Chats and Rumors Dinar Recaps 20 Chats and Rumors Dinar Recaps 20
DJ: DID YOU KNOW?
We watch for a global financial reform (GCR) yet fail to take into consideration the diversity of governing bodies and systems that actually inhabit the world. The world is a tapestry of diverse governance systems, each shaped by a unique blend of historical, cultural, economic, and social factors. Understanding why countries have different forms of government requires diving into the complex interplay of these influences.
To implement a GCR each sovereign’s governing body must be considered. One size does not fit all.
In some cases the historical context of a country plays a pivotal role in determining its government structure. Nations with a colonial past often inherit elements of their colonizers’ political systems. As an example, many countries in Africa and Asia that were once part of the British Empire adopted parliamentary systems.
DJ: DID YOU KNOW?
We watch for a global financial reform (GCR) yet fail to take into consideration the diversity of governing bodies and systems that actually inhabit the world. The world is a tapestry of diverse governance systems, each shaped by a unique blend of historical, cultural, economic, and social factors. Understanding why countries have different forms of government requires diving into the complex interplay of these influences.
To implement a GCR each sovereign’s governing body must be considered. One size does not fit all.
In some cases the historical context of a country plays a pivotal role in determining its government structure. Nations with a colonial past often inherit elements of their colonizers’ political systems. As an example, many countries in Africa and Asia that were once part of the British Empire adopted parliamentary systems.
Conversely, nations with revolutionary histories, such as the United States and France, often developed systems that reflect their struggles for independence and democratic ideals, leading to presidential and semi-presidential systems, respectively.
In other cases cultural values and social structures have shaped governance. In societies with a strong emphasis on communal decision-making and consensus, such as many indigenous communities, governance systems often reflect these principles. Some African nations incorporate traditional councils into their modern political frameworks. In other nations, the role of religion significantly influences government forms, as seen in the theocratic systems of Iran and Saudi Arabia, where religious doctrine guides political decisions.
Economic conditions can also drive the form of government a country might adopt. Industrialized nations with diverse economies tend to favor democratic systems that can adapt to changing economic needs and encourage innovation.
On the other hand, countries with economies heavily reliant on natural resources may develop more centralized forms of government, where control over resources can translate into political power, as seen in many oil-rich states.
For any type of universal financial system to integrate into the diversity of forms of government across the globe, it has to take into consideration the multifaceted nature of human societies. With that requires adaptation of a universal financial language ( Basel 3.5 and ISO 20022 with likely more to come). Most have adapted these languages but not all have yet.
Also keep in mind that each sovereign country must look after the specialized needs within their borders. In fact it is their duty, regardless of any particular governance structure, to make decisions that are beneficial to its people. In order to fulfill that function a country must be sovereign.
Sovereignty is crucial for a country as it ensures its autonomy and the ability to govern without external interference. It is essential for preserving a nation’s integrity, stability, and the democratic principle of self-determination.
This independence allows a nation to make decisions that reflect the will and interests of its people, maintain control over its resources, and implement policies tailored to its unique cultural, social, and economic needs. Sovereignty also enables a country to enter into international agreements and participate in global affairs on its own terms, thereby protecting its national identity and promoting its development.
So while the masses and Intel providers seem focused on the mechanisms being structured, developed and deployed for delivery of these funds it is the “behind the scenes” geopolitical activity that is crucial. How these funds will integrate into the diversity of governance structures is the key.
Anyone can build a boat but if there is no water to float it on all you have is a motor home with no wheels.
DJ
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Economics, Gold and Silver, News DINARRECAPS8 Economics, Gold and Silver, News DINARRECAPS8
The Latest RV And Economics Updates from the Seeds of Wisdom Sunday AM 6-30-24
Good Morning Dinar Recaps,
Iraqi Dinar: IBBC ISSUES MAJOR NEW PAPER ON DE-DOLLARISATION OF IRAQ
Professor Frank Gunter publishes a new paper commissioned as part of a series by IBBC's advisory council on the challenges of de-dollarisation for Iraq.
The Advisory Council members and IBBC members have actively contributed to the paper in the past 4 months. It will be presented online on the 18th June in a webinar and in person at the Spring Conference on 2nd July. The Arabic translation will be published soon.
Previous advisory papers include 2020, 'Iraq 2020: Country at the Crossroads', 'Corruption Worse Than ISIS: Causes and Cures Cures for Iraqi Corruption', 'Seaports and Airports of Iraq: Rules Versus Infrastructure' and 'Privatization of State-Owned Enterprises'.
The Latest RV And Economics Updates from the Seeds of Wisdom Sunday AM 6-30-24
Good Morning Dinar Recaps,
Iraqi Dinar: IBBC ISSUES MAJOR NEW PAPER ON DE-DOLLARISATION OF IRAQ
Professor Frank Gunter publishes a new paper commissioned as part of a series by IBBC's advisory council on the challenges of de-dollarisation for Iraq.
The Advisory Council members and IBBC members have actively contributed to the paper in the past 4 months. It will be presented online on the 18th June in a webinar and in person at the Spring Conference on 2nd July. The Arabic translation will be published soon.
Previous advisory papers include 2020, 'Iraq 2020: Country at the Crossroads', 'Corruption Worse Than ISIS: Causes and Cures Cures for Iraqi Corruption', 'Seaports and Airports of Iraq: Rules Versus Infrastructure' and 'Privatization of State-Owned Enterprises'.
Professor Gunter provides an analysis of the drivers of impact on the dinar exchange rate and examines how best to deal with the parallel market of dinars to dollars. He outlines the practical policy initiatives that should reduce the gap between the official and parallel exchange rates in the medium-term.
In particular he lauds the Government of Iraq on its commitment to tackle corruption and to modernise the banking system in one fell swoop but warns of the pressure on the dinar exchange rate as budgets are overstretched and the new banking recipients (state banks) receive the liquidity to enable the economy to perform.
He writes 'All three of these forces -the anti-corruption effort, the banking liberalization, and the lavish 2023-2025 budget- will create challenges for the management of the dinar exchange rate. One could argue that over the last two decades the Government of Iraq (GoI) had little control over its exchange rate; that exchange rate policy was determined by other sectors of the political economy in Iraq.
But even if this is true, the level of the exchange rate and changes in that level are believed by many Iraqis and foreigners as providing valuable insight into the quality of economic management in Iraq.
This importance is exemplified by the current efforts to de-dollarize the Iraqi economy while there is excess demand for dollars. This excess demand is shown by a parallel exchange rate of roughly 1500 dinars per dollar compared to the official exchange rate of 1310 dinars per dollar.
An important cause of this exchange rate gap is that the GoI, with the strong encouragement of the U.S. Federal Reserve, is attempting to reduce the use of the U.S. dollar in both Iraq's internal economy and its external transactions. Since 2003, the U.S. dollar has facilitated economic growth in Iraq by providing a widely accepted medium of exchange for purchases as well as a reliable store of value for savings. In the long run, whether de-dollarization will have a significant adverse impact on the Iraq economy will depend on how rapidly the GoI can increase both the efficiency of alternative mediums of exchange and the perceived security of alternative stores of value.'
© Newshounds News™
Source:Iraq Business News
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To Boost Foreign Investments, Iraq signs Singapore Convention
From the UN Development Programme (UNDP). Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News.
In a landmark move to attract foreign investors to Iraq, the country celebrated its signing of the United Nations Convention on International Settlement Agreements Resulting from Mediation ("Singapore Convention").
Under the patronage of H.E. Prime Minister Mohammed Shia Al-Sudani, the United Nations Development Programme (UNDP) and the National Investment Commission (NIC) of Iraq hosted a high-profile conference on mediation today [Wednesday 26th June, 2o24].
Creating an environment for global investors
Kick-starting the conference on behalf of H.E. the Prime Minister Mohammed Shia` Al-Sudani, the Advisor to the Prime Minister, Nasser Saleh Abdulnabi Al-Asadi reiterated the government's unwavering focus on foreign investment.
"We are steadfast in our progressive reforms, striving to transform Iraq into an inviting and secure investment destination. Iraq's accession to the Singapore Convention is a significant milestone, fortifying our efforts to build a robust business sector. We will persist in our endeavours to bolster investment, combat corruption, and generate employment opportunities for our youth," he said.
On April 17, 2024, Iraq took a significant step by signing the Singapore Convention, as the Convention eases enforcement of mediated settlement agreements, paving the way for enhanced international trade and commerce between countries.
"Iraq is ready to strengthen its collaboration with countries across the globe to foster investment as well as diversify and increase its trade, and the Convention is an important tool for us to operationalize this," ` said Dr. Hayder Makiya [Makiyya], Chairman of the National Investment Commission.
Iraq enters its new chapter
The conference, generously backed by the European Union, was joined by the European Union Ambassador to Iraq, Thomas Seiler.
"We are working hand in hand with the government and UNDP to support the government's ambition to make Iraq a secure and attractive destination for foreign investments, including from the 27 EU Member States. Effective mediation opens a new door for Iraq's international trade and business."
Through its Anti-Corruption and Commercial Dispute Resolution Initiatives funded by the European Union, UNDP has also been working with Iraqi universities to build the capacities of law students in commercial dispute resolution, including mediation.
"With the signing of the Singapore Convention, Iraq is committed to transforming the landscape of commercial cross-border dispute resolution which will significantly impact businesses engaged in international trade and commerce. We will continue supporting the Government in legislation and building the necessary institutional and human capacity to make mediation work." said Auke Lootsma, Resident Representative of UNDP.
The hope is that Iraq's signing of the Singapore Convention is the foundational beginning the country needs in order to attract and instill confidence in investors who wish to do business there - creating a climate that is conducive and safe for foreign investment.
About the Singapore Convention
The Singapore Convention is a multilateral treaty that provides a uniform and efficient framework for the enforcement of international settlement agreements resulting from mediation. It applies to agreements concluded by parties to resolve commercial disputes and facilitates international trade by enabling easy cross-border enforcement of these settlements. As of 11 June 2024, the Convention has 57 signatories and 14 parties. Iraq is the most recent signatory of the convention.
About UNDP's Commercial Dispute Resolution Initiative
To create an inclusive ecosystem for investors and boost foreign investment, UNDP has been strengthening commercial dispute resolution legislation and practices in Iraq. In addition to the support for mediation, the initiative includes technical support for drafting new law on arbitration in compliance with the UNCITRAL Model Law on International Commercial Arbitration and international best practices. By facilitating consultations, workshops, and discussions with a broad range of stakeholders, UNDP aims to enhance capacity building and mainstream efficient commercial dispute resolution practices across the country.
© Newshounds News™
Source:Iraq Business News
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DRAGON BOND: What it Means, How it Works
What Is a Dragon Bond?
A dragon bond is a long-term debt security issued by firms operating in Asian nations (excluding Japan), but denominated in foreign, stable currencies, such as the U.S. dollar (USD) or the Japanese yen (JPY).
Dragon bonds are Asian corporate bonds, ex-Japan, but denominated in a foreign currency.
Dragon bonds are denominated in currencies deemed to be more stable than the home currency to help mitigate the foreign exchange risk.
Dragon bonds, introduced by the Asian Development Bank (ADB) in 1991, are analogous to eurobonds issued by European corporations in foreign currencies.
Understanding Dragon Bonds
A dragon bond is a fixed-income security denominated in currencies deemed more stable than the home currency; it is seen as more attractive to foreign investors as a result. The rationale for structuring them to be as appealing as possible to investors outside of Asia is because they mitigate the foreign exchange risk that can impact returns as currency values fluctuate. Dragon bonds are similar to eurobonds in that they are denominated in foreign currencies that are liquid and stable, but in the Asian context instead of Europe.
Dragon bonds were first introduced in 1991 by the Asian Development Bank (ADB). Because of the foreign denomination, these can be more complex than other bonds because of international differences in taxation, regulatory compliance issues facing firms that issue them, plus limited liquidity in trading them in secondary markets.
Dragon Bonds and Currency Risk
Dragon bonds were created to broaden the market for fixed-income securities in Asia and develop more active Asian financial markets. Although Asian companies had issued bonds in local currencies, they appealed mostly to domestic investors limiting access to capital. Foreign investors were often reluctant to buy bonds dominated in currencies that could fluctuate rapidly. Currencies such as the U.S. dollar and Japanese yen were considered stable enough for accumulating assets.
For example, an Indonesian company might issue a 20-year bond denominated in Indonesian rupiah (IDR), with a coupon rate of 4-percent paid annually. If the U.S. dollar-Indonesian rupiah (USD/IDR) were 10,000 rupiahs per one U.S. dollar, then a 100-million rupiah bond would be the equivalent of $10,000. Each interest payment of 4 million rupiah would represent $400 at the time the bond is issued.
To an Indonesian investor, an investment of 100 million rupiah would pay 4 million rupiah per year with return of principal after 20 years. But for an investor buying such a bond with U.S. dollars, an unfavorable movement between the relative value of the two currencies could create extra risk.
If in the next year the exchange rate shifted from 10,000 IDR/1 USD to 11,000 IDR/1 USD, then the first coupon payment of 4 million rupiah would only be worth only about $364 instead of $400 as anticipated when the bond was first issued. The bond's 100-million rupiah face value would be worth about $9,091. And if the prevailing interest rate moves up, the value of the bond would be even lower.
However, a dragon bond denominated in USD, while still subject to interest rate risk, would not be subject to currency risk. The regional economy has changed significantly in the years since the introduction of dragon bonds in 1991, including the 1997 Asian financial crisis, and the growth of the Chinese economy. However, dragon bonds continue to help Asian markets attract more foreign investment.
© Newshounds News™
Read more:Investopedia
~~~~~~~~~
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Economics, News Dinar Recaps 20 Economics, News Dinar Recaps 20
TNT: Tishwash: In the presence of Al-Sudani...the launch of the central celebration of the National Day of the Iraqi Press
The activities of the central ceremony held by the Iraqi Journalists Syndicate on the occasion of the National Day of the Iraqi Press were launched at the Al-Rashid Hotel in Baghdad this morning, under the slogan (Iraqi journalists give freedom and inspiration to build)
In the presence of Prime Minister Muhammad Shiaa Al-Sudani, Acting Speaker of the House of Representatives Mohsen Al-Mandalawi, and the Head of the Journalists Syndicate.Iraqis, President of the Union of Arab Journalists, Muayyad Al-Lami, and a number of ministers, leaders, officials, ambassadors, and Arab and foreign delegations. ink
TNT:
Tishwash: In the presence of Al-Sudani...the launch of the central celebration of the National Day of the Iraqi Press
The activities of the central ceremony held by the Iraqi Journalists Syndicate on the occasion of the National Day of the Iraqi Press were launched at the Al-Rashid Hotel in Baghdad this morning, under the slogan (Iraqi journalists give freedom and inspiration to build)
In the presence of Prime Minister Muhammad Shiaa Al-Sudani, Acting Speaker of the House of Representatives Mohsen Al-Mandalawi, and the Head of the Journalists Syndicate.Iraqis, President of the Union of Arab Journalists, Muayyad Al-Lami, and a number of ministers, leaders, officials, ambassadors, and Arab and foreign delegations. ink
Tishwash: Next month...the salaries of retired workers will increase
The Ministry of Labor and Social Affairs will begin increasing the salaries of retired workers next July.
The Ministry's official spokesman, Najm Al-Uqabi, said in a statement received by Al-Maalouma, “The Ministry will begin implementing the increase in the salaries of retired workers starting in July, indicating that it will be in the amount of 150 thousand dinars distributed according to a retirement formula."
He pointed out that “the maximum limit for the worker’s pension will be 700 thousand dinars according to a retirement formula.” The one who receives the minimum amount of 350 thousand will have a salary of 500 thousand after adding the increase, and so on.” link
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Tishwash: Will the state adopt the provision of sovereign guarantees to finance private industrial projects?
The financial and economic advisor to the Prime Minister, Mazhar Muhammad Saleh, explained today, Friday, that the state has adopted a policy of providing sovereign guarantees for loans obtained by the private sector to finance an important package of private industrial projects.
Saleh told Al Furat News Agency: “There is a fundamental link in financing and implementation adopted by the government program and general policy in development, and its basics are summarized in the high implementation of the listed and ongoing government investment projects that faced procrastination and halting for many years.”
He added, "The current investment program is based on completing the implementation of investment projects without interruption and in accordance with the financial resources allocated to them included in the Federal General Budget Law, while ensuring the sustainability of the funding sources necessary for the continuation of implementation, especially in the field of high-service infrastructure such as projects to develop electricity, drinking water, roads, sewers, etc., with priority that touches the lives of citizens."
He pointed out: "Based on the above, the increase in revenues is one of the important financing levers in overcoming the problems that were facing government projects, which are called (slowed), and which have now entered into implementation and completion, in accordance with the approved policy (No more slowed projects)."
He expressed: "Therefore, there is a clear correlation between the capacity to implement urban projects in the country and the growth of public revenue sources (whether oil or non-oil) and harnessing their high financial flows to serve the requirements of economic development in our country in a way that maximizes the gross domestic product and provides high and sustainable employment sources at the same time.
The private sector assumes an important responsibility in implementation as it is the effective strategic partner in developing the Iraqi economy and advancing its infrastructure and various production activities."
Saleh noted that "the state has adopted a policy of providing sovereign guarantees for loans obtained by the private sector to finance an important package of civil industrial projects, most notably projects to produce industrial and construction outputs related to the advancement of reconstruction, housing and infrastructure, with sovereign guarantees for the private sector amounting to 85% of the value of private activity, specifically industrial activity." link
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Tishwash: Economist reveals the main factors that influenced the implementation of the Maronites
Former Director of the Financial Supervision Bureau, Salah Nouri, revealed today, Friday, the basic factors that influenced the implementation of the budget approval.
Nouri told Al Furat News Agency: “The main factors affecting the proper implementation of the Maronites are:
_Approval of the budget early, at least in the third month of the fiscal year
_Accuracy of financial allocations according to the priorities of the government program
-The speed of cash financing for public spending units. This concerns the duties of the Ministries of Finance and Planning, the Council of Ministers, and the Representatives
As for the executive departments, Salah added, “Transparency, integrity and quality in the use and spending of funds according to the approved financial allocations.”
He stated, “The efficiency of the executive human resources in the public spending units, based on the basics of implementing the aforementioned general budget, will greatly affect the achievement this year in terms of delays in approving the budget and delays in financing, in addition to the weakness of efficiency, transparency, integrity, and quality, especially in investment projects.” link
Mot: ... the Wisdom of ole ""Earl""
Mot: Perfect It Was !!!
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Chats and Rumors, Economics Dinar Recaps 20 Chats and Rumors, Economics Dinar Recaps 20
KTFA: BuckeyeTree:
There have been times which looked good that have come and gone. More needed to get done, and we have waited. Now ATMs are out and official WTO full member status as of July 18. IMO, the window seems to be getting smaller and startup of those idle ATMs dispensing and working maybe closer! IMO.
TBJohnston: I agree, Buckeyetree, IMO we are CLOSER than EVER to this blessing finally happening, and tomorrow from Today's perspective looks very promising indeed!
KTFA:
BuckeyeTree: We are at the end of June, and Sunday, June 30, is mid year, an opportune time. Almost daily there is a cascade of news in articles from Iraq and Eddie. IMO, June may end with great news, and, if not with what we seek, but maybe news that brings us yet closer to what we seek.
There have been times which looked good that have come and gone. More needed to get done, and we have waited. Now ATMs are out and official WTO full member status as of July 18. IMO, the window seems to be getting smaller and startup of those idle ATMs dispensing and working maybe closer! IMO.
TBJohnston: I agree, Buckeyetree, IMO we are CLOSER than EVER to this blessing finally happening, and tomorrow from Today's perspective looks very promising indeed!
Frank26: "KTFA FAMILY... SUDANI GUARANTEED THE CONTRACTS FOR INVESTMENTS WITH A NEW EXCHANGE RATE, THEN HE TOLD THOSE AGAINST THE MONETARY REFORM.......... DON'T YOU DARE TOUCH MY INVESTORS BECAUSE I GUARANTEED THEIR MONEY, INVESTMENTS & CONTRACTS!!!"..........F26
What is the importance of Iraq joining international agreements?
6/26/2024 Baghdad
The Chairman of the National Investment Commission, Haider Makiya, stressed today, Wednesday, the importance of Iraq joining international agreements to enhance the investment sector, noting that Iraq has provided real guarantees to attract foreign investments.
Makiya said, in his speech, during the launch of the National Investment Commission conference in cooperation with the United Nations Development Programme, that “Iraq’s accession to the International Settlement Agreement resulting from international mediation and disputes that was signed in 2024, will contribute to achieving the goals of sustainable development and encouraging the increasing use of international mediation as a means.” Effective for settling cross-border disputes, for the purpose of maintaining trade and investment relations between the parties involved in the investment process.”
He added, "This agreement has a pivotal dimension, foremost among which is finding an alternative method to litigation procedures before international arbitration bodies in disputes arising from investment, especially since Iraq joined in 2015 the International Center for the Settlement of Investment Disputes between States and Citizens of Other Countries, and this "It will give foreign investors the right to resort to the Washington Center."
He continued, "Also, the Republic of Iraq's accession to the New York Convention on the Recognition of Foreign Judgments of 1958 means completing all the necessary legislative environment to provide real guarantees and protection for foreign investors, and this will reflect positively on attracting foreign capital to Iraq, which aims at the construction and reconstruction process, and will raise Iraq's classification." .
He explained, "This agreement enhances the Iraqi investment reality, because it includes many international and qualitative strategic investment opportunities that impose contracts with specialized foreign companies for investment purposes. This requires Iraq to provide legal protection to those companies by resolving disputes in the event that they arise from investment contracts that It is imposed by state institutions on these companies, which prefer to resort to international arbitration to guarantee their rights, as stipulated in Article 27 of Investment Law No. 13.”
He pointed out, “Iraq’s accession to the International Mediation Agreement (Singapore Agreement) is necessary to attract foreign investments and achieve intended development, especially in light of Iraq’s transformation and dependence on a free market economy. This agreement will also create a legal framework that allows reliance on agreements.” The settlement resulting from mediation is easily implemented by all countries.”
Makiya stressed that “the legal department at the National Investment Authority and the investment authorities in the governorates will work to include international investment contracts by relying on mediation mechanisms in investment-related disputes before resorting to international arbitration, which will send a message of reassurance to foreign investors and foreign companies in order to proceed with resolving disputes.” related to these contracts, is easier than entering into international commercial arbitration procedures.”
He pointed out, “The Republic of Iraq’s accession to the International Commercial Arbitration Agreement and the Singapore Mediation Agreement, in addition to concluding many agreements to encourage and protect mutual investments between Iraq and many international countries, made Iraq occupy fourth place in the classification of foreign direct investment.”
And the best emerging markets to invest in 2024.”
He stressed that "the noticeable improvement in the investment climate in Iraq comes as a result of government efforts made to strengthen the economic and investment sector, in attracting foreign investments," calling on foreign companies, foreign investors and businessmen to "visit Iraq to learn about the investment opportunities included in the investment map, and to attend the forum."
"Iraq Investment Bank, which will be held next November, will launch more than 100 investment opportunities with integrated approvals, and review the benefits and guarantees that the investment law will provide to investors." LINK
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Courtesy of Dinar Guru: https://www.dinarguru.com/
Frank26 Sudani...I honestly feel he has put everybody ...in checkmate...He put Kurdistan and Barzani in checkmate when he showed them the new exchange rate IMO. He put all the contractors in checkmate ...when they rewrote [contracts] with the new exchange rate IMO...Sudani has...all those involved in monetary reform in checkmate, even the United States of America, WTO, everybody is in checkmate...Look at all the excitement...pomp and circ*mstances pointing at Iraq from everybody... bowing to Iraq...You got the oil we want...The whole world knows Iraq are in control of them.
Bruce [via WiserNow] ...all of this information...is coming from Iraq directly, and we have some sources there ...was at the Baghdad International Airport and was able to use his credit/debit card. An Iraqi citizen was able to use his credit debit card to not only obtain lower denominations on the ATM, but also purchase airline tickets – in the ATM – which I didn't know you could do...He did have a rate, and he was...successfully able to transact business in Iraq - on the Iraqi dinar...He said, our time will come in a couple of days, a couple more days, but I think he's probably right...This should be a bang up weekend for us.
BRICS No to World Bank: What Next?
Fasstepo: 6-29-2024
The World Bank, a cornerstone of global financial governance, has long been a subject of criticism.
As the institution faces growing scrutiny from the Global South and BRICS countries, several pressing questions arise: Why is there a persistent perception of Western dominance within the World Bank's decision-making processes?
How do the conditionalities attached to its loans impact the socio-economic landscapes of recipient countries? And why have alternatives like the New Development Bank emerged as significant players in global finance?
This video delves into these critical issues, exploring the structural imbalances, the controversial policy impositions, and the rigidity that critics argue undermine the World Bank's mission.
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Frank26, KTFA Dinar Recaps 20 Frank26, KTFA Dinar Recaps 20
KTFA Saturday Night Conference Call
FRANK26….6-29-24….IT’S TIME FOR THE BUDGET
This video is in Frank’s and his team’s opinion only
Frank’s team is Walkingstick, Eddie in Iraq and guests
Playback Number: 605-313-5163 PIN: 156996#
KTFA
Saturday Night Conference Call
FRANK26….6-29-24….IT’S TIME FOR THE BUDGET
This video is in Frank’s and his team’s opinion only
Frank’s team is Walkingstick, Eddie in Iraq and guests
Playback Number: 605-313-5163 PIN: 156996#
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Economics, News Dinar Recaps 20 Economics, News Dinar Recaps 20
Project mBRIDGE Explained: BRICS, Multi Currency Reality Via New Blockchain Settlement System
Lena Petroa: 6-29-2024
Blockchain-based project mBRIDGE will become the foundation for a new, global alternative financial system. mBridge does not support settlements made in U.S. dollars.
Today, Warwick and Lena discussed how project mBRIDGE works, its structure, key stakeholders as well as the benefits that it will facilitate for the global majority.
The discussion focuses on the process of de-dollarization, the BRICS+ bloc and the future of payment settlements.
Project mBRIDGE Explained: BRICS, Multi Currency Reality Via New Blockchain Settlement System
Lena Petroa: 6-29-2024
Blockchain-based project mBRIDGE will become the foundation for a new, global alternative financial system. mBridge does not support settlements made in U.S. dollars.
Today, Warwick and Lena discussed how project mBRIDGE works, its structure, key stakeholders as well as the benefits that it will facilitate for the global majority.
The discussion focuses on the process of de-dollarization, the BRICS+ bloc and the future of payment settlements.
BRICS Shocked Dollar by Switching to Gold Reserve: What next?
Fastepo: 6-29-2024
In this video, we explore the recent global shift toward increasing gold reserves and examine how this trend impacts the relationship between gold prices and the US dollar.
We delve into the reasons behind various countries' moves to diversify their reserves away from the US dollar. Additionally, we analyse how gold prices typically respond to fluctuations in the US dollar.
What Is Money?
Lynette Zang: 6-29-2024
Today we are talking about money, what it is, how it's created and the lie that has been sold to us...
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Economics, Gold and Silver, News DINARRECAPS8 Economics, Gold and Silver, News DINARRECAPS8
The Latest Rv And Economics Updates from the Seeds of Wisdom Saturday Evening 6-29-24
Good Evening Dinar Recaps,
Europe’s MiCA will take effect on Sunday, ushering in a new age of transparent crypto regulation
MiCA provides regulatory clarity to the entire digital assets market across the Eurozone, making Europe one of the first Western countries to implement a clear framework that crypto exchanges, digital assets companies, and stablecoin issuers can adopt to remain compliant.
The framework aims to protect European investors from the fraud and risks plaguing the crypto markets while fostering innovation, economic competitiveness, and the interest of the Eurozone.
The Latest Rv And Economics Updates from the Seeds of Wisdom Saturday Evening 6-29-24
Good Evening Dinar Recaps,
Europe’s MiCA will take effect on Sunday, ushering in a new age of transparent crypto regulation
MiCA provides regulatory clarity to the entire digital assets market across the Eurozone, making Europe one of the first Western countries to implement a clear framework that crypto exchanges, digital assets companies, and stablecoin issuers can adopt to remain compliant.
The framework aims to protect European investors from the fraud and risks plaguing the crypto markets while fostering innovation, economic competitiveness, and the interest of the Eurozone.
MiCA pushes for innovation in its stipulations around stablecoins, which will allow Euro-denominated stablecoins to replace the dollar-denominated variant. Under the new rules, stablecoins will be treated as electronic money, subjecting issuers to the same levels of compliance as traditional banks and money transmitters, including a 1:1 redemption to the Euro.
While the framework pushes for bold reforms, it also emphasizes protecting the European investor by mandating digital service providers obtain licenses as either digital asset service providers (DASP), virtual asset service providers (VASP), or crypto asset service providers (CASP).
Global stablecoins are not allowed under MiCA, and stablecoins pegged to other cryptocurrencies must primarily comply with European e-money licensing requirements. This would entail abiding by prudential, financial-crime compliance, and other rules.
To boost job and economic growth, licensed entities must maintain a local presence within the EU, which will serve as a base for their European operations.
While MiCA is a step forward, it is not without fault. Some of its faults include the cost of compliance, which could be burdensome on smaller crypto exchanges and service providers, vague (virtually non-existent) stipulations around decentralised finance, and a lack of flexibility in some stipulations, like those around stablecoins.
© Newshounds News™
Read more:Coin Journal
~~~~~~~~~
Less Than 1 in 10 Firms Are Fully Prepared for MiCA With 25% Having Made No Preparations
The first stage of the European Union‘s Markets in Crypto Assets Regulation (MiCA) will come into play on 30 June. However, a new report by Acuiti, the management intelligence platform, and conducted by Eventus, the trade surveillance software provider, has found that a move to establish market surveillance systems is underway as firms find themselves underprepared.
MiCA represents one of the first comprehensive regulatory frameworks for crypto trading to be developed in a major financial jurisdiction, and its adoption will increase requirements for market participants in a range of areas.
The study, The Impact of MiCA on Crypto Market Surveillance: Insights and Challenges, was based on a survey and series of interviews with senior executives at 68 firms engaged in crypto trade across the buy-side, sell-side and exchanges. It found that, of the firms that were in scope for MiCA, just nine per cent were fully prepared, and a quarter of firms had not begun preparations.
With MiCA coming into full effect at the end of the year, it is important that firms identify whether they are in scope now and begin preparations to comply.
In terms of market surveillance, the MiCA regulation is based upon requirements set out in the EU’s Market Abuse Regulation (MAR). For many firms, particularly crypto-native firms coming into scope for the first time, there will be a significant operational lift to put in place the systems required to be compliant. This study found that there were still high levels of firms that were not sure if they were in scope.
“For firms that are not already operating under MIFID II, MiCA will present a significant operational lift to become compliant, and it is no surprise that we found that firms were looking to third-party vendors to assist them in their preparations,” says Ross Lancaster headof research at Acuiti.
“There is a relative lack of awareness among some areas in the market as to who is in scope, which will need to be addressed if firms are going to have time to get ready for compliance.”
© Newshounds News™
Read more:The FinTech Times
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US Dollar to Get Re-Priced from ‘Widely Overvalued’ Levels, Massive Impact on Gold, Bitcoin Targets |Youtube
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IBKR’s ForecastEx secures CFTC approval to launch prediction market
The Commodity Futures Trading Commission (CFTC) has approved ForecastEx LLC’s application to operate a contract market and derivative clearing organization.
ForecastEx, a wholly-owned subsidiary of Interactive Brokers, starts operations on Monday, July 8, 2024.
Interactive Brokers clients from eligible countries will have immediate access, the brokerage firm announced as it is the first Futures Commission Merchant to join as an exchange member.
“Markets are the most direct ways of expressing our unbiased expectations”
After its initial launch, ForecastEx will expand internationally and cover additional local and controversial global issues, the firm stated.
© Newshounds News™
Read more:Finance Feeds
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UK is 3 months away from transition away from US dollar LIBOR
The Financial Conduct Authority has reminded market participants of the expected cessation of the remaining synthetic US dollar LIBOR settings at the end of September 2024.
“We have no intention to use our powers to compel IBA to continue to publish the settings beyond this date”, the regulator stated. “Market participants with outstanding US dollar LIBOR exposures must make sure they are prepared for these remaining synthetic US dollar LIBOR settings to cease by the expected deadline.”
The FCA further warned that parties to contracts still referencing US dollar LIBOR should be taking steps to transition to appropriate, robust reference rates, renegotiating with counterparties where necessary.
The FCA and BoE have been taking steps to promote the switch from LIBOR to SONIA. Throughout the last few years, they actively provided guidance to lenders, borrowers, and investors who are amending their documentation to reference SONIA.
Nevertheless, the transition from US dollar LIBOR remains of critical importance globally, including in the UK where many firms are active in US dollar interest rate markets.
LIBOR, which underpins more than $300 trillion in derivatives and other instruments, is set to be replaced worldwide with the Bank of England’s Sonia rate for sterling-denominated swaps, loans, and futures.
Instead of interbank offered rates, the FCA notes that overnight SONIA is now fully embedded across FX markets. Successful CCP conversion processes saw some of the largest single day amendments to financial contracts, with in excess of £13 trillion LIBOR-referencing contracts converted to SONIA.
This shift is expected to boost liquidity in these products, which aided relevant providers in achieving the Working Group’s key milestone of ceasing LIBOR-linked derivatives.
© Newshounds News™
Read more:Finance Feeds
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Digital Assets
Analysis: How the Fed’s rate policy spurred crypto adoption in Africa
Increases in U.S. interest rates are historically considered to generate adverse spillovers to emerging market economies (EMEs), including those in Africa. However, whether these rate hikes are detrimental depends on their underlying causes.
Higher rates resulting from stronger U.S. growth generate only modest spillovers to African financial markets. In contrast, rate hikes stemming from hawkish Federal Reserve policy or inflationary pressures are much more disruptive, often leading to capital outflows and currency depreciation.
African currencies have struggled against the U.S. dollar over the last two years, and they are unlikely to see recoveries soon as long as the Federal Reserve continues to delay cutting interest rates. This sustained pressure has driven many Africans to seek refuge in cryptocurrencies, which are perceived as less susceptible to the Fed’s monetary policy changes.
According to Chainalysis, Africa received $117.1 billion in on-chain crypto transactions between July 2022 and June 2023. Although it has consistently been one of the smallest cryptocurrency markets, a closer analysis reveals that crypto has penetrated key markets and become an important part of many residents’ day-to-day lives. The Fed’s higher interest rates have indirectly contributed to this trend by exacerbating economic conditions in these countries, prompting people to seek financial alternatives.
That said, experts on the ground also observed that crypto fans in Africa have shifted their focus from Bitcoin to stablecoins due to their lower price volatility compared to the original cryptocurrency.
© Newshounds News™
Read more:Finance Feeds
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Trade finance to play major role in $30 trillion tokenised assets market
Demand for tokenised real-world assets could reach $30.1 trillion by 2034, with trade finance assets making up a significant part of the market, predicts a paper from Standard Chartered and Synpulse.
Currently, the tokenised assets sector is mainly made up of traditional assets like US treasuries and money market funds. However, the supply side is still in its infancy, with the total value of tokenised assets (excluding stablecoins) standing at just $5 billion in early 2024.
However, the paper argues that growing industry digitisation and the specific features of real-world trade finance assets, make it an ideal category to originate tokens.
Currently, trade finance assets are underinvested due to lack of familiarity, pricing inconsistency and operational intensity. Tokenisation has the potential to address these challenges, whilst also reducing information asymmetry and offering transparency to investors.
By 2034, trade finance assets could become one of the top three tokenised assets globally, at 16% of the $30.1 trillion total, predict the authors.
Kai Fehr, global head, trade, Standard Chartered, says: "We see the next three years as a critical junction for tokenisation, with trade finance assets coming to the fore as a new asset class.
"To unlock this trillion-dollar opportunity, industry-wide collaboration among all stakeholders, from investors and financial institutions to governments and regulators is critical. Banks need to increasingly take on the role of bridging the existing traditional financial markets with a newer and more open token-enabled market infrastructure."
© Newshounds News™
Read more:FinExtra
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Techcombank launches AI-powered banking
Techcombank launched AI-powered banking at the Techcombank Keynote event in Hanoi on Friday, aiming to become a leading bank in Vietnam with innovative digital solutions.
Techcombank's first Keynote event, titled "Pioneering Innovation: Reaching for New Heights," showcased the bank's most innovative new solutions for individual, business, and corporate customers and highlighted how it is harnessing the power of data and AI to create meaningful experiences for customers and deliver unprecedented growth for Techcombank.
Kicking off the event, CEO Jens Lottner highlighted the investment made by Techcombank over the first three years of its 2021–2025 transformation plan to create a number of first-in-the-market innovations.
Techcombank has applied data analysis and AI across the bank, and most major systems have been transitioned to the cloud.
This puts it around three years ahead of its competitors in Vietnam and is enabling the bank to harness the power of data and AI in order to drive unique business outcomes.
Lottner said that this year the bank has accelerated its drive towards leveraging digital platforms, new data, and AI capabilities, creating more hyper-personalized experiences for customers.
"We are now redefining banking in Vietnam with our product innovations and personalized experiences," said Lottner.
Its new loyalty ecosystem offers rewards and experiences tailored to individual customers’s preferences and lifestyles.
It is already one of the largest and most diverse loyalty programs in the Vietnamese banking industry, encompassing over 19,000 points of sale with over 300 brands where customers can earn reward points.
"With the strong support of our partners and shareholders, we have built one of the best banking platforms in Asia. We are now ready to go to the next level, to compete and win over customers to realize our vision, Change Banking, Change Lives," Abraham said.
© Newshounds News™
Read more:Vietnam Express
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China-Serbia FTA to take effect on July 1, further facilitates bilateral exchanges
The free trade agreement (FTA) between China and Serbia will officially take effect on July 1, 2024, as the two sides will gradually eliminate tariffs on 90 percent of products in the tariff lines. Tariffs for more than 60 percent of products will be suspended immediately on the same day, China's Ministry of Commerce (MOFCOM) said on Friday in a statement.
The FTA was signed on October 17, 2023, and both countries have completed the respective approval procedures.
The final proportion of zero-tariff imports on both sides will reach about 95 percent, covering major trade commodities. The import tariffs on the Serbian side will be gradually reduced to zero from the current 5 to 20 percent for Chinese products such as automobiles, photovoltaic modules, lithium batteries, telecommunication equipment, machinery and equipment, refractory materials and some agricultural and aquatic products, according to a separate MOFOCM statement on Friday, citing an official.
China will also reduce the 5-20 percent tariffs to zero for major Serbian imports, including generators, electric motors, tires, beef, wine, nuts and other products.
© Newshounds News™
Read more:Global Times
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Newshound'sPodcast June 28, 2024 on XRP and Ripple
MP3 Here
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Advice, Personal Finance DINARRECAPS8 Advice, Personal Finance DINARRECAPS8
25 Things You Should Never Do With Your Money
Roger Wohlner Sat, June 29, 2024
Do enough digging and you’ll find that there is possibly an endless list of things you shouldn’t do with your money. From bad habits to decisions based on wishful thinking, some of the bigger missteps can really cost you.
To find out the biggest money mistakes you should avoid, GOBankingRates asked financial experts for their best advice.
Never Cash Your Paycheck Right Away
If you cash your paycheck right away, you might burn through it too quickly.
“You will most certainly spend it all if you cash your paycheck rather than have your employer directly deposit it into your bank account,” said Barbara Friedberg, a personal finance consultant. “Even better is to automatically transfer a percent of your paycheck into a retirement investment account and direct-deposit the remainder into a bank account.”
One advantage of having a workplace retirement plan, such as a 401(k), is that money is automatically deducted from your pay and invested. You don’t see it, so you won’t spend it. You can use a budgeting template to get the most mileage out of your paycheck.
Never Fall For ‘Special’ Finance Deals You Can’t Afford
25 Things You Should Never Do With Your Money
Roger Wohlner Sat, June 29, 2024
Do enough digging and you’ll find that there is possibly an endless list of things you shouldn’t do with your money. From bad habits to decisions based on wishful thinking, some of the bigger missteps can really cost you.
To find out the biggest money mistakes you should avoid, GOBankingRates asked financial experts for their best advice.
Never Cash Your Paycheck Right Away
If you cash your paycheck right away, you might burn through it too quickly.
“You will most certainly spend it all if you cash your paycheck rather than have your employer directly deposit it into your bank account,” said Barbara Friedberg, a personal finance consultant. “Even better is to automatically transfer a percent of your paycheck into a retirement investment account and direct-deposit the remainder into a bank account.”
One advantage of having a workplace retirement plan, such as a 401(k), is that money is automatically deducted from your pay and invested. You don’t see it, so you won’t spend it. You can use a budgeting template to get the most mileage out of your paycheck.
Never Fall For ‘Special’ Finance Deals You Can’t Afford
Promotional finance offers that provide zero or low interest rates on a big purchase might sound like a great deal — until you wind up paying more than you expected. That’s what happened to Grayson Bell, founder of personal finance website Debt Roundup.
“Don’t finance a new vehicle, or watercraft in my case, based on the low promotional monthly payment,” he said. “I financed a new $10,000 Jet Ski with no money down and no real way to pay for it based on a radio ad promoting a super low $69 per month payment. What I didn’t read was the rate was only for two years, then it changes to include retroactive interest based on the loan amount.”
“Those financing deals can ruin you if you’re only looking at the monthly payment,” he continued. “Go through the math and read all of the fine print. They get you in with the low monthly payments, but keep you paying for much longer than you anticipated.”
Never Co-Sign a Loan You Can’t Afford
Michelle Schroeder-Gardner of personal finance blog Making Sense of Cents said you should never co-sign on a loan for someone unless you have the means to pay it back fully.
“The fact is that you never know if the person will be able to pay every single payment, so it’s best to prepare yourself,” she said.
Never Live Above Your Means
One of the tenets of building wealth is to live below your means. Saving and investing should be your priorities so you can help pay for your children’s college costs and live comfortably in retirement, said Cathy Curtis, a certified financial planner and author of “The Happiness Spreadsheet: How To Create A Budget Aligned with Your Values, Beliefs and Ideals.”
Never Rely Only on Cash When Traveling
Sure, carrying and using cash is a good alternative to running up credit card bills. But Curtis suggested using traveler’s checks or credit cards as an alternative to cash.
Holding substantial cash when you’re traveling can invite unfortunate situations. You could lose it or be a victim of theft, which is not uncommon in certain tourist areas.
To Read More:
https://www.yahoo.com/news/finance/news/25-things-never-money-143113401.html
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Advice, Personal Finance DINARRECAPS8 Advice, Personal Finance DINARRECAPS8
I Grew Up Rich: 6 Money Lessons I Wish My Parents Would Have Taught Me
Cindy Lamothe Fri, June 28, 2024 a
There’s no doubt that being born with a silver spoon in your mouth gives you a leg up in the world — but it can also have its downsides, financially speaking.
Growing up rich has many perks, but it can also hinder a person from learning essential money lessons.
GOBankingRates spoke with people who come from privilege but recognize their upbringing didn’t equip them with the necessary financial skills to set them up for long-term success. Read below for their insights on money lessons they wish they had learned.
Appreciating the Value of Money
“Having grown up in a wealthy family and now working for my own business, I have unique insights into the financial lessons often missed when money is readily available,” said Ben Hilton, founder and managing director of Switch Jam Digital.
I Grew Up Rich: 6 Money Lessons I Wish My Parents Would Have Taught Me
Cindy Lamothe Fri, June 28, 2024 a
There’s no doubt that being born with a silver spoon in your mouth gives you a leg up in the world — but it can also have its downsides, financially speaking.
Growing up rich has many perks, but it can also hinder a person from learning essential money lessons.
GOBankingRates spoke with people who come from privilege but recognize their upbringing didn’t equip them with the necessary financial skills to set them up for long-term success. Read below for their insights on money lessons they wish they had learned.
Appreciating the Value of Money
“Having grown up in a wealthy family and now working for my own business, I have unique insights into the financial lessons often missed when money is readily available,” said Ben Hilton, founder and managing director of Switch Jam Digital.
“I never felt the need to worry about money as a child, and therefore, I failed to understand its real value. I now wish that someone had inculcated in me an appreciation of the actual work that goes into making money,” he said. “For instance, why did someone waste hours in the pursuit of a better deal or draw up a stringent budget? If I had known better the value of money, perhaps I would have been more enlightened about money management and spending habits.”
Budgeting Skills and Money Management
“I didn’t have to budget because it wasn’t expected or required in my home, and I’m still unaware of how to properly maintain a budget,” Hilton said. “When I first left home and lived alone, I struggled to balance my expenses and income.”
He noted that making sure a person knows how to set up and maintain a budget is a rather important skill that prevents overspending and helps to uphold and support personal financial stability.
Nischay Rawal, CPA, founder and managing partner of NR Tax & Consulting, shared a similar experience.
“Growing up with wealthy parents, I never learned the value of a dollar or what it meant to budget,” he said. “Money was always there for whatever I needed or wanted. As a result, I didn’t develop key financial skills that most people gain from an early age.
“When I started my own business, I had no idea how to forecast expenses, set financial goals or manage cash flow,” Rawal explained. “The first few years were a crash course in Finance 101. I made many mistakes that could have been avoided if I had a better grasp of basic money management.”
Investing Wisely
“While I had the money, I never learned how to invest early. I lost the basis for generating wealth through investment,” Hilton said. “A clear illustration of this is the fact that I was unaware of compound interest when I was 20 years old, a knowledge that could have significantly increased my financial worth.”
Learning investment principles and how to build wealth is crucial, according to Hilton. “How to invest wisely is a critical lesson for long-term financial growth,” he said.
Financial Independence
“Financial security during childhood is typically already wealth-dependent,” Hilton said. “I wish somebody had taught me about financial independence very early. For instance, in the early days of my career, it became easy to reach out to family for money and support instead of struggling and fighting to succeed financially independently.”
To Read More:
https://www.yahoo.com/news/finance/news/grew-rich-6-money-lessons-180010744.html
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MarkZ, Chats and Rumors Dinar Recaps 20 MarkZ, Chats and Rumors Dinar Recaps 20
Weekend News with MarkZ
Some highlights by PDK-Not verbatim
MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context. Be sure to consult a professional for any financial decisions
MZ: The first 45 minutes we spend with the CBD Gurus, go to the 45-minute mark for the news. Lower denominations being dispersed in July, and whatever else comes up.
Member: good Morning and Happy Weekend to everyone
Member: does Iraq have their new rate in the budget published this morning?
Weekend News with MarkZ
Some highlights by PDK-Not verbatim
MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context. Be sure to consult a professional for any financial decisions
MZ: The first 45 minutes we spend with the CBD Gurus, go to the 45-minute mark for the news. Lower denominations being dispersed in July, and whatever else comes up.
Member: good Morning and Happy Weekend to everyone
Member: does Iraq have their new rate in the budget published this morning?
MZ: No I do not believe there is a new rate in the Gazette this morning. I am not expecting one till Wednesday . I have heard that Sudani has signed off on the budget and it is supposed to be headed to the Gazette . There was some hope it would be printed this morning.
MZ: Something fun popped into the news yesterday- both from banks and exchange locations in Iraq. There was a notice that they are expecting distribution of lower denomination bills in July.
MZ: Both of the confirmations I received this morning from contacts on the ground inside of Iraq used the same words that they were told to expect them to distribute/disperse lower denominations in July.
MZ: That tells us how stinking close we are. The only thing that could make me happier to hear is the RV announcement and us getting to set our exchange date .
MZ: So they started yesterday telling everyone they will see lower denominations in July. Why would they need theses lower denominations unless the currency is worth more?
MZ: The month of July starts tomorrow in Iraq. I anticipate a lot of movement in the month. They continue to educate businesses in Iraq on pricing structures …so that when there is a value change of the dinar….they will be able to reprice goods and the consumers will be able to adjust spending
MZ: So for me that is our biggest news out of Iraq overnight. July is looking exceptionally good.
Member: so it looks like we may have “Christmas in July” afterall…. Lol
MZ: Could bei cannot imagine releasing ower denominations months before a value change.
Member: Frank26 says lower denoms come out the same time as the value change.
MZ: Bond folks have been very quiet overnight…..
MZ: Heading stateside tomorrow for July 4th and some medical things…….so the next podcast is from the US
Membr: Safe travels Mark….and thanks for the wonderful news from Iraq.
Member: Everyone have a wonderful weekend…..hope its our last weekend broke.
Mod: BREAKING NEWS: MarkZ's WEEKEND email address: Don't Write Me@NeverOnWEEKENDS.Com
Odysee at: https://odysee.com/@theoriginalmarkz:e OR THE RUMBLE CHANNEL: https://rumble.com/user/theoriginalmarkz
Note from PDK: Please listen to the replay for all the details and entire stream….I do not transcribe political opinions, divisive social commentary,medical opinions or many guests on this stream……just RV/currency related topics.
TO GET THE “REAL MARKZ ACCOUNTS”, TWITTER, YT, RUMBLE, TELEGRAM ROOMS, AND FOR MARK’S DAILY LINKS TO HIS WEBSITE: https://theoriginalmarkz.com
STAY IN THE KNOW: FOR UPDATES ON PODCASTS (CHANGES & GUESTS). YOU WILL FIND PLENTY OF USEFUL INFO THAT KOUKLA UPDATES OFTEN FOR MARK AT THE TELEGRAM INTEL CHANNEL: https://t.me/+K_GNVfTI0gFkZWYx
GUYS YOU CAN FIND ALOT OF INFO AT MARK'S WEBSITE: GO TO: https://theoriginalmarkz.com/home
MARKZ DAILY LINKS: https://theoriginalmarkz.com/home/
Mod: MarkZ "Back To Basics" Pre-Recorded Call" for Newbies 10-19-2022 ) https://www.youtube.com/watch?v=37oILmAlptM
ZESTER'S LINK TREE: https://linktr.ee/CrazyCryptonaut
THANK YOU ALL FOR JOINING. HAVE A BLESSED WEEKEND! SEE YOU ALL MONDAY MORNING FOR COFFEE @ 10:00 AM EST ~ UNLESS BREAKING NEWS HAPPENS!
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Economics, News Dinar Recaps 20 Economics, News Dinar Recaps 20
TNT: Tishwash: Document stating no taxes on Dinar and the report for Vietnam
This is the summary fromsection6
FOREIGN EXCHANGE AND REMITTANCES
Foreign Exchange
The currency of Iraq is thedinar (IQD). The Central Bank of Iraq devalued the IQD, by 22.7 percent at the end of Dec 2020, to avoid a liquidity crisis. This came as part of the reform plan put in place by the Prime Minister after the country was simultaneously impacted by COVID -19 and the significant drop in oil prices at that time.
Iraqi authorities confirm that in practice,there are no restrictions on current and capital transactions involving currency exchange ifvalid documentation supportsunderlying transactions.
TNT:
Tishwash: Document stating no taxes on Dinar and the report for Vietnam
This is the summary fromsection6
FOREIGN EXCHANGE AND REMITTANCES
Foreign Exchange
The currency of Iraq is thedinar (IQD). The Central Bank of Iraq devalued the IQD, by 22.7 percent at the end of Dec 2020, to avoid a liquidity crisis. This came as part of the reform plan put in place by the Prime Minister after the country was simultaneously impacted by COVID -19 and the significant drop in oil prices at that time.
Iraqi authorities confirm that in practice,there are no restrictions on current and capital transactions involving currency exchange ifvalid documentation supportsunderlying transactions.
TheInvestment Lawallows investors to repatriate capital brought into Iraq, along with proceeds. Funds can be associated with any form of investment and freely converted into any world currency. TheInvestment Law also allows investors to maintain accounts at banks licensed to operate in Iraq and transfer capital inside or outside of the country.
The GOI’s monetary policy since 2003 has focused on ensuring price stability primarily by maintaining a de facto peg between the IQD and the U.S. dollar,while seeking exchange rate predictabilitybysupplying U.S. dollarsto the Iraqi market. In December 2020, the GOI announced that it would officially devalue the dinar’s peg to the U.S. dollar by 22 percent. Banks may engage in spot transactions in any currency; however, theyare not allowed to engage in forward transactions in Iraqidinars for speculative purposes. There are notaxesor subsidies on purchases or sales of foreign exchange.
the whole report is here https://www.state.gov/reports/2022-investment-climate-statements/iraq/
Here is the link for the same report but for Vietnam
I HAVE NOT READ IT AND I DON'T INTEND to
https://www.state.gov/reports/2023-investment-climate-statements/vietnam/
************
BabysMom: Vietnam Tax Document
Vietnam
2. Bilateral Investment Agreements and Taxation Treaties
Vietnam maintains trade relations with 200 countries, and has 65 bilateral investment treaties (BITs) and 26 treaties with investment provisions. It is a party to five free trade agreements (FTAs) with ASEAN, Chile, the Eurasian Customs Union, Japan, and South Korea. As a member of ASEAN, Vietnam also is party to ASEAN FTAs with Australia, New Zealand, China, India, Japan, South Korea, and Hong Kong.
Vietnam finalized an FTA with the European Union in 2015, but the agreement has neither been signed nor ratified. In addition, Vietnam is a member of the Comprehensive and Progressive Agreement for the Trans-Pacific Partnership (CPTPP), which was signed on March 8, 2018. Vietnam is a participant in the Regional Comprehensive Economic Partnership (RCEP) negotiations, which include the 10 ASEAN countries and Australia, China, India, Japan, South Korea, and New Zealand, and it is negotiating FTAs with other countries, including Israel.
A full list of signed agreements to which Vietnam is a party is on the UNCTAD website:http://investmentpolicyhub.unctad.org/IIA/CountryBits/229#iiaInnerMenu.
Vietnam has signed double taxation avoidance agreements with 77 countries, listed athttp://taxsummaries.pwc.com/ID/Vietnam-Individual-Foreign-tax-relief-and-tax-treaties. The United States and Vietnam concluded and signed a Double Taxation Avoidance Agreement (DTA) in 2016, but the agreement is still awaiting ratification by the U.S. Congress.
There are no systematic tax disputes between the government and foreign investors. However, an increasing number of U.S. companies disputed tax audits resulting in retroactive tax assessments. These cases may stem from Vietnam’s chronic budget deficits and the need to find sources to fill the revenue gap left from falling tariffs and falling oil revenues. These retroactive tax cases against U.S. companies can obscure the true risks of operating in Vietnam and give some U.S. investors pause when deciding whether to expand operations.
In February 2017, the government released Decree 20/2017/ND-CP, effective since May 2017, which introduced many new transfer-pricing reporting and documentation requirements, as well as new guidance on the tax deductibility of service and interest expenses.
6. Financial Sector
Capital Markets and Portfolio Investment
Although Vietnam welcomes foreign portfolio investment, Morgan Stanley Capital International (MSCI) still classifies Vietnam as a Frontier Market, which precludes some of the world’s biggest asset managers from investing in its stock markets. Vietnam is working to meet the criteria necessary to attain “emerging market” status and attract greater foreign capital inflows.
While the government has acknowledged the need to strengthen both the capital and debt markets, there has been no substantial progress, leaving the banking sector as the primary capital source for Vietnamese companies. Challenges to raising capital domestically include insufficient transparency in Vietnam’s financial markets and non-compliance with internationally accepted accounting standards.
Vietnam has two stock exchanges, which are the HCMC Stock Exchange (HOSE) and the Hanoi Stock Exchange (HNX). The State Securities Commission (SSC) regulates both. As of February 2018, HOSE and HNX had total market capitalization of approximately USD 220 billion, surpassing 110 percent of Vietnam’s GDP. Government bonds account for one fifth of the total market capitalization traded on the HNX. A trading floor for unlisted public companies (UPCOM) operates at the Hanoi Securities Center, where many equitized SOEs first list their shares (due to lower transparency requirements) before moving to HOSE or HNX. Roughly 90 percent of the combined market capitalization is in HOSE.
Vietnam complies with International Monetary Fund (IMF) Article VIII. The governmentnotifiedthe IMF that it accepted the obligations of Article VIII, Sections 2, 3, and 4, effective November 8, 2005.
Banks charge relatively high interest rates for new loans because they must continue to service existing non-performing loans (NPLs). Domestic companies, especially small and medium enterprises (SMEs), often have difficulty accessing credit. Foreign investors are generally able to obtain local financing.
Money and Banking System
The State Bank of Vietnam (SBV) estimates that around 70-80 percent of the total population are underbanked or do not have bank accounts, due to an inherent distrust of the banking sector, the engrained habit of holding assets in cash, foreign currency, and gold, and the limited use of financial technology tools. Since recovering from the 2008 global downturn, Vietnam’s banking sector has been stable. However, despite various banking reforms, Vietnam’s banking sector continues to be concentrated at the top and fragmented at the bottom.
By the end of 2017, state-owned or majority state-owned banks accounted for over 46 percent of total assets, and over 40 percent of equity capital in the banking sector. The estimated total assets in the banking system is USD 454.6 billion. In addition, 31 private joint-stock commercial (private) banks, all smaller than the state-owned banks, are gradually gaining market share. There were also nine foreign-owned banks (HSBC, Standards Chartered, Shinhan, Hong Leong, Woori Bank, Public Bank, CIMB Bank, ANZ and United Overseas Bank), 49 branches of foreign banks, 47 representatives of foreign banks, and two joint-venture banks (Vietnam-Russia Bank and Indovina Bank).
Vietnam has made some progress on reducing its NPLs, but most domestic banks remain under-capitalized with high NPL levels that continue to drag on economic growth. Accurate NPL data is not available and the central bank frequently underreports the level of NPLs. Other issues in the banking sector include state-directed lending by state-owned commercial banks, cross-ownership, related-party lending under non-commercial criteria, and preferential loans to SOEs that crowd out credit to SMEs. By law, banks must maintain a minimum chartered capital of VND 3 trillion (roughly USD 134 million).
Currently, the ceiling for total foreign ownership in a Vietnamese bank remains at 30 percent, with a 5 percent limit for non-strategic individual investors, a 15 percent limit for non-strategic institutional investors, and a 20 percent limit for strategic institutional partners. In early 2017, the Prime Minister promised to increase the limits of foreign ownership in local banks, though he did not specify the new ceiling. Prudential measures and regulations apply the same to domestic and foreign banks.
We are unaware of any lost correspondent-banking relationships in the past three years. However, after the SBV took over three failing banks (Ocean Bank, Construction Bank, and Global Petro Commercial Bank (GP Bank)), and placed Dong A Bank under special supervision in 2015, correspondent-banking relationships with those banks may have been limited.
Vietnam has begun studying blockchain technologies in financial services and SBV established a steering committee on financial technology (fintech) in March 2017.
Foreign Exchange and Remittances
Foreign Exchange Policies
There are no restrictions on foreign investors converting and repatriating earnings or investment capital from Vietnam. However, funds associated with any form of investment cannot be freely converted into any world currency.
The SBV has a mechanism to determine the interbank reference exchange rate. In order to provide flexibility in responding to exchange rate volatility, the SBV now announces the interbank reference exchange rate daily. The rate is determined based on the previous day’s average interbank exchange rates, taking into account movements in the currencies of Vietnam’s major trading and investment partners.
Remittance Policies
Vietnam allows foreign businesses to remit profits, capital contributions, and other legal investment activity revenues in hard currency. There are no time constraints on remittances or limitations on outflow remittances of profits or revenue. However, outward foreign currency transactions require certain supporting documents (such as audited financial statements, import/foreign-service procurement contracts and proof of tax obligation fulfillment, and approval of the SBV on loan contracts etc.).
Sovereign Wealth Funds
The State Capital Investment Corporation (SCIC) technically qualifies as a sovereign wealth fund (SWF), as its mandate is to invest dividends and proceeds from privatization in assets outside of the state-owned sector. It was estimated at USD 2.8 billion in June 2016 (an updated estimate is not available.) However, the SCIC does not manage or invest balance-of-payment surpluses, official foreign currency operations, government transfer payments, fiscal surpluses, or surpluses from resource exports. SCIC’s primary mandate is to manage the non-privatized portion of SOEs. By July 2017, the SCIC managed a portfolio of 141 equitized SOEs, including 134 joint-stock companies, and three limited companies in various sectors. The SCIC invests 100 percent of its portfolio in Vietnam, and the SCIC’s investment of dividends and divestment proceeds does not appear to have any ramifications for U.S. investors. The SCIC budget is reasonably transparent, audited, and can be found athttp://www.scic.vn/.
In addition, the SCIC is working toward membership in the IMF-hosted International Working Group on SWFs.
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Tishwash: A parliamentary committee reveals the reasons for obstructing the legislation of the oil and gas law
Today, Saturday, member of the Oil, Gas and Natural Resources Committee, Kazem Al-Touki, revealed the reasons for obstructing the legislation of the oil and gas law, while stressing the difficulty of legislating the law.
Al-Touki told Al-Maalouma Agency, “The differences have negatively affected the legislation of the oil and gas law, which faces many political and technical obstacles.”
He added, “Legislating the oil and gas law is not an easy matter, especially after the decisions of the Federal Supreme Court to stop the region’s export of oil through the Turkish Ceyhan port.”
He pointed out that "the legislation of the oil and gas law needs more dialogue and negotiation between Baghdad and Erbil, especially since the legislation of this law was part of the political agreement prior to the formation of the government. link
Mot: . Great Job -- aaaahhhh –
Mot: . Two Things !!!! ~~~~
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