"Tidbits From TNT" Tuesday Morning 12-6-2022
TNT:
Tishwash: Parliament adjourns for further notice due to lack of quorum
Today, Tuesday, the House of Representatives decided to postpone its session to an unknown date, due to the lack of a quorum.
A parliamentary source told (Baghdad Today) that "the House of Representatives decided to postpone its session, which was scheduled to be held today, because the legal quorum was not achieved."
The House of Representatives had postponed its meeting for half an hour until a quorum was completed to convene it, but failed in the latter to achieve that link
Tishwash: Kurdish deputy: Only two sessions during the current week.. and he ruled out starting to read next year's budget
Member of Parliament for the Kurdistan Democratic Party, Sabah Sobhi, ruled out the arrival of the general budget for the next year during the current week.
He told the National Iraqi News Agency / NINA /: There is a serious movement for the first reading of the budget during this week, and this is difficult and the time is very short.
Sobhi added: There are only two sessions left for the current legislative term (tomorrow and Thursday), and it is difficult because there are pending issues in the Finance Committee.
Sobhi explained: There is a trend for the first reading during the legislative recess, by informing us during it and attending in order to start reading it. link
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GPCobb: dunno if this is the latest, he is saying it is announced over there; Nader https://www.youtube.com/watch?v=tFyefxGOF5Y
KMan: If my math is correct, if this does go through let's say @$1.50, one 25K note would yeild $37,500 and that would be a whole log of Dong purchases. If this does happen, I wonder if they might restrict the # of 25 K notes and I would imagine there isn't any tax on the Dinar, that a lot of money to play with. Just some thoughts if this does happen.
Red: if you hold the same note a few days and get the contract rate it might be 750,000.00
RVAlready: Correct. But I doubt it will go international until January. Much as I would love some decent exchange action next week.
KMan: Red, what you and RValready say is true, we just don't know yet. But if it does, Merry Christmas...lol
RVAlready: Sounds like banks and treasury do not want to see this until January. So, the IMF probably would not give the green light until January. Without treasury support, I doubt the banks would exchange. Banks usually will not speculate on currency.
Yada: Good news from Tish's article, the article 140 was settled with 13% of the governments going to Kurdistan for the heavy lifting. Believe that was the last sticking point
Annie68: yada,What about no Parliament because of not enough members and budget passing going into next year? I didn't see much happy news in the artickes!
Yada: Well, they stated yeserday that rate was changed and we won't see it till the end of this week. Dont see that changing because even at the end of this week the budget for 2023 wasn't voted upon. Ive stated since the middle of this year when they went through the approval of the EFSL, which we were told had the rate but didn 'have a government to release it is still in affect. They do have a government now as of Saturday and Im of the mind this is where we are seeing the rate release.
Yada: It would be like reading the bible. Chapters were not included, just one long letter. When it was put together, KJV, chapters were included. What I think we are seeing is they inserted a chapter between the 2022 budget and the 2023 budget. May have been their intent to marry them together but they first need to see the release now verses later….this will give them time to make adjustments as needed based on how their market fares. JMO
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Tishwash : Mazhar Muhammad Salih: The funds of the food security law will be part of the budget for next year
The financial expert, Mazhar Muhammad Salih, confirmed: The funds of the Food Security Law will be part of the next year's budget.
He told the National Iraqi News Agency / NINA /: that once the federal general budget law is issued for the next year, the financial agencies will work unifiedly in accordance with the principles of the effective financial management law, which requires the unity of the general budget in spending and revenue.
Saleh added: The articles of the general budget law for the next year should absorb the remnants of the financial obligations stipulated in the Emergency Law for Food Security and Development No. 2 of 2022, so that this law and the obligations contained therein become an integral part of the next federal general budget law.
He explained: It is not permissible to spend under any pretext outside the General Budget Law in one fiscal year in which the law enacts that based on the provisions of Article 51 of the amended Financial Management Law No. 6 of 2019, which stipulates adherence to the principles of the budget in terms of budget unity, comprehensiveness and annuality, unless otherwise stipulated in the The same budget law regarding the mechanism for dealing with the remnants of unspent allocated allocations in the aforementioned Emergency Law for Food Security and Development No. 2 of 2022 and considers it an exceptional case. Such a matter leaves its appreciation to the executive authority when preparing the texts of the draft federal budget law for the next year. link
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CandyKisses: Oil is back up after a sharp decline
{Economic: Al Furat News} Oil prices rose today, Tuesday, after a ceiling set by the Group of Seven for Russian seaborne oil prices entered into force yesterday, Monday, in addition to the European Union’s ban on Russian crude imports by sea.
Brent crude futures rose 66 cents to $83.34 a barrel by 01:08 GMT, while West Texas Intermediate crude rose 70 cents to $77.63 a barrel, according to Reuters.
Futures fell by more than 3% in the previous session, after US services sector data raised concerns that the Federal Reserve (the US central bank) may continue the path of tightening monetary policy.
The Russian oil price cap, imposed by the G7, comes as the West tries to limit Moscow's ability to finance its war in Ukraine, but Russia has said it will not abide by the measure even if it is forced to cut production.
The price cap, to be imposed by the Group of Seven countries, the European Union and Australia, came in addition to the European Union's ban on Russian crude imports by sea and similar pledges from the United States, Canada, Japan and Britain.
Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, in what is known as the OPEC + grouping, agreed on Sunday to stick to their agreement in October to cut production by two million barrels per day starting in November.
The Group of Seven countries and Australia agreed last week to put a cap of $60 a barrel on Russian oil transported by sea.
In China, more cities eased COVID-19 restrictions over the weekend, fueling optimism about increased demand from the world's largest oil importer.
Business and manufacturing in China, the world's second-largest economy, have been hit this year by strict measures to curb the spread of the coronavirus.
Mot: Kids today will never know the THRILL of this magic book
Mot: anyone Know Where he Publishes the List - aaahhhh - Asking fer a Friend!
