More Iraqi News Wednesday PM 12-15-20
More Iraqi News Wednesday PM 12-15-20
TLM724 Administrator BondLady’s Corner
Experts: Speculator Rumors Raised The Dollar's Exchange Rate
Wednesday 16 December 2020 39 Baghdad: Hussein Thahab - Shukran Al-Fatlawi Two experts in financial and economic affairs confirmed that the continued sales of the central bank of dollars undermines the methods of speculators in the dollar, as the sales achieve great financial benefits, as a result of the high exchange rates in the local market, which are affected by the rumors released, and the source of it is speculators, at a time when there are no trends To reduce the value of the Iraqi dinar.
The exchange rates have been witnessing for days a clear confusion that led to the raising of the exchange rate to 1,300 dinars against one dollar, then it gradually retreated, amid the assurances of experts and specialists that the dollar sales were not affected and that this confusion is within controlled rates, and that it will return to its normal rates. During the coming period, the judgment on the extent of its effects on the economy can now be postponed, "according to experts."
Confidence in dinars
Vice President of the Businessmen Union Basem Jamil Antoine said: "The rise in exchange rates in the local markets is the result of the behavior of speculators, and the spread of rumors that reduce confidence in the Iraqi dinar, which had a major role in increasing the demand for the dollar, which led to raising the exchange rates to levels that are not The citizen sees it as normal. "
The value of the dinar
Stressing that "speculators have a large, chunky cash block invested in buying dollars in order to achieve large profits, but the Iraqi Central Bank's continued sale of dollars has proven to everyone that there are no tendencies to reduce the value of the dinar, and that the matter was subject to the behaviors of speculators, who adopted the rumor that raised from Exchange rates, "expecting that" the coming period will witness a return of exchange rates to normal rates. "
Antoine pointed out that "the Central Bank of Iraq and international organizations specialized in financial affairs do not agree on any directions to reduce the value of the Iraqi dinar against the dollar," indicating that "Iraq's revenues will increase with the rise in crude oil prices in global markets, and that the price of a barrel by one dollar means that One trillion dinars reduces the annual budget deficit. "
Foreign currency
The financial expert, Dr. Ahmed Abrihi told Al-Sabah that "the price of the dollar depends on the Central Bank's sales of foreign currency, and it is very well known to those interested in economic affairs. If the sales are less than the demand, the exchange rate rises in the market above the official price, now this is what is happening which led to its rise." Or its fluctuation, and this indicates the role of speculators within.
Its effect is limited
Abrihi pointed out that "the difference is still limited and not large between the market price and the official price, and the difference is not large and did not last for long, so its impact is limited and unstable and does not leave chaos and its effects cannot be judged."
Stressing that "the repercussions of the exchange rate are the first to be affected by imported goods, not domestic goods, which is also unstable in the current situation, which results in postponing judgment on its effects on the Iraqi economy as a whole. LINK
The Iraqi Stock Exchange Continues To Decline In Its Fourth Session
Economie| 04:21 - 16/12/2020 Baghdad - Mawazine News The Iraqi Stock Exchange index fell, for the fourth consecutive day, by 0.14%. During the meeting, 425.6 million shares were traded, worth 437.7 million dinars.
The index witnessed a decline in the value of 6 companies, led by the ready-to-wear company by 3.77% and the Al-Mansour Pharmaceutical Company by 1.39%.
The value of shares of 6 companies provided by Dar Al Salam Insurance shares also increased by 15.38% and shares of Al Mamoura Real Estate Company by 7.85%.
The shares of The United Bank Company topped the traded companies with 133.7 million shares traded. https://www.mawazin.net/Details.aspx?jimare=134468
Economist: Speculators And Exchanges Manipulating The Dollar And It Will Affect The Markets And Citizens
Time: 12/16/2020 13:39:29 Read: 2,431 times (Baghdad: Al Furat News) Economist Basem Jamil Antoine confirmed, on Wednesday, that speculators and exchange dealers are manipulating the dollar, while this manipulation will affect the markets and citizens.
Antoine said in an interview with the Euphrates News Agency that "the Central Bank is not a judicial or executive authority, and it includes a window to sell the currency and pumps quantities of currency to achieve a balance between supply and demand" / stressing that "there are security and regulatory departments that are supposed to follow up and monitor the sale of dollars." .
And that "there is a kind of speculation by selling the dollar, and there are trillions of dinars in the hands of speculators and exchanges, and they trade in them and achieve a kind of instability and achieve interest."
"The Central Bank refuses to raise the price of the dollar because this will create a crisis with import, because Iraq depends on import and there is no local production, which will affect the local markets and citizens," he said, adding that "international organizations also stand against the process of raising the price of the dollar." LINK
The Dinar Collapses While They Are Watching
Hafez Al Bishara 128 2020-12-16 Hafiz Al Bishara || The rise in the price of the dollar and its fluctuation predicts an upward path that may last for many months ending with the collapse of the Iraqi dinar, and it is known that the collapse of the dinar is not only a monetary phenomenon, but rather conceals political objectives Suspect and everyone must remember the collapse of the currency in a number of countries in the region and what that means, months ago the collapse of the lira began And before that, the Turkish pound collapsed and the Lebanese pound continues, and the Iranian Toman collapsed. These collapses did not come by coincidence, but by an action and a specific goal.
Within the policy of the international powers, there is a separation of the economic exhaustion of the target state and this exhaustion begins with the spread of financial corruption in state institutions and its protection, the chaos of government spending, and weakening the role of National and private banks and manipulating the local currency, and all indications indicate that the process of smashing the Iraqi dinar began with an agreement in which the dollar is bought by corrupt private banks and not put on the market, which leads to a lower market offer and an increase in its price, so the monopoly banks sell it at a higher value,
There is information that these banks are owned by influential parties and personalities with external connections, and they have made tremendous profits in a few days, and this means that the corrupt authorities are not satisfied with what they stole and are seeking today to destroy the country's economy and its national currency, this game leads to the overthrow of the value of the dinar and the rise in the prices of goods and services Because it is originally denominated in dollars, this is a way to starve the people and drop their currency, and it is strange that these tricks come at a time when oil prices are still deteriorating, and people suffer from delayed payment of salaries and the absence of the ration card that is the basis of food support for the Iraqi family, even though its money is disbursed to the Ministry of Trade.
These dangerous transformations make every free and honorable official feel sorry and sad, and they assume the responsibility of protesting and rejecting and using all his means to stop this hidden process, and exposing those behind it because it represents a declaration of war on Iraq, which is facing cutting off livelihoods, which is worse than cutting their throats. http://burathanews.com/arabic/economic/382530
Again .. The High Exchange Rate Of The Dollar In The Iraqi Market
Pratha News Agency 128 2020-12-16 The exchange rates of the dollar rose in the main stock market and local markets, today, Wednesday (December 16, 2020).
The Kifah Stock Exchange recorded 129,500 dinars compared to 100 dollars, while the exchange rates for yesterday, Tuesday, in the Al-Kifah Stock Exchange were recorded at 127,800 dinars per 100 dollars.
As for the exchange rate rates in the local markets, they also increased, as they recorded:
Sale price: 130,000 dinars per $ 100. Purchase price: 129,000 dinars per $ 100.
http://burathanews.com/arabic/economic/382538
The IMF: Iraq Needs The Price Of Oil To Reach $ 54 To Balance Its Budget
The Baghdad Post Wednesday, December 16, 2020 01:41 PM The International Monetary Fund has identified the oil-producing countries' need for the prices they need to balance their general budget.
The IMF stated that Iraq needs a price of 54.60 dollars to balance its budget for the next year .. According to informed sources, the Iraqi government is heading to determine the price of a barrel of oil during next year's budget at about $ 42.
Which means that the difference between the price specified per barrel and the price needed by the budget amounts to more than $ 12, which opens the door to many question marks in light of the stifling economic crisis afflicting the country. LINK
Parliamentary Accusations Of Finance Minister Of "Procrastination And Indifference"
Political Wednesday 16 December 2020 | 05:10 pm| Views: 77 On Wednesday, a member of Parliament, Nayef Al-Shammari, accused the Minister ;ce sometimes delays the deadlines for paying employees 'salaries, and at other times he delays in launching the dues of some segments of society, and today he worked to procrastinate the farmers' dues despite their inclusion in the borrowing law voted by the House of Representatives,"
noting that "if farmers do not pay their dues, then this matter "It will directly affect their ability to complete the requirements of the new agricultural season, which will be a blow to the agricultural sector, which we are optimistic about its development and its access to self-sufficiency in many crops ."
Al-Shammari held "the Minister of Finance fully responsible for any negative consequences as a result of the delay in disbursing farmers' dues," calling at the same time "the Parliamentary Agriculture Committee to move more aggressively to pressure the ministry to release those dues that represent the right and duty of the government towards a segment of farmers." https://aynaliraqnews.com/index.php?aa=news&id22=141914
Disclosure Of The Contents Of An Expected Agreement Between Iraq And China
Pratha News Agency120 2020-12-16 The financial advisor to the Prime Minister, Mazhar Muhammad Salih, revealed, on Wednesday, the content of an agreement to be signed between Baghdad and Beijing to sell 48 million barrels by prepayment.
In an interview with the official Al-Sabah newspaper, Saleh said, "The agreement that the Ministry of Oil and Chinese government oil companies will sign includes the Finance Ministry receiving 48 million barrels immediately for the sale of oil that is delivered 6 months after receiving the sums, with exported quantities of 4 million barrels per month. Over a period of 12 months. "
He pointed out that "the price of oil sold to the foreign company is determined one month after the signing of the agreement, and the average price of oil in that month is taken as a standard for the price of purchasing quantities. The amounts are delivered to the Ministry of Finance on this basis in cash, that is, six months before export."
He added, "After setting the selling price at the average oil price in the month following the signature, the sums are received in cash, and the foreign company receives quantities of crude oil regardless of the value," noting that "the agreement is a kind of borrowing against oil, and this type is called pre-financing for the export of oil in order to support Liquidity of the general budget. "
He continued, "The Ministry of Oil is studying the offers submitted by participants in a prepaid oil deal," explaining that "the aforementioned loan comes within the framework of the borrowing law that was voted on in recent months, which gave the executive authority the power to obtain external loans in a way that helps support implementation." Strategic and important investment projects. http://burathanews.com/arabic/economic/382534
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