"Tidbits From TNT" Thursday Morning 12-10-2020

TNT:

Tishwash:  Fitch monitors dangerous indicators of harsh financial measures for five countries, including Iraq

The Middle East countries that have adopted harsh financial measures to contain the repercussions of the CORONA crisis on their public finances are threatened by a violent political and social reaction next year in the absence of any economic improvement, according to the credit rating agency Fitch.

Fitch said in a report this week that harsh financial control stake and economic turmoil due to measures to contain the CORONA virus portend a violent social and economic reaction in 2021, in the absence of economic opportunities and improved living standards to satisfy people who continue to grow rapidly, predominantly young and underemployed.

Fitch explained that the social reaction in the face of reforms... Finance poses a risk of reducing credit ratings in 2021, particularly in Oman, Saudi Arabia and to some extent in Iraq, Jordan and Tunisia.

Fitch said the overall fiscal balances of the region's oil-exporting countries are expected to improve next year as oil prices recover to an average of $45 per barrel, but the deficit will remain large and debt levels are expected to continue to increase.   link

Tishwash:  Al-Rafidain issues a loan directive to its branches

On Thursday, Rafidain Bank directed all its branches to expedite the completion of loan-granting transactions of all kinds.

The media office of the bank said in a statement received by "Al-Eqtisad News", that "towards the end of the current year, the branches must complete the loan transactions for those who applied for grants as quickly as possible."

The office pointed out that "this procedure comes to carry out regulatory and application matters and to complete the annual budget of the bank."

It is noteworthy that the Rafidain Bank started during the last period to grant loans and advances to employees and retirees according to certain mechanisms and controls   link

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Tishwash:  Quantitative easing in Iraq

Japan announced a plan a few days ago to stimulate the Japanese economy by paying nearly 700,000 dollars, which is one of the measures followed by countries in the time of the recession, but the economic crises in recent years have called on some central banks, to develop a number of monetary instruments (non-traditional) to deal with crises to stimulate economies, where central banks noted that the impact of traditional instruments, was not able to reach the goals set as a result of the depth of those  Crises.

In 2014, the Central Bank was able to deduct treasury transfers purchased by local banks, contributing to the infusion of liquidity of nearly 20 trillion dinars, which had a significant impact in overcoming the crisis at the time, and once iraq faced the current crisis (health-financial) until the monetary policy was able to provide a number of Initiatives and solutions with their traditional and non-traditional tools to deal with this crisis, on the side of non-traditional instruments, the central bank was able to deduct transfers of the treasury of about 25 trillion Iraqi dinars to the Ministry of Finance through government banks.

In this crisis, other economic policies (whether financial, trade) were not able to offer solutions that could contribute to a short-term crisis, so the biggest burden was on monetary policy, which spared no effort in adopting possible solutions to overcome the crisis, which is the most difficult of the past two decades. 

Therefore, monetary policy, despite the difficult environment in which it operates, due to the specificity of the Iraqi economy and the type of crises it suffers, has been able to largely succeed in providing solutions to support the economy. 

Unfortunately, we find that some are trying to challenge what this policy has provided at times compared to what monetary policies offer in developed countries, and this is an incorrect comparison, and another time in trying to minimize the results achieved so far, and the truth requires evaluating what this policy has provided objectively, without underestimating the importance of the results that we are trying to mention in a column  Another.   link

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Harambe:  CNBC: Oil rises on vaccine rollout, concern over Iraq oilfield attack ... Brent Crude to $49.64

(12/10/20)

Oil prices rose in early trade on Thursday, buoyed by a Covid-19 vaccine rollout in Britain and the imminent approval of a vaccine in the United States, which could spur a rebound in fuel demand, despite a large build in U.S. crude stocks last week.

U.S. West Texas Intermediate (WTI) crude futures rose 23 cents, or 0.5%, to $45.75 a barrel at 0200 GMT, while Brent crude futures climbed 21 cents, or 0.4%, to $49.07 a barrel. Prices were little changed overnight.

“Optimism over the vaccine prevails and continues to limit any serious downside action,” Axi chief market strategist Stephen Innes said in a note.

Vaccinations could start as soon as this weekend in the United States, with a panel of advisers to meet on Thursday to discuss whether to recommend to the Food and Drug Administration emergency use authorization of the Pfizer/BioNTech vaccine.

Canada approved its first Covid-19 vaccine on Wednesday and said inoculations would start next week.

Oil prices were also supported by some nervousness after two wells at a small oilfield in northern Iraq were set ablaze in what the government called a “terrorist attack,” though production was not affected.

“While the wells were small, it has raised concerns of further disruptions,” ANZ Research said in a note.

Analysts were surprised that the market had shrugged off an unexpectedly large build in U.S. crude stocks in government data released on Wednesday, largely due to a plunge in U.S. crude exports to their lowest since 2018.

Crude inventories rose by 15.2 million barrels in the week to Dec. 4, the Energy Information Administration said, compared with analysts’ expectations in a Reuters poll for a 1.4 million barrel drop. 

https://www.cnbc.com/2020/12/10/oil-markets-coronavirus-vaccine-optimism-iraq-oilfield-attack.html

Mot:  Craig's List: Free to good home..............

My girlfriend doesn't like my dog, so I appeal to you.

She is a purebred from a wealthy area and I have had her 4 years. She likes to play games. Not totally trained. Has long hair so she's a little high maintenance, especially the nails, but she loves having them done.

Stays up all night yapping but sleeps while I work. Only eats the best, most expensive food. Will NEVER greet you at the door after a long day or give you unconditional love when you're down.

Does not bite but she can be mean as hell!

So........anyone interested in my 30 year old, selfish, wicked, gold-digging girlfriend? Come and get her! Me and my dog want her re-homed!!

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