News, Rumors and Opinions Sunday Morning 7-2-2023
KTFA:
Clare: An official holiday for Kurdistan banks tomorrow
7/1/2023
The General Directorate of Commercial Banks in Kurdistan Region announced the suspension of official working hours tomorrow.
The directorate said in a statement received by Shafaq News agency, "Tomorrow, Sunday, is an official holiday in all government commercial banks that are affiliated with the directorate."
The statement added, "Banks will be closed to citizens, with the exception of the continuation of full-time employees working in organizing the budget for the first half of the fiscal year 2023." LINK
Turk182: Very Interesting Statement,"Banks will be closed to citizens, with the exception of the continuation of full-time employees working in organizing the budget for the first half of the fiscal year 2023."
Clare: Adviser to the Sudanese: The government will continue day and night in order to deliver services to the citizen
7/01/2023
The media advisor to the Prime Minister, Hisham Al-Rikabi, confirmed today, Saturday, that the government will continue day and night in order to deliver service to the citizen, and there are stalled projects that will start work on them.
Al-Rikabi said, in a tweet on Twitter: "A night visit to Prime Minister Muhammad Shia'a al-Sudani during the Eid holiday contains a message that the government will continue day and night in order to deliver service to the citizen, and there are many previously stalled projects, work on which will start immediately, especially after the budget is approved." LINK
Ryan1216: I pray the hard work and dedication going towards completing all projects brings forth the new rate very quickly!
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Courtesy of Dinar Guru
Nader From The Mid East I heard one of the major banks in the United States is gonna go there [ Iraq ]. I'm not gonna say the name because I'm not sure yet. When I'm sure I'll let you know. I heard one of the major bank in the United States it's gonna be in Iraq ...they're gonna open banks in Iraq .
Mnt Goat Parliament is now on recess until after Eid holiday. When they come back the focus is said to be all about two issues. How to solve the budget deficit without borrowing money and to get the Oil and Gas law passed and implemented...Seems now there is a new ignited will to get it done...I will be calling my contact in Iraq CBI and getting the full scoop, I hope, on why we have not seen the reinstatement and project to delete the zeros as they told me it would occur this week sometime. I will be asking if it is the Oil and Gas law holding it up or what? But something is holding it up, obviously.
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China has $3 Trillion of Hidden Currency Reserves
Friday, 30 June 2023, 7:00 AM
(Bloomberg) — China is sitting on a $6 trillion pile of money, half of which is “hidden,” and that presents a new kind of risk to the global economy, according to Brad Setser.
A lot of the country’s foreign-exchange reserves don’t show up in the official books of the People’s Bank of China, the former US trade and Treasury official wrote in a report on The China Project, a New York-based news platform. Instead, what can be called “shadow reserves” appear among the assets of entities such as state commercial lenders and policy banks, Setser said.
While official reserves have flat-lined over recent years, the “hidden” variety have likely pushed higher alongside China’s export surplus, he said.
“China’s lack of transparency here is a bit of a problem for the world,” Setser wrote. “China structurally is so central to the global economy that anything it does, seen or unseen, will eventually have an enormous impact on the rest of the world.”
The State Administration of Foreign Exchange didn’t immediately respond to a request for comment.
An example of the influence China’s reserves can have is their role in funding the country’s Belt and Road Initiative, which stemmed from a post financial-crisis push to diversify holdings, according to the former Biden administration trade adviser.
“They are powerful enough of an economic force such that an entire, global, decades-long infrastructure plan was in some ways, just a side effect of a 2009 decision to find new ways to manage China’s foreign exchange,” he wrote. “Well, China is so big an economy – and such an unbalanced economy – that all its activities just have an outsized global impact.”
‘Massive Creditor’
Institutions reporting to the central government probably have closer to $6 trillion in foreign assets, Setser said. That compares with the $3.1 trillion in official reserves SAFE reported at the end of last year, he said.
Setser is now a senior fellow at the Council on Foreign Relations, a New York-based think tank.
The scale of these hidden reserves “highlights an important fact that is often forgotten amid all the talk of China’s domestic debt problems,” he wrote. “Globally China is still a massive creditor, and the weight of China’s massive accumulation of foreign exchange is still felt around the globe.”
Source: MSN
https://dinarchronicles.com/2023/06/30/china-has-3-trillion-of-hidden-currency-reserves/
BRICS Summit 2023: Expectations, Agenda, Goals
Lena Petrova: 7-1-2023
Russia’s War Economy Isn’t Breaking - Here’s The Inconvenient Truth
Sean Foo: 7-2-2023
It's been almost 18 months since the start of the sanctions, but is Russia's economy really collapsing? Or can Putin continue the fight? Here's what you must know about Russia's economic situation and why it might be more resilient than we think.
Timestamps & Chapters:
0:00 Is Russia Really Breaking?
1:58 Russia's Inflation
4:49 The Russian Ruble
6:42 Sponsor - Private Internet Access
8:11 Russian Revenues
12:08 It's All About China & India
14:37 Can Russia Outlast The West?