Iraq open with more bank iqd BY NADER FROM MID EAST

Association of Banks: The joint committee with the American side will begin its work next month, 29 MAY

Association of Banks: The joint committee with the American side will begin its work next month

Economy  Today, 15:54

Baghdad - IA - Hassan Al-Fawaz

The head of the Iraqi Private Banks Association, Wadih Al-Handal, confirmed today, Wednesday, the effort to open more prospects for work with correspondent banks, while indicating that the joint committee with the American side regarding the banking sector will begin its work next month.

Al-Handal told the Iraqi News Agency (INA): “The Prime Minister’s recent visit to the United States of America had a great impact on the understanding with the American side,” indicating that “what is important in this understanding is the formation of the committee, which will begin its first meetings at the beginning of next June.” .

He added, "We are very optimistic about this committee, which will be concerned with correcting the situation and returning the banking sector as much as possible to what it was, including dealing with correspondent banks and other clear points at the Central Bank of Iraq, including compliance and training of human cadres, including requirements related to money laundering."

He continued, "What was mentioned above is adopted by correspondent banks, in addition to the standards of disclosure and transparency of sources of funds, and these are the ABCs known in banking, and we feel all the seriousness and have great confidence in the approach of the Prime Minister and the Central Bank of Iraq to that," pointing out, "We are working in the banking sector currently." "To open more horizons for working with correspondent banks."

" ABOUT CHINA AND EAST ASIA AS MAIN DRIVERS OF GLOBAL GROWTH" BY GOLDILOCKS, 29 MAY

 GOLDILOCKS

Goldilocks 5.28.24  ~  "The OECD’s Lombardelli expects China and East Asia to be the main drivers of global growth, as reported by the Financial Times.

While, based on exports alone, the WTO sees Africa growing faster than any other region this year – up 5.3%, if from a low base. North America (3.6%), the Middle East (3.5%) and Asia (3.4%) should all see moderate export growth, while it expects European exports to trail other regions at just 1.7%."

Do you see these numbers? These numbers are the result of digitizing the shipping ports and the supporting services that keep them running. 

Look closely at the numbers again, and you will see that these numbers are reflective of rising export calculations in trade growth. 

This is a result of rerouting many of our trade routes these last 4 years allowing new demands to increase in the products that go across our waters.

These new demands on goods are in the category of exports. Exports creates demands on the now local currencies being traded around the world. These new currency demands will increase the value of them going forward. 

This is why the World Trade Organization (WTO) has been working on percentage changes earlier this year. The new percentage changes are expected to come out the second half of this year. 

These new percentages will help them to determine credit valuation adjustments for countries regarding their new exchange values. 

WATCH THE WATER.

© Goldilocks 

https://theprint.in/business/global-trade-growth-is-set-to-double-in-2024-heres-why/2089901/

Iraqi Dinar update for 05/29/24 - Waiting on the budget and did Trump bu...BY PIMPY

Parliamentary Finance announces the necessity of maintaining the economic foundations in the budget, 29 MAY

  Parliamentary Finance announces the necessity of maintaining the economic foundations in the budget

The Finance Committee, headed by Engineer Atwan Al-Atwani, held its fifth meeting dedicated to discussing the general budget schedules for the year 2024.

The Chairman of the Committee stressed the necessity of conducting a comprehensive review, reconsidering the components of the budget, and studying the schedules in detail in order to find a clear vision, in addition to the importance of considering the entitlements of governorate projects compared to project allocations. Ministries, noting that the current financial allocations end at the end of the fiscal year.

The members stressed the importance of supporting the government in implementing its program aimed at providing services in all regions, taking into account supporting the governorates in strategic and infrastructure projects. 

The committee discussed the possibility of making the necessary transfers and their impact on the sectors in a productive manner, while drawing a clear vision in accordance with the requirements of the public interest and reducing the deficit by rationalizing spending and supporting important sectors such as education and health, while paying attention to supporting the private sector.

It was emphasized that the economic foundations in the budget must be maintained, the philosophy of maximizing imports and enhancing exports, building decisions according to a clear vision while taking into account their positive repercussions, and emphasizing the completion of government projects that contribute to serving the citizen.

IQD/VND/USD: Which Currency Will Actually RV? BY AWAKE IN 3D, 29 MAY

IQD/VND/USD: Which Currency Will Actually RV?

Continuing on from my article explaining International Monetary Units: How SDRs Lead to Our GCR, Gold-backed digital currencies have gained significant attention recently, evolving from conceptual ideas to practical financial instruments.

Especially within the growing BRICS Alliance of nations.

Historically, the idea of a stable monetary unit has been explored through various means, culminating in the modern implementation of gold-backed digital stablecoins.

Gold-backed digital currencies will challenge the dominance of fiat currencies such as the US Dollar and revalue them significantly downward in exchange rate value.

Introduction to Gold-Backed Digital Currencies

Gold-backed digital currencies promise to reset and revalue exchange rates between traditional fiat currencies and new gold-anchored currencies.

By anchoring a currency to gold, countries can stabilize their national currencies against the inherent volatility of fiat currencies.

This revaluation process involves pegging the value of a national currency to a specific quantity of gold, providing a consistent and reliable measure of value.

As a result, exchange rates will reflect the true value of the currencies in relation to gold, reducing the influence of market speculation and economic instability.

This mechanism ensures that gold-backed digital currencies maintain a stable value, fostering trust and confidence in their use for cross-border transactions.

Advantages Over Traditional Fiat Currencies

Gold-backed digital currencies offer several advantages over traditional fiat currencies.

These digital assets combine the stability of gold with the convenience and efficiency of modern financial technologies.

Advances in FinTech (Financial Technologies) have made it feasible to create and manage digital stablecoins that are securely backed by physical gold, ensuring their value remains stable over time.

Unlike fiat currencies, which can be subject to inflation and political instability, gold-backed digital currencies provide a reliable store of value.

Gold Stablecoins: Anchors for New Currencies

Digital gold stablecoins are backed by physical gold, meaning each unit of the stablecoin represents a specific quantity of gold held in reserve.

This backing provides intrinsic value, making the stablecoin a reliable store of value and medium of exchange.

The process of transferring digital gold stablecoins between countries is streamlined by blockchain technology, allowing for instant and secure transactions without the need to physically move gold.

This mechanism not only ensures the stability of the currency but also enhances the efficiency and security of cross-border payments.

Future Implications for Global Finance

Gold-backed digital stablecoins represent a revolutionary development in the global financial system. They offer a stable and practical solution for international trade, reducing reliance on volatile fiat currencies.

Iraq Dinar-IQD-Update-Digitial Transformation-New Cash Denominations-IMF...by MILITIAMAN