"Tidbits From TNT" Friday Morning 3-3-2023

TNT:

Tishwash:  An economist explains how to trade with China in the "yuan" currency

Today, Friday, the economic expert, Dr. Nasser Al-Kinani, explained how to deal with China through their national currency, the yuan, and to move away from the dollar as a currency of trade exchange with this country.

 Al-Kinani told Al-Maalouma, that "Iraq's dealings with China in the yuan currency needs more time, and this requires building an oil refinery inside China, so that it supplies quantities of oil outside its share in OPEC, given that the refinery is Iraqi, and here neither America nor anyone else can prevent Iraq." to take this step.”

 He added, "Building the refinery in China and supplying it with 150,000 barrels per day of crude oil and selling it at a price double the price of crude will return to Iraq with large revenues from the yuan currency, enabling it to import Chinese goods and sell them to the Iraqi merchant in dinars, and therefore Iraq achieved revenues and owned sums of the Chinese currency." He deals with it from Beijing, away from American pressure."  

He pointed to the possibility of bypassing sanctions and the US veto on dealings with China in dollars through the Iraqi oil refinery in order to move away from dealing in the US currency and the continuation of trade exchange with China in its currency.   link

Tishwash:  Al-Samarrai: The Prime Minister is taking another revolutionary measure to correct the country's economic conditions

The head of the Azm Alliance, Muthanna al-Samarrai, considered that the prime minister is taking another revolutionary measure to correct the country's economic conditions. 

Al-Samarrai said in a tweet to him, "The Prime Minister's directive to review the sums deducted from the salaries of employees, retirees, and social protection, and to review the contracts of banks and electronic payment companies that have monopolized this process for years by opening the door to competition to serve the better is another revolutionary measure to correct the economic conditions of the country. "  link

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CandyKisses:  Gold is heading for its best weekly performance since mid-January

Baghdad - Nas  

Gold prices rose on Friday, apparently heading for their biggest weekly gain since mid-January as the dollar weakened while traders assessed the prospects that the U.S. Federal Reserve will continue raising interest rates.     

By 0550 GMT, spot gold was up 0.2 percent at $1839,39.1 an ounce, up about 6.0 percent for the week so far. U.S. gold futures rose 2.1844 percent to $80,

Raising interest rates to curb inflation is reluctant for investors to inject money into non-yielding assets such as gold. The dollar index fell 0.2 percent to record its first weekly loss since January, making the yellow metal less expensive for buyers of other currencies.  

Spot silver rose 0.5 percent to $21 an ounce, platinum rose 0.4 percent to $963.90 and palladium rose 0.4 percent to $1454,99..  

All three metals are expected to post weekly gains, with platinum on track for its best weekly since November.  

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Tishwash:  Chambers of Commerce: The disappearance of the "black dollar" needs two months, and the Sudanese adopted 4 steps - urgent 

The head of the chambers of commerce in Diyala, Muhammad al-Tamimi, confirmed today, Friday, that the disappearance of the so-called "black dollar" will take about two months.

Al-Tamimi told (Baghdad Today), that "the exchange rate of the dollar is still very high, and two days ago it approached 159 thousand dinars for every $100, while the official exchange rate is 130, which gives an indication of the size of the large difference that is exploited by some in speculation and investigation." More profits.

He added that the "black dollar", referring to the speculative process to raise exchange rates, "will end within two months, perhaps less, and begin to decline, reaching its current exchange rate, especially with the Sudanese government beginning to adopt 4 important steps, most notably increasing support for foreign trade by providing currency to traders according to contexts." organization and openness to the use of other currencies in exchange, including the Chinese yen.

He pointed out that "the pressures of the Sudanese government to push internal trade with all its addresses and sectors to abandon the dollar in favor of the dinar, such as buying and selling cars, for example, began to bear fruit, even on a specific scale, but it is an indication of overcoming the error of accumulation that gave the dollar a great influence in determining prices in the markets."

On (January 21, 2023), Prime Minister Muhammad Shia'a al-Sudani confirmed taking a number of bold decisions to support and stabilize the Iraqi dinar, warning those who try to exploit the crisis and play on people's needs.  link

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