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

Iraq Dinar News-IQD Dinar-No Debt-CBI Gov in Place-Digitization-Show Cased-to Raise Value of the IQD

MilitiaMan and Crew: 8-11-2024

https://www.youtube.com/watch?v=8nPCIBAmO24

Good Morning Dinar Recaps,

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Software walletscan be used for handling keys and carrying out transactions, as they are simple to use in desktop or mobile applications. But, they do not offer very high security because they can be influenced by malware or hacking.

2. Avoid using simple passwords or ones that have been used before on other accounts.

3. Use two-factor authentication (2FA) as a second layer of security, which will ask for a different verification like a code sent to your mobile.

4. Always make sure that you are updated with the latest updates on your software and wallet firmware – this is important so as to have all security fixes in place and safeguard against any known vulnerabilities.

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Less than a year ago, the zone approved XRP for use, meaning licensed crypto firms operating within can incorporate the token into their services. "

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Source:CryptoPotato

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The company, which controls a significant portion of the Venezuelan broadband market, has left thousands of Venezuelans without access to their savings and even P2P markets, which are popular among those using crypto as a savings tool."

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“Dedollarisation?” THIS is what EVERYONE is MISSING | George Gammon

Jay Martin: 8-11-2024

In this episode of The Jay Martin Show, Jay sits down with George Gammon, a renowned macro-finance educator and investor, to delve into the most pressing economic issues of our time.

The discussion kicks off with an analysis of the recent market correction and its implications for the medium-term economic outlook. George provides deep insights into the significance of the yield curve inversion and its historical correlation with recessions, explaining why this indicator is often a harbinger of economic downturns.

The conversation then shifts to the global trend of de-dollarization, where George breaks down the mechanics of how the U.S. dollar's dominance could be threatened and what this could mean for the global financial system.

The episode also covers the potential impacts of the unwinding of the yen carry trade and its ripple effects across global markets.

As the discussion progresses, George offers his perspective on the likelihood and potential severity of a looming recession, drawing parallels to past economic crises.

He emphasizes the importance of understanding these cycles and being prepared for what might come next. To conclude, George shares his personal strategies for building a resilient investment portfolio designed to withstand economic turbulence, offering actionable advice for viewers looking to protect their wealth in uncertain times.

This episode is a must-watch for anyone interested in understanding the forces shaping the global economy and how to navigate the challenges ahead.

https://www.youtube.com/watch?v=Uh6IuI8oMnk

Central Banks Show Us The TRUTH...

Lynette Zang: 8-11-2024

Today we are discussing the central banks around the world repatriating their gold and what that means for you...

https://www.youtube.com/watch?v=z2kPbERDftM

BRICS To Leave UN: What's going on?

Fastepo: 8-11-2024

Countries within the BRICS group and other Global South nations have voiced growing dissatisfaction with the United Nations, citing several key issues.

Chief among these is the undue influence that Western nations wield in major international organizations and decision-making bodies.

These nations contend that the current UN structure does not adequately reflect their interests or perspectives, leading to calls for a more democratic and inclusive approach.

During a recent BRICS summit, leaders highlighted the need for comprehensive reforms within the UN, emphasizing the importance of enhancing the participation of emerging nations.

Central to their demands is a reevaluation of the Security Council's composition and the reconsideration of the veto power held by its permanent members.

This dissatisfaction has sparked numerous calls for significant reforms, or even a complete overhaul of the UN, with the goal of establishing a more equitable and representative system of global governance.

In this video, we will explore these proposed changes and the motivations behind them.

https://www.youtube.com/watch?v=cwlq1qC93BM

Parliamentary Committee To Nina: A Government Team Is Preparing A New Draft Of The Oil And Gas Bill

Sunday 11 August 2024 | Economic Number of readings: 127 Baghdad / NINA / The Parliamentary Oil, Gas and Natural Resources Committee revealed the fate of the oil and gas bill that has been stalled since successive parliamentary sessions.

The Vice Chairman of the Committee, Nahro Mahmoud Qader, stated in a statement to the National Iraqi News Agency ( NINA ): "The oil and gas bill has not reached the corridors of the House of Representatives yet, and has not been presented for discussion within the Council of Ministers yet."

He added: "No new draft of the bill has reached the House of Representatives at the present time," indicating that "Prime Minister Mohammed Shia al-Sudani has assigned a" tripartite ministerial team "to prepare a new final draft that will be presented first within the Council of Ministers for approval, and then sent to the House of Representatives later," ruling out at the same time that this law will be legislated during the current legislative session of the House of Representatives. /End5

https://ninanews.com/Website/News/Details?Key=1147107

Gold Prices Stabilize As Dollar Falls In Baghdad

Stock Exchange Economy News – Baghdad The prices of "foreign and Iraqi" gold stabilized in the local markets in the capital, Baghdad, today, Sunday (August 11, 2024).

Gold prices in the wholesale markets on Al-Nahr Street in the capital, Baghdad, this morning recorded a selling price for one mithqal of 21 karat Gulf, Turkish and European gold of 516 thousand dinars, and a purchase price of 512 thousand dinars.

The selling price of one mithqal of 21-karat Iraqi gold reached 486 thousand dinars, and the purchase price was 482 thousand.

As for gold prices in goldsmiths’ shops, the selling price of a mithqal of 21-karat Gulf gold ranges between 520,000 and 530,000 dinars, while the selling price of a mithqal of Iraqi gold ranges between 490,000 and 500,000 dinars.

The exchange rate of the US dollar fell against the Iraqi dinar on Sunday morning in Baghdad markets.

The dollar prices recorded a decrease with the opening of the Al-Kifah and Al-Harithiya stock exchanges, at 149,750 dinars, while yesterday, Saturday, it recorded 150,150 dinars for every 100 dollars.

125 views 2024/08/11 - https://economy-news.net/content.php?id=46151

Oil Announces A Decrease In The Percentage Of Product Imports To More Than 50 Percent

Energy Economy News – Baghdad The Ministry of Oil announced, on Sunday, that the import of petroleum products has decreased by more than 50% during the past two years, while indicating that local production is sufficient to absorb cars, generators, and everything related to power stations.

The media manager of the Oil Products Distribution Company, Rafid Sadiq, said in a statement reported by the official news agency, and seen by "Al-Eqtisad News", that "the oil company can talk about the daily consumption rates of oil derivatives, but the production rates are the tasks of the refining sector, and the Ministry of Oil has multiple sectors, including (refining, gas, extraction and distribution) isolated from each other."

He added, "The current production of gasoline and kerosene is about 30,000,000 liters per day, in addition to the increase in the past two months in kerosene for private generators," noting that "the consumption and import rate two years ago for kerosene and white oil reached 50%, and after the Prime Minister's government came to power, it declined to zero.

As for gasoline, the rate decreased from 50% to 25%, and these rates helped bring the Karbala refinery into service and expand the refineries in Dora, Haditha and Basra, and return the Baiji refinery to work at almost full capacity."

He pointed out that "these factors helped reduce the level of imports from 16 million of gasoline per day to about 7 million, and the numbers were similar for kerosene and white oil, and now there is no import of these two materials," indicating that "local production is sufficient to absorb cars, generators and everything related to power stations, but limited imports of gasoline remained due to the entry of some projects that are counted on in the FCC unit in Basra and the gasoline improvement unit in Dora, according to what is planned to reach zero imports of all petroleum derivatives."

He explained, "There is no specific number for the production, but last year more than 360,000 barrels were added to the refining capacity of the Ministry of Oil." 115 views Added 2024/08/11 - https://economy-news.net/content.php?id=46159

Iraq's Oil Exports To The United States Fell Last Week

Sunday 11 August 2024 11:09 | Economic Number of readings: 187 Baghdad / NINA / The US Energy Information Administration announced today, Sunday, that Iraq's oil exports to the United States decreased during the past week.

The administration said in a table, "The average US imports of crude oil during the past week from 9 major countries amounted to 4.198 million barrels per day, down by 1.356 million barrels per day from the previous week, which amounted to 5.554 million barrels per day."

It added that "Iraq's oil exports to America amounted to 143 thousand barrels per day last week, down by 35 thousand barrels per day from the previous week, which amounted to 178 thousand barrels per day."

The largest oil revenues to America during the past week came from Canada, followed by Saudi Arabia, then Brazil, Ecuador and Mexico, as US imports of crude oil continued from Colombia, Nigeria and Libya. / End 11 https://ninanews.com/Website/News/Details?key=1146988

Oil Heads For Weekly Gains Amid Rising Mideast Tensions, Improving US Outlook

Saturday 10 August 2024 09:34 | Economic Number Of Readings: 170 Baghdad / NINA / Oil prices fell slightly in early Asian trading on Friday, but are on track to achieve gains of more than 3% this week after US jobs data eased demand concerns, as well as continued concerns about the spread of the conflict in the Middle East.

Brent crude futures fell nine cents, or 0.11%, to $79.07 a barrel by 00:30 GMT, while US West Texas Intermediate (WTI) crude futures fell one cent to $76.09 a barrel.

However, both crudes are on track to record gains of more than 3% on a weekly basis, according to Reuters.

"Crude oil continued to recover from its latest decline as markets focus on escalating geopolitical risks," said Daniel Hynes, an analyst at ANZ.

Libya's National Oil Corporation also provided some support when it declared force majeure at the Sharara oilfield effective Wednesday, stating that the field's production was being gradually reduced due to protests.

Prices rose after data showed the number of Americans filing new claims for unemployment benefits fell more than expected last week, suggesting concerns about a deteriorating labor market were overblown.

The dollar rose after the jobs data. A stronger dollar typically weighs on oil prices because buyers using other currencies have to pay more for dollar-denominated crude. https://ninanews.com/Website/News/Details?key=1146792

Foreign Remittance Sales Rise At Central Bank Of Iraq Auction

Time: 2024/08/11 15:28:13 Reading: 897 times {Economic: Al Furat News} Foreign remittance sales rose in the Central Bank auction on Sunday by 93% over cash sales, reaching more than $257 million.

Today, the Central Bank sold during its auction for buying and selling the US dollar 274 million, 469 thousand, and 407 dollars, covering it at a basic exchange rate of 1310 dinars per dollar for documentary credits and international settlements for electronic cards, and at a rate of 1310 dinars per dollar for foreign transfers, and at a rate of 1305 dinars per dollar in cash.

Most of the dollar sales went to boost balances abroad in the form of transfers and credits, which amounted to $257,110,407, up 95% from cash sales of $17,350,000.

The number of banks that purchased cash dollars was two, while the number of banks that met requests to enhance balances abroad was 16 banks, and the total number of exchange companies participating in the auction was 13 companies. LINK

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

Good Morning Dinar Recaps,

Key Takeaways

▪️The Bretton Woods agreement and system created a collective international currency exchange regime that lasted from the mid-1940s to the early 1970s.

▪️The Bretton Woods system required a currency peg to the U.S. dollar which was in turn pegged to the price of gold.

Approximately 730 delegates representing 44 countries met in Bretton Woods in July 1944 with the principal goals of creating an efficient foreign exchange system, preventing competitive devaluations of currencies, and promoting international economic growth.

The Bretton Woods agreement and system were central to these goals. The agreement also created two important organizations—the International Monetary Fund (IMF)andthe World Bank.

Benefits of Bretton Woods Currency Pegging

The Bretton Woods system included44 countries.These countries were brought together to help regulate and promote international trade across borders.

Countries were required to monitor and maintain their currency pegs which they achieved primarily by using their currency to buy or sell U.S. dollars as needed.

The Bretton Woods system, therefore, minimized international currency exchange rate volatility which helped international trade relations.

The Bretton Woods agreement created two institutions,the IMFandthe World Bank. Formally introduced in December 1945, both institutions have withstood the test of time, globallyserving as important pillars for international capital financing and trade activities.

Thepurpose of the IMFwas to monitor exchange rates and identify nations that needed global monetary support.

The Bretton Woods System Collapse

The Bretton Woods system—which required a currency peg to the U.S. dollar and linked the value of the dollar to gold—is no longer in effect.

Previously, the U.S. dollar was backed by gold. Today, the U.S. dollar isn't backed by anything, other than the U.S. government's own ability to generate revenue.

The Bottom Line

The Bretton Woods agreement established a currency exchange regime system in 1944, following years of negotiations among 44 nations.

This system required a currency peg to the U.S. dollar which was in turn pegged to the price of gold. The Bretton Woods system ultimately would go on to collapse in the 1970s.

The Bretton Woods agreement also established institutions such as the International Monetary Fund and the World Bank, both of which continue to play an important role in the financial world today.

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Tishwash: Al-Alaq: 44 billion dinars is the volume of fuel sales via electronic payment in a month in Baghdad

The Governor of the Central Bank, Ali Al-Alaq, confirmed today, Saturday, that payment transactions at fuel stations in Baghdad recorded more than (44) billion dinars in July of this year.

Al-Alaq said during a workshop specializing in electronic payment, "The Central Bank of Iraq is working side by side with the government program and the Prime Minister's direction to support electronic payment."

He added: “We are proud of what we have achieved so far. In 2023, the amounts processed through the national switchboard witnessed a significant increase, reflecting the development of the infrastructure, the expansion in the use of electronic payment channels, and the impact of the campaign launched by the Prime Minister to activate electronic payment operations in general, and in the government sector in particular.”

The Governor of the Central Bank explained that "these upward trends continued to develop in 2024, as the amounts processed in the national switchboard systems amounted to more than (2) trillion Iraqi dinars in July alone, compared to (800) billion dinars in the same month of 2023, after which it became (1) trillion dinars in January of 2024, and government payments witnessed an additional increase, reaching (912) billion Iraqi dinars last July compared to (287) million dinars in the same month of 2023."

He pointed out that "payment operations at fuel stations in Baghdad alone increased significantly, recording more than (44) billion dinars in July of this year, compared to (183) million dinars in July of 2023 and (4.5) billion dinars in December 2023."

Al-Alaq revealed "a huge increase in the number of POS points of sale to reach more than (50) thousand POS points of sale this year, compared to approximately (11) thousand POS points of sale at the beginning of 2023, and thousands of them in government institutions after they were zero before the launch of the campaign in June 2023."

He expressed his "hope that government institutions would adopt the establishment of specialized units in electronic payment technologies to work on following up and developing this important aspect." link

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Tishwash: Al-Alaq: The Central Bank is working with the Prime Minister’s direction and the government program to support electronic payment

- Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, confirmed today, Saturday, that the Central Bank is working with the Prime Minister's direction and the government program to support electronic payment.

The governor expressed his "hope that government institutions will adopt the establishment of units specialized in electronic payment technologies to work on following up and developing this important aspect." link

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Tishwash: Iraq's External and Internal Debts: Details and Figures from the Prime Minister's Financial Advisor

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, revealed the size of Iraq's internal and external debts.

Saleh said, in a statement to the media followed by "Al-Eqtisad News", that "Iraq is no longer, in terms of its balance of external debt, one of the countries with high debts, as the external debts due during the current decade do not exceed, in all cases, 9 billion dollars, and the general budget provides sufficient annual allocations to service all debts, which means paying installments and interest, according to the nature of the debt, which is what is called debt amortization."

He added, "Accordingly, Iraq has not recorded any default in paying its external debt obligations over the past twenty years, as payment mechanisms are carried out in accordance with strict financial and banking rules that are highly coordinated between the Ministry of Finance and the Central Bank of Iraq, which has shown sustainable stability in creditworthiness indicators with international rating agencies, since the adoption of the first credit rating for Iraq in 2016 until the present time."

Saleh continued, "As for the internal debt, which amounts to nearly 78 trillion dinars or about 60 billion dollars, it is a debt existing within the government financial and banking system (exclusively) at a rate of 96%, and most of that debt was issued with debt instruments represented by government bonds of various terms and treasury transfers with a term of one year, and all of them carry an interest rate not exceeding 3% annually (with the exception of the recent issues of achievement bonds or others, in which the interest rate rises between 6.5 and 8.5% annually."

He pointed out that "mechanisms were adopted to pay interest or repay debt installments from the annual allocations allocated in the federal general budget. It is noted that the monetary authority, by deducting those internal government debts specifically, was able to liquidate them or convert them into cash by discounting them at the Central Bank of Iraq and through secondary market operations and within the scope of monetary policy activities that target growth in money supply, regulate economic liquidity and address the manifestations of economic recession during the past ten years."

He added, "The Central Bank's holdings of internal public debt instruments (specifically), whether bonds or treasury transfers, are estimated at about 45% of the total internal debt."

Saleh pointed out that "the growth of the domestic debt in particular during the last decade came as a result of two dual crises, the first: the financial-security crisis between 2014 and 2017 resulting from the drop in oil prices to less than half of their expected or indicated levels in the general budget law, accompanied by the increase in the expenses of the war on ISIS terrorism, which continued until Iraq was completely liberated from the clutches of terrorism."

He continued, "The other crisis is the financial-health crisis that worsened in early 2020 and until 2021, which witnessed a sharp deterioration in global oil prices and reached less than half of their expected price rates as well, accompanied by the health crisis (the Corona pandemic) and the closure of the global economy, which caused a deterioration in budget revenues, whether oil or non-oil."

He added, "Since the annual public budgets depend in their revenues on the revenues of exported oil, the revenues of which were exposed to a sharp decline during the two aforementioned dual crises, there was no suitable financial refuge for the financial authority except to borrow from the domestic banking market."

He stressed that "despite the above, all of Iraq's internal and external public debts do not exceed $70 billion today, and their ratio to the gross domestic product is about 30%, while the global standard ratio indicating the ability to bear the debt reaches 60% according to European Union standards."

He concluded his speech by saying, "Therefore, there is effective cooperation today between the financial and monetary authorities, to draw a roadmap for extinguishing the internal debt in addition to the external one, and in accordance with the financial strengthening policy aimed at reducing the balance of public debt and reducing the annual deficit in the annual budgets, and in accordance with the standard ratios adopted globally in determining the debt-bearing capacity." link

Prime Minister's Advisor: The Government Has Established A Roadmap For The Economic Model In Iraq

Politics | 04:06 - 10/08/2024 Mawazine News – Baghdad The Prime Minister's Financial Advisor, Mazhar Mohammed Salih, defined today, Saturday, the vision of the government's program regarding the economic model, and while indicating that it will guide investment decisions to achieve their goals, stressing that the government of Prime Minister Mohammed Shia al-Sudani has established a roadmap for the work of the economic model in Iraq.

Salih said: "The economic model is a mathematical model used to represent the economy and analyze the behavior of various economic factors, as these models are used to understand how economic elements interact,"

indicating that "at the level of the philosophy of the government's program for Iraq, the basics of modeling the Iraqi economy were launched from an important vision based on the principle of analyzing the entire economy, taking into account the overall variables, most notably the basics of development and growth in the gross domestic product and imposing stability and effective operation of the joints of the national economy and the level of its interconnections."

He added that "the current digital life helps to use computing to conduct simulation experiments to understand the potential effects of various economic policies and adopt optimal paths from them," stressing that "Iraq has established in its government program a practical foundation and a roadmap for the work of the economic model for Iraq through the development path strategy, since the beginning of the government of Prime Minister Mohammed Shia al-Sudani."

He pointed out that "the state of economic imbalance and its severe unilateralism has always required thinking about the future of the economy through an approach based on generating an alternative sector that leads the national economy," explaining that "the development path program is an academic viewpoint,

and what the German economic thinker Albert Hirschmann presented in his famous book (Economic Development Strategy) published in 1958, in combating the state of imbalance and economic unilateralism with a theory based on economic development weight, and a leader for the economy that provides a high degree of backward and forward sectoral interconnections and high interactivity that achieves sustainable growth and restores balance in the long term for the national economy."

He pointed out that "this theory emphasizes in its model the need to invest in strategic sectors with a specific high priority instead of investing in all sectors at once," adding that "according to this theory, other sectors will develop automatically over time,

and from this standpoint the idea of ​​the economic model for the future of Iraq in prosperity and diversity was born, which is undoubtedly based on a strategy for the overall economy based on the development path."

Saleh noted that “this development strategy and the economic model that drives the macroeconomic variables, did not separate from it the vision of partnership between the state and the private sector and the principles of the social market within the data of the five-year national development plan and its objectives that were recently launched,” concluding his speech by saying that “the economic model or model for Iraq that we aspire to establish will provide the predictive foundations for evaluating economic policies and directing investment decisions to achieve their specific objectives in an optimal manner.” https://www.mawazin.net/Details.aspx?jimare=253034

150 Thousand For Every 100 Dollars.. Stability Of The Dollar Exchange Rate In Baghdad

Economy | - 10/08/2024 Mawazine News – Baghdad Mawazine News publishes today, Saturday, the exchange rates of the dollar against the Iraqi dinar in local markets.

- Selling 150,000 dinars for every 100 dollars.

- Buying 148,000 dinars for every 100 dollars.

https://www.mawazin.net/Details.aspx?jimare=253015

Central Bank Of Iraq Announces Growth Of Electronic Payment From 800 Billion To 2 Trillion Dinars

Economy | 10/08/2024 Mawazine News – Baghdad The Governor of the Central Bank of Iraq announced on Saturday a record increase in electronic payment operations from 800 billion to 2 trillion dinars in one year, noting that government payments reached 912 billion dinars during July 2024.

This came during his participation in a specialized workshop on accelerating the transition to electronic payment, organized by the "Osool" Foundation for Economic Development and Sustainable Development, followed by Shafak News Agency.

Al-Alaq said during his speech at the workshop that the Central Bank of Iraq works side by side with the government program and the Prime Minister's direction in supporting electronic payment, and we are proud of what we have achieved so far,

indicating that in 2023, the amounts processed through the national switchboard witnessed a significant increase, reflecting the development of the infrastructure and the expansion in the use of electronic payment channels and the impact of the campaign launched by the Prime Minister to activate electronic payment operations in general, and in the government sector in particular.

He added that these upward trends continued to develop in 2024, as the amounts processed in the national switchboard systems reached more than 2 trillion Iraqi dinars in July alone, compared to 800

billion dinars in the same month of 2023, and became 1 trillion dinars in January 2024, and government payments witnessed an additional increase, reaching 912 billion Iraqi dinars last July compared to 287 million dinars in the same month of 2023.

Al-Alaq indicated that payments at fuel stations in Baghdad alone increased significantly, recording more than 44 billion dinars in July of this year, compared to 183 million dinars in July of 2023, and 4.5 billion dinars in December 2023.

Al-Alaq revealed a huge increase in the number of POS points of sale to reach more than 50 thousand points of sale this year compared to approximately 11 thousand POS points of sale at the beginning of 2023, and thousands of them in government institutions after It was zero before the campaign was launched in June 2023.

Al-Alaq expressed his hope that government institutions would adopt the establishment of specialized units in electronic payment technologies to work on following up and developing this important aspect.https://www.mawazin.net/Details.aspx?jimare=253011

Oil Equality.. Is Iraq Outside Profit And Loss Calculations?

Money and business Economy News – Baghdad Observers have warned of the fluctuations witnessed by the American economy and their repercussions on the global economy, especially on energy markets, but they confirmed at the same time that oil price indicators are still stable despite these fluctuations, and Iraq is outside the calculations of profit and loss in the fluctuations of the oil market, due to its reliance on the rentier economy.

While economic circles around the world were surprised by the sharp fluctuations and declines in the US stock market amid a wave of panic over fears of a possible recession in the world’s largest economy, the US economy, the main financial indicators witnessed a decline, including the Dow Jones Industrial Average of major US industrial companies, by about 1,000 points at once.”

Oil prices fell slightly in early Asian trading on Friday, but were set to post gains of more than 3 percent this week after U.S. jobs data eased demand concerns and continued concerns about a widening conflict in the Middle East.

Brent crude futures were down 9 cents, or 0.11 percent, at $79.07 a barrel by 0030 GMT, while U.S. West Texas Intermediate (WTI) crude futures were down 1 cent at $76.09 a barrel.

However, both crudes are on track to post gains of more than 3 percent on a weekly basis.

Gaza and Israel

Israeli forces intensified air strikes on the Gaza Strip on Thursday, killing at least 40 people, Palestinian medics said, as they brace for the possibility of a wider war in the region.

“Crude oil continued to recover from its latest slide as markets focused on escalating geopolitical risks,” said Daniel Hynes, analyst at ANZ.

Libya's National Oil Corporation also provided some support when it declared force majeure at the Sharara oil field, saying the field's production was being gradually reduced due to protests.

Prices rose after data showed the number of Americans filing new claims for unemployment benefits fell more than expected last week, suggesting that fears of a deteriorating labor market were overblown.

The dollar rose after the jobs data. A stronger dollar typically reduces oil prices because buyers using other currencies have to pay more for dollar-denominated crude.

The financial and economic advisor to the Prime Minister, Mazhar Mohammed Saleh, expected oil prices to recover after a rapid decline in global markets in recent days.

Huge losses

Saleh said, "The drop in oil prices will cause a huge loss in the investments of American oil companies operating in the field of extracting shale oil if global oil prices fall below $70 per barrel, which will cause their operations to falter."

He pointed out that “the US monetary policy is expected to inevitably move towards an expansionary policy to confront the current recession, led by the quantitative easing policy through the possibility of the Federal Reserve reducing interest and stimulating liquidity to confront the challenges of the deterioration of the US economy and provide the necessary protection for financial investors in particular against the collapse of financial markets, including futures markets operating with crude oil contracts.”

Saleh explained that “all of these factors will shorten the paths of the oil asset cycle’s decline so that the oil markets can recover, if that cycle occurs and leads to a decline in oil market prices.”

What's behind the rise?

Oil prices rose to $79 a barrel after Brent crude fell to a seven-month low on Monday, tracking a decline in global stock markets.

Futures are set to snap a four-week losing streak, with Libya’s largest field out of action, U.S. inventories falling for a sixth week and Ukrainian incursions into Russia exacerbating the upside.

Meanwhile, jet fuel demand is improving in China, a rare bright spot after months of bearish signals, including data this week that showed the world’s biggest crude importer took in the fewest barrels in almost two years in July. 120 views 2024/08/10 -https://economy-news.net/content.php?id=46121

Central Bank Governor: We Have A Broad Transformation Program Towards Digitization

Banks

Economy News – Baghdad The Governor of the Central Bank of Iraq, Ali Al-Alaq, confirmed the existence of a broad transformation program towards digitization and the use of electronic payment tools.

Al-Alaq said in an interview followed by "Al-Eqtisad News", "There is a broad transformational program towards digitization and the use of electronic payment tools in a way that enhances this large program, and today we are witnessing developments reflected by the real numbers of the use of electronic payment tools, whether in the public or private sector."

Al-Alaq added: “We are now providing the broad infrastructure to enable all financial services tools and products to play their role,” considering that “this plays a very important role in our national economy and also in investing the existing energies, whether material or human.”

The Governor of the Central Bank of Iraq pointed out that "there is an integration of roles between electronic payment companies, banks and the Central Bank in a continuous manner in order to proceed with this major project."

He stressed, "We will reflect the size of the development in numbers in the past period and how the growth has become significant using these tools."

In June 2023, the Central Bank of Iraq announced the entry into force of Iraqi Cabinet Resolution No. (23044) for the year 2023, which is to increase the number of electronic payment devices in government institutions and the private sector to enhance the culture of electronic payment and collection, and reduce the use of paper money in collection and commercial transactions.

350 views Added 2024/08/10 - 9:59 AM https://economy-news.net/content.php?id=46108

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

Good Afternoon Dinar Recaps,

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August 2024 Harvard Business Review: The Race to Dominate Stablecoins.

Yes, it is a race.

Companies are fighting to capture the market share that this new form of money is creating in the crypto universe.

“Stablecoins have the potential to REWIRE the global financial system and DISPLACE legacy payment systems like SWIFT.

Source:Twitter

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IT'S OBVIOUS THAT RIPPLE HAS POSITIONED ITSELF AS A PIONEER IN THE DEFI ARENA

RLUSD POSSIBLY BECOMING THE STABLECOIN OF CHOICE AFTER LAUNCH AND THE UTLITIY FACTOR THAT XRP PLAYS IN THE DIGITAL ECOSYSTEM, THERE CAN BE LITTLE DOUBT THAT RLUSD WILL ENHANCE THE MARKETABILITY OF XRP, EVEN THOUGH THEY PROVIDE ARE TWO COMPLETELY DIFFERENT PRODUCTS.

XRP WILL LIKELY RISE IN VALUE BASED ON ITS OWN USE AND UTILITY, BUT MAY SEE A BUMP IN VALUE WHEN RLUSD IS LAUNCHED.

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"In the United States, cryptocurrencies have been the focus of much attention by both federal and state governments.

At the federal level, most of the focus has been at the administrative and agency level, including the Securities and Exchange Commission(the “SEC”),the Commodity Futures Trading Commission (the “CFTC”), the Federal Trade Commission(the “FTC”)and the Department of the Treasury(the “Treasury”),through the Internal Revenue Service(the “IRS”), the Office of the Comptroller of the Currency(the “OCC”)and the Financial Crimes Enforcement Network(“FinCEN”).

The EU Parliament has passed and implemented the Markets in Crypto-Assets (MiCA) to provide regulatory clarity to crypto businesses in the European Union.

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Al-Sudani: Without The Women’s Stance, The Greatest Changes In History Would Not Have Been Achieved

Politics |Today, Baghdad Today – Baghdad Prime Minister Mohammed Shia Al-Sudani confirmed today, Saturday (August 10, 2024), that his government realized early on that the goals of economic and social reform must pass through the gate of women.

Al-Sudani said during the conference on combating violence against women, which was followed by "Baghdad Today", that "this conference represents an important platform for exchanging ideas and supporting the effective role of women, as without the position of women, the greatest changes in history would not have been confirmed."

He added, "In our government, we realized early on that the goals of economic and social reform must pass through the gate of women, and we embodied the fight against violence against women in our support for the Sixteen Days Campaign, and we sought within a clear approach to establish the Supreme Council for Women's Affairs to be a direct planning and executive gate, and today we are proud and honored that our government includes in its administrative institutions many leading women."

He pointed out that "we will discuss in a specialized workshop all the observations raised about the Personal Status Law." LINK

Does Iraq Still Need The Role Of The United Nations?

Iraq,Reports # United Nations # UNAMI # Iraq The Iraqi government, headed by Mohammed Shia al-Sudani, took a step that successive governments after 2003 had not taken before, by asking the United Nations to end its political mission in the country by the end of 2025, which it has been carrying out for more than two decades, as Baghdad’s request to the organization stated that its presence was no longer necessary.

However, local observers tell Al-Jabal that Iraq needs neutral and professional international expertise to help it reach safety.

Al-Sudani stressed that in these circ*mstances and after 20 years of democratic transition and overcoming various challenges, the reasons for the presence of a political mission in Iraq no longer exist, calling for the mission's mandate to be permanently terminated on December 31, 2025, based on the letter he sent to the Secretary-General of the United Nations, Antonio Guterres.

Al-Sudani called for UNAMI to focus until then on files related to economic reform, combating climate change, and development issues.

What Does The United Nations In Iraq Consist Of?

The United Nations consists of two field missions (UNAMI and UNITAD), and UN agencies, funds and programmes, operating at the community, governorate and national levels throughout Iraq.

As for field missions, the United Nations Assistance Mission for Iraq (UNAMI) is a special political mission established in 2003 by United Nations Security Council resolution 1500, at the request of the Government of the Republic of Iraq. The mandate of the Mission is to advise and assist the Government on a range of issues.

This includes promoting inclusive political dialogue and national reconciliation, assisting in the electoral process, planning for a nationwide census, facilitating regional dialogue between Iraq and its neighbors, and promoting the protection of human rights and judicial and legal reforms. The Mission is also mandated by its mandate to work with government partners and civil society to coordinate the humanitarian and development efforts of specialized United Nations agencies, funds and programmes.

While the Mission does not implement humanitarian or development programmes itself, it does promote the development and humanitarian landscape in Iraq, linking Iraqi partners – both government and civil society organizations – with the technical expertise available within the United Nations Country Team in Iraq.

The Mission is headed by the Special Representative of the Secretary-General for Iraq, assisted by a Deputy Special Representative for Political Affairs and Electoral Assistance, and another Deputy Special Representative who also serves as Resident Coordinator and Humanitarian Coordinator for Iraq.

New Special Representative For Iraq

In the middle of last month, the United Nations announced the appointment of Mohammed Al-Hassan as its new Special Representative in Iraq and Head of the United Nations Assistance Mission for Iraq (UNAMI), succeeding Jeanine Hennis-Plasschaert.

The international organization said in a statement that "the Secretary-General of the United Nations announced the appointment of Mohammed Al-Hassan from the Sultanate of Oman as his new Special Representative in Iraq and Head of the UNAMI mission, succeeding Jeanine Hennis-Plasschaert from the Netherlands."

Al-Hassan has diverse diplomatic experience, as his career spans more than 30 years in the field of preventive diplomacy, peacebuilding and development. His most recent position was Permanent Representative of the Sultanate of Oman to the United Nations since 2019, according to the same statement.

Prior to that, Al Hassan held several positions at the Ministry of Foreign Affairs in Muscat. Among the senior positions he held were Ambassador Extraordinary and Plenipotentiary of Oman to the Russian Federation, and during the same period he was a non-resident ambassador to Belarus, Ukraine, Armenia and Moldova.

Informed sources told Al-Jabal that Mohammed Al-Hassan will soon begin his work, succeeding Jeanine Hennis-Plasschaert.

In this context, the Prime Minister's Advisor for International Relations, Farhad Alaa Al-Din, confirmed that the United Nations mission will end its tasks at the end of 2025, and Iraq expressed its gratitude and thanks for all the work and assistance provided by the mission over the past two decades.

In his interview with Al-Jabal, he stated that Iraq looks forward to continuing cooperation with the independent organizations and agencies affiliated with the United Nations according to an agreed upon program and according to Iraq’s needs, especially in the field of technical support, transfer of expertise, and building institutional capacities.

Iraq Needs International Expertise

Meanwhile, political and legal expert, Khaled Al-Ardawi, reveals that the international mission’s stay or exit is a matter decided by Iraqi need, as the presence of international missions is completely useful to help unstable peoples and countries or those that have emerged from severe military and political conflicts that have left a negative impact on their social and political cohesion, constitutional structure and security stability, due to the long international experience of the United Nations in this field, and its neutral role in setting advisory policies and strategies for governments in addressing their problems.

Al-Ardawi explained to Al-Jabal that anyone following the Iraqi situation in all fields can easily see that the Iraqi political, social and security situation is still fragile, and that our country still needs neutral and professional international expertise to help it reach the shore of safety.

Accordingly, the government’s decision to expel the UN mission remains respected, but it must reconsider it through technical committees, far from urgent political impressions.

Political Pressures

Meanwhile, the political researcher, Mujasha’ Muhammad Al-Tamimi, saw that the observer of the situation in Iraq sees that it is politically, economically, security-wise and socially unstable, so Iraq needs the help of friends to overcome its crises, and the United Nations and its mission in Iraq carry out advisory and guidance operations, not imposing decisions and transmitting reliable reports to the international community, so I see that Iraq needs the United Nations mission to help.

According to what Al-Tamimi told Al-Jabal, it seems that the Iraqi request to end the United Nations mission came as a result of political pressures imposed on the Iraqi government. Up until now, it is not believed that Iraq will abandon the role of the United Nations even after the end of its mission in Iraq. There may be a change of heart from the government if it sees that the situation in Iraq needs a United Nations mission. https://aljeebal.com/posts/305

Central Bank Of Iraq Announces Growth Of Electronic Payment From 800 Billion To 2 Trillion Dinars[/Size]

Economy | 10/08/2024 Mawazine News - Baghdad The Governor of the Central Bank of Iraq announced on Saturday a record increase in electronic payment operations from 800 billion to 2 trillion dinars in one year, noting that government payments reached 912 billion dinars during July 2024.

This came during his participation in a specialized workshop on accelerating the transition to electronic payment, organized by the "Osool" Foundation for Economic Development and Sustainable Development, followed by Shafak News Agency.

Al-Alaq said during his speech at the workshop that the Central Bank of Iraq works side by side with the government program and the Prime Minister's direction in supporting electronic payment, and we are proud of what we have achieved so far, indicating that in 2023, the amounts processed through the national switchboard witnessed a significant increase, reflecting the development of the infrastructure and the expansion in the use of electronic payment channels and the impact of the campaign launched by the Prime Minister to activate electronic payment operations in general, and in the government sector in particular.

He added that these upward trends continued to develop in 2024, as the amounts processed in the national switchboard systems reached more than 2 trillion Iraqi dinars in July alone, compared to 800 billion dinars in the same month of 2023, and became 1 trillion dinars in January 2024, and government payments witnessed an additional increase, reaching 912 billion Iraqi dinars last July compared to 287 million dinars in the same month of 2023.

Al-Alaq indicated that payments at fuel stations in Baghdad alone increased significantly, recording more than 44 billion dinars in July of this year, compared to 183 million dinars in July of 2023, and 4.5 billion dinars in December 2023.

Al-Alaq revealed a huge increase in the number of POS points of sale to reach more than 50 thousand points of sale this year compared to approximately 11 thousand POS points of sale at the beginning of 2023, and thousands of them in government institutions after It was zero before the campaign was launched in June 2023.

Al-Alaq expressed his hope that government institutions would adopt the establishment of specialized units in electronic payment technologies to work on following up and developing this important aspect. https://www.mawazin.net/Details.aspx?jimare=253011

Stocks Dropped 89% - Will It Happen Again? | Alasdair Macleod

Liberty and Finance: 8-9-2024

Financial analyst Alasdair Macleod draws parallels between current market conditions and those of 1929, just before the Great Depression.

He observes that the disparity between bond yields and equity valuations today mirrors the imbalances seen before the 1929 crash.

This disconnect could lead to a severe market correction, similar to the initial panic that triggered the Great Depression.

Macleod warns that while central banks attempt to stabilize the situation, the underlying economic issues could result in a prolonged and significant downturn.

https://www.youtube.com/watch?v=O9uTClRuR9c

BRICS Advances Toward Independent Digital Payment Platform, Russian Official Says

Geopolitical analyst: 8-9-1014

The BRICS economic bloc is progressing towards a digital payment platform, Russia’s Federation Council Speaker Valentina Matviyenko has revealed. The initiative, named BRICS Bridge, aims to establish an independent financial system. This system could mitigate dependency on Western institutions, especially amid sanctions and Russia’s SWIFT disconnection.

https://www.youtube.com/watch?v=LiB8O5O46Rs

Fed Broke Another Central Bank, Global Sovereign Debt Crisis & Financial Turmoil Coming – Ed Dowd

Kitco News: 8-10-2024

Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News, interviews Edward Dowd, Founding Partner of Phinance Technologies, who warns that the Federal Reserve finally broke something as interest rates remained at 23-year highs for over a year.

Dowd explains that during this rate-hike cycle, what ended up breaking was another central bank – the Bank of Japan.

He outlines the consequences of this and says the clock has started counting down towards a global debt crisis. Dowd shares his macro outlook while also weighing in on geopolitical tensions and potentially identifying the next ‘Black Swan’ event.

He also gives his outlook on banking, projecting more stress and consolidation in the sector. Dowd warns of a scenario that could open the door to a central bank digital currency (CBDC).

He also speaks about U.S. elections, the U.S. dollar, Bitcoin and gold.

00:00 Coming Up

01:49 Introduction: The Fed Finally Broke Something

04:01 Fed's Actions and Economic Indicators

06:09 Global Debt Crisis and Japan

09:24 Yen Carry Trade 14:60 Geopolitical Tensions and Economic Implications

23:59 Banking Sector Outlook and CBDC Concerns

29:48 CBDCs 36:55 Macro Outlook

44:14 The Future of the Dollar and De-dollarization

https://www.youtube.com/watch?v=Cdom1Of0FMY

TNT:

Tishwash: Parliamentary Committee: The decline in oil prices will not affect the budget

On Saturday, the Parliamentary Oil and Energy Committee in the House of Representatives renewed its assertion that the drop in oil prices to $70 per barrel will not affect the budget.

Vice Chairman of the Committee, Nehru Mahmoud Qadir, told the Maaloma Agency, “There are concerns if the price of a barrel of oil reaches less than $70 in next year’s budget.”

He added, "The price of a barrel of oil was calculated at $70 in the budget for the year 2024, indicating that the slight fluctuation in oil prices will not affect it."

He stressed that "employees' salaries are fully insured even if oil prices drop to $70." link

Tishwash: Central Bank Governor Participates in a Workshop Specialized in Electronic Payment

Central Bank of Iraq
Media Office
August 10, 2024 link

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Tishwash: Document.. The Iraqi judiciary settles the controversy over whether the governor of the Central Bank should remain in his position or not

The Supreme Judicial Council in Iraq supported the State Council’s decision to refer the Central Bank Governor, Ali Al-Alaq, to ​​retirement after reaching the legal age.

The Supreme Judicial Council said in an official document, a copy of which was received by Shafaq News Agency, that the same subject was studied by the Studies Committee in the Presidency of the Judicial Supervision Authority, and the same opinion of the State Council was reached in the two aforementioned decisions.

The House of Representatives had sent a letter to the Supreme Judicial Council inquiring about the judiciary’s opinion on the permissibility of the bank governor continuing in service after reaching the legal retirement age.

The State Council has decided the official position on whether or not the Central Bank Governor, Ali Al-Alaq, will continue in his position, confirming that he has exceeded the legal retirement age.

It was stated in correspondence between the State Council and Parliament, in response to the House of Representatives’ request to clarify the opinion of the State Council regarding the permissibility of the Governor of the Central Bank continuing in service after reaching the legal retirement age.

The State Council had explained, according to the documents, that Clause (First) of Article (103) of the Constitution stipulated that the Central Bank shall be a financially and administratively independent body whose work shall be regulated by law and which shall be accountable to the House of Representatives. Article (2) of the Central Bank Law issued pursuant to Order No. (56) of 2004 of the (dissolved) Provisional Coalition Authority stipulated that the Central Bank shall be a legal entity with full capacity and independence and subject to accountability.

He pointed out that the legislator has explicitly stipulated that retirement upon reaching the legal age is an inevitable retirement by law unless exempted by a special provision, and since there is no special provision exempting the Governor of the Central Bank from the provisions of inevitable retirement upon reaching the legal age.

The State Council confirmed that the legal principle states: “Heads of independent bodies are subject to the legal retirement age.” link

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Tishwash: Iraq loses $52 billion in foreign investment due to "corruption"

On Saturday, the head of the "Iraq Al-Mustaqbal" Foundation concerned with economic affairs, Manar Al-Obaidi, referred to the latest report of the United Nations Development Program, which revealed the exit of more than 5 billion US dollars in foreign direct investments from Iraq in 2023.

The report showed, according to Al-Obaidi, that Iraq lost foreign investments worth more than 52 billion US dollars from 2013 to 2023.

Al-Obaidi stressed, in a statement received by Shafak News Agency, the importance of foreign investments in stimulating economic growth, increasing job opportunities, and transferring knowledge, stressing that foreign investments are an important source of income for funds not linked to state revenues or local investments.

Al-Obaidi identified the main reasons for the exit of these investments from Iraq, which include the deteriorating business environment, lack of transparency, accumulated bureaucracy, and multiple and conflicting decision-making sources, explaining that the lack of clear laws to protect foreign investors’ funds also contributed to this deterioration.

Al-Obaidi described the private sector support programmes as “weak slogans”, pointing out that the totalitarian and socialist thinking is prevalent in government institutions, which has negatively affected the objectives of investment agencies that have focused mainly on local real estate investments rather than in the fields of energy, infrastructure and productive projects.

Al-Ubaidi stressed that the continuation of socialist and pastoral thinking in government agencies will lead to the continued draining of foreign investments from Iraq.

He stressed the need for a real will to improve the business environment through three basic elements: transparency, facilities, and protection, in order to attract foreign investors and strengthen the Iraqi economy. link