KTFA:

Samson:  The Lebanese Central Bank stops buying dollars through its own platform 

23rd October, 2022

The Central Bank of Lebanon announced, on Sunday, that it will stop buying dollars through its own platform (exchange) from Tuesday, until further notice.

A statement issued by the Governor of the Banque du Liban, Riad Salameh, and published by the National News Agency, added that he will continue to pay public sector pensions in US dollars, noting that "withdrawals of the 400 dollars will continue to holders of bank accounts." 

Salameh's decision, after the Lebanese pound hit its lowest level against the dollar in the parallel market, comes at a time when the political crisis in the country is deepening, which prevents reaching any reforms capable of extricating it from the chronic economic collapse. The dollar is sold in the parallel market for about 40,000 pounds. 

Since the fall of 2019, Lebanese banks have imposed strict restrictions on deposit withdrawals, which have increased little by little, until it has become almost impossible for depositors to dispose of their money, especially those deposited in US dollars, or transfer it abroad.

Since the summer of 2019, the lira has lost nearly 95 percent of its value against the dollar, while the official exchange rate is still fixed at 1507 liras. This coincides with a severe liquidity crisis, and banks have stopped providing depositors with their money in dollars. Banks and money transfer companies have different exchange rates.

The prolonged economic crisis is considered the worst in Lebanon's history. It is accompanied by political paralysis that prevents taking reform steps that limit the deterioration and improve the quality of life of the population, more than eighty percent of whom live below the poverty line.   LINK

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Samson:  Samson:  Rishi Sunak elected leader of the Conservative Party and Prime Minister of Britain

24th October, 2022

Rishi Sunak won the leadership of the British Conservative Party, today, Monday, to be the Prime Minister of Britain as the party's candidate to succeed Liz Terrace.

Sunak's victory came after both Benny Mordaunt and former Prime Minister Boris Johnson withdrew from the competition.

Mordaunt was unable to get the support of enough party members in parliament, while Sunak was able to get the support of more than half of the party's 357 members, according to the BBC.

Sunak served as Finance Minister in the government of Boris Johnson from February 2020 to July 2022.

LINK

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Samson:  In Karbala.. they sell a bank building and the amount disappears.. and the manager rents a building for him for 80 million annually

24th October, 2022

Sources, 10-24-2022, who are familiar with the agendas of the local government in Karbala, revealed the sale of a bank building in Karbala, so that the bank settled in a rented office.

Message text.

Influential parties sold a bank building in Karbala, while the amount of the deal (7 billion dinars) is not known where his fate is.

In a clear fraud, a new building for the bank was not purchased, and instead a building was rented at a cost of 80 million annually, without the expenses of its rehabilitation and the purposes of the bank. This is a disaster. 

Where is the integrity and public prosecution of this obvious theft?  LINK

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Samson:  Because of the weather and the Ukraine crisis, the price of a barrel of oil is expected to reach $120

24th October, 2022

The economic expert and specialist in the field of energy, Bilal Al-Khalifa, said that wars and political crises, especially the Russian-Ukrainian war, and the events that accompanied that crisis portend further military escalation, representing a main factor for the rise in oil prices during the coming periods, indicating that targeting the gas pipeline “Al-Noord” Stream" represents another main factor for the occurrence of spikes in oil prices, especially with the entry of the "old continent" into the winter season and its growing needs for fuel

Al-Khalifa explained, “OPEC Plus production is usually very influential in the price of a barrel of oil, and we have seen during the days of the Corona pandemic crisis how it dealt with the significant drop in the price of oil by reducing production that revived the oil market,” noting that “the recent OPEC + decision It represents a clear indication of another rise in oil prices during the winter periods," according to the official "Al-Sabah" newspaper

Al-Khalifa suggested, “The current selling prices of oil will be increased by about five dollars, and therefore the price will range between 90-100 dollars, but in the event of storms and hurricanes in the places where oil production areas are located, it may rise by two dollars or more for limited days,” expecting that “a rise in the pace of the war between the Russians and NATO will lead to the price of a barrel of oil reaching more than $120 in the coming periods   LINK

Samson:  Is Iraq exploiting the wealth of minerals instead of oil?

23rd October, 2022

Iraq possesses many mineral wealth other than oil, but due to the political and security situation, the Iraqi governments have not succeeded in investing these wealth and relying on oil, which constitutes the main source of the budget of more than 95%.

The information indicates that Iraq occupies the first reserve in the world of sulfur and the second reserve after Morocco of phosphate.

According to previous geological reports and surveys, Iraq has very important mineral wealth, concentrated in several areas and with very large reserve stocks, according to Al Jazeera Net.

Phosphate is found in large quantities in the western regions of the country and mainly in Anbar Governorate. It is also found in Nineveh, Wasit, Najaf and Muthanna, and the volume of reserves is estimated at 10 billion tons.

The Rawabet Center for Research and Strategic Studies says that Iraq is a country rich in its diverse mineral wealth, which is spread in many governorates, noting that Anbar Governorate is the richest in the field of mineral wealth.

According to the Iraqi General Phosphate Company, recent surveys revealed the availability of huge and confirmed reserves of phosphate amounting to two billion tons, confirmed and untapped, with unconfirmed quantities that may exceed 7 billion tons.

As for iron, its presence is particularly concentrated in Anbar, where the underground reserve is estimated at 60 million tons. Anbar also enjoys a large reserve of uranium in the Akashat region within the formations of the phosphate layers in the Western Desert.

And the mineral wealth in Anbar does not stop there, as silica is concentrated in the Western Desert region, and appears in the form of layers of white sand, where the reserve is about 75 million tons. As for the yellow-gold mineral, it is found in Anbar and Nineveh, while huge amounts of sulfur are concentrated in Anbar, Salah al-Din and Nineveh, and reserves are estimated at more than 600 million tons.

Going to sodium sulfur, it spreads in Salah al-Din Governorate, and the general reserve of it is estimated at 22 million tons. As for quartzite, it is spread in the Al-Rutba region in Anbar, and its reserves are estimated at 16 million tons.

While celestite (strontium sulfur) is widespread in Najaf and Karbala, where it appears in the form of sandy rock lenses, the country's reserves are estimated at about 0.8 million tons of untapped.

As for glass, its presence is concentrated in Anbar Governorate in the form of shiny surface sand in the plains and plateaus, and the quantities of it are estimated at about 400 million cubic meters, while lead is found in the governorates of Dohuk and Sulaymaniyah in the Kurdistan Region in the form of sedimented carbon rocks, and the volume of the reserve is estimated at more than 50 million tons.

Statistics indicate the presence of dolomite in Anbar and Muthanna, where the country's reserves are estimated at 330 million tons.

As for gypsum, it is concentrated in Nineveh, Kirkuk and Salah al-Din, and its reserves are estimated at 130 million tons. As for lime, it is found in Anbar, Muthanna, Najaf, Nineveh and Kurdistan, and its reserves are estimated at about 8 thousand million tons, while silver is found in the areas of Iraqi Kurdistan within volcanic rocks.

Bauxite is concentrated in Anbar, the reserve of which is estimated at about one million tons, while the feldspar sands are concentrated in Najaf Governorate, the reserve of which is estimated at about 2.3 million tons.

Quartz is concentrated in Anbar and the city of Faw located on the waters of the Arabian Gulf in Basra, where reserves are estimated at 855 million cubic metres. Copper is found in Sulaymaniyah Governorate, and estimates of its volume vary between 10 and 20 million tons.   LINK