677 times  {Economic: Al Furat News} The US dollar exchange rate rose this morning, Thursday, in Baghdad markets.    The prices are as follows..

The selling price is 153,000 dinars, while the purchase price is 151,000 dinars per 100 dollars. LINK

The Iraqi Market Trades Shares Worth More Than 6 Billion Dinars In A Week

Stock Exchange  Economy News – Baghdad  The Iraq Stock Exchange announced that it traded shares worth more than 6 billion dinars during four trading sessions until Thursday.

The trading session was not organized yesterday, Wednesday, as it was an official holiday.

According to trading indicators, the number of shares traded during this week amounted to more than 7 billion shares, with a financial value of more than 6 billion dinars.

The ISX60 index closed the first session of the week at (1076.99) points, while the index closed at the end of the week at (1059.19) points, achieving an increase of (1.65%) over its closing at the beginning of the session.

The ISX15 index closed the first session of the week at (1179.37) points, while the index closed at the end of the week at (1159.41) points, achieving an increase of (1.69%) over its closing at the beginning of the session.

During the week, (3033) purchase and sale contracts were executed on the shares of companies listed on the market.

98 views  Added 12/26/2024 - https://economy-news.net/content.php?id=51319

Gold Prices To Rise Significantly... First Predictions In 2025

Economy | 12/25/2024  Mawazine News – Baghdad  American financial expert and investment advisor, Jim Willey, predicted that the year 2025 will witness geopolitical tensions that will lead to a significant rise in gold prices, expecting that an ounce of gold will reach $3,100 in 2025.

Willey wrote in a post on his account on the social networking site “X”, saying: “Gold has been a symbol of wealth and security for centuries, but today it is no longer just a shiny metal, but has become a shield against economic collapses, geopolitical chaos, and reckless financial policies of governments,” noting that there is no need to refer to history books to confirm this fact, which can be seen by simply taking a look at the current reality.

“In the past, a $20 gold coin could buy you a suite at the Plaza Hotel in New York, buy you a high-quality suit, or get you a steak dinner. Today, the same $20 bill can buy three people coffee at Starbucks. Has gold changed? No, gold is still a one-ounce piece of precious metal. What has changed is the purchasing power of paper money, which makes this story one of the most tragic lessons in economic history,” the financial expert explained.

The financial expert touched on the issue of the price of gold in 2025, saying that “historically, every major rise in gold prices has been linked to two main factors: economic instability and geopolitical tensions.

Now, both of these factors are reaching new highs, and no one would be surprised to see gold rise to $3,100 in 2025.”

“Another solid fact about gold is that it thrives in chaos and uncertainty,” Wiley believes. “If world leaders abandon war-mongering and seek lasting peace, gold prices will indeed fall. But let’s be realistic, what about peace? It’s just a nice dream.”

According to Wiley’s predictions, 2025 will see major geopolitical shifts in the world, economic turmoil and financial system disruptions. US economic policies, China’s global strategies and the BRICS experiment with gold-backed currencies will play pivotal roles in shaping gold’s trajectory, and ultimately gold will remain the stable safe haven it has always been.

The financial expert concluded his outlook for the coming year by emphasizing that the future of gold prices is uncertain, but one thing is clear: as long as governments refuse to balance their budgets and continue to engage in geopolitical brinkmanship, gold will not only remain an investment but also a lifeline of stability. Paper currencies will always falter in the face of gold’s enduring resilience, and this is one of the most unchanging truths of humanity. https://www.mawazin.net/Details.aspx?jimare=257892

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

Iraq Economic News and Points to Ponder Thursday Afternoon 12-26-24

How Much Did Iraq’s Internal And External Debt Amount To? An Economic Expert Elaborates
 
Economy  2024-12-25 | Source: Alsumaria News   2,363 views  Economist Nabil Jabbar Al-Tamimi’s chapter on the total Iraqi internal and external debt.

Al-Tamimi said in a statement to Al-Sumaria News, “The total Iraqi and foreign lending institutions external and internal debt amounted to approximately 96 trillion Iraqi dinars, of which 19.5 trillion dinars ($15 billion) are external debts, the majority of which are for the benefit of low-interest international.”

He added,  "The remaining amount is approximately 77 trillion dinars of internal loans, most of which do not require repayment and are approximately 52 dinars for the benefit of the Central Bank, which financed the government in previous times through the issuance of cash through indirect financing methods via treasury transfers.

In other words, approximately 25 trillion dinars are due internal loans." Payment to commercial banks and national bonds, and the remaining 52 trillion dinars to the Central Bank.”
 
Regarding Iraq's most prominent external creditors, Al-Tamimi explained,  "Iraq financing institutions borrows annually from international or foreign financing institutions, including the
 
     German, British, and Japanese funds, and the
     World Bank through the International Finance Corporation and the
     Monetary Fund, as well as the remaining debts for the benefit of the countries in the
     Paris Club and members outside the club associated with the legacy." The system before 2003.”
 
GDP
 
As for the ratio of debts to the Iraqi GDP, Al-Tamimi pointed out that “the  Iraqi is estimated at 250 billion dollars, so the ratio of Iraq’s external debts to the GDP is approximately 6%, which is a low percentage, and the
 
percentage of total debts that must be repaid Excluding the Central Bank’s debts ($55 billion), 22% of GDP remains a reasonable percentage.”
 
As for the most prominent reasons for the accumulation of external and internal debts, he explained that “Iraq’s internal policies external debts are not considered large, and most of these loans were used to finance investment projects.
 
As for internal debts, the reason for their accumulation is due to Iraqi that financed much of the deficit through cash issuance, especially in “The years of war 2014-2016 and the year of the Corona epidemic in 2020.”

Al-Tamimi pointed out that   “there are two types of other debts that were not included in the above calculations:
 
The first is the unofficial debts of the Gulf states linked to financing the Iran-Iraq war in the 1980s, which are estimated at $45 billion.
 
The second is the debts associated with the Iraqi-Chinese agreement, the details of which have not been revealed.” The economic expert concluded:
 
 “External and internal debts do not pose any risks to Iraq, with the exception of loans and debts linked to the Iraqi-Chinese agreement.
 
The amount of interest on those debts or the guarantees provided is not known.”   
 
https://www.alsumaria.tv/news/economy/510765/كم-بلغت-ديون-العراق-الداخلية-والخارجية؟-خبير-اقتصادي-يفصل 

External And Internal Debts Do Not Pose Any Risks To Iraq... Except For One
 
Economy | Today, 23:33 | Baghdad today – Baghdad   The specialist in financial and economic affairs, Nabil Jabbar Al-Tamimi, confirmed today, Wednesday (December 25, 2024), that external and internal debts do not pose any risks to Iraq. Al-Tamimi told "Baghdad Today",
 
"The total external and internal debt of Iraq amounted to approximately 96 trillion Iraqi dinars, of which 19.5 trillion dinars ($15 billion) are external debts,
 
the majority of which are for the benefit of low-interest international and foreign lending institutions, and  the remainder is approximately 77 trillion dinars in loans.

" Internal, most of which do not require payment and are around 52% for the benefit of the Central Bank, which financed the government in previous times through the issuance of cash through indirect financing methods via transfers. "Treasury."  He stated,
 
"In other words, approximately 25 trillion dinars are internal loans payable in favor of commercial banks and national bonds, and
 
the remaining 52 trillion dinars are in favor of the Central Bank."  The specialist in financial and economic affairs added,
 
"External and internal debts do not pose any risks to Iraq, with the exception of loans and debts related to the Iraqi-Chinese agreement.
 
The amount of interest on those debts or the guarantees provided is not known."

Foreign debts constituted a huge burden on Iraq's finances for decades, and  it began paying billions of dollars to a number of countries and organizations around the world as a result of the senseless wars fought by the former regime.
 
Today, under the government of Prime Minister Muhammad Shia al-Sudani,
the country began to breathe a sigh of relief after getting rid of the largest amount of foreign debts.   
 
https://baghdadtoday.news/264654-الديون-الخارجية-والداخلية-لا-تشكل-أي-مخاطر-على-العراق.-باستثناء-واحدة.html   

Economic: Amending Article 12 Affects Basra’s Share Of Petrodollars

December 25 19:34  Information/private..  Economic expert Abdul Rahman Al-Mashhadani confirmed today, Wednesday, that
 
amending Article 12 of the Budget Law related to the costs of producing and exporting the Kurdistan region’s oil affects Basra Governorate’s share of the petrodollar.
 
Al-Mashhadani said in an interview with the “Al-Ma’louma” Agency,
 
“Each oil well in Iraq has different production and transportation costs, and the evidence is in the licensing rounds, where the companies’ profits ranged from one to two dollars per barrel extracted from the southern fields, while the Angolan company profited from the fields.” Qayyarah in Nineveh is $6 for extracting one barrel,” indicating that
 
“estimating the cost of producing oil in the Kurdistan region within the amendment to Article 12 of the Budget Law is subject to By handing over the fields to SOMO Company for calculation estimation.” He added,
 
"There is an objection from the representatives of Basra to this matter, considering that there will be discrimination in the governorate's rights because the share of petrodollars for each barrel will be at its expense," indicating that
 
"it is normal for discussions about this matter to take time, and the delay in approving the general budget for the year 2025 will not affect... Project implementation.
 
It is noteworthy that Parliament has been witnessing an ongoing debate for months about amending Article 12 of the General Budget Law, which relates to the costs of oil production in the fields of the Kurdistan region, while  Erbil seeks to limit the amendment in a way that does not lose control over the oil file in the region.    https://almaalomah.me/news/86388/economy/اقتصادي:-تعديل-المادة-12-يؤثر-على-حصة-البصرة-من-البترودولار   

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

The Next Big Catalyst for Gold will be a Stock Market Crash

Mike McGlone: The Next Big Catalyst for Gold will be a Stock Market Crash

Palisades gold Radio:  12-26-2024

Tom welcomes Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence, to discuss commodities and their prospects for 2025.

McGlone acknowledges challenges such as lower oil and grain prices, harming producers due to a global surplus and decreasing Chinese demand driven by electric vehicle adoption. He anticipates continued declines in industrial metals like copper and explores geopolitical risks, particularly market implications of tensions between the US and adversaries - China, Russia, North Korea, and Iran.

McGlone suggests gold as a prudent investment due to its performance during volatile markets when stocks and Bitcoin underperform.

McGlone discusses technological advancements and their impact on the economy. He suggests an investment strategy of rotating between gold and Bitcoin at highs and lows based on their current divergence in performance.

McGlone expresses concerns over Bitcoin's excessive ETF inflows as a sign of market speculation.

Regarding silver, he suggests the silver-gold ratio should be higher based on volatility and historical patterns, with potential implications if China buys silver through ETFs to address economic challenges.

Anticipating potential corrections in the US stock market, increased unemployment, and bond yield issues could lead to a different silver-gold ratio.

Time Stamp References:

0:00 – Introduction

 0:47 - Commodities in 2025

3:22 - Global Demand Decline

5:08 - U.S. & China Deficits

10:38 - Commodities & Tariffs

 16:34 - Bitcoin 'Indicator'

20:22 - Tether & Treasuries

26:07 - Gold/Bitcoin Ratio

 30:28 - ETF Demand & Flows

33:16 - Market Correction?

37:04 - 2025 Gold Target

39:42 - Thoughts on Silver

42:25 - Concluding Thoughts

43:45 - Wrap Up

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

Seeds of Wisdom RV and Economic Updates Thursday Morning 12-26-24

Good Morning Dinar Recaps,

BRICS TO DITCH US DOLLAR FOR GOLD-BACKED CRYPTOCURRENCY

Over the last year, the BRICS bloc’s ongoing de-dollarization efforts have been a focal point. The collective has sought to limit Western hegemony and establish itself on the grander world stage. Amid its ongoing pursuits, could the BRICS bloc be in line to ditch the US dollar for a gold-backed cryptocurrency?

The economic alliance has been stashing gold reserves for much of 2024, with many believing it could be for its own trade currency. Although the bloc has affirmed that it has no interest in a native currency, it has shown a recent embrace of cryptocurrency. Both could converge on a perfect answer for its ongoing greenback dilemma.

BRICS Cryptocurrency? Why Alliance Could Build Combine Gold & Bitcoin to Take Down US Dollar

The last two years have seen the global south continue to champion the term de-dollarization. Indeed, the economic alliance has sought greater ways to limit Western economic dominance. Throughout last year, the emergence of a BRICS currency has been the focal point of that.

Now, that pursuit has taken center stage. With Donald Trump emerging victorious in the 2024 presidential election, he has threatened 100% tariffs on nations abandoning the dollar. Truthfully, that presents BRICS with one true option: double down or abandon the idea.

To this point, they have opted for the former. But it may not stay that way, as BRICS could ditch the US dollar with a gold-backed cryptocurrency. Although the bloc has not yet announced such an idea, its maneuvering does favor its presence.

For the last two years, the bloc has ferociously accumulated gold reserves. That was supposed to be for an alliance trade settlement currency. Moreover, in 2024 they have opted to dial back opposition to the cryptocurrency sector. Earlier this month, Russian President Vladimir Putin said that no one could control Bitcoin.

That appeared to show his favor of the currency. Nations like China have followed suit, with many believing both could soon embrace digital assets. With an AI and technology alliance being formed under BRICS, blockchain technology could soon be at the forefront.

That would not stop the bloc from developing its very own currency that combines both matters. It would illicit some issues with the West but would also fast-track its ongoing de-dollarization plans. Moreover, it would establish BRICS as a clear global force.

@ Newshounds News™

Source:  Watcher Guru

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“Tidbits From TNT” Thursday Morning 12-26-2024

TNT:

Tishwash:  Expert diagnoses two reasons behind the rise of the dollar against the dinar in Iraq

The economic and financial expert, Abdul Rahman Al-Mashhadani, attributed, on Wednesday, the reasons for the rise of the dollar against the Iraqi dinar to the rumor of the holidays and New Year's Day.

Al-Mashhadani said in an interview with Shafaq News Agency, "The promotion of stopping the platform is a major reason for the rise in the price of the dollar," indicating that "this rumor that spread showed that foreign transfers will stop."

He explained that "this rumor is false, as 97% of the transfers made through the window were transferred to banks that have correspondent banks in a way that enhances the balances. Also, the Christmas holiday is another reason for the demand for the dollar, as there is a lot of travel during these days."

Al-Mashhadani expected that "the situation will stabilize and the dollar will return to its normal status after the holiday."

The price of the dollar rose gradually in local markets, where it recorded 152,300 dinars for every 100 dollars in the Al-Kifah and Al-Harithiya stock exchanges, and 152,200 dinars for every 100 dollars in Erbil, the capital of the Kurdistan Region.  link

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Tishwash:  Government Advisor: Iraq Seeks to Establish Sovereign Wealth Fund

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed that Iraq is seeking to establish a sovereign wealth fund.

Saleh told Al Furat News Agency: "Iraq seeks to establish a sovereign wealth fund, especially after the conflicts and wars that have been going on for less than half a century, and the previous regime's major role in wasting the country's resources and wealth, have transformed the surplus in the current account of the balance of payments into a net deficit due to the deterioration of the national economy's export sectors, most notably the oil sector."

Saleh pointed out that "the increase in foreign debts in the past decades was an alternative to establishing a sovereign fund for foreign wealth that relies on surplus oil revenues that can be invested in a diversified investment portfolio whose returns support the state's general budget in general and the investment budget, according to the absorption capacity in particular, similar to countries such as Norway, China, the Gulf countries, and other countries of the world."

Iraq has previous experience in establishing a sovereign wealth fund, through the establishment of the Iraqi Fund for External Development, which was established under Law No. 77 of 1974. However, after that, the work of this fund was limited to managing Iraq’s financial contributions to regional and international organizations and bodies. There was also an attempt to establish two sovereign funds for Iraq in 2018, but they remained without practical implementation.

Countries' economies are divided into three categories based on their source of income: economies with diverse sources of income, economies with a single source of income (“single-basket economies”), and the third category is between them. 

Iraq falls within the second group, as Iraq is considered a rentier state, due to its almost complete dependence on revenues from the sale of crude oil, as oil revenues constitute more than “90 percent” of the total revenues of the general budget, and contribute about “45-60 percent” of the formation of the gross domestic product.  link

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

Tishwash:  Parliamentary Finance Committee comments on the fluctuation of the dollar price and threatens to host the Governor of the Central Bank of Iraq

Member of the Parliamentary Finance Committee, Jamal Kocher, described on Wednesday the fluctuation of the dollar exchange rate in the parallel market as "temporary", while he indicated that if the rise continues, we will head to host the governor of the Central Bank of Iraq.

Kocher told Shafak News Agency, "The Parliamentary Finance Committee is closely following up with the Central Bank the dollar exchange rate in the parallel market, and that the rise and fall of the exchange rate is temporary and not fixed."

He added that "if the rise continues during the coming period, there will be another opinion from the House of Representatives," adding that "the Finance Committee, if the rise continues, will head to host the Governor of the Central Bank in the House of Representatives."

The Iraqi market witnessed a significant increase in the exchange rate of the dollar against the Iraqi dinar, as it exceeded 150 thousand dinars for every hundred dollars, despite the government measures taken to control its price in the parallel market.

It is noteworthy that since the beginning of 2023, Washington has intervened to limit the smuggling of dollars from Iraq, which led to its price rising in the local market to a record level of 170,000 dinars per 100 dollars, due to the decline in the Central Bank of Iraq’s sales of dollars, before it declined again and the Central Bank returned to selling dollars at auction.

It is worth noting that currency smuggling is ongoing, despite controls on banks, and is carried out via bags transported overland to Turkey and Iran, after withdrawing dollars from the local market and not through the official dollar selling window. Specialists have called it “black transfers,” and it has become a phenomenon that has not been controlled at the moment.

In addition to the "black transfers", Iraq witnessed other operations to withdraw the dollar at its official price and sell it at the parallel market price, by exploiting the dollar granted to travelers, returning to Iraq and selling it to achieve large profits. The name "sailors" was given to those who do this work, especially some travel and tourism companies.  link

Mot:  ... Dang!! -- Tough Night Hes Having fur Sure!!!

Mot: ......... How Can Ya Tell the age -----duct tape on tree box

The Collapse of the US Empire

The Collapse of the US Empire

WTFinance:  12-24-2024

In a recent episode of the WTFinance podcast, host John Smith welcomed back the renowned economist and social critic, Professor Richard Wolff.

Known for his compelling critiques of contemporary economic systems and his role as the Founding Director of Democracy at Work, Wolff brought his expertise to the discussion on the economics of 2024 and what the future may hold for the United States and the global economy.

As the world approaches 2024, Wolff highlighted several significant economic trends that could shape the year. One of the key themes was the potential for another “Roaring Twenties,” a term often associated with the economic boom following World War I in the United States.

Wolff noted that while the conditions for such a renaissance might exist, the reality is tempered by internal challenges facing the U.S., such as income inequality, labor unrest, and political polarization.

Wolff discussed the inward-looking nature of the U.S. economy, which has shifted in recent years due to various factors, including geopolitical tensions and a pandemic-driven re-evaluation of global supply chains. He posited that this inward focus could lead to both challenges and opportunities for growth.

A resurgence of domestic manufacturing, for instance, may boost local economies, but it requires a careful balance of investment in technology and workforce development.

Another critical aspect of the conversation revolved around the effects of large-scale migration on the U.S. economy. Wolff emphasized that an influx of immigrants can lead to wage increases across various sectors. The resulting demographic shift could drive demand for goods and services, stimulating economic growth. However, he cautioned that without proper integration policies and support systems, tensions could arise, impacting the overall economic landscape.

As the discussion progressed, Wolff articulated a vision for systemic change to alter the current economic trajectory. He stressed the importance of collective action, both in the workplace and within communities, to challenge the status quo.

 Wolff called for policies that promote cooperative business models, worker ownership, and equitable distribution of resources as means to create a more just economy. By empowering workers and encouraging grassroots movements, he believes society can effectively counteract the dangers of a collapsing economic system.

Perhaps the most impactful message from Wolff’s conversation was the emphasis on collective action as a necessary tool for change. In a world grappling with economic uncertainty and inequality, the notion that individuals can come together to drive systemic reform was a powerful reminder of the potential for social and economic transformation.

Wolff encouraged listeners to engage in conversations about alternative economic structures and to explore new avenues for collaboration and community empowerment.

The WTFinance podcast episode featuring Professor Richard Wolff provided a thought-provoking analysis of the upcoming economic landscape of 2024. From the possibilities of a renewed economic boom to the challenges posed by migration and systemic inequality, Wolff’s insights are invaluable for anyone seeking to understand the complexities of modern economics.

As we move forward into a new year, his call for collective action and systemic reform remains a crucial reminder of the power of community in shaping a more equitable economic future.

https://youtu.be/1NmVbztjAp4

Iraq Economic News and Points to Ponder Wednesday Afternoon 12-25-24

What Are Iraqis Waiting For After News Of The “Sudden Suspension” Of The Dollar Selling Platform By The Central Bank?

 Economy | Yesterday,  Baghdad today – Baghdad   Today, Tuesday (December 24, 2024), the specialist in financial and banking affairs, Alaa Al-Fahd, commented on the impact of stopping the “platform” by the Central Bank on the markets during the next stage.

Al-Fahd said, to “Baghdad Today,” that  “the Central Bank of Iraq worked during the previous period with a plan through

      an auction to sell the currency in the first stage, then

     establishing the electronic platform and

     working intensively to find methods of correspondence between local banks and foreign banks with which we have commercial relations and their results in transfers.”

“For this reason,  the bank announced some time ago that at the end of the current year, the platform will be stopped and there will be direct correspondent banks.” He stated,

 "This is normal.

 All central banks in the world's mission is to maintain monetary policy and not sell the currency.

 There is no central bank in the world that      sells the currency and   mediates in the buying and selling of the currency.

 This work is the jurisdiction and responsibility of the banks and exchange companies.

This matter is correct and it is a major challenge."

 So that the relationships are direct commercial and banking, according to supervision by the Central Bank of Iraq.” He added,

 "Stopping the platform will not affect the local markets regarding the exchange rate of the dollar, but  there are those who are trying to spread rumors that this step will change the exchange rate, so

 selling the same dollar that the Central Bank of Iraq was selling through the platform will be sold to banks and banks that have...

Relations with foreign banks so that the transfer is direct according to electronic transactions and monitoring, and for this reason the situation is under control and there is no fear of the influence of the markets.”

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

Al-Hashemi said in a post on the social networking site “Facebook,” followed by “Baghdad Today,” that

 “stopping the platform without an official announcement by the Central Bank may indicate that there is uncertainty and fear about the results of stopping the platform on the dollar exchange rates, and

 not announcing it could It gives the Central Bank an opportunity to disavow and evade the decision to stop the platform and return to operating the platform, even temporarily, in the event that the dollar begins to rise to significant rates.”    

https://baghdadtoday.news/264554-ماذا-ينتظر-العراقيون-بعد-انباء-الإيقاف-المفاجئ-لمنصة-بيع-الدولار-من-قبل-البنك-المركزي؟.htm l  

Do Regional Challenges Play A Role In The Continued Rise Of The Dollar In Iraq?
 
December 24, 2024  Baghdad/Iraq Observer   The researcher and specialist in financial and banking affairs, Mustafa Hantoush, confirmed that the 
 
reason behind the continued rise in the exchange rate of the dollar against the Iraqi dinar is the amount of demand for it in the parallel market, while  calling for the necessity of conducting an extensive study to analyze the reasons for this rise.  Hantoush told the Iraq Observer,
 
 “One of the most important reasons behind the continued rise in the exchange rate is the collapse of the Iraqi banking system due to the control of Jordanian and Gulf banks over the dollar, which caused the lack of competition and monopoly of the dollar.”  He added,
 
"Among other reasons is the existence of huge trade with Iran and Syria without an official platform or commercial solutions or even preventing it.
 
It is a continuous trade and without any official restrictions.
 
In addition to the fact that travelers, who number in the millions, to Iran and Syria, they move without the cover of the dollar."

He continued,   “Because there are small merchants, numbering in the thousands, who do not have companies or import licenses, which caused pressure on the parallel market,
 
therefore all of the above were not covered through the currency auction, which led to the continued state of fluctuation in exchange rates.”
 
The person concerned with financial and banking affairs continues to say that
 
“there are fears of wars in the region that push market traders and citizens to exaggerate the quantities imported and purchased, and also push some citizens to save dollars in anticipation of any emergency.”

Today, Tuesday, the exchange rates of the US dollar against the dinar recorded an increase in the local markets in the capital, Baghdad. The Iraq Observer correspondent said that
 
dollar prices rose with the opening of the Al-Kifah and Al-Harithiya stock exchanges to record 151,200 dinars for every 100 dollars, while yesterday morning, Monday, they recorded 151,000 dinars for every 100 dollars. He added that
 
selling prices in exchange shops in local markets in Baghdad rose, as the selling price reached 152,250 dinars, while the purchase price reached 150,250 dinars for every 100 dollars. https://observeriraq.net/هل-للتحديات-الاقليمية-دور-بأستمرار-ار/   

The Central Bank Of Iraq Launches Strategic Projects To Support Digital Transformation
 
December 24, 2024   His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Al-Alaq, announced the  launch of strategic projects to support digital transformation in the country.
 
    His Excellency the Governor affirmed in his speech during the fourth annual international scientific conference, which was entitled
(Digital Financial Services - Challenges of Reality and Foresight of the Future), that
 
“the Central Bank paid great attention to digital transformation as one of its goals within its third strategic plan for the years 2024 to 2026 to enhance work efficiency.” banking, improving financial performance and meeting customer needs in light of rapid technological development.”    His Excellency noted that,
 
“The Central Bank has made great strides to support digital transformation by developing the technical infrastructure and issuing regulations and instructions that contribute to enhancing financial inclusion,” noting that
 
“it has begun launching strategic projects, including the instant payments project, local cards, and unified payment gateways, as well as issuing controls.” To license digital banks in Iraq, taking into account cybersecurity requirements and the risks associated with this transformation.    His Excellency added,
 
"Cybersecurity represents one of the most important challenges facing us today.
 
Therefore, the Central Bank launched projects to enhance cybersecurity by developing the tools and systems of the Cybersecurity Management Center, and  adopting an advanced approach to enhance cybersecurity for the Central Bank and the banking sector."   

His Excellency stressed  "the Central Bank's commitment to continuing its efforts to achieve financial digital transformation and enhance innovation and sustainability in the financial sector."      
 Central Bank of Iraq      Media office      December 24, 2024   https://cbi.iq/news/view/2745   

Positive Indicators For The Third Quarter Of 2024

 December 24, 2024   1. Growth in the volume of cash deposits and credit of operating banks by (4.2%) and (11.6%), respectively:

 Total deposits with banks operating in Iraq recorded a growth of (4.2%) in the third quarter of 2024, reaching a value of (127.6) trillion dinars, compared to their value of (122.4) trillion dinars in the third quarter of 2023. In contrast, the

 cash credit record Granted by public banks grew by (11.6%) in the third quarter of 2024, as its value reached (72.7) trillion dinars, compared to Its value amounts to (65.1) trillion dinars in the third quarter of 2023.

 Positive indicators for the third quarter of 2024 File-173502791644793

https://cbi.iq/static/uploads/up/file-173502791644793.jpg

 2. Growth in the volume of cash deposits and credit to private banks by (14%) and (15.1%), respectively:

 Deposits with private banks operating in Iraq recorded a growth of (14%) in the third quarter of 2024, reaching a value of (18.7) trillion dinars, compared to their value of (16.4) trillion dinars in the third quarter of 2023.

 On the other hand, it achieved Monetary credit granted by private banks grew by (15.1%) in the third quarter of 2024, reaching a value of (12.2) trillion dinars, compared to With a value of (10.6) trillion dinars in the third quarter of 2023.

 It should be noted that these percentages reflect the increased confidence of economic units in private banks operating in Iraq.

 Positive indicators for the third quarter of 2024 File-173502819314514

https://cbi.iq/static/uploads/up/file-173502819314514.jpg

 3. Growth in the volume of deposits and cash credit to the private sector by (3%) and (8.6%), respectively:

Private sector deposits with banks operating in Iraq recorded a growth of (3%) in the third quarter of 2024, reaching a value of (56.1) trillion dinars, compared to their value of (54.4) trillion dinars in the third quarter of 2023. On the other hand, credit achieved...

 Cash granted to the private sector by banks operating in Iraq grew by (8.6%) in the third quarter of 2024, reaching a value of (42.8) trillion. dinars, compared to its value of (39.4) trillion dinars in the third quarter of 2023.

 It should be noted that this increase reflects increased private sector confidence in banks operating in Iraq.

 Positive indicators for the third quarter of 2024 File-173502835431430

https://cbi.iq/static/uploads/up/file-173502835431430.jpg

 4. Growth of the money supply in the narrow sense ( M1 ) by (4.1%), and the money supply in the broad sense ( M2 ) by (3.3%):

The money supply in the narrow sense in Iraq recorded a growth of (4.1%) in the third quarter of 2024, as   its value reached (158.6) trillion dinars, compared to its value of (152.4) trillion dinars in the third quarter of 2023.

 On the other hand, the money supply in the narrow sense recorded Broadband in Iraq grew by (3.3%) in the third quarter of 2024, as its value reached (179.8) trillion dinars, compared to its value of (173.9) trillion dinars in the third quarter of 2023.

 Positive indicators for the third quarter of 2024 File-173502876777164

https://cbi.iq/static/uploads/up/file-173502876777164.jpg

 5. Growth of gold reserves at the Central Bank by (57%):

 Gold reserves at the Central Bank of Iraq recorded a significant growth of (57%) in the third quarter of 2024, reaching a value of (16.8) trillion dinars, compared to its value of (10.7) trillion dinars in the third quarter of 2023.

It should be noted that gold reserves are an important hedge against the risks of falling global oil prices.

Positive indicators for the third quarter of 2024 File-173502907237970

https://cbi.iq/static/uploads/up/file-173502907237970.jpg

6. The annual inflation rate for the months of August and September was (3.7%) and (3.1%), respectively:

 Annual inflation rates in Iraq are among the lowest annual inflation rates in the countries of the region for the months of August and September of 2024, as the rest of the rate is acceptable at (3.7%) and (3.1%), respectively, and  this reflects price stability and the success of monetary policy in Iraq.

 Positive indicators for the third quarter of 2024 File-173502988143405

 https://cbi.iq/static/uploads/up/file-173502988143405.jpg  https://cbi.iq/news/view/2744     

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

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

TNT:

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

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

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

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

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

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

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

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

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

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

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

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

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

Central Bank of Iraq
Media Office
December 24, 2024  link

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

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

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

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

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

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

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

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

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

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

Mot:  ......... The List!!!!