"Tidbits From TNT" Monday 12-13-2021

TNT:

Tishwash:  The central bank reserves jump to 64 billion dollars, and an important US decision is awaited by Iraq

The Central Bank of Iraq's foreign currency reserves rose.

A senior source in the Central Bank of Iraq said, "The hard currency reserves at the US Federal Reserve rose to 64 billion dollars, due to the rise in the oil markets."

The source also attributed the strengthening of the foreign monetary reserve to "some important measures taken by the government", in reference to the measures related to fiscal and monetary policies included in the white paper.

The source commented on the possible US decision that "it will bring significant financial benefits to Iraq," which was confirmed by the financial advisor to the Prime Minister, Mazhar Muhammad Salih.
Saleh said in a press statement that Iraq "will reap a great benefit in light of the new monetary policy of the United States of America, because the Central Bank of Iraq invests the least amount of its foreign reserves in the United States with the highest risks."

Among the investments that Iraq is engaged in are short-term and interest-bearing assets, and these include "treasury bonds and bank deposits," according to Saleh.

Saleh echoes his words, warning "against borrowing from the American market, because that will be very expensive, due to the high interest costs on loans."

The inflation index in the major countries of the world constitutes an obsession that pushes them to motivate them to raise the dollar interest, and this is what the US Federal Reserve plans to do; Which decided the middle of next year, to raise interest rates on the dollar.

Those indicators drawn by those US data, the Iraqis read, are the increase in material returns and interests on Iraqi money, assets and bonds in America, most notably the hard currency reserves in Washington.   link

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Tishwash:  28% of the excess revenues from the rise in oil prices went to raise Iraq's reserves of hard currency.. The remainder will reduce the deficit by 66%

A year after the largest decline in the central bank’s reserves of hard currency during the last period, specifically in December 2020, which amounted to 57.5 billion dollars, the central bank’s reserves of hard currency rose in December 2021, a year later, to 64 billion dollars.

Al-Sabah newspaper quoted a senior source in the Central Bank that "the hard currency reserves owned by Iraq and located at the US Federal Bank rose to 64 billion dollars, due to the rise in the oil markets."

The source commented on the possible US decision to raise the interest rate on the dollar next year due to inflation, as "it will achieve great financial benefits for Iraq," which was confirmed by the financial advisor to the Prime Minister, Dr. Mazhar Muhammad Salih.

Saleh said that Iraq "will reap a great benefit in light of the new monetary policy of the United States of America, because the Central Bank of Iraq invests its foreign reserves in the United States, which provides the highest returns and lower risks."

While the central bank’s reserves increased from about 57 billion to 64 billion, this means that 7 billion dollars were added to the central bank’s reserves as a surplus of oil revenues, which Iraq did not have to use in its operating and investment expenses during 2021, which represents an increase of about 11%.

The surplus funds that are supposed to be reaped from the rise in oil prices are estimated at about 25 billion dollars, while the budget deficit is estimated at 19 billion dollars. On the other hand, the deficit has increased invisibly, due to the failure to achieve non-oil revenues as planned, as it was planned to achieve revenues However, only about 6 billion dollars were achieved until the end of this year, so the deficit increased by an additional 8 billion dollars, bringing the total deficit from 19 billion to 27 billion dollars.

A deficit of $27 billion and a surplus of $25 billion. Of this surplus, $7 billion, or about 28% of it, went to boost the Central Bank’s reserves, while the remainder of it was about $18 billion, which does not cover the deficit of about $27 billion and will cover part of it, and the remaining $9 billion

An additional deficit caused by non-oil revenues that did not come as planned, which means that the budget deficit decreased by 66% only due to the rise in oil prices, from 27 billion dollars to 9 billion dollars only   link

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Tishwash:  Economist: Ending Kuwait's debt file will contribute to reconsidering Iraq's credit rating and its exit from Chapter VII

An expert in economic affairs, Safwan Qusay, confirmed that the decision to end Kuwait's debt file will contribute to reconsidering Iraq's credit rating and allowing Iraq to get out of the sanctions imposed on it in accordance with Chapter VII.

Qusay said in a statement to the National Iraqi News Agency ( NINA ): "It has become clear that Iraq is moving towards clearing the debts of the first Gulf War by paying the last installment of 600 million US dollars, after it succeeded in paying more than 50 billion US dollars incurred as a result of the occupation of Kuwait." And what followed,” noting: “This will contribute to reconsidering Iraq’s credit rating and allowing it to get out of the sanctions imposed on it in accordance with Chapter VII.”

He added, "However, the financial liberalization of Iraq's money should focus on the continuation of the American protection system for these funds, because raising the American protection system will enable Iraq's creditors to seize these funds."

Qusay stressed the financial policy maker in Iraq to invest in this situation in favor of activating the decisions of the Kuwait Conference in support of the rehabilitation of Iraq by supporting Gulf investments and supporting international guarantees in favor of investment growth in Iraq.

He continued, "This approach can restore confidence in Iraq's financial ability and free 3% of Iraq's oil revenues to finance the Iraq Sovereign Fund, which will represent the new window to support investment and establish infrastructure in Iraq."

And the Central Bank of Iraq announced last Thursday that it had ended the necessary banking arrangements with the US Federal Reserve to stop the automatic deduction of Kuwait's compensation from Iraqi crude oil export revenues.

And he confirmed, in a brief statement, the possibility of paying the remaining amount of compensation in full before the end of the current year 2021 to end this file.  link

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Fitzgerald:  I HOPE THESE ARE THE LAST FEW DAYS, HOURS, OR MOMENTS ON THIS JOURNEY

Jwill: Banks seemed to be excited all of the time.

Fitzgerad:  I WISH THEY WOULD PASS SOME OF THAT EXCITEMENT DOWN TO US

Phantom809:  The pointer sisters - I'm so excited --- https://www.youtube.com/watch?v=rQqwG_rQx7A

Mot:  Cop Asks Why This Man Doesn’t Have A Last Name.

An Arizona Highway Patrol officer stops a Harley for traveling faster than the posted speed limit, so he asks the biker his name. ‘Fred,’ he replies.

‘Fred what?’ the officer asks.
‘Just Fred,’ the man responds.

The officer is in a good mood and thinks he might just give the biker a break and, write him out a warning instead of a ticket. The officer then presses him for the last name.

The man tells him that he used to have a last name but lost it. The officer thinks that he has a nut case on his hands but plays along with it. ‘Tell me, Fred, how did you lose your last name?’

The biker replies, ‘It’s a long story, so stay with me.’ I was born Fred Johnson.
I studied hard and got good grades.

When I got older, I realized that I wanted to be a doctor. I went through college, medical school, internship, residency, and finally got my degree, so I was Fred Johnson, MD. After a while I got bored being a doctor, so I decided to go back to school.

Dentistry was my dream! Got all the way through School, got my degree, so then I was Fred Johnson, MD, DDS.

Got bored doing dentistry, so I started fooling around with my assistant and she gave me VD, so now I was Fred Johnson, MD, DDS, with VD.

Well, the ADA found out about the VD, so they took away my DDS.
Then I was Fred Johnson, MD, with VD.

Then the AMA found out about the ADA taking away my DDS because of the VD, so they took away my MD leaving me as Fred Johnson with VD.

Then the VD took away my Johnson, so now I am Just Fred.’

The officer walked away in tears, laughing

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Mot:  --- Yeppers!! -- Already aplanning I Is! ~~~