Dinar Recaps Blog Page — Dinar Recaps (2024)

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

Iraq Dinar News-Dinar Update-Past to Present-A Clear Focus-Swift-XRP-JPMorgan-Citi Bank-Blockchain

MilitiaMan and Crew: 8-10-2024

https://www.youtube.com/watch?v=Qurbprxpl0A

He pointed out that "thecentral bank, with the aim of maintaining market stability, sells foreign currency to the market through the currency sale window and auction, to withdraw liquidity a second time and repeat it again so that there is a natural growth in theexported currency."

Mazhar Muhammad Salih noted that, “In this case,when the government wants liquidity in the Iraqi dinar, the cash issuance increases, that is,

instead of absorbing it from the market, anew issuanceoccurs, and

this is whatled to a jump intheexported currency, but

there is no problem with that because it is100% covered.”/End H

https://ninanews.com/Website/News/Details?key=1146399

Saleh: There Is No Problem With Liquidity At All, And What Happened In The American Markets Requires Caution

Read: 572 times {Economic: Al-Furat News}Thefinancial and economic advisor to the Prime Minister, Mazhar Muhammad Saleh,denied that there was a problem withcash liquidityin the Iraqi currency. Saleh said in a press statement,

“There is no problem withliquidityat all becauseit is covered byforeign currency,” indicating that

“themechanism for obtainingcash liquidityis thatoil sales are converted into US dollars, and

when the government needsdinars for internal exchange,oil sales are exchanged for dollars and go to a bank.” The monetary issue that is the central bank to give it currency.” He pointed out that

"thecentral bank, with the aim ofmaintaining market stability,

sells foreigncurrency to the market through the currency sale window and auction, to
withdraw liquidity a second timeand
thenrepeat it againso that there is a natural growth in the exported currency."

As for thesizeof themonetary supply, Saleh explained,

“There has been anincrease inliquiditywithin a year,as the issued currency has become more than 100 trillion dinars, after it was 80 trillion dinars,” stressing that

“these surgeshave no effect as long asthey are covered by foreign currency.”

The financial advisor to the Prime Minister believes that theworld's economic circles were surprised by sharp fluctuations and declines in theUS stock marketamid awave of panic over fears about a possible recession in the largest economy in the world, and that

"these declines were built on a combination of local and global economic factors that led to weak investor confidence in the performance of... The American economy, and

if the situation continues for six continuous months, the recession will turn into a major depression that will hit all the world’s economies.” Saleh pointed out,

“The US Energy Information Administration previously announced that it expects average prices to reach about $89 per barrel for the rest of 2024,

butthere is a gradual decline in global oil prices, which has begun to coincide with the decline in the value of financial assets in the American markets, especially the decline in oil.”

The signal is (Brent crude), which ranges at about $76 per barrel in futures contracts after it reached approximately $88 per barrel last June, which requires more caution and economic calculation.”
https://alforatnews.iq/news/صالح-لا-مشكلة-بالسيولة-اطلاقاً-وما-حدث-في-الأسواق-الامريكية-يستوجب-الحذر

Leaks About The Dismissal Of The Governor Of The Central Bank Of Iraq: The Hidden Reasons And Implications

Dismissal of the Governor of the Central Bank of Iraq: Financial disputes or a political conspiracy?

Al-Independent/ -Informed sources reported that the Governor of the Central Bank of Iraq,Ali Mohsen Al-Alaq, faces imminent dismissal in the coming days, not because he has reached the legal age as previously thought, but because ofhis opposition to financing projects and loans worth millions of dollars provided by the Sudanese government.

The scene became more ambiguous as Al-Alaq remained silent and refused to answer questions from the media.

According to a source who requested anonymity to Al-Mustaqila’s correspondent, Al-Alaq strongly opposed the financial arrangements that included financing huge projects and loans from the Sudanese government, and

this position appears to have been the main factor behind the moves to remove him from his position.

The sources have not yet revealed precise details about the type of these projects or loans, but the large amounts associated with them have sparked disagreements between Al-Alaq and the Iraqi government.

Thesame source indicated that the potential replacement for Ali Mohsen Al-Alaq’s position is already ready, and

he is a person who is expected to quickly take over the position once it is vacated.

It is expected that the replacement will follow policies in line with the current government's trends, which may explain the speed of the decision to dismiss.

In a related context, some media and political sources issued warnings to the Prime Minister regarding the influence of a group of personalities or parties on government decisions related to the financial sector.

The warnings indicated the need to be wary of these individuals and their potential impact on monetary and financial policy in Iraq.

The government of Muhammad Shiaa Al-Sudani is accused of corruption, even though Al-Sudani was a critic of the government of Mustafa Al-Kadhimi.

However, his rule witnessed an increase in corruption and its penetration into the joints of the state.

One of the controversial decisions during his reign was to reduce the exchange rate of the dollar against the dinar, which caused losses to the state budget exceeding 15 billion dollars. https://mustaqila.com/علي-محسن-العلاق/

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

Good Afternoon Dinar Recaps,

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2) "[...] AND THIS ADMINISTRATION TRULY ISSERIOUS ABOUT HITTING THE RESET BUTTON ON THEIR WAR ON CRYPTO, THERE SHOULD BE NO APPEAL."

3) "WHAT WE NEED AS A COUNTRY IS TOHIT THE RESET BUTTON [...] AND CREATING CLEAR LAWS."

4) "THE COMBINATION OF OUR LITIGATION OUTCOME, THE COMBINATION OF THE ELECTIONSEASON WE´RE IN, WE CAN REALLY SEE A RESET BUTTON HERE"

@ Newshounds News™

Read more:

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Speaking of RESET

Here is the New US Debt Clock image from yesterday

AND NEW BOXES WERE ADDED TO THE DEBT CLOCK YESTERDAY

@ Newshounds News™

Source:US Debt Clock

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@ Newshounds News™

Source:

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Is U.S. Dollar Becoming an ‘Unhinged Paper Currency’? ‘It’s Worst It’s Ever Been!’ – Art Laffer

Kitco News: 8-9-2024

Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News, interviews Dr. Arthur Laffer, Founder & Chairman of Laffer Associates and Former Economic Advisor to President Reagan and President Trump.

Laffer says the U.S. dollar is moving towards becoming an “unhinged paper currency.” He discusses de-dollarization, the implications of the weaponization of the U.S. dollar, and the competing global payment alternatives gaining traction, including Bitcoin and gold.

00:00 Coming Up

02:07 Introduction: U.S. Dollar

04:27 Global Economic Decline

07:23 U.S. Economic Indicators

15:18 Trade and Sanctions

19:24 De-dollarization and Global Monetary System

26:06 Economic Policies and Future Outlook

40:46 King Dollar and Global Prosperity

41:24 U.S. Economy

43:14 Sanctions vs. Military Strength

47:02 The BRICS and Alternative Currencies

52:53 Bitcoin as a Strategic Reserve Asset

01:10:14 Global Economic Prosperity

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

TNT:

Tishwash: Sudden escalation"... America threatens Iran with a "devastating strike" and reveals a message to it

America threatened Iran today, Thursday, August 8, 2024, with a "strike and devastating consequences" if it launched a major attack against Israel, in revenge for the assassination of former political bureau chief Ismail Haniyeh in Tehran at the end of last month.

The Wall Street Journal quoted an American official as saying, "We warned Iran that it could suffer a devastating blow if it launched a major attack on Israel."

"We sent a message to Iran that there is a risk of escalation if it launches a major retaliatory attack," the US official added.

He said, "Our message to Tehran did not include a threat to carry out an American strike against targets in Iran," stressing that "they warned Iran of consequences for its economy and the stability of its government if it launched a major attack."

For its part, the US State Department announced that "escalating the conflict could harm the Iranian economy," adding, "We continue to make clear to Iran that it should not escalate the conflict."

The US State Department stated that the US administration "does not communicate directly with Hezbollah, but we have partners in the region who are talking to the party."

The world, the countries of the region, and Israel are awaiting the Iranian military response to the assassination of the former head of the political bureau, Ismail Haniyeh, at his residence in Tehran on July 31, a day after the inauguration of the new Iranian president.

In the latest Iranian threats, Iran's acting Foreign Minister Ali Bagheri told France Presse today, "Our response to Haniyeh's assassination will be costly for Israel, but it will be in the interest of the region's security," stressing that "Israel is not in a position to wage war against Iran." link

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Tishwash: Parliamentary Committee: Consultative meetings to amend the Investment Law

A member of the Parliamentary Investment Committee confirmed, on Friday, that consultative meetings will be held to amend the investment law in the country.

Committee member Asaad Al-Bazouni told {Al-Furat News} agency that “the parliamentary investment committee is working on amending the investment law, especially with regard to industrial investment, and discussing its paragraphs through large advisory sessions, especially since Iraq is now heading towards the private investment sector, so there is a need for the law to be suitable for the Iraqi environment and for investors from other countries.”

Al-Bazouni pointed out that "work is underway on the law because it is of great importance in the field of investment, especially since Iraq needs investment because Iraq relies on oil and other simple resources," indicating that "by activating investment and the private sector, there will be other doors for Iraq's income. The budget now has a large deficit and the decline in oil prices is declining and putting us in a big problem, especially since the budget was calculated on the basis of $60 per barrel."

He added, "Reliance on oil resources causes us major problems, and we must rely on more than one resource. Iraq is capable in its industry, agriculture, investment, and lands, and we need to provide a safe and suitable environment for economists, foreign investors, and major international companies. "link

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Tishwash: Parliamentary Finance: Political and economic reasons prevent Iraq from opening foreign currency channels

The Parliamentary Finance Committee confirmed, today, Friday (August 9, 2024), that there are political and economic reasons preventing Iraq from opening channels for foreign currencies other than the dollar.

Committee member Jamal Kojer said in an interview with Baghdad Today, "Iraq's failure to open channels for foreign currencies other than the dollar is certainly due to political and economic reasons and internal and external factors."

Kocher explained that "opening a window for foreign currencies is done through the presence of tourism, various foreign investments, and foreign industry inside Iraq, and until now the security environment and the political environment are not conducive to providing such an atmosphere, and for this reason there is no window for foreign currencies, and therefore the matter is limited only to dealing in dollars."

It is noteworthy that the Central Bank of Iraq decided on July 4, 2024, to start selling dollars to travelers, exclusively through corporate and banking outlets at international airports.

Meanwhile, the Central Bank decided to grant category “AB” exchange companies the ability to record internal and external remittance activities via the FITR platform. link

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Tishwash: Revealing the ministries that constitute 80% of the value of salaries in Iraq

Today, Thursday, August 8, 2024, the head of the "Iraq the Future" Foundation for Economic Studies and Consultations, Manar Al-Obaidi, revealed the ministries that constitute 80% of the value of salaries in Iraq.

Al-Obaidi said in a post on Facebook, followed by Sumaria News, that the ministries that constitute 80% of the value of salaries are: the Ministry of Interior 14 trillion dinars annually, the Ministry of Education 10 trillion dinars annually, the Ministry of Defense 8 trillion dinars annually, the Council of Ministers and all the bodies under it 6 trillion dinars annually, in addition to the Ministry of Health 5.6 trillion dinars annually, and higher education 2.6 trillion dinars annually, in addition to the Council of Representatives 500 billion dinars annually.

He added that most ministries witnessed annual growth in their salaries during 2024 and 2023, noting that some ministries, such as electricity, oil, industry and communications, have mostly self-financed directorates, so their salary schedules do not appear in the government's operating expenses. link

Zimbabwe Approves Roadmap to Replace US Dollar with Gold-Backed Currency

August 7, 2024

HARARE– Zimbabwe’s cabinet has approved a comprehensive plan to transition from the US dollar to the country’s gold-backed currency, the Zimbabwe Gold (ZiG), in economic transactions.

The roadmap for this shift will be detailed by Finance Minister Mthuli Ncube.

“On modalities to operationalize the ZiG currency as legal tender for use in the economy, a de-dollarization roadmap is now in place,” Information Minister Jenfan Muswere announced at a post-cabinet briefing in Harare on Tuesday.

He mentioned that the timeline for implementation would be presented by Minister Ncube but did not specify when this announcement would occur. The Treasury has not provided immediate comments on the matter.

For the past 15 years, Zimbabwe has heavily relied on the US dollar, which currently constitutes about 70% of all economic transactions, according to central bank data. When the gold-backed ZiG was launched in April, the dollar was used in 85% of transactions.

President Emmerson Mnangagwa has indicated that the ZiG might become the sole currency by 2026, ahead of the initial target year of 2030, a move that has garnered support from the banking sector.

In the interim, authorities are planning to increase penalties for those involved in “unjust price hikes, manipulation of the ZiG currency, smuggling, and all forms of unfair trade practices” to encourage the adoption of the ZiG, Muswere stated. The fines will be raised from a minimum of $200 to a maximum of $5,000 or the equivalent in ZiG.

Source: (Bloomberg)

https://www.thezimbabwemail.com/banking/zimbabwe-approves-roadmap-to-replace-us-dollar-with-gold-backed-currency/#google_vignette

Seeds of Wisdom RV and Economics Updates Friday Morning 8-9-24

CFTC announces $1M award for crypto whistleblower
The United States Commodity Futures Trading Commission (CFTC) announced that a whistleblower who assisted the financial regulator in an enforcement action “connected to digital asset markets” would receive a $1 million reward.

In an Aug. 8 notice, the CFTC said it had brought an enforcement action against a firm connected to the digital asset space based on “information about improper trading” provided by an unnamed whistleblower. The regulator did not suggest which crypto firm it was referring to.

“Identifying unlawful conduct in the digital asset marketplace is a major priority for the CFTC, especially as everyday Americans are increasingly victimized by digital asset scams,” said CFTC enforcement director Ian McGinley. “During the last fiscal year, digital asset cases accounted for almost 50% of the CFTC’s docket, and the majority of whistleblower tips that year were related to digital assets.”

@ Newshounds News™
Source: Coin Telegraph

FTX, Alameda Research Must Pay Customers $12.7 Billion In Fraud Suit

Collapsed crypto exchange FTX and its sister trading firm Alameda Research must pay $12.7 billion to resolve a suit from the Commodity Futures Trading Commission (CFTC), according to a court order on Thursday, marking the latest financial blow for convicted head Sam Bankman-Fried’s once thriving crypto empire.

THIS COULD BE THE CASE ASSOCIATED WITH THE $1M Whistleblower Payout!

@ Newshounds News™
Source: Forbes

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US lawmakers introduce legislation to expand Secret Service authority in battling crypto crimes

The bill aims to address the urgent need for robust measures against the complex landscape of digital asset crimes.

A new bill introduced in the Senate seeks to strengthen the US Secret Service’s authority to investigate crimes involving crypto.

The bipartisan effort, led by Senator Catherine Cortez Masto (D-NV) and Senator Chuck Grassley (R-IA), aims to combat transnational cybercriminal activities, including unlicensed money-transmitting businesses, structured transactions, and fraud against financial institutions.

The bill aims to address the urgent need for robust measures against the complex landscape of digital asset crimes. The lawmakers said the legislation will empower the Secret Service to act decisively against these threats, ensuring the safety and security of the financial system.

Expanding authority
The proposed legislation aims to expand the Secret Service’s investigative authority, granting it increased jurisdiction to address crimes involving digital assets, including fraud, money laundering, and illegal money-transmitting businesses.

This expansion will equip the agency with the necessary tools to tackle the evolving nature of cybercriminal activities. According to Grassley:

“Cybercriminals are becoming more innovative and elusive. By enhancing the Secret Service’s authority, we can better protect Americans from financial fraud and other cyber-related crimes.”

The bill encourages enhanced collaboration between the Secret Service and other federal agencies, such as the Department of Justice and the Financial Crimes Enforcement Network (FinCEN).

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The crypto custodian now joins 27 other digital asset companies, including Coinbase and Ripple XRP, which have already secured full MPI licenses to offer crypto services in the city state.

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One Trading, a crypto trading platform incubated by Bitpanda, has secured a license from the "Dutch Financial Markets Authority", becoming the only perpetual futures trading venue in the European Union.

That’s because of the Digital Operational Resilience Act (DORA), which passed last year but isn’t set to be enforced until January of 2025. A report Thursday (Aug. 8) by CNBC examines the implications of the law, particularly in the wake of last month’s CrowdStrike outage.

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