KTFA Members "News and Views" Wednesday Afternoon 4-22-2020

KTFA:

Samson:  To / all exchange and brokerage firms

22nd April, 2020

M / cash sale to citizens of the dollar

 According to the decision of the Board of the Central Bank of Iraq No. (24) for the year 2020 held in its session numbered (five hundred and ninety after the thousand) held on 25/2/2020, it was decided to continue adopting the passport and travel card (ticket) in the process of selling the dollar to travelers and delegates exclusively

https://cbi.iq/news/view/1470

Samson:  The Iraqi Stock Exchange announces the resumption of trading next Sunday

22nd April, 2020

The Iraqi Stock Exchange announced the resumption of trading on shares next Sunday, after the recent decisions of the Anti-Corona Virus Cell to reduce the ban hours from 24 hours to 11 hours

The Stock Exchange said in a book addressed to the Securities Commission seen by the "Economy News", "The Board of Governors decided to resume the activity of stock trading sessions as of Sunday, April 26," noting that "brokerage companies will trade from their headquarters in Baghdad remotely using The electronic trading system associated with the market

He stressed that "the investor base in the market will remain closed until further notice, as well as the permanence of employees will be 25% with a commitment to wear masks and the required preventive operations   LINK

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Samson:  Brent crude below $ 16 a barrel for the first time since 1999

22nd April, 2020

The price of Brent futures for the month of June fell on Wednesday to below $ 16 a barrel for the first time since 1999, according to trading

As of 7:34 Moscow time, the price of Brent North Sea crude futures fell 12.62% to $ 16.89 a barrel
 
The price of Brent North Sea crude futures for the month of June, at 6:42 Moscow time, decreased by 12.62% to $ 16.89 a barrel

West Texas Intermediate crude futures were recorded, for the first time in history, for the first time in history, and decreased to minus $ 37 a barrel    LINK

Iggy:  I heard on the news there's a guy in town stealing the wheels off police cars. The cops are working tirelessly to catch him!

Iggy:  Why did the Clydesdale give the pony a glass of water?
Because he was a little horse.

Iggy:  “When you can’t find the sunshine, be the sunshine”

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Samson: G20 agriculture ministers: Corona virus measures should not disrupt global food supplies

22nd April, 2020

The agriculture and food ministers of the Group of 20 nations agreed at a remote meeting, Tuesday, that emergency measures in the context of the Covid-19 pandemic should not create "unnecessary barriers to trade or hinder global food supply chains

The ministers also said, according to a closing statement, that they would avoid any measures that could lead to excessive fluctuations in food prices on world markets that would threaten food supplies

"In the current difficult circumstances, we stress the importance of avoiding food losses and waste caused by disturbances along the food supply chains, which can exacerbate food insecurity, nutritional risks and economic losses," the statement said   LINK

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Samson:  Trump orders the Marines to destroy any Iranian boat that intercepts American ships

22nd April, 2020

US President Donald Trump has ordered the US Marines to destroy any Iranian boats that intercept American ships.  The US Navy accused Iran of carrying out "provocative and dangerous" acts against a number of American ships in international waters in the Gulf.

The US military said that 11 Iranian boats were exposed to six American ships participating in military exercises in the Gulf waters. The US Navy explained that the boats approached the American ships at a high speed, and accused Tehran of violating international rules. 

The Navy statement said that the American forces reserve the right to act to defend themselves. There was no comment from the Iranian authorities.

The American ships issued many warnings to the Iranian boats, which moved away after about an hour, according to the statement. Tensions rose between Washington and Tehran earlier this year after a US air strike in Iraq killed the commander of the Iranian Revolutionary Guard Corps, Qassem Soleimani.  Then, on January 8, Iran retaliated with a missile attack on the Iraqi base of al-Asad where US forces were located, without causing the death or injury.

Earlier this month, US President Donald Trump said Iran and its proxies had planned attacks on US targets in Iraq, and warned that they would pay a "very high price".  

I have instructed the United States Navy to shoot down and destroy any and all Iranian gunboats if they harass our ships at sea.— Donald J. Trump (@realDonaldTrump) April 22, 2020

JJimmyJJ:  Frankly,  I think this should have happened a long time ago. They have been like a toy poodle barking at the rottweiler for so long,  they've convinced themselves that the rottweiler is scared of them.

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Samson:  Corona will lead to the largest annual drop in pollution since World War II

17:13 - 04/22/2020

The president of the World Meteorological Organization said that the Corona virus pandemic will reduce carbon dioxide emissions by 6% this year, which will be the largest annual decline since the Second World War.

"This crisis has had an impact on greenhouse gas emissions," said Petteri Talas, head of the organization, at a hypothetical press conference in Geneva on Wednesday. He added, "We estimate that there will be a 6% decrease in carbon emissions this year due to the lack of emissions from transportation and production of industrial energy."

Because of the virus outbreak in most parts of the world, many countries have taken restrictive measures in the framework of combating the spread and spread of Corona, imposing public isolation and preventing movement except at certain hours and some preventing it entirely except in cases of extreme necessity, and closed shops and public centers and some government departments, as well as stopping the movements Internal movement, travel and airport movement as a precautionary measure, with the exception of the necessary ones, which, according to experts, contributed to alleviating the manifestations of the pollution unit in many countries of the world.   LINK

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.

VIDEO LINK

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Monday Night CC 4-21-2020

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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

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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

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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

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

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Frank26:  "4-20-20....THE EXCHANGE SECRET"

Streamed live 59 minutes ago

This video is in Franks Opinion

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KTFA Members " CBI News and Views" Sunday PM 4-19-2020

KTFA:

Don061:  Dr.. The appearance of Muhammad Salih *: monetary adjustment in Iraq: visions and perspectives in monetary policy

04/18/2020

In the conditions of the current economic stagnation, which indicates the availability of unemployment at two decimal places and falling prices at the zero level, supported by indicators of dual deficit, one of which is internal in the general budget and the other is external in the current account of the balance of payments, the controversies between the economists tend to adopt something from the fiscal adjustment that works To correct the exchange rate and according to a temporary floating mechanism that helps to target the target and defend stable exchange rates at other levels.

Thus, the exchange rate adjustment comes in disciplined degrees to address the imbalance of two basic budgets in the overall economy:

The first is to correct the current account of the balance of payments and reach a point close to the balance between inflows and outflows.

The second is to provide a leverage to finance the budget deficit with the differences in correcting the dinar exchange rate to the dollar in order to fill the deficit in the general budget in whole or in part and another source from the corrected exchange rate rest, and count those differences as a final revenue for the treasury.

Such revenues are, in all cases, an inflation tax, whose money is a pure cash issuance commensurate with a reduction in the exchange rate.

The spending arising from the collection of resources for such an inflationary tax (in the form of rentier cash surpluses generated by the new exchange rate) is not without underlying inflation factors in a market that generates expectations leading to continuous price fluctuations.

But at the same time it may move some aspects of public finance and real macro activity to some extent.  

To continue reading, click on the following link to download the PDF file

The appearance of Muhammad Salih - cash conditioning in Iraq - edited

LINK

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MANY THANKS AGAIN TO SAMSON FOR THE TRANSLATION ...

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Don961:   This is the appearance of Mohamed Saleh *: The optimal monetary policy: between dual tools and two signals: past measures and present controversy extended 

The school’s economic debate in Iraq widened over the relationship between cash exposure or the Ura Bazaar rather growth in the monetary basis as an internal variable and an independent endogenou (i.e. Internal cash supply) and between the effects of direct financial policy on monetary developments, or even the effects of hostile markets, incomplete markets in the birth of an extreme hegemony in the behavior of the cash demand function in general and government over trends and movements of the economy's liquidity and potential price turmoil. It is a case that corresponds to the updated Keynesian thinking on the issue of the growth of local liquidity components by the impact of monetary behavior and its functions.

Monetary internal rentier financial instruments (represented by treasury transfers in foreign countries and external rentier financial instruments) represented by the United States dollar disrupted a limited field of monetary policy maneuvering between the two main financial instruments are treasury mobile In Iraqi dinars and the two dollar matters on the one hand and between two signals from the Sharana non-discretionary monetary policy (which is based on the rules of luck) - rules based and is represented by the buyer the interest rate and the exchange rate 

Machines pain

The mechanisms related to monetary policy operations and the endogenity of the money supply have made the monetary policy in controlling liquidity levels and imposing monetary stability taking place with restrictive motives to implement monetary policy and adapting it to work with two types of unilateralism: Dualism and in accordance with monetary conditions, which require the harmonization of the two signals together with high compatibility and harmony with more than one financial instrument in the mostly regulated cash market 

Thus, and based on the foregoing, monetary policy has only two quarterly financial instruments that affect the growth of the monetary basis and the exercise of its interventionist policy to control stability and economic growth, and at the same time they are the main major monetary component mentioned in the asset side of the balance sheet of the monetary authority ( That is, foreign currency, treasury transfers and some parallel central bank bonds) but with a very weak double. )

if the monetary policy measures continue to liquidate local assets (transfers of m | treasury) and generate liquid dinars as liabilities or liabilities for the central bank that were clearly done within the framework of the QE policy for Iraq, especially in the past five years, to be immediately reflected through the government’s operational spending to request a surplus commodity and services follows from the share of foreign exchange in the components of the cash basis within the portfolio of assets or assets in the balance sheet of the Central Bank of Iraq.

And if there was a diversified and mature financial market for the tools, it would have made the instrument (the interest rate) as an indication of an effective intervention like the exchange rate blast, so the monetary economy would move to coordinated bilateral dealings in achieving optimization of monetary stability instead of mono and single use of each instrument and with a separate signal and the rakkun to the bilateral Emirates in Exchanging, impact and full interaction between them. Color balance, optimum stability and lower costs .

Thus, monetary policy was unable to offer treasury mobiles from its portfolio of assets and other financial instruments with the public through the secondary market and adjust liquidity levels and stabilized. With interest) and procedures for window operations dealing with the secondary market, similar to the second Habha capacitance dollar window sterilization and excess liquidity and exchange rate stability).

The dollar has a secondary market that is influential in Al-Buraq for dealing in foreign currency, while bonds and remittances are debt instruments that do not possess this market except on a small scale that does not help it to deal widely and form a reliable leadership price structure.

The central bank has tried to practice the policy of diversifying financial instruments by issuing a bond for itself and opening night accounts and others to adjust liquidity levels A parallel and encouraging channel, but the financial market itself has not diversified except in a limited way to the rentier domination of the foreign currency instrument over the economic activity of the country, and the fact that the public from outside the banks does not have in His mind is only the jurisprudence of the foreign currency instrument.

The financial market deals with two instruments that are mostly weak in their reciprocity and by one foreign instrument in the policies of intervention and controlling the levels of liquidity of the economy and۔ 

Aftham is a non-reciprocal relationship between the dollar and treasury transfers, and that the two financial instruments deal individually and completely with isolation, and exchange negative effects in the phenomena of substitution between them and indirectly.

Therefore, on the contrary, you find that financing the government deficit with treasury transfers (which is the expensive tool that was deducted with the central bank by banks through open market operations in years of crisis 2017 - 2019) has generated, after spending, a single derivative demand for foreign currency mostly and an indirect reciprocal relationship Without any demand for any other domestic financial instrument within the assets or assets constituting the primary cash sources.

Also, the Ministry of Finance could not, during the previous two years, in spite of the improvement of the oil budget revenues by stopping the amortization of the internal debt according to the maturity dates and rescheduling it, which is in terms of value, equivalent to about $ 40 billion currently (being the main aspect of the components of public debt held in the portfolio of the banking system)

In addition to the current limited borrowing capacity, however, keeping the debt in a position without repayment did not disturb the balance of the asset portfolio at the Central Bank of Iraq, but that province remained operating as foreign interest and not the domestic assets interest, i.e. in terms of proportions, composition and ability to interfere with the instrument of Foreign exchange in the financial market and the exchange market in particular, but it can be said that the assets of the central bank have improved relatively in favor of foreign currency, especially in the two years 2018, الاج and the national reserves rose to nearly 70 billion dollars at the beginning of the year 1920 after it decreased to 41 billion dollars during Years of the previous double crisis in Iraq 2017 - 2019. 

Above it is related to the modern monetary history of Iraq and the duplication of tools and signals. The past decade years that established rules for combating activities generating inflationary expectations have come in a slightly different direction in the work of monetary policy using two highly sophisticated and correlative tools that are (local currency and foreign currency) And with two signals from the money market signals (the exchange rate signal and the interest rate signal) and they have nominal anchors to replace the monetary balance and withdraw the growth in inflation from the case of increasing by two decimal places to the case of price growth with one decimal place And suppressing high inflation levels. 

The monetary policy delivered by the construction to extravagance in the years 9, 10 10080 s use at the exchange rate, similar to what we mentioned, which came to achieve stability in the general level of prices, given that the external value of money is the basis of that stability, which led to the attempt of order exchange from a semi-flexible system to a fixed system for the first row of the fact that when the nominal benefit fixer came by adopting an interest signal e monetary policy to maximize the return on the dinar itself through diversification of the central bank’s instruments to maximize the return on the dinar.

This is by opening night, weekly, and monthly deposit accounts as part of the indirect monetary policy means in achieving the stability goals.

And that both signals (hair exchange and price | interest) have been done in the interest of the Iraqi dinar and at high rates during the aforementioned period to meet the forces that generate inflationary expectations.

As the emblem achieved the exchange rate of the Iraqi dinar, an increase in the external value of the dinar was desperate, 22% and the public financial cost in foreign currency was due to the rise of the dinar value during the years 2008 - 2009 and in the interest of monetary stability in the amount of more than 5 billion dollars, while the interest signal recorded a rate of return on the dinar increased over : 2% annually.

Therefore, high interest rates have made the sake of monetary demand more stable, as well as market balance and falling inflationary expectations. With this the year ended 2008 and the rates of increase or growth in prices have become decreasing disinflation, and annual inflation has not exceeded 1%, i.e. reaching one decimal place instead of two decimal places and exceeding على% in the year 2005.

Thus, Keynesian tools and modern classic and classic tools (specifically the Swedish school theory) worked in building the price-benefit duality, i.e. the role of the natural interest rate (or the so-called Wicksell effect), by combining the stability of the relative prices of goods and services with the real interest rate to create a positive wealth effect for investing in the dinar wealth effect and maximizing the internal value of money (and in a dual two way) in integration with the exchange rate badge as a representative of the external value of money in narrowing the transitional effect of inflation. And with new mono extreme monism at one time.

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. 

In this regard, many people constantly ask me and the stability of the dinar exchange rate against the dollar in Iraq’s current economic conditions in which there is no inflation, asking about opportunities to benefit from events of artificial inflation through floating or lowering the value of the dinar in an attempt to reform the economy and support economic activity in such a severe financial condition and the country suffers Of a twin deficit gap, a deficit in budget revenues due to its large expenditures (due to falling oil revenues and a price war in the oil market) as well as a deficit in the current account of the balance of payments

And for the same reason the irrigation, the theoretical and applied foundations of the international monetary economy all indicate that if there is a deficit in the current account of the balance of payments attributed to the gross domestic product exceeding 0 - 0% upwards it should reduce the currency exchange rate in order to adjust the external balance through The exchange rate and its impact on the cost of external flows, unless available Large foreign exchange reserves with the Central Bank in which it is preparing to intervene and defend the stability of the dinar exchange rate even in light of an external deficit (temporary or long lasting) in order to achieve the objectives of monetary policy in stabilizing the general level of prices and ensure the purchasing power of income and address the deterioration in prices against the phenomenon of expectations Inflation expectations, where the recent jobs of central banks are summarized as having the art of managing expectations for stability towards the generating market forces .

In a country like Iraq, floating the currency towards a reduction in the exchange rate will provide contradictory results and may be equivalent at the same time. Negative and other collector. May lead to tie with the loss of general stability in the economy and sacrifice in the purchasing power of income cash for individuals.

Sometimes positive results may be achieved, but it has limited effect in stimulating the overall economy.

Different periods of time except for making two minor adjustments for homogeneity in calculating external conversion. A devaluation of the foreign currency, i.e. its exchange rate, may really stimulate the domestic economy if the country has a very flexible and high export diversification, such as Turkey, China, or even Egypt.

In the mono rentier economy of Iraq, the matter reminds us of the mon effects and consequences, especially in the issues of (benefits) and (costs accrued from the reduction, or as follows: 

"In the event that the dinar exchange rate is lowered against the dollar, the direct effect will definitely be on the side of the public financial benefit, and the benefit is to increase the proceeds of government flows in the Iraqi dinar to the budget as a result of transferring its oil revenues in foreign currency from oil revenues from the high-value dollar to the low-value dinar (provided that The government faces at the same time an increase in its obligations or external costs) especially in some budget expenditures, such as all external payments to the government, all from debt service to external obligations and financing government trade in foreign currency such as importing food and For medicines, weapons, etc., the net from the outcome of the reduction (in my view) will be distributed at AM% benefit for the budget and ... a cost to the budget at the same time. 

As for the macroeconomic level (the cost) due to the reduction will lead to higher commodity prices. All imported services, including production requirements for spare parts, capital supplies, and raw materials, and this is called an inflationary cost tax. As for the benefit from the reduction, it will lead to recycling imports of permanent goods and benefit from their use in the operation, repair and maintenance cycle, but taking into consideration that the cost of work will also increase gradually, especially The more general For not skilled

Third: On the monetary policy side, the reduction called the conduct of monetary adjustment policies will provide a more positive foreign currency to the central bank when selling the dollar in exchange of dinars from its windows. That is, selling amounts of dollars less in exchange for equivalent amounts in dinars more than before, i.e. after the reduction and from foreign currency windows.

But we will find an adverse situation in the results, as the central bank will pay more dinars than the foreign currency window when buying the dollar from the government or others, which increases the liquidity of the economy and becomes a tool in surpassing demand or excess demand in the economy. In other words, the effect of the cost reduction on monetary policy will push the central bank to double its intervention in the exchange market by raising its sales volumes of foreign currency through its investigation windows, a stable level of the exchange rate, and curbing inflationary expectations. In other words, using a nominal fixator to narrow expectations and limit the price bounces of the parallel exchange market, as it is a market that generates volatile price expectations or inflation. 

Fourth : Notices that the Central Bank of Iraq has incurred the government’s cost of handling potential inflation due to debt and financing the deficit during the years 2017 - 2019, that is, inflation resulting from fiscal policy and financing methods and agreement thereon in accordance with the tracks of the Keynesian theory updated in the analysis of the effects of financial policy at the general level of prices . Was it not before the monetary policy makers only two options: Either the spending increases from the voluntary sources of borrowing and the expansion of exchange and spending and the creation of general inflation that comes from the fiscal policy and that is a burden on the monetary policy in maintaining stability, or the currency value is reduced by the monetary policy so that inflation reaches one of its actual cases Through a tax called inflationary tax.

The Central Bank of Iraq has the option of using a monetary policy in support of stability by intensifying secondary market operations in foreign currency to absorb excess government spending sources that came from mostly local borrowing to finance the budget deficit.

As it was used as part of the foreign reserves to defend the value of the dinar and its stability. As a result, the proportion of domestic assets increased and foreign assets decreased, despite the fact that the public finances received foreign cash loans to support the budget support and entered into the channels of the dinar purchase window from the central bank.

And thus remained a measure of the exchange between assets as a measure of the degree of potential inflation, because local assets are financial instruments based on treasury transfers that are in the possession of the investment portfolio of the Central Bank of Iraq.

Without expanding the local assets of debt instruments (which helped in the growth of the monetary base), there would be an absolute contraction and a persistent recession that the Central Bank had resisted with an additional, expansionary step by launching an off-lending project to the directly at about billions of dollars within the credit easing policy and it has remained Monetary Policy monitors the evolution of the phenomenon of domestic assets and their growth in the balance sheet of the bank while preserving foreign assets at their prevailing rates of safe and secure way to avoid the birth of actual inflation actual inflation 

Therefore, the high state of stability in the respondents to prices achieved during the financial and security crises of 2014-2017 to which Iraq was exposed was monitoring the state of recession as an unstable state, using a monetary or semi-accommodative policy for economic activity semi-accommodative policy, but it came with cautious amounts that helped in At the same time, address the phenomenon of potential price inflation potential inflation motivated by higher financial spending, as noted above.

That is, by monitoring the development of an inverted growth of the relationship between domestic assets (the source of inflation when rising) and the use of foreign assets (the source of sterilization, domestic liquidity added as a source of price stability). The relative decline in the levels of foreign assets due to the cautious monetary policy in sterilization of excess liquidity levels from budget expenditures did not prevent sterilization and the decrease of foreign balances to impose price stability and the nominal fixed of the dinar exchange rate throughout the dual crisis 14 - 2017. 

As the International Monetary Fund estimated in 2016 in the credit preparedness program with Iraq (SBA), the Central Bank directed to provide local loan liquidity to cover the government fiscal deficit and indirectly in exchange for accepting TB treasury transfers through open market operations and counting treasury transfers as important assets in a portfolio The central bank and revenue generation as a result of the bank investing its money in those government tools and without the monetary authority practicing cheap money policy

This is a interest rate structure and at the exchange rate for a dinar. The promise of this policy is that people are willing to accept a general interest structure that is based on developmental expectations based on lowering the exchange rate.

"Thus, monetary policy has moved away from the devaluation of the dinar and financing the government deficit with a low-value purchasing power dinar and a negative real interest that pays the conversion of inflation from public finance to monetary policy.

Despite this, the central bank sacrificed more foreign reserves to defend the stability of real income Iraq Because of the decline in oil prices after the year 2019 until the level of the foreign reserves of the bank reached just above the red line and according to coverage ratios and efficiency indicators 0 approved foreign reserves during the period 2011 - 2017 to return the foreign reserve and its rise again to the level V optimal safe current 

Fifth: Regardless of the hypothesis of a devaluation of the local currency and the benefits, costs, or balance of costs generated with benefits, the inflationary effects will remain as an unknown economic risk and the dark side in controlling stability is at the balance point between the cost of the reduction and the benefit of the reduction in our rentier economy, 

As for financial policy, we find that there is a so-called (fiscal adjustment), which is the weak aspect of government financial management that still exists until the moment. As the country has been losing annually from customs revenues and unpaid electricity lists, for example, due to negligence or financial turmoil, around 13-14 billion dollars. When some consider strengthening the government’s finances in easy collection through the inflation tax (i.e., reducing the value of the national currency against the foreign currency and a government decision (taken in minutes) and generating price disturbances that take long years that are not guaranteed stability), the public financial administration’s inability to build a tax structure and import collection system The public touches the vessels and all the taxpayers will remain the center of waste by neglecting non-oil revenues and relying on public expenditures funded by oil to the farthest extent.

In conclusion, despite the foregoing, indications of an accelerated inflationary stagnation may appear if the current financial crisis continues to Dah 6 months or more and if Taazlmt Internal debt instruments in financing the deficit and generating a local student’s surplus, which causes a shortage of foreign reserves in exchange for the accumulation of local public debt instruments in the central bank’s portfolio and its transformation into so-called lower quality assets, including the continuing scheduling of the existing balance from them and the achievement of a potential exposure that affects their quality as assets and Then its implicit credit rating falls as the literature says.

Likewise, if the local assets or assets reach, for example, more than half, or exceed 75% of the total assets portfolio at the Central Bank, then the monetary authority may resort to the so-called monetary adjustment necessary for each recent accident.

(*) Former Deputy Governor of the Central Bank and financial advisor to the Iraqi government (*) Researcher, economic writer and financial advisor to the Iraqi government 

Copyright reserved for the Iraqi Economist Network. Republishing is permitted provided that the source is referred to April 16, 2020 http: // iranieconomnists. net /

The GreentreeMusic: Boy oh boy!!! if I ever get back off floor i will frame this one! music to my ears!
Thank you Frank KTFA all for keeping us in the game and in the positivity!!!

 YoungSC:  Frank, Delta and his teams had been explaining to us since late of last year that the only thing we seek now is a new rate from the CBI. Now we are seeing the very few last steps being shown to us within the last 4 weeks. Everything is based on what the CBI is doing since March. CBI has been coming out with tons of information for its citizens and for us investors and as MM and Delta had already stated numerous times that the CBI is losing money right now because of the no cash sales in the Auctions. CBI will have to show a new rate very soon imo and ISX being shut down for 5 weeks just to reopen back up with the old program rate intact dosent seem logical to me. All imo

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"

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

Frank26:  4-18-20 ...Q&A

This video is in Frank’s opinion

https://www.youtube.com/watch?v=lhSIoEu_CHo

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.

KTFA Members "News and Views" Saturday 4-18-2020

KTFA:

MarkC:  Another long year folks...stay strong..IMO  

YoungSC:  Mark my brother you have to understand that one of the main reasons why Frank states in his opinion is to cover himself and his teams from getting bashed from other people who are involved with this investment.

Most of what Frank had stated in the past that will happen is actually coming to fruition in front of our eyes within the last 3 weeks. Stoppage of auctions, education of their old and new currency, new small category notes, American dollar not being used or being used in a different way for the corrupt not to steal anymore. It is what the CBI is telling us and the information is all there being shown to us.

These steps have never been done before and we are all witnessing it now.

Opinions are opinions my brother Mark but what Frank and his teams have been explaining to us for so long is factual information not just an opinion anymore. God bless you my brother  

ChrisC:  I have had this conversation with a couple of people that have had their hope broken and want to think it is the same old thing over and over in Iraq.  It is not! 

NONE of these things we are seeing take place now have happened in years past.  One of the most brilliant moves was Trump taking out Soleimani.  This broke the grip of Iran in Iraq and started to crumble their authority. 

If this HAD NOT been done, then it might still be the same ol' same ol'.  Trump has cut their dollar usage off, he is choking out Iran with sanctions, he crushed the leaders of Hezbollah and the Revolutionary Guard, and is making sure they can't get funding from the IMF or World Bank. 

They can't steal from the auctions anymore, so they might as well turn respectable as unappealing as that is to their nature. 

No, this is not the same old thing.  It is frustrating to wait for this to mature no doubt, but just remember what it was like waiting for Christmas when you were a kid.  Just realize this IS coming.

Iggy:  IMO...Frank has been so far ahead of the curve, the curve now has to catch up with him...

GodLover:  I agree that we are seeing things these days that we have never seen before imo. As you pointed out & I agree, the cutting off the usage of the USD is POWERFUL imo! And no one willing to "fund" Iraq is another POWERFUL message imo. We are reading so many articles that Iraq is on the verge of bankruptcy as well! I honestly believe this is our/their year for this blessing imo. 
I know that some probably find my posts frustrating..... but some choose to disregard or only look at the money angle & not the GOI side of it imo.

Even the articles today were laser focused on the NEED for a new seated government that would then implement the demands of the citizens imo. Those demands per articles in the past are in the 2020 budget imo. The budget per articles CANNOT be sent to parliament with the current care-taker government imo. Although I may continually use "imo", I am taking what I state from articles that have stated this for numerous months imo.

Yes the MR continues to progress & when the other end is ready..... I do believe we will see it imo. They are in a really bad situation & the pressure is on big time imo!

I am still hopeful the PM designate can get approved/seated before Ramadan & can get the 2020 budget sent to parliament imo. It would be nice to see them pass the budget during Ramadan, (hopeful but not expectant), although with their current situation.....maybe they will surprise us imo.

Opening the budget in June would be wonderful imo. I of course would love it sooner, but again the new PM will get the ball rolling....even faster imo.

****************

Don961:  In three stages, Trump issued directives to end the closure gradually

- 18 Hours Ago

US President Donald Trump said his administration has developed new guidelines to gradually restore life to the American economy in multiple phases, after it was halted by the spread of the Corona pandemic.

Trump said in a speech during the daily press conference of the White House working group to combat the Corona virus, that the plan to restore the wheel of the economy to rotation is based on a three-stage approach.

The first stage - according to local media - requires schools and bars to remain closed, while restaurants and sports clubs can be reopened in specific circumstances.

It will also be strongly advised to wear protective masks in public places, provided that remote work remains a rule as possible as possible, and measures of social separation will be maintained.

The most vulnerable should be kept in quarantine, while unnecessary travel is also reduced.

If a return to the epidemic is not recorded, then the second phase can begin with the reopening of schools and the resumption of travel.

As for the lifting of restrictions and quarantine during the third stage, it will take place upon ensuring that the virus stops spreading.

But the rulers of seven states in the Midwestern United States announced their agreement to coordinate with each other to set a date to raise or mitigate social divergence measures, according to scientific facts and expert recommendations.

In a joint statement, the governors of the states of Michigan, Illinois, Wisconsin, Indiana, Ohio, Minnesota and Kentucky, said that the return of economic activity in their states will be subject to factors, most notably the control of the daily rate of injuries, the strengthening of the capacity of the health sector, as well as the identification of the most effective way to implement social spacing in the workplace.

Seven other states on the American East Coast had taken the same step, which is a challenge from state governors to President Trump, who believes that the decision to reopen the American economy is his presidential prerogative and not the prerogatives of state governors.

Record rise
in benefit requests In its latest reports, the US Department of Labor said on Thursday that 5.2 million Americans had applied for government unemployment benefit during the past week, raising the total number of people with these requests in one month to more than 20 million people.

The tough measures the United States has taken to combat the Corona virus have stifled the country's economic sectors to a degree not seen since the Great Depression nearly a century ago.

On Wednesday, Trump suggested that his country had passed the peak of the Coruna epidemic, and said that some states would open before May 1, noting that his country had made great progress in the field of medicines used to treat people living with the virus.

The United States is the country most affected by the emerging coronavirus, the total number of confirmed cases in its territories has exceeded 650,000, of whom more than 34,000 have died.

Source: Al-Jazeera + agencies  LINK

Don961:  3 major crises are chasing Iraq, most notably the specter of bankruptcy

- 9 Hours Ago

The Italian Post newspaper said that Iraq faces the risks of the Corona virus in the midst of a critical situation the country is going through, as it suffers from a suffocating economic crisis and a state of political chaos, as well as paying the price of tensions between the United States and Iran.

The newspaper added in a report that Iraq recorded 1378 confirmed cases of Corona virus, according to the data of the World Health Organization. In contrast, the numbers are believed to be much higher, and it is worrying that hospitals in the country are unable to cope with a major health crisis, as well as many citizens do not respect the curfew imposed by the government.

The newspaper pointed out that the spread of the virus is adding to three major crises that the country is going through, the first of which is the economic crisis, as the country is on the verge of bankruptcy due to low oil prices. Secondly, its presence at the heart of the conflict between Iran and the United States. And third, the difficult challenges facing Prime Minister-designate Mustafa Al-Kazemi.

Economic problems
The newspaper pointed out that in recent months, the price of oil fell dramatically, first because of Saudi Arabia's increased production, and then because of lower demand as a result of travel restrictions imposed to contain the epidemic.

In general, this is considered a major problem for Iraq because more than 90% of the state’s financial resources depend on oil. In this situation, the state seems unable to pay the salaries of employees and pensions of retirees. The Ministry of Health was forced to request donations to finance the care of people infected with the Coronavirus.

The newspaper pointed out that matters became more complicated after the restrictions were imposed on movement due to the Corona virus and decreased, and thus the trade exchange. Worse yet, there is no government able to take swift action to revive the economy. The 2020 budget, which can only be approved by the presence of a new government, was drawn up when the price of oil was much higher.

Political crisis
The current political crisis in Iraq began last fall, in conjunction with the outbreak of large and violent protests against the policies of Prime Minister Adel Abdul Mahdi, as well as the high rate of unemployment and corruption of the political class in the country. At the end of November, the protests led to the resignation of Abdel-Mahdi, but he remained in office to conduct business, while continuous efforts were made to form a new government that could organize early elections as demanded by protesters.

In early February, Prime Minister-designate Muhammad Tawfiq Allawi made the first attempt, but failed to obtain support from Shiite parties and related factions. After that, the other designated prime minister, Adnan al-Zarfi, who holds American citizenship and is highly esteemed by the United States, took over this mission in mid-March. However, his attempt was unsuccessful despite the support of some Shi'a political parties.

On April 9, President Barham Salih assigned intelligence chief Mustafa al-Kazemi to form the government. For him, the first challenge is to get support from Shi’ite parties close to Iran, and he will have thirty days to present his government to parliament and gain confidence.

Settlement of accounts 
The newspaper pointed to the exacerbation of the instability in Iraq after the country became the main arena for settling accounts between the United States and Iran, and tension has clearly increased since the United States killed the Iranian General Qassem Soleimani. In recent months, American forces in Iraq have been subjected to numerous missile attacks that the United States attributes to Iranian-backed factions.

The newspaper pointed out that the spread of Corona had military consequences, as European and Canadian soldiers present in Iraq within the international coalition to fight the Islamic State were forced to leave the country because of this. The US military has also suspended training for Iraqi forces to prevent the spread of the virus.

All of this could serve the interests of the Islamic State and urge the rest of its members to try to take advantage of the growing confusion in Iraq. According to the military expert at the Washington Institute for Near East Policy Michael Knights, ISIS is the armed force most prepared for such an epidemic because its personnel are "preparing for the end of the world."

The newspaper concluded that these problems could increase the fragmentation situation in Iraq, especially in the absence of a central force that can unite the country to face these challenges. On the contrary, there are several conflicting powers, where Kurds who have tried to secede in the past can return the ball if the government does not give them the promised funding. Sunni leaders may also consider creating their own entity. Moreover, protesters can return to the street strongly once the curfew imposed due to Corona is lifted.

Al Jazeera   LINK

MilitiaMan and KTFA Members "It's in the Hands of the Central Bank" 4-17-2020

KTFA:

Don961:  Centralization and economic confrontation

Friday, April 17, 2020 Samir Al-Nassery

 Since the beginning of the last quarter of 2019, Iraq has been going through many complicated political and economic conditions and challenges, to which the repercussions of the spread of the Corona virus have been added in most of the world countries, including ours. .

What matters to us here is the state of the Iraqi economy in the current circumstance and how it will be able to overcome its economic and financial crisis expected during the coming months, since the central banks in the countries of the world aim mainly to achieve economic stability and overcome the challenges of instability in the monetary system and the financial system through its programs and strategies and facing crises and challenges Economic shocks in particular, and working in accordance with monetary policy tools and means in achieving the required support for national economies. 

This is what is happening now, as most of the central banks in the countries of the world have drawn up proactive plans to confront the effects of corona in the global economy and have allocated allocations and treatments in the applications of monetary policy and unite the world economies in support of the orientation of central banks and the G-20’s decision in its last meeting to pump $ 5 trillion in Global market to revitalize the economy. And what is happening now is the efforts of the oil producing countries to address the low prices and try to return to its prices near 50 dollars a barrel after agreeing to reduce production by 10 million barrels per day.

All the international measures taken by the countries of the world were previously used by the Central Bank of Iraq during the economic and security shocks after 2015 and had experience of success in supporting the national economy and achieving economic resilience.

According to a press statement of the Central Bank by taking immediate decisions to enhance the liquidity of banks by one trillion dinars by reducing the percentage of legal reserves for banks at the Central Bank, postponing penalties and fines, activating their investments with the bank and other important decisions to stimulate the economic cycle and granting a fundamental role for the banking sector in supporting the government effort to bypass the current circumstance, its initiative is added to it To make a donation to support the Ministry of Health in the face of the epidemic and to postpone the monthly installments of borrowers from the SME Funding Initiative.

From my vision as an observer and a follower of the current economic situation and the country is about to form a new government whose primary goal will be to overcome our economic and epidemic crises, I can say that the central bank with its issued decisions has started the corresponding attack in support of the national economy and is bent on a new success experience, because I see that Iraq’s problems lie In the economic solution and this solution is in the hands of the Central Bank of Iraq. 

Therefore, the Central must be granted freedom to implement its economic plans and procedures.
link

OlLar:  Great minds think alike , I wholeheartedly agree !  

MilitiaMan:  That makes three of us!

They clearly state the solution is in the hands of the Central Bank!!

They must be granted freedom to implement its economic plans and procedures.. One of the plans was to cease the Dollar Auctions and slow the private banks and money exchangers pick up the ball and run with it. The Central bank will be selling Dinar at an international level and they now have facilities in place from the IMF and the UST imo!!

 So, it sure looks like the keys to the CBI maybe handed off to some to be determined in the near future after Alak raises the “secret” exchange rate before he heads over to the AMF top position. He won’t be handing off the keys at a program rate imo!! No way.. That is not the solution!

Putting this out kinda late on a Friday too makes me feel fairly confident they have every intention now to use the facilities to support their reserves and Foreign reserves while they are at it!!

That is what the FIMA action and the CML ushered in and will allow for!! No more auctions by the CBI and they have access to the facilities to do exactly that.. Legitimate trade in a legitimate currency that can even use the SDR Basket if need be like the rest of the bigger players in the world. 

It sure looks like Nassery knows what is coming to the citizens. We may see more from. The CBI over the weekend.. When Nassery talks people listen!!! Imo - MM

***************

GodLover:  Another good read that stresses the necessity for the new PM & cabinet to get approval/seated & send 2020 budget to parliament so the CBI will be able to implement the economic reforms imo  

MilitiaMan:  There has been recent articles showing the Caretaker Government has been at work in regard to ER and MR. They were talking about the secret exchange rate and the ongoing with Finance Ministers, the IMF, etc!!

They have authority to allow Alak with power of Attorney to keep the process underway. If the acquiesce the new PM in so be it, however, the CBI has the ball and will be the one show casing the exchange rate not the potential new guy as PM.  

There is no guarantees he will make it anyway.. so with the auctions having been apparently sorted Thursday to be caught up to the 16th, Alak may very well something to say soon..

As the CBI is in the business to make money and no sales is not bringing in money nor is it supporting their reserves. The CBI will not want to waste much more time and the longer it takes the lesser they make. Imo -MM 

MilitiaMan and Delta Tuesday PM "What a Pattern Change" 4-14-2020

KTFA:

Don961:  Citizens: Prices are at their normal levels

Tuesday 14 April 2020  Baghdad / Farah Al-Khaffaf

 Despite halting the import of hundreds of products about a month ago, the markets have not witnessed a clear impact, as happens in countries that are advanced, if hundreds of tons of various foodstuffs and vegetables daily enter Baghdad and the provinces.

The Baghdad Operations Command confirmed the entry of 14,749 wheels carrying foodstuffs to the capital from the beginning of the curfew until now, in cooperation with the Baghdad Chamber of Commerce.

The economist Thamer Al-Azzawi said in a statement to "Al-Sabah": "Wholesale centers and others have managed to meet the needs of the market so far."

Animal Production

He added that "the ministries of agriculture and trade succeeded during the period of imposing the embargo in building bridges of trust between farmers and animal production companies, traders and citizens."

However, he pointed out that "many imported products are beginning to shrink in the markets, calling the crisis cell with the exception and support of factory owners and workers to fill the void." Citizens assert that "the prices of food and vegetables have not risen well above their rates and the permissible limit."

Necessary needs

They told Al-Sabah: “When we hear the news and call our relatives in some Arab and western countries as they talk about food shortages, we thank God, especially since most of the necessary and basic needs are available.”

They stressed "the importance of expediting the disbursement of the emergency grant that the government launched an application for, especially with hundreds of thousands of citizens being affected by the curfew."

In this regard, Minister of Agriculture Saleh Al-Hassani said: "The rise in prices is due to the weak souls of sellers in the markets and we ask the economic security to monitor prices."

Amid this picture, the Baghdad Chamber of Commerce revealed proposals to address the problems that dealers suffer from due to the current situation.

Commercial traffic

Director of the Supervision and Follow-up Department at the Baghdad Chamber of Commerce Omar Al-Sudani said: “The Chamber presented the traders’ proposals to the Prime Minister regarding the problems that represent a challenge to the commercial movement. ”He pointed out that“ the most prominent of these proposals is to solve the issue of selling the dollar by selling it directly to traders. ” And, as well as facilitating the entry of foodstuffs to all commercial areas through control, without any obstacles. "

Al-Sudani indicated that "the Baghdad Chamber of Commerce went to the local markets and followed all the prices, and what was going on in the stores. Weaknesses, problems, and shortcomings were diagnosed within the stores," noting that "the room listened to all the merchants, and was briefed on their most prominent problems."

Enter the trucks

He added that "the problems of the merchants lie in the entry of foodstuffs through the checkpoints to the commercial areas in Baghdad, as well as the sale of the dollar exchange from the central bank, which led to the rise in exchange rates." People involved".

He continued, "The prime minister promised that in the coming days, the dollar will be sold directly to the merchant and to all exchange offices and private banks, in addition to facilitating the movement of trucks entering the transport of food materials . "  link

DELTA:  WOW A BOMB ARTICLE.......GREAT JOB DON ..............AS WE KNOW GOV SELLS DOLLARS TO CBI TO MAINTAIN EXCHANGE RATE TOO  ...SO IF GOV SELL DOLLARS DIRECTLY TO TRADERS.......THAT'S MEAN CBI DOES NOT NEED DOLLARS FROM GOV ANYMORE...MEANS A NEW RATE ON THE VERGE TO COME OUT...

MilitiaMan:  What a pattern change!! The Dinar will need to be stronger than the dollar for that to work The CBI gave a us video on the historical Dinar.

Then, Delta you brought us the money exchange's doing the same thing with historic currency on social media.. Showing old notes and coins. The preparation to the citizens is looking to be done.

Now in the coming days they are going to change from the CBI from getting dollars from the GOI, the merchants and private banks will get it directly from the GOI. The CBI will have no dollars. What they will have is a new currency to sell, effectively.

The exchanges will sell dollars for legitimate use, i.e., travel, etc..  The CBI will make money off the Dinar. There will be no MCPs allowed in country for local use. That will require the dollar to be used for outside the country.

 So, for this reversal or pattern change is the Big Kahuna imo.. CBI is about to change the rate. Yes, I do agree! ~ PEACE! Let this sink in folks.. Oh ya!! ~ MM

"The official, who preferred to remain anonymous (READ CARE TAKER GOV PERSONNEL) , 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.

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."

Ammar Hamid New Arab  link

DELTA:  GREAT JOB BROTHER ..........(thumbs up)

Delta and KTFA Members Tuesday Afternoon 4-14-2020

KTFA:

DELTA:  WOW A BOMB ARTICLE.......GREAT JOB DON ..............AS WE KNOW GOV SELLS DOLLARS TO CBI TO MAINTAIN EXCHANGE RATE TOO  ...SO IF GOV SELL DOLLARS DIRECTLY TO TRADERS.......THAT'S MEAN CBI DOES NOT NEED DOLLARS FROM GOV ANYMORE...MEANS A NEW RATE ON THE VERGE TO COME OUT...

Don961:  Citizens: Prices are at their normal levels

Tuesday 14 April 2020  Baghdad / Farah Al-Khaffaf

Despite halting the import of hundreds of products about a month ago, the markets have not witnessed a clear impact, as happens in countries that are advanced, if hundreds of tons of various foodstuffs and vegetables daily enter Baghdad and the provinces.

The Baghdad Operations Command confirmed the entry of 14,749 wheels carrying foodstuffs to the capital from the beginning of the curfew until now, in cooperation with the Baghdad Chamber of Commerce.

The economist Thamer Al-Azzawi said in a statement to "Al-Sabah": "Wholesale centers and others have managed to meet the needs of the market so far."

Animal Production

He added that "the ministries of agriculture and trade succeeded during the period of imposing the embargo in building bridges of trust between farmers and animal production companies, traders and citizens."

However, he pointed out that "many imported products are beginning to shrink in the markets, calling the crisis cell with the exception and support of factory owners and workers to fill the void." Citizens assert that "the prices of food and vegetables have not risen well above their rates and the permissible limit."

Necessary needs

They told Al-Sabah: “When we hear the news and call our relatives in some Arab and western countries as they talk about food shortages, we thank God, especially since most of the necessary and basic needs are available.”

They stressed "the importance of expediting the disbursement of the emergency grant that the government launched an application for, especially with hundreds of thousands of citizens being affected by the curfew."

In this regard, Minister of Agriculture Saleh Al-Hassani said: "The rise in prices is due to the weak souls of sellers in the markets and we ask the economic security to monitor prices."

Amid this picture, the Baghdad Chamber of Commerce revealed proposals to address the problems that dealers suffer from due to the current situation.

Commercial traffic

Director of the Supervision and Follow-up Department at the Baghdad Chamber of Commerce Omar Al-Sudani said: “The Chamber presented the traders’ proposals to the Prime Minister regarding the problems that represent a challenge to the commercial movement. ”He pointed out that“ the most prominent of these proposals is to solve the issue of selling the dollar by selling it directly to traders. ” And, as well as facilitating the entry of foodstuffs to all commercial areas through control, without any obstacles. "

Al-Sudani indicated that "the Baghdad Chamber of Commerce went to the local markets and followed all the prices, and what was going on in the stores. Weaknesses, problems, and shortcomings were diagnosed within the stores," noting that "the room listened to all the merchants, and was briefed on their most prominent problems."

Enter the trucks

He added that "the problems of the merchants lie in the entry of foodstuffs through the checkpoints to the commercial areas in Baghdad, as well as the sale of the dollar exchange from the central bank, which led to the rise in exchange rates." People involved".

He continued, "The prime minister promised that in the coming days, the dollar will be sold directly to the merchant and to all exchange offices and private banks, in addition to facilitating the movement of trucks entering the transport of food materials . "  link

**

Samson:  Official: The G20 is considering postponing the payment of debts of poor countries at a value of 14 billion dollars

14th April, 2020

 A senior German official said on Tuesday that senior financial officials in the Group of Twenty are discussing an immediate delay to pay up to $ 14 billion in debts to help poor countries provide funding to fight the emerging Corona virus pandemic

The official added that the immediate debt relief proposed by the International Monetary Fund and the World Bank would likely be part of an action plan expected to be submitted by finance ministers of the G20 member states, after a slight adjustment on Wednesday

He pointed out that the plan for an immediate moratorium on debt payments enjoys the support of all creditor countries in the Group of Twenty in addition to members of the Paris Club for public lenders   LINK

Samson:  The IMF eases the burden on 25 countries due to SK

14th April, 2020

The International Monetary Fund announced its intention to reduce the debt burden of 25 member states, to fight the Corona virus

The easing included a group of African countries and two Arab countries, Yemen and Comoros, and those countries are scheduled to receive grants to cover their debt service obligations due to the IMF for an initial period of six months, according to Reuters

The countries that will receive debt relief from the Trust Fund for Disaster Containment are: Afghanistan, Benin, Burkina Faso, Central African Republic, Chad, Comoros, Democratic Republic of the Congo, Gambia, Guinea, Guinea-Bissau, Haiti, Liberia, Madagascar, Malawi, Mali, Mozambique, Nepal, Niger, Rwanda, Sao Tome, Principe, Sierra Leone, Solomon, Tajikistan

Kristalina Georgieva, Executive Director of the International Monetary Fund, said that the Trust Fund for Disaster Containment has resources of about $ 500 million, including new pledges of $ 185 million from Britain and $ 100 million from Japan and undisclosed sums from China, the Netherlands and other countries.  The fund seeks to increase the amount of available funds to 1.4 billion dollars

"This provides grants to our poorest and most vulnerable members to cover their debt obligations to the International Monetary Fund for an initial six-month period and will help them channel more of their scarce financial resources to vital emergency supplies and other relief efforts," Georgieva added

LINK

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Samson:  Al-Rafidain invites some departments to receive their salaries for the current month electronically, not manually

09:11 - 04/14/2020
Al-Rafidain Bank called, on Tuesday, 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 it received “the information”, a copy of it, that “the bank demands from some of the departments’ 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 added that “the directors of the accounting departments of some departments must 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 due to the Corona virus and the need to leave manual cash and deal with the electronic system for salary payment.”   LINK

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Samson:  Strategic expert: The solution to the economic crisis in Iraq is through the restructuring of the budget

14th April, 2020

Hussein Allawi, the strategic expert, revealed that restructuring the budget is the best solution to solve the economic crisis in Iraq.

Allawi said in a tweet on "Twitter", "The solution to the Iraq crisis is its economy, our problem today is in the structure of the state's general budget, as it is without changing the budget approach from schedules and items to the programs and performance budget, over a period of 24 months 2020-2022."

He added, "Formulating a public health program, an electricity program, and a program for water and sanitation services, school buildings and technology."   LINK

Samson:  America unveils its first $ 15.5 billion aid package to farmers

14th April, 2020
Three well-informed sources said that the US Department of Agriculture will spend up to $ 15.5 billion as an initial stage of its plan to support food supply chains in countries experiencing the consequences of the emerging corona virus.  The plan could be announced this week and it will be the first major effort by the Trump administration to ensure that the pandemic and its aftermath do not cause food shortages.

According to the sources, the initial plan will include direct payments to farmers and farm owners in addition to other support measures for the sector, using part of an amount approved by Congress in the amount of 23.5 billion dollars to support agriculture within the framework of a draft law to stimulate the consequences of the epidemic last month, in addition to some of the funding available at the Ministry of Agriculture.

She added that the initial plan would be announced soon, perhaps this week, and the ministry would later detail other phases in the subsidy program as soon as more stimulus packages were made available, which might be in July. The US Department of Agriculture declined to comment on the initial phase of aid.   LINK

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.

 See original ·   Rate this translation

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.

https://www.youtube.com/watch?v=J1kGGHBUVf8

Monday Night KTFA CC 4-13-2020

PLAYBACK : 605.313.5163 PIN: 156996#

https://fccdl.in/QcanNgPz5r

************

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!!

KTFA Members "Monday News" 4-13-2020

KTFA:

Don961:  Triple phone conversations between Putin, King Salman and Trump

Sunday 12, April 2020 22:19 | Economic

Baghdad / Nina /

Russian President, Vladimir Putin, held a trilateral phone conversation today, Sunday, with the Saudi monarch, King Salman bin Abdul Aziz, and the American President, Donald Trump  LINK

Samson:  America declares its welcome the political consensus that Al-Kazemi obtained

04/13/2020 17:46:27

 The US State Department revealed today, Monday, Maen, who was in charge of forming the government, Mustafa Al-Kazemi.

Secretary of State Mike Pompeo said, "America welcomes the political consensus that the Iraqi prime minister candidate has obtained."   LINK

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Samson:  Pompeo comments for the first time on Al-Kazemi's candidacy 

13th April, 2020

US Secretary of State Michael Pompeo said on Monday that the United States is looking to form a new Iraqi government capable of facing the new Corona epidemic, addressing the economic plight of Iraq and placing weapons under state control

In a statement, Pompeo welcomed "what appears to be a consensus among Shiite, Sunni and Kurdish political leaders to form a government

He expressed the hope that the new government will put the interests of the Iraqis first and meet the demands of the Iraqi people

The American minister said that the Iraqi people are demanding real reform and trustworthy leaders, stressing that these demands deserve to be addressed without violence and repression

 Pompeo affirmed that the United States stands with the Iraqi people while seeking a sovereign and prosperous Iraq free from corruption and terrorism   LINK

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

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Don961:  Will the Chinese yuan compete with the US dollar for the throne of currencies?

- 10 Hours Ago

With the Chinese yuan gaining the US dollar's reputation for stability, which is backed by the large and liquidity of US treasury bonds, China is striving to convert its yuan into a “global currency,” which will give it more control over its economy, as its economic strength grows, as the second largest economy in the world. At a time when many analysts and investors believe that the transformation of the Chinese currency into a "global currency" trend has become inevitable with the growing influence of China.

And it seems that the project of competing other currencies for the dominant US dollar has already begun. Over the past 600 years, six different global reserve currencies have been found, controlled by the world superpowers, in which the US dollar has dominated global currencies for about 88 years.

Finally, the International Monetary Fund gave the green light to officially accept the Chinese currency, the yuan, in the foreign exchange basket of the fund, and according to Reuters, this step paves the way for the fund to place the yuan, perhaps "on an equal footing" with the US dollar, noting that this is It is the latest in a series of global developments that threaten to possibly compete with the US dollar as the world's reserve currency.

Some warn that any move by the International Monetary Fund to replace other currencies with the US dollar may be "catastrophic" for US investments. Now, the International Monetary Fund has taken the first step.

According to the Wall Street Journal, the IMF’s decision to officially give the green light for the Chinese currency, the yuan, to be accepted into the fund’s foreign exchange basket will be the first time in history that the fund has expanded the number of foreign currencies, meaning that China’s currency may It is now a viable global alternative to the US dollar.

5 Benefits that will accrue to China
The yuan will be used to pricing more international contracts, and China will export many of the goods that are usually priced in US dollars, as then it will be priced in yuan. The demand for the yuan will also be higher, and this would lower interest rates on bonds denominated in Chinese currency.

As for Chinese exporters, they will have lower borrowing costs, and China will have more economic influence over the United States, and its time will support China's economic reforms.

The yuan slowly traded in foreign markets,
and Chinese leaders began to facilitate the yuan's trading in foreign exchange markets, although this was a risk of more open financial and political systems. Since 2015, China has supported the Americas Renminbi Trade Center (another renminbi for the yuan), making it easier for North American companies to conduct yuan transactions with Canadian banks, and Beijing has opened similar trading centers in Singapore and London.

Former New York mayor Michael Bloomberg, who is also the chair of the US Renminbi Clearing and Trade Working Group, is making great efforts to establish a Renminbi business center in the United States. The group includes former US Treasury ministers Hank Paulson and Tim Geithner. This center will reduce the costs of US companies trading with China, and will allow US financial firms to offer hedges in yuan and other derivatives.

In June 2016, China granted the United States a share of 250 billion yuan, or $ 38 billion, under the eligible Chinese institutional investor RMB program, and appointed a Chinese and a US bank to conduct renminbi clearing business in the United States.

Can the yuan exchange dollars?
"China has $ 5 trillion in unearmarked central bank reserves, and this could be in yuan," Stewart Oakley, general manager of Nomura, said in an article written in 2013. With the creation of more bilateral swap lines and Beijing moving more in its path to liberalize the capital market, central banks ’appetite to own this currency will increase.”

He added, “The most important question: Could China’s ambition to make the yuan the global currency cause the dollar to collapse? Most likely not. Instead, it will be a long, slow process that will lead to a fall in the dollar, not a crash.

Rules of the game and change
According to Juan Zarate, who helped implement financial sanctions while serving with the Treasury Department in the George W. Bush administration, “Once (the other currency) becomes an alternative to the dollar, the rules of the game begin to change.”
"The dollar alternative is likely to change the financial landscape in the next five to ten years," said Leung Singh Xiong, assistant managing director of a major central bank.

Currency specialist Steve Seo Girud warned, “I have been active in the markets for more than two decades now, but I've never seen anything that could move a lot of money very quickly. The announcement will start with the influence of dominoes, which will mainly determine who becomes wealthy in America in the coming years. ”

“If you have any US paper assets, which include stocks, bonds, or just cash in a bank account, you should be aware of what will happen and know how to prepare,” he says.

A number of experts believe that the recent rise in gold and silver prices is a direct result of the IMF's actions, as precious metals rise when the US dollar falls, which has been covering gold for more than 100 years.

In October 2016, the International Monetary Fund added the Chinese yuan to the basket of special drawing rights (SDR) currencies, and the inclusion of the yuan at the time of drawing rights was an important milestone in the path of integrating the Chinese economy into the global financial system.

Independent Arabic   link

Don961:  Is the world economy heading for a rapid recovery after the Corona crisis?

- 10 Hours Ago

The global economy is lying in the brink of measures to contain the Corona virus, which has been reflected in unprecedented bankruptcy and public debt. However, some economists view with optimistic view that a rapid recovery after the storm is possible.

It is no longer favorable in light of this crisis compared to the financial crisis of 2008, as the current distress numbers are enormous, as between corporate losses, the numbers of the unemployed, and the amounts of recovery plans in many countries, billions accumulate in a way that exceeds the strides that the world witnessed a decade ago. It is more beneficial in light of the current stalemate to return to the Great Depression in 1929 to make the comparison straight, says the Director-General of the International Monetary Fund, Kristalina Georgieva, who considered, on Thursday, that “global growth will be negative at a great level in 2020”. The year 2021 could be worse than this year if the epidemic lasts longer.

Despite this bleak picture, some economists estimate that the global economy will experience a rapid recovery once people get out of their homes and work again. 

The results of this crisis are similar to those caused by a natural disaster, such as a hurricane, more than similar to a financial and economic crisis in the traditional sense, as economists from the Regional Central Bank in New York drew, and the researchers Jason Bram and Richard Dietz explained on Friday that “recession crises develop gradually and by passing Time. ”

The blow to the economy

On the other hand, the Corona virus crisis “resolved suddenly and severely hit the economy in less than a month.” The first victims of the epidemic that affected nearly 1.7 million people and killed more than 100,000 so far were the tourism and travel sectors, just as they happen when hurricanes hit. Contrary to what natural disasters cause, the epidemic has not resulted in material damage, "which could facilitate a rapid economic recovery," according to the researchers.

For his part, explains the researcher at the "Oxford Economics" for economic analysis Gregory Daco, that "despite the massive public spending, which is necessary to secure rapid growth of the economy, the job losses will be shocking, and recovery after the virus phase completely will require between 12 and 18 months."

When will the right moment come to revitalize the economy?

When China released residents of regions most affected by the virus after two months of quarantine, and European countries began to consider when to lift isolation measures, US President Donald Trump considered that a similar decision would be most important in his life. And the former US Treasury official, Karen Dinan, finds that "we will have to slowly start lifting measures for fear of facing setbacks."

In early 2020, the United States, the first economy in the world, experienced a prosperous economic situation, with unemployment at its lowest level since 2020, and growth at enviable levels. But the crisis caused by Corona has made the situation worse, with 17 million people without work in just three weeks.

The economy is expected to decline by 20 percent in April and 20 percent in May, Karen Dinan warned, which held that the rate of deflation in 2020 will be 8 percent. For the world as a whole, I expected a decline of 3.4 percent, which is a more pessimistic estimate than previously published. With a jump of 7.2 percent for the global economy in 2021. At the same time, she acknowledged that a number of her colleagues at the Peterson Institute who participated in preparing the semi-annual forecasts do not share her optimism.

In the United States, the massive injection of liquidity into the economy will lead to a large fiscal balance. This is not yet shown in the figures published by the US Treasury on Friday for the month of March, but that the spending is lower than the 2019 spending, while the revenues are slightly higher. The first results will not appear on the budget until this April.

Bad expectations for South Asia

On the other hand, the World Bank said today, Sunday, that India and other countries in South Asia are likely to see the worst performance of economic growth in four decades this year, due to the outbreak of the Corona virus. In a report, the bank expected the eight-nation region to grow between 1.8 and 2.8 percent this year, down from 6.3 percent in its previous forecast six months ago.

The bank said in the report, India's economy, the largest in the region, is expected to grow between 1.5 and 2.8 percent in the fiscal year, which started April 1. The bank estimates that it achieved growth between 4.8 and 5 percent in the fiscal year that ended on March 31. The report pointed out that "the buds of recovery that were noticeable at the end of 2019 were overshadowed by the negative effects of the global crisis."

Regarding other countries, the bank expected that Sri Lanka, Nepal, Bhutan and Bangladesh will experience a sharp decline in economic growth. And the bank mentioned in its report, which is based on data at the level of each country until the seventh of April. The other three countries, Pakistan, Afghanistan and the Maldives, are expected to enter into recession.

The measures adopted by the countries of the region to combat the Corona virus have disrupted the supply chains in South Asia, which recorded more than 13 thousand cases, which remains a level much lower than other regions in the world.

India announced a comprehensive closure of its 1.3 billion people, causing millions to lose their jobs, disrupted small and large companies, and pushed millions of migrant workers to migrate from cities and return to their villages.

And the bank warned that if measures to suspend activities continue for a long time, on a large scale, the worst possibility indicates that the entire region will suffer an economic downturn in the current year.

In order to alleviate economic hardship in the short term, the World Bank called on countries in the region to announce financial and monetary measures to support migrant workers who have lost their jobs and debt relief to companies and individuals.

India has unveiled a $ 23 billion economic plan to provide direct cash transfers to millions of poor people affected by the general isolation measures. In Pakistan, the government announced a $ 6 billion plan to support the economy.

"The priority for all South Asian governments is to contain the spread of the virus and protect its people, especially the poorest who face the most severe health and economic consequences," said Hartwig Scheffer, senior World Bank official.

Agencies   link

Don961:  Dr.. Mazhar Muhammad Salih *: The Shanghai Cooperation Organization and the new international monetary system: a forward-looking vision

04/09/2020

The revitalization of the SCO agreement (originally signed on June 15 of 2001 between China, Russia and other Asian countries today, numbering eight countries), by activating the cooperation agreement in accordance with international economic developments and their developments after the Coronavirus 2020 epidemic that seeks birth A semi-closed trade and investment exchange system for a large economic zone that constitutes about 50% of the population of the earth, seeking to construct alternative payment systems to finance inter-trade and Eurasian investment opportunities. 

E Group (geo-economic and Eurasian wide). This will take time, as local currencies as an alternative to the role of leading international currencies and the existing component of the international monetary system to the current performance of its role in the financing of trade, investment and building systems and other independent payments.

Second, how much is the value of intra-trade and investment exchanges within this block and its percentage of the total value of global trade and investment, and according to the calculations of economic attraction between them, compared to the profit and loss opportunities in its international trade? The third is the extent to which this group or economic bloc needs a stable general equivalent of values ​​in the future called in all cases numeraire and means choosing a commodity to equal the value of goods and services produced locally and exchanged between the countries of the Shanghai Group (i.e. the monetary value of the monetary value to assess and perform inter-trade and investment within the group countries themselves ).

In light of the foregoing, we see that this group may eventually resort to two neutral options that avoid inflation problems, high prices, and the difference in the comparative advantage in determining the value of goods and services produced in each country, as well as problems of dumping, commercial domination, capital movement flow, direct and indirect investment in the markets Finance within the group countries. As these options are based on two alternatives:

The first is represented by resorting at this early stage (in which local currencies will be adopted in settling inter-commercial exchanges and investment) to adopting a special system of settlements and exchanges between the countries of the same group and with mechanisms called: equivalent transaction. 

As the central bank predominantly in each country within the Shanghai Group itself to maintain a cash balance from the currencies of the other country equivalent to the intra-regional trade and expected annual investment towards the other country or other countries to conduct matching and settlement at the end of the fiscal year, until that the adoption of a general equivalent of the unified values ​​and reach a stage Monetary union and the emergence of a new currency for the new (Eurasian) bloc.

This also comes to launch a signal of financial independence and the gradual move away from the current international monetary system or any existing international currency from the SDR basket currencies until the stability of the internal financial and monetary policies of the group countries and building homogeneous customs fences and according to stability criteria that may come close to criteria ( Maastricht) signed in 1992 when the European Union established and established the European monetary system (i.e. in terms of the ratio of public budget deficits and public debt to gross domestic product and the amount of the current account deficit in the balance of payments to the said output) Commitment standardized access Kmarkip systems to Alkmarki Union Alioroasewe Eurasian Custom Union as a necessity for the necessary condition market economic homogenized performance and adoption of the monetary union.

If the United States dollar today constitutes about 83% of the currency of the settlements in trade, payments and investment in the world, then this Eurasian system of interchange and another general equivalent of numeraire will be at the expense of changing the components of the existing global monetary reserve system and its role in settling trade and international payments Where the US dollar and the European currency / euro take the lead in this system. 

Intra-regional trade within this large economic group - numerically expanding and geographically expanding, which occupies more than a third of Eurasia and is economically strong - will constitute a new transformative outlook for trade, finance and international investment prospects and an important input into the low demand for currencies in international trade in proportion and in a manner that we might appreciate ( Reservation) by at least 8-10% ؜ at the time of its adoption. 

In addition, the substitution of the Afro-Asian currency will be accompanied by a significant degree in the exchange of components of the official foreign reserves of the countries of the world and in the interest of the new international currency, in addition to the rise in its role in the global credit activities in which the dollar occupies today more than 60% of the total bank credit in the world. In addition to the high dollarization of the main capital markets. 

It is important to note that the Eurasians token market, denominated in the new Eurasian currency, may emerge in a highly changing world.

In conclusion, the success of the Shanghai Cooperation Group with its monetary characteristics (outside the scope of the topic of security and international policy) will necessitate the establishment of payment systems in the aforementioned Eurasian currency, to be within the existing international currency basket, and counting it as an introduction to the bilateral polarity in the political economy of nations and a sensitive introduction to the division of economic globalization and its transformation towards the emergence of a vital field Another influential economist in a highly dualistic world.

(*) Researcher, economist, and financial advisor to the Iraqi government

Copyright reserved for the Iraqi Economist Network. Republishing is permitted provided the source is indicated. April 9, 2020

To download a PDF file, click on the links below

The appearance of Muhammad Salih - Shanghai Cooperation Organization - Editor

http://iraqieconomists.net/     link

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DELTA:  I JUST CHECKED THE CBI ARABIC SITE...IT LOOKS LIKE THIS AUCTION IS COVERING THE PERIOD OF 03/22 UNTIL 04/01...

The results of the foreign currency sale window on Sunday 3/22/2020, executed today

 Advertisement No. 4168

Sale date -   Sunday 22/3/2020, executed today

the details

    The amount

Total sale for purposes of enhancing balances abroad (transfers, credits) 220,887,967

Total cash sale 0

Total sales 220,887,967

Note that: The sale price of the sums transferred to the accounts of banks abroad ( 1190 ) dinars per dollar.

Cash sale price ( 1190 ) dinars per dollar.

» The Central Bank of Iraq sales schedule of foreign currency (amounts in thousands of dollars) for Sunday 3/22/2020 and executed today