Al-Fateh: Iraq’s accession to BRICS will break Washington’s hegemony over the dollar

[Longtimelurker]

8 hours ago, ametad said:

This makes no sense. I don’t see any reason why things would go this way. This is exactly what has been fought and repressed with fiat currency spreading globally like a disease. 

I believe you both are correct. 

[yota691]

"BRICS" group prepares for "dollar-free" oil trade

2023-09-02 00:48

Shafaq News/ A report published recently by the American "Energy Intelligence" website considered that the potential expansion of the "BRICS" group raises more questions about the dominance of the dollar in global energy trade.

 

According to the site, when the six countries that were recently invited are added to BRICS, specifically Saudi Arabia, the UAE and Iran, the group's share of global oil production will jump from 20% to 42%.

 

The report stated: "Interest may grow in a system that does not depend on the dollar, but it is likely to take years from now to implement it ... As for the displacement of the dollar from its dominant position in energy trade, it may be particularly difficult."

 

Given BRICS' ambitions to wean itself off the dollar in its growing intra-trade flows, expanding the group could increase the potential for competition, with countries considering non-dollar payment options.

 

Western sanctions against Russia were a factor in pushing several countries to search for ways to immunize themselves from such threats, but the lack of alternatives makes it imperative to keep the US currency.  

 

Russia's oil trade with India faces currency-related obstacles, as Russia does not want Indian rupees to flow to it, while India is reluctant to use the yuan, the currency of China, its regional rival.

 

Another 14 countries applied to join the membership of the group, including oil and gas producing countries, which gives another impetus to transformation efforts, but the position of the dollar in oil transactions is deeply entrenched, according to the description of the report. 

  

Source: the American "Energy Intelligence" website - Arm News

[ametad]

8 hours ago, screwball said:

central bank system will be no more....its not the same...the petro dollar will be no more the US will no longer be able to put sanctions on any country using the swift system, JP chase morgan, IMF etc...Countries will have other payment systems and will demand the countries take their currency in exchange for oil.....at the moment the IMF, UN and US can put sanction on any country because alll transactions for oil in US go through JP Chase Morgan in New York and use the swift system.. you clearly havent being paying attention!! or reading the news???

Ok global finance gets restructured. I can see that happening now. But, USA isn’t going to come out on top. It’s gonna take a collapse to effect change.

[ametad]

8 hours ago, screwball said:

the US will open their oil and gas fields up and become energy independent rather than do deals with SA....SA has cut all ties with the US.....The wealth transfer from west to east is happening!. FREE reciporical trade in their own currencies, you tax us we will tax you! The united States and other countries will start to manufacture again rather than buy slave labour clothes from china, india and pakistan, China, India and Pakistan will have to pay their workers more, because the value of their currrency will go....

The value of the dollar is dropping, I can see that everywhere in my daily life. When the USD looses dominance globally it’s only going to get worse. The United States doesn’t have and hasn’t been building the infrastructure to be self sufficient, we rely on international trade. And with that trade we rely on getting paid for our accounting and not for actual goods and services. 
 

The United States had the best hand in the world after WWII, it has been lost. This country is not positioned to create a reality of the dream you have.

 

 I love your dream, that would be great. It would be the best possible outcome for me. I just can’t actually believe it will unfold that way.

 

Sure, The United States will remain a country with standing globally, it will follow in the footsteps of the Dutch and British after they lost dominance of the world reserve currency. But to think there will be a renaissance I can’t agree with. 

[dinarham]

  With all its f-upness , I love my country and would not want to live anywhere else .

[ronscarpa]

BRICS Group is planning to launch its own 100-denomination security called 100 Brics or “100 BRICS.”

•  Most prominent news , economic
• 08 September 2023
• 1:27 PM
• 0

 

 

 

https://wattaennews.net/archives/77006

 

Edited September 10, 2023 by ronscarpa

[southbeach]

Any talk of Kuwait applying to BRICs?  I mean if most or all GCC member States join BRICs Iraq will have no choice but to join unless they absolutely cannot because of all the longer term legal agreements they once entered into with Washington (Strategic, etc.)?

[southbeach]

Plus GCC once said they wanted a unified currency value.  

[rvmydinar]

17 minutes ago, ronscarpa said:

BRICS Group is planning to launch its own 100-denomination security called 100 Brics or “100 BRICS.”

•  Most prominent news , economic
• 08 September 2023
• 1:27 PM
• 0

 

 

 

https://wattaennews.net/archives/77006

 

Just wonder , what is the exchange rate for " 100 denomination "?? Is 100 BRICS= USD 100 ( 1:1 )??

[southbeach]

42 minutes ago, rvmydinar said:

Just wonder , what is the exchange rate for " 100 denomination "?? Is 100 BRICS= USD 100 ( 1:1 )??

Depends if USD paired or GCC paired or BRIC paired?

[gregp]

With Iraq holding secret talks with several of these BRICS applicants , be looking for Iraq to possibly surprise us with their application to BRICS also. You never know…
Saudi Arabia, Iran, Ethiopia, Egypt, Argentina and UAE

[rvmydinar]

3 hours ago, southbeach said:

Depends if USD paired or GCC paired or BRIC paired?

The question is " is this 100 BRICS avalaible worldwide if someone want to purchase it "? Can someone buy it through currency dealer in the US? Do currency dealers already buy and sell this 100 BRICS?

 

[Sage449]

Don't have a lot of detail - a snippet: 

 

https://www.bricstether.com/2023/07/08/how-to-buy-brics-currency/

 

How to Buy Brics Currency?

 

1. Research: Start by researching the Brics currency (Brazilian real, Russian ruble, Indian rupee, Chinese yuan, South African rand) and understand their exchange rates. Which country wish to buy.
2. Choose a Forex Broker: Select a reputable Forex broker that offers trading in Brics currency pairs.
3. Open an Account: Follow the broker’s instructions to open a trading account.
4. Deposit Funds: Fund your account with the desired amount to start trading.
5. Place Orders: Use the trading platform to buy Brics currency pairs at the desired exchange rate.
6. Monitor and Manage: Keep track of your trades and make adjustments as needed.
7. Withdraw Profits: When you’re ready, withdraw your profits from the trading account.

How to Buy Brics Currency?

Bricks currency refers to the currency of the BRICS countries, which are Brazil, Russia, India, China, and South Africa. These countries are known for their emerging economies and growing influence in the global market. If you are interested in investing in BRICS currency, it’s important to understand the process of buying and trading these currencies. In this article, we will provide a step-by-step guide on how to buy BRICS currency and explore the various factors to consider when making these investments.

[screwball]

On 9/3/2023 at 1:06 AM, ametad said:

Ok global finance gets restructured. I can see that happening now. But, USA isn’t going to come out on top. It’s gonna take a collapse to effect change.

yes....controlled demolition i call it

[screwball]

12 hours ago, gregp said:

With Iraq holding secret talks with several of these BRICS applicants , be looking for Iraq to possibly surprise us with their application to BRICS also. You never know…
Saudi Arabia, Iran, Ethiopia, Egypt, Argentina and UAE

very possible.....maybe when these officially launch in Jan 2024 we will see others also join??

[Longtimelurker]

On 9/10/2023 at 9:26 AM, rvmydinar said:

Just wonder , what is the exchange rate for " 100 denomination "?? Is 100 BRICS= USD 100 ( 1:1 )??

My understanding is it will take 55 usd to equal 1 brics note, until the usd gets backed by assets. 

 

[rvmydinar]

12 hours ago, Longtimelurker said:

My understanding is it will take 55 usd to equal 1 brics note, until the usd gets backed by assets. 

 

Omg. Does that mean 1 brics note rate is much much higher than Kuwaiti dinar ( 1 Kuwaiti dinar is above 3 bucks )?? So 1 brics note is the highest exchange rate in the world. Just wonder , how many dinar holders have already been investing into brics note?

[yota691]

Russia.. Banning the use of the “SWIFT” system within the country

Economy

2023-10-01 | 10:40

 

Source:

Agencies

 

0 views

 

Today, Sunday, the Russian Central Bank announced a ban on local banks, starting today, from using the “SWIFT” system for money transfers in the country, and called on banks to use Russian banking systems exclusively.

The bank said in a statement: “Now banks in Russia will be required to use local financial services and infrastructure exclusively for money transfers within Russia, especially the Financial Message Transfer System (SPFS).”

"SWIFT" is an international interbank system for transferring information and making payments, and more than 11,000 of the largest institutions in almost all countries of the world are linked to it.

 

 

After Western countries began imposing sanctions on Russia against the backdrop of the Ukrainian crisis, the Russian Central Bank developed a national payment system to replace the international payment system.

[southbeach]

A freind just got back from Italy and said no merchants would take USD, only euros or credit cards.

[3n1]

12 hours ago, southbeach said:

A freind just got back from Italy and said no merchants would take USD, only euros or credit cards.

 

merchants preference or city-states policy just wondering is all ...

[gregp]

Could Turkey be part of Jan-1 BRICS movement?

 

Turkiye Next For BRICS?

 Sep 02, 2023Posted by Silk Road BriefingWritten by Chris Devonshire-Ellis

 

 

 

With Turkish President Erdogan about to meet Russian President Vladimir Putin, Turkiye’s trade figures with most of the eleven BRICS members show significant growth. Getting access to NDB funding may also prove attractive for Ankara as talks are expected across a number of issues. 

By Chris Devonshire-Ellis 

With the Turkish President, Recep Erdogan, meeting with Russian President Vladimir Putin in Sochi on Monday, most of the media commentary is focusing on the possibility of the currently suspended Black Sea grain agreement being reactivated. But this is not the only item on the agenda. In this article here we delved into the current Russia-Turkiye bilateral trade and investment dynamic, however another issue will also surely crop up – Turkiye’s potential membership of BRICS.

The Turkish President expressed interest in the BRICS group back in July 2018, when he surprised Turkiye’s Western allies by attending a summit of BRICS, which took place at the time in Johannesburg. Since then, the space has been quiet, with no further Turkish officials being seen at BRICS events. However, this may mask real intent – the COVID pandemic disrupted global meetings while Erdogan himself had serious economic issues – and still does – to contend with back home. Then there has been the Ukraine conflict, while Erdogan also had to fight a tough Presidential election campaign last year, with him finally being re-elected in May 2023.

Nevertheless, a Turkish element to the BRICS potentially appears on the cards. A strong Islamic bloc within BRICS is beginning to emerge, with Egypt, Saudi Arabia and the UAE all taking up membership early in 2024. Erdogan will not want Turkiye left out of that influential group. Meanwhile, with Turkiye’s economy needing export assistance and investment, he agreed a US$5 billion deposit into Turkiye’s Central bank with Saudi Arabia in March, and undertook a mini-Middle Eastern fund-raising tour in July to seek capital financing for a variety of projects. It worked – he signed over US$50 billion worth of agreements with the UAE, and a further US$9.9 billion worth of investments with Qatar.

Erdogan therefore is on the lookout for financing – and access to the BRICS New Development Bank could well be on the agenda. Turkiye has also made it clear it wants to boost its exports – it introduced significant export promotional incentives for Turkish exporters earlier this year. With the new BRICS having considerable influence over their respective regional free trade agreements, Turkiye will be eying those as potential new development markets.

We can take a quick look at Turkiye’s trade with each of the eleven BRICS countries as follows:

Turkiye – Argentina 

2022 bilateral trade reached a record high of US$1.18 billion. This was a doubling of trade over 2021.

Turkiye – Brazil 

2022 bilateral trade reached a record high of US$6 billion, up from US$4.6 billion in 2021.

Turkiye – China

2022 bilateral trade reached US$38.55, up from US$31.6 billion in 2021. 85% of this trade is Chinese exports. China has pledged to increase Turkish imports and to allow import payments from China in Turkish lira.

Turkiye – Egypt 

Bilateral trade reached US$7.7 billion in 2022, a 14% increase from the year before.

Turkiye – Ethiopia   

Trade has remained at about the US$400 million level the past three years. 2/3 of this are Turkish exports. Ethiopia has been undergoing military conflicts in recent years.

Turkiye – India 

Turkiye – India bilateral trade grew to US$10.71 billion in 2022 from US$7.08 billion in 2021.

Turkiye – Iran 

Turkiye’s bilateral trade with Iran rose 19% in 2022 to reach US$12.7 billion.

Turkiye – Russia  

In 2022, trade between Turkiye and Russia reached US$62 billion, an increase from the US$33 billion in 2021.

Turkiye – Saudi Arabia 

Turkiye and Saudi Arabian bilateral trade reached US$3.76 billion in 2021. Significant increases on this are expected for the 2022 and 2023 figures due to the two countries signing mutual, hundred-million dollar investment and trade agreements.  

Turkiye – South Africa 

Turkiye’s bilateral trade with South Africa reached US$1.837 billion in 2022, an increase from US$1.404 billion in 2021. Turkiye’s overall trade with the African continent increased from US$25 billion in 2020 to US$34 billion in 2021.

Turkiye – United Arab Emirates  

In 2022, Turkiye was the fastest-growing of the UAE’s trading partners, with non-oil trade climbing 40% to US$18.9 billion. With the implementation of the mutual CEPA trade agreement, bilateral trade is expected to reach US$40 billion by 2027.

As can be seen, Turkiye’s trade dynamics with each of the BRICS countries (with the sole exception of Ethiopia) is highly positive. It would appear to be a common sense trade and investment move to cement that by becoming an official BRICS member state – something that could be announced at next years BRICS summit in Kazan. This would, as mentioned, also potentially free up investment capital into Turkiye via the BRICS New Development Bank – another much-needed boost for its economic and foreign investment needs.

There are other subtle pointers ahead. With the 2024 BRICS summit being held in Kazan, the capital of Russia’s Tatarstan republic, there are underlying implications. About 50% of Kazan’s population are ethnically Turkic, with Tatarstan attracting about 25% of all Turkish investment into Russia. At that event, Putin will also be unveiling the new highspeed Moscow-Kazan railway  – which travels at 400kph and reduces the travelling time between the cities from 12 to 3.5 hours. That was built in conjunction with Chinese investment and technologies. Food for thought.

https://www.silkroadbriefing.com/news/2023/09/02/turkiye-next-for-brics/

 

 

[yota691]

The Russian Central Bank makes the digital ruble available to foreign banks

Today, 14:50

 

Al-Ghad Press / Baghdad

The Russian Central Bank, "Bank of Russia", intends to allow foreign banks to operate with the digital ruble starting in 2025, according to a report published by the economic website "RBK".

The Russian Central Bank believes that the step will help Russian companies carry out payment operations with foreign customers and bypass the international payment system "SWIFT", which has stopped providing its services to Russian banks within the framework of Western sanctions imposed on Moscow.

Last July, Russian President Vladimir Putin signed a law on launching the digital ruble in the country, and launching an electronic platform for the Russian digital currency as of August 2023.

Thus, the “digital ruble” in Russia has become the third equivalent of the national currency, alongside the cash and virtual ruble. The digital ruble is primarily created to be another means of payments and transfers, but it will not be possible to open a deposit or obtain a loan with it, and no interest will be charged on the balances in digital wallets.

The digital ruble is a special code that will be stored in an electronic wallet and is scheduled to become a full means of payment, alongside the regular ruble.

 

[yota691]

Is Iraq able to join the BRICS group?.. A serious warning about Washington’s reaction

Economy |Yesterday, 21:38 |

    

 

 

Baghdad Today - Baghdad

The Iraqi economic expert, Omar Al-Halbousi, confirmed today, Monday (October 16, 2023), that Iraq’s accession to the BRICS group may face many obstacles as a result of the economic and monetary crises that the country is experiencing.

 

BRICS includes Brazil, Russia, India, China and South Africa, and at a summit in Johannesburg last August, a decision was announced to invite Argentina, Egypt, Iran, Ethiopia, the Emirates and Saudi Arabia to become full members of the organization, starting on January 1, 2024.

 

Al-Halbousi added, in a press statement followed by “Baghdad Today,” that there are many obstacles standing in the country’s way to join the BRICS, which is Iraq’s lack of an industrial base and the lack of agriculture, which made the economy collapse significantly, amid the confusion of government measures that caused the economic and monetary crises to worsen in the country. Iraq.

 

He continued: "Iraq cannot join the BRICS group because of Washington's control over it, especially since Iraqi oil imports are placed in Iraq's account in Washington, which makes Iraq exposed to a financial setback if Washington lifts protection over Iraqi funds."

 

The economic expert pointed out that the United States of America has a lot of evidence of the Iraqi government’s negligence in the continuation of money laundering, terrorist financing, and dollar smuggling operations for the benefit of countries and armed groups punished by the American Treasury. In the event that Iraq joins BRICS, Washington will take a significant package of sanctions, and I do not rule it out. Approval of a law that reduces or restricts the income of the dollar to Iraq, causing a major financial collapse, especially since Iraq has a rentier economy that depends on oil and that oil imports are in America.

 

Al-Halbousi explained that the United States will not allow Iraq to leave its circle of control and go towards its competing party, and Washington has great pressure cards on Iraq militarily, politically and economically, which makes the statements of Iraqi officials about joining the BRICS group suicidal at all levels for Iraq, and at the same time it cannot Its implementation is due to American obstacles.

 

In a previous statement, the Iraqi economic expert, Safwan Qusay, spoke, saying: “Iraq is trying to be in the region of economic balance by attracting investments from countries of the East or West, and Russia is a giant industrial country, and Iraq’s openness to the Russian system can be exploited by attracting investments in the agricultural sector, livestock and the agricultural sector.” “Transportation, especially if we manage the investment file in the iron and steel sector to create complementary industries at the level of trains and ships.”

 

He added: "Iraq is looking forward to exploiting its geographical location and it needs to establish an industrial zone for strategic industries that complement the path of development and the presence of economic powers such as Russia that can contribute to these sectors. I believe that establishing a nuclear reactor to generate electrical energy will support the process of establishing this industrial city and that we will have diversity in Investment sources.

 

He pointed out that Iraq is looking forward to increasing the capacity of financial transactions with the Russian side outside the “SWIFT” system, so that it has trade with the East through this system, and this reduces the pressure on financial bottlenecks in some cases.

 

Regarding the possibility of Iraq joining BRICS in the future and its impact on the region, Qusay said: “The BRICS project is promising, and the organization has a set of conditions for it to join, and I believe that Iraq needs to rehabilitate the economic goals and financial tools in order to be allowed to join the group,” explaining that Iraq is not with An area of attraction alone, but he must build a sectoral investment map so that there is competition in every sector. I believe that the advantage of the corresponding economy is what will determine preference. For example, integration with the Russian economy at the level of agriculture, iron and steel industries, and nuclear energy could be This is the path."

 

Source: Sputnik