News, Rumors and Opinions Tuesday Morning 6-23-2020
TNT:
Tishwash: The Central Bank of Iraq announces the success of its efforts to reform the economic environment and achieve stability in prices
The Governor of the Central Bank of Iraq, Ali Al-Alaq, announced that the Central Bank of Iraq has succeeded in reforming the economic environment and stabilizing prices.
In his speech at the IRAQ FINANCE EXPO and followed by Al-Iqtisad News, Al-Alaq said that the Central Bank of Iraq made efforts for the purpose of reforming the economic environment based on its goals contained in its law, which aims to achieve stability in local prices and work to maintain a stable financial system based on competition In the market, sustainable development, job creation and economic prosperity.
He added that the Central Bank worked as an independent professional institution to prepare its monetary policies and strategic plans that included dozens of different initiatives that resulted in the stability of the Iraqi dinar exchange rate and the decline and stability of annual inflation within low limits is less than 1% in addition to the stability of the interest rate monetary policy of 4%, which is Indicative rate that banks can use to determine the debt or credit interest rates that they pay or charge for the credit provided by them.
He emphasized that the Central Bank, in cooperation with the National Investment Commission, prepared instructions to enter the capital of foreign investors into Iraq for investment purposes and was put into practice, which contributed to the establishment of many investment projects in Iraq.
He noted that the management of foreign reserves in accordance with the standards issued by the International Monetary Fund and work to use them efficiently to serve the requirements of the Iraqi economy and the need of different citizens, which is to cover the issued currency and expected imports within the standards used internationally.
He pointed out that the Central Bank of Iraq launched a major initiative to support the housing sector, as it amounted to more than 2 trillion funded through the Housing Fund and the Real Estate Bank.
He pointed out that the central bank has carried out a series of procedures in light of the financial crisis caused by the Corona virus, including reducing the legal reserve ratio from 15% to 13%, opening an account for the Ministry of Health to donate by all entities and providing an amount of 30 billion dinars in addition to 14 billion donated by banks and payment companies Electronic and exchange for the purpose of providing the requirements to cope with the epidemic of Corona link
Harambe: CNBC: Oil rises after Trump assurance on China trade deal ... Brent Crude at $43.86
(6/23/20)
LONDON (Reuters) - Oil prices rose on Tuesday in a volatile session after U.S. President Donald Trump soothed jangled nerves over the status of the U.S.-China trade deal.
Markets were unsettled by surprise comments from White House trade adviser Peter Navarro who said the hard-won deal was “over”.
President Trump later wrote in a tweet that the agreement was “fully intact”.
Brent crude rose 81 cents, or 1.88%, to $43.89 a barrel by 1211 GMT, having skidded to a session low of $42.21. U.S. oil was up 81 cents, or 1.99%, at $41.54 a barrel after touching a low of $39.76.
U.S.-China relations have reached their lowest point in years since the coronavirus pandemic that began in China hit the United States hard. President Trump and his administration have repeatedly accused Beijing of not being transparent about the outbreak.
Oil prices were also supported by data showing that the historic downturn in the euro zone economy eased again this month as businesses resumed activity across the region.
“Looking at the strength of the physical market and recovering global oil demand, we think that the crude oil price is still on its way higher,” Nordic bank SEB said in a note.
On the supply side, U.S. and Canadian oil and gas drillers have cut the number of rigs they are operating to a record low, complicating any efforts to raise output, even with the encouragement of higher prices.
“U.S. onshore production has now given up two full years of (volume) gains,” said Stephen Innes, chief global markets strategist at AxiCorp.
U.S. oil rigs contracted for drilling dropped by 10 to 189 last week, their lowest since June 2009, according to weekly data from energy services company Baker Hughes. [RIG/U]
Bank of America (BofA) Global Research has lifted its oil price forecast for this year. It now expects Brent crude to average $43.70 a barrel in 2020, up from a previous estimate of $37.
https://www.cnbc.com/2020/06/23/oil-markets-us-china-relations-in-focus.html
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Courtesy of Dinar Guru
Jeff ...when Washington comes to Iraq that's to help them. Usually when Iraq goes to Washington it's to congratulate them and say congratulations job well done. IMO July 15th could be our back wall based on that...I would almost say that would be Kazemi going to Washington after the rate change...
Footforward [...Any thoughts on the dong still for June...] from where I sit, my opinion is they need to do something fairly quickly now with all that's going on with China. And the signs to me suggested June or July as a timeline. So that's what I'm looking for...
Iraqi Dinar News Update for 06/22/20 star player is in Iraq
Pimpy’s Investment Chat: Jun 22, 2020
Keiser Report | More Money Printing = More Unrest | E1557
Jun 23, 2020
In this episode of Keiser Report, Max and Stacy discuss the latest data from the U.S. Federal Reserve proving that the Fed itself creates inequality causing unrest across the world: as more and more money printing begets, more and more unrest.
In the second half, Max talks to investor Michael Pento of PentoPort.com about the state of the Fed’s balance sheet and whether or not he agrees with Yale economist, Stephen Roach, who forecasts a dollar collapse.