"Tidbits From TNT" Tuesday Morning 1-19-2021

TNT:

Alf:  My new years resolution is to RV!

Fullsail:  Reminder... To Whom It May Concern, please... push the button, flip the switch, turn the handle, pull the cord, connect the cables, turn the knob counter-clockwise, push down the plunger, pull the pin, stomp on the floor switch, turn the screw, send the smoke signal, pull the trigger, light the fuse, cut the cord, press the enter button, press the lever, give the go ahead, approve the release, sign the document, deliver the news, release the Kraken and make it happen, .....Gator Done

JCNoble:  UST you have 24 hours left to push the RV button before new leadership takes over. Push it while you can.

Tishwash:  Al-Shamaa: The old exchange rate creates big problems and loses confidence in the Iraqi currency

Economist Hammam Al-Shamaa emphasized that returning to the old exchange rate ... loses confidence in the currency and creates big problems.

Al-Shamaa said in a press statement followed by Al-Independent today, Tuesday, that in Iraq there is chaos and in light of the state, everything is possible, except that returning to the old price creates big problems and the Iraqi currency loses confidence in it.

Al-Shamaa added that: Some of these problems are the financial losses that resulted from the reduction of the exchange rate for everyone who had savings hoarded in the dinar, as it lost 20% of its value.

He explained that: the debt relations will also lead to losses. The merchant who was in debt in dollars was forced to pay a larger amount of dinars when the exchange rate was lowered, and conversely, the debtor now in dinars will have to bear a larger amount of dollars to pay off his debt.  link

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Tishwash:  Made in Iraq kicks off in Baghdad in the presence of Al-Kazemi

 The Ministry of Commerce announced, on Monday, the launch of the activities of the qualitative "Made in Iraq" exhibition on the grounds of the Baghdad International Fair, under the patronage and presence of the Prime Minister, Mustafa Al-Kazemi, and a number of ministers, deputies and figures concerned with the industrial aspect.

Trade Minister Alaa Ahmad al-Jubouri said in a statement received by "Al-Iktissad Wal-Nation", on the sidelines of his attendance at the launching ceremony of the exhibition, that the exhibition "enjoys governmental interest and support as it is an economic demonstration and an important opportunity to reverse the effort made by the Ministry of Industry and its continuous endeavor to develop Iraqi industry and restore confidence in national production." ".

The minister indicated that the exhibition represents an important and appropriate point for all private and mixed sector companies, public sector and national industries companies to meet within the framework of the general goal of building the new Iraq, encouraging investment and commercial activity, supporting the national economy and increasing exports, as it provides an appropriate opportunity to choose a number of national products for display. In international exhibitions outside the country, in addition to being a worker to promote the capabilities and products of specialized companies in various industrial sectors and an opportunity to expand the establishment of commercial relations as suitable for promotion, marketing, advertising, attracting investments and establishing partnerships with the private sector, allowing these companies to display their locally manufactured products as an alternative to imported products To cover a large part of the needs and requirements of the Iraqi market.

It is worth noting that the qualitative "Made in Iraq" exhibition, in its fifth session, was launched with the participation of (30) companies from the Ministry of Industry and Minerals and private sector companies, which was organized by the Ministry of Industry in coordination and cooperation with the Ministry of Trade represented by the General Company for Iraqi Fairs and Commercial Services.  link

Tishwash:  Brent prices rise and U.S. stability as economic growth optimism

Brent crude futures rose, and U.S. crude settled on Tuesday, with optimism that government stimulus will boost global economic growth, and oil demand is dominated by fears that renewed economic closures of Coved-19 globally could reduce fuel consumption.

The March Brent crude futures for March rose 33 cents, or 0.58 percent, to $55.06 a barrel by 0527 GMT after falling 35 cents in the previous session.

West Texas Intermediate crude was at $52.39 a barrel, down one cent.

Investors are optimistic about demand in China, the world's largest crude oil importer, after data released Monday showed refinery production rose 3% to a new record high in 2020. China was also the only major economy in the world that avoided deflation last year as many countries struggled to contain the COVID-19 pandemic.

Oil prices have also been supported by additional supply cuts in Saudi Arabia in the next two months, which are expected to reduce global inventories by 1.1 million barrels per day in the first quarter.

Concerns about the global rise in COD-19 infections and renewed closures that weigh on fuel demand have also reduced oil prices.   link

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Shybaby:  The Philippines ended 2020 with the highest amount of dollar reserves in the country’s history !!!

January 18, 2021

MANILA, Philippines —The Philippines ended 2020 with the highest amount of dollar reserves in the country’s history as the contracting economy spent less for imports of raw materials and intermediate goods and the government borrowed more from abroad to fund its fight against the pandemic.

In a statement, the Bangko Sentral ng Pilipinas (BSP) said its gross international reserves (GIR) were also boosted by the agency’s foreign exchange trading operations, resulting in a year end tally of $109.8 billion based on preliminary data, higher by $4.98 billion from the end-November 2020 level of $104.82 billion.

“The latest [GIR] level represents an adequate external liquidity buffer, which can help cushion the domestic economy against external shocks,” the central bank said.

Adequate reserves

This buffer is equivalent to 11.7 months’ worth of imports of goods and payments of services and primary income. By convention, dollar reserves are viewed to be adequate if it can finance at least three months’ worth of the country’s imports of goods and payments of services and primary income.

The end-2020 level is also worth 9.6 times the country’s short-term external debt based on original maturity and 5.5 times based on residual maturity. Short-term debt based on residual maturity refers to outstanding external debt with original maturity of a year or less, plus principal payments on medium- and long-term loans of the public and private sectors falling due within the next 12 months.

100% cover

The level of dollars as of a particular period is considered adequate if it provides at least 100-percent cover for the payment of the country’s foreign liabilities, public and private, falling due within the immediate 12-month period.

The central bank said the month-on-month increase in the dollar reserve level reflected inflows mainly from the BSP’s foreign exchange operations, the national government’s foreign currency deposits with the BSP of proceeds from its issuance of global bonds and revaluation gains from the monetary regulator’s gold holdings due to the increase in the price of the precious metal in the international market.

These inflows were partly offset, however, by the national government’s payments of its foreign currency debt obligations.

Similarly, the net international reserves — which refer to the difference between the BSP’s gross reserves and total short-term liabilities — increased by $5 billion to $109.8 billion as of end-December 2020 from the end-November 2020 level of $104.8 billion.

Read more: https://business.inquirer.net/315928/ph-ends-2020-with-historic-high-110-b-reserves#ixzz6jrFlq4hS

Mot:  ~~~ LOL