The American Ambassador: Benefiting From Kurdistan's Oil Can Help Iraq Towards Energy Independence, 4 APRIL

 The American Ambassador: Benefiting From Kurdistan's Oil Can Help Iraq Towards Energy Independence

Energy   Economy News – Baghdad  The US Ambassador to Iraq, Alina Romanowski, confirmed that benefiting from the Kurdistan Region's oil and gas will help Iraq towards independence in the field of energy.

Romanowski said on the X platform: “In preparation for the Sudanese Prime Minister’s visit to the United States, I discussed with Federal Oil Minister Hayan Abdul-Ghani Iraq’s independence in the field of energy for the benefit of the Iraqis.”

The American ambassador added: "Benefiting from the oil and gas found in the Kurdistan Region of Iraq can help Iraq on its path toward energy independence."

It is noteworthy that the Iraqi Ministry of Electricity intends to purchase gas from the Kormor field in Sulaymaniyah Governorate in the Kurdistan Region to meet the needs of production stations “in the northern region.”  Views 63  Added 04/03/2024 - https://economy-news.net/content.php?id=42142

Agenda 2030 Milestone: SWIFT Completes 2nd Test of Global CBDC Payments Platform BY AWAKE IN 3D, 4 APRIL

Agenda 2030 Milestone: SWIFT Completes 2nd Test of Global CBDC Payments Platform

SWIFT’s new platform enables financial institutions to carry out a wide range of financial transactions using CBDCs, tokenized assets and fiat currencies.

In This Article:

• Overview of Swift’s Recent CBDC Interlinking Solution Test
• The Implications of a Centralized Digital Financial System
• Risks and Concerns Surrounding Centralization and Privacy
• Detailed List of Test Participants Globally

On March 25, 2024, SWIFT, the global provider of secure financial messaging services, announced a significant advancement in the digital currency arena.

The completion of the second phase of industry-wide sandbox testing on its central bank digital currency (CBDC) interlinking solution heralds a new era of financial transactions.

Swift’s solution has already been shown to enable cross-border transfers and connect CBDCs and tokenized assets on different networks with each other, as well as with fiat currencies.

This development promises to seamlessly integrate digital currencies into existing financial infrastructures, but it also raises critical questions about the future of financial sovereignty and privacy.

A Closer Look at Swift’s Groundbreaking Test

Swift’s announcement comes at the culmination of extensive collaboration among 38 key financial players, including central and commercial banks, highlighting the platform’s potential to streamline trade flows and enable efficient FX currency settlements.

With over 750 transactions successfully executed during the sandbox testing, Swift’s solution stands as the infrastructure of interoperability in a digital age currently fragmented by varying financial technologies and protocols.

The 2030 Plan to Establish Centralized Global Control Took a Major Step Forward

At the heart of this innovation lies the concept of centralization, a notion that is increasingly becoming synonymous with control in the digital finance sphere.

The promise of streamlined transactions and enhanced operational efficiencies comes with the likelihood of a centralized entity wielding unprecedented power over the global financial system.

This centralization poses significant risks, including the potential for surveillance, control over individual and national financial activities, and a single point of failure in the global economy.

Privacy and Autonomy Hang in the Balance

The advancement of CBDCs and digital asset tokens under a centralized system like Swift’s raises the level of concerns about privacy and financial autonomy.

In an era where data is gold, the ability of a single entity to monitor, track, and potentially control financial transactions presents a dystopian vision of the future, reminiscent of science fiction narratives.

The Bottom Line

The benefits of Swift’s CBDC interlinking solution are undeniable, offering the promise of a more efficient and interconnected global financial system.

However, the trade-offs between convenience and control, privacy and efficiency, cannot be overlooked.

We must all be proactive to ensure that technical innovation is balanced with the preservation of financial sovereignty and individual rights.

The future digital financial landscape must be developed as a space of freedom, not fear.

The Latest SWIFT CBDC Platform Test Included Global Financial Powerhouses

Below is a list of some of the prominent financial entities that participated in the Swift CBDC interlinking solution test.

This diverse group includes central banks, commercial banks, and market infrastructures from around the globe, underscoring the widespread interest and potential impact of this initiative on the future of digital finance.

Central Banks and Monetary Authorities:

• Reserve Bank of Australia
• Czech National Bank
• Banque de France
• Deutsche Bundesbank
• Monetary Authority of Singapore
• Central Bank of the Republic of China (Taiwan)
• Bank of Thailand

Commercial Banks:

• ANZ (Australia and New Zealand Banking Group Limited)
• Citibank
• DBS Bank (The Development Bank of Singapore Limited)
• Deutsche Bank
• HSBC (The Hongkong and Shanghai Banking Corporation)
• Hua Nan Commercial Bank
• Intesa Sanpaolo
• NatWest Group
• Santander (Banco Santander, S.A.)
• Société Générale
• Standard Chartered
• Sumitomo Mitsui Banking Corporation
• The Shanghai Commercial & Savings Bank, Ltd.
• The Standard Bank of South Africa
• United Overseas Bank
• Westpac Banking Corporation

Market Infrastructures:

• CLS Group (Continuous Linked Settlement)
• DTCC (The Depository Trust & Clearing Corporation)

This list not only illustrates the global reach and significance of the initiative but also highlights the collaborative effort across different sectors of the financial industry to explore and potentially integrate CBDCs into their operations.

Reference link for SWIFT Press Release: https://www.swift.com/news-events/press-releases/swift-sets-industry-seamless-introduction-cbdcs-cross-border-transactions-interlinking-solution-finds-more-use-case 

"IRAQ WELCOME THE WORLD!!", BY FRANK26, 4 MARCH

KTFA

FRANK26:  "IRAQ.COM WELCOMES THE WORLD!!!".......F26

 

Launching the platform for electronic reservation and payment for the international scope of Iraq

3/31/2024

Today, Sunday, the Communications and Media Commission announced the launch of the platform for electronic reservation and payment for the international Iraqi domain com.iq and .net.iq by companies in a step to enhance the use and spread of this name.

The authority said in a statement:  “The new platform, which will begin operating tomorrow, Monday, the first of April, will facilitate an integrated automation process for reserving and managing the Iraqi domain under the extensions com.iq and net.iq, which will be designated for Iraqi companies seeking to enhance their electronic presence without the need to visit the headquarters.” Authority or its offices.

She continued, "The platform, which uses the latest technologies in management and financial payment processes, will enable companies to carry out the process of selecting the name they wish to reserve, in addition to paying the financial costs assigned to it, in addition to controlling the DNS of the hosting to which the reserved domain will be linked."

She pointed out that "the new platform can be accessed through the website https://iq.cmc.iq and follow the instructions explained for the registration process, emphasizing the importance of preparing all documents and information necessary to complete the process successfully, and entering the company’s registration information in English."

LINK

Coffee with MarkZ. and Mr. Cottrell. 04/04/2024

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The Financial Advisor To The Prime Minister Reveals The Size Of Iraq's External And Internal Debts, 4 APRIL

The Financial Advisor To The Prime Minister Reveals The Size Of Iraq's External And Internal Debts

Mazhar Muhammad Salih, the financial and economic advisor to the Prime Minister, revealed the size of Iraq's foreign and internal debts, while indicating a government plan to pay them.

Saleh told Baghdad Today that Iraq’s external debt is very small and constitutes less than 30% of the country’s gross domestic product, and this percentage is less than the standard and safe percentage, which is 60% according to European Union standards. He explained

that Iraq has A plan to repay these debts, the remainder of which is less than $20 billion, approximately one-third of which will be repaid during this year and may decrease significantly over the next few years.”

He added that the largest debt is internal, and this debt does not pose any risk, as it is within government financial institutions, and is not a debt between individuals and the government, and about (98%) is debt between the government, government banks, the Central Bank of Iraq and the Ministry of Finance,” indicating that “there is a plan To settle these debts in the future in a way that does not constitute any burden.”

The financial advisor to the Prime Minister pointed out that “the internal debt is estimated at 50 billion dollars, but it is within the official government financial institution, and the Central Bank controls approximately (64%) of it,” stressing that “The external debt is the most important and Iraq is committed to paying it.   https://www.radionawa.com/all-detail.aspx?jimare=37864

"STATUS OF THE CBI " BY GOLDILOCKS, 4 APRIL

 GOLDILOCKS

Research at the Central Bank of Iraq revealed a decrease in the ratio of non-performing loans to total credit.

The Department of Statistics and Research said that the ratio of non-performing loans to total cash credit witnessed a decline, reaching (6.3%) during the year 2023, compared to (7.2%) in 2022, while in 2021 it recorded (8.8%) and in 2020.

It reached (8.9%), and the department added that the ratio of non-performing loans to total deposits for the year 2023 recorded a rate of (3.2%) compared to the last three years, as it was recorded in 2022 (3.4%), while in 2021 it reached (4.9%) while It was (5.2%) in 2020.

The Central Bank of Iraq confirms that this percentage is an indicator of the efficiency of the Iraqi banking sector in its endeavor to develop its products and adopt new methods and advanced systems for granting credit and reducing the risks of default in accordance with the contexts followed globally.

 

Central Bank of Iraq

information Office

4/3/2024

https://cbi.iq/news/view/2542