KTFA Members "News and Views" Tuesday PM 12-21-2021
KTFA:
Samson: Completion of the payment of compensation to the State of Kuwait
The payment of the last remaining installment of the State of Kuwait’s compensation amounting to (44) million US dollars has been completed, thus Iraq has completed the full payment of the compensation amounts approved by the United Nations Compensation Committee of the UN Security Council pursuant to Resolution No. (687) for the year 1991, with a total of (52). 4) One billion US dollars for the State of Kuwait.
It is hoped that ending the payment of compensation will contribute to removing Iraq from Chapter VII, as well as its impact on re-integrating the Iraqi banking system with the global banking system and benefiting from the financial abundance that will be achieved.
Central Bank of Iraq
Media Office
December 21, 2021 link
Clare: BOOM!!! THANKS SAMSON! WS & FRANK…… SPOT ON AGAIN!!!
MilitiaMan: What is not to like about this? This time it comes from the CBI. The last time it was from experts. I’ll look for the UN and USA for that final decision. Now that payment’s are completed, that fact should usher in the final decision to release in totality Iraq from Chapter VII. As stated it will allow Interconnectivity with internal and external banks.. That will be a day to remember!!! Imo -MM
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Samson: The Central Bank of Iraq officially announces the completion of the payment of compensation to Kuwait
21st December, 2021
Today, Tuesday, the Central Bank of Iraq announced the completion of the payment of compensation for the State of Kuwait.
The Central Bank said in a statement received by Alsumaria News, “The payment of the last remaining installment of state compensation has been completed.” Kuwait amounting to (44) million US dollars, thus Iraq the full compensation amounts approved by the United Nations Compensation Commission of the UN Security Council under Resolution No. (687) for the year 1991, with a total of (52.4) billion US dollars have been paid to a country Kuwait“.
It is hoped that the termination of the payment of compensation, according to the statement, will contribute to “exiting Iraq from the seventh item, please on Its impact on reintegrating the Iraqi banking system into the global banking system and benefiting from the financial abundance that will be achieved.
A UN Compensation Committee was formed in 1991, obligating Baghdad Paying $52.4 billion in compensation to individuals, companies, government organizations, and others who incur direct resulting losses on Invade Kuwait. and stop Iraq on Payments were made in 2014 during the war on ISIS, which controlled large parts of the country, but resumed payments in 2018. LINK
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Samson: Disruption of official working hours for 7 days in Kurdistan
21st December, 2021
The Kurdistan Regional Government announced today, Tuesday, the suspension of official working hours for seven days.
Government spokesman Jutiar Adel said in a statement seen by Mawazine News that “the Kurdistan Regional Government has decided to suspend official working hours in all its departments, starting from the 25th of the current December until the first of next January.”
He added, “This came on the occasion of Christmas and New Year’s Eve,” noting that “the official working date will be on the second of next January in all government institutions.” LINK
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Samson: In Baghdad, 160 archaeological artifacts dating back to the Parthian and Seleucid eras were discovered
21st December, 2021
The Director General of the Department of Investigation and Excavations, Ali Shaghlam, announced on Tuesday that 160 artifacts had been found in the plot numbered 2784/1/2784, Nahrawan District, by an Iraqi mission.
Shalgham said in a statement received by Shafaq News Agency, that the artifacts date back to the (Parthian and Seleucid) eras, which are pottery, jars, various vessels, glass bottles and ivory, most of which are used in daily life.
He added that the pieces were handed over to the Iraqi Museum according to fundamentalist records followed in the receipt and delivery of antiquities found by the mission. LINK
Samson: Russian newspaper: China is betting on Baghdad to increase its influence in the Middle East
21st December, 2021
The Russian newspaper “Nezavisimaya Gazeta” saw today, Tuesday, that China is betting on Iraq to increase its influence in the Middle East.
In a report published on “Beijing’s bets and investments in Iraq,” the newspaper said that Chinese government companies signed an agreement with the Iraqi authorities to build 1,000 schools, indicating that Baghdad hopes to restore the education system destroyed by war with the help of the People’s Republic of China.
Beijing expects, according to the newspaper, to increase its influence in the Middle East by relying on Iraq, which attracts most Chinese investments in the region, noting that China has become the largest buyer of Iraqi oil.
The newspaper quoted the Orientalist and political expert, Elena Suponina, as saying: “Iraq has always attracted the attention of the Chinese. In the days of Saddam Hussein, they were interested in oil and gas fields and signed contracts. Even after Saddam’s overthrow, the Chinese managed to gain a foothold in that market, Although they invested in a very small scale, due to the difficult security situation there. Even the Chinese workers were taken hostage by the terrorists. After every such incident, the Chinese business was becoming more cautious. However, Iraq, for China, is estimated Oil reserves of at least 112 billion barrels, opens the appetite.”
She added: “After the Americans toppled Saddam, it was believed for a long time that American companies would come to Iraq, and that oil was their biggest concern. It turned out that this is not the case. Although there is an American business in the Iraqi market, it is very limited. It has raised insecurity the fear of American investors.
And the development of oil production in the United States made it possible for Washington to abandon its heavy presence in Iraq without pain. On the other hand, the Chinese are filling the void that appeared after the Americans eased their focus on the region. But Russian companies are also working in Iraq. For her, strengthening the presence of the Chinese could be a serious competition.”
In the middle of this month, the Iraqi government signed 15 contracts with the Chinese side to build 1,000 schools in different parts of the country.
On the twenty-eighth of last November, the Iraqi military authorities reported a security alert to protect Chinese companies implementing a project to build 1,000 schools across Iraq. LINK
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Samson: An economist explains the reason for the demand for the dollar in the local market instead of the dinar
12/21/2021 15:26:41
An economic expert explained, the reason why the local market sometimes resorted to dealing in the dollar currency exclusively, without the Iraqi dinar.
Bassem Jamil Antoine told {Euphrates News}: “This transaction does not mean a collapse and the exit of the dinar from daily transactions, as the majority of people still deal in the Iraqi dinar and consider it the basis of the currency, but the rise in commodity prices and monetary inflation has become easier in buying and selling in the dollar, which is not new and it has passed.” It’s more than 20 years old.”
And he indicated that “the Iraqi economy is non-productive and consumerist, and all imports depend on the dollar, so dealing with it is easier than trading in dinars, which may be exposed to a loss or disparity.”
Jamil stressed, “The Iraqi dinar is still strong, and the strength of the Iraqi economy does not lie in paper and remains a facade,” noting that “these exaggerations are largely unjustified, and some people have turned, and unfortunately rumors play a role, and the Iraqi dinar is still a similar site.”
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, had ruled out a collapse of the local currency {the Iraqi dinar}, and told {Euphrates News} today: “There is no collapse of the local currency, and the Iraqi dinar is strong and covered by good foreign reserves.” He pointed out that “monetary policy deals with in dollars, and the use of system currencies {domestic and foreign trade} Bsbouapn presence hedges to deal with foreign currency and stability as well as the stability of trading them as well.”
It is said that the local market and some wholesalers are starting to deal in dollars US exclusively without local currency so as to fear for the collapse of them, as happened in neighboring countries and the region, such as Turkey, Iran and Lebanon. LINK