IQD CALLS Chat Monday Night 1-13-20
IQD CALLS Chat Monday Night 1-13-20
chattels Iraq warns of 'collapse' if Trump blocks oil cash
https://www.rudaw.net/english/middleeast/iraq/13012020
chattels BAGHDAD, Iraq (AFP) – Iraqi officials fear economic "collapse" if Washington imposes threatened sanctions, including blocking access to a US-based account where Baghdad keeps oil revenues that feed 90 percent of the national budget.
chattels The currency of oil is dollars and not IQD. The 35 billion dollars of Iraq's money in the US is dollars and not IQD.
chattels "We're an oil-producing country. Those accounts are in dollars. Cutting off access means totally turning off the tap," the first Iraqi official said.
chattels The Central Bank of Iraq's account at the Fed was established in 2003 following the US-led invasion that toppled ex-dictator Saddam Hussein.
Under United Nations Security Council Resolution 1483, which lifted the crippling global sanctions and oil embargo imposed on Iraq after Saddam's invasion of Kuwait, all revenues from Iraqi oil sales would go to the account.
Iraq is OPEC's second-biggest crude producer and more than 90 percent of the state budget, which reached $112 billion in 2019, derives from oil revenues.
To this day, revenues are paid in dollars into the Fed account daily, with the balance now sitting at about $35 billion, Iraqi officials told AFP.
Every month or so, Iraq flies in $1-$2 billion in cash from that account for official and commercial transactions.
chattels " ..................... it would mean the government could not carry out daily functions or pay salaries and the Iraqi currency would plummet in value.
"It would mean collapse for Iraq," the official said.
chattels Iraqi officials said the US threat to deny access to oil revenues was met with shock, anger and near-disbelief.
"The PM was pissed and insulted," one official told AFP.
Another said the US would then irreversibly "lose Iraq."
"They'd push us towards Russia, China, Iran. We'd have to form a separate economy with those countries."
futuremoney good luck with that...china is the only one buying..
chattels The central bank sells more than / 262 / million dollars in the currency auction Monday 13, January 2020 https://ninanews.com/Website/News/Details?key=807433
chattels Baghdad / Nina / The Iraqi National News Agency / NINA publishes , the text of the draft law on the accession of the Republic of Iraq to the International Land Transport Agreement of 1975, which was voted on by the House of Representatives at its meeting today. https://ninanews.com/Website/News/Details?key=807464
chattels The Convention on International Transport of Goods Under Cover of TIR Carnets (TIR Convention) is a multilateral treaty that was concluded at Geneva on 14 November 1975 to simplify and harmonise the administrative formalities of international road transport. (TIR stands for "Transports Internationaux Routiers" or "International Road Transports".) https://en.wikipedia.org/wiki/TIR_Convention
chattels Baghdad / Nina / The Council of Representatives has resumed voting on the proposal of the health insurance law, and the vote on some of its articles is postponed to the next sessions after coordination and discussion with parliamentary committees and executive bodies. https://ninanews.com/Website/News/Details?Key=807465
chattels Hardly the subject matter of laws that suggest a connection with currency reform, eh ?
chattels Baghdad / Nina / The Parliamentary Services and Reconstruction Committee held a closed meeting to discuss the maturity of the draft law of the Iraqi Reconstruction Council before it was presented for a vote before Parliament, and also discussed ways to implement the agreement signed between Iraq and China. https://ninanews.com/Website/News/Details?Key=807459
chattels The Constitutional Amendments Committee ends the review of proposals for amendments of independent bodies
Monday 13, January 2020 https://ninanews.com/Website/News/Details?Key=807460
chattels " ............ independent bodies .........." could include the CBI.
chattels The CBI is denominated as an independent commission under the Iraqi Constitution.
chattels " Some of the independent commissions expressly provided for by the constitution include the
High Commission for Human Rights, the Independent Electoral Commission, and the Central
Bank of Iraq, which are subject to oversight by the Council of Representatives." https://law.stanford.edu/wp-content/uploads/2018/04/ILEI-Constitutional-Law-2013.pdf
chattels An that's the way that it is from the news that I find and read out of Iraq on this Monday, January 13, 2020.
chattels Each to their own thoughts and conclusions. Godspeed the completion of the Iraqi Banking Sector Reform Project,. God Bless us every one.
Dave trying to find some early retirement news.........?????Sadr's son for PM....?
Clay lol
Dave call that nepotism........sad that is the best they can do.......
Dave 4 days to elect a new PM........that was a week ago?????
Dave A message from Tahir Square- January 12, 2020 Walter
Dave wont let me post......
Dave saying the Protesters support USA presence.............
Clay Iran will change 4 sure now
Doug_W they are chanting "Death to teh regime" NOT usa
Dave Doug_W Tahir Square in Iraq....
Doug_W Dave yes
Doug_W all over Iran
Doug_W sorry IRAN
Dave perfect
Sandyf @chattels My read / take is that Trump said that there is 35 billion dollars in an account belonging to Iraq. That does not mean to me that there is 35 trillion IQD in an account.
Sandyf You are quite right, the accounts show investments held by the CBI in foreign banks, these investments would not be IQD but local currency. Figures are from 2018 accounts and in millions of IQD, so assets to the value of approx 38T IQD in the Bank of New York.
Federal Reserve Bank of New York - Bonds and bills (net) 37,806,622
Banque De France – Bonds (net) 3,887,896
Islamic Development Bank - Islamic Sukuk (net) 2,364,000
De Nederlandsche Bank N.V. –Bonds (net) 2,077,537
European Investment Bank (net) 748,656
Bank of England – Bonds (net) 639,315
People Bank of China – Bonds (net) 398,214
Chattels Iraqi Fatah Coalition: any delay in the departure of US forces will lead to military confrontation.
chattels The US State Department: Ultimately, the most appropriate place to deploy our forces in Iraq will be determined https://www.rudaw.net/arabic/world/130120208
chattels Iraqi PMF (Hashd): we will continue to develop our training programs & coordination with other security forces. We support decisions by Parliament & PM regarding foreign forces in Iraq. http://mobp.as/AwAnq
chattels Iraqi Nujaba militia: Muqtada Sadr meets with Shia militias to form a front to expel US forces. https://twitter.com/Newsofiraq?lang=en and https://twitter.com/davidmwitty1?lang=en
chattels The news regarding the continued presence of US forces in Iraq is obviously conflicted. Depending upon who is speaking and whether it is a public or private position one could argue support for any position. Ultimately the outcome may depend upon the activity of DAESH / ISIS. My sense is that if DAESH lays low for awhile that there will be more impetus politically for the removal of US forces. It is Iraq. The future is uncertain.
chattels Iraq begins depositing money with China and increasing its oil exports to it
[Baghdad-Ain] The financial advisor to the Prime Minister, Mazhar Muhammad Salih, said that Iraq has started work on two vital projects in the oil and energy sectors within the agreement signed with the Chinese side.
Saleh said in a dialogue held in cooperation with the Iraqi Economic and Political Center, that "the agreement entered into force as of the first of October and since the beginning of this year, nearly half a billion dollars has entered the balance of the sovereign account of Iraq with China."
He pointed out that "these revenues result from the export of 100 thousand barrels per day and will be spent to finance infrastructure projects in Iraq." http://www.alliraqnews.com/modules/news/article.php?storyid=85905
chattels Parliament votes on a number of laws and adjourns it until tomorrow
Editing Date: 1/13/2020 19:22 • http://www.alliraqnews.com/modules/news/article.php?storyid=86012
chattels The laws being read, considered and voted upon seem not very important to the people of Iraq or our interest.
chattels ERBIL, Kurdistan Region- The US has threatened to sanction Iraq if Baghdad forces US troops to withdraw from the country. Even if this does not materialize, Iraq has a lot to lose if the US minimizes or cuts banking ties with Iraq. https://www.rudaw.net/english/analysis/13012020
chattels Even if the US does stop itself from sanctioning Iraq, Baghdad faces dangerous financial impediments. Following 2003’s invasion, the US and Coalition forces backed normalization of Iraq’s financial and economic conditions via the establishment of the Development Fund for Iraq (DFI) in Federal Bank’s New York branch.
This fund helped Iraq retrieve the blocked funds of the previous Baath regime and safeguarded Iraq’s oil sales revenue. Due to the lawsuits filed internationally against the previous regime and Iraq owing $120 billion in debt, there were fears that oil revenues could be confiscated had it not been for the US Treasury Department.
The US also played an instrumental role in having countries forgive their loans to Iraq, thus helping to decrease Iraq’s debts from $120 billion to $40 billion. Besides the protection of oil sales revenues, Iraq’s trade is conducted through the Trade Bank of Iraq (TBI), with has connections with US investment giant J.P. Morgan.
If the US decides to sever its financial ties to Iraq, then TBI cannot operate in international trade.
Another important side of US-Iraq financial ties is that it has helped Iraq secure loans with very little interest. Iraq has sold many bonds in the past years to obtain loans in financial markets. The US Treasury Department gives guarantees for Iraqi financial bonds, and thus the interest incurred from such loans are very minimal.
For example, Iraq’s debts currently have a 1.5% interest rate, but had it not been for US Treasury guarantees, those rates would have stood at 10%.
Besides assistance in terms of Iraqi bonds, Iraq has taken out tens of billions of dollars of loans from the International Monetary Fund (IMF) and the World Bank, and all those loans have been secured with very minimal interest rates.This will not continue without the support and assistance of the US Treasury Department and White House financial advisers.
chattels Not a pretty picture financially for Iraq, eh ?
chattels And then there is the youth of Iraq protesting conditions and demanding reform.
chattels Killers target activists performing logistics for Iraqi protests Mustafa Saadoun January 13, 2020
chattels A sad commentary upon the Iraqi government and the rule of law.
chattels Almost depressing.
chattels Parliament votes tomorrow on three bills
Monday 13, January 2020 https://ninanews.com/Website/News/Details?key=807500
chattels "The agenda for tomorrow's session includes, voting on a draft law on Iraq's accession to the grain trade agreement for 1995, and voting on a draft law for the second amendment to the unified retirement law No. (9) for the year 2014 in addition to voting on the proposal of the amendment law." First Law of Human Organ Transplants and Prevention of Trafficking in Law No. 11 of 2016. ”
chattels "The agenda also includes, the first reading of the proposed law for the equivalence of diplomas and degrees, as well as a discussion of the report of the Finance Committee on the building of the central bank."
chattels Some guru will declare that the building of the new CBI building must mean " RV " and soon.
chattels Alas corruption and waste in Iraq knows no limits, " A deputy reveals a waste of $ 500 million in the new central bank building project " , Monday, 13 January 2020, https://ninanews.com/Website/News/Details?key=807488
chattels The much talked about 35 billion of Iraq's money held in the USA and the subject of a recent tweet by President Trump is likely the Development Fund for Iraq (DFI) in Federal Bank’s New York branch. These are dollars from the sale of Iraqi oil, IMO.