DINAR REVALUATION UPDATES: Trump threatens 100% tariff on the BRIC bloc of nations if they act to undermine US dollar: , 1 DEC

Trump threatens 100% tariff on the BRIC bloc of nations if they act to undermine US dollar

WEST PALM BEACH, Fla. (AP) — President-elect Donald Trump on Saturday threatened 100% tariffs against a bloc of nine nations if they act to undermine the U.S. dollar.

His threat was directed at countries in the so-called BRIC alliance, which consists of Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran and the United Arab Emirates.

Turkey, Azerbaijan and Malaysia have applied to become members and several other countries have expressed interest in joining. 

While the U.S. dollar is by far the most-used currency in global business and has survived past challenges to its preeminence, members of the alliance and other developing nations say they are fed up with America’s  dominance of the global financial system.

The dollar represents roughly 58% of the world’s foreign exchange reserves, according to the IMF and major commodities like oil are still primarily bought and sold using dollars. The dollar’s dominance is threatened, however, with BRICS’ growing share of GDP and the alliance’s intent to trade in non-dollar currencies — a process known as de-dollarization.

Trump, in a Truth Social post, said: “We require a commitment from these Countries that they will neither create a new BRICS Currency, nor back any other Currency to replace the mighty U.S. Dollar or, they will face 100% Tariffs, and should expect to say goodbye to selling into the wonderful U.S. Economy.”

: TRANSFORMATIVE EFFORTS DURING THIS 2024 YEAR THAT MARK THE BEGINNING ...

Government Advisor: Number of bank accounts in Iraq increased to more than 14 million, 1 DEC

Government Advisor: Number of bank accounts in Iraq increased to more than 14 million

INA - BAGHDAD

The Prime Minister's Advisor for Financial and Economic Affairs, Mudher Muhammed Salih, confirmed on Saturday that financial inclusion in Iraq, represented by bank accounts, has increased to 14 million with 20 million users, while indicating that Iraq is witnessing a boom in adopting e-governance as a basis for integrity and financial efficiency.

"The pillar of financial inclusion is represented by the number of personal bank accounts, as inclusion aims to enable individuals and companies to access financial services appropriate to their needs in an easy manner and at a reasonable cost, while ensuring legal protection and transparency," said Salih to the Iraqi News Agency - INA.

He added, "Financial inclusion focuses on enhancing the financial integration of economically and socially marginalized groups, such as the poor, women, and youth, as well as small and medium-sized companies that lack adequate access to financing in the banking system by opening a bank account."

"National indicators confirm that financial inclusion in Iraq has increased from 20% to 48% currently compared to previous years. The reason is due to two main factors, which are the localization of salaries of employees, workers, retirees and social care. The other is the spread of digital payments or digital financial inclusion," he noted.

Salih stressed that "Iraq is witnessing a boom within the policy of the government program that considered e-governance the basis of integrity, transparency, financial and economic efficiency as well as optimal investment of resources and time," noting that "recent statistics indicate that the number of bank accounts is about 14 million bank accounts and more than 20 million payment card users, which means an increase in the percentage of financial inclusion from 20% to 48%, which is a percentage measured by the number of bank accounts opened for adults in the population." 

"There are several open bank accounts that are dormant or zero, which should be excluded to reach the correct number of open bank accounts. There are open and zero accounts belonging to expatriates, deceased persons, bankrupt companies, companies that have left work, and individuals who have not dealt with their bank accounts that are open in banks and are under guardianship or in trouble, as other factors and hopes are many." 

He added, "The real criterion for adopting the bank account as a criterion for financial inclusion is the bank accounts opened by active individuals, not the zero or dormant ones, which requires excluding them from the statistics of banks and the Iraqi banking system in general."

TIDBITS FROM CLARE, 1 DEC

 Clare  

Article: "Al-Sudani: We have contact with Trump's team and they want to develop relations with us”  

Quote: "Iraq's relations with the United States are institutional according to the strategic framework agreement.  Al-Sudani said in an interview with the Spanish newspaper El Mundo: We have communication with Trump's team and they want to develop relations with us."

Article:  "In numbers.. Significant growth in non-oil revenues in Iraq during 2024" 

 Quote:  "Iraq's non-oil revenues achieved significant growth during the first nine months of 2024, recording a 198% increase compared to last year, to reach a contribution of 12.3% of the state's total revenues...

According to official data, total non-oil revenues during this period amounted to 14 trillion Iraqi dinars, compared to 4.7 trillion dinars during the same period in 2023."

JON DOWLING: THIS DECEMBER WILL BE A MONTH TO REMEMBER @DINARREVALUATION #iraqidinar #iraqidinarinve

 

ABU SNWE: "Trump continues to dry up the dollar from Iraq" @DINARREVALUATION #trump #trump2024

 

Al-Atwani To The French Embassy Delegation: Halting External Borrowing Indicates An Improvement In Iraq’s Financial Policy, 1 dDEC

 Al-Atwani To The French Embassy Delegation: Halting External Borrowing Indicates An Improvement In Iraq’s Financial Policy

Last update 2024-11-17

The head of the Finance Committee, Atwan Al-Atwani, explained today, Sunday, during his meeting with the French Embassy delegation, that the cessation of external borrowing indicates an improvement in Iraq's financial policy.

A statement issued by the media office of the Council of Representatives, received by the Iraqi News Agency (INA), stated that "the head of the Finance Committee, Atwan Al-Atwani, received a delegation from the Economic Attaché at the French Embassy in Baghdad." The statement continued, "During the meeting, the financial and economic situation in the country was reviewed, as well as the role of the Finance Committee in monitoring spending and implementing the items of the general budget." Al-Atwani pointed out "the priorities that his committee is currently working on, most notably maximizing non-oil revenues to avoid the risks of fluctuations in global oil prices on the Iraqi economy, in addition to preparing a package of important legislation that would bring about a qualitative shift in the financial and banking sector." He explained that "the decline in foreign borrowing indicates an improvement in our financial policy," noting that "the decline in foreign debts came after conducting a comprehensive review of the feasibility of these loans, as we stopped them and began to pay off the old ones, and we obligated that borrowing be only for productive projects that achieve a financial return and not for consumer sectors." Al-Atwani called on French companies to "enter the Iraqi market forcefully, especially since they have previous successful experiences in implementing strategic projects."

He pointed out that "the provisions of the general budget gave the government the opportunity to encourage foreign companies to invest their money in the country by providing sovereign guarantees." For his part, the French delegation expressed its happiness with this fruitful meeting, stressing "its country's desire to strengthen relations in various development fields with Iraq in a way that achieves the interests of the two friendly peoples