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

Good Evening Dinar Recaps,

Additionally, Project Agorá plans to use tokenization and wholesale CBDC to speed up cross border payments via correspondent banks. The Federal Reserve Bank of New York is a participant in that project, but “strictly for research and experimentation.”

Slowing down the speed at which payments are cleared and settled helps banks prevent money laundering and counter the financing of terrorism, detect fraud, and recover fraudulent or misdirected cross-border payments.

Granted, the practice today of sending payments through an often complex chain of correspondent banks contributes to slower payments that could benefit from efficiency enhancements.

He went on to argue that it is only sellers that want to receive money faster. Buyers don’t want to pay earlier. That’s certainly true.

That might be a mismatch in banking hours or issues with Nostro account liquidity or compliance. And some banks may use compliance as an excuse for delays.

The Governor then questioned whether improving payment systems is always the role of central banks or should be left up to the private sector.

One of the aims of Project Agorá, the cross border initiative that uses correspondent banks, is to improve compliance.

That should mean that when a payment instruction is received, the banks conduct compliance first and share information.

Perhaps the amount meant for payment is reserved rather than removed.If all is clear, then the money leaves your account and arrives at the destination.

Nonetheless, Ripple was ordered to pay a $125 million fine for institutional XRP sales violating federal securities laws.

XRP Role in Global Financial Payment Systems

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An important update on Gold.

THE BEGINNING STAGES OF THE GOLD STANDARD |Youtube

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Economist: Kurdish Merchants Entering The Dollar Selling Platform Contributed To Lowering The Exchange Rate - Urgent

Economy ​ 08-31-2024, |Baghdad today – Baghdad An economist and academic at Cihan University, Nawar Al-Saadi, said today, Saturday (August 31, 2024), that Kurdish merchants benefited from the Iraqi government’s official dollar selling platform and contributed to lowering the exchange rate.

Al-Saadi told "Baghdad Today", "There is entry for merchants from the Kurdistan region to the official dollar selling platform, and these merchants benefited from obtaining the dollar at the official exchange rate, instead of buying from parallel markets that witness higher prices," indicating that "this influx The dollar supply to the market contributed significantly to the increase in supply, which led to a reduction in the price.”

He added, "The matter is not limited to this factor alone, as the Iraqi markets suffer from frequent fluctuations as a result of economic and political instability, and

speculators exploit any change in the market to achieve quick gains, which increases the chaos in the exchange market," noting that

"rumors about possible changes in The exchange rate prompted many to sell the dollar at low prices for fear of future declines, which increased pressure on the dollar price.” Al-Saadi stated that

“there are ongoing discussions between the Central Bank of Iraq and the US Federal Reserve, which could have a significant impact on the exchange rate,” stressing that

“the results of these meetings will be decisive in determining the future direction of the price of the dollar in the Iraqi market, if agreements are reached.”

Certainly, we may see significant changes in the exchange rate based on those results.”

It is noteworthy that the specialist in financial affairs, Nabil Jabbar Al-Tamimi, confirmed on Saturday (August 3, 2024) that the

exchange rate of the dollar in the parallel market will remain higher than the official price due to the failure to find solutions by the Central Bank for black transfers. Al-Tamimi told "Baghdad Today",

"The continued rise in the dollar exchange rate in the parallel market is due to the continuation of black transfers to finance some foreign trade by some merchants, without finding any solutions for these merchants by the Central Bank of Iraq."

He stated, "The Central Bank of Iraq is required to find solutions and quick procedures for these merchants, especially small merchants, who have almost daily trade with Iran, Syria, and some other countries prohibited from dealing in dollars." He pointed out that

"these merchants move to the black market for the purpose of financing their trade, and

this is what leads to the exchange rate remaining high in the parallel market with a large difference from the official rate, and this matter is borne by the Central Bank, as it is responsible for this file."

Today, the dollar exchange rates returned to a relative rise, touching 150 thousand dinars on the stock market, maintaining this level since Eid al-Adha, where it rose from 1,450 dinars to around 150 thousand dinars or less, and has stabilized in this range until now. https://baghdadtoday.news/256839-اقتصادي-دخول-التجار-الكرد-لمنصة-بيع-الدولار-ساهم-بخفض-سعر-الصرف-عاجل.html

US Treasury Praises Iraq's Progress In Monitoring Transfers And Selling Dollars

September 1, 2024 Proposal to cancel SWIFT and replace it with relations with the international banking network

Baghdad - Qusay Munther New York - Morsi Abu Touq The US Treasury Department praised the remarkable progress made by the Central Bank of Iraq in strengthening control procedures over foreign transfers and cash sales of the dollar, while considering that these steps contribute to strengthening financial and economic stability in the country.

Auditing Companies

A statement by the bank received by (Al-Zaman) yesterday said that (a high-level negotiating delegation headed by Governor Ali Mohsen Al-Alaq held a series of intensive meetings in New York City, USA, which included discussions with the US Treasury Department and the Federal Reserve Bank,

in addition to meetings with a group of companies, including international auditing companies, who praised the major transformations achieved by the Central Bank, represented by the remarkable progress in the procedures for monitoring foreign transfers and cash sales of the dollar currency),

adding that (this led to improving systems, policies and procedures in accordance with international and local standards, enhancing transparency in covering foreign trade and providing protection for the banking and financial sector from the risks of money laundering, financing terrorism and financial crimes),

and pointed out that (a meeting will be held between bank officials and its international partners by the end of this year regarding the major transformation in ending the work of the electronic platform for foreign transfers and replacing it with direct banking relations between Iraqi banks and the network of international correspondent banks, according to the plan developed by this bank,

and implemented internationally, which will allow the Central Bank and the Federal Reserve Bank to exercise their supervisory roles Away from the executive procedures, this transformation will have important repercussions on the stability, fluidity and transparency of the country’s foreign trade financing operations,” he continued, adding that “this step will contribute to achieving the required stability in exchange rates, which in turn will enhance the efficiency of the financial system in Iraq.

” The statement stressed that “the meetings also addressed mechanisms for expanding the network of international correspondent banks and qualifying Iraqi banks to meet the necessary requirements for opening their accounts with international correspondent banks, with the aim of enabling them to complete their financial transactions, whether through external transfers in US dollars or other foreign currencies.”

A source had previously revealed an unannounced visit by the Central Bank to the United States of America to discuss developments in the Iraqi banking sector.

Banking Sector

The source said in a statement yesterday that (a delegation from the Central Bank, led by Al-Alaq, and a number of general managers, visited the United States of America, since the 26th of last month, to discuss developments in the banking sector and the restrictions on the use of the dollar imposed on a large number of private banks),

and he continued that (the Central Bank delegation discussed canceling the platform at the beginning of next year, and relying on correspondent banks, which will increase the imposition of restrictions on Iraqi private banks, and completely eliminate competition in favor of Jordanian banks that have American correspondent banks),

noting that (the Central Bank is close to signing a contract with Oliver Wyman, the consulting company for the Iraqi Development Road, to conduct a study on reforming the Iraqi banking sector, and in order for it to be approved by the bank as a roadmap for reforming the private banking sector).

The dollar exchange rate rose slightly in the Baghdad and Erbil stock exchanges. Money exchange office owners said yesterday that “dollar prices rose with the opening of the Al-Kifah and Al-Harithiya stock exchanges to record 149,200 dinars for every hundred dollars.

” They added that “selling prices in exchange offices in the local markets in Baghdad stabilized at a selling price of 150,000 dinars, while the purchase price reached 148,000 dinars for every hundred dollars. As for Erbil, the stock exchange does not trade on official holidays, but the dollar recorded a slight increase there.” LINK

Ministry Of Finance: Iraq Maintains Its Credit Rating And Foreign Exchange Reserves Level

Money and business Economy News – Baghdad The Ministry of Finance confirmed, on Sunday, that Iraq has maintained its credit rating and the level of foreign currency reserves.

The ministry said in a statement, seen by "Al-Eqtisad News", that "in the latest report issued by Standard & Poor's Credit Rating Agency (S&P), Iraq maintains its credit rating at B- / B with a stable outlook, indicating financial and economic stability in Iraq."

It added, "The new rating reflects the ongoing economic and financial reform policy pursued by the Ministry of Finance, in addition to maintaining the level of foreign currency reserves that exceed the external public debt and fulfilling other external financial obligations as a result of the stability of crude oil prices." It continued,

"The agency's report indicated the possibility of improving Iraq's credit rating in the event of an increase in the economic growth rate, diversification of the state's oil and non-oil public financial revenues, an increase in the per capita income share of the national income, and the continuation of financial and economic policy reform measures." https://economy-news.net/content.php?id=47044

Next Week.. An Arab Transparency Meeting In Baghdad

The first 09/01/2024 Cairo: Esraa Khalifa Under the patronage of Prime Minister Muhammad Shiaa Al-Sudani, the Arab Administrative Development Organization - affiliated with the League of Arab States - will hold the second forum for promoting transparency and good governance under the slogan

“Integrity is an essential component in the era of complexity and opportunity,” for the period from 10 to 12 September in the capital, Baghdad.

An elite group of officials and experts from many international and regional organizations concerned with development, anti-corruption and oversight bodies, as well as university professors and researchers interested in the field of anti-corruption, from various Arab countries, participate in the forum. A source in the Arab Administrative Development Organization told Al-Sabah:

“The forum aims to draw a unified road map to

contribute to achieving integrity and transparency,

strengthen the political agenda to combat corruption in the region, and

build paths for cooperation between governments, the media, civil society and the private sector.”

https://alsabaah.iq/101952-.html

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

Good Afternoon Dinar Recaps,

▪️Microsoft has been a primary investor, owning a 49% share of the company thanks to its $13 billion investment in 2019.

▪️Apple partnered with OpenAI in June to use its models to power upcoming AI features.

▪️Nvidia, the dominant chipmaker, provides OpenAI with the infrastructure it needs to train and run its models.

Although OpenAI’s ChatGPT remains the market leader, with hundreds of millions of monthly users, the company has yet to turn a profit from its AI products and services. Moreover, OpenAI must continue spending billions to stay competitive and maintain its market leadership.

Google’s AI image generation tool was previously operational but was pulled in February following incidents where the AI overcompensated for race and ethnicity when generating images of people.

The upgrade, expected inOctober, will include features such as AI-generated summaries of news articles tailored to users’ preferences.

Due to their reliance on voice commands, existing home assistants have struggled to gain traction, often proving awkward to use. These devices tend to add more friction to users’ workflows rather than simplifying them.

This agreement grants the U.S. AI Safety Institute—which was established via President Biden’s executive order on AI—access to major new models from each company before their release.

These collaborations probably give AI companies some breathing room when releasing models that might otherwise face government scrutiny.

Source:CoinGeek

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Tesla CEO Elon Musk indicated the potential return of Dogecoin as a payment option for Tesla products.This statement came just two days after he and Tesla successfully dismissed a June 2022 lawsuit accusing them of defrauding investors through a Dogecoin pump-and-dump scheme.

Tesla previously accepted Dogecoin for products in January 2022, but it is unclear if the company will reimplement this feature.

Source:Coin-Turk

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Iraq...The Drama Of Corruption And Its Danger To Society

Iyad Anbar Corruption scandals in Iraq are very similar to television drama stories, as they both rely on the plot of the novel that makes the viewer follow the events and their developments with passion and wait for their endings.

This is how we in Iraq coexist and interact with news of corruption, its personalities, and its details, and it is never absent from the events of news bulletins and the topics of political talk shows.

In addition, we have come to live with it in every detail of our daily lives, including poor services, deteriorating health conditions, and the routine of daily dealings between citizens and state departments and institutions.

The latest dramatic series of corruption scandals is the return of the “Theft of the Century” case to the forefront, and the story of its return began with August 14 being set as the date for the trial of the main accused in the case, Nour Zuhair, who failed to appear, so the trial was postponed to the 27th of the month..

Nour Zuhair, the hero of the drama story of the theft of tax deposits, which became known as the “theft of the century,” chose to attend a television interview with the Iraqi “Al-Sharqiya” channel, to talk about his “oppression” and his denial of the existence of theft or corruption, and described the issue as a “lie.”

But he did not deny the bribes he offered to politicians, media figures, and state employees, confirming to us that this routine in Iraq is the basis of corruption.

The hero of the series “Theft of the Century” wants to keep the eyes of the Iraqis on monitoring his news, after he circulated news about his being in a traffic accident in Beirut, and we are preoccupied with interpretations of the “accident,” especially with the trial date approaching.

Until it became clear that there was no accident, and that it was fabricated to escape the trial date, according to press follow-ups.

The irony is that we have become so preoccupied with following news of corruption that we have become accustomed to hearing about thefts and corruption deals worth millions and billions of dollars.

We live in a country where millions of citizens live on social welfare benefits, and these terrifying numbers are close to the budget of countries such as Jordan, Syria and Lebanon.

Prime Minister Muhammad Shiaa Al-Sudani was more frank and clear when he stated at the beginning of his assumption of office, saying that

“any talk about fighting corruption is absurd and a joke on the chin” if there is no accountability and recovery of funds from those involved in the “theft of the century” scandal.

It seems that the Prime Minister's statement is the most credible, because so far there has been no resolution of any of the corruption files, and no prosecution of any of those involved.

Despite this statement, Al-Sudani and his government were involved in the “theft of the century” and pledged to recover the money stolen from the state treasury.

While this file was in the hands of the judiciary, the first accused (Nour Zuhair) is behind bars.

Let the Sudanese involve himself in this file to market himself as the one who resolved the most dangerous corruption file in the history of the Iraqi state, and perhaps the largest theft of state funds, and that he was the one who achieved an achievement by settling it.

It later became clear that Nour Zuhair was outside Iraq, without any restrictions on his movement.

He moves between countries and appears in a television interview to describe the theft as “the lie of the century,” that he is a victim of “dirty blackmail,” and that he offered bribes worth millions of dollars. Although he "did not steal state money."

The television interview in which the main accused of the theft of the century appeared, talking about billions of dinars. It is nothing but a scandal for the entire government system.

How could this money be vulnerable to theft or fraud, if corruption did not ravage the entire body of the political system?

This corruption has spread and all actors in the authoritarian system have become involved in it, and are even its founders.

Hence, we no longer need to diagnose and describe corruption by political figures who were directly and indirectly involved in managing the corruption system, and who legitimized the plunder of state resources, which became like a gold mine, with mafias and gangs competing to plunder as much of it as possible.

Corruption in Iraq reflects a struggle to share the rentier economy between political parties and forces of power and influence, and thus it has become spider webs.

It does not stop at the borders of figures in high positions in the state, but rather extends to include political mafias, and figures outside the political description and social classes, who work according to personal relationships with influential government or party figures, or they work at the addresses of “economic offices” affiliated with political parties or armed militias. .

The corruption drama continues, and from time to time there is a new series.

The latest of which is the exchange of accusations between the government and the House of Representatives about the existence of manipulation worth 15 trillion dinars, which is equivalent to 10 billion dollars, in the budget tables for the year 2024.

The government directs an accusation against the Presidency of the House of Representatives that the tables sent by it differ from the copy of the tables sent by the government.

Hence, the Presidency’s approval of the final budget schedules was delayed due to these differences.

The government addresses the Presidency of the House of Representatives and confirms the existence of three different copies of the schedules:

the first is printed on paper, and it has fundamental differences compared to the copy sent by the Council of Ministers.

The second is electronically printed, and has fundamental differences from the Cabinet version and the House of Representatives paper version.

The issue is not the exchange of communications between the government and Parliament, nor delaying the approval of the budget schedules, the financial allocations of which cannot be released except with the approval of the President of the Republic and their publication in the official newspaper, “Al-Waqa’i al-Iraqiyya.”

Rather, it is the nature of the relationship between the legislative and executive institutions in managing the state’s resources, which indicates either the presence of manipulation in financial allocations contrary to the will of the government responsible for preparing the federal budget.

Or there are errors in routine transactions that result in $10 billion, according to statements by members of the House of Representatives.

In both cases, administrative routine is no different from corruption, because both are manifestations of political corruption.

Another series of corruption dramas being circulated on news bulletins and social media, its subject is the existence of a “blackmail network” inside the Prime Minister’s Office, where some figures working in important positions in the government palace were arrested and accused of wiretapping the phones of political and security figures, and impersonating politicians and businessmen. And fake news industry.

Although the judiciary has not resolved these charges, merely acknowledging their existence weakens the government’s credibility in fighting corruption.

In Iraq, there are official institutions with many names and titles, whose function is to combat corruption, such as: the

Integrity Commission, the

Financial Supervision Bureau, the

Integrity Committee in the House of Representatives, and

judicial courts specialized in examining corruption cases.

But corruption in Iraq remains and expands, and corruption has a higher authority than the law that fights it.

There is no country in the world that is devoid of corruption, whether financial or political, but the levels of its presence differ from one country to another.

When a country like Iraq is at the forefront of the most corrupt countries, here we are faced with a real problem in the political system and the ruling elites that produced this corruption.

The irony is that everyone agrees on the existence of corruption, and the diagnosis of its causes.

But there is no clear will to combat it or set limits to it, because everyone has begun to live with it and consider it a natural phenomenon that there is no need to rebel against or fight against.

The danger is not in corruption and its spread, but rather in its penetration into state institutions and its acceptance by citizens and politicians alike.

Hence, it produces social norms and values, politicians, and a culture that accepts corruption.

The general rule has become that the corrupt in this country are the majority, and the minority are the non-corrupt.

Society's view of anyone who holds a political or administrative position is that he is accused of corruption.

We can imagine the danger to social values ​​when society celebrates the corrupt on official occasions, when they are rotated into high-ranking positions in the state, and the absence of accountability and responsibility for anyone proven involved in cases of theft of public money.

When there is no accountability for the corrupt, the result is the spread of corruption and the transformation of its personalities into public figures accepted by society.

As long as the ruling system acknowledges the penetration of corruption into all aspects of the state, and at the same time does not fight it.

The result is the imposition of corrupt figures as representing the authoritarian system and the political society. https://economy-news.net/content.php?id=47016

The US Dollar is Being DECIMATED And They Have No Idea How To Stop It

The Atlantis Report: 9-2-2024

In this video, we dive deep into the alarming state of the US Dollar and the unprecedented challenges it faces on the global stage.

As the value of the dollar continues to plummet, policymakers are scrambling to find solutions, but are they too late? We'll explore the key factors driving this decline, including economic policies, international competition, and the shifting balance of power in global markets.

Whether you're an investor, a concerned citizen, or simply curious about the future of the world's reserve currency, this analysis will give you crucial insights into the forces at play and what they could mean for the future of the US economy.

Don't miss this urgent discussion on the potential downfall of the dollar and the ripple effects it could have worldwide.

https://www.youtube.com/watch?v=O9DcbamVyp4

$1.5 Trillion in Debt about to Enter Delinquency

Steven Van Metre: 9-1-2024

In a world that has seen its fair share of economic upheaval, the alarming statistic of $1.5 trillion in debt on the brink of entering delinquency raises concerns that could reverberate through global markets. While many have focused on conventional threats to economic stability, such as inflation and soaring interest rates, this looming crisis remains largely overlooked.

As we delve into the insidious nature of debt delinquency, we uncover why this could be the financial crisis no one saw coming.

Before we dive into the specifics, it’s essential to understand what debt delinquency means. Simply put, it occurs when borrowers fail to meet their payment obligations on loans, credit cards, or any form of credit. When these delinquencies pile up, they create a ripple effect that can jeopardize not only individual financial stability but also the health of entire economies.

The staggering figure of $1.5 trillion primarily encompasses consumer debt in various forms, including credit cards, auto loans, and student loans. Unlike previous financial crises, triggered by subprime mortgages and excessive leverage in real estate, this crisis is rooted in everyday consumer behavior. It reflects a growing trend of individuals and families overextending themselves financially, often relying on credit cards as a lifeline to maintain their standards of living.

As interest rates rise in response to inflationary pressures, many borrowers may find themselves unable to meet their payment obligations. Even a slight uptick in interest rates can result in significant additional costs for those already stretching their budgets thin.

As we face this potential crisis of $1.5 trillion in debt entering delinquency, it’s a wake-up call for individuals, policymakers, and financial institutions alike. While consumer debt has been a topic of concern for years, its impact is now at a precipice.

We must act decisively, prioritizing financial education, promoting responsible lending practices, and fostering an economic environment that supports stability. The financial crisis no one expected may be hiding in plain sight, but together, we can tackle the challenges ahead before it spirals out of control.

Watch the video below from Steven Van Metre for his insights.

https://youtu.be/Qj3FR5XT-LE

BRICS Update: Saudi Sign a $50 Billion Deal with CHINA: What's Next?

Fastepo: 9-1-2024

The United States has been applying considerable pressure on Saudi Arabia to distance itself from China and other BRICS nations due to concerns over geopolitical and economic issues.

The U.S. is particularly focused on preventing the transfer of crucial technology, infrastructure, and data to China, which could potentially threaten U.S. national security and economic interests.

Nonetheless, Saudi Arabia's recent actions, including the signing of $50 billion in memorandums of understanding with Chinese financial institutions, suggest a clear intent to strengthen its relationship with China.

This development is part of Saudi Arabia's broader strategy to diversify its economic partnerships and reduce its dependence on oil, aligning with its Vision 2030 initiative.

The agreements with Chinese banks aim to enhance two-way capital flows, covering both debt and equity investments, thereby promoting deeper economic integration between the two nations.

Specifically, Saudi Arabia’s investments in China saw substantial growth, highlighted by the PIF's move to sign six major agreements worth $50 billion with leading Chinese financial institutions.

These deals were aimed at enhancing bilateral capital flows, supporting investments in various sectors including technology and infrastructure. This follows the previous year's surge, where investments by Gulf funds in China increased from a modest $100 million to $2.3 billion in 2023, underscoring the rapid intensification of economic ties.

https://www.youtube.com/watch?v=6PjesMs6xaQ

Good Morning Dinar Recaps,

For the second quarter of 2024, Hedera had a very good financial situation in terms of several aspects.

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“I think we are the largest layer 1 with on-chain governance. There are some smaller players, like Tezos and Polkadot, who already have on-chain governance. But if there was a leaderboard, real decentralized layer-1s, we would be number one.”

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TNT:

Tishwash: Iraq participates in the meeting of the Arab Economic Council

The Arab Economic Committee is scheduled to begin its work today, Monday, to prepare for the 114th session of the Arab League's Economic and Social Council, which will be held at the ministerial level next Thursday, with the participation of the Minister of Trade, Athir Dawood Salman Al-Ghariri.

She continued that the report focused on continuing to implement the social dimensions of the 2030 Sustainable Development Plan, supporting vulnerable groups in society, and other activities related to persons with disabilities and the elderly, health, youth, women, family and childhood, population policies, civil society and human rights, migration and expatriates, education, scientific research, culture and dialogue of civilizations. link

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Tishwash: Schlumberger signs Iraq Training Agreement

TheArab Institute for OilandSchlumbergerhave signed a cooperation agreement at the Iraqi Ministry of Oil, focusing on training and development for the sector's workforce.

Bassem Mohammed Khudair, the Deputy Minister for Extraction Affairs, stated that this memorandum aligns with the ministry's strategy to enhance technical and engineering skills.

Schlumberger's Executive Director in Iraq, Waseem Al-Azmeh, emphasized the company's commitment to using its expertise to develop the skills of Iraq's oil sector employees.

Hisham Yass, General Director of the Training and Development Department, highlighted that this partnership is a significant addition to the ministry's training program, to be implemented through the Arab Institute for Oil, which is responsible for certifying training programs.

Ghaleb Mohammed Ali, the Deputy Director of the institute, expressed hope that this collaboration will help achieve the ministry's goals in improving the performance of its workforce. link

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Tishwash: The Central Bank of Iran sold 320 billion Iraqi dinars to visitors

Iranian media revealed, today, Sunday, that 1.6 million Iranian visitors purchased the Iraqi currency in Iran before heading to Iraq to perform the Arbaeen pilgrimage.

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Tishwash: Al-Sudani's advisor explains the reasons for the fluctuation of gold prices in Iraq

The financial and economic advisor to the Prime Minister, Mazhar Salih, said today, Monday, that the reasons for the fluctuation of the price of gold in Iraq are not internal, but rather global, indicating that the Iraqi government encourages the import of gold because it is a “safe haven” for wealth.

At the state or individual level, gold has historically been a safe haven for preserving the purchasing power of wealth, as people keep gold for that purpose, and the cycle of gold assets between rising and falling is usually slow. If we take the cycle of assets, we find gold, almost as an average, as it is of constant value among other wealth,” Saleh told Al Furat News Agency, explaining that “society has historically been accustomed to keeping gold as a tendency to preserve personal wealth.”

He added, "In the modern era, the state keeps part of its foreign reserves supporting the national currency in gold. For example, Iraq keeps about 148 tons of gold, which constitutes 10% of its foreign currency reserves."

During the past month of February, Iraq's gold reserves witnessed a significant increase, as data from the International Monetary Fund showed that Iraq had increased its holdings of the precious metal by 3,079 tons, bringing the total to 145,661 tons.

He continued, "The reserves are a diversified investment portfolio of gold and currencies such as the dollar, euro, pound, yuan, yen, and others," describing this diversity as "based on basic global evidence, and it is not arbitrary."

He pointed out that "this evidence was made in agreement with the International Monetary Fund, in terms of the percentages of monetary gold that support and are considered a cover for the Iraqi dinar."

He stressed that the global standard for this is 10%, considering gold “not easy for fast payment operations and others, and it is heavy, but it is part of protecting reserves and confronting fluctuations in currency values.”

He explained that "the gold asset cycle is slow, so keeping it protects reserves from currency fluctuations. Iraq is not a maker of gold prices in global markets, but rather a recipient, because we are not a country that possesses gold wealth, but rather we import gold. Therefore, the entry of gold into

Iraq is a good wealth that is better than the entry of consumer goods that are not valuable and drain resources. Gold is a "precious wealth for the future," noting that "the gold discovered in the world is approximately 75%, and it is limited and not extensive, so central banks are pushing to keep a minimum amount of gold."

He stressed that "the policy of encouraging the entry of gold into Iraq is an import of wealth, and as assets they represent good stores of wealth, so the state encourages this and the customs taxes on them are moderate," indicating that "the gold markets in Iraq depend on two things: its price in the world and the extent of the rise or fall of the dollar, and we receive external visas at the value of gold and the dollar," considering encouraging the flow of gold into Iraq "a good thing. Recently, the price of gold has risen in Iraq, as the price of a mithqal (5 grams) has exceeded 500 thousand Iraqi dinars." link

Good Afternoon Dinar Recaps,

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KEY EVENTS IN SEPTEMBER 2024 IMPACT THE CRYPTOCURRENCY SECTORIN BRIEF

▪️September 2024 will be critical for the cryptocurrency sector.

▪️Key events include Korea Blockchain Week and US economic data releases.

▪️Political and economic developments could significantly impact the crypto market.

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So a company likeOliver Wymancan

help sanctioned Iraqi banks understand the sanctions imposedon them,
work on strategies to reduce their impact, and even
help remove these sanctionsin some cases.

From a legal standpoint, thecompanycan helpIraqi banks

understand international laws and sanctions applied to them,
identify any legal risks associated with their activity, and then
provide recommendations on how to improve banks’ compliance with international sanctionsand
develop plans to mitigate risks.

In addition, thecompanywill helpIraqi banksin

Communicating with international government agenciesto
learn more about the sanctions imposed on them, or to
request((exceptions or mitigation)), by
providing training programs for employeesin Iraqi banksto develop their skills inthe field ofsanctions compliance.

From the above, we conclude thatOliver Wymancan play an important role in helping Iraqi banks understand and implement international sanctions effectively, and then submit arecommendationto theTreasuryand theFederal Reservethat paves the way for lifting the sanctions.https://economy-news.net/content.php?id=47001

The Central Bank Contracts With An International Auditing Company To Reform And Merge Iraqi Banks

Economy | Yesterday, Baghdad Today – Baghdad Saturday (August 31, 2024), the Central Bank of Iraq announced that it has contracted with an international auditing firm in New York City, in the United States of America.

The bank confirmed in a statement received by “Baghdad Today” that “the delegation headed by theGovernor of the Central Bank, Ali Mohsen Al-Alaq, to ​​theUnited States of America, discussed the

use of electronic payment cards and ways to organize and
stimulate their use in line with Iraq’s trend towards electronic payment,

during separate meetings with... A group of companies such as (Visa,MastercardandMoneyGram), as the internationalauditing company(KPMG)provided an extensive analytical presentation of the uses of these cards, reinforced with recommendations and proposals to enhance the regulated use and accommodate the significant increase in citizens’ use of these cards.”

During the negotiations, according to the statement, the gathered parties praised

“the important steps in promoting banking sector reforms, the most important of which is the contract conducted by the delegation of theCentral Bank of Iraqwith the company (Oliver Wyman) to conduct a comprehensive review of the conditions of Iraqi banks, especially the banks that are prohibited from dealing in the US dollar currency.” The statement explained,

"The company will work to develop practical solutions to reintegrate these banks within the Iraqi and international banking sector, in addition to improving the level of bank procedures in accordance with international standards, as

this initiative aims to

facilitate the process of establishing direct banking relationships, and
improve the quality of the services provided." From banks to serve the Iraqi economy,” noting that

“the company is scheduled to begin its work during the next few period.”

https://baghdadtoday.news/256913-البنك-المركزي-يتعاقد-مع-شركة-تدقيق-دولية-لاصلاح-ودمج-المصارف-العراقية.html

The Central Bank Announces The Results Of The New York Meetings

Economy 30-08-2024, Baghdad – IA Today, Friday, theCentral Bank of Iraqannounced the results of the visit of the delegation headed by theGovernor of the Central Bank, Ali Mohsen Al-Alaq, to ​​the United States of America, which lasted from August 26 to 29, 2024.

The Central Bank of Iraq confirmed in a statement - received by the Iraqi News Agency (INA) – that
"ahigh-level negotiating delegation headed byGovernorAli Mohsen Al-Alaq held a series of intensive meetings in New York City, the United States of America, which includeddiscussions withthe

US Treasury Departmentand the
Federal Reserve Bank, In addition to meetings with a group of
companies(Visa,MastercardandMoneyGram) as well as
bankers(Citi BankandJP Morgan) as well as
international auditing firms(KPMG,E&Y,K2iandOliver Wyman).” He added,

"The participants in the meetings praised the major transformations accomplished by theCentral Bank of Iraq, which represent an unprecedented achievement at the country level, as the bank achieved remarkable progress in the procedures for controlling external transfers and cash sales of the US dollar currency, which led to the improvement of systems, policies, and procedures."

In accordance with international and local standards, enhancing transparency in covering foreign trade and providing protection for the banking and financial sector from the risks of money laundering, terrorist financing and financial crimes.”

He announced, “Ameetingwill take place between officials of theCentral Bank of Iraqandits international partnersby the end of this yearregarding themajor shift in ending thework of theelectronic platform for foreign transfersand

replacing it with direct banking relationships between Iraqi banks and the network of international correspondent banks, in accordance with the plan developed by this bank, and in effect.” internationally,

which will allow theCentral Bank of Iraqand theFederal Reserve Bankto exercise their supervisory roles away from executive procedures, as

this transformation will have important repercussions in the stability, smoothness and transparency of the country’s foreign trade financing operations,” noting,

“It aims to achieve therequired stability in exchange rates, which in turn will leadto...To enhance the efficiency of the financial system in Iraq.

He pointed out that "themeetingsin New York City alsodealt withmechanisms for expanding the network of international correspondent banks and qualifying Iraqi banks to meet the requirements necessary to open their accounts with international correspondent banks, with the aim ofenabling them to complete their financial transactions, whether through external transfers in the US dollar or other foreign currencies." https://www.ina.iq/215871--.html

After The Success Of The Recent Negotiations In Washington, An Expert Identifies Indicators Of Declining Demand For The Dollar

Economy | Baghdad Today – Baghdad Financial and economic affairs researcher Alaa Glob Al-Fahd confirmed today, Saturday (August 31, 2024), that the Central Bank succeeded during the recent negotiations in Washington in diversifying the basket of commercial currencies, indicating that this will lead to a significant decrease in demand for the dollar.

Al-Fahd said in an interview with "Baghdad Today", that "as part of the discussions of the Central Bank of Iraq during the past hours with the US Federal Reserve and the US Treasury, which lasted for three days, 13 Iraqi banks were included in direct external correspondence (remittances) and the diversification of the currency basket."

He states, "There will be commercial transactions in the UAE dirham, the Indian rupee, and the Chinese yuan, and this gives the Iraqi government flexibility to diversify the basket of commercial currencies."

Al-Fahd added, "The dollar is currently the master of commercial transactions in Iraq, as it is the only source of oil revenues that are sold in dollars, and the reserves of the Central Bank of Iraq are in US dollars, and that is why it is the basic currency for foreign trade." He continued,

"After diversifying the basket of foreign currencies for foreign trade, there will be a decrease in the issue of pressure on the dollar, and

most of the demand for the dollar currently is not a local demand, but rather a demand for neighboring countries, due to the sanctions on those countries, and

this demand will decrease significantly after diversifying the basket." Currencies in foreign trade transactions.

Yesterday, Friday (August 30, 2024), the Central Bank announced the participation of 13 Iraqi banks in the external transfer, indicating that this step comes within efforts to support economic growth and expand the horizons of international cooperation with global markets.

The bank said in a statement that the new phase of external transfer operations has begun, which is

an important step aimed at

enhancing the diversity of currencies and

facilitating international transfer operations, noting that this announcement came after

reaching an agreement on the mechanisms for regulating these operations, as it will include dealing in the currencies of the euro, the Chinese yuan, and the rupee. Indian and UAE dirham.

https://baghdadtoday.news/256923-بعد-نجاح-المفاوضات-الأخيرة-في-واشنطن.-خبير-يحدد-مؤشرات-انخفاض-الطلب-على-الدولار.html

Iraq Was Chosen To Chair The Group Of 77 And China In The United Nations

Politics | Yesterday, Baghdad today – Baghdad Today, Saturday (August 31, 2024), the Ministry of Foreign Affairs announced the selection of Iraq to chair the Group of 77 and China ( G77 ) at the United Nations for the year 2025, after the meeting of the Asia-Pacific Group, which was held to discuss Iraq’s candidacy for this position.

The ministry said in a statement received by “Baghdad Today” that

“the Charge d’Affaires of the Permanent Representative of the Republic of Iraq to the United Nations in New York, Abbas Kadhim Obaid, gave a speech in which he affirmed Iraq’s vision for its role during its presidency of the group, highlighting the main axes of the work and stressing Iraq’s commitment to the principles.”

The basic objectives of the group, especially with regard to supporting the goals and aspirations of developing countries in achieving economic, technological, and social development. Obaid stressed,

“Iraq will work to provide all the elements of success for this presidency, which is the first for Iraq since the founding of the group, as Iraq was one of the founding countries 60 years ago.” The statement added,

“At the conclusion of the meeting, the decision was unanimously adopted to support the Republic of Iraq to assume the presidency of the Group of 77 and China ( G77 ), as the member states extended their congratulations to Iraq and expressed their readiness to support it in its tasks during this important presidency, and

the Chargé d’Affaires expressed in another speech: His gratitude for the support and recommendation of the Asia-Pacific Group and its confidence in assigning this responsibility to Iraq, stressing its readiness to work and cooperate with member states to achieve common goals.

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

https://baghdadtoday.news/256889-اختيار-العراقِ-لرئاسةِ-مجموعةِ-الـ-77-والصين-في-الأممِ-المتحدة.html

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

The Next Black Swan Event Is About To CRUSH The U S Economy

Atlantis Report: 8-31-2024

There is a growing sense of unease among the influential people in the United States. Rumors of an upcoming economic disaster have intensified to the point of being overwhelming.

Recent fluctuations in the value of the U.S. dollar have caused a lot of anxiety among investors and policymakers worldwide.

While a strong currency is usually seen as a positive thing, in this case, its sudden surge has created uncertainty and left many people worried.

Understanding the reasons behind this situation, the threat of recent fluctuations of the U.S. dollar, and the complex dance between the Federal Reserve and interest rates is essential.

https://www.youtube.com/watch?v=CQjTaji*zhtk

Banks Can't Hide From The Truth | Adrian Day

Liberty and Finance: 8-31-2024

Adrian Day discusses the current risks to banks, insurance companies, and pension funds, highlighting concerns about commercial real estate.

He notes that the U.S. economy is weaker than it appears, evidenced by recent job revisions and a predominance of part-time and government positions.

Day anticipates that the Federal Reserve will cut interest rates, a move that typically signals a forthcoming recession but is favorable for gold and commodity investments.

He explains that gold stocks are starting to outperform physical gold, presenting a compelling opportunity for investors.

Additionally, Day predicts a rotation out of overvalued U.S. stocks into undervalued global and commodity stocks, suggesting a cyclical shift in market performance.

https://www.youtube.com/watch?v=PmGzakUliD8

Rafi Farber: Bloomberg Explicitly Calls the End Game In the Repo Market

Arcadia Economics: 8-331-2024

It's what Rafi Farber has been saying for about two years now. The End Game will be focused on the repo market, where banks trade each other trillions of dollars every night for wholesale funding.

With the Fed continuing quantitative tightening, eventually there will not be enough dollars to grease the repo market, and we will hit another repocalypse.

Bloomberg finally sees it coming, even using the term "end game" to describe it.

In this week's silver report, Rafi goes into this and other topics including the percentage of dollars backed by deferred assets (Fed losses) and when, theoretically, every dollar in existence will be backed by what the Fed owes the Treasury.

https://www.youtube.com/watch?v=mbiE-5RC3fU

TNT:

Tishwash: Oliver Wyman Company and lifting sanctions on banks banned from the dollar

The Central Bank of Iraq has contracted with Oliver Wyman, a global consulting firm that has the ability to “restructure companies to succeed in difficult times, build a new strategy in banking, and be a leader in risk, strategy, and human resources, helping clients navigate a dynamic environment across four global firms.”

A firm like Oliver Wyman can therefore help sanctioned Iraqi banks understand the sanctions imposed on them, work on strategies to mitigate their impact, and even help remove these sanctions in some cases.

Legally, the firm can help Iraqi banks understand international laws and sanctions applicable to them, identify any legal risks associated with their activity, and then provide recommendations on how to improve banks’ compliance with international sanctions, and develop plans to mitigate risks.

In addition, the firm will help Iraqi banks communicate with international government agencies to learn more about the sanctions imposed on them, or to request “exceptions or mitigations,” by providing training programs for employees in Iraqi banks to develop their skills in the field of sanctions compliance.

From the above, we conclude that Oliver Wyman can play an important role in helping Iraqi banks understand and implement international sanctions effectively, and then submit a recommendation to the Treasury Department and the Federal Reserve that paves the way for lifting the sanctions. link

Tishwash: Parliamentary Economy Committee Discusses Amending the "Investment Law"

The Iraqi legislative arena is currently witnessing intensive discussions about the fourth amendment to Investment Law No. 13 of 2006, as amended, in light of the significant expansion of investment activity in the country in recent years.

These discussions come within the framework of efforts aimed at improving the investment environment and addressing the gaps in the current law.

In a press interview followed by “Economy News”, member of the Economic Committee, Diaa Al-Hindi, confirmed that the proposed amendment is “important and necessary” due to the many problems that the current law suffers from, explaining that “the current law requires fundamental amendments in several aspects, including the mechanism for selecting heads of bodies and members of the board of directors in bodies, in addition to the conditions for granting and withdrawing investment licenses, additional extensions, and grievance procedures.”

Al-Hindi pointed out that the amendment seeks to address those issues that the current law did not adequately address, which negatively affects the investment climate in Iraq. link

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Tishwash: Business Impact Conference – Iraq (BICI) kicks off in Erbil

36 companies collaborate to create positive, inspiring and sustainable work environments

The Business Impact Conference – Iraq (BICI) kicked off today in its first session with the distinguished participation of 36 Iraqi companies, where entrepreneurs and business leaders meet to start the process of collective learning on how to create positive and sustainable work environments. The conference aims to promote the concepts of trust, unity, and diversity within Iraqi work environments, which contributes to improving performance and increasing productivity in the long term.

On the first day of the conference, the sessions began with a welcoming speech followed by a general introduction to the conference objectives and its importance in the local context. The agenda included interactive sessions and open discussions aimed at exploring and developing effective working practices.

The first session, titled “Building Positive Work Environments,” was led by Mr. Fahim Da’at Al-Thakreen, Founder of Popcorn Marketing, who provided valuable insights on how to create a work environment that encourages collaboration and innovation.

This was followed by a “Trust” session presented by Heba Hamadeh, General Manager of Cedars International School, which focused on the role of trust in strengthening relationships within teams and clients. The program also included small study sessions and group discussions to deepen understanding and exchange experiences among participants.

After a lunch break and group photos, the conference resumed with a session on “Unity and the Power of Diversity,” presented by Ali Alwan, HR Manager at Ramlah Real Estate Development. This session discussed how to leverage cultural and intellectual diversity to achieve integration and unity in the workplace. The first day concluded with a session on “Fixing the Roots, Not the Branches,” which focused on an open discussion to explore radical solutions to the challenges facing workplaces.

The conference continues tomorrow for its second day, focusing on growth and collective activism. The fifth session, titled “Growth,” will be led by Rawaa Al Saqr, founder of Sagerlabs, who will present practical strategies for driving growth in companies. After group study sessions and a short break, the “Activity” session will bring participants together for an artistic workshop that promotes team spirit and creativity.

The second day concludes with the “BICI Process and Units” session, which will review the outcomes of the conference and identify next steps to enhance business impact in Iraq. link

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Tishwash: Fouad Hussein discusses with the US Ambassador the details of the international coalition conference against ISIS in Washington

Iraqi Deputy Prime Minister and Foreign Minister Fuad Hussein discussed with US Ambassador to Baghdad Alina Romanowski on Saturday the details of the international coalition conference against ISIS, which will be held in Washington next month.

The Iraqi Foreign Ministry said in a statement, a copy of which was received by Kurdistan 24, that "Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein received today, Saturday, August 31, 2024, the US Ambassador to Iraq, Alina Romansky."

The statement indicated that "during the meeting, the ongoing negotiations regarding a ceasefire in Gaza and sending aid, especially medical aid, to the Strip were discussed."

He added, "The military operation carried out in the Anbar desert was referred to, which resulted in the neutralization of 15 ISIS terrorists. The minister praised the joint cooperation between the Iraqi and American forces and the success of this important operation."

He added that the meeting "touched on the conference of the international coalition against ISIS scheduled to be held in Washington early next month, and Iraq's participation in it. It is worth noting that this coalition includes 87 partners, and was established primarily to fight the terrorist organization ISIS in Iraq and Syria, and the conference will be at the level of foreign ministers of the participating countries."

The statement concluded by saying, "The United Nations General Assembly meetings to be held next month, which will be attended by dozens of world leaders, were discussed. The role of the two countries in these meetings and the required coordination between them to hold bilateral meetings on the sidelines of the participation of the two countries' delegations in New York were also discussed." link

Mot: Try to remember the kind of september.......

https://www.youtube.com/watch?v=QEm67QbgEGY