Mon. Night KTFA CC Replay and more Tuesday PM 4-28-2020
.KTFA:
Samson: Al-Rafidain: Many employees received their salaries for the month of April from the bank’s branches
28th April, 2020
Al-Rafidain Bank announced that many state departments employees received their salaries from the bank's branches located in Baghdad and the provinces.
The bank’s media office said in a statement that Mawazine News received a copy of it. He pointed out, "The distribution of the salaries of state employees will be according to specific timelines for each department."
The statement indicated that "the employee or retired person has the freedom to choose to receive his salary from anywhere he is with an electronic card."
KTFA:
Samson: Al-Rafidain: Many employees received their salaries for the month of April from the bank’s branches
28th April, 2020
Al-Rafidain Bank announced that many state departments employees received their salaries from the bank's branches located in Baghdad and the provinces.
The bank’s media office said in a statement that Mawazine News received a copy of it. He pointed out, "The distribution of the salaries of state employees will be according to specific timelines for each department."
The statement indicated that "the employee or retired person has the freedom to choose to receive his salary from anywhere he is with an electronic card." LINK
Samson: Al-Kiddo: The government has its tools to get out of the financial crisis
08:41 - 04/28/2020
Member of the Parliamentary Finance Committee, Haneen Al-Qaddo, affirmed on Tuesday that the government has its tools to get out of the current financial crisis, pointing out that tackling the situation needs to put government bonds to the people, exploiting the revenue of border ports, borrowing, and handing over the region its sums of money to Baghdad.
Al-Kiddu said in a statement to "Information", that "the remedies of the financial crisis that the country is going through depend on the government's actions and procedures, as it is the body responsible for paying the salaries of employees and retirees."
He added, "The solutions are contingent on addressing the 2020 budget and the changes that will be introduced in line with the current situation."
and stated that "the government can deal with the financial crisis by moving towards government bonds and selling them to the people, as well as borrowing from the central bank and other banks, as well as asking the region to hand over the sums it has entrusted, in addition to exploiting the revenues of the border outlets to address the current crisis." LINK
Iobey777: Hmmm.. IDK... oh yeah! sell them "worthless" bonds for a worthless country that is broke!( nor at the very least has stupid leaders who cannot do the right thing for their country!) Yes, getting rid of Duplicate salaries would be great!! Stop paying those who are NOT doing their jobs to start with!..looks to me like they are scrounging around looking for ANY loophole they can find to get money, instead of addressing the REAL need of the country... a NEW EXCHANGE RATE!! Which would solve MOST of their problems, but they would still need leaders who are not content to steal every dime they can from their citizens! IMO, of course!
******************
Monday Night CC with Frank and Delta
PLAYBACK : 605.313.5163 PIN: 156996#
Clare: THANKS SO MUCH FRANK, WALKINGSTICK, DELTA, AG, & TEAMS! ...FANTASTIC CC!!
WOW.. THIS REALLY IS EXCITING NOW! ... LOVED THE DONG INFO TOO! IMO
**
Samson: A press release issued by the Board of Governors of Central Banks and Arab Monetary Institutions
28th April, 2020
A press release issued by the Board of Governors of Central Banks and Arab Monetary
Institutions (Arab Day for Financial Inclusion April 27, 2020 under the slogan:
Towards Building a Community Financial Culture that Promotes Financial Inclusion' )
For information click here
Council of Arab Central Banks and Monetary Authorities' Governors Arab Financial Inclusion day - April 27, 2020 Under the Theme of "Towards Building Financial Literacy that promotes Financial Inclusion”
The Council stresses that the implications of the emerging corona virus highlight the importance of accelerating the transition to digital financial services and enhancing awareness about it
The Council calls in this context for the following:
Alignment with the priorities of the Group of Twenty (G20)
Promoting digital financial inclusion for young people, women and MSMEs
Encouraging the use of the latest technologies to boost financial inclusion
Spread the digital financial literacy to all segments of community
The Council of Arab Central Banks and Monetary Authorities Governors attaches extreme importance to enhancing access to finance and other financial services in the Arab countries. This focus comes from recognition by the Council of the potential and great opportunities that can be achieved by enhancing financial inclusion to bolster comprehensive and sustainable economic development, assist in addressing unemployment and underemployment challenges and achieving social justice.
There is no doubt that the current developments and the repercussions of the spread of the "Corona emerging" virus, clearly highlighted the great importance of financial inclusion and the need to promote applications of digital financial services, and to educate and educate users of these services.
In this context, the Council of Arab Central Banks and Monetary Authorities’ Governors, in light of the growing need to sensitise all Arab actors to the importance of financial inclusion, endorsed in 2016 the 27th of April as the Arab Day for Financial Inclusion, celebrated this year under the theme of “Towards Building Financial Literacy that promotes Financial Inclusion.”
On this occasion, the Council affirms its support for the international community in enhancing financial inclusion, especially the efforts made by the G20 under the presidency of the Kingdom of Saudi Arabia (KSA). The financial inclusion topic was adopted by the G20 as one of the main aspects of the economic and financial development program, especially as it is closely related to achieving the objectives of sustainable development.
The Council also reaffirms its support for the efforts and priorities of KSA in enhancing digital financial inclusion during its presidency of the G20. The Group pays special attention to supporting the access by young people, women and micro, small and medium enterprises (MSMEs) to financial services by tapping into the latest technologies, as well as awareness-raising and community education efforts which increase the chances of success of Arab countries' efforts and policies in this regard.
The Council also attaches importance to financial inclusion issues in the Arab world through its approach to launch a number of different activities and initiatives in cooperation with regional and international organisations.
The Council welcomed the launch of the Financial Inclusion for the Arab Region Initiative (FIARI) by the Arab Monetary Fund in cooperation with several regional and international organisations. FIARI aims to empower and enhance capacities and capabilities to overcome the obstacles hindering the advancement of financial inclusion indicators in the Arab countries. In this regard, the Council values the comprehensive model of demand side surveys which detect the trends of demand on financial services in the Arab countries for both households and MSMEs.
In view of that, the Council invites all Arab counties to put this model into force to help improve financial inclusion indicators and adopt appropriate policies and strategies in this respect. The Council also calls on FIARI’s partners’ organisations to further support the utilisation of new technologies in providing individuals, and MSMEs with access to financial services.
The Council further values the actions taken by the Arab countries to promote financial literacy, especially the digital financial literacy. It reaffirms the need to integrate all segments of society into the formal financial system, especially young people, women, entrepreneurs and the MSMEs sector. To this end, it is necessary to raise the awareness of those segments, protect their rights and improve their knowledge of financial issues so that they can make sound investment decisions. The Council also calls on all ministries of education, culture and higher education in the Arab countries to double their efforts in order to expand and increase financial education and awareness.
The Council highlights the increasing importance of using new financial technologies in financial and banking sectors, and the significant accelerated growth witnessed by the financial services sector of such technologies and their related services world-wide. In addition, the great potentials offered by these technologies and services in terms of enhancing the efficiency of financial and banking operations, particularly in supporting the opportunities to access finance and financial services and encouraging entrepreneurship. In this connection, the Council calls for raising the awareness of all segments of society about the topics of modern financial technologies and taking the necessary measures to achieve this in coordination with the relevant official authorities.
It also stresses the importance of the Regional Taskforce on Modern Financial Technologies launched by Arab Monetary Fund in sharing expertise and knowledge about modern financial technologies and crystallising different visions on the best way to regulate and put such technologies into effect in the Arab countries.
On the other hand, the Council values the role played by the Financial Inclusion Taskforce in enhancing financial inclusion in the Arab countries.
This role is clear in developing policies and procedures related to financial inclusion in the Arab countries and considering studying ways to improve financial inclusion indicators in the Arab countries and help them implement the relevant international standards and principles. The role of the taskforce is also to strengthen cooperation between the various national institutions and entities concerned with financial inclusion issues in the Arab countries and the relevant international organisations.
Furthermore, the Council looks forward to pursuing the improvement in financial inclusion indicators in the Arab countries, especially as the latest statistics reflect the efforts made by the Arab countries in enhancing access to financial services. Figures indicate that the percentage of the adult population in the Arab countries who have access to formal finance and financial services has risen, on average, to 37%, and soared to 265 for women, and to 28% among low-income segments.
Although these figures draw a veil over the disparities in this regard among the Arab countries, they still indicate the great potential opportunities – especially for private financial and banking institutions – that can be tapped into to enhance access to financial services in the Arab communities.
Likewise, the Council values the efforts exerted by Arab central banks and monetary authorities, and commercial banks and official financial institutions in the past years in marking the Arab Day for Financial Inclusion and their related activities and events on this day. These efforts have contributed to spreading awareness and financial education among all members of the community.
Accordingly, the Council calls on all member states to celebrate the Arab Day of Financial Inclusion and encourage community participation (virtually) in marking the day through the implementation of awareness-raising activities and events to promote the importance of financial inclusion and its objectives. The Council hopes that the planned events of the Arab Day of Financial Inclusion will be successful, and their desired objectives are achieved.
On this occasion, the Director General Chairman of the Board of the Arab Monetary Fund, H.E. Dr. Abdulrahman Al-Hamidy, stressed the importance and the vital role of financial inclusion in addressing the economic challenges affecting growth. He added that this goal would be attainable by mobilising resources to maximise investment rates and create new job opportunities. Dr. Al-Hamidy also praised the growing interest of policymakers in Arab countries on financial inclusion related issues, and this would assist in addressing the challenges of poverty, unemployment and social development. He then referred to the continued efforts made by Arab central banks and monetary authorities and the great interest in the issues of improving financial inclusion and access to quality financial services at reasonable costs.
Dr. Al-Hamidy also lauded them for giving appropriate importance and priority to such matters as part of their economic policies and spreading the literacy of responsible financing in the banking sector. Moreover, he referred to their utilisation of financial technologies in providing financial services, developing legislation, rules and regulatory frameworks that help improving the spread of financial and banking services and encouraging innovation in the industry.
They also aim to follow up the endeavours made to develop a sound financial and banking system infrastructure and encourage the development and expansion of non-banking financial services, as well as policies and programs that enhance transparency in the financial and banking sector. link
Samson: Mr. Governor’s speech on the occasion of the Arab Financial Inclusion Day, 27 April 2020
28th April, 2020
Arab Day for Financial Inclusion April 27, 2020
Under the slogan
Towards building a community financial culture that promotes financial inclusion
We celebrate this day on the occasion of the Arab Day for Financial Inclusion, which falls on April 27 each year and under the slogan towards building a community financial culture that promotes financial inclusion.
Financial inclusion has a significant positive impact in spreading financial culture and the spread of financial and banking services. The Central Bank has developed plans and strategies that contribute to raising awareness and financial education in order to achieve knowledge of financial and banking services and create an economically and financially informed generation and has the ability to plan and manage its financial life properly.
Especially in light of the tremendous and rapid development in the field of modern financial technologies, which is the best solution to face the Corona virus crisis, as it enables beneficiaries to conduct financial and banking operations remotely and reduces the use of banknotes that are considered a carrier of the virus, and the Central Bank seeks to apply these technologies and integrate society segments Different according to their need for it, with a focus on developing legislations and supervisory and supervisory frameworks in a way that achieves the spread of financial services and protecting the consumers of these services.
To transfer and provide applications by banks and payment service providers that enable customers to have easy access to financial and banking services. Online purchase.
The Central Bank of Iraq
information Office
4/28/2020
************
Samson: Lebanon's developments .. Burning banks to deteriorate living and the collapse of the currency
04/28/2020 16:01:33
Protesters, on Tuesday, burned banks in Tripoli, northern Lebanon, in protest against the deteriorating living conditions and the collapse of the Lebanese pound.
Reports said that protesters had destroyed the façades of the banks in Tripoli, while others had set them on fire. Currently, firefighting teams are trying to control fires in some banks. She explained that this development comes in the wake of the return of protests to the Lebanese cities due to the collapse of the lira.
Hundreds of people demonstrated in the city of Tripoli, on Monday night, against the backdrop of the deteriorating economic situation in the country, in protests interspersed with clashes with security forces despite the isolation measures imposed to contain the emerging Corona virus. A group of men, women and children participated in a march that roamed the streets of the city, calling "a revolution .. a revolution", while the demonstrators tried to reach a house of a lawmaker, but the army forces prevented them, which led to confrontations, according to "AFP."
Following these developments, the Lebanese Association of Banks announced the closure of all headquarters and branches of banks in the city of Tripoli in northern Lebanon , starting from today until the restoration of the security situation. LIN
Frank26 Video And KTFA News Monday Afternoon 4-27-2020
.KTFA:
Frank26: 4-27-20 —8, 9 AND 10.
THIS WHOLE VIDEO IS SOLELY IN FRANK26'S OPINION
KTFA CC Monday Night at 7pm est
Delta will be joining us. We will be talking about things, for example the CEO of the ISX who prepared the ISX to receive a new rate. We went over in in depth M, W and Sat.
The meeting with the CBI and the Fab4 –they got the rate. (the Fab 4...the IMF, World Bank, U.S. Treasury, and the President of the United States of America...????)
THE ISX is ready to receive the rate. And not only is the ISX going to receive the rate from the CBI and those meetings, but it will be so powerful it will go beyond the Iraqi Stock Exchange. And the International world knows this and is well prepared.
KTFA:
Frank26: 4-27-20 —8, 9 AND 10.
THIS WHOLE VIDEO IS SOLELY IN FRANK26'S OPINION
KTFA CC Monday Night at 7pm est
Delta will be joining us. We will be talking about things, for example the CEO of the ISX who prepared the ISX to receive a new rate. We went over in in depth M, W and Sat.
The meeting with the CBI and the Fab4 –they got the rate. (the Fab 4...the IMF, World Bank, U.S. Treasury, and the President of the United States of America...????)
THE ISX is ready to receive the rate. And not only is the ISX going to receive the rate from the CBI and those meetings, but it will be so powerful it will go beyond the Iraqi Stock Exchange. And the International world knows this and is well prepared.
So why did the ISX not go international…..we all know why right…..they need an international rate.
Tonight we will show you a trail of bread crumbs to follow…..make sure you do .
7PM EST
605.313.5164 PIN: 156996#
PLAYBACK : 605.313.5163 PIN: 156996#
TONIGHT’S LIVESTREAM LINK https://livestream.com/accounts/7854492/events/9106406
Don961: The US Treasury Secretary expects things to return to normal and the economy to recover by next summer
4 Hours ago
US Treasury Secretary Stephen Mnuchen expected that the economic conditions in his country will return to normal during the coming summer.
Mnuchen explained in a statement that small business projects will resume work during the coming May and June, which raises expectations regarding the acceleration of the American economic recovery with the coming July and August, noting that the repercussions of the emergence of the Corona epidemic and its widespread spread, did not result in an economic crisis in the country However, it caused the disruption of a number of sectors, which are now recovering from the crisis. link
************
Samson: Oil prices drop due to concerns of excess supply and storage capacity
27th April, 2020
Oil prices fell on Monday, amid signs that global storage capacity was rapidly filling up, raising concerns that production cuts would not come fast enough to make up for the collapse in demand from the Corona pandemic
The losses led the US oil futures, which fell more than two dollars a barrel due to concerns that the storage capacity at the Cushing Center in Oklahoma may reach the maximum capacity
US crude inventories rose to 518.6 million barrels in the week ending April 17, nearing an all-time record high of 535 million barrels recorded in 2017
And US West Texas Intermediate crude futures for June fell $ 2.05, or 12.1 percent, to $ 14.89 a barrel by 0638 GMT, while Brent crude fell $ 1.08, or 5 percent, to $ 20.36 a barrel. The June contract for Brent expires on Thursday
And futures trading on oil recorded losses for the third week in a row last week, and decreased in eight of the previous nine weeks. Brent ended the week down nearly 24 percent, and West Texas crude lost 7 percent
About 70 percent of the storage capacity was filled at the Cushing Center, a US Texas West crude delivery point, by mid-April. Traders say the available energy is already rented
Producers may not cut production fast enough or with sufficient volume to support prices, especially when global economic output is expected to decrease by two percent this year, which is worse than what happened during the financial crisis, while demand for crude collapsed by 30 percent due to the pandemic
In light of seeking to reduce production quickly, the number of oil drilling rigs operating in the United States fell to the lowest level since July 2016, and the total number of oil and gas rigs in Canada fell to the lowest level since 2000, according to Baker Hughes data LINK
Samson: Governor of the Central Bank: Iraq suffers from anomalous rates of loan repayment
09:25 - 27/04/2020
The Governor of the Central Bank, Ali Al-Alaq, revealed on Monday that the rate of default in the repayment of loans to banks exceeds 20 percent, considering them to be "abnormal" rates in the world.
The relationship said in a statement reported by the newspaper "Al-Sabah" and seen by him / the information, that "Iraq suffers from a phenomenon of defaulting on loan payments, which leads to banks' reservation on the lending process in general."
He added, "The loan default rate exceeds 20 percent, and this is a record and anomalous rate compared to Iraq and the rest of the world, where the default rate does not exceed 1 or 2 percent."
The relationship explained, “Iraq when it reaches this level, it makes the banks and the lending agencies hesitate a lot and ask for more guarantees.
Noting that “the solution to this problem lies in the fact that there is thinking by specialists, and that the government addresses one way or another to find a treatment for this matter, because it is one of the phenomena The public that makes banks reluctant to provide loans.” LINK
Frank26 Q&A, Delta and more Saturday Night 4-25-2020
.KTFA:
DELTA: Secretary General of the Council of Ministers makes proposals to preserve the value of the Iraqi dinar, including preventing the import of cars and luxury goods
Baghdad / NINA / -
Secretary-General of the Council of Ministers Hamid Al-Ghazzi presented proposals to preserve the value of the Iraqi dinar, including preventing the import of cars and luxury goods.
The Secretary-General of the Council of Ministers Hamid Al-Ghazzi stated: "The proposals were to stop importing cars for six months and to allow the import of the previously agreed exclusively, especially since the prices of cars are fixed globally and there is no need for more cars at this stage
KTFA:
DELTA: Secretary General of the Council of Ministers makes proposals to preserve the value of the Iraqi dinar, including preventing the import of cars and luxury goods
Baghdad / NINA / -
Secretary-General of the Council of Ministers Hamid Al-Ghazzi presented proposals to preserve the value of the Iraqi dinar, including preventing the import of cars and luxury goods.
The Secretary-General of the Council of Ministers Hamid Al-Ghazzi stated: "The proposals were to stop importing cars for six months and to allow the import of the previously agreed exclusively, especially since the prices of cars are fixed globally and there is no need for more cars at this stage, and stopping the import of luxury goods in coordination between the Ministries of Industry and Trade," for a period of six months, the issuance of sovereign bonds estimated at the price of oil sold at the current price, according to which the buyer owns a specified number of barrels of oil and has the right to sell them to the state after 6 months have passed, and in this way the state withdraws the largest amount of cash liquidity.
Al-Ghazi added: "If the decision to prevent the import of luxury goods is applied, then this means preventing the import of everything that is not inside production, such as car accessories, smart phone accessories, bags, shoes, and toiletries, as well as women's and men's clothing, which are other goods that can be manufactured locally, which encourages the national industry."
The Ministerial Council of Economy had taken several decisions during its last sessions after studying a set of mechanisms and solutions regarding the impact of the crisis of low oil prices on global markets on the economic and social situation of the country, in order to take the necessary measures to protect the living standard of citizens as well as find alternatives that support the state's general budget.
Don961: Iraq limits the payment of salaries electronically and cancels the manual
04/25 2020 02:19:05 Shafaq News /
Rafidain Bank called on Saturday for some state departments to speed up the activation of MasterCard cards and receive the salaries of their employees for the month of April electronically and not manually.
The bank’s media office said in a statement that the bank is asking some department account managers to activate the mastercard cards for its employees that were received by the bank so that the salary for this month can be disbursed electronically.
The statement pointed out that the directors of the accounting departments of some departments should address the general administration of the bank and instruct the completion of all procedures related to the activation of the Master Card, especially in light of the conditions the country is currently experiencing as a result of the Corona virus and the need to leave manual cash and deal with the electronic system for salary payment. LINK
****************
Don961: Member of Parliamentary Finance fixing the date to proceed with reducing the salaries of a group of state employees
Politics 04/24 2020 18:57 9199 Editor: ht
Baghdad today - special
The decision of the Finance Committee, Ahmed Al-Saffar, revealed on Friday (April 24, 2020), a specific date to reduce the salaries of employees due to the financial crisis in the country.
Al-Saffar told (Baghdad Today), "The decision to reduce the allocations for some Iraqi state employees has not yet been implemented, and it will enter into force if the economic and financial situation of Iraq remains as it is today."
He added that "the targets of this decision are those with special grades, and do not target the small employee with limited salaries."
The Parliamentary Committee on Economy and Investment had submitted, on Thursday, April 2, 2020, a number of proposals to alleviate the effects of the financial crisis in the country.
The committee said in a statement issued by it, "In view of the difficult economic conditions that our dear country is going through and the increasing challenges, most notably the low oil prices, the global recession, the corona pandemic and other accumulated economic challenges, we offer a set of proposals and initial measures that can alleviate the painful effects on our people, and the most important These procedures:
1. Reducing the salaries of those with the rank of general manager and above by (60%) and allocated to include additional numbers in the social welfare network who have no monthly income.
2- The adoption of compulsory savings in government bonds for employees whose salaries exceed three million and at 20% of their salaries and at an interest rate that is satisfied when the economic conditions of the country improve.
3. Eliminate investment expenditures in the 2020 budget and the current expenditures for non-essential doors (such as commodity and service requirements and capital expenditures), which do not include unjustified expenses in stable conditions, so how in such dangerous economic conditions.
4- Allocating a special emergency budget to cover the requirements to combat the Corona epidemic and disbursing them to operational and investment requirements in accordance with specific priorities in terms of health reality controls and standards and challenges.
5- Collect the money due and the taxes imposed on the mobile phone companies without any delay or installment.
6- Adopting strict procedures for controlling and collecting non-oil revenues, especially in border outlets, for all governorates and the region, and registering a federal revenue that is fairly distributed to all Iraqis.
7- Postponing the payment of all external debts, including Kuwait compensation.
8- Agreement with licensing tour companies to reduce unnecessary costs on the one hand and pay the dues of its current work with oil instead of cash to reduce losses to Iraq from lower oil prices.
9- Postpone the work of all economic agreements with neighboring countries or China in the foreseeable time, especially as its fields are not a priority and some of them are unfair in Iraq.
10- Obliging the region to hand over all the oil produced to the Ministry of Oil for federal marketing, and otherwise its allocations allocated in the budget are transferred to the rest of the Iraqi provinces according to the population ratio, which is a budget of approximately (15) trillion dinars.
11- The issuance of national bonds to citizens through government banks at an encouraging rate of interest that is satisfied when the economic conditions improve to finance the necessary budget with important allocations.
12- Activating anti-corruption efforts, especially its major files, to collect the huge money seized by the corrupt and reallocating them to resources and important exchange gates.
13- The region is obliged to pay the value of any quantity of oil that it sells outside the legal federal context and calculate it from within its budget.
14- Find quick, easy and transparent mechanisms for the delivery of ration card materials and social network care salaries within a week and enough to cover the need for those covered by them for at least two months. LINK
Frank26: 4-25-20. Saturday Night Q&A
This video is in Frank’s opinion
Frank26, WS, MilitiaMan and Don061 "CBI and Fab 4 Meeting Notes" 4-23-2020
.KTFA:
Don961: Reducing the dinar price and its impact on the Iraqi economy
Wednesday 22 April 2020 Engineer Mohamed Sahib Al Daraji
In light of the current economic conditions accompanied by government failure in managing the file of monetary and financial policies in Iraq, the issue of devaluation has emerged, which is the devaluation of the Iraqi dinar vis-à-vis the US dollar and other currencies in a deliberate and deliberate manner, noting that this differs from the change in the exchange rate that is subject to For the supply and demand process in the currency markets.
KTFA:
Don961: Reducing the dinar price and its impact on the Iraqi economy
Wednesday 22 April 2020 Engineer Mohamed Sahib Al Daraji
In light of the current economic conditions accompanied by government failure in managing the file of monetary and financial policies in Iraq, the issue of devaluation has emerged, which is the devaluation of the Iraqi dinar vis-à-vis the US dollar and other currencies in a deliberate and deliberate manner, noting that this differs from the change in the exchange rate that is subject to For the supply and demand process in the currency markets.
I looked at a period of time before a study prepared by the Central Bank on this issue and after scrutiny in this matter and many discussions with experts and specialists and I believe that Iraq needs such economic solutions at the present time I thought that I clarify a realistic point of view may contribute to the crystallization of a specific opinion among the decision-makers in this matter.
In normal circumstances, this type of solution must be the last drug. Unfortunately, the country's economy is mismanaged, the absence of economic doctrine, the continued dependence on oil as a single source, and the exploitation of the economy as an electoral tool that has led to a near collapse in the economy whenever the price of oil decreases, and the failure of successive governments to support the product The industrial and agricultural patriotic pushed the specialists to resort to this kind of thinking.
I may agree with the study conducted by the Central Bank on many points that talk about the need to find other economic solutions other than reducing the value of the Iraqi dinar, but through experience and extrapolation of the Iraqi political situation I do not see on the horizon any ability of the owners of the solution and the contract to bring about a fundamental economic change because of the lack To truly understand the problem in Iraq and look at it from a single perspective, which may be factional, partisan, or personal.
Therefore, my article will focus on discussing a paragraph devaluing the local currency vis-à-vis foreign currencies and responding to factors that affect or are related to the reduction process. For the purpose of taking note of the topic from all sides, the factors associated with this reduction must be discussed. Among the most important of these factors are: -
First: the balance of payments
I do not think that Iraq has a strong position in the balance of payments because Iraq’s exports are only 99 percent oil. If we raise or delete the value of the exported oil and we calculate the balance of payments without it, Iraq’s position will be very negative. It is worth noting that the Central Bank study on the percentage of surplus in the balance of payments, which was estimated to be 5, is discussed. 75 percent of GDP for 2019, from the first two aspects in terms of whether to include the balance of oil exports or not and this balance changed by changing world oil prices.
On the other hand, discussing a real and important question, which is how to calculate GDP in Iraq? What is the proportion of the value of oil exports in it?
This question also applies to the proportion of foreign reserves available in Iraq, which is estimated at $ 70 billion, which represents 30 percent of GDP, according to the study.
Here, the same problem lies, which is how to calculate the domestic product, and thus how to calculate the ratio of the adequacy of reserves in International Monetary Fund standards or other traditional measures, from It is clear that there is a deficit in the balance of payments because the balance of our payments depends on a very large percentage on oil and consequently the deficit, surplus or strong position depends on the global oil price, the amount of production and the amount of oil exported from Iraq, therefore the study that gave measures for 2019 Totally corrupted from the current year
Second: consumer prices
There may be an effect of the devaluation of the Iraqi dinar on consumer prices, but there are many positive aspects in this framework that can be benefited from and turn this challenge into a real opportunity to build an economic doctrine that fits the current political and social situation.
The rate of imports in Iraq is very large and the annual rate of amounts of hard currency that goes out of the country for the purpose of import is estimated at 48 billion dollars annually and in the case of reducing the price of the dinar, these imported materials will be more valuable in Iraqi dinars than their current value in the local market, which will lead to a decrease in demand On them, and here is the stall of the Persians to refute all allegations that are expected to be high in life due to the devaluation of the Iraqi dinar, because this reduction must accompany a set of economic measures that are supportive of it, the most important of which is controlling the prices of the value of food and fuel.
In the imported consumables, which are considered a factor in the ruin of the country's economy, it can be addressed and accept a certain increase in the prices of some unnecessary luxury items.
Therefore, there must be packages in the application of this reduction in order to encourage the national product, and we can give a simple example in this framework.
If there is material that we import from neighboring countries, and the value of this material was only one dollar, i.e. its value is 1,200 Iraqi dinars at present, and the cost of producing it is from Local raw materials may cost the owner of the Iraqi factory 1300 Iraqi dinars, so the local product cannot compete with the imported product price due to the relatively high value of the dinar, but if the value of this material is one dollar in light of the exchange rate of 1500 Iraqi dinars and the value of the local product remains for the same article 1300 Iraqi dinars It will be a pain
The domestic product is cheaper than the importer at the local value and thus this will encourage the owners of factories or farms to produce locally and run the workforce and run the macroeconomic cycle again so this reduction will have a significant role in supporting the local product, and it was noted that the central bank study spoke about the extent of Provides local products As an alternative, here we say that the egg and chicken base must end in Iraq, meaning do we work in a local industry in order to stop the import or stop the import in order to encourage national production? I think that the time has come to break this rule and for the state to put an end to imports in order to encourage production and because capital is coward and factory owners will not risk their money in order to provide material that does not have a market or has no consumer or competing foreign producer at a lower price and the state must be firm and legalize the import in order to Factory owners are able to produce and make the local product a competitor.
It is worth noting that there will be a specific time period in which some products will be less available in the markets, but I believe that the national product will soon fill the void and we will start a new phase of the Iraqi economy.
Third: the level of inflation
Iraq currently does not suffer any rise in the level of basic inflation; therefore, the effect of reducing the currency devaluation level in the basic inflation level will be limited, meaning that if we reduce the currency by 30 percent, the prices of some luxury items will increase by 12 percent, and this price increase can be addressed by moving the economy even if we have to Increasing nominal salaries and moving the wheel of the economy by pumping cash into the street to move some industrial, agricultural and construction sectors.
Fourth: Increasing economic growth and trade
The study prepared by the Central Bank on the effect of currency devaluation on increasing trade growth showed that the relationship between devaluation and the deficit of the trade balance and stimulating the national economy is a conditional and specific relationship with factors including:
A- The extent of the national productive capacity, technologically, financially or humanly, to manufacture the same goods imported from abroad with similar quality and at competitive prices and to replace them with national products.
I think that Iraq can achieve a return from this reduction in this framework, which we mean by the growth and trade framework, because Iraq’s exports are limited to only crude oil, the devaluation of its currency may increase its exports from other materials that encourage the national product, whether industrial or agricultural, to increase its production, specifically some Exportable materials so that there will be new non-oil dollar revenues that can be used as a hard currency to increase the domestic product of the homeland.
Also, this reduction will increase and strengthen the local Iraqi industries to be able to compensate for imports. Therefore, reducing the value of the Iraqi dinar will reduce a large percentage of the import. Revenues and maintains the hard currency coming from selling oil inside Iraq and these amounts are transferred instead of sending them out of the country through the currency auction to pump them into the local market to move the economy wheel, the banks that operate with the currency auction and those behind it may be affected.
Fifth: The effects of reduction on vulnerable social groups
It is also known that the number of people dependent on the government for their income from employees, retirees and those covered by the social protection network is around 6 million citizens. If we take the average of five individuals per family, 30 million citizens depend entirely on their income for government support, and this represents 75 percent of the Iraqi people. The negative effects of this reduction on the purchasing power of this group are limited, because the cuts will have measures to support the ration card and an increase in the minimum salary for the job grades and the welfare network grants.
At the same time, the state must act as a food merchant in the sense that it imports food or provides it from local production and stores it and pushes it to the market at any time there is a deliberate raise in prices or a specific monopoly process, and thus there will be food security for these vulnerable groups and the state also works To support fuel and medicine and direct the general budget to the ration and medicine, and sterilize water and infrastructure.
As for other luxury goods, there is no harm in accepting the cost of some non-essential materials, for example, a mobile phone by 12 percent, or a rise in the price of perfumes, for example, 12 percent.
On the other hand, I do not think that this reduction leads to an increase in government expenditures in general, but it may lead to an increase in the ration card expenditures, which do not represent 3 percent of the total general budget of the country. At the same time, you can benefit from the increase in revenues in the Iraqi dinar in other operating and investment expenses.
By up to 25 percent, for example if the price of the dollar becomes 1500 Iraqi dinars.
At the same time, this reduction will have positive effects on the remittances of expatriate citizens from abroad for their families, so that the value of what they convert from hard currency into Iraq is greater than the present value and this leads to addressing the status of a particular class in front of the potential relative costly.
Sixth: The effect of the reduction in public debt
Iraq's foreign debt in foreign currency is about 23 billion dollars (except for pre-2003 debts of 41 billion dollars). The domestic debt in the dinar currency is around 40 trillion Iraqi dinars, including treasury transfers and bonds, and since 95 percent of the public budget depends on imports of oil that is sold In dollars, therefore, foreign debts will not be affected, either negatively or positively, by the devaluation of the Iraqi dinar, as they are receivables payable in US dollars.
As for the domestic or domestic debt, surely the reduction of the dinar’s rate will have a positive impact in the interest of the state, as the value of the local debt against the petroleum dollar. The state is limited to 7 billion dollars, and this indicates that the devaluation of the currency has a positive impact on public debt and thus strengthens the country’s economy without affecting the external debt by any negative impact and therefore there will be no negative impact on the Iraqi situation with the international community due to this reduction in Local currency value.
Seventh: The effect of reducing confidence in the national currency
I do not think (in my personal opinion) that this devaluation of the Iraqi dinar will affect the confidence of global markets and economies in the Iraqi local currency because this planned devaluation must accompany a set of economic decisions that are supportive of this devaluation and reduce its impact, whether on the internal or global economy in the Iraqi currency and the most important
These reforms are to control the expected inflation, as we mentioned earlier through controlling food, fuel and medicine.
The pressures of demand for the dollar may not escalate, but on the contrary, the local counterpart to the dollar unit may be more than before, so the process turns into a process. The dollar and try to keep Aa local currency, especially if we raised interest rates on deposits in local currency rates as a measure of the structural part of the decisions that must accompany the process of devaluation Vtkhvv thus the pressure on the dollar exchange rate.
The central bank study indicated the existence of the stability of the Iraqi dinar exchange rate for a number of years. In this context, I think that this stability is not real, but it is pressure on the dollar price by the country’s monetary policy, and therefore this stability as a result gave negative returns on the Iraqi economy, so stability can remain, but On another exchange rate that is less valuable than the current price.
If we note that the Lebanese experience has lasted decades for an exchange rate of 1500 that is stable but at a real price for the Lebanese pound while it is believed that the Iraqi dinar price on its current stability for the past years was not a real price but rather it was a price engineered by those responsible for the country’s monetary and financial policy, I mean Here is the central bank and the exchange rate is set in the annual general budget by the government and the finance committee in the Iraqi parliament.
Eighth: Monetary and Financial Policy
Before we get into the details of this factor, we must answer the following question: Do we expect Iraq to have a political ability to manage monetary and financial policy in the face of pressures that may result from reducing the price of the Iraqi dinar against the unit of the dollar? What determines this is the strength of the political administration in the country and the understanding of the political forces, the truth of the problem. The monetary policy tools represented in the interest rate, the discount rate, open market operations, etc.
These can be controlled by coordination between the owner of the Iraqi money, which is the Ministry of Finance, and between the custodian of this money, which is the bank. The Central Council of Ministers shall be the judge and judge in the approximation of views between the owner and the governor.
As for the fiscal policy, the government and parliament must collectively control expenditures and work to increase revenues (and we have talked a lot as others talked about how to increase revenues) in order to control m Suitable for the cash block in order to reduce the effects of inflation on the citizen.
We believe that the pessimistic view of financial and monetary management in Iraq must change. Otherwise, the situation will remain as it is. Yes, there is a big failure in managing these two files, but everything has an end and an end, and I think the time has come to end the failure of monetary and financial policy.
Ninth: The effect of reducing the dinar on the public budget
The general budget is revenue and expenditures, and since the main source of revenue for Iraq is oil sold in dollars, the reduction of the Iraqi dinar will certainly increase the revenue by the amount of the rate of the dinar, so when the price of one dollar is 1500 dinars instead of 1200 dinars, every billion dollars of oil revenue will be worth In the budget is one trillion and a half trillion dinars, compared to one trillion and two hundred billion dinars at the current exchange rate. This rise in revenues will have a clear and positive impact on the general budget. As for expenditures, I would like to refer here to the central bank’s report and discuss it again as He mentioned that the reduction will witness an increase in expenses due to the following points:
Government import of goods and services
This is beneficial because, as we said above, the government should be the first to reduce imports and depend on the local product, whatever the circumstances, and this is an opportunity to create a local economy and increase local production by increasing agricultural and industrial production and reducing imports.
-2 Paying the interest of the external debt
We have previously mentioned in this topic that external debt will not be affected by the dollar’s devaluation, but internal debt will decrease in value relative to the petroleum dollar.
3 - Foreign investments and contributions
This does not represent a significant percentage, it is also in dollars, and we are our resources in dollars, so this is considered beneficial as well.
4- Paying the oil related investments
Everyone knows that paying the dues of oil companies is my eyes with oil, so there is no relationship with the dollar or the dinar.
5- The ration card
I do not agree with the report of the Central Bank that stated that most of the ration card materials are imported. The ration card that must be developed currently depends on four main materials, which are rice, flour, oil and sugar, three of which are flour, oil and sugar purchased locally. Reducing the value of the dinar will save money for the ration card when purchasing These materials and the only material that is imported is rice, and in the same logic that we spoke in this article, the oil dollar will not be affected because Iraq sells oil in dollars and imports rice in dollars. In sum, the reduction of the dinar will affect the ration card positively.
6 - Social protection salaries
In the event that the dinar is reduced, the government should increase the social protection salaries with the same expected inflation rate, which is 12 percent. In this way, we remove the potential inflation effect from the socially vulnerable groups.
Conclusions:
In the end, gradually reducing the value of the dinar will have positive effects on the economy of the country, from which it can be taken advantage of, and other negative things that must be taken in advance to avoid them so that the gross product will be positive for the national economy and to avoid the expected economic shock.
The positives are as follows:
1- Encouraging the local agricultural and industrial product.
2- Stir the wheel of the country's microeconomics.
3- Employment of labor and absorption of unemployment.
4- Increasing the revenues of the general budget and reducing import expenditures.
Naturally, this measure will have negative effects, so the government must take a series of measures in parallel with this reduction, as follows:
1 - Stopping the currency auction to maintain the hard currency inside the country and that the dollar and other foreign currencies are sold and traded directly in the currency markets or through the stock market, in order to get a real price of the Iraqi dinar against the American dollar, and that the guarantor of the prices is the value of the available reserve The Central Bank of Iraq has hard currency.
2- Setting an import platform, stopping some imports, controlling customs outlets, supporting the tax system, and exempting the local product from income tax for a period of two years.
3- Building the budget on a fixed oil price for the operational budget and moving to the investment budget, directing the budget to salaries, purchasing the ration and medicines, and sterilizing water and the educational process only.
4- Delaying the dues of oil companies or paying them in kind outside OPEC's share.
5- Selling oil coupons locally, at the prevailing price now, and buying them a year later at the prevailing price then.
6 - Increasing nominal salaries by 10 percent, reviewing high allocations to achieve social justice, and increasing salaries of the social protection network by 12 percent
7 - The state imports commercial foodstuffs into the market and injects it into the ration program in the event of high prices. And activating the role of economic security and entering the competent government agencies to control the cash rhythm in the currency market and the markets for the sale of foodstuffs.
8 - Supporting fuel for transport and factories and giving high relative importance to Food industries .
9 - Pumping a hard currency to the exchange markets to maintain the price level of the Iraqi dinar, preventing the price from slipping so that its decrease exceeds 30 percent within two years.
10 - The Ministry of Finance issues the e-dinar for the purpose of collecting government revenues and fees due and what distinguishes them from being non-negotiable in the market as cash and thus we have reduced corruption in this aspect as well as the state's knowledge of the value of those imports quickly to be issued by a government bank and not through companies Eligibility.
In conclusion, such a procedure requires a courageous decision by statesmen who are able to manage a stage through which the world in general and Iraq in particular, statesmen who lead society and manage state institutions literally without paying attention to partisan or factional or electoral interests, but rather put the interest of Iraq first.
Member of the Finance Committee link
Walkingstick: Thanks, Don....F..... note. ~ WS
Frank26: KTFA FAMILY AND INTERNET ........... WALKINGSTICK AND I ............. TOLD YOU THIS WAS HAPPENING........ CBI AND FAB 4 MEETING NOTES ............ NOW WE ARE READY FOR ..........# 7
(Note: We beleive the Fab 4.is the IMF, World Bank, U.S. Treasury, and the President of the United States of America..?.)
MilitiaMan: Snippets:
"The official, who preferred to remain anonymous (read Care Taker Gov), added that "continuing to hold auctions to sell currency and pump tens of millions of dollars per day to preserve the value of the dinar leads to great risks for the country's economy, and it is better for the central bank to cancel the currency auction and install its local currency, since most of the beneficiaries are Of these auctions are not businessmen and merchants, but banks, banks and private sector companies dominating the market, a large part of which has been transferred out of Iraq."
-----------------------------------------------------
"There are daily discussions to reach a road map that enables the country to maintain an acceptable exchange secret of the dinar against the dollar."
---------------------------------------------
The SMART option
This option starts with confidential price policies based on reducing the external value of the currency as a proactive measure and providing financial obligations in the general budget recording a final revenue that can be agreed to leave its inflationary effects as a waste
The two levels will support the additional financing agreement for the deficit to be in the form of balances intended to exchange foreign goods, services and benefits, and thus the demand for foreign currency will increase at rates that change with the inflationary expectations and the fluctuation in the stability of the cash demand function.
Nevertheless, the matter will depend, in all cases, on the growth of foreign reserves and their installation in the central bank's investment portfolio.
If the growth in demand for foreign currency, for example, exceeds the growth of foreign reserves themselves, then this means that there are inflationary expectations leading inexorably to a series of continuous reductions in the exchange rate through the stages of late lags and the opposite happening, the money market may reach a state of balance and stability, especially when the growth in supply and demand is equal to the foreign currency supply and demand .
Here, the stability of the exchange rate (as it is a nominal stabilizer for inflationary expectations) depends on the degree of current account balance, the balance of payments, or its ability to achieve a surplus in excess of the most important in that account relative to GDP and at that time , the Iraqi dinar exchange rate and its purchasing power is growing again (via mirror and foreign inflationary currency) and we may find in the monetary conditioning the possibility that the intervention window in the central bank will take over by using and buying in a dollar that will be more expensive in relation to the dinar than a previous level or a higher degree of sterilization in liquidity levels, which will lead to the stability of the money market, but at a new, guided exchange rate compatible with the internal and external equilibrium situations, as long as foreign reserves begin with some stability in their adequacy and relative abundance.
Finally, we must realize that the conditions of fiscal adjustment (i.e. maximizing non-oil revenue), and we mean actual taxes, have become a cloudy issue in Iraqi public finances and that imposing them may cause a fiscal cliff to pose a serious fiscal stagnation, the monetary illusion in nominal dinars in spite of inflation tax and inflation according to the monetary option will give it stability in many internal contractual transactions and will remain on the formalities of nominal contracts in dinars, such as debts, rents, salaries, wages, etc without change as long as they are denominated in contractual prices, and this is a preference or first best
Auto (*) Researcher, economist, and financial advisor to the Iraqi government. All rights reserved. Republishing is permitted provided that the source is indicated, April 19, 2020 OFF http: / iraqieconomists. net /
MilitiaMan: The above snippets are in line with the fresh article out above from a member of the Finance Committee. Above they are talking about pumping hard currency into the markets to maintain pricing of the Iraqi dinar.
They will use the intervention window to sterilize the currency. In other, words they are going to defend the new exchange rate and for about two years within a 30% range.
The new guided exchange rate.. Guided is the key word.
The CBI is going to use the intervention window to guide the new exchange rate. So, once they set the rate they will use the stock or currency markets to defend the rate. As in to keep the price range steady and stable.
Sterilization is used for appreciation of currency and or the depreciation of currency pricing.. In this case once they raise the new exchange rate they will use sterilization techniques to intervene in the market when and where needed to support the price. A very good thing my friends! Very good! imo
We already know the Auctions have changed as we knew them and there are no cash sales now. So the Auctions are not status quo, as some may feel..
Imo, they have knocked that item down from the list of things to do. The CBI will need to have another venue to make money. They have one..
Once they make the move to RI, they will sell the Dinar and make oodles of cash in doing so. Hence, they will not be selling dollars. They will want the Dollars for their own foreign currency reserves. Thus, supporting the local currency, which the Customs and Taxes at the borders will do as well.
The Customs and Taxes at the borders will be electronic and transparent, (Block Chain) and the revenues from them will be able to take up the slack in oil revenues that are presently lacking..
Them telling us they will be using oil coupons to leverage contracts is a very good sign they have the Secondary Markets in mind. They can use contracts to hedge risk when pricing goes up in oil or down. For that, matter it won't only be for oil but many other commodities too. E-Dinar is going to be used.. Safe, sound and secure.. Less corruption...
Next thing to support them heading into the secondary market is that the ISX is slated to open on the 26th of the month.
Their office opens on Saturday, fwiw.. Then, think about the Board of Directors of the CBI told us they have EQUILIBRIUM.. Then, we see the CBI adjusted the the values on the ISX Indice. It was not the ISX that did the adjustment. It was the CBI that did it. They have equilibrium by 1,045.71% real close per there data. See the difference..? It was not the ISX's job to change the Indice it is the CBIs job and they have equilibrium and show it there.
Notice lately that they seem to tell us things when the Banks are closed and the ISX is down? Last weekend was the same with CBI articles for Al Nassery and Mahmoud Saleh... Both were very loud, just as this article is above.. I don't know about you all, but, this is looking very promising. That data from the CBI adjusting the Indice was for a reason and the below fits the bill imo..
One more thing. There is indirect implications in respect to the SDR. I am not sure but, the way I look at it is this way. At a program rate the IMF would never talk about Iraq being placed into a position to use the SDR basket.
But, if they RI and the rate is agreeably strong and supported they may be allowed access the SDR basket. Then they could use the SDR for a borrowing facility to also support the IQD from future shocks. This is a very well designed and orchestrated turn of events if it plays that way. Imo, it may very well be spot on.. imo ~ MM
---------------------------------------------------------------
"Such mutual monetary exchange has come to achieve the equilibrium of the money market in Iraq, using the exchange rate and the interest rate, and they are considered toxic toxic and inflation expectations at the same time. "
"Here, the stability of the exchange rate (as it is a nominal stabilizer for inflationary expectations) depends on the degree of current account balance, the balance of payments, or its ability to achieve a surplus in excess of the most important in that account relative to GDP and at that time , the Iraqi dinar exchange rate and its purchasing power is growing again (via mirror and foreign inflationary currency) and we may find in the monetary conditioning the possibility that the intervention window in the central bank will take over by using and buying in a dollar that will be more expensive in relation to the dinar than a previous level or a higher degree of sterilization in liquidity levels, which will lead to the stability of the money market, but at a new, guided exchange rate compatible with the internal and external equilibrium situations, as long as foreign reserves begin with some stability in their adequacy and relative abundance. "
Monday Night KTFA CC Replay and Tuesday News 4-21-2020
.KTFA:
Samson: TRADE BANK OF IRAQ - the importance of e-payments and modern banking systems for the benefit of the Iraqi citizen
20th April, 2020
Hosting Iraqi channel for Mr. Fouad agent - Vice President of the Iraqi trade bank
Talks about the importance of e-payments and modern banking systems for the benefit of the Iraqi citizen.
KTFA:
Samson: TRADE BANK OF IRAQ - the importance of e-payments and modern banking systems for the benefit of the Iraqi citizen
20th April, 2020
Hosting Iraqi channel for Mr. Fouad agent - Vice President of the Iraqi trade bank
Talks about the importance of e-payments and modern banking systems for the benefit of the Iraqi citizen.
************
Monday Night CC 4-21-2020
PLAYBACK : 605.313.5163 PIN: 156996#
Don961: The prime minister-designate presents his cabinet this evening
Tuesday 21, April 2020 17:03 Baghdad /
Nina / Political sources revealed that the Prime Minister-designate Mustafa Al-Kazimi will present, this evening, his ministerial formation to the Shiite political forces to inform them of the selected personalities and hear their reactions. / End 7 LINK
**************
Don961: The first comment from Donald Trump on the collapse of US crude prices
2020.04.21 - 01:15 Baghdad - people
US President Donald Trump briefly commented on the collapse of US oil prices during his daily press conference at the White House, which he devotes to talking about developments in the Corona epidemic.
Trump said at his conference at dawn Tuesday Baghdad time (April 21, 2020) that he was "looking to put 75 million barrels in the American oil reserves that he plans to fill with excellent prices," noting that his administration wants to "reopen America's economy in a responsible manner."
He added: "We hope to vote tomorrow in the Senate on an additional economic plan, and that the Americans continue to observe the rules of social separation."
Trump devoted most of his speech to the developments of the Corona epidemic in his country, stressing that the United States has made excellent progress in providing respirators and that it will soon help Mexico and other countries.
And an Iraqi economist presented, on Monday, simplified explanations for the causes of the collapse of American crude, while determining the percentage of Iraq being harmed.
Professor of Economics Nabil Al-Marsoumi said in a post that was followed by "People", (April 20, 2020) that "the collapse of West Texas crude to less than 6 dollars was not in the spot contracts or in the future contracts for the delivery of the month of June, which is still between 22 - 23 dollars, but it was Crude futures for the month of May are about to expire, and so the sale of these contracts worsened before the closing date, as they are due to officially expire when the prices are settled tomorrow, Tuesday, April 21, which contributed to the collapse of US crude.
He added that "the storage of US oil is occurring at a rapid pace, exceeding the levels of 70%, approaching the maximum storage."
He continued, "It is expected that US crude prices will rise again after the May futures sale boom ends."
He concluded by saying that "the damage to Iraq is not so great due to the collapse of American crude, due to the limited Iraqi exports to the United States, which are centered around 400,000 barrels per day, as well as that Iraq price Iraqi crude exported to US markets on the basis of ASCI crude (which also witnessed a significant decline ) It is not West Texas crude, as the price at which it sells Iraq depends on the rate of five bullet emissions for ASCII crude 15 days after the tanker is loaded and not on the basis of the one-day price rate.
Experts attributed the collapse of the American crude, Monday, to a number of factors that are not limited to the decline in demand for crude due to the state of closure in most regions of the world, due to the spread of the Corona virus, and the approach of American oil depots to fullness, while an Iraqi expert discussed the impact of the collapse of American oil prices, likely to Iraqi oil prices are relatively safe.
According to the latest developments, Reuters said that prices have reached -8, that is, after prices tumbled within hours from the limits of $ 20 a barrel of US oil to below zero, after having settled for several minutes at a few cents.
The collapse in the oil market comes amid a state of economic stagnation due to the repercussions of the spread of the Coruna virus, and the measures taken to combat it.
The International Monetary Fund warns that getting the world's economies into a downward spiral will be the deepest since the Great Depression of the 1930s.
However, the sharp drop in crude prices is also due to technical reasons related to the approaching May deadline approaching Monday. June contract prices fell.
"The problem of an imbalance between supply and demand globally is beginning to materialize in prices," said Bernard Tonhugen, an analyst at Restad Energy.
He added in his speech to the Russian agency, "As production continues as relatively normal, the stockpiles are filled more and more every day."
Meanwhile, indicators that the emerging Corona virus appeared to have peaked in Europe and the United States did not succeed in raising Asian and European financial markets in general.
Instead, dealers are increasingly concerned that oil storage facilities may reach their maximum capacity, with stocks piled up due to the collapse in demand caused by the Covid-19 epidemic.
Analysts said that the agreement concluded this month between OPEC and its partners to reduce production by ten million barrels per day, does not affect significantly, because the comprehensive closures imposed and restrictions on travel forced billions of people around the world to adhere to their homes.
WTI was perhaps the most affected, as its main storage facilities in Cushing, Oklahoma, were full, while Traficat consultancy Sukrit Vijayakar pointed out that refineries did not process the crude quickly enough.
He said that there are many supplies from the Middle East without buyers "due to the high shipping costs."
"Nobody wants to take over oil with Cushing storage facilities full from one minute to the next," Stephen Ennis of Axecorp said, adding that "It did not take long for the market to realize that the OPEC Plus agreement would not be sufficient in its current form to ensure a balance in the oil markets." ".
Concurrently, most of the stock markets have retreated as well, although governments are beginning to think about how and when to ease the closing measures that have paralyzed the world economy.
And with the start of trading on Wall Street on Monday, stock indices fell to record Dow Jones Industrial decline by 1.8 percent at 23798.01 points in the first ten minutes of the trading session.
The S&P 500 index fell 1.3 percent to 2835.08 points, while the Nasdaq lost 0.7 percent to 8,588.66 points.
Italy, Spain, France and Britain recorded a decline in their daily number of deaths, accompanied by a slowdown in injury rates, while Germany began allowing some stores to reopen, while Norway reopened nurseries.
In the United States, New York State Governor Andrew Como said the epidemic was "receding," but he cautioned that this was "not the time to brag."
There is growing evidence that measures of closings and social estrangement slow down the spread of the virus.
On the other hand, economists say that the prices of the next fall payments may witness a noticeable improvement or even a recovery closer to the previous pre-crash rates, given the high expectations that global consumption may return to its levels by the fall, which will coincide with the recent OPEC + cuts package.
On Monday, Advisor to the Prime Minister, Mazhar Muhammad Salih, explained the collapse of the oil markets in the North American continent, returning to the world that he had entered into a "fatal price war."
Saleh said in a statement, "People" received a copy of it, (April 20, 2020), that "the American market has played in recent years a dual role as an oligopoly sellers market and a monosopeny buyers market at the same time, especially during the past ten years gradually," noting that " The United States consumes about 19 million barrels of oil per day and represents 19% of the world's production alone and is the largest consumer of oil in the world. "
Saleh added, "The United States is one of the largest oil producers in the world, with a production capacity of about 13 million barrels, whether from shale or conventional oil." It is the Kingdom of Saudi Arabia, which contributed to dumping the market by nearly 12 million barrels per day.
And Saleh pointed out that "the whole oil world entered into a fatal price war and then turned the oil market into recession until it reached the point of collapse." A buyers market leads the world oil market to constitute a price war, the collapse of OPEC's strength as a sellers market, and the victory of the US-led buyers' market.
The advisor to the Prime Minister added, "It is two chances of victory. The first is that the low demand for world oil, which is 30% less than the current supply, and the second is an additional surplus of 300 million barrels capacity in the futures market," adding, "As this market formed the symbolic oil front or forward which He led the night’s collapses by turning the oil futures market.
And the appearance of Mohamed Saleh pointed out that "all speculators turned once to the short position, i.e. sell soon for futures contracts with the hope of cheaper purchase of the contracts themselves, but at a low point below the lowest breakpoint in the world, which did not lead to the collapse of the entire oil market."
He pointed out that "the final buyer of the oversupply is the United States market, which seized the collapsed future oil contracts, extensible them, and turned them into an immediate market," noting that "speculative oil companies in the United States are the ones who have the ability to receive the surplus supply and liquidate their contracts against storage capacities which are the largest In the world, in the future, the market will turn into a long position after that melting point or the breaking point above. "
Saleh concluded by saying: "It is the opportunity of the last winner who reaped the losses of the entire world of oil. The winner is the speculators who possess crude oil stocks in the United States of America, and according to a strategy the oil market will remain a buyers market forever."
On Monday, the Sadrist leader Muqtada al-Sadr's page called for taking a lesson from recent developments.
Minister of Al-Sadr Salih Al-Iraqi said in a post that was followed by “Nass” (April 20, 2020), “Oh God, occupy the oppressors with the oppressors, and bring us out from among them unscathed ... and isolate them and what they worship without God.
And one of the followers published "Enough lessons, and kills kings and succeeds others", to respond to Muhammad Salih al-Iraqi, "The one who tries the mighty is the man of the oppressors, the Great of His Majesty, the deceased of the corrupt and the disgrace of the worldliness, he is above them an authoritarian oppressor who does not show mercy except those who are humble, those who are faithful, obedient, those who seek forgiveness, and those who are disbelieving, and those who are disbelieving, and those who are disbelieving, and praising the disbelievers, and those who praise them. .
And he added, "Corruption appeared on land and at sea, as people gained hands so that some of them who had worked may harm them, so that they may return. LINK
Don961: Calls for sound monetary policies to control the financial market
April 20, 2020 10:27 PM Baghdad / Al-Zawraa:
The dollar price indices in all governorates of Iraq have returned to their normal levels after they recorded a noticeable rise a few weeks ago, confusing the market at the time.
A member of the Baghdad Economic Forum, Jassem Al-Aradi, said: "There is a group of reasons that led to the rise in the price of the dollar, along with another group that caused the price of the dollar to drop very close to the normal levels it had before the curfew due to corona."
Natural rates
The past few weeks have witnessed an increase in the currency exchange rate of $ 100 to 126 thousand dinars, while prices have fallen significantly to reach, on Sunday, close to their normal rates at 122,500 dinars per hundred dollars, after they were before the current conditions 121 thousand dinars per hundred dollars.
Economic activities
Al-Aradi added: In a press interview, Al-Zawraa followed: “The reasons that led to the rise in the exchange rate of the dollar came as a result of the drop in oil prices, accompanied by the effect of the Corona virus and the curfew, which caused the suspension of most economic activities, in addition to the temporary stoppage in the sale window.” Currency in the central bank. ”
And between "As for the most important reasons that led to the decline in the exchange rate, it is represented by the central bank re-operating the same window."
Market conditions
and stressed that "the high dollar exchange rate was temporary and corrected, and this is not the first time that the exchange rate of the dollar has increased in Iraq because of speculators exploiting the conditions of the Iraqi market," noting that this is a temporary situation and can always be controlled.
Al-Aradi pointed out that "monetary policies, if they deal with sound and correct mechanisms, can control the financial market, and this can only be done in cooperation with private banks through consulting with them on the general policy of markets, and the need for cooperation and coordination to pay the damage of the high price of the dollar to citizens."
The private sector
explained, “The dollar is purchased for private and governmental banks during daily sessions to buy and sell foreign currencies held by the central bank to finance merchants from the private sector or for tourism and study outside the country, but when that does not happen at the banks it records a clear violation and a clear violation of the bank’s instructions Central ». LINK
Samson: Fitch Downgrades Outlook for Trade Bank of Iraq (TBI)
21st April, 2020
Fitch Ratings has revised the outlook for the Trade Bank of Iraq (TBI) from "Stable" to "Negative".
In a statement, it says that TBI's Issuer Default Rating (IDR)s are driven by the bank's Viability Rating (VR) and underpinned by potential sovereign support.
"The revision of the Outlook to Negative from Stable follows a similar action on the sovereign rating (see "Fitch Revises Outlook on Iraq to Negative; Affirms at 'B-'" on http://www.fitchratings.com).
"This reflects the impact of the decline in oil prices on Iraq's fiscal and external finances, near-term uncertainty concerning the sovereign's financing plan and limitations on policymakers' ability to respond to the fiscal crisis. Iraq's budget revenue sensitivity to oil price and volume is significant, given dependence on oil that accounts for 85%-90% of fiscal revenue.
"We forecast that the budget deficit will widen to 19% of GDP in 2020 and government debt/GDP to an average of 80% in 2020-2021, versus 47% in 2019.
"TBI's VR of 'b-' is constrained by the operating environment in Iraq, which is volatile and challenging, and where TBI generates 70% of its business volume (on- and off-balance sheet exposure).
"Therefore, the operating environment and broader country risks influence TBI's standalone risk profile. As a result, we see downside risks to the stability of TBI's business model, the ability of the bank to execute its strategy, as well as earnings, capitalisation and funding and liquidity relative to when we last reviewed TBI's ratings." LINK
****************
Samson: Economist: 50% of Iraqi oil prices will be affected by the drop in US crude prices
08:50 - 04/21/2020
The economic expert, Dr. Safwan Qusai, explained on Tuesday the reasons for the drop in American oil prices to levels not previously recorded in history, indicating that 50% of Iraqi oil prices will be affected, especially exported to Europe and America, while oil exports to Asia will remain at the level of 20 dollars For the barrel.
Qusai said in a statement to "Information", that "the drop in US oil prices is the result of speculation in future contracts for the next month of May, as who can buy in the future can buy and sell during a limited period, and the last day for trading on the stock exchange was yesterday, so the US storage energy Oil has reached its highest levels, so it can no longer store more oil, especially as there are no oil importers in light of the Corona virus outbreak, which pushed prices down significantly.
He added that "the future contracts for the month of June next, the price of a barrel reached at $ 22," noting that "there are more than 100 million barrels stored in the world, especially Europe, so some countries are forced to sell at a low price."
And that "Iraqi oil is sold in three markets (Asia, Europe and America) and each market has its own price, but more than 50% of Iraqi oil goes towards Asia, especially China and India, where the Chinese economic movement began to return, which makes the price of Iraqi oil at 20 dollars. Per barrel, and the Chinese economy is expected to return to normal in next July, at which time the price of a barrel of oil will reach 40 dollars.
He explained that "50% of the Iraqi oil prices that go east will not be affected by the decline in American oil, and it could be strengthened if Iraq presents facilities for Chinese companies, and consequently, it is possible to increase oil exports to China after a portion of the oil exported to Europe is transferred to China. LINK
Frank25 Video "The Exchange Secret" and more Monday PM 4-20-2020
.KTFA:
DocMagee94: https://www.breitbart.com/economy/2020/04/20/oil-price-crash/
MarkPam: One cannot look at the oil decline as an Iraqi play exclusively.
This is a world-wide impact to many markets "especially" those with oil as a major part of their GDP. Think oil, gold, and other commodities impact and how they will play a part in the currency markets themselves. Think of the impact on the............petro-dollar??? Boom!
CBI still engaged and Rain you are correct, the calculations have been done and should see soon.
This is global...like the IQD....like COVID....will impact everybody.
Game On...but not for long!! Remember, if the IDQ comes out with a low number and "coincidently" the price of oil is low too??? Timing!!
Can you beat the clock??? LOL Exciting times we are seeing for sure.
Tick Tock!! All IMO
KTFA:
DocMagee94: https://www.breitbart.com/economy/2020/04/20/oil-price-crash/
MarkPam: One cannot look at the oil decline as an Iraqi play exclusively.
This is a world-wide impact to many markets "especially" those with oil as a major part of their GDP. Think oil, gold, and other commodities impact and how they will play a part in the currency markets themselves. Think of the impact on the............petro-dollar??? Boom!
CBI still engaged and Rain you are correct, the calculations have been done and should see soon.
This is global...like the IQD....like COVID....will impact everybody.
Game On...but not for long!! Remember, if the IDQ comes out with a low number and "coincidently" the price of oil is low too??? Timing!!
Can you beat the clock??? LOL Exciting times we are seeing for sure.
Tick Tock!! All IMO
Don061: An analytical vision ... the collapse of oil markets in the North American continent
Monday 20 April 2020 Dr. Appearance of Mohamed Saleh
In recent years, the US market has played a dual role as an oligopoly sellers and monosopeny buyers market at the same time, especially during the past ten years gradually, as the United States consumes about 19 million barrels of oil per day and represents 19% of the world's production alone and is the largest oil consumer in the world .
It is one of the largest producers of oil in the world, with a production capacity of about 13 million barrels, whether from shale or conventional oil. After the US oil production of 13 million barrels per day, as we mentioned, contributed to the shift to a net buyers market in parallel with the rebel sellers market, which is the Kingdom of Saudi Arabia, in flooding the market with approximately 12 million barrels per day, the entire oil world entered into a fatal price war and then turned the oil market to Depression until breaking point.
It is two chances of victory, the first is that the low demand for world oil, which is 30% less than the current supply, and the second is an additional surplus of 300 million barrels capacity in the futures market, as this market formed the symbolic or forward oil camp that led the night’s collapse through a coup
The oil futures market, as all speculators turned once to the short position, i.e. sell immediately for futures contracts with the hope of cheaper purchase of the contracts themselves, but at a low point below the lowest break-even point in the world that did not lead to the collapse of the entire oil market, so the final buyer of the surplus is Su United States, which captured the future oil contracts collapsed and Ttviha and turn them into an immediate market.
In conclusion, it is the opportunity of the last winner who reaped the losses of the entire world, for the winner is the speculators who have stocks of crude oil in the United States of America and according to a strategy the oil market will remain a buyers market forever. LINK
************
Frank26: "4-20-20....THE EXCHANGE SECRET"
Streamed live 59 minutes ago
This video is in Franks Opinion
Monday Night CC. 7PM EST 605.313.5164 PIN: 156996#
PLAYBACK : 605.313.5163 PIN: 156996#
TONIGHT’S LIVESTREAM LINK https://livestream.com/accounts/785449
Frank26 Q&A and KTFA Members Saturday Evening 44-18-2020
.KTFA:
Don961: The Governor of the Central Bank stresses the need to maintain the continuity of the banking system
Baghdad / Al-Ghad Press
Finance Minister Fouad Hussein, with the Central Bank Governor Ali Al-Alaq and bank managers, urged the latest OPEC agreement and the request of foreign loans
A statement of the media office of the Minister of Finance, received by "Tomorrow Press", stated that "Deputy Prime Minister and Minister of Finance Fuad Hussein presided over an expanded meeting in the presence of the Governor of the Central Bank, the Under Secretary of the Ministry of Finance, general managers of Rafidain and Rashid and Iraqi banks for trade, customs and tax authorities, and the Public Debt Department to discuss the economic and financial situation for the sake of Securing government needs"
KTFA:
Don961: The Governor of the Central Bank stresses the need to maintain the continuity of the banking system
Baghdad / Al-Ghad Press
Finance Minister Fouad Hussein, with the Central Bank Governor Ali Al-Alaq and bank managers, urged the latest OPEC agreement and the request of foreign loans
A statement of the media office of the Minister of Finance, received by "Tomorrow Press", stated that "Deputy Prime Minister and Minister of Finance Fuad Hussein presided over an expanded meeting in the presence of the Governor of the Central Bank, the Under Secretary of the Ministry of Finance, general managers of Rafidain and Rashid and Iraqi banks for trade, customs and tax authorities, and the Public Debt Department to discuss the economic and financial situation for the sake of Securing government needs"
He added, "The minister reviewed the recent OPEC agreement and the decision to reduce the global oil market shares and reduce approximately one million barrels per day from the share of Iraq and the implications of that decision, especially with the collapse of current oil prices and how to overcome these obstacles and cross the current stage"
For his part, Al-Alaq stressed, according to the statement, "the necessity of preserving the continuity of the banking system and balances," stressing "the importance of analyzing data to obtain information about those balances, whether it is self-financing or central"
The statement pointed out that "the banks, during the meeting, reviewed their assets and capabilities in order to contribute to strengthening the current economic and financial reality"
The statement continued, "Also, options for entering the IMF program and asking for external loans were also touched as one of the options that the current government can take to cross the stage." Whose goods are dedicated to the government" LINK
EverydayJoe: For a Little History
Tonight, 245 years ago, was Paul Revere's famous ride to warn of the British coming. So, tomorrow, 245 years ago was the date, "the shot was fired that was heard around the world", the start of the revolutionary war.
Paul Revere’s Ride
Henry Wadsworth Longfellow - 1807-1882
Listen, my children, and you shall hear
Of the midnight ride of Paul Revere,
On the eighteenth of April, in Seventy-Five:
Hardly a man is now alive
Who remembers that famous day and year.
He said to his friend, “If the British march
By land or sea from the town to-night,
Hang a lantern aloft in the belfry-arch
Of the North-Church-tower, as a signal-light,—
One if by land, and two if by sea;
And I on the opposite shore will be,
Ready to ride and spread the alarm
Through every Middlesex village and farm,
For the country-folk to be up and to arm.”
Then he said “Good night!” and with muffled oar
Silently rowed to the Charlestown shore,
Just as the moon rose over the bay,
Where swinging wide at her moorings lay
The Somerset, British man-of-war:
A phantom ship, with each mast and spar
Across the moon, like a prison-bar,
And a huge black hulk, that was magnified
By its own reflection in the tide.
Meanwhile, his friend, through alley and street
Wanders and watches with eager ears,
Till in the silence around him he hears
The muster of men at the barrack door,
The sound of arms, and the tramp of feet,
And the measured tread of the grenadiers
Marching down to their boats on the shore.
Then he climbed to the tower of the church,
Up the wooden stairs, with stealthy tread,
To the belfry-chamber overhead,
And startled the pigeons from their perch
On the sombre rafters, that round him made
Masses and moving shapes of shade,—
By the trembling ladder, steep and tall,
To the highest window in the wall,
Where he paused to listen and look down
A moment on the roofs of the town,
And the moonlight flowing over all.
Beneath, in the churchyard, lay the dead,
In their night-encampment on the hill,
Wrapped in silence so deep and still
That he could hear, like a sentinel’s tread,
The watchful night-wind, as it went
Creeping along from tent to tent,
And seeming to whisper, “All is well!”
A moment only he feels the spell
Of the place and the hour, and the secret dread
Of the lonely belfry and the dead;
For suddenly all his thoughts are bent
On a shadowy something far away,
Where the river widens to meet the bay,—
A line of black, that bends and floats
On the rising tide, like a bridge of boats.
Meanwhile, impatient to mount and ride,
Booted and spurred, with a heavy stride,
On the opposite shore walked Paul Revere.
Now he patted his horse’s side,
Now gazed on the landscape far and near,
Then impetuous stamped the earth,
And turned and tightened his saddle-girth;
But mostly he watched with eager search
The belfry-tower of the old North Church,
As it rose above the graves on the hill,
Lonely and spectral and sombre and still.
And lo! as he looks, on the belfry’s height,
A glimmer, and then a gleam of light!
He springs to the saddle, the bridle he turns,
But lingers and gazes, till full on his sight
A second lamp in the belfry burns!
A hurry of hoofs in a village-street,
A shape in the moonlight, a bulk in the dark,
And beneath from the pebbles, in passing, a spark
Struck out by a steed that flies fearless and fleet:
That was all! And yet, through the gloom and the light,
The fate of a nation was riding that night;
And the spark struck out by that steed, in his flight,
Kindled the land into flame with its heat.
He has left the village and mounted the steep,
And beneath him, tranquil and broad and deep,
Is the Mystic, meeting the ocean tides;
And under the alders, that skirt its edge,
Now soft on the sand, now loud on the ledge,
Is heard the tramp of his steed as he rides.
It was twelve by the village clock
When he crossed the bridge into Medford town.
He heard the crowing of the cock,
And the barking of the farmer’s dog,
And felt the damp of the river-fog,
That rises when the sun goes down.
It was one by the village clock,
When he galloped into Lexington.
He saw the gilded weathercock
Swim in the moonlight as he passed,
And the meeting-house windows, blank and bare,
Gaze at him with a spectral glare,
As if they already stood aghast
At the bloody work they would look upon.
It was two by the village clock,
When be came to the bridge in Concord town.
He heard the bleating of the flock,
And the twitter of birds among the trees,
And felt the breath of the morning breeze
Blowing over the meadows brown.
And one was safe and asleep in his bed
Who at the bridge would be first to fall,
Who that day would be lying dead,
Pierced by a British musket-ball.
You know the rest. In the books you have read,
How the British Regulars fired and fled,—
How the farmers gave them ball for ball,
From behind each fence and farmyard-wall,
Chasing the red-coats down the lane,
Then crossing the fields to emerge again
Under the trees at the turn of the road,
And only pausing to fire and load.
So through the night rode Paul Revere;
And so through the night went his cry of alarm
To every Middlesex village and farm,—
A cry of defiance, and not of fear,
A voice in the darkness, a knock at the door,
And a word that shall echo forevermore!
For, borne on the night-wind of the Past,
Through all our history, to the last,
In the hour of darkness and peril and need,
The people will waken and listen to hear
The hurrying hoof-beats of that steed,
And the midnight message of Paul Revere.
Frank26 Video , CC Replay and more Monday Night 4-13-2020
.KTFA:
7-FA: U.S. Embassy Baghdad
2 hrs ·
U.S. State Department - Washington
Office of the speaker
April 13, 2020
Press Release From Secretary of state mike boom
Political situation in Iraq
The United States is looking forward to the formation of a new Iraqi government capable of facing the corona, overcoming the current economic crisis of the country and holding arms in the hands of the state. The main mission of the new government must be to place the Iraqi interests first and meet the needs of the Iraqi people and welcome the unanimity of Shia and Sunni political leaders and to respond to the formation of the government.
The Iraqi people call for real reform and credible leaders. These demands deserve to be met without violence or oppression. We stand with the Iraqi people to achieve this effort and look towards a sovereign, prosperous Iraq free of corruption and terror.
KTFA:
7-FA: U.S. Embassy Baghdad
2 hrs ·
U.S. State Department - Washington
Office of the speaker
April 13, 2020
Press Release From Secretary of state mike boom
Political situation in Iraq
The United States is looking forward to the formation of a new Iraqi government capable of facing the corona, overcoming the current economic crisis of the country and holding arms in the hands of the state. The main mission of the new government must be to place the Iraqi interests first and meet the needs of the Iraqi people and welcome the unanimity of Shia and Sunni political leaders and to respond to the formation of the government.
The Iraqi people call for real reform and credible leaders. These demands deserve to be met without violence or oppression. We stand with the Iraqi people to achieve this effort and look towards a sovereign, prosperous Iraq free of corruption and terror.
Frank26: 4-13-20 HIT THE ROAD AUCTIONS AND DON’T YA COME BACK NO MORE NO MORE
This video is in Frank’s opinion.
Monday Night KTFA CC 4-13-2020
PLAYBACK : 605.313.5163 PIN: 156996#
************
Samson: The currency market in Sulaymaniyah closed, a day after it was reopened
13th April, 2020
The health and security authorities closed, on Monday, the currency market in the city of Sulaymaniyah in the Kurdistan Region again, one day after it was reopened.
“The authorities decided yesterday to open the currency market in the city of Sulaimaniya, according to the controls from ten in the morning until 3 pm,” said the spokesman for the currency market in Sulaimaniyah, Jabbar Goran, explaining that “the market witnessed momentum and high turnout by the owners of the shops to exchange the currency.” Iraqi dollars.
"This crowding and gathering forced the medical and security teams to close the market again for fear of the Corona virus," Goran added.
On Sunday, the authorities in Sulaimaniyah decided to reopen the currency market, in order to go along with commercial matters and merchants only, and to transfer money for the purpose of purchasing commercial and food items only. LINK
DELTA: THANK YOU BROTHER DON FOR THE HARD WORK...THIS ARTICLE IS FULL OF STARS.......WORD BY WORD WHAT WE SAID ON PREVIOUS CC ...SECRET EXCHANGE RATE ...
Don961: The Iraqi dinar is falling apart: Corruption and Corona are jumping in dollars
3 Hours Ago
The turmoil in the Iraqi dinar exchange rate against the dollar recently led to negative effects, which directly affected the business sector and commodities in the markets, which led to the loss of confidence of dealers and investors in the monetary authority.
The decline of the dinar came after the Central Bank of Iraq stopped its activities related to pumping liquidity in foreign exchange to meet the needs of banks and their customers, as it was pumping an average of 140 million dollars or more per day to maintain the value of the currency and support its stability, and stopping the pumping of liquidity led to a jump in the exchange rate of one dollar from 1200 to 1280 Iraqi dinars, amid warnings of the continuation of this rise due to the curfew imposed by the authorities as part of the procedures to face the outbreak of the Corona epidemic.
In the midst of the financial crisis experienced by the world in general and Iraq in particular in light of the collapse of oil prices and the large deficit in the budget for 2020, the government faces great economic challenges, most notably the difficulty that the central bank can maintain the value of the dinar against the dollar because of the corrupt control of the auction of selling currency, according to What officials and economists see.
In an interview with "The New Arab," an official in the caretaker government said that "the central bank cannot maintain the value of the Iraqi dinar against the dollar by continuing to pump the hard currency to the market, because of the lack of public revenues due to weak demand for oil and the decline in its price." That "the central bank will have to legalize the sale of the currency for a certain period until oil prices rise again."
And Iraq, the second largest producer of crude oil in the Organization of Petroleum Exporting Countries (OPEC), with an average daily production of 4.5 million barrels per day.
The official, who preferred to remain anonymous, added that "continuing to hold auctions to sell currency and pump tens of millions of dollars per day to preserve the value of the dinar leads to great risks for the country's economy, and it is better for the central bank to cancel the currency auction and install its local currency, since most of the beneficiaries are Of these auctions are not businessmen and merchants, but banks, banks and private sector companies dominating the market, a large part of which has been transferred out of Iraq.
He pointed out that the central bank has succeeded in recent years in achieving the stability of the dinar exchange rate and improving it in relation to the dollar and other currencies by stabilizing the price of the local currency and defending it, but the current collapse in oil prices, and consequently, the country's financial returns are completely different from the crises of past years.
According to the official, "There are daily discussions to reach a road map that enables the country to maintain an acceptable exchange secret of the dinar against the dollar."
The central bank sells between 140 and 160 million dollars to public and private companies and banks, as part of a plan adopted since 2004 to control the exchange rate of the dinar and prevent its collapse in the market. The central bank only allows companies and limited banks to enter the auction and buy dollars, amounting to less than 50 banks and financial companies that are licensed by the central bank, all of which are private or private.
For his part, Professor of International Economic Relations at the Iraqi University, Abdul Rahman Al-Mashhadani, said in an interview with "The New Arab" that "canceling the currency auction is very difficult, because the goal of the currency window is to finance imports in the private sector."
According to Al-Mashhadani, 90% of the country's consumer needs are secured by import by the private sector, which means that canceling the currency auction will lead to a major disruption in the prices of imported goods.
Al-Mashhadani stressed that "the currency auction is a drain on foreign exchange due to its association with prominent political figures," pointing out that 15% of Central Bank sales through the auction go as money laundering in various ways and methods and are transferred outside of Iraq.
He pointed out that the best way for the central bank to follow is to legalize the sale of hard currency as much as possible to maintain the value of the dinar and foreign exchange reserves.
For its part, Ayat Muzaffar, a member of the Iraqi parliament from the "victory" coalition led by former Prime Minister Haider al-Abadi, attributed the causes of the economic collapse and the value of the dinar against the dollar to the wrong financial policies pursued by the Adel Abdul-Mahdi government.
Muzaffar said, in an interview with the "New Arab", that "bad management and fiscal policy floundering the head of the caretaker government, Adel Abdul Mahdi, and its indiscriminate spending on the state budget, is one of the main reasons that led to the economic collapse of Iraq, and to an unprecedented financial deficit is expected to It is, if oil prices continue to decline, about 80 trillion dinars.
She explained a member of the Iraqi parliament that the central bank spent a large part of the cash reserve for the purpose of stabilizing the dinar price against the dollar, which led to the depletion of the cash reserve, and then the central bank will lose over time its ability to maintain the par value of the dinar.
She added that "the confusion in the government's performance seemed clear when the head of the crisis cell spoke about the possibility of Iraq resorting to printing the currency", noting that the printing of the currency is based on three reasons, either that there is a frayed currency to print as a substitute for it, or because of an economic recovery that is printed An easy amount until there are surplus sums that increase the demand for goods and services so that the producers increase the production.
As for the other reason, according to Muzaffar, the printed currency must be equal to the national product, while stressing the need to preserve the monetary reserve of the central bank through its reliance on a flexible policy that takes into account the emerging political and economic conditions of the country.
And at the end of last March, the rapporteur of the Parliamentary Finance Committee, Ahmed Al-Saffar, said that "the central bank reserves reached 87 billion dollars, and it does not include cash and foreign currency only, but it includes gold bars."
Ammar Hamid New Arab link
Iobey777: WOW! DELTA!! YES.. I'M EXCITED ABOUT THE "SECRET EXCHANGE RATE" I WILL BE GLAD WHEN IT IS NOT A SECRET ANY LONGER!!
Frank26 Q&A and KTFA News Saturday Night 4-11-2020
.KTFA:
Samson: Canada: The G20 agreed on the necessity of stabilizing oil prices
08:37 - 11/04/2020
Canadian Minister of Natural Resources Seamus Origan announced that the G20 countries, including Russia and Saudi Arabia, have agreed on the necessity of stable oil prices.
In the wake of the ministerial meeting of the twenty countries to discuss measures to achieve stability in the oil market, the minister revealed that the parties concerned agreed to form a working group to follow up on collective efforts to deal with oil issues.
KTFA:
Samson: Canada: The G20 agreed on the necessity of stabilizing oil prices
08:37 - 11/04/2020
Canadian Minister of Natural Resources Seamus Origan announced that the G20 countries, including Russia and Saudi Arabia, have agreed on the necessity of stable oil prices.
In the wake of the ministerial meeting of the twenty countries to discuss measures to achieve stability in the oil market, the minister revealed that the parties concerned agreed to form a working group to follow up on collective efforts to deal with oil issues.
He said that the "twenty" countries "have not yet reached what we want," noting that there is still a lot of work before the countries, but they made a "great step forward" during today's meeting.
He added that no "numbers" were discussed with regard to reducing oil production, and he declined to talk about whether countries planned to take any additional steps to reduce production at a later time.
This comes a day after OPEC + countries reached understandings to reduce oil production by 10 million barrels from May 1 and for a period of two months. LINK
Samson: The Washington Post: America has done the Patriot in Iraq
11:04 - 11/04/2020
The Washington Post, on Saturday, revealed that the United States has done the Patriot defensive systems in Iraq.
The newspaper said, "Patriot defensive systems have been activated in Iraq to protect US forces with the bases that have been attacked."
While officials confirmed in an interview with the Associated Press, that the Patriot missile systems and two other short-range missile systems were deployed at Ein al-Assad base, which was hit by a missile strike last January, as well as at the military base in Arbil.
The officials, who asked not to be named, revealed that "the United States has been working to transport missiles to Iraq in recent months to provide protection for the forces present at its bases there." LINK
***************
Samson: Mr. Sistani sets the rule for fasting Ramadan in light of the spread of Corona
11:12 - 11/04/2020
The religious authority, Sayyid Ali Sistani, answered, on Saturday, a referendum on fasting the month of Ramadan this year after the spread of the Corona virus in the world.
The following is the text of the referendum and the answer:
Office of His Eminence, the supreme religious authority, Mr. Ali Al-Sistani, as long as his peace, mercy and blessings be upon you
Because the lack of water in the body reduces its immunity, and the dryness of the throat, if the virus has reached it, gives him the opportunity to move to the respiratory system, while drinking water helps to bring it down to the stomach and eliminate it in it. Is the fasting of the month of Ramadan for Muslims in this year falling for this reason?
In the name of God, the Most Gracious, the Most Merciful. As for what was mentioned that doctors recommend drinking water in close periods to avoid the lack of water in the body and the dryness of the throat - because they raise the possibility of infection with the Corona virus - it does not prevent the necessity of fasting except for those who have reached it, so he is afraid of catching the disease if he fasts He found no way to reduce the likelihood that fear would not be true to him - even if he stayed at home and taken all other precautionary means - and others must fast.
The obligation to fast the month of Ramadan is an individual assignment. Every person who fulfills the conditions of obligation is obliged to fast, regardless of whether or not it is obligatory for others.
If the coming month of Ramadan comes to a Muslim and he fears that he will develop corona, if he fasts, and if he takes all precautionary measures, his obligation is waived for each day, and he fears that if he fasts he will get sick. And if it can weaken the degree of probability of injury so that it becomes what is not considered by the wise people - even by staying at home and not mixing with others closely, using the muzzle, medical paws, and the constant sterilization care, and so on - and he did not have an extreme embarrassment that he usually did not bear, and it was not obligatory. Fasting.
Note that it is possible to avoid a lack of water in the body in the event of fasting by eating vegetables and fruits rich in water such as cucumbers and watermelons before dawn, as well as drying the throat by chewing sugar-free chewing gum - provided that its parts in the mouth are not crumbling and descending into the hollow - then chewing gum leads To increase the secretion of saliva in the mouth and do not mind swallowing in case of fasting.
Thus, it appears that those who can leave work during the month of Ramadan and stay at home so that they are safe from the disease do not lose their obligation to fast, and for those who cannot afford to leave their jobs - for any reason - if they are afraid of contracting the virus while leaving drinking water at close intervals during the day and they cannot To take another measure that they would be safe from, and they did not have to fast, even if it was not permissible for them to profess to break the fast in public.
It is well known that fasting the month of Ramadan is one of the most important legal duties, and it is not permissible to leave it except for a real excuse, and every person knows about his condition that he has a real excuse to leave fasting or not. LINK
Don961: Corona positives .. Is the world turning towards digital payments?
April 11, 2020 4:30 PM
Direct - Ahmed Shawky :
While the Chinese authorities have disposed of banknotes that are potentially loaded with Corona virus, Western countries are still not only late in their response to the epidemic, but also in adopting digital payments
One of the positive aspects of the crisis in the spread of the Coruna virus is that this may soon change and Western countries depend on digital payments, according to an analysis of three economists at Harvard University and Deutsche Bank via Project Syndicate
Given that manual exchange of the physical currency can transmit the Corona virus, countries around the world are forced to reconsider the use of cash
Indeed, Covid 19 may turn into the catalyst that makes digital payment the trend, and it is not surprising that the digital payments industry is already focusing on the opportunities created by the crisis
For its part, the Chinese government has started to cleanse and even destroy banknotes to reduce the spread of the virus, at least in the short term
For example, the South Qianya Morning Post reported that a local branch of the People's Bank of China in Guangdong Province is disposing of funds that may have been traded through high-risk locations such as hospitals and food markets
Also, fearing importing currencies that might be loaded with the virus from Asia, the Federal Reserve began quarantining and clearing the dollar
These measures may be justified, keeping in mind that the currency in circulation can be vulnerable to disease transmission
Studies have found that the influenza virus, for example, can survive and contagious on banknotes for 17 days, so it would not be unreasonable to assume that the circulating currency played a role in the spread of corona as well
In any case, many countries will consider the option of purifying, isolating and reprinting the currency, and regardless of what they decide, one of the results seems already certain: the virus will accelerate the ongoing shift between the younger population towards digital payments, especially in Asia, specifically in China
This trend is really strong as, as of the end of 2018, around 73 percent of Internet users in China used online payment services, compared to 18 percent in 2008
Young people tend to be more open to adopting new technologies, and China and Southeast Asian countries have a much smaller population than Europe and the United States
Moreover, the Chinese government is actively promoting its online banking infrastructure, while western countries rarely use a top-down approach to governance, lagging behind Asian economies in adopting digital payments
There are internal and structural reasons for the slow rate of adoption by Western countries of digital payments. For example, there are no major technical or financial companies operating in this sector in Europe
As such, European consumers and companies must rely on the services provided by large American companies (Apple Pay, Google Pay, and Paypal) etc
But given fears about ceding vital sectors in the digital economy to US tech giants, the European Union has taken a slower and more cautious approach, favoring those less turbulent changes to European financial transactions infrastructure
Cultural customs have also slowed the pace of change in the West. Americans and Western European citizens in particular rely on cash much more than households in Asia
According to a recent Deutsche Bank survey, a third of respondents to advanced economies consider that cash is their preferred method of payment, and more than half believe that cash will always exist, so it may take some time for these culturally entrenched habits to change without risking negative reactions
However, the widespread spread of the Corona virus may push the world towards a turning point in how it handles payments
It is too early to predict changes that may occur, but they are likely to emerge as solutions to specific challenges in different national contexts, payment infrastructures, and demographic groups
Digital currency versions, such as the electronic krona that Sweden recently announced, are promising examples of what could be planned for the future
In addition to the influence of Covid19 and the increasing acceptance of non-cash payments in stores, there are other reasons why people want to switch to digital payments. A Deutsche Bank survey found that ease plays an important role in a person’s choice of digital transmission. Digital portfolios are free and readily available
The use of digital technology can also help track spending and manage budgets, and in terms of security, the transition without cash reduces the chances of being stolen physically
Certainly, the current crisis has not yet pushed many countries other than China to purify, isolate and reprint their currencies, but Corona could turn into a one-time-one pandemic that requires different solutions as well
So the current period is a clear opportunity to start accelerating the inevitable shift towards digital payments link
Clare: Coronavirus Can't Hold These WWII Vets Down
Once a fighter, always a fighter.
That couldn't be more true for two Oregon veterans who collectively survived World War II, the Great Depression, the Spanish Flu epidemic … and now COVID-19.
The virus has inundated U.S. hospitals and health care facilities over the past month. As of April 7, more than 374,000 cases have been diagnosed in the U.S., culminating in more than 12,000 deaths reported. And experts say it may still get worse before it gets better.
But just looking to 95-year-old Bill Kelly and 104-year-old William Lapschies can give us all hope. These World War II veterans got the virus and have since recovered – a huge feat because the elderly with underlying health conditions have been a hard-hit age group.
We wanted to know more about their service and recoveries, so we linked up with their families to get the details.
Click the link for the whole article..
************
Frank26: 4-11-2020. Q & A
This video is in Franks opinions
Frank26 Video Tuesday Night "Super Supervising" 4-7-2020
.KTFA:
Frank26: 4-7-20 SUPER SUPERVISING
THIS IS ALL IN FRANK'S OPINION
Donald Trump is now actively involved in the reinstatement or monetary reform of the Iraqi dinar
Recorded message from Delta
Articles that Frank is talking about on your tube tonight.
Walkingstick and Delta’s Posts LINK
KTFA:
Frank26: 4-7-20 SUPER SUPERVISING
THIS IS ALL IN FRANK'S OPINION
Donald Trump is now actively involved in the reinstatement or monetary reform of the Iraqi dinar
Recorded message from Delta
Articles that Frank is talking about on your tube tonight.
Walkingstick and Delta’s Posts LINK
KTFA Members "Currency Manipulation Law -Boom" and more...4-7-2020
.KTFA:
Walkingstick: Washington intends to monitor the Central Bank of Iraq for this reason
2020-04-07
The Lebanese MTV channel revealed, today, Tuesday, the US administration's intention to place the Central Bank of Iraq under supervision for its involvement in withdrawing the dollar illegally, she said.
The channel said that its sources in the American administration told it that Washington was preparing for the possibility of putting the Iraqi Central Bank under surveillance because of its "involvement in illegally withdrawing the dollar and smuggling it to Iran and its arms in the region." LINK
Clare: IMO, REMEMBER FRANK SAID LAST NIGHT "GIVE IT A MINUTE " ....ABOUT THE CURRENCY MANIPULATION LAW GOING INTO EFFECT 4/6 ....AND BOOM!......
KTFA:
Walkingstick: Washington intends to monitor the Central Bank of Iraq for this reason
2020-04-07
The Lebanese MTV channel revealed, today, Tuesday, the US administration's intention to place the Central Bank of Iraq under supervision for its involvement in withdrawing the dollar illegally, she said.
The channel said that its sources in the American administration told it that Washington was preparing for the possibility of putting the Iraqi Central Bank under surveillance because of its "involvement in illegally withdrawing the dollar and smuggling it to Iran and its arms in the region." LINK
Clare: IMO, REMEMBER FRANK SAID LAST NIGHT "GIVE IT A MINUTE " ....ABOUT THE CURRENCY MANIPULATION LAW GOING INTO EFFECT 4/6 ....AND BOOM!......
WALKINGSTICK, POST #177....JUST NOW
Washington intends to monitor the Central Bank of Iraq for this reason 2020-04-07
FRANK TOLD US TRUMP WAS ANGRY WITH IRAQ SAT. NIGHT.....WOW!
Patrik73: smuggling, not manipulation
Clare: YES, THE ARTICLE TALKS ABOUT SMUGGLING.. THAT IS TRUE...I AM ONLY POINTING OUT WHAT IS STARTING TO TAKE PLACE SINCE APRIL 6TH, AS IT SURFACES ..& CONNECTING IT WITH WHAT FRANK AND WALKINGSTICK HAVE ALREADY TOLD US... …TRUMP WILL TAKE WHATEVER MEASURES NECESSARY NOW...IMO
Currency Manipulation and Countervailing Duties
https://fas.org/sgp/crs/misc/IN11138.pdf
Currency Manipulation
For more than a decade, some policymakers and analysts have expressed concerns that U.S. exports and
jobs have been harmed by unfair exchange rate policies of other countries (“currency manipulation”).
They argue that other countries have purposefully weakened their currency relative to the dollar to boostexports, at the expense of U.S. firms and workers.
However, there are a number of factors that drive exchange rates, and it is difficult to estimate the extent to which a currency is undervalued, and why it is undervalued.
On April 6, 2020, the rule is to go into effect ...
*************
Godlover: I am guessing this current threat, until they implement the supervision is why we see the CBI changes? Also, I again can only guess this supervision will continue long after the MR (monetary reform)
Walkingstick: Yes, in part ... supervision, by the U.S.... a part of their new mechanism... Oversight, by... the U.S. is and will remain in place..... Regards.....
Frank26: KTFA KONA ........... TODAY WORD FOR WORD ................ WS AND I .................... FREAKEN TOLD YOU SO !!! !!! !!!
Monday Night CC Replay
PLAYBACK : 605.313.5163 PIN: 156996#
**************
DELTA: The response of the Central Bank ... is procedural related to its law and not to economic logic ... Abdel-Hussein Al-Anbuge
2020-04-07
Books: Prof. Abdul Hussein Al-Anbaki
In fact, I was not going to respond to the central bank, but to clarify the picture in front of the non-specialist reader. As for the specialist, he knows what I meant in my article on inflationary financing,
It is true that I have not worked in the central bank, but I have been a professor of macroeconomics and monetary theory for years, unless the central bank works according to unscientific contexts that are not consistent with what we have studied. Moreover, over the past 15 years I have evaluated and put an opinion on all Central Bank reports that come To the Prime Minister by virtue of my consultative work, just as my article does not care about procedural and administrative matters or how to organize the public (assets and liabilities) and accounting restrictions for the central bank, but rather I talk about monetary policies and focus on the impact of monetary issuance on the overall economy in a recession situation which is the goal of the paper, perhaps Or e explained that the following things:
First: It is not my responsibility if Brother Hussein, an expert at the Central Bank, does not differentiate between issuing a new currency and issuing a new cash, so we are close to economists, and we have the picture as I mentioned in my article.
Second: It is certain that the new and old currency issuance, but that any dinar that is outside the central bank is on the side of the liabilities and the right of the bearer over who issued it, and I do not know why he supplies this axiom, but he issues the money against deposits with the central bank, this is the natural mechanism for controlling the offer Cash is not what is intended in our article, because what is meant in the article is a monetary issuance (exceeding) the requirements for regular money supply, and therefore it is tied to the requirements of monetary policy to influence the overall economy due to a recession crisis so the central bank makes the cash flow greater than the commodity flow, which is greater than Volume of transactions in Lq thereby contributing to inflationary financing of monetary policy with its policy in ridding the financial economy from recession, creating any inflationary pressures by increasing money supply
Third: If the new currency issuance will create inflationary pressures to get the economy out of recession, then how does it say that this measure is not a tool of monetary policy, are not monetary policy tools used for the purposes of restoring economic stability due to its imbalance in crises?
Fourth: If the central bank lends to the government any purchase of its bonds, then it pays a dinar to the government for the value of the loan, and this means that the dead dinar in the central will be revived, which means that the money supply increased, and this means that the cover inevitably expanded and the cover did not shrink, but the effect of the two measures on the economy is the same.
Fifth: It is unfortunate that an economist said that the central bank deducted government bonds in favor of government banks, which in turn discounted them for the benefit of contractors in the previous crisis 2014 according to his law and I do not care about his law. I am talking about the result and impact, and I do not know what the difference is in what I mentioned because the result is an offer Cash is the same. Money is with the public and banks are part of the money supply in its broad sense. As long as bonds are discounted to banks or deducted directly to contractors, the same will lead to the effect of inflationary financing inevitably.
Sixth: The rescue packages that countries made, I also mentioned that it is through the general budgets of these countries, but how the deficit was financed inevitably through the compatibility of an expansionary fiscal policy with an expansionary monetary policy where the central banks sought to issue a cash, so America is now printing $ 3 trillion, and I do not understand why It is presented at the same point in other vocabulary.
Seventh: I would like to refer to my recent book on the exaggerated exchange rate in it ... suppression of the local product and support for the importer, which is entirely dependent on the Central Bank data as these data show that the difference between the value of private sector imports that the central bank claims is that the currency sale window was found for it and what He sold him one dollar in that window for the period from 2010-2017, that is, in 8 years, up to 202 billion dollars, which is money in foreign exchange that bled without a commodity import.
Eighth: I would also like to point out that raising the value of the dinar in an imaginary way has created a big difference between its real value and its subsidized value. This difference is a net addition that supports imported goods in a way that exceeds all margins of customs protection to protect the local product in Iraq, which made the central bank with this monetary policy destroying the base Productivity in favor of imports behind millions of unemployed, and Mr. Hussein continues to object to the Central Bank’s call to adopt a strict monetary policy.
Clare: WOW!! THANKS DELTA!! HERE COMES THE "MORE" WALKINGSTICK & FRANK TOLD US ABOUT!!! AWESOME!!
YoungSC: And the rise of the exchange rate agaisnt the dollar is supposed to stop this week.
************
Samson: Pompeo: America is ready to work with any prime minister who serves the interests of the Iraqi people
04/7/2020 2020 17:51:16
US Secretary of State Mike Pompeo confirmed today, Tuesday, that his country is ready to work with any prime minister that serves the interests of the Iraqi people.
"The United States is seeking to continue our good relationship with Iraq and we proposed a strategic dialogue last June," he told a news conference.
And that "all strategic issues will be discussed in dialogue with the Iraqi government, including the future of the American military presence."
He continued: "The Corona virus should not limit our ability to fight against the Islamic State in Iraq."
Samson: By name .. Al-Zarfi keeps 4 ministers from the Abdul Mahdi government
7th April, 2020
Political sources said, on Tuesday, that the Prime Minister-designate, Adnan Al-Zarfi, has re-nominated 4 ministers in the government of resigned Prime Minister Adel Abdul-Mahdi to the portfolios.
The sources said in an interview with "Mawazine News" that "Al-Zrafi decided to keep the Interior Minister Yassin Al-Yasiri." She added, "He also decided to keep the three Kurdish ministers, who are the Minister of Finance Fuad Hussein, the Minister of Construction and Housing, two bankers, and the Minister of Justice Farooq Amin Shwani."
The Prime Minister-designate, Adnan Al-Zorfi, requested the Presidency of the House of Representatives to fix a session to grant confidence to his cabinet. LINK
***************
Don961: The Minister of Finance discusses the collapsed Iraqi financial situation with the Bank and the International Monetary Fund
Last updated: April 6, 2020 - 1:41 PM
Baghdad / Iraq News Network -
The Minister of Finance, Fuad Hussein, met Monday (06 April 2020) with the ambassadors of the United States of America and Britain, and officials from the Bank and the International Monetary Fund via closed circuit.
Hussein said in a tweet via the Twitter platform: “I participated in a meeting via closed-circuit television, to discuss the economic and financial situation and the implications of falling oil prices on the Iraqi economy, and to study some proposals to overcome the crisis. ”
He added:“ We also discussed the meeting in which the ambassadors of the United States, Britain, and the World Bank representative participated, and The International Monetary Fund, in addition to the Under-Secretary of Health, is a crisis
Corona epidemic and the steps taken to support the health sector in Iraq, to contain this dangerous epidemic. ”
The United States of America had announced, on Sunday (05 April 2020), its willingness to assist Iraq in confronting the new corona virus, during a meeting with the American ambassador Matthew Tooler with the President of the Council The Iraqi Supreme Judiciary. LINK