"Tidbits From TNT" Wednesday Morning 7-13-2022

Jul 13

TNT:

Tishwash: What is the impact of the value of the euro with the dollar on the Iraqi economy

Today, Tuesday, economic expert Qusai Safwan confirmed that the value of the euro .with the dollar has a positive impact on the value of the Iraqi dinar Safwan said in a statement to (Baghdad Today), "The reason for the decline in the value of the euro is as a result of Russia's cutting off oil and gas supplies from the European Union and the disruption of growth rates in the union, which led to making ".the dollar a safe haven to convert the euro into dollars at this stage

He added, "The impact of the depreciation of the euro is positive on the Iraqi economy as a result of Iraq's possession of dollar reserves, which will lead to the ".growth of the country's economy Safwan added, "It is possible that there will be a diversification of the Central Bank's reserves towards buying gold or buying international currencies such as the euro or ".the yen, in order to avoid any damage to the US dollar in the future

He pointed out that "the volume of European production will be affected by the decline in Russian gas, and inflation rates will rise in Europe to compensate for the ".decrease in the value of the euro And he indicated that "the Iraqi economy will profit as a result of purchases in dollars, which will lead to an increase in government purchases with the rise in the ".value of the dollar

Safwan pointed out that "it is possible that the strength of the Iraqi dinar will ".increase because it is linked to a fixed price with the dollar link

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Yada: I hate to say it. There are some out saying this event needed some type of world event to distract the masses,,,,(I dont believe though) but the inflation factor hitting the continents would see the perfect time to get a lifeline in the increased dinar value. The countries already did currency swaps so all reserve accounts are ready……..They are primed to go and the launching may be seen when they open up from their recess in the next few hours. The variables from the EFSL will be activated and the wheel of progress begins

Dutchie: Yada or Charlie what is the CG please?

Yada: some call it a "caretaker government" but articles recently out indicate it doesn't exist, just a consensual thing to allow the incoming government to handle new changes. Their constitution indicates they are in an emergency government because they failed to sit a government within the time limits

Littleman: A Citi strategist explains why oil prices are going to tumble by the end of the year, even if economies avoid a recession. Francesco Martoccia, the bank's head of European commodities strategy, warned in note to clients Tuesday that oil prices could even slump to $65 a barrel by December, if a nasty recession hits. https://markets.businessinsider.com/news/commodities/oil-price-forecast-outlook-fall-without-recession-citi-russia-production-2022-7

Soma: This may have some significance to our journey: https://www.wionews.com/world/1-euro-equals-1-us-dollar-for-the-first-time-in-20-years-euro-hits-dollar-parity-496689#l5icxufngxmzqs8kqbq

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Tishwash: Nine countries, including Iraq, increase their oil supplies in June

The oil production of the 13 OPEC member countries increased by 234,000 barrels per day during the month of June, reaching 28.716 million barrels per day, supported by increased supplies from nine countries, including Iraq.

According to the monthly report of the Organization of the Petroleum Exporting Countries, which was seen by Shafak News Agency, "the largest increases came from Saudi Arabia, as its oil production rose by 159,000 barrels per day, to reach 10.585 million barrels per day, followed by the UAE, registering an increase of 39,000 barrels per day."

He added that Iraq increased its production by 17,000 barrels per day to reach 4,434 million barrels per day, noting that "the increase in Iraq's oil production rose by 385,000 barrels per day over the same period in 2021."

She added, "The increase also came from Iran, by 31 thousand barrels per day, and the rest of the increases also came from Kuwait's oil, by 29 thousand barrels per day, Angola by 27 thousand barrels per day, Gabon by 16 thousand barrels per day, Algeria by 9 thousand barrels per day, and Nigeria by 5 thousand barrels per day. ".

As the report indicates, the largest drop came from Libya, where shipments decreased by 78,000 barrels per day, bringing its production to 629,000 barrels per day, followed by Venezuela by 14,000 barrels per day, then Congo by 5 thousand barrels per day, and Equatorial Guinea by 1,000 barrels per day. .

And OPEC kept forecasts of global demand growth this year at 3.4 million barrels per day in 2022, and expectations of growth in demand for OPEC oil at 29.2 million barrels per day this year. link

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Tishwash: 4 zeros were removed from it.. Iran launches new two-denomination banknotes

Today, Wednesday, the Iranian market entered the new 1000 and 2000 toman banknotes, where 4 zeros were deleted.

These banknotes were printed at the time of the former director general of the Central Bank and signed at that time, according to the semi-official Iranian agency, "Fars".

In the upper part of these banknotes, the zeros are seen in a faint color, while in the lower part of these banknotes they have been completely deleted. link