KTFA Member "News and Views" Monday PM 9-27-2021
KTFA:
Ross: One of the most potentially far-reaching trends in the financial landscape right now is the imminent roll-out of Central Bank Digital Currencies (CBDCs). CBDCs will be issued by central banks and will be legal tender.
Many CBDCs that are being researched and developed employ Distributed Ledger Technology (DLT), with the recording of transactions on a blockchain. CBDCs will be tied to user identities and Digital IDs, and straight off the bat they allow for total surveillance by the State. Agustín Carstens general manager of the BIS, where he chillingly said: “We don’t know who’s using a $100 bill today and we don’t know who’s using a 1,000 peso bill today. (Implying they would in the future)
With the BIS is Basel Switzerland as the conductor and orchestrator, it’s not surprising that central bank governors and country heads are now singing from the same song sheet, the song being ‘private digital currencies bad, central bank digital currencies good’.
Central Banks can thus influence and control the behavior of the recipients of this centralized digital cash, as well as exclude those who they want to penalize or who don’t comply with the State’s rules or parameters.
Although central banks will claim that they are introducing CBDCs for reasons such as improving payments efficiency, boosting financial inclusion for the unbanked and tackling illicit transactions, their real motivations, as always, are for surveillance and control.
Surveillance of a population via complete visibility into financial transaction flow and user identities, and centralized control of the money supply within a cashless financial system. (Welcome to the New World Order of 1984)
And you thought banks monitoring transactions above $600 was bad...
For additional reading: https://healthimpactnews.com/2021/central-bank-digital-currencies-a-future-of-surveillance-and-control/
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Don961: Exchange rate
Monday 27 September 2021 Mustafa Mohamed Ibrahim
There is talk at the present time, whether in the academic, professional or market circles, that the exchange rate will return to what it was, i.e. to 1200 dinars per dollar, after the end of the elections period or after the approval of the budget for the year 2022 by the next Legislative Council (Parliament). However, these propaganda have two impacts on the economic situation in the country.
First, the citizen will be greatly affected when this news is promoted through his income and how his money will be used in the future, so waiting is the decision taken by Kiss.
The second is the economic stagnation that occurs in the market as a result of such news, the goals of which are known to most citizens, especially about two weeks away from holding the parliamentary elections, after which the issue of the exchange rate is closed in a Final manner.
The budget for the year 2022, which is in the corridors of the Ministry of Finance, initially, so far, confirms that the exchange rate is 1450 dinars per dollar, which indicates that there is complete independence of monetary policy, which means that monetary policy continues to achieve its development goals to control the market, and that any amendment In the exchange rate again and in a close time, it will lead to an unfavorable economic situation its aftermath.
Despite all this, pressure continues on the Central Bank of Iraq and continues to bear public financial lapses, and this is based on the continuation of the economic crises of this country, which has not stabilized and improved economically since a year 2003.
The first objective of monetary policy is to achieve exchange rate stability, and this is what monetary policy achieved during the previous and current periods, in order to stabilize the market and maximize foreign reserves.
The monetary policy turned to development goals through the housing initiative and support the health sector in light of the global epidemic as well as supporting developments and technologies Electronic banking work through the financial inclusion program, as well as financial and banking services provided to the customer to complete financial transactions as soon as possible …Maybe.
In conclusion, the only determinant and controller of the exchange rate remains monetary policy, because it is the supreme goal of the Central Bank of Iraq, which achieves price stability in the market. Personal, and does not want to reform the economic situation in the future, which is awaited by future generations, in an economically prosperous Iraq that achieves the goals of sustainable development through the modern banking industry and keeps pace with global technological developments that characterize international banks. LIN
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Samson: Months .. Iraq is on a date with the most important technological event
27th September, 2021
Today, Monday, the Iraqi Ministry of Communications revealed the latest developments regarding the completion of the project to establish the Iraqi satellite, while it indicated the presence of local and international competition by major companies.
Ministry spokesman, Raad al-Mashhadani, told the National News Center that "after the announcement of the Iraqi tender by the Ministry of Communications, we began receiving dozens of offers submitted by major foreign, Arab and even local companies to establish the Iraqi satellite project."
And he indicated that “the General Company for Communication and Informatics has become its mission to collect bids, efficiency and expertise that these companies submit through (CV), which carries efficiency, experience and development,” noting that “the Ministry of Communications gave these companies 180 days to submit bids and advanced specifications related to the establishment of the Iraqi satellite, with a view to directing it. LINK
Samson: Expectations of a rise in oil prices from 90-100 dollars a barrel
09/27/2021 15:03:46
Expectations indicate that global demand for oil will return in early 2022 to levels before the outbreak of the new Corona virus, while Goldman Sachs estimated that its price will rise to between 90 and 100 dollars per barrel.
Today, Monday, oil producers and traders expected that global fuel demand would return to pre-Covid-19 levels by early next year, with the economy ridding itself of the consequences of the pandemic, but the excess refining capacity will likely pressure those expectations. Sector leaders said that despite the continued increase in cases of the disease in many markets, which affected the recovery of demand for some refining products, such as jet fuel, consumption trends for gasoline and diesel indicated higher growth, according to Reuters.
These statements were made at the 2021 Platts Petroleum Asia-Pacific Conference, which is being held in a hybrid form this year, as it includes both real and virtual participants. "We've seen refining margins recover as demand recovers," said Eugene Leung, president of BP Singapore and chief executive of BP's trading and shipping arm in Asia, the Pacific and the Middle East. of production lines," according to Reuters. "Most likely, the excess refining capacity will reduce to some degree those margins," he said in a pre-recorded speech to the conference.
The head of Hess Corp, an American oil and gas producer, said that the company expects global demand to return to pre-pandemic levels, which were 100 million barrels per day, by the end of this year or early 2022.
The IEA also forecast a strong recovery from the fourth quarter, citing "strong pent-up demand and continued progress in vaccination campaigns" to prevent COVID-19. And it expected that the average global demand for oil in 2021 will reach 96.1 million barrels per day and 99.4 million barrels per day in 2022, compared to recording 90.0 million barrels per day in 2020. The Organization of the Petroleum Exporting Countries (OPEC) expected average demand in the fourth quarter of this year to reach 99.70 million barrels per day.
For its part, Goldman Sachs raised its forecast for the price of Brent crude by the end of the year to $90 a barrel, from $80 currently, due to the recovery of fuel demand at a faster rate than expected from the repercussions of the spread of the mutated delta from the Corona virus and the impact of Hurricane Ida on global supplies. Brent futures approached three-year highs last week as global production disruptions prompted companies to withdraw large amounts of their crude stocks.
Crude was traded at $79.19 a barrel at 0619 GMT, while the price of US West Texas Intermediate crude was $75.08 a barrel. “We have long had a positive outlook for oil prices, but the supply-demand deficit is currently larger than our expectations with global demand rebounding from the effect of a delta shift faster than our previous forecast and with global supply continuing at lower levels than our previous forecast,” Goldman Sachs said in a note dated September 26. ".
Earlier this month, "OPEC" and its allies, "OPEC +", agreed to stick to a decision taken in July to gradually undo production cuts. Goldman Sachs said that the damage caused by Hurricane Ida to supplies erased the impact of the increase in "OPEC +" production, and that production of non-shale oil was still disappointing.
Regarding its forecasts for 2022, the bank reduced its average forecast for the second and fourth quarters to $80 from $85 a barrel, taking into account the possibility of a US-Iran nuclear deal by April.