News, Rumors and Opinions Sunday Afternoon 9-18-2022
TNT:
Tishwash: There is no benefit in increasing the cash and gold reserves without real profitable project
The economic expert, Saleh Al-Hamashi, stressed that there is no benefit in increasing the cash and gold reserves without real profitable projects.
He told the National Iraqi News Agency ( NINA ) that among the work of the central banks is the financial consolidation of the state through the reserves of gold and foreign currencies to maintain the strength of the local currency and to disclose this reserve and to inform the institutions operating in the country for the purpose of planning economic projects because of the importance of the cash reserve in building projects Service and economic.
Al-Hamashi added that an abundance of reserves without any economic plan is a person sitting on a mountain of gold, without water or grass, and today all this financial abundance and reserves are useless without economic projects to transfer this money to a productive facility.
The Central Bank had announced a rise in foreign reserves to more than (85) billion US dollars.
And the bank indicated in a statement that its foreign reserves amounted to more than (85) billion US dollars, which is the highest level achieved by the Central Bank since 2003.
He continued that gold reserves also exceeded (130.4) tons, worth (7) billion dollars, bringing Iraq to 30th place globally and 4th in the Arab world. link
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Tishwash: The Central Bank of Iraq has three reserves to serve the requirements of monetary stability and development
The economic expert, Jalil Al-Lami, confirmed that the Central Bank of Iraq has three reserves to serve the requirements of monetary stability and development.
He told the National Iraqi News Agency ( NINA ) that the central bank is responsible for managing the country's foreign cash reserves, as the central bank, within the framework of this task, influences the credit by controlling the movement of capital inflows and abroad and providing foreign exchange to serve the requirements of monetary stability and economic development.
Al-Lami added: This reserve consists of: Foreign exchange papers: represented in current and fixed deposits in the main international currencies and government bonds held by the resident country in foreign currencies for the benefit of the country over other countries. Which is estimated at more than (85) billion dollars. Gold: It is the state’s reserve, which is in the form of bullion or coins in the vaults of the International Monetary Fund.
He explained: As for the third reserve, it is the special drawing rights: it is the new reserve and it is used to meet the deficit in the country's traditional reserves and drawing rights are granted to each of the member states of the International Monetary Fund. So that the country's share is proportional to the size of that country in the International Monetary Fund.
Al-Lami continued: These rights are used to settle payments between member countries of the International Monetary Fund. Therefore, central banks, including Iraq, seek to buy quantities of gold from time to time. The most recent of which is Iraq’s purchase of a new amount of gold, amounting to approximately (34) tons, bringing Iraq’s balance to (134,4) and thus achieving an increase rate of (35%) on the Iraqi stockpile, which made its classification become the fourth Arab and thirty-three globally. This increase is within the framework of a strategy The Central Bank to manage its assets in order to achieve the highest levels of stability and the ability to face local and international economic changes.
The Gold Promise: One of the most important assets held by central banks and international financial institutions. A haven from in conditions of uncertainty. Because of its acceptance at the international level.
The Central Bank had announced a rise in foreign reserves to more than (85) billion US dollars.
And the bank indicated in a statement that its foreign reserves amounted to more than (85) billion US dollars, which is the highest level achieved by the Central Bank since 2003.
He continued that gold reserves also exceeded (130.4) tons, worth (7) billion dollars, bringing Iraq to 30th place globally and 4th in the Arab world. link
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Courtesy of Dinar Guru
Mnt Goat I know for many of you things seems hopeless for your investment. But I can assure you they are not hopeless. We will see a major shift soon in the USA and this will impact the foreign policy of the USA towards Iraq . It may take until the end of the year to catch up so don’t expect anything until at least January 2023...Things are going to change and the future is very bright for Iraq.
Frank26 The generation that's there for the last 20 years they've never seen a currency of their own. The generation before them 30-40 years old don't even live in Iraq . They ran away and that's why there's so many banks that are being established around the world to take care of all these Iraqis. The Iraqi dinar is going to become a pivotal currency. It'll be a currency hub Iraq - Baghdad . Everybody knows. The Middle East knows it...
We're Approaching The Point Of No Return | David Hunter
Liberty and Finance: 9-18-2022
With aggressive monetary tightening, the Fed is reaching the point of no return, says contrarian macro strategist David Hunter.
He expects the Fed to cause a hard landing by crashing the economy. However, for the next few months, based on market sentiment, he expects a melt-up before a massive crash in equities.
During this melt-up phase, gold and silver could skyrocket. His targets are $3000 for gold and $50 for silver within 6-months.
Intro 2:08
Inflation 8:59
Stock market 17:58
Gold & silver 20:26
https://www.youtube.com/watch?v=5mNazN4-7DE
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MARKETS A LOOK AHEAD. By Gregory Mannarino
9-18-2022