BRICS, a bloc of leading emerging markets, is preparing to launch new bonds in global markets, which will be available in local currencies rather than in the US dollar.
BRICS, a bloc of leading emerging markets, is preparing to launch new bonds in global markets, which will be available in local currencies rather than in the US dollar.
The BRICS bank, known as the New Development Bank (NDB), will soon release the bonds called ‘Maharaja Bonds’ worth $28 billion, IRNA reported on Sunday citing a press release by Watcher Guru, a website introducing itself as a leading source for finance focusing on cryptocurrency.
Watcher Guru did not specify the exact date the bonds will be released but said that NDB Chief Operating Officer Vladimir Kazbekov has announced that the bank is waiting for approvals from regulatory authorities.
The new bonds, according to the website, will be made available for governments, financial institutions, and regular investors.
They will be available for purchase in local currencies in an effort to strengthen them and to help boost their respective economies.
The plan to release the bonds is part of BRICS’s initiatives for de-dollarization as the alliance is moving ahead to reduce dependency on the American currency in an effort to reform the global economy.
BRICS is comprised of Brazil, China, Russia, India, and South Africa as well as six new members namely Iran, Saudi Arabia, the UAE, Egypt, Argentina, and Ethiopia.
BRICS leaders, at their latest summit in late 2023, pledged to promote the use of local currencies as a way to ditch the US dollar, as they unanimously rejected exploiting the global economy for political purposes.
A source revealed, on Tuesday (January 23, 2024), that the Central Bank of Iraq has frozen the accounts of “Any Baghdad” in 3 major banks, from the dollar currency.
The source told “Economy News” that “the Iraqi Central Bank has frozen the accounts of Fly Baghdad Aviation in three major banks in response to US Treasury sanctions.”
On Monday, US Ambassador to Baghdad Alina Romanoski described Iran’s use of an Iraqi airline to smuggle weapons and the dollar as a flagrant violation of Iraq’s sovereignty.
This is a comment on the US Treasury’s decision to impose sanctions on Fly Baghdad and 3 other figures.
Bitcoin, the growth of Stablecoins, and Central Bank Digital Currencies are expected to chip at the dollar dominance this year.
These disruptions will cause a recalculation and a refactoring of the dollar value in relation to other currencies around the world.
Price pressures on these new assets will begin to formulate new patterns and support levels for these new assets, and this is when you start to see the markets begin to price in new valuations.
We will be monitoring these changes as they take place.
The Iraqi Government Is Developing A Plan To Activate Non-Oil Resources
January 22, 2024Last updated: January 22, 2024 The Independent/- The financial advisor to the Prime Minister, Mazhar Muhammad Salih, revealed today, Monday, the contents of the government’s vision to activate non-oil resources in Iraq, stressing that the Prime Minister will be the basic nucleus of the strategic partnership between the state and the private sector.
Saleh said, in a statement to the official agency and its independent affiliate, that
“Prime Minister Muhammad Shiaa Al-Sudani’s presidency of the Private Sector Council will be the basic nucleus for launching the principle of strategic partnership between the state and the private sector, with the aim of activating the country’s human and material resources and on foundations that serve the renaissance of Iraq.”
In diversifying its sources of national income, whether in modern agriculture, manufacturing industries, or other non-oil natural resources,
which will be supported by important legislation under the name (Economic Reform Law), which has made its way to the House of Representatives.”
He added, “The national strategic objectives for the development of the private sector, whose paths will be launched from the decisions of the Private Sector Council soon, have taken into account the contribution of the national market to the gross domestic product to more than 55% of the composition of the country’s national income in the coming years, instead of its current percentage, which is By about 37%.”
He pointed out, “This will be achieved through the state’s support for investment in private sector projects themselves, especially those that operate jobs and generate value-added chains on a large scale, as well as the launch of partnership projects in manufacturing industries, in addition to the
state’s financial support for them with sovereign guarantees that are consistent with Iraq’s entry into the industrial age.”
“Modern digital technology, in accordance with the requirements and principles of accelerating economic growth, is a strategy that will be included in the national development plan for the next five years.”
The importance of partnership between the state and the private sector
The partnership between the state and the private sector is one of the most important pillars of economic development in any country, as it enables the state to benefit from the resources and expertise available in the private sector, and it also helps the private sector access the markets and financial resources it needs.
In the case of Iraq, the partnership between the state and the private sector is necessary to diversify sources of national income and achieve sustainable economic growth. As Iraq relies heavily on oil as a source of income, which makes it vulnerable to external risks, such as oil price fluctuations.
Through this partnership, the Iraqi government aims to achieve the following goals:
Increasing the private sector's contribution to the gross domestic product.
Providing job opportunities and improving the standard of living for citizens.
Promoting sustainable economic development.
Axes of partnership between the state and the private sector
The partnership between the state and the private sector in Iraq focuses on the following areas:
Modern agriculture: through state support for agricultural projects, such as irrigation and smart agriculture projects.
Transforming industries: through state support for industrial projects, such as food industry projects and pharmaceutical industries.
Other non-oil natural resources: through state support for projects that exploit natural resources other than oil, such as renewable energy projects and tourism projects.
Economic Reform Law
The Economic Reform Law is one of the most important pieces of legislation that supports the partnership between the state and the private sector in Iraq. This law aims to provide the necessary legal and regulatory environment to promote investment in Iraq.
The Economic Reform Law includes a set of measures that are in the interest of the private sector, such as:
Facilitating investment procedures.
Protecting investors' rights.
Providing financial and institutional support for investment projects.
Expectations
The partnership between the state and the private sector in Iraq is expected to achieve a set of positive results, such as:
Increase investments in Iraq.
Creating new job opportunities.
Promoting sustainable economic growth.
But to achieve these results, the Iraqi government must develop a clear strategy for partnership between the state and the private sector, and provide the legal and regulatory environment necessary for the success of this partnership. https://mustaqila.com/الحكومة-العراقية-تضع-خطة-لتفعيل-الموا/
On 21 Nov. 2022 (Thanksgiving) a Global Currency Reset agreement was signed by 209 nations in Geneva Switzerland and the US Treasury signed an agreement with the Chinese Elders. …Dave XRP Lion
Thurs. 11 Jan. was the start of a worldwide financial Armageddon as it was the end of the Deep State Banks Reverse Repurchase Agreements they had created to cover up bank bankruptcies.
On Mon. 15 Jan. the Global Financial System moved from the old fiat SWIFT System to the gold/asset-backed Quantum Financial System.
By Tues. 23 Jan. the Deep State’s giant JP Morgan Bank, along with all Central Banks across the World that were not Basel III Compliant (have gold/asset-backed monies), were bankrupt and would be closed – setting the stage for a Global Financial Collapse – that would be saved by a Global Currency Reset.
By the end of this week all Navy ships are in position around the world waiting for the go signal. Confirmed by Military sources. …Amiel Alston on Telegram Fri. 19 Jan.
The fiat US Dollar was expected to be considered useless by around 11 March 2024.
