TNT, Delta, Pimpy and more Wednesday Morning 7-1-2020
TNT:
Tishwash: The salary crisis in Iraq is getting worse .. A government institution threatens Al-Rasheed and Al-Rafidain bankers
The Petroleum Products Distribution Company threatened, today, Wednesday, the Rafidain and Al-Rasheed banks, to resort to "legal procedures" and demand "compensation" in the event that the salaries of its employees that have been delayed since June 23 are not released.
The company said, in an official letter, seen by Shafaq News, that it had taken the warning; Given the repeated delay in the release of the salaries of the employees of the endemic company for the second month in a row on the Master Card from the date of June 16 to June 30, contrary to the agreement concluded between the two parties, which stipulates the delivery of the salaries of the first party no later than on June 23.
The company has warned the banks that the obligation to pay salaries urgently and not delay the payment of salaries for the coming months, threatening to take "legal measures, including the termination of the agreement", and to demand compensation and charge the banks "any expenses resulting from this breach."
The Parliamentary Finance Committee stated yesterday, Tuesday, that the government’s financial liquidity to pay the employees ’salaries is available, despite the fact that the Ministry of Finance did not send a directive to the banks to pay the salaries.
"The government has formally instructed the Ministry of Finance to expedite the payment of employee salaries, but we do not know the reason for the ministry's delay in paying employee salaries," expecting the commission to pay their salaries to the Shafaq News agency, expecting to pay their salaries during the next few days. link
Courtesy of Dinar Guru https://www.dinarguru.com/
Petra Article: "Parliamentary Finance show the reason for delaying the paying of salaries for the month of June". They very clearly state why they didn't pay salaries and that's because they don't have any money to do so...if the vault is empty you can't pay your bill. Very straightforward. They've got to make a move here pretty quick in order to solve that problem.
Delta ...There's no question about this family. We got finally the right person to the right place and at the same time everybody understands right now in Iraq that they have to open internationally. They have to open the market economy and so many talks right now about the exchange rate....5, 6, 7 years ago we used to wish to have this kind of talk everyday about the exchange rate. This is the first time you've seen in the last 5 or 6 months they're talking about the exchange rate and they're realizing right now that this is very important for them...there's no way around it. Increasing the value has to take place...nobody knows the date. Nobody knows the rate...We know that we can increase the rate...but here's the question - When do they need to do this? ...the sooner the better for them to do it because even if they raise the value that doesn't mean they're going to solve the problem right away. It's going to take some time...it could really happen at any moment in our opinion
Breitling ...they are looking at how to tackle the financial problem they have inside of Iraq. They looked at the reserve and they said, 'they probably could take out 11 billion dollars worth of the reserve and not really hurt the value of the currency and to be able to fix some of our problems.' But you have a completely different group saying 'you don't need to do that. Let's protect our reserve. Add value to our currency. And invest in the Western markets.'...these guys will never give you rates...they'll always avoid giving some sort of rate...you and I know what they need for the budget - for it to succeed. My projected budget for what they needed at $53 to $56 a barrel was about 56 cents to the dollar. Now it's about .63 cents to the U.S. dollar...see the trend? It's going up...
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Iraqi Dinar News 06/30/20 This is how they can do the rate
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