MilitiaMan and KTFA Members "News and Views" Sunday PM 3-1-2020
KTFA:
Don961: Al-Sistani sets the ruling on selling foreign currencies at `` time '' above their market value
Localities 02/20/2020 20:06 1566 Baghdad today - Najaf
Religious authority Ali al-Sistani defined the ruling on selling foreign currencies as “forward” above their market value.
Al-Sistani answered a question in which he said: Is it permissible for a person to buy cash and give a specific profit for it?
Sistani said in his answer, "There is nothing wrong with selling foreign currency in the local currency, even if it is more than the market value (in the future), but it is not permissible to increase the price named in exchange for extending the period." link
MilitiaMan: Why is this one catching attention? Well he is the head Cleric of the region. When he talks many listen. He is telling the people it is okay to use forward contracts for protection of their interests. He is essentially warning and giving assurances to the people that it is okay to protect your self with forward contracts and not to worry about any religious issues in doing so in the future. His timing is suggesting they are going to be using the Forex, as that is where they can facilitate the forward contracts. In other words, the rate is expected to change and be prepared and know your all good to use the forwards!! ~ WOW, more signs.. imo ~ MM
MilitiaMan: A currency forward is a binding contract in the foreign exchange market that locks in the exchange rate for the purchase or sale of a currency on a future date. A currency forward is essentially a customizable hedging tool that does not involve an upfront margin payment.
https://www.investopedia.com/terms/f/forward-exchange-contract.asp
Currency forwards are OTC contracts traded in forex markets that lock in an exchange rate for a currency pair. They are generally used for hedging, and can have customized terms, such as a particular notional amount or delivery period.Sep 18, 2019
DELTA: Baghdad sends late wages to employees of the Kurdistan region
1st March, 2020
The Central Bank of Iraq announced, on Sunday, the salaries of employees of the Kurdistan Region, estimated at more than 450 billion Iraqi dinars per month.
The delay in sending salary salaries by Baghdad has been delayed for about 50 days, due to special measures from the Iraqi Finance. (wink)
The bank branch told Barbel Shafak News, that Baghdad has put on the branch account the salaries of Kurdistan Region employees, and it will be disbursed after a technical defect has been exceeded.
He explained that the account is not available yet due to a defect in the electronic system of the account, which will be resolved in the coming hours. LINK
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Don961: Urgent .. Sources: Allawi Is Preparing To Announce His Withdrawal From The Mandate To Form A Government LINK
MilitiaMan: I am not buying this latest news on withdrawal.. Not yet anyway.. Way to much at stake at this stage.
And not to forget the accomplishments of the CBI.. The country still needs to run on money. Oil is putting pressure on everyone in the Region. So Rouhani's meeting in Baghdad yesterday, probably has a fire up some behinds trying to garner any leverage he can get. With oil dropping it will put so much pressure on the Iranian's economically they could implode quite quickly. Therefore, the meeting could very well be in Allawi's favor..
As the above suggests there could met a temporary truce.. Which, whereby, the legal guy supports that Allawi has things up to snuff. ~ imo. So lets just see where it goes.. ~ MM
Abrams41: I agree MM. We were cautioned about fake news. In war the enemy uses false propaganda. Iran will fight to the end. Allawi is a fighter and will not surrender IMO.
Cleitus: Do you really think the GOI and CBI have spent millions upon millions to get us to this point and all of a sudden based on a couple of articles EVERYTHING goes poof! There would be hangings from the citizens to those responsible should that happen..., the politicians and media know it! IMO of course!!!
MilitiaMan: Which shoe is on which foot? lol I have to say they are surely looking to keep everyone guessing.. They are not that stupid over there. They know how to use the media to influence things. Keep in mind there are those that are fighting to the end for this to fail.. imo ! ~ MM
Samson: Al-Nassiri: Delaying the approval of the 2020 budget will lead to economic stagnation and harm the people
1st March, 2020
The advisor at the Iraqi Private Banking Association, Samir al-Nassiri, confirmed on Sunday that the delay in approving the general budget law for 2020 will have major negative economic impacts and will lead to economic stagnation and harm to citizens and affect clearly the movement of the market
Al-Nusairi said in his interview with "Al-Iqtisad News" that "the economic elites were hoping the resigned government would move from preparing them from the budget of items and numbers to the budget of development programs and plans and contribute to the implementation of investment projects and stimulate investors and encourage them to invest and reconstruct liberated cities, but unfortunately they were not Sending them to the House of Representatives according to the time ceilings in effect in most countries of the world, but the circumstances of Iraq and its environment unstable politically, security and economically, and this was accompanied by a peaceful popular movement demanding reform and economic and political rights. In addition to this the government disclaims Resigned from bearing the responsibility of the large budget and planned deficit of 48 trillion dinars, and relying on it being a caretaker government and it cannot refer it to the House of Representatives constitutionally
Al-Nusairi explained that "failure to approve the budget means that it is considered a payroll budget only, and will be spent at 1/12 of the actual expenditures for the previous fiscal year for each month, and this means giving negative indicators to private investors to start their investments
He pointed out that "this will inevitably affect the increase in the unemployment rate and the poverty rate due to the suspension of investment projects, which were planned to be implemented, which will prevail the economic recession, and if the recession continues for a period of six months, it will lead to recession
Al-Nassiri hinted that "the delay in approving the budget will lead to the failure to implement the reform decisions promised by the demonstrators, whose allocations amounted to 10 trillion dinars, and that the Iraqi-Chinese agreement allocated to the budget in 3 trillion dinars will be delayed, too
Al-Nusairi concluded his speech with the effects of Corona virus on the planned deficit increase due to the decrease in Chinese demand by 3 million barrels per day and the decrease in global demand also due to the decline in commercial and tourism activity and transportation between countries in addition to expectations of low oil prices during the second and third quarter of 2020 and the possibilities of OPEC's decision to reduce production by borders 500 barrels a day
He called on the interim government and the parliament to speed up the amendments to the budget and give a clear and essential role for the private sector in the implementation of reconstruction and investment projects and not neglect its role as in the 2018 and 2019 budget. And they transcend political polarizations while discussing them in the parliament because it is the budget of the patient Iraqi people LINK
MilitiaMan: All the bounce back and forth in politics in regard to the PM, is creating even more stress on and toward the end result to be sooner now than later for the economic reforms to be completed now. The oil price decline, the fears of corona virus, unemployment, economic stagnation, etc., the list goes on! The advice it appears to be from Samir al-Nassiri, is to get the reforms done and now. imo ! ~ MM
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Youngsc: It seems that most in here forgot that FRANK had already stated there WAS NOT GOING TO BE ANY VOTE to begin with and that he does not care for any qurom. The 24th in his strong opinion started the 15 days where budget would appear with a new rate intact. Frank, walkingstick and his teams know alot more then us students as he also stated. MM posted an article which stated MTA and his cabinet had accomplished what they needed to accomplish. We study here for a reason and we should trust in what Frank had stated from the get go instead of putting most of our energy into articles imo.
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Don961: Rockets fell on the US embassy in Baghdad
Baghdad today - Baghdad
A security source in Baghdad said, on Monday, that rockets landed on the American embassy in the capital.
The source told (Baghdad Today), that "missiles launched from the municipalities area fell on the American embassy in the green zone in the center of the capital, Baghdad."
And the American embassy in the capital Baghdad, from time to time, is subjected to missile targeting by unknown parties. LINK