KTFA:

Samson:  Trade Bank of Iraq

9th March, 2020

Our dear customers:

We would like to inform you that the promotion of personal loan transactions has been stopped until further notice.. So it is necessary to note.  LINK

DELTA:  WOW .............SAMSON YOU ARE AMAZING I'M DROPPING THE MIC AND DROPPING EVERYTHING .

Youngsc: Im sorry Delta but what does this mean? How does this benefit us?

DELTA:  RATE IS CHANGING..........(wink)

DELTA:  INTERNAL BANK TRANSFERS

ERBIL BANK FOR INVESTMENT AND FINANCE PROVIDES ITS CLIENTS WITH THE SERVICE OF INTERNAL TRANSFERS IN THE CURRENCY OF THE US DOLLAR, THE IRAQI DINAR, AND THE EURO

 MONEY TRANSFERS ONLY RTGS (Real time gross settlements)

ACH MONEY TRANSFER INSTRUMENTS

FOREIGN BANK TRANSFERS

ERBIL BANK FOR INVESTMENT AND FINANCE PROVIDES THE SERVICE OF MONEY TRANSFERS AND TRANSACTIONS WITH EXTERNAL BANKS, WHICH ARE DONE THROUGH THE METHOD OF THE SWIFT SYSTEM

ISSUING FOREIGN TRANSFERS TO ANY BANK IN THE WORLD IN AN HONEST AND FAST MANNER

ACCEPTING FOREIGN TRANSFERS RECEIVED FROM THE BANK FROM ALL OVER THE WORLD

Get1later:  Don't Think This Service Would Be Available ....... With a Program Rate!!!!  IMO .......

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DELTA:  Banking services provided by Al-Mansour Investment Bank to its clients

 - Buying and selling foreign currencies and buying sukuk and transfers.

  -Sending and receiving remittances around the world via his correspondents.

  -Issuing internal and external letters of guarantee in Iraqi dinars, US dollars, euros, and any other currencies.

 -Integrated services for all internal and external banking operations for merchants, companies and individuals.

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ChrisC:  (Late Sunday night) Mnuchin has the capability to slow the drop, but I am smelling some real blood in the air tonight.  We may see something historic tomorrow.  If it is really bad tomorrow, it won't stop with just one day.  This may be like when you start throwing up when you are sick.  It won't stop until there isn't anything left to get rid of.  Hopefully we RV soon after and then there will be a recovery like nobody has ever witnessed before.  Let's see what happens.  

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Samson:  Significant losses on the US Wall Street, and the suspension of trading for 15 minutes

9th March, 2020

Trading on the US Wall Street stopped temporarily for 15 minutes after trading indicators fell to more than 7%.

Global stock prices and bond yields fell after an agreement between OPEC and Russia to cut oil production failed, causing crude oil prices to fall to their historic lowest.

S&P 500 futures fell as much as 5% on Sunday evening, while the Dow futures fell more than 1,200 points, or about 4.7%, and Nasdaq composite futures fell 4.8%.

Sales in the Asia Pacific region also fell, with the Australian S & P / ASX 200 index closing 7.3% lower on Monday, the biggest drop for the index since October 2008. The Japanese Nikkei 225 Index fell 5.1% to the lowest level Close to him more than a year ago. South Korea's Kospi fell 4.2%, in the biggest loss since October 2018.

Hong Kong's Hang Seng lost 3.5% in the afternoon trade, leading to the biggest drop for the index in more than a year, and although the Shanghai Composite Index was the best performer among major indices in Asia, it also fell by 2.9%.

US 10-year Treasury yields fell to less than 0.5%, hitting its lowest level.

Financial markets in the Gulf countries also fell on Monday, as the Kuwaiti market index decreased by 10.29%, prompting the first market to stop trading.

While the main index in the Saudi "Tadawul" market fell by 8.14%, the Abu Dhabi Securities Exchange index decreased by 8.7%, the Dubai Financial Market Index by 8.41%, and the Qatar Stock Exchange index by 9.38%.

The impact of global markets comes after the Kingdom of Saudi Arabia hit oil markets with a price war against Russia, following the latter's refusal to keep pace with OPEC efforts to reduce oil production and save the troubled market of the Corona virus.   LINK

Samson:  Al-Jawahiri: Oil prices will drop below 20 dollars for a long time 

12:17 - 09/03/2020

Oil expert Hamza Al-Jawahiri said on Monday that the world oil prices continued to fall below 20 dollars after the big drop recorded at dawn today, as the price of a barrel reached 32 dollars, indicating that the decline may continue for a long time.

Al-Jawahiri said in a statement to "Al-Maalouma", that "Iraq the only oil producing country that will be affected economically and financially largely because of its dependence only on selling oil for several reasons, including its neglect of the industrial and agricultural sectors, services and oil industries, as well as its extravagance by granting large amounts of salary and the government's lack of seriousness To fight and hold corrupt people accountable.”

He added that "oil prices will continue to decline to 20 dollars, and this will cause a major economic catastrophe," calling on the government to "put quick and urgent plans, including raising the ceiling of production and full control of resources and bringing them to the treasury away from the corrupt."

He continued, "Reconsidering the salaries of senior officials, and their articles of special job grades and the salaries of high bodies, army and interior officers in the state," stressing that "the price collapse crisis is not a temporary crisis as it will continue for a long time."  LINK

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Samson:  Free fall in oil prices due to failure of the OPEC + and Texas crude contract more than 31%
9th March, 2020

Oil prices fell by more than 30% in the two transactions after OPEC failed to conclude an agreement with its allies regarding production cuts, which prompted Saudi Arabia to reduce its prices, as it is reported that it is preparing to increase production, which led to fears of a comprehensive price war

Brent crude futures fell 28.7% to $ 32.27 a barrel, its lowest level since February 2016, and U.S. West Texas Intermediate crude fell 31.03% to $ 28.50 a barrel, its lowest level since February 2016. West Texas Intermediate. At its worst level since January 1991 during the Gulf War, and the second worst day ever

On Friday, Russia rejected OPEC's proposal to make deep production cuts in order to stabilize prices hit by the economic consequences of the Corona virus. OPEC responded by removing restrictions on its oil production

The Kingdom of Saudi Arabia announced on Saturday huge reductions in official selling prices for April, and the country is said to be preparing to increase production to over 10 million barrels per day, according to a Reuters report

The kingdom currently pumps 9.7 million barrels per day, but it has the capacity to raise up to 12.5 million barrels per day

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Samson:  10 Iraqi parliamentarians infected with the Corona virus

9th March, 2020
Reported a medical source, on Monday, that ten deputies were infected with the new Corona virus.

The source said, according to the agency "Sputnik", that "the results of laboratory tests conducted at the Central Health Laboratory in the capital, Baghdad, for ten of the deputies confirmed their infection with the Corona virus."

A prominent human rights source, for his part, alluded to information about MPs contracting the Corona virus, but there was no official confirmation or announcement.

Iraq recorded new infections with the new Corona virus, bringing the number to 60 cases so far. 

LINK

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Samson: The central bank begins a sterilization campaign for its building in the Mosul branch

9th March, 2020

The Central Bank of Iraq / the Mosul branch, in cooperation with the Directorate of Civil
Defense in the province, and in the presence of the radioactive chemical chemical team 
(CBRN), initiated cleansing and sterilization operations in the Central Bank that covered
all building facilities, to guard against the spread of infections with the emerging "Corona Virus ".

https://cbi.iq/news/view/1454

Samson:  Because of Corona .. stop the presence of investors in the hall of the Iraq Stock Exchange

9th March, 2020

The Iraq Stock Exchange issued a decision Monday to stop the presence of investors in the market hall.
A statement of the market received / Mawazine News / a copy of it, that "the Iraq Stock Exchange decided to stop the presence of investors in the market hall."

The statement added, "This came in compliance with the decision of the Health Crisis Cell and the prevention of gathering in public places," adding that "the decision will continue until March 21, 2020 or any other day decided by the Crisis Cell."

He pointed out, "The market receives the auditors, provided they adhere to the requirements of public health."   LINK

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Don961:  Oil prices collapse and economic reforms falter; Iraq is set to go bankrupt in the next two months

- 4 Hours Ago Researcher Shatha Khalil *

The collapse of oil prices in global markets brings the economic and societal catastrophe to Iraq, due to this expected collapse during the next two months; the salaries of Iraqi employees will stop, since the insurance of their salaries depends on revenue from the sale of crude by more than 90 percent, this is what was left behind by poor state administration and the absence of planning and use Indiscriminate resources and wealth, organization, coordination, guidance, follow-up, and oversight, resulting in chaos and floundering decisions by the Prime Minister, Parliament, officials, gangs, corruption, and ignorant people that will destroy the Iraqi state.

The absence of investments and the report of the World Bank, economic investments of any country that works on growth and development and makes it strong, especially internal investments such as the establishment and development of various industries and infrastructures in addition to stimulating foreign investments at home that directly affect economic growth, and most studies confirmed that the relationship between foreign investment and growth Economic in the short and long term.
But Iraq remains with all the huge potentials of oil wealth, minerals, agriculture and unique human energies, it cannot build a strong base of investments to boost the economy from sudden fluctuations and crises and attributes the reason to mismanagement and corruption in this stage in the country.
Investment is one of the issues on which many views were raised, and long-term capital flows were considered the most important tools that supported their development programs, through the mechanisms of surplus of the external gap that almost all countries depend on which they find that they have competitive advantages in their trade or services within a balance of payments

The World Bank issued the annual Doing Business report for 2020 to rank countries and which is the best environment for practicing and attracting investment and economic work, and shows the ability of the Iraqi economy to attract foreign capital that works in the field of influence in the joints of the real economy, and places Iraq within the approach with the world in this regard, as well That necessity was based on an interest in the overlap between foreign direct investment and monetary policy.

Attention must be paid to the presence of power factors between economic activities and reducing the rentier implications, which would enhance the opportunity to benefit from foreign investment and reduce dependence on local resources.
And shows the Iraqi economy; by not achieving the required level in economic growth.
The report indicates the improvement in the ranking of the countries of the world, as well as the Arab and Gulf countries, and countries that are stumbling in reform, such as Iraq.
New Zealand came in first place as it provides the best business environment, followed by Singapore and Hong Kong, Denmark came fourth in this year, and then South Korea came in fifth place, while America and Britain came in sixth and eighth in a row, while appended Existing Somalia is preceded by Eritrea and the Republic of Venezuela.

As for the share of the Arab countries in this report, it was, as follows

in the report, Iraq ranks 172 out of 190 countries in the World Bank Index for ease of doing business, which indicates that Iraq is a repulsive environment for investments, while Saudi Arabia has achieved a qualitative achievement, and has advanced 30 ranks, to become so The most advanced and reformed country among 190 countries around the world has managed to enhance the country's competitiveness and raised its ranking in global reports, and the World Bank experts mentioned in the report that Saudi reforms included establishing a one-stop shop system for registering companies, introducing a law for secured transactions, a bankruptcy declaration, and improving protection My fruit minority and measures to bring more women into the labor force, and explained that two years ago or three years ago when these countries began to work on some of those reforms , oil prices were unstable.

The UAE strengthened its lead in the MENA region in the Ease of Business Index and advanced five places globally compared to the previous classification to occupy the 16th position.

Arab countries rank

The report concluded that most of the Arab countries that witnessed an improvement in the business climate were Saudi Arabia, Jordan, Bahrain, and Kuwait. What is noteworthy in this year's report is Egypt's absence from the Arab top ten ranks despite the economic harvest, which it recorded throughout the last fiscal year thanks to a harsh reform package.

Bahrain ranked second in the Arab world and 43 globally, with Bahrain implementing the largest number of reforms globally, as it made improvements to 9 out of 10 areas measured in the report, while Morocco came third in the Arab world and 53 globally. As for the Sultanate of Oman, it ranked fifth in the Arab world and 68 globally.

Qatar ranked seventh in the Arab world, and ranked 77th in the world. And it ranked eighth in the Arab world, followed by Tunisia, with a global ranking of 78, followed by Kuwait with a global ranking of 83, while Djibouti ranked 10th in the Arab world and 112 globally.
As for Iraq, it occupied the 172nd position from 190. This is against logic and rationality because of a country like Iraq with its enormous potential. Among the most important reasons that led the country to this dangerous slope is corruption, quotas, religious parties and gangs, not to mention mismanagement, and Iraq lives by following the rentier state and its disastrous prospects, while the powers The political, armed groups, and centers of influence, which constructed their great presence in the body of the Iraqi state and worked to weaken and destroy them.

Where Iraq is inevitably heading towards an economic catastrophe unless it begins with radical reform, as there are 75 percent of its population dependent in their lives and their livelihood on the salaries provided to them by the state and consume about 80 percent of the unilateral oil budget within an economy that suffers a permanent imbalance, as this is a fact that all officials realize The Iraqis, whose effects are aware of all the influencing forces in the investment decision, and fully understand the partisan and armed groups that wage war relentlessly on foreign investment.

A war that begins with pushing these continuous groups towards increasing the flabby functional block in the state to obtain the loyalty of electoral votes, passing through the attempt to be partisan companies, not the state, a partner for every investor coming to Iraq in exchange for its protection, and not an end linking investment with political evidence, and the inability of the political center to make decisions Cruel but necessary for the future, such as the start of administrative decentralization systems, the empowerment of the private sector, and the improvement of Iraq's reputation on the international map.

On that last point, Iraqi officials deal lightly with international reports of the World Bank, which can be asserted that they lack statistical accuracy today and are based on data from previous years. Neither Baghdad is the worst city to live in the world, nor Iraq is the most corrupt country, nor is Iraqi security at its worst It can be said that this official underestimation is part of the war on investment. Otherwise, countries that plan for their future after they develop plans for the advancement, set annual budgets to invite researchers, specialized centers and various media to encourage writing fair, balanced and realistic reports that place investors across the A world in front of facts in this or that country, and not just impressions, the greatest danger is the oil budget, which may find itself in years before an expected collapse in oil prices

The first step begins from telling the harsh facts, and among these facts is that Iraq, with its current economic situation, is exposed during the coming years to great setbacks that strike the last remaining of its security, unity and existence, and the threat will not necessarily be a terrorist like "ISIS" or any subsequent development of it, but rather the danger The biggest is the oil budget, which may find itself within years of an expected natural collapse in oil prices, before which the Iraqi rentier economy stands before it, unable to find alternatives and completely surrender to the powers before the state.

Economic Studies Unit

Links Center for Research and Strategic Studies   LIN