News, Rumors and Opinions Sunday PM 4-30-2023
KTFA:
Clare: The Iraq Stock Exchange announces the suspension of its work for tomorrow
4/30/2023
The Iraqi Stock Exchange announced, on Sunday, that it will stop its activity for a period of tomorrow, as it is an official holiday.
The market said in a statement, "Based on the Cabinet's decision to declare a one-day official holiday on the occasion of International Labor Day, it will not organize trading sessions for tomorrow, Monday, May 1, 2023."
And between "it will be the first trading session after the holiday, starting on Tuesday, May 2, 2023, according to its official timing."
It is noteworthy that the Iraq Stock Exchange organizes five trading sessions per week, from Sunday to Thursday, and includes 103 Iraqi joint-stock companies representing the sectors of banking, communications, industry, agriculture, insurance, financial investment, tourism, hotels and services. LINK
Sir: Good Day KTFA family, Tomorrow, May 1st. is the 20th anniversary of the fall of Iraq and Sadam by the US forces ( 1-month / 1-week and 4 days) to complete take down of Sadam.
Although I didn’t agree with that military incursion, the fact is that it took place.
This anniversary would be a great day for the Iraqi people if they were to reinstate the Dinar to its rightful place as they did for Kuwait.
We know from the studies here on KTFA that they are ready to do so. Let’s hope that they do this and give the Iraqi people what they were promised. GOD bless all….
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Clare: Central: Payment of wages and salaries of foreign workers in Iraqi dinars
4/30/2023 Baghdad
Today, Sunday, the Central Bank of Iraq confirmed that the impact of growth was greatly reflected in the volume of requests, amounts, and banks participating in the foreign currency sale window platform, while indicating that government measures obligated the payment of wages and salaries of foreign workers in Iraqi dinars.
"Growth has helped reduce the gap between the official and parallel exchange rate significantly over the past days," said Muhammed Yunis, deputy director general of the investment department at the Central Bank, in an interview with the official news agency.
Younes added, "The growth rate of banks participating in this platform reached 155%, while demand levels increased from 42 requests per week, to about 1,280 requests."
He explained, "This increase was accompanied by a significant increase in the volume of amounts for these requests, as it rose from approximately $44 million per week to more than $490 million per week, while the volume of executed amounts reached nearly 80%, and the 20% was Caused by delay in implementation, due to lack of information or requesting additional information.
He continued, "These amounts were distributed among a variety of commodities, the most important of which were foodstuffs, health, electrical and electronic appliances, construction materials, cars and their spare tools," noting that "despite the challenges and obstacles that accompanied the implementation of the new procedures, which some suffer from." Banks and companies, as they represent a quantum leap in the process of financing foreign trade, and in line with international norms and standards, but today they have reached very advanced stages.
He pointed out that "the increase in the number of requests and the size of their development prompted the Central Bank to work to start new procedures that will contribute significantly to facilitating the transfer process, as the mechanism is based on strengthening the balances of banks that have accounts in solid foreign banks, for the purpose of meeting the requests of their customers in dollars, in addition to Other currencies such as (the euro) and (the Chinese yuan).
And Younes stated, "The banks' requests will be met faster and easier, given the reduction in the volume of transactions according to which the strengthening mechanism will be implemented in order to implement them," stressing, "
These measures are supported by the government's approach and the Central Bank of Iraq's direction towards enhancing confidence in the Iraqi dinar, the latest of which is the circular issued by the Secretariat."
The General Assembly of the Council of Ministers to all ministries, state institutions and the private sector, on the 18th of this month, by relying on the Iraqi dinar, and collecting taxes, government fees and insurance. LINK
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Courtesy of Dinar Guru https://www.dinarguru.com/
Militia Man At this stage of the game...everybody should be smiling, going, ' Iraq 's finally coming to the open market.' What we're looking for is the Forex - the Iraqi dinar to be exposed to the international world at an internationally acceptable exchange rate. We're probably going to see that, I would hope, any time. It's pretty powerful stuff.
Frank26 I have a better idea of when to hold'm and when to fold'm. Because at $1.50 I'm already half way there to the $3 I was seeking. In reality I wouldn't be surprised if this thing goes into the $4 range.
Deepwoodz All indications from reading up on parallel rates are that this means the illegal or black market rate. Just like in Iraq ...They are squeezing out the dollars. This eliminates the multi currency practice that goes against becoming article 8 compliant. I found it interesting that a country only has to notify the IMF that they will comply with article 8 to be article 8. Then simply comply.
FRC Collapse; CASCADE of Bank Failures Coming | Bob Moriarty
Liberty and Finance: 4-30-2023
First Republic will likely be gone by Monday.
Someone will take the hit for the tens of billions of dollars uninsured in the bank, says Marine, naval aviator, and financial author Bob Moriarty.
And the collapse of the bank could create contagion that puts the $500 trillion derivative bubble at stake, he says.
First Republic expected to collapse by Monday, but Fed won’t pivot - Michael Lee
Kitco News: 4-29-2023
Michael Lee, Founder of Michael Lee Strategy, joins Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News to discuss the unfolding banking crisis in the U.S., including the fate of the beleaguered First Republic Bank.
They examine what the latest PCE inflation numbers may predict about the Fed's upcoming interest rate decision, and why Lee believes that Fed Chair Jerome Powell is unlikely to pivot. They also address broader macroeconomic trends and the impacts on gold, stocks, and bonds.