"Tidbits From TNT" Monday Morning 1-17-2022

Jan 17

TNT:

Weekend UPDATE for January 15-16, 2022

It now appears that the Venezuelan Bolivar DID NOT make the first basket, but the HIGH % return will still be good for the second basket. Shop Wisely!!!!

This week looks very favorable for a possible RV, keep your head up!

Tishwash: State Of Law: We Will Not Allow The Budget To Pass Without Changing The Dollar Exchange Rate

Representative of the State of Law coalition, Firas Al-Maslmawi, confirmed that his coalition and other representatives within the same direction will not allow the budget to be passed for the current year except after a reduction in the exchange rate of the dollar against the dinar, pointing out that changing the exchange rate and its rise did not achieve any benefit, and worked on starving people.

Al-Maslamawi told Al-Maalouma, "The general budget for the current year will not be passed in Parliament in the event that the dollar exchange rate continues as it is at the present time."

He added, "The significant rise in the exchange rate has caused a lot of harm to the people, and it cannot be allowed to continue rising in the current year's budget, especially since the price change by the government did not achieve any benefit other than starving the Iraqi people."

And he indicated that "the change in the exchange rate has caused great damage, especially the poor class, and therefore it will not be allowed to continue rising, as there will be a movement towards independent representatives and supporters to reduce the price in order to proceed with it and not pass the budget according to the current rise." link

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Tishwash: The central bank hits the government's most important justification for changing the exchange rate

The file of huge dollar sales through the Central Bank auction is one of the most important justifications and goals that the government talked about as a justification for raising the dollar exchange rate, but the large dollar sales have not been affected since the exchange rate change and continued to record sales figures equal to what was recorded in the past.

The matter did not continue to note economic observers of this lack of change, but the Central Bank confirmed that more than a year after the exchange rate change.

The Deputy Governor of the Central Bank, Ammar Hamad Khalaf, confirmed today, Monday, that the change in the exchange rate does not affect the daily sales of the dollar, while noting that the daily currency sale auction reaches 200 million dollars.

Khalaf said in a statement to the official agency and followed by "Yasin Iraq", "The daily currency selling outlets and the exchange rate change did not affect the daily sales, and the main reason is that the Iraqi economy, by its nature, is a rentier economy, unilateral, and dependent on imports."

He added, "All imported materials of goods and services that enter Iraq need foreign currency, for the purpose of importing goods, so the volume of sales of the Central Bank on this basis depends on the volume of imports entering Iraq."

He pointed out, "Iraq's economy is open due to weak local production, and this is the main reason that kept the currency window conservative, to some extent, on sales, to meet the real import that enters Iraq," noting that "the daily currency auction amounts to approximately $200 million. link

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Tishwash: Demanding action to release frozen assets abroad (1/17)

A banking expert said that Iraq has not completely escaped, at the financial and banking level, from the sanctions under the Charter of the United Nations, which were imposed on it in the year 1991 due to the invasion of Kuwait, as all that is in the matter is that it has moved from Chapter VII to VI, which came in Article 38 of it.

“The Security Council, if requested by all the disputants, may submit to them its recommendations with a view to resolving the conflict peacefully, without prejudice to the provisions of Articles 33 to 37 of the aforementioned chapter.

The expert, Abdul-Hussein Al-Mandhari stressed, “the necessity of moving on this issue to resolve the country’s debts and liberate the frozen funds and balances, in order to restore its banking activity abroad by reactivating the work of the Rafidain and Al-Rasheed bank branches spread in several countries.”

The UN Compensation Committee was formed in 1991, obligated Iraq to pay $52.4 billion in compensation to individuals, companies, governmental organizations and others who incurred losses resulting directly from the invasion of Kuwait.

Al-Mandhari added to “Al-Sabah” that “there is a set of steps to be taken by the Ministries of Foreign Affairs and Finance, along with the Central Bank, to move at the diplomatic level and discuss debt settlement for creditors, due to the need to be freed from the constraint of foreign debt and to restore sovereignty over funds. Iraq.”

And he indicated that "the steps are to invite the creditor countries to the Paris Club for the purpose of settling it, or to negotiate directly with them to schedule it outside the club, or to ask them to exempt Iraq from paying it."

The banking expert stated that “Britain acquired all the Iraqi government financial assets with it, and acted on its own by granting individuals and companies exaggerated compensation, without allowing the Iraqi defense lawyer to interfere in the matter, and also closed the Rafidain Bank branch in London and the closure continues so far, pointing to The presence of the accounts of the disbanded military industrialization and the Ministry of Defense in the branches of the Rafidain and Al-Rasheed banks abroad were the main reasons for the acquisition.

Al-Mandhari pointed out that "Ernst & Young bought 15 percent of Iraq's debts and compensated the creditors with rates ranging from 80 to 90 percent of their debts."

It is worth noting that the External Debt Department in the Ministry of Finance is one of the departments of the Public Debt Department in the Ministry, which is responsible for following up on the settlement of Iraq’s foreign debt, by entering all debt data, which have been settled with countries and commercial creditors under bilateral agreements, and settlement offers in the database.

The data that has adopted the DMFAS system, the submission of financial and statistical reports, the preparation of estimates, which are required by the federal budget each year, and the payment of the amounts, which are realized by the Government of Iraq in accordance with bilateral agreements and settlement offers.

According to the section, and for the purpose of facilitating the task of dealing with Iraq’s foreign debts, it was agreed to classify them into 3 groups represented by the debts of the Paris Club countries and the debts of non-member countries of the club, as well as the debts of commercial creditors (the private sector).

According to the website of the Ministry of Finance, one of the duties of the department is also to follow up on the settlement of the debts of the remaining countries that are not members of the Paris Club and the countries of the Gulf Cooperation Council, in coordination with the Ministry of Foreign Affairs and foreign advisors to the Ministry of Finance, in addition to following up on the remaining commercial debt settlement procedures for the foreign private sector, which were not included in the Previous settlement offers or those offers rejected.

The head of the Committee of Financial Experts, Dr. Abdul Basit Turki, had called earlier for “the move of the Ministry of Foreign Affairs and the concerned authorities to urge the formulation of a draft resolution that includes removing Iraq from the provisions of Chapter VII of the Charter of the United Nations in a systematic way.” Complete".

He noted the need for the upcoming decision to stipulate “protecting Iraq from any claims related to the Kuwait war compensation, whether it is individual claims or filing lawsuits related to compensation,” calling for “the annulment of all decisions that resulted from the war.” Kuwait".

Chapter VII of the Charter of the United Nations is concerned with actions that take place in cases of threats to the peace and the occurrence of aggression, and the chapter contains 13 articles, including Article 44, which states: “If the Security Council decides to use force, it shall, before it is requested by a non-represented member, If the armed forces are provided in fulfillment of the obligations stipulated in Article 43, he shall invite this member to participate, if he so desires, in the decisions he issues with regard to the employment of units of the armed forces of that member. link

Mot: ooooh.... ooooh.... ooooh....a garden talks