"Tidbits From TNT" Friday Morning 2-5-2021

TNT:

Tishwash:  Oil is jumping to its highest level in a year

On Friday, oil prices jumped to their highest levels in a year, continuing a series of strong gains due to indications of economic growth in the United States and the continued commitment of producers to curb the supply of crude.

Brent crude futures rose 40 cents, or 0.7 percent, to 59.24 dollars a barrel, after recording 59.41 dollars a barrel, the highest level since February 20 last year.

US West Texas Intermediate crude futures jumped 42 cents, or 0.8%, to $ 56.65 a barrel, after touching the highest level at $ 56.84, the highest level since January 22 of last year.

The benchmark contract is on track to achieve weekly gains of 9%, which will be the biggest weekly gain since October.

In a sign of shrinking crude oil supplies, the six-month delay in Brent and West Texas Intermediate crude futures - when the spot price is higher than the future delivery price - jumped to 13-month highs for both decades at $ 2.41 and $ 2.30 a barrel. Straight   link

Tishwash:  Parliamentary Finance resolves the controversy over changing the dollar’s ​​price in the budget

The Parliamentary Finance Committee responded, on Friday, to the requests of members of the House of Representatives regarding changing the price of the dollar in the budget law, while confirming that the price is fixed according to what is specified by the government.

Committee member Shirwan Mirza said in a statement that "the price of the dollar is fixed and has not been tampered with, considering that it was determined in accordance with the financial policy of the Iraqi government."

He added that "the requests of members of the House of Representatives regarding changing the exchange rate of the dollar against the Iraqi dinar, do not go beyond being requests only," stressing that "the Parliamentary Finance Committee does not have any authority to change the exchange rate."

Mirza added, "The Parliamentary Finance Committee worked according to the powers granted to it only to amend and replace some articles of the budget law for the year 2021."  link

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Tishwash:  Al-Halbousi: Parliament's work will continue until the budget is approved

Parliament Speaker Muhammad al-Halbousi announced today, Thursday, that the parliament will continue its work until the 2021 budget is approved.

Al-Halbousi said in a brief statement reviewed by PUKmedia, "The council’s work will continue until the draft federal budget bill for the fiscal year 2021 is approved.

The House of Representatives extended its first legislative term from the third legislative year for a period of one month and ended at the end of last month.  link

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Tishwash:  Jamal Cougar: We do not rule out passing the budget without compatibility with the Kurdish blocs

A member of the Nabiean Finance Committee confirmed on Thursday that the committee will continue to hold its meetings during the next week until the discussions of the paragraphs and items of the general federal budget for 2021 end.

The committee had begun holding its 40th meeting earlier in the day, to resume its discussions on the draft federal budget bill for 2021.

Representative Jamal Cougar, a member of the Parliamentary Finance Committee, said in a special statement to PUKmedia , that the committee held its 40th meeting to discuss transfers, paragraphs and items within the federal budget, pointing out that the committee hosted during the meeting, the head of the Federal Service Council and his accompanying delegation.

Cougar added, that the committee will resume its meetings early next week to end the bill and vote on it, while passing the federal budget law is not excluded, in the event of incompatibility with the Kurdish blocs in the House of Representatives, indicating that the House of Representatives has passed two laws without compatibility with those blocs, namely The fiscal deficit financing law and the decision to remove US forces from the country, as he put it.  link

Cutebwoy:  Deputy for Saeron: the budget is ready by 96%

02/05/2021   Baghdad – Al-Mawred News

, the MP for the Saeron Alliance, Riyadh Al-Masoudi, confirmed, today, Friday, that the budget is ready for printing and sending by 96%, while indicating that the political solution is no longer useful regarding the Kurdistan share.

 Riyadh Al-Masoudi said in a televised interview, “The budget is 96 percent complete and is in the process of closing and printing to be sent to members of Parliament for the purpose of review.”

 He added that “the ongoing discussions focus on the issue of the proportion of the Kurdistan region, and consultations by adding job grades for employees of contracts and education.”

 Al-Masoudi explained that “there are no conditions against the Kurdistan region and the political solution is no longer effective,” calling on the Kurdistan region to demand the application of the law and the constitution in order to work to restore the rights of Kurdistan employees.

Deputy for Saeron: the budget is ready by 96%

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Tishwash:  Expert: Canceling 3 zeros from the currency will lead to the collapse of the process ... Iraq needs a `` rescue plan

Economic expert Rasim al-Akidi warned against the step of dropping zeros from the country's currency, indicating that this step may lead to the collapse of the Iraqi dinar.

Al-Akidi said in an interview with (Baghdad Today), that "dropping zeros from the Iraqi currency is not feasible at the present time, especially since the government and its financial tools are not in control of the monetary mass that the country possesses."

He added that "the decision to drop zeros from the currency must be preceded by a series of important matters, including state control over the largest monetary mass, so as not to accumulate hard currencies at the central bank."

He pointed out that "raising the zeros without controlling the greater proportion of the monetary mass may lead to the collapse of the dinar because the state does not control cash for the clubs of neighboring countries, companies and banks, and whoever controls the economy may resort to a game that leads to its collapse, which leads to a double loss of its value against the dollar."

The economic expert, Rasim al-Aqidi, identified earlier, about 4 negatives that would emerge at once if the Iraqi government went to float the Iraqi dinar.

Al-Aqidi said in an interview with (Baghdad Today), “The floating of the dollar, or what is known as the liberalization of the exchange rate, takes place through two methods, the first is pure or free, and the second is the controlled or controlled method, and in both cases the price of the dollar will rise against the Iraqi dinar and will lead to the withdrawal of a large amount of the monetary mass in the markets “.

He added, "Withdrawing a large cash block is offset by 4 drawbacks at the same time, and the affected will be large segments, including the increase in prices in the markets in addition to the factories’ reluctance to produce because the value of profits will decrease in front of costs in addition to absorbing per capita income and increasing rental prices, so the interest will be limited compared to other damages

Al-Aqidi pointed out that "Iraq needs an economic rescue plan that starts from maximizing non-oil revenues, which are many, and keeping the influential authorities away from them because a large part of the financial resources does not go to the state treasury, and this is part of the causes of the current financial crisis in the country  link

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Mot:  ~~~ Marital Bliss!!! ~~~ oooops!