Sunday, March 30, 2025
IRAQ NEWS: Iraq’s North Oil Company announced that British Petroleum (BP) has submitted an updated, comprehensive study for the development of the Kirkuk oil fields, 30 MARCH
IRAQ NEWS
Iraq’s North Oil Company announced that British Petroleum (BP) has submitted an updated, comprehensive study for the development of the Kirkuk oil fields, with estimated reserves of about 5 billion barrels.
The company’s General Director, Amir Khalil, told the Iraqi state-owned News Agency that BP’s contract was delayed between 2014 and 2017 due to ISIS-related disruptions, but the new development plan has now been approved by the Iraqi government.
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Reuters/ file
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Reuters/ file
Holly Celiano Wealth Transfer, RV Updates & Latest Intel March 28th 2025, 30 MARCH
Holly Celiano Wealth Transfer, RV Updates & Latest Intel March 28th 2025
Introduction
In this chapter, we will delve into recent developments in the realms of finance and cryptocurrency as presented by Holly Celeno in her weekly summary. The content discusses significant global events that are poised to shape the future of economies,
particularly through technological advancements in stablecoins, decentralized finance (DeFi), and the implications of regulations affecting the financial landscape. This discourse is particularly relevant in light of cryptocurrency’s growing influence, with nations pivoting toward digital
currencies to navigate through turbulent economic conditions.
Key concepts such as stablecoins, blockchain technology, and liquidity underpin Celeno’s discussion, highlighting their relevance in evolving markets and regulatory frameworks.
The summary will cover critical updates, including Vietnam’s initiatives in cryptocurrency, developments in the United States, and ramifications for countries under sanctions, while exploring the significance of recent legal outcomes involving Ripple and the SEC.
Major Developments in Cryptocurrency
Vietnam’s Stablecoin Launch
Vietnam has introduced a new stablecoin pegged to the Vietnamese Dong (VND), named V NST. This initiative aims to position Vietnam as a leader in South East Asia’s cryptocurrency sphere by 2030. Additionally, Vietnam has engaged in a partnership with SBI to facilitate cross-border payments utilizing XRP, signaling a commitment to advance its digital financial capabilities.Leadership Changes
This week saw notable resignations, including the head of 23andMe, the chair of the U.S. Federal Reserve, and the Postmaster General of USPS. These changes may influence regulatory and strategic directions within various industries, including finance.Introduction of the TR System in Iraq
The UN-backed TR system is set to become fully operational in Iraq by April 1, 2025. This trade facilitation tool is expected to enhance the seamless and secure transit of goods across international borders, pivotal for Middle Eastern trade development.
Trump and Crossfire Hurricane Documents
- Former President Donald Trump has ordered the FBI to release documents related to the “Crossfire Hurricane” investigation, originally initiated to probe allegations of coordination between his campaign and Russian operatives during the 2016 presidential election. This renewed interest in the documents illustrates ongoing tensions surrounding political discourse and governance.
Observations on Market Stability
Celeno argues against prevailing narratives predicting a market collapse, citing that the U.S. interest payments have exceeded $1 trillion annually. Despite the national debt appearing daunting, she believes a collapse would have occurred already if the economic system was genuinely on the brink. Instead, she perceives an ongoing evolution toward decentralized finance, backed by real assets, hinting at a potential digital dollar reform.
Notably, while others expect an impending economic disaster, Celeno suggests that we are witnessing a “system upgrade” rather than a collapse. She emphasizes that this transition involves backing the dollar with tangible assets, transforming the liquidity landscape.
Donald Trump’s Stablecoin Venture
- In a surprising move, Trump’s World Liberty Financial is set to introduce a dollar-pegged stablecoin, designated as USD1, which will be fully backed by U.S. Treasuries and other cash equivalents. This new venture aligns with the perception of a shifting financial paradigm and supports Celeno’s assertion of an evolving economic landscape.
The Case of Ripple and Iraq’s Digital Dinar
Celeno highlights the recent legal victory of Ripple, as it successfully resolves its lawsuit with the SEC, agreeing to a payment of $50 million to settle the case. This outcome is poised to bolster Ripple’s credibility, particularly in relation to its role in supporting Iraq’s digital dinar. The integration of blockchain technology promises enhanced security, transparency, and efficiency, thereby fostering trust in digital currencies.
Iraq’s digital dinar, in particular, is envisioned to be revolutionized through blockchain integration, stabilizing its economy while reducing black market dealings. The potential for established trust in this new currency format is critical for Iraq amid its ongoing economic challenges.
Economic Infrastructure Developments
- The Depository Trust and Clearing Corporation (DTCC) announced new capabilities within its Fixed Income Clearing Corporation (FICC), allowing for more nuanced handling of house and customer activities. As trading volumes and membership in the DTCC expand, the financial services infrastructure is adapting to emerging needs and regulatory frameworks.
Market Predictions and Strategic Considerations
Celeno looks forward to the upcoming announcements from Trump, particularly about potential tariffs and the implications these might have on economic equilibriums. Furthermore, she emphasizes the need for individuals to remain proactive rather than reactive, advocating for self-sufficiency as economic changes unfold.
She urges the public to consider their digital footprints, indicating that personal information security will become increasingly critical as new economic paradigms emerge. The advice to navigate the internet responsibly and avoid scams is timely as the financial landscape evolves.
Conclusion
The discussions presented highlight a period of significant transformation across global economies, particularly within the crypto space. The insights from Holly Celeno illustrate how nations are adapting to new realities, leveraging technology to enhance financial systems while preparing for potential future challenges. The intersection of cryptocurrency, regulations, and national policies underlines the importance of adaptability in a rapidly evolving economic environment.
As we move forward, the implications of these developments could flush out new economic opportunities. Celeno’s exhortation to maintain personal agency and preparedness suggests that individuals must take charge of their economic futures, responding to opportunities as they arise while being vigilant against potential pitfalls in an uncertain landscape.
An Iraqi bank raises its capital by more than half a trillion dinars, 30 MARCH
An Iraqi bank raises its capital by more than half a trillion dinars
Baghdad – Mil
The General Assembly of the National Bank of Iraq approved in its annual meeting the recommendation of the Board of Directors to increase the bank’s capital from 400 billion dinars to 520 billion dinars and by 30% of the capital and distribute it as free shares to shareholders in addition to cash dividends of 20% worth 80 billion dinars.
The Bank said in a statement that “the General Assembly of the Bank approved in the meeting attended by a number of members of the Board of Directors the report of the Board of Directors for the fiscal year and the final accounts for the year 2024 and the expansion plan during the current year, which includes the opening of six new branches in various governorates of Iraq. The General Assembly also approved increasing the number of members of the Board of Directors to 9 members and elected a new Board of Directors.”
“Last year was exceptional at all levels, especially achieving qualitative achievements that reflect the bank’s strength and flexibility in facing economic challenges, and strengthening its presence as a leading financial institution in the Iraqi banking sector thanks to a clear strategic vision, prudent management, and a committed team,” said the Chairman of the Board of Directors of the National Bank of Iraq, Bassem Khalil Al-Salem.
Al-Salem stressed that “these results were driven by flexible monetary policies and effective banking procedures by the Central Bank of Iraq, in which it responded quickly to economic and political variables, and contributed to containing the impact of these variables on the Iraqi economy, and maintaining the stability of the exchange rate, which strengthened the role of the banking sector and protected the rights of depositors and shareholders.”
Al-Salem said that “last year witnessed a distinguished financial performance, as the bank achieved net profits after tax of 252 billion dinars compared to 190 billion Iraqi dinars during 2023. Net interest income also increased to 166 billion Iraqi dinars compared to 100 billion Iraqi dinars with a growth rate of 66%.
He pointed out that total income rose to 452 billion dinars in 2024 compared to 343.1 billion dinars during 2023 with a growth rate of 31.7%, reflecting the effectiveness of the bank’s strategy that focuses on basic banking services such as retail bank loans, large, medium and small companies, and trade finance services for large companies.
Al-Salem expressed his thanks to the Central Bank of Iraq, represented by the Governor of the Central Bank of Iraq, and the Bank’s team, for their continuous support to the Iraqi banking sector and their cooperation, which contributed to the development of the sector and providing a suitable environment for growth and development.
For his part, the Managing Director of the National Bank of Iraq, Ayman Abu Dehim, said that “the balance of customer deposits rose to 3.5 trillion dinars in 2024 compared to 2.9 trillion dinars in 2023, with a growth rate of 90%, and direct credit facilities rose to 1.3 trillion dinars compared to 951 billion dinars, for the two years of comparison, and a growth rate of 18%.”
He pointed out that “this growth came as a result of the expansion of loans granted to the category of employees whose salaries are with the bank and small, medium and large companies,” stressing that “the growth in various financial indicators contributed to increasing the bank’s assets to 5.1 trillion dinars from 3.9 trillion dinars with a growth rate of 29%.”
“For the first time in the bank’s history, its assets are approaching this barrier (5.1 trillion dinars), which reflects the growth in the volume of banking business, increasing our market share, and our growing ability to serve our customers, and therefore the bank becomes the largest among Iraqi private banks in terms of the volume of assets,” Abu Dehim said.
In terms of expansion, Abu Dehim said, “We added 104 new ATMs to reach 294 ATMs, while the number of branches in Iraq reached 33 branches, and we are in the process of opening 6 new branches at the beginning of 2025 in addition to our branch in Saudi Arabia, which provides valuable services to Saudi and Iraqi companies.”
He stressed, “The Bank’s commitment to a comprehensive strategy focused on sustainability and digital transformation to serve customers, as the Bank has worked to keep pace with the latest technological developments and enhance information security and the efficiency of banking services, including the installation of the T24 banking system from the Swiss company Temenos, and the launch of a new Anti-Money Laundering Management System (AML Sirion).”
Regarding the bank’s plans for 2025, Abu Dehim said, “We will continue to expand the branch network to 44 branches, in addition to increasing the ATM network to 400 ATMs, with a focus on the development and marketing of electronic banking services, increasing the bank’s share in trade financing for large companies, expanding the project of salary localization and financing small and medium-sized companies, and expanding the deposits of individuals, companies and official government institutions armed with the confidence that the Bank has gained in the banking sector supported by its financial results and advanced services.”
https://miliq.news/economy/44270–.html
MILITIAMAN: " A Real Effective Exchange Rate has to be applied for valuation" , 30 MARCH
Militia Man
The 112 system, they have in place under the tripartite budget, ...paying salaries etc. doesn't turn on the oil in the Kurdistan region...
I believe it's because of a Real Effective Exchange Rate has to be applied for valuation...
They talk about integration into the global financial system.
So why haven't they done it at 1310?
The answer is because they've not. That's pretty simple. I think we can all see that.
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