KTFA Members "News and Views" Saturday 9-7-19
Samson: ? Is this the denial we have been waiting for***
Revealing a study to delete zeros from the Iraqi currency .. The reason?
7th September, 2019
The parliamentary Finance Committee, a study to delete zeros from the national currency, but they ruled out the application at the moment for several reasons
"The proposal to delete the zeros has been submitted from the House of Representatives to the parliamentary Finance Committee in order to study the change of the national currency and all categories and the printing of new currencies, but the preliminary study showed that the costs needed by the project is great," the committee's rapporteur Ahmed al-Saffar said
He added that "the budget deficit for this year and Iraq's debt is one of the most important reasons that will lead to delay the deletion of zeros (three zeros)," noting that "the Finance Committee has assigned specialized bodies of monetary policy to study the project carefully to submit to the Finance Committee to be the main lines of this project, which Its beginnings go back years
Al-Saffar pointed out that "deleting the zeros is a project with psychological effects rather than being actual, as the citizen will feel that his money is compatible with the requirements of his life and the movement of supply and demand and equal to hard currency LINK
MilitiaMan: Every good RD/RV/RI has a good squirrel.. lol ~ Two days ago and last night they tell us they have inflation? ~ lol MM
Titus2mom4: So since they're denying it like the Kuwaits did…. it'll happen at any moment maybe!!!
Jay: When Kuwait did a similar move, the RI'd the next day around 3pm ish our time iirc. We shall see.
Samson: Kurdistan official downtime next Tuesday on the occasion of the tenth of Muharram
6th September, 2019
The Kurdistan Regional Government (KRG) announced on Friday the suspension of official working hours for one day next week on the occasion of the tenth anniversary of Muharram anniversary of the martyrdom of Imam Hussein, peace be upon him.
Government spokesman Gottiar Adel said in a statement received (Mawazine News), a copy of it, that "on the occasion of the tenth of Muharram coincidence, next Monday 9/9/2019 will be an official holiday in all government departments and institutions."
He added that "on Sunday, 8/9/2019, the ninth of Muharram will always be a regular in all institutions and departments and will not be a holiday in any way." LINK
Samson: Deputy: Iraq loses 20 trillion annually for mismanagement
6th September, 2019
Iraq is losing about 20 trillion dinars a year because of mismanagement, said MP Sairon Riyadi al-Masoudi on Friday.
Al-Masoudi said in his interview with Al-Marbad, the heads of the political blocs not to compliment the Prime Minister, while demanding to put the points on the letters and demand to resolve the issues related to corruption and the exclusion of the corrupt.
This was the deputy of the Alliance Saraon peace Shammari had confirmed earlier, on Friday, that the country is at a critical stage in need of concrete and concrete steps to restore normalcy. LINK
Don961: Gold reserves
Friday 06 September 2019
The precious metal (gold) is one of the most important wealth that people are keen to acquire and retain throughout the history of humanity and for thousands of years, and the importance of gold, as one of the important wealth of States to this day, and is expected to continue its importance for long periods to come
It is known that all the central banks in the various countries of the world rely on gold, the dollar and the euro as well as a basket of other currencies as reserves, but the economic crises experienced by the global economy over the past periods of time proved that gold is a stable value and a safe haven largely compared to currencies.
In light of the current economic fluctuations caused by the US-China trade war, amid signs of a currency war that could prolong further depleting its value, the dollar is losing its dominant position in the global economy due to the transfer of the economy. China, led by the US, is approaching becoming the world's first economy.
From this summary presentation we can conclude that the dollar and the rest of the world currencies are no longer a safe haven for the reserves of the global central banks, unlike gold, which has proven to be a constant value, but rising over the years. The dollar as a reserve due to the vibrations that have been exposed to its value and what will be exposed to it in the future.
Recent data indicate that many central banks in various countries of the world began to increase their reserves of gold and the lack of excessive dependence on the dollar, which made its prices rise due to the appetite for buying it.
Hence, the investment of the Central Bank of Iraq in gold is a guaranteed gain and puts these reserves in the safety box as it is a safe haven, and at the same time prefer to reduce dependence on the dollar as a reserve of guaranteed value as was the case in previous periods after the forefront of foreign currencies globally, which is what He began to lose this status that lasted for decades.
This is in line with the estimates of many sober financial institutions recently that the dollar has lost its global status as the world's first hard currency compared to other currencies.
Therefore, it is a pressing priority at the present time that Iraq is working to increase its investment of gold as much as possible, in order to keep pace with the changes in the field of safer reserves, which are heading to the yellow metal, which has long been and remains a safe haven in economic and financial crises and volatility across Time. link
Samson: World Council: Five Arab countries, including Iraq, has about a thousand tons of gold reserves
7th September, 2019
The World Gold Council announced on Saturday that five Arab countries, including Iraq, have nearly a thousand tons of gold reserves.
"Saudi Arabia, Lebanon, Algeria, Libya and Iraq have the largest gold reserves among other Arab countries with a total of 996.4 tonnes," the council said in a survey published on its website in September.
He added that "the amount of gold reserves to Saudi Arabia amounted to 323.1 tons, while the gold reserves of the State of Lebanon 286.8 tons, while the amount of reserves for the State of Algeria 173.6 tons," noting that "the gold reserves of the State of Libya amounted to 116.6 tons, while the amount of gold reserves for Iraq 96.3 tons Tons."
He pointed out that "Iraq still maintains its 38th position globally with the largest gold reserves out of 100 countries included in the international financial statistics of global gold reserves, where these reserves amounted to 96.3 tons, which represents 6.5% of the rest of its other currencies."
The World Gold Council, based in the United Kingdom, has extensive experience and knowledge of the factors causing the market change and its members are composed of the largest and most advanced gold mining companies in the world. LINK