KTFA Members "News and Views" Friday 7-29-2022

KTFA:

Samson:  Iran and Russia delete the dollar from financial transactions and start dealing with the riyal and the ruble

29th July, 2022

After 5 years of talks between Iran and Russia regarding the necessity of removing the US dollar from the trade exchange between the two countries, it was announced in Tehran that implementation had begun.

On the sidelines of Russian President Putin’s visit to Iran, the governor of the Central Bank of Iran, Ali Saleh Abadi, announced last Wednesday that Tehran and Moscow have started dealing in the Iranian riyal against the Russian ruble in their bilateral exchanges, and that commodity exporters can sell the ruble they get from the Russian side in the Iranian market to import goods. from Russia.

Coinciding with the two countries' deletion of the dollar currency from their trade exchanges, the Iranian currency exchange began trading in the Russian ruble and the Iranian riyal.

Face sanctions

Observers in Iran believe that the adoption of national currencies in the exchanges of Tehran and Moscow comes in the context of facing US sanctions, and strengthening bilateral cooperation between them away from the global financial system "SWIFT".

In this context, economic researcher Gholam Reza Moghadam believes that US sanctions on Tehran's financial exchanges, especially on its oil exports, were a major reason for Tehran's proposal to adopt national currencies in its trade exchanges.

In his speech to Al-Jazeera Net, Moghadam described the deletion of the dollar from Iran and Russia's exchanges as a practical step to circumvent the US ban on their use of the global exchange system "Swift", explaining that Iran had officially joined the Russian exchange system in 2019 but had not yet reaped its fruit.  LINK

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Samson:  Iraq and Saudi Arabia compensate for Russian oil supplies in European markets

29th July, 2022

Iraq and Saudi Arabia are transferring more crude oil to Europe, helping the continent's oil refineries to replace Russian oil.

More than one million barrels of crude oil per day made its way from the Middle East to Europe during the first weeks of July through a pipeline that crosses Egypt, according to ship-tracking data compiled by Bloomberg. Oil shipments have doubled in volumes from a year ago. Most of the oil flowing through the pipeline is Saudi, and Iraq is seeking to ramp up deliveries as well.

Oil companies can deliver their shipments either through the SUMED pipeline in Egypt or pass directly through the Suez Canal, if their ships are small, as is the case for Iraq. The volumes of oil flows through the pipeline increased from about 800,000 barrels per day during the previous month to reach the highest levels since the short-term increase that occurred when prices fell sharply in April 2020.

In addition to those flows, about 1.2 million barrels per day were shipped from the Persian Gulf through the Suez Canal during the first three weeks of July, most of it coming from Iraq. Which could raise total flows from the Middle East to Europe to 2.2 million barrels per day, an increase of nearly 90% since January, the last month before the launch of the Russian war on Ukraine.

The shift comes as Russian oil volumes increase in the opposite direction, from its Baltic and Black Sea ports to buyers in India and China. This is given the abundance of cheap oil in the two Asian countries at a time when fuel prices were rising. Commenting on Middle East oil, Giovanni Stonovo, commodities analyst at UBS Group AG, said: "We are now seeing some of those barrels being redirected away from Asia to Europe." This comes as Europe reduces its purchases of Russian oil and instead sends its oil to a major market in the Middle East and Asia.

It is not certain whether flows from the Middle East to Europe will be sustainable in such quantities. At the end of this year, the European Union's ban on Russian crude oil is due to come into effect. Part of the sanctions package includes a ban on securing shipments of Russian supplies to any buyers.  LINK

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Samson:  Al Sanam Islamic Bank selects ICSFS banking software

29th July, 2022

Al Sanam Islamic Bank, a newly-established Islamic bank in Iraq, has selected ICS BANKS Islamic Banking software solution from ICS Financial Systems (ICSFS).

The signing ceremony took place at ICSFS' centre of excellence, Amman, Jordan.

According to a press release, Al Sanam Islamic Bank will provide comprehensive, Shari'a-compliant financing products and services to the Iraqi market, with a robust focus on digital banking.  LINK

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Mustangroper:  :  Hey where is Article of K telling the people of new rate coming?  I want to frame that and put it on my wall.  Can some tell me where it posted? 

Suzie:  We've heard it, let's see it.  They've already made the guinness book of record for longest time of no seated gov't, they probably also hold the record for promises made, not kept, maybe now........?  Just my opinion!

Patriot12:  I believe there is no article confirming this as I asked yesterday, would they publish it ??  I dont know, doubt it depends on who they are.... but the event was filmed.....  IMO   I believe the info came from Eddie if I'm correct   but dont quote me  IMO   Im of the belief we need M totally out, Parliament dissolved then hopefully a rate  only IMO   what do I know  

Suzie:  I'll "go" with Tivon saying the boulder is rolling downhill with nothing stopping it, so we'll see....and wait, hopefully that boulder doesn't hit a pebble to throw it off course which has happened SO many times in the past..

Wagmister:  . MM or Petra said on Wednesday this will be done in a “short time or quickly “. I hope and pray that is fast, meaning less than a month, not several months or a titanium date, near proximity.  Iraq. Just do it, seat the government and lets see what’s next.  

Samson:  Economist: Iraq Has Many Opportunities To Invest In Oil Instead Of Selling It

28th July, 2022

On Thursday, economic analyst Younis Al-Kaabi confirmed that Iraq has many opportunities to invest in oil with many major countries, similar to the agreement with France, which provides for obtaining oil in exchange for the export of aircraft to Iraq.

Al-Kaabi said in an interview with Al-Maalouma that "there are many agreements that did not see the light of day, especially with South Korea, which was to build Iraqi infrastructure in exchange for oil," stressing that "the Russian war with Ukraine will increase the rise in oil prices because the signs of the global crisis have begun." Her features appear.

He added, "The Chinese agreement, whose contract with Iraq was not completed, would have served the country a lot by pledging to build thousands of schools and residential complexes, as well as state institutions, according to the development and modernity that has not entered Iraq so far."

He continued, "If Iraq takes such strategies and concludes agreements, the rise or fall of global oil prices in the future will not directly affect the work of Iraq's future projects."

Global oil prices rose in all countries, as a result of the global war between Russia and Ukraine and Russia's decision to stop the export of oil and gas to Europe and America.  LINK

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Samson:  Infographic.. the largest Arab countries in gold reserves and their ranking in the world

28th July, 2022

The Kingdom of Saudi Arabia continued to lead the list of the largest Arab countries in possession of gold reserves at the end of the second quarter of 2022, according to a report issued today, Thursday, by the World Gold Council.

Iraq achieved the highest increase in gold reserves at the global and Arab levels during the second quarter of 2022; It raised its reserves by 33.97 tons, followed by Turkey with an increase of 26.6 tons, while some countries reduced their reserves, led by Germany by 3.36 tons, and among the Arab countries the UAE decreased by 0.27 tons.

The following infographic shows, according to figures issued by the World Gold Council, the ranking of the largest Arab countries in possession of gold reserves at the end of the second quarter of 2022, and their ranking at the Arab and global level:  LINK

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Samson:  Integrity returns more than 350 million dinars owed by an Iraqi school principal in India

28th July, 2022

The Federal Integrity Commission announced that it was able to return more than 350 million dinars to the state treasury, indicating that these amounts were owed by the "principal of the Iraqi school" in New Delhi previously.

The Investigation Department reported that, after taking legal measures, the commission’s efforts in follow-up and investigation led to the return of the sum of 354,811,374 million dinars from the former director of the “Iraqi School” in New Delhi to the public treasury. Based on the provisions of Article (331) of the Penal Code; For intentionally committing a violation of his job duties with the intent of causing harm.

The department added that the accused organized exchange documents and received the amounts for his personal benefit, indicating that he organized a payment document for the dyeing of the school building, while the contract concluded with the owner of the building included that the owner paints the building every two years, as well as exchange documents for the fees of transporting students and the value of the uniform for them Investigations proved that it was fulfilled by the students' parents.

She explained that the accused exceeded the limits of his job by opening two schools in the cities of "Allahabad" and "Hyderabad" without obtaining fundamentalist approvals, in addition to disposing of school furniture, and organizing receipts for the purchase of new furniture and "antiques", contrary to reality, and they were not handed over to the new administration. for school; Based on the record of receipt and delivery.  LINK