KTFA Members "News and Views" Monday 7-20-2020
.KTFA:
Samson: Al-Kazimi's visit postponed after the deterioration of the health of the Saudi king
08:41 - 20/07/2020
Saudi Foreign Minister Faisal bin Farhan Al Saud announced, Monday, the postponement of the visit of Prime Minister Mustafa Al-Kazemi to Riyadh after King Salman bin Abdulaziz entered the hospital.
Al Saud said in a tweet on Twitter and saw it (the information), "Realizing the importance of this visit and the desire for its success, Saudi Arabia, in coordination with the government of Iraq, decided to postpone the visit."
Al-Kazimi was scheduled to arrive today in the Saudi capital, Riyadh, in his first foreign tour since he took office.
KTFA:
Samson: Al-Kazimi's visit postponed after the deterioration of the health of the Saudi king
08:41 - 20/07/2020
Saudi Foreign Minister Faisal bin Farhan Al Saud announced, Monday, the postponement of the visit of Prime Minister Mustafa Al-Kazemi to Riyadh after King Salman bin Abdulaziz entered the hospital.
Al Saud said in a tweet on Twitter and saw it (the information), "Realizing the importance of this visit and the desire for its success, Saudi Arabia, in coordination with the government of Iraq, decided to postpone the visit."
Al-Kazimi was scheduled to arrive today in the Saudi capital, Riyadh, in his first foreign tour since he took office. LINK
Samson: Parliamentary Finance warns of financing policy through the cash issue
22:10 - 07/18/2020
The Parliamentary Finance Committee warned, on Saturday, of the Central Bank of Iraq resorting to the policy of financing inflation through the cash issue, indicating that it leads to raising prices and harming those with limited and fixed incomes.
The committee's rapporteur, Ahmed Al-Saffar, said in a statement that followed him / the information: “There is a difference between printing the currency and the new monetary issue, because printing is an ongoing work by the central bank, to compensate the cash categories that are damaged after being withdrawn from the circulation stream, so the money supply remains as It is, which does not affect the state of the market or inflation.”
As for the new monetary issuance, between Al-Saffar that this means creating a new amount of paper cash in different categories and this process is called in financial literature for inflation financing, because it leads directly to raising prices, and consequently low purchasing power of the national currency and lower real income of the individual, and harm to people Limited and fixed incomes, landlords and others.
He added that "monetary issuance is one of the solutions for financing the deficit, and it is usually used in economically developed countries that have a developed productive system that has flexibility, and is able to easily and quickly produce goods and services that are pumped to the market to meet the new amount of cash. When there are broken resources, new cash is used. To play it. ”
However, he added, "However, it is not advisable to use the new monetary issuance method in developing countries or that possess inflexible, slow and backward production devices, as is the case in Iraq. We in Iraq do not have production at all and depend on exporting oil and using oil revenues for import." LINK
MilitiaMan: If these guys can be any more confusing than they are now, they will. Keen in on the high lights. They tell us the good and the bad. The good is what I focus on.. It is the obvious now.. imo..
The are talking about the new monetary issues. Different categories (NSCNs), as a solution for financing the deficit, as developed countries do.! ~ MM
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Samson: $ 60 a barrel of oil ... Iraqi expectations after the return of economic life
19th July, 2020
Energy expert Furat Al-Mousawi expected, on Sunday, that the price of a barrel of oil will reach $ 60 in the coming months.
Al-Moussawi told Shafaq News that "the return of economic life to most countries of the world will contribute to increasing demand for energy and the price of a barrel of oil reaching 60 dollars in the coming months," noting that "this month of July will end the first phase of an agreement to reduce production, the implementation of which began early Last May, with a total decrease of 9.7 million barrels per day.
He added that "the second stage begins at the beginning of next August by reducing the size of the reduction to 7.7 million barrels per day and continues until the end of 2020," noting that "the third stage begins in the beginning of 2011 until April of the same year, with a total reduction of 6 million barrels."
And Mousawi added, "It is expected that global demand will recover by 7 million barrels per day in 2021, after falling by nine million barrels this year, and the recovery of oil prices to about $ 43 a barrel from the lowest level in 21 years at less than $ 16 a barrel in a month. April".
And Moussawi said, "The actual increase in production from August may be less than two million barrels per day, given that Iraq and Nigeria pledged to compensate for the high production level in May and July with larger reductions than they pledged."
The expert in energy affairs stressed that "these reasons, the beginning of the return of economic life to most of the countries of the world and the start of opening air traffic again during the next month, which calls for an increase in energy demand, it is expected that oil prices will reach more than 60 dollars in the coming months." LINK
Don961: The Iraqi economy ... the predicament of the situation and the problem of the solution
KARAR AL-ASADI SUN, 19-07-2020, PM 8:06 By: Dr. Imad Abdul Latif Salem
The price of Brent "Al Mubarak" crude today 19-7-2020 .. is 43.10 dollars a barrel.
And according to estimates of the average annual price of Brent crude, the price of selling our blessed oil is usually estimated in our blessed public budget for the blessed fiscal year 2020 ... which is the general budget that has continued in its blessed "voluntary" absence for nearly a year.
The amount of public expenditures in this "absent" or "absent" budget is estimated at 100 trillion Iraqi dinars, or $ 80 billion (not blessed, of course).
However, not all of Iraq’s blessed oil is light and blessed. Much of our oil is heavy, like us, and blessed.
The average selling price of our blessed oil is 6 to 9 dollars per barrel.
Therefore, the sale price of oil, estimated in the general budget for the fiscal year, will either range, or is supposed to range (as a personal estimate) between $ 26-30 per barrel.
This means that the blessed budget deficit will increase .. and that our financial, economic, and social crises will worsen, especially with our disastrous failure to properly deal with the outbreak of the COVID 19 epidemic, and our inability to make a fair trade-off between the death of people “biologically” from the epidemic, and between their death “economically” "As a result of their suffering from worsening unemployment and high rates of poverty among the population.
This means that the blessed austerity will increase, and the salaries of employees and retirees, and the livelihoods of those with limited incomes, not all blessed, will be the blessed victim of all of this.
Total salaries of “workers’ compensation ”are estimated at 3.3 trillion dinars per month, while the salaries of retirees are estimated at 1.3 trillion dinars per month, or a total of 4.7 trillion dinars per month (56.4 trillion dinars annually).
And if these "personal estimates" are logical, or close to the reality of the situation, then this means that the salaries of employees and retirees constitute 56.4% of the total allocations of the state budget for the fiscal year 2020, and this is the highest percentage, or "share" of salaries in the general budgets of countries , Among all the countries of the world.
Also, as a personal estimate, the government (even if oil prices increase slightly at the end of this year), and even if it is able to continue to pay the salaries of July and August 2020, it may be unable to do so (or that it may face enormous difficulties in "a measure" That) in September 2020 .. and that the situation will become more difficult in the months that follow, unless a “party” provides an urgent “rescue” package, to avoid worse than the government's inability to pay the salaries of employees and retirees, in addition to securing sufficient funds to meet With its basic obligations.
In the last statement reported by the media about him, the Minister of Finance says: “The approval of the federal general budget for 2020 is excluded” (to be the same in the case of the 2014 budget) .. And that the government is working on preparing for the next year’s budget 2021, where We need 7.5 trillion dinars per month for operating expenses, and we will continue to borrow from local banks to finance salaries and ruling expenses. "And the government may resort to external borrowing to address the financial crisis.
It is assumed "economically" (and there are those who insist that no single economic law operates in a logical manner in Iraq) that the price of the US dollar rise against the Iraqi dinar, and that we be able to control the rhythm of that rise (if it occurs), so that it has direct and indirect positive effects ..And to avoid as much as possible its negative effects on the economy.
The exchange rate is one of the “keys” to the solution, but the blessed central bank can still defend the blessed “current” dinar exchange rate, in light of all these blessed “rational” expectations ... and that will continue to happen and happen, until God decides (not The "employers of" politics and economics in this "afflicted" country) ... was done.
Now, away from the "jurisprudence" and "personal estimates" of the data, we will urge an important, careful and accurate study, prepared by a group of beautiful Iraqi minds, working at the University of Kufa, and in the Central Bureau of Statistics, and issued in May 2020 by a center Al-Rafidain for Dialogue, which is entitled: "A case study: Poverty and living standards in Iraq in light of the repercussions of the Corona crisis" .. Among the most important contents of this study include the following *:
In January 2020, crude oil export revenue was $ 6.163 billion, at a rate of $ 60,139 per barrel.
In April 2020, crude oil export revenues decreased to only $ 1.423 billion, at a rate of $ 13.81 per barrel.
- The volume of gross domestic product achieved in 2019 amounted to about 262.9 billion dollars ... Because of the dual effect resulting from the decrease in oil prices and the decrease in other economic activities due to the effects of "Corona", the volume of this GDP for 2020 may decrease (assuming an average price of oil The amount of $ 30 a barrel, according to the best scenarios, and the closest to logic), to be in the range of 169 trillion dinars only (about 142 billion dollars). This means that this double crisis could cause the GDP of 2020 compared to 2019 to decrease by 36%.
The number of poor people in 2018 was estimated at 7.4 million, with a poverty rate of 20.5%. According to the 10% income or consumption scenario (which is the "basic case" scenario closest to reality in light of the current crisis), the poverty line in Iraq for 2020 was estimated at 123,200 thousand dinars / person / month. Hence, the poverty rate estimated according to this scenario is 22.8%, and the number of poor people is estimated at 9.120 million poor.
All this is happening, and Iran's blessed agreement with the big, blessed countries about its blessed nuclear file is subjected to the blessed "tramp" strikes, so that the impact of the strikes on us will be reversed in politics, security, and the economy.
And for those who ask his traditional question about the "solution" in this "case", there are many solutions that have been presented repeatedly to "decision makers" in this country ... and there are many plans, policies and strategies that have been approved (from the highest legislative and executive levels) And it was all left on the shelf, to be eaten by the dust of neglect, ignorance and forgetting .. Whether we agree or not with the current Minister of Finance, I personally do not think that he needs someone who is “to be seen” in this regard .. Also, he also does not need to sit with a group of Experts and consultants, together, to rediscover the wheel again, to put it under this decaying vehicle called "the Iraqi economy."
What we need, and what it "benefits" is not more "theories" and "jurisprudence" of experts and advisors ... rather that we have supreme sovereign interests "holy", agreed upon by the political "parties" controlling this country, and defending them fiercely, And with unrelenting political will.
What we need is that we are aware that we have no alternative to salvation from our complex economic crises, other than comprehensive and radical reform .. and that this reform has a cost .. and that this cost may be very prohibitive .. and we may continue to pay it for five, ten years Next .. We are the ones who do not tolerate delaying paying our salaries for only five days.
This year 2020 never seems blessed, from its blessed start, until the very moment when it is supposed to be blessed now.
Three presidencies blessed, Iraqis.
Mubarak's House of Representatives.
Blessed government.
Blessed ministers.
Mubarak government program.
But ... with the prices of oil not blessed (externally) .. and with chaos, confusion, and lack of horizon (internally), a lot of things may be unfortunate now, Iraqis.
Many things will not be okay ... neither in the short term nor in the medium term.
In the long run, this may happen ... that is, some things may be on Mayram.
However, many of us will be dead, and they will not be witnesses to that .. in that long term.
So ...beautiful patience ... or beautiful
desertion ... blessed Iraqis. LINK
BigIron: I like this guy. Blessed assurance exchange rate change is coming IMO
Don961: 47 “Suspicion” of money laundering and terrorist financing
Sunday, July 19, 2020 Baghdad / Omar Abdul Latif
The Anti-Money Laundering and Combating the Financing of Terrorism Office transmitted 47 suspicion reports on the leadership of the Public Prosecutor by 34 reports during the past year and 13 reports during the first half of the current year 2020.
The office stated in a report obtained by Al-Sabah that referring these reports took place after the office analyzed and completed procedures and collected information for 451 reports of suspicions of money laundering or terrorist financing received from a number of financial and non-financial institutions, in order to reach the application of sanctions against Those suspicions set by the Anti-Money Laundering Law No. 39 of 2015 »
The office added in its report that «these reports were distributed at a rate of 279 reports during 2019, and 172 until June of this year, and the annual reporting rate for the two years above has increased compared to previous years, reaching (40) reports only for 2016 and (134) reports for the year 2017, while in the year 2018 (158), it was attributed, attributing the increase in the number of communications during the past year to “increasing awareness-raising, establishing a number of workshops and training courses, setting new standards and controls by the office to the concerned authorities and using the tactical and operational analysis method.”
The office emphasized that «activating joint cooperation agreements with law enforcement and financial authorities; It was an important reason in developing its tasks by uncovering suspicions of money laundering and terrorist financing, and as a result of this joint cooperation, the office notified the supervisory authorities of suspicion indicators available to it for the purpose of finding ways to contribute to the money used in money laundering operations that obtained original crimes In all its forms and recovering them, and ensuring that these funds do not reach terrorist groups, sleeping cells and their families, as this contributes to drying up the sources of terrorism. ”
On the other hand, in order to define the risks facing the financial sector, a committee has been formed for the national assessment of the risks of money laundering and terrorist financing, which began to collect data and information and address them to identify weaknesses, and contribute to determining the level of risks to be dealt with to reduce and eliminate them and make Iraq internationally low in risk, especially This procedure is one of the requirements of the Financial Action Group (FATF) that depends in its classification for Iraq on the results of this evaluation, and the office obtained technical support from the World Bank in order to accomplish this task.
As part of the investigation of the office's strategy in this field, several regulations have been issued to combat money laundering and terrorist financing targeting various activities, the most important of which is the issue of the introduction and exit of foreign and domestic currencies during the travel of citizens and foreigners, as well as controls for notifications of lawyers issued in cooperation with the Bar Association recently, with the presence of controls Others under the legislation related to accountants were prepared in coordination with the Association of Accountants and Iraqi Auditors, and other similar controls related to the trade in gold and precious metals were prepared in coordination with the Central Organization for Standardization and Quality Control in the Ministry of Planning, and the office works with the Ministry of Justice for the purpose of issuing controls for the Department of the Notaries and the Real Estate Registration Department .
On the level of international cooperation, the office signed five memoranda of understanding at the international level with various counterpart units in other countries.
As for supporting financial institutions in terms of controlling financial movements; The office circulated a set of new scenarios for the systems used in early detection of money laundering indicators that are used in banks in order to enhance the role of anti-money laundering units in them in order to reach the best practices for combating money laundering and terrorist financing in accordance with international standards assigned to the Money Laundering Law No. 39 of 2015.
link
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Samson: Iran executes accused of spying for the CIA and Mossad
20th July, 2020
Today, Monday morning, the death sentence was executed against Mahmoud Mousavi Majd, accused of spying for the CIA and the Israeli Mossad.
And the judicial authorities in Iran revealed that the spy who was recently sentenced to death, on charges of leaking information to the American and Israeli intelligence, had assisted in the assassination of the Quds Force Commander Qassem Soleimani on January 3, and has no direct relationship to the assassination of Soleimani.
It stated that he was providing information to the Mossad and the American intelligence about the Iranian advisers present in Syria.
"The spy who was executed in Tehran, Mahmoud Mousavi Majd, was residing in Syria with his family, and he provided information about the Iranian advisors and the work of the Ministry of Defense and the Quds Force to the Israeli Mossad and the CIA," said Iranian judiciary spokesman Ghulam Ismaili. LINK
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Don961: Half Of The World's Wealth Is Owned By 26 People
On July 19, 2020
United Nations Secretary General Antonio Guterres revealed on Saturday that the 26 richest people in the world possess fortunes equal to the wealth of half of the world's population, pointing out that 70 percent of the world's population lives under the weight of inequality in income and wealth.
United Nations Secretary-General António Guterres accused world powers of ignoring the issue of inequality in global institutions, but said that the Corona virus pandemic created an "opportunity", available only over a generation or generations, to build a more equal and sustainable world.
Guterres, while delivering an annual lecture to the Nelson Mandela Foundation online, on Saturday, called for the conclusion of what he called a new global deal to ensure the sharing of power, wealth and opportunity on a wider and fairer scale at the international level.
Guterres said: "Countries that rose to the summit more than seven decades ago refused to think about the reforms needed to change power relations in international institutions ... training and voting rights in the United Nations Security Council and the Bretton Woods system are an example of this."
He added: "Inequality begins at the top in global institutions. Addressing inequality must begin by reforming it. ”
The Bretton Woods system includes the International Monetary Fund and the World Bank.
Guterres said that the Corona virus epidemic, like X-rays, had revealed "broken structures in the fragile skeleton of the societies we built".
He added: "While we all float on the waters of the same sea, it is clear that some land in luxury yachts while others cling to floating rubble." LInk
Delta and KTFA Members Sunday PM 7-19-2020
.KTFA:
DELTA: FROM IRAQI TV: CBI: THERE IS NO CURRENCY PRINTING PROCESS FOR GOV SPENDING...
DELTA: Forex Trading in Iraq (smile)
July 15, 2020
Thanks to international Forex Brokers steadily expanding into Iraq, it’s now possible for Iraqi citizens and travelers to get involved in the forex market. Though trading forex is still a relatively new concept in most parts of Iraq, it’s never been easier to learn more about trading online.
Our guide will help you learn more about how you can begin trading forex in Iraq, how to open a brokerage account and will introduce you to a few beginner trading strategies.
KTFA:
DELTA: FROM IRAQI TV: CBI: THERE IS NO CURRENCY PRINTING PROCESS FOR GOV SPENDING...
DELTA: Forex Trading in Iraq (smile)
July 15, 2020
Thanks to international Forex Brokers steadily expanding into Iraq, it’s now possible for Iraqi citizens and travelers to get involved in the forex market. Though trading forex is still a relatively new concept in most parts of Iraq, it’s never been easier to learn more about trading online.
Our guide will help you learn more about how you can begin trading forex in Iraq, how to open a brokerage account and will introduce you to a few beginner trading strategies.
Get Started with Forex in Iraq
Getting started trading Forex begins with opening a brokerage account. Here are the basic steps you’ll go through when you open your account.
Step 1: Find a device connected to the internet. The 1st step to opening a Forex brokerage account is finding a stable connection to the internet. Though you can open an account on nearly any device, your internet connection must be consistent and private. Run a speed test on your device before proceeding.
Step 2: Choose a broker. Once you’ve got a stable connection to the internet, it’s time to choose a broker. Though there are both international and domestic brokers offering services to investors in Iraq, domestic brokers may not be registered and may offer dangerously high leverage and margin rates.
We recommend working with an international broker registered with a recognized foreign currency authority like the Cyprus Stock Market Commission or the Australian Securities and Investment Commission.
If you’re a follower of the Islamic faith, consider opening an account with a broker that offers “swap-free” accounts. These accounts don’t accumulate interest on overnight positions, which keeps you in accordance with Sharia laws regarding money lending.
Step 3: Open an account. After selecting a broker, use the broker’s processes to open an account. You’ll usually need to submit personal identification information before you can open your account.
Step 4: Download your trading software. Though your broker might offer its own proprietary platform, many brokerages require traders to download a 3rd-party software like Meta Trader 4 or 5. Check and see what your broker offers before you download any platform.
Step 5: Fund your account. When your account is fully-opened, link your bank account to transfer trading funds. Depending on your broker, you might also be able to fund your account with a debit card transfer or a transfer from an electronic wallet.
Step 6: Make your 1st trade. It may take a few days for your trading funds to appear in your account. Once they arrive, you can officially begin Forex trading.
Iraq Forex Trading Strategies
There are 2 major types of trading strategies that Forex traders use to determine which currencies to buy and sell: technical analysis and fundamental analysis. The ideal trading strategy for you will vary depending on the currencies you trade, whether you’d like to trade in the short-term or the long-term and your financial goals.
Zeeman: if i read it correctly with forex then iraq must be international and next is the new value. thanks for the info delta
Iobey777: WOW!!! That is HUUUUUGGGEEE news!!!
TSM: It does sound GOOD.... but first show me where they can actually trade the Dinar on the forex..... or is this the same as the Nasdaq stuff they have been talking about or 2 - 3 years, and we still can't trade Iraqi stocks.
GodLover: I would venture to guess that right now it's educating the Iraqi citizens how to trade on Forex, when a new international rate is exposed imo.
21TBird: . Wow, the simple instructions to people in Iraq about trading on Forex. Its not that simple from my past experience. You really need to study how to trade it and there are people out there that have very expensive trading tools to help them see if the currency is really going up or actually selling off. Volume indicators. IMO
Dan: According to my understanding, Frank said that the IQD can pay For and trade with every country in the world now. Only thing that is missing is that they have raised the value of their currency. Sounds like it's past tense on a global scale
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Samson: Al-Kazemi in Saudi Arabia tomorrow ... and important details about the visit
7/19/2020 09:01:57
Prime Minister Mustafa Al-Kazemi will visit Saudi Arabia tomorrow, Monday, on an official visit at the invitation of Saudi Crown Prince Mohammed bin Salman.
Al-Kazemi is accompanied by a high-ranking delegation of ministers and officials, according to Iraqi official sources, who expected "great results" from the visit. Qahtan al-Janabi, the Iraqi ambassador to Saudi Arabia, said in a press statement that Al-Kazemi will arrive tomorrow to Riyadh with a high-level delegation.
The Ambassador stated that an Iraqi delegation headed by Deputy Prime Minister and Minister of Finance Ali Abdul Amir Allawi arrived in Riyadh yesterday to start the meetings of the Saudi-Iraqi Coordination Council. He added, "The Saudi-Iraqi Coordination Council met yesterday, headed by Allawi, accompanied by a number of ministers and officials, and the meetings continue to this day, and culminate in the visit of the Prime Minister."
Al-Janabi continued: "It is expected that the visit, which is the first for the Prime Minister outside Iraq, will have significant positive results at the level of bilateral relations between the two countries, and we expect to develop and strengthen these relations to the level of the ambition of the leadership in the two countries, and the level of the ambition of the two neighboring brotherly peoples."
He pointed out that "the visit will focus on developing the relationship between Iraq and its Arab surroundings and its neighbors, and this is the main goal for it," noting that "relations should be at a high level, given the neighborhood and strong ties between the two peoples, and issues of the region, the region and the world will be pandemic." Corona) and others. "
It is expected that Al-Kazemi will meet today in Baghdad, the Iranian Foreign Minister, Mohammad Javad Zarif, who arrived in the capital Baghdad in the morning.
After Saudi Arabia, Al-Kazemi will visit Iran {Tuesday} and then the United States. LINK
Samson: Foreign Minister: Iraq wants balanced relations with neighboring countries
11:12 - 07/19/2020
Foreign Minister Fuad Hussein confirmed on Sunday that Iraq wants balanced relations with neighboring countries on the basis of the national interest.
Hussein said in a press conference with his Iranian counterpart, Mohammad Javad Zarif, in Baghdad, and his follow-up "information", that "we discussed bilateral relations and trade exchange between the two countries."
He added, "Iraq wants balanced relations with neighboring countries on the basis of the interest of Iraq and non-interference in internal affairs."
Hussein indicated that "the upcoming visit of the Iraqi delegation headed by Prime Minister Mustafa al-Hukoomi, headed by Al-Kazemi to the Islamic Republic, was discussed." LINK
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Samson: Integrity details the details of the arrest of a former official in Diwaniyah, on charges of embezzlement
10:10 - 07/19/2020
She added, “A fundamental arrest report was organized with the seized criminal identifiers, and it was presented to Mr. Judge of the Investigation Court specialized in integrity issues in Diwaniyah; To take appropriate legal measures. ” The authority had announced on the eighteenth of last February that the staff of the office was able to seize an employee in the Diwaniya circuit department, in flagrante delicto, for embezzlement of the salaries of one of the daily employees.
The Federal Integrity Commission clarified, on Sunday, the details seized by the former director of Diwaniyah’s sewers with three employees in the directorate for embezzlement.
The authority stated in a statement, which received / information / a copy of it, that “the investigation department in the commission, in its discussion of the details of the seizure process that was carried out according to a judicial memorandum, reported that a team composed of the authority’s investigation office in the governorate had moved to the Diwaniya sewerage depots, after receiving The office has information about the existence of a misappropriation process in the directorate’s warehouses, confirming that the former director and three employees have been arrested on charges of removing tanks and tubes of size 110 and 350 from one of the directorate’s warehouses, and transporting them to the farm of the former director, noting that the team has seized the output documents for the materials. LINK
Militiaman Sunday Afternoon "Extraordinary Amounts of Money Moving" 7-19-2020
.KTFA:
Samson: Pumping $ 10 Trillion To Support The Global Economy
19th July, 2020
The Saudi Finance Minister, Muhammad Al-Jadaan, said that the G20 countries have taken measures to tackle the effects of the Corona pandemic, as they approved $ 21 billion to bridge the gap in the health care sector globally.
Al-Jadaan added in a hypothetical press conference, after the meeting of finance ministers and central bankers in the Group of Twenty, today, Saturday, that it was agreed to pump 10 trillion US dollars to support the global economy.
He pointed out that the Group of Twenty agreed to reduce debt service and exempt the poorest countries from them by an estimated value of about $ 14 billion, and that the International Monetary Fund approved 77 requests for assistance with $ 80 billion.
KTFA:
Samson: Pumping $ 10 Trillion To Support The Global Economy
19th July, 2020
The Saudi Finance Minister, Muhammad Al-Jadaan, said that the G20 countries have taken measures to tackle the effects of the Corona pandemic, as they approved $ 21 billion to bridge the gap in the health care sector globally.
Al-Jadaan added in a hypothetical press conference, after the meeting of finance ministers and central bankers in the Group of Twenty, today, Saturday, that it was agreed to pump 10 trillion US dollars to support the global economy.
He pointed out that the Group of Twenty agreed to reduce debt service and exempt the poorest countries from them by an estimated value of about $ 14 billion, and that the International Monetary Fund approved 77 requests for assistance with $ 80 billion.
He stressed that the countries of the Group of Twenty will not calm down until they can overcome the effects of the Corona pandemic, noting that the group submitted a full report on the developments of its obligations towards the pandemic, and is considering extending the work to freeze the dues of poor countries. LINK
MilitiaMan: The G20 agreed to pump ten trillion dollars into the global economy. They have to have a kitty somewhere to do that.
FIMA and the CML (currency manipulation law) were activated back in early April 20 20.
We have sources that tell us there has been significant amounts of money movements. In fact one I am aware of used the words; Very, Very large even Extraordinary large amounts of money!
And that the amounts were so large the the country doing so wouldn't do that, unless there was a benefit for them!! Well, here is 20 members in the Global community ready to stimulate the global economy with 10 Trillion USD. That is staggering!!
The FIMA is a tool or mechanism to facilitate large amounts of money movement and smoothly. They already started moving money, so this article is effectively after the fact. This meeting imo has my interest and imo it should have everyone's now.
The FIMA will support foreign currency reserves. Think now about that. Who has foreign currency reserves? Well just about everyone in the world to some degree. Some more than others be sure. I'll bet the G20 have signficant amounts of foriegn reserves.
I'll bet large amounts of many that may have potential to increase in value. Hence, the CML was activated the same day.
Is this starting to add up. The kitty... The ten trillion dollar kitty.??? It is obvious they are going to get a shot in the arm when that CML kicks in. Is this the fix the corona needs? Yep.. In my opinion, the mask is about to come off!! Oh ya.. ~ imo ~ MM
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What is the FIMA, CML and or SDRs?
"The Federal Reserve established a temporary repurchase agreement facility for foreign and international monetary authorities (FIMA Repo Facility) to help support the smooth functioning of financial markets, including the U.S. Treasury market, and thus maintain the supply of credit to U.S. households and businesses.Apr 15, 2020"
Special Drawing Rights (SDR) Definition -
Apr 7, 2019 - Special drawing rights (SDR) refer to an international type of monetary reserve currency created by the International Monetary Fund (IMF) in 1969 that operates as a supplement to the existing money reserves of member countries.
Currency Manipulation Law~ CML~ Currency manipulator. ... If a country is labeled a currency manipulator under this Act, "The President, through Treasury, shall take specified remedial action against any such countries that fail to adopt policies to correct the undervaluation of their currency and trade surplus with the United States."
KTFA Members "Saturday News" 7-18-2020
.KTFA:
Samson: The end of the oil age ... a report that predicts a bleak future for the Arab world
18th July, 2020
A report by the British "Economist" magazine expected the end of the era of oil in the Arab countries, which is witnessing an unprecedented crisis due to the drop in crude prices caused by the repercussions of the Corona pandemic
The magazine's report, which deals with economic affairs, dealt with the conditions of Arab countries as well as Iran, in light of the decline in demand for crude and the effects of this on the budgets of these countries, which began to shrink by little. The report cited an example in Algeria, which said that its budget needs to reach the price of a barrel of oil to about $ 157 in order to recover, compared to Amman, which is relatively better, but it also needs to reach prices to $ 87 a barrel
KTFA:
Samson: The end of the oil age ... a report that predicts a bleak future for the Arab world
18th July, 2020
A report by the British "Economist" magazine expected the end of the era of oil in the Arab countries, which is witnessing an unprecedented crisis due to the drop in crude prices caused by the repercussions of the Corona pandemic
The magazine's report, which deals with economic affairs, dealt with the conditions of Arab countries as well as Iran, in light of the decline in demand for crude and the effects of this on the budgets of these countries, which began to shrink by little. The report cited an example in Algeria, which said that its budget needs to reach the price of a barrel of oil to about $ 157 in order to recover, compared to Amman, which is relatively better, but it also needs to reach prices to $ 87 a barrel
As for Kuwait, expectations indicate that the percentage of deficit in its budget for this year may reach 40 percent, while Iraq faces an acute crisis as a result of low revenues and the possibility of the government resorting to reducing employee salaries in order to face the crisis, according to the report. The report notes that the situation is not very different in Saudi Arabia, which was "severely affected" by the drop in oil prices and the Corona pandemic, which forced it to impose new taxes and use part of its financial reserves to cover spending
On the other hand, the impacts are expected to be less severe for Qatar and the UAE, because they have huge sovereign wealth funds. However, the report suggests that the Gulf Cooperation Council countries will deplete their reserves of two trillion dollars by 2034, according to the expectations of the International Monetary Fund
The consequences will not be limited to the oil states, as the Economist magazine report sees that the neighboring Arab countries, such as Egypt, Jordan and Lebanon, will be the most affected by the low imports of the countries of the oil region
. And he confirms that these countries will feel pain as well, because they have long relied on their oil neighbors to operate their citizens. He adds that the value of financial transfers amounts to more than 10 per cent of the gross domestic product in some countries, in addition to that it is one of the largest beneficiaries of trade exchange, tourism and investments coming from oil countries LINK
Samson: The Iranian riyal marks a new historical collapse
18th July, 2020
The Iranian riyal recorded a new historical collapse in today's transactions on the black market, with the exchange rate reaching 250 thousand riyals per dollar.
It is noteworthy that the economic repercussions worsened in Iran with the continuation of the US sanctions and the pandemic of the new Corona virus. LINK
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Samson: Iraq is blacklisted by the European Union - Big problem, such as the accusation of money laundering, cannot be faced with appeals from the Ministry of Foreign Affairs
18th July, 2020
The Central Bank of Iraq is silent and we have not heard of any comment. The file must be dealt with in a professional manner before Iraq requests that its name be removed from the list
Imposing restrictions on money transfers to and from Iraq, which hinders the flow of funds necessary for investment. No soft loans from the International Monetary Fund, monitoring all financial transfers to and from Iraq, low investment companies’ business to expose them to extortion. These are the most prominent "gains" of Iraq, after being placed by the European Union on the list of high-risk countries in money laundering and terrorist financing! How can Iraq get out of this list?
Let's start from the beginning of the story.
We say ... the situation in Iraq has become threatened with economic collapse after being placed by the European Union on the list of countries that lack international standards to prevent money laundering and combat the financing of terrorism. This is not new to Iraq, as the European Union previously put Iraq on this list since 2016, and the European Union has tried to help Iraq out of this list after the Union helped in 2018 lift the sanctions that were imposed on it. Instead of Iraq benefiting from this positive step to improve its image and economic situation in front of the world, it has been pushed into projects tainted by corruption in addition to the continuation of the currency auction, which the European Union considers a broad window for money laundering, so the European Union renewed Iraq’s fixation in this list within its latest version in July 2020.
It is true that Iraq moved diplomatically in the recent period to remove its name from this list, when the Iraqi Foreign Minister Fuad Hussein called his German counterpart Haikou Maas, who will head the European Union this week, asking him to make efforts to remove Iraq from the list of high-risk countries in money laundering and terrorist financing. But ... such important issues cannot be solved by phone call, as happens in Iraq when a criminal is released by phone call, or when someone is assigned to an important location by phone call as well, since this file must be dealt with in a professional manner, there are specific requirements And fixed standards for Iraq to adhere to before it requests the competent authorities to remove its name from this list.
But a lord of questioner says what does it mean to place Iraq on this list. We say that this does not only mean placing restrictions and monitoring financial transfers to and from Iraq, but also the difficulty in obtaining financial grants and soft loans from the International Monetary Fund, at a time when Iraq became in great need For such loans to pay the salaries of his employees is nothing but.
It is true that the foreign and finance ministries moved "a little" to end this file, except that specialists confirm that this file can be resolved through the Central Bank of Iraq, which has remained silent about this file and we have not heard any comment from it, especially since the European Union considers the Central Bank not to adhere to professional standards in dealing with the currency auction that allows money laundering Significantly, as the European Union knows very well that Iraq imports annually about $ 60 billion worth of goods, and knows that the volume of import from Turkey is about $ 19 billion, and from Iran it is about $ 18 billion and much smaller amounts are imported by it from China, Jordan, the Emirates and Saudi Arabia, so The European Union is asking about the rest of the sums that go out of Iraq under the pretext of import, but they disappear in Arab and foreign banks without entering any imported goods, which is considered an indication of money laundering, especially since the Lebanese financial crisis revealed the existence of billions of dollars resulting from the sale of oil. Kurdistan region in the Lebanese banks without knowing it the federal government in Baghdad!
Putting Iraq on this list will reduce many investment opportunities, especially as investment companies are exposed to multifaceted blackmail by militias that take royalties from companies that the European Union considers unprotected as a result of this blackmail.
It can also be said that the position of the European Union in Iraq on this list is not a punishment as much as it is imposing restrictions on financial transfers to and from Iraq, which will disrupt the flow of funds necessary to develop investment within the country! As per the laws of the European Union, banks, other financial companies and tax companies are obligated to have more careful scrutiny towards their customers who have dealings with the countries on the list, and as a result of Iraq’s inclusion in the list, banks and other entities covered by the EU’s anti-money laundering rules will have to apply Increased checks on financial operations that include customers and financial institutions from these “high-risk” countries in order to identify any “suspicious” financial flows.
Placing Iraq on this list will seriously damage its financial and political reputation, as it will affect its current credit rating from B- to C- or C + or other lower ratings and this will entail significant costs, as it will be difficult for Iraq to obtain credit or international loans or From international institutions granting concessional terms.
Also, according to this European decision, the conditions will be harsh for the loan requested by Iraq and approved by Parliament from international institutions, and it is expected that the interest rates and guarantees required will increase and the grace period for repayment will be reduced, as it will be difficult for Iraq to schedule its debts, all of these matters will result from a lowering of the credit rating.
We say that the Iraqi Foreign Minister’s appeals to his German counterpart to make efforts and remove Iraq from this list will not help, as the European Union has for years been Iraq is the largest country that laundered money abroad, and money laundering operations that have been carried out during the past years can be estimated between 250 to 350 billion almost dollars, and this rounding in numbers is due to the lack of information or transparency.
Iraq must take effective and positive steps if it wants to get out of this list. First, it must take effective measures towards combating the money laundering and terrorist financing process and demonstrate its restriction to the militias they are talking about and neutralize its activity, as the Foreign Ministry’s “objections” will not produce a result, unless The currency auction, which is the largest window for smuggling and money laundering, stops.
And if Iraq wants to get out of this list, we can say that there are specific requirements and fixed standards, which Iraq is required to abide by to get it out of this list, there are periodic legal issues by the European Union that clarify these standards and requirements and this matter requires Iraq to allocate professional and specialized people to follow This matter and communication with the legal and financial authorities in the European Union and their dialogue in detail to identify these requirements and raise Iraqi standards in the financial and legal aspects in order for Iraq to come out of this list.
Prior to that, and as a gesture of goodwill on Iraq, stopping the currency auction and neutralizing the work of the militias that threaten and blackmail investors, and work in all transparency with its financial dealings with countries of the world, and only thus can Iraq get out of this list, will Iraq be able to do that? LINK
Samson: Al-Maamouri asks civil aviation: What is the truth about our loss (2) billion dollars annually
18th July, 2020
The head of the Alliance Walkers in Diyala governorate and a member of the Parliamentary Services and Reconstruction Committee, Burhan Al-Maamouri, today, Saturday, addressed a parliamentary question to the President of the Civil Aviation Authority regarding a number of issues, the most important of which is the fact that Iraq lost (2) billion dollars annually due to lack of control over foreign transport funds.
Al-Mamouri said in a statement that "based on the constitutional powers under Article (61 / VII / A) and Articles (۲۷ / Second and ۲۹) of the House of Representatives Law and its Formations No. (۱۳) for the year ۲۰۱۸ and Articles (50 and 51) of the internal system of the House of Representatives we directed A parliamentary question to the President of the Civil Aviation Authority, indicating that "an official letter has been sent to inquire about the measures taken on a number of issues."
He added that "the parliamentary question included inquiring about the procedures of the Civil Aviation Authority about the fact of losing more than (مليار) billion dollars annually as a result of not controlling Iraq’s share of travelers," calling for "clarification of the reasons for these funds going to foreign carriers with the country's urgent need to boost revenue To support the state treasury. "
Al-Maamouri explained that "the parliamentary question came to inquire about the reasons for the failure of the European urbanization imposed on Iraqi Airways for many safety issues that are the responsibility of the Civil Aviation Authority as it is the one that gives licenses to air carriers and is responsible for safety conditions." He asked, "Why is this failure in this The file, which led to a great loss as a result of the suspension of the lines, as well as the result of contracting with a carrier from outside Iraq to be allowed to enter Europe? What are the procedures followed regarding contracts with the foreign carrier?
He pointed out, "The necessity of explaining the reasons for transferring the Rafha Line to Saudi Arabia, and the second line that was transferred to Kuwait, and these lines generate great resources for the country in great need," and asked about "the reason for the failure of the Civil Aviation Authority to open the door for negotiation for the purpose of returning them."
Al-Maamouri called for "the disclosure of the controls on which contracting and referral to the VIP lounge and parking garage at Baghdad International Airport and NAS Company for Ground Services and land contract for the southern Baghdad airport" were made, stressing "the importance of sending the answer within a period of two weeks from the date of notification of the parliamentary question". LINK
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Don961: The new cash version
Saturday 18 July 2020 Dr.. In the name of Brahimi
Some have recently circulated a proposal to print the new currency or monetary issue, as it is called, in terms of possible solutions to address the financial crisis the government is going through as a result of the Corona pandemic, so can this proposal be implemented? What are the possible consequences if applied? .
In order to clarify the merits of the matter, we point out that the government, through the Ministry of Finance, has two main accounts (in addition to other accounts), the first in dollars in which its external revenues (from oil) are deposited, which constitute up to (95 percent), and the second in dinars, in which its local revenues are deposited (from taxes and fees And other returns) which are within (5 percent).
Thus, when the government wants to pay internal dues, it requests the central bank to transfer from its balance in dollars to its account in dinars, meaning that it buys the dinar from the central bank. The question is what if the financial balance is not sufficient to meet its requirements?
Before the issuance of the Central Bank Law No. 56 of 2004, one of the main solutions was to borrow directly from the Central Bank (overdraft) without the latter having the right to object, but after the issuance of the aforementioned law, this mechanism stopped, and the reason is that the law has prevented The central bank is able to provide direct debt to the government while allowing it to provide indirect debt by re-deducting government bonds in the secondary market, i.e. buying them from banks and not from the government,
And that is within the framework of the independence granted by this law to the monetary authority, which aims to define the government borrowing process and not to use the latter this policy for political purposes and the issuance of more currency and consequently lower its value as a result of inflation resulting from the increase in issuance, meaning that the law was aimed mainly To prevent the improper use of religion.
Accordingly, the new monetary issuance process cannot be implemented before amending the law first, but if this is done, Iraq will lose one of the important achievements after the year 2003 which is the independence of the central bank, and this has a negative impact on the confidence of international institutions and organizations, and its consequences On the credit rating of Iraq, as well as dealing with those institutions and the ability to obtain financial and technical support, as this measure has negative consequences for the process of attracting foreign capital that we aspire to.
Away from all of that, the results that the cash issuance process can achieve do not differ from the indirect lending process initiated by the Central Bank a few days ago by re-deducting government bonds worth eight trillion dinars, but this process remains subject to the approval of the monetary authority and its appreciation of the actual need The size of the crisis and the need for government spending, which calls on us not to compromise the independence of the Central Bank, which is an important economic safety valve and the need to use specialists to deal with the crisis. LINK
KTFA Members "News and Veiws" Thursday 7-16-2020
.KTFA:
Don961: Washington and the Gulf states impose sanctions on 4 entities and two people for "financing terrorism"
2020.07.15 - 21:38 Baghdad - people
The US Department of the Treasury announced, on Wednesday, that it imposed sanctions on four entities and two individuals accused of supporting ISIS operations.
The ministry said in a statement seen by "People", (15 July 2020), "The terrorist financing targeting center, which also includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE, imposed sanctions on three financial services companies and a person in Turkey and Syria, in addition to a charity based in Afghanistan and its director. "
KTFA:
Don961: Washington and the Gulf states impose sanctions on 4 entities and two people for "financing terrorism"
2020.07.15 - 21:38 Baghdad - people
The US Department of the Treasury announced, on Wednesday, that it imposed sanctions on four entities and two individuals accused of supporting ISIS operations.
The ministry said in a statement seen by "People", (15 July 2020), "The terrorist financing targeting center, which also includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE, imposed sanctions on three financial services companies and a person in Turkey and Syria, in addition to a charity based in Afghanistan and its director. "
For his part, US Secretary of State Mike Pompeo said in a statement, "The measures we have taken today represent an additional warning for individuals and companies who provide financial or material support to terrorist organizations."
The Ministry of the Treasury added, "The financial services companies that were listed in the Syrian-based blacklist are the pyramid, and continue, and Al-Khaldi Exchange, as it played a vital role in transferring funds to support the organization's fighters in Syria, and saved hundreds of thousands of dollars to lead the organization."
The ministry noted that "the sanctions also included Abd al-Rahman Ali Hussein al-Ahmad al-Rawi, who was chosen by the organization in 2017 to be responsible for financial facilities, and accused him of being one of the few who provided the organization with major financial facilities inside and outside Syria."
The terrorist financing targeting center also imposed, according to the statement, "sanctions against the Afghan-based Najat Social Welfare Organization and its director Saeed Habib Ahmed Khan, considering it" a cover for supporting the activities of an ISIS affiliate in Afghanistan known as Khorasan Province. "
According to the Treasury statement, "Wednesday's sanctions freeze any assets in the United States for individuals and blacklisted entities, and generally prevent Americans from engaging with them." LINK
Samson: A source reveals details of Al-Kazimi's visit to Washington
16th July, 2020
A government source revealed the agenda of the visits of Iraqi Prime Minister Mustafa Al-Kazemi to Washington, Tehran and Riyadh this month.
Quotes Russia Today, the source is quoted as saying that "Al-Kazimi will search, during his upcoming visits to America Iran Saudi Arabia, the approximation of views between Washington And Tehran, And relieve stress between Tehran And Riyadh and he will discuss with officials in these countries the necessity of deportation Iraq about the conflicts between them."
He added, "Al-Kazemi will work to hold the stick in the middle and will try to reach stages that will remove the danger of these conflicts from Iraq At least during his tenure as government. "
He pointed out that "the visits will also focus on the role of these countries in relieving tension in Iraq And the region, "noting that" the most important visit will be to. " Washington To complete the strategic dialogue between the two countries. " LINK
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Samson: Finance Minister: More than 10 percent of employees are aliens and double-payers
16th July, 2020
Finance Minister Ali Allawi said on Thursday that Prime Minister Mustafa Al-Kazimi's visit to Saudi Arabia next Monday will witness the signing of agreements he described as "the task", while revealing that more than 10% of the employees are "aliens" and double salaries
Allawi said in a statement to the Saudi "Al-Hadath" channel, which was followed by "Al-Iqtisad News", that "the ports will be opened with Saudi Arabia soon for commercial exchange," noting that "important agreements will be signed during Al-Kazemi's visit to Saudi Arabia on Monday
In a separate context, Allawi added that "it is not possible to charge the Al-Kazemi government what Iraq is going through with financial problems," going on to say that the government "is fighting corruption with full force in all state institutions
Allawi added, "More than 10% of the employees are aliens with dual salaries," pointing out at the same time that "the economic situation is bad and we are working to strengthen it through non-oil resources LINK
China invites the US Secretary of State to visit Xinjiang
16th July, 2020
China confirmed Thursday that it is not seeking to replace or replace the United States and called on Washington to look at it objectively and return to the common sense in its policies toward Beijing.
Chinese Foreign Ministry spokeswoman Hua Chunying told reporters in a press briefing that if the United States believes that everything that China is doing is a threat, such an approach will become reality.
She also invited US Secretary of State Mike Pompeo to come to China and visit Xinjiang to see for himself that there are no human rights violations against the Uygur Muslim minority in the region. LINK
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Samson: A deputy calls on the government to speed up implementation of the Iraqi-Chinese agreement
15th July, 2020
The Saaron Ali Al-Lami coalition MP today called on the Prime Minister to expedite the implementation of the Iraq-China agreement.
Al-Lami said in a statement that Al-Ahed News received a copy of it.
He added, "The low oil prices and the current financial crisis do not enable the government to find a way out of the problems."
He explained that "Al-Kazemi should allow entry to the Chinese company according to the agreement, which costs only (100 thousand) barrels of oil." LINK
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Samson: Monetary Fund: The global economy has not yet reached safety and risks remain
16th July, 2020
International Monetary Fund Director Kristalina Georgieva said that global economic activity is improving after an unprecedented decline this year due to the Corona virus pandemic, but a second wave of infections may cause more stops in these activities.
She added that the financial costs of measures aimed at containing the pandemic and reducing its economic consequences are already driving the high levels of debt going up, but it is too early to start withdrawing the necessary safety nets. "We have not reached safety yet," Georgieva said in a blog published before a hypothetical meeting on Saturday of finance ministers and central bankers in the G20 countries.
The International Monetary Fund last month cut its forecast for global output again in 2020 and predicted a contraction of 4.9 percent and a weaker-than-expected recovery in 2021. Georgieva pointed out that the financial measures of the Group of Twenty and other countries, which amounted to about $ 11 trillion, in addition to the central banks pumping huge liquidity to curb the decline of the global economy.
But she cautioned that risks remained hidden, including a new wave of infections, commodity price volatility, increasing trade protectionism and political turmoil.
She said that some countries lost more jobs in March and April than they have provided since the end of the global financial crisis in 2008 and that many of those jobs will never return. In order to ensure stability, Georgieva said that continued coordination between central banks and the support provided by international financial institutions are important. In a G20 report, the International Monetary Fund warned that increased trade protectionism and renewed trade tension jeopardized recovery. LINK
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Iggy: How to Be at Peace...
1 Release what you cannot control. This is one of the most important parts of feeling at peace.
2 Find the humanity in all people.
3 Forgive yourself.
4 Forgive those who have wronged you.
5 Accept the transient nature of life.
6 Be yourself.
7 Pursue what makes you happy.
8 Take time out for yourself.
9 Help others.
10 Avoid drama.
11 Take a cue from nature.
12 Read scripture. Scripture can teach us how to find peace by living more fulfilling lives.
Delta, MilitiaMan and more Late Mon. PM "New Rate?" 7-14-2020
.KTFA:
DELTA: 2DINAR PER $ ....THE PLAN IS ...STATEMENT FROM PARLIAMENT...MORE INFORMATION SHOULD BE COMING OUT....
Coco: In other words, are you saying the plan is for the Dinar to come out at .50 cents? 2 Dinars equals $1.00 USD.
DELTA: YES THEY ARE SAYING THAT PARLIAMENT ON TV ..WE SHOULD GET MORE INFORMATION ….NEWSHOUNDS KEEP WATCHING FOR IT PLEASE!!!
MilitiaMan: That is one powerful statement my friend.. That coming from parliament, as a statement in that there is a plan for 2 Dinar to equal one Dollar or .5 dinar / 1 USD..? ~ MM
KTFA:
DELTA: 2DINAR PER $ ....THE PLAN IS ...STATEMENT FROM PARLIAMENT...MORE INFORMATION SHOULD BE COMING OUT....
Coco: In other words, are you saying the plan is for the Dinar to come out at .50 cents? 2 Dinars equals $1.00 USD.
DELTA: YES THEY ARE SAYING THAT PARLIAMENT ON TV ..WE SHOULD GET MORE INFORMATION ….NEWSHOUNDS KEEP WATCHING FOR IT PLEASE!!!
MilitiaMan: That is one powerful statement my friend.. That coming from parliament, as a statement in that there is a plan for 2 Dinar to equal one Dollar or .5 dinar / 1 USD..? ~ MM
MilitiaMan: Is your view on what they are saying possibly inverse? The AMF is over $4 USD / 1 Arab Dinar.. Alak is going to the head of the AMF.. Seems odd to walk in to the top position at the AMF with such a weak and hard to defend calculation as that? Do you think that is odd? I do.. imo.. ~ MM
MoeApollo: In my opinion, just based off the info shared here, Im thinking this might be the Finance Committee plan (as opposed to the Finance Ministry) & we know they're not big fans of this move. YET the fact that they are even talking figures?!?!? That is HUGE!!!
MilitiaMan: IMO the finance committee is the same as the ministry.. They all know the story.. imo.. A good one it will be.. too. imo ~ MM
MoeApollo: It's my understanding that there is a Parliamentary Finance Committee & a Finance Ministry (executive Minister Allawi & his team under Kazemi) Almost akin to what we have in the states where Steven Mnuchin & his team come up with a Budget (executive branch) that is sent to congress. Congress either rubber stamps it or comes up with a Budget (legislative branch) of their own to begin negotiation, debate & finally (when pigs fly) a vote.
If you're sayin they're all on the same page? I'm good with that ….. In any case...we are blessed!!!
Don961: Private sector and building the national economy
Tuesday 14 July 2020 Baghdad / Imad of the emirate
The call to encourage the private sector is one of the first policies required to be adopted to contribute to building the national economy, because of the need for local capital and not to rely entirely on oil imports, which sometimes do not meet Iraq's financial allocations to achieve economic growth.
Academic Dr. Ahmed Al-Rawi emphasized, "The imperative of private sector participation in the construction process, after the state has dominated all economic activities. To achieve this, the necessary legislative and institutional frameworks must be issued to encourage and attract private national investments, especially fleeing national funds, so investment law No. 13 is considered For the year 2006 and its amendments, an essential step in creating the appropriate investment climate so that investment can be encouraged to achieve economic reform through a greater role for the private sector.
He continued, "Since Iraq was not prepared to receive private investment, especially foreign ones, it must undertake a series of economic and legal policies that help in creating an investment environment that encourages the national investor and gives full confidence to ensure his rights through a number of measures, the most important of which is the need for a national framework of laws. The charters that form the ground for attracting investments, with an institutional framework in place to receive and encourage the movement of investments in Iraq and provide all the support required to develop investments. "
Investment activities
"Reforms should be made in policies and procedures regarding investment activities due to the multiplicity of investment departments in state ministries that often intersect with their policies towards encouraging investment, reviving national capital markets and increasing awareness of the importance of investing in securities with the aim of encouraging private savings and converting them into meaningful investments in sectors," he added. Productivity, development and qualification of the banking sector to be compatible with the movement of investment and dealing with international financial institutions, as government banks are still the dominant banking capital in Iraq, and government banks account for 90 percent of banking activity.
Private activity
"The private activity in Iraq has faced obstacles in the forefront of which are the problem of financing and allocating resources, as well as the inadequacy of the investment climate, which created a lack of confidence in the creation of large national investments with the dominance of the public sector on the main economic activities, in addition to the economic policies that were adopted were directed to support the effort The military. "
The narrator said: "The options were limited in obtaining financing through public financial and banking institutions and across the Iraq Stock Exchange for the difficult conditions set by those banks, which often prevents the private sector from being able to meet them, as well as the weakness of non-banking institutions."
Bank financing
He stated, "It is known that a good financial and banking sector provides an appropriate environment for savers and investors and encourages the growth of investment opportunities and helps to develop organized work in private economic institutions, which facilitates monitoring the performance of their departments and encourages institutional development to openness and transparency in corporate management, but the banking system despite the importance Its institutions, however, it was not able to create an enabling environment to revitalize the private sector due to the restrictions and procedures followed in the activity of these financial institutions, as they follow the state and its policies.
LINK
MilitiaMan: They clearly are telling us they are going to a market economy.. They have to enforce the need for the local economy to support the endeavor of changing the value of the IQD. Nothing new, but, now that it will be fresh it is reinforcement of the plan..They need the investors to be on board and that comes with sound banking.. imo ! ~ MM
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Samson: Observers: Al-Kazemi has no choice but to fight the whales of corruption, otherwise Iraq is going to the abyss
15th July, 2020
Political observers said that Prime Minister Mustafa Al-Kazemi has no choice but to continue his battle against corruption and bear its grave and major obstacles, otherwise Iraq is going to the abyss.
Analysts affirmed that the Iraqi street and honest and patriotic forces support the prime minister with this campaign, especially since the government is embarrassed in front of its people and employees due to the lack of cash due to successive corruption and reliance on oil exports only. A political collision, but it will eventually hurt Iraq. LINK
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Samson: TV: Al-Kazemi will be in Saudi Arabia on Monday for his first foreign visit
15th July, 2020
Al-Hadath TV reported, on Tuesday evening, that the Iraqi Prime Minister, Mustafa
Al-Kazemi, will visit Saudi Arabia next Monday.
This visit will be the first foreign station for Al-Kazemi since he assumed the presidency of the Iraqi government last May.
Al-Kazemi will also conduct visits to Iran, America and Europe. LINK
Petra, MilitiaMan and KTFA Members Tuesday Night 7-14-2020
.KTFA:
Don961: An economist warns against Iraq facing the fate and financial crisis of Lebanon
Economie 07/14 2020 14:54 277 Editor: am Baghdad today - Baghdad
The economist, Salam Smeism, warned, on Tuesday (14 July 2020), that Iraq will face what Lebanon faced in its financial and economic crisis, while indicating that the depreciation of the dinar will cause the value of salaries to decrease significantly.
Sumaisim said in an interview with (Baghdad Today), "Every country has its experience, because Iraq has oil and Lebanon does not have this resource, but there is another issue, that the way in which Iraqi economic decision-making goes if it remains the way it is and in this way, it will be The fate of Iraq is definitely the same as the fate of Lebanon. "
KTFA:
Don961: An economist warns against Iraq facing the fate and financial crisis of Lebanon
Economie 07/14 2020 14:54 277 Editor: am Baghdad today - Baghdad
The economist, Salam Smeism, warned, on Tuesday (14 July 2020), that Iraq will face what Lebanon faced in its financial and economic crisis, while indicating that the depreciation of the dinar will cause the value of salaries to decrease significantly.
Sumaisim said in an interview with (Baghdad Today), "Every country has its experience, because Iraq has oil and Lebanon does not have this resource, but there is another issue, that the way in which Iraqi economic decision-making goes if it remains the way it is and in this way, it will be The fate of Iraq is definitely the same as the fate of Lebanon. "
She added: "In the case of Lebanon, there is a very dangerous issue, and we hope that it does not happen in Iraq, which is the lack of a sense of duty towards the country and towards the people of the country, and for this the Iraqi economic decision-maker must feel the duty towards the Iraqis."
She pointed out that "the price of the dinar, if it falls, the value of salaries decreases very significantly, although the number remains the same."
She explained, "The problem of Iraq is not only with resources, but we have a problem in managing the economic file, and this matter is related to the Iraqi economic decision-maker." LINK
Petra: Here we are again with another commentary on decreasing value of the dinar. That is off the table as a solution and the CBI knows it. We all know that lowering the dinar value reduces the PP of all Iraqi's and that is "not" the direction they are going as evidence in the actions being taken with the "White Paper!!"
Borders are being controlled by multiple parties to reduce the crime at those ports and entrances which was a pre-requisite and a huge income stream for the country.
Not to mention all the "mechanisms" created to move the country into the secondary markets. Even yesterday, the addition of Iraq to the Beni Platform (Post 47 in yesterday's thread and now in the FA's) tells you where they are going and another mechanism in place to trade internationally and across the Arab markets.
So, relax, the plan is afoot and great things are coming. Posts like this to me are educating the citizenry why they will "not" devalue their currency as the plan is to provide even greater PP then they have ever seen! To me, this is a friendly reminder of why they are focused on a better future!!! All IMO....
Respectfully, PETRA
Iraqi lawmaker: The country's financial situation has "improved" after imposing full control of some border crossings LINK
" I'M WATCHING THE CBI, BORDERS, THE PRICE OF OIL, AND MANY THINGS GLOBALLY, LIKE THE PANDEMIC. " ~ Petra
MilitiaMan: Good point Petra! They are a good place to watch. We saw in the recent past security details deployed to them. Not only in the north but the south as well.
In the above they show they have completed deployments to borders with Iran. That is simply going to continue. What is interesting, along with the early success in the security and increasing revenues to the state enhancing the peoples monies. But, take note they use the resumption of trade exchange next Wednesday. If I am not mistaken that is tomorrow. That is the same day it is believed to be Alaks tenure at the CBI ends and he will then be off to the AMF..
Fascinating Delta brought us data on the AMF and the value of the Arab Dinar; the currency the AMF uses in trade dealings regionally. Another interesting thing is we learn the region around Iraq has a new platform to trade foreign currency. The region has a new platform for trading foreign currencies. They even go so far as to tell us they have 3x SDR.. Just as WS has told us and I have harped on and on about. I also would like to note they have again been speaking about a market economy and bonds.
If any one is on the cliff lately and feels like jumping in.. Please don't, the tide has not fully risen yet!! It is going to be a flood tide and a big one imo.. So hang in there..
Alak's last day at the CBI may be tomorrow, maybe not. But, it is said, he will go to the AMF and going there with an RI would be very apropos, and very supportive for the region economically. As all countries in the basket of currencies associated with the AMF, will get a leg up in value support.. That should not be lost on anyone.
The PM didn't extend Alak's tenure for fun. imo.. He did it for a purpose and one that will be more obvious in the short term. If Alak was as bad as many suggest he would have been removed long ago.. imo. The UST, IMF, WB, WTO, UNSC, etc,.. would have had his head on a plate by now.
Lines with dates, fruits, nuts and all sorts of condiments.. lol lol But, serioulsy there would have been a replacement by now and if he was so bad he wouldn't be the head hancho at the AMF with a 3x SDR rate.. imo,...
So read and absorb. They have secondary markets to get into for to support a market economy. Bani is going to helpd that along. Just as the WB and IMF will in managing Iraq's assets..
Bonds are assets, gold is an asset, currency is an asset... I am loving this.. ~ MM
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Samson: EXCHANGE RATES OF ARAB DINAR
The Arabian Dinar is the base currency for the Arab Monetary Fund. Equivalent to three of the Special Drawing Rights Unit (WSC) specified by the International Monetary Fund.
The central bank participates in the Bani platform
13th July, 2020
The Central Bank of Iraq announced, Monday, that it will organize and in cooperation with the Arab Monetary Fund this morning, a workshop for banks operating in Iraq to participate in the "structures" platform for Arab payments
The bank added in a statement, "Economy News" received a copy of it, "This comes after the announcement of the launch of a platform for Arab payments of the Regional Corporation for the clearing and settlement of Arab payments, which is managed by the Arab Monetary Fund, and preparations are made for this bank and a number of local banks for direct participation in Platform
The statement pointed out, that "the workshop will discuss the work of the proposed plans of banks and address the technical requirements and the steps required to ensure that facilitate linking them to see how the platform and the readiness of banks to it
That the "platform built represents a multi - currency payment platform provides clearing services and settlement currencies Arab and international currencies in which the eligibility requirements are available, for clearing and settlement of financial transactions intra - Arab as well as financial transactions between the Arab countries and trading partners presidents of Arab countries
He continued: "The platform also aims to enable financial and banking institutions in the Arab region, including central and commercial banks, to send and receive inter-payments in all parts of the Arab region and outside in a safe and reliable manner at an appropriate cost and high efficiency, in addition to that the Beni platform provides the participants with payment solutions Hadith conforms to international standards, principles and international compliance requirements
Showed that, "In the economic and financial integration opportunities in the Arab region , it is where it effectively contributes to support investment ties with Arab countries in various continents trading partners. It will be the platform available to all banks that meet the criteria and conditions for participation, and in the forefront of standards and procedures
Compliance aspects. LINK
The Central participates in a workshop for public banks in Iraq
13th July, 2020
Today, Monday, the Central Bank joined, in cooperation with the Arab Monetary Fund, a workshop for banks operating in Iraq to participate in the platform.
According to a statement by the Central Bank, the participation comes after the announcement of the launch of a platform for Arab payments of the regional institution for clearing and settlement of Arab payments, which is managed by the Arab Monetary Fund and preparations are made for this bank and a number of local banks for direct participation in the platform.
The statement added that the workshop will discuss the proposed banks' business plans and touch on the technical requirements and the steps required to ensure that they are easily connected to the platform and to know the banks ’readiness to do so.
It is mentioned that the "Bani" platform represents a multi-currency payment platform that provides clearing and settlement services in Arab currencies and international currencies that meet the eligibility requirements, to clear and settle inter-Arab financial transactions as well as financial transactions between Arab countries and the main trading partners of the Arab countries.
The platform aims, according to the statement, to enable financial and banking institutions in the Arab region, including central and commercial banks, to send and receive inter-payments in all parts of the Arab region and outside in a safe and reliable manner at an appropriate cost and high efficiency, in addition to that the platform is provided to the participants Modern payment solutions that comply with international standards, principles and international compliance requirements. And in the opportunities for economic and financial integration in the Arab region, it actively contributes to it to support investment links with the trading partners of the Arab countries on various continents. The platform will be available to all banks that meet the criteria and conditions for participation in them, foremost among which are the standards and procedures for compliance aspects.
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Delta: The Iraqi Central Bank discusses linking banks to the multi-currency "structures" platform LINK
EXCHANGE RATES OF ARAB DINAR
The Arabian Dinar is the base currency for the Arab Monetary Fund. Equivalent to three of the Special Drawing RightsUnit (WSC) specifiedby the International Monetary Fund.
1 ARAB DINAR = $4.15656 = 3.67074 EUR = 3.28881 GBP = 446.226 JPY = 29.0361 Chinese yuan = 1.27 KUWAIT DINAR ..... DELTA
Delta, Frank, Pimpy and more Monday Evening 7-13-2020
.KTFA:
DELTA: EXCHANGE RATES OF ARAB DINAR
The Arabian Dinar is the base currency for the Arab Monetary Fund. Equivalent to three of the Special Drawing Rights Unit (WSC) specified by the International Monetary Fund.
1 ARAB DINAR = $4.15656 = 3.67074 EUR = 3.28881 GBP = 446.226 JPY = 29.0361 Chinese yuan = 1.27 KUWAIT DINAR .....
KTFA:
DELTA: EXCHANGE RATES OF ARAB DINAR
The Arabian Dinar is the base currency for the Arab Monetary Fund. Equivalent to three of the Special Drawing Rights Unit (WSC) specified by the International Monetary Fund.
1 ARAB DINAR = $4.15656 = 3.67074 EUR = 3.28881 GBP = 446.226 JPY = 29.0361 Chinese yuan = 1.27 KUWAIT DINAR .....
DELTA: "The Bani platform represents a multi-currency payment platform that provides clearing and settlement services in Arab currencies and international currencies (wink) that meet the eligibility requirements, to clear and settle inter-Arab financial transactions as well as financial transactions between Arab countries and the main trading partners of the Arab countries."
Samson: The Iraqi Central Bank discusses linking banks to the multi-currency "structures" platform LINK
Samson: The central bank participates in the Bani platform LINK
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Monday Night CC
Frank26: TONIGHT IS OUR IQD UPDATE CC WITH SPECIAL GUESTS – DELTA, MM AND PETRA!
I WILL DO AN INTRO TO THE CC ON YOUTUBE JUST BEFORE THEY START THE CONFERENCE CALL. I WILL BE RECORDING THE ENTIRE CALL ON YOUTUBE THIS EVENING.
KTFA CC TONIGHT...ON YOUTUBE AND THE PHONE.....
Playback Number: 605-313-5163 PIN: 156996#
7-13-20....THE DREAM: PART 2
Samson: The General Secretariat of the Council of Ministers announces the suspension of official working hours on Tuesday
7/13/2020 18:36:58
The General Secretariat of the Council of Ministers announced the suspension of official working hours for tomorrow, Tuesday.
The secretariat stated in a brief statement, which {Al Furat News} received, a copy of it, on “suspending the official working hours on Tuesday 14/7/2020 on the occasion of the anniversary of the July 14 revolution.” LINK
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Courtesy of Dinar Guru
Pimpy I would love to see Dr. Shabibi come back. It's been a rumor. He's really really super old and I think people that were giving him a lot of hell are no longer really there so it's a possibility. I'm definitely curious about what if he does come back. It'd be a huge positive step. I think this man knows what the heck he's doing and I would like to see him get back in control of the Iraqi bank...
Jeff ...the last few months I've been putting a huge emphasis on saying Iraq has to have stability before the rate can change. They're telling you that. If you look at the amount of articles coming out between Erbil which is Kurdistan and Baghdad there's a lot...this is very serious...Iraq has to have stability, meaning they have to be able to work together before that rate can change, before they can go international...they just need a little more time. They're using the word "complete" which means ending or completion, towards a comprehensive agreement. So they're suggesting to us that they're close to having an agreement reached...
How Trump is using NESARA / GESARA to stop New World Order
Pimpy’s Investment Chat: Jul 13, 2020
KTFA Members "News and Views" Saturday 7-11-2020
.KTFA:
GMan: This is huge. I believe we were told to look for this one.
Samson Al-Kazemi: The time to waste money has gone nowhere and today is launching a new phase
7/11/2020 18:39:33
Prime Minister Mustafa Al-Kazemi confirmed today, Saturday, during the opening of the Mandali border crossing, that the time for wasting the misplaced money has gone and today is launching a new stage.
Al-Kazimi said in a statement received by his media office, that "the Mandali outlet is an important outlet, but it has turned into a den and a crossing for the corrupt." He added, "The time for wasting money has gone out of place, and today we are launching a new phase," indicating that "the port is under the protection of our military forces, and it has the right to shoot anyone who violates the customs campus."
He continued: "We will work to automate the administrative aspects of customs to protect public money and fight corruption," noting that "there are (ghosts) present in the customs campus that blackmail the merchant and businessmen, and our message to them is that we will track them and rid the ports of them."
KTFA:
GMan: This is huge. I believe we were told to look for this one.
Samson Al-Kazemi: The time to waste money has gone nowhere and today is launching a new phase
7/11/2020 18:39:33
Prime Minister Mustafa Al-Kazemi confirmed today, Saturday, during the opening of the Mandali border crossing, that the time for wasting the misplaced money has gone and today is launching a new stage.
Al-Kazimi said in a statement received by his media office, that "the Mandali outlet is an important outlet, but it has turned into a den and a crossing for the corrupt." He added, "The time for wasting money has gone out of place, and today we are launching a new phase," indicating that "the port is under the protection of our military forces, and it has the right to shoot anyone who violates the customs campus."
He continued: "We will work to automate the administrative aspects of customs to protect public money and fight corruption," noting that "there are (ghosts) present in the customs campus that blackmail the merchant and businessmen, and our message to them is that we will track them and rid the ports of them."
He explained that "the money is the money of the people, not the money of the corrupt, and today I directed the protection of the customs sanctuary, the implementation of automation procedures, and the pursuit of (ghosts)."
He continued: "powers have been given to the security leaders and the director of the ports to deal with the situation of the outlets," noting that "there are those who try to cover up to cover up and protect the corrupt, but we will proceed to restore the prestige of the state and the law, and it is an opportunity to start for the future."
Al-Kazimi added: "We need the solidarity of all Iraqis in order to move forward, and we will not stop fighting the corrupt." LINK
Don961: Photos: Al-Firdous Square, Baghdad, as you have not seen it before!
2020.07.11 - 23:10
It is noteworthy that the Municipality of Baghdad, in cooperation with the Central Bank of Iraq and the Association of Banks, undertook the rehabilitation and development of the square, including the establishment of a design that represents the Tigris and Euphrates rivers.
(more pictures at link) LINK
Don961: The government begins implementing the steps of the White Paper and Parliament welcomes
11/07/2020 09:02:53 PM Baghdad / extent
The Parliamentary Finance and Economy Committees welcomed the control of the security forces over the first border entry points (Mandali and Munthiriya). They said that these measures are part of the economic reform plan (the white paper) that the government has promised to implement.
(Al-Mada) revealed last week that Mustafa Al-Kazimi's government is preparing to implement a broad security plan to extend its influence on all border crossings because of the extent of corruption in the outlets, which is estimated at 12 billion dollars annually.
The government loses control of six border ports on a daily basis from four in the afternoon until eight in the morning the following day. Armed parties also take advantage of unauthorized outlets, and corrupt goods, merchandise, and drugs, and even forbidden materials such as drugs, are entered into Iraq in coordination with influential figures, according to officials and observers who spoke to (Al-Mada) earlier.
Faisal al-Issawi, a member of the Finance Committee in the House of Representatives, said in a statement to (Al-Mada) that "the current economic situation needs radical solutions, not temporary patchwork, and therefore the House of Representatives committed the government to introduce economic reforms within sixty days starting from the date of the approval of the law of local and external borrowing ".
The circumstances of the financial crisis and the repercussions of the Corona Virus pandemic prompted the government of Mustafa Al-Kazemi to present the domestic and foreign borrowing law to be able to secure the salaries of state employees.
Al-Issawi explains that "in the event that the government does not comply with these deadlines (sixty days), the Finance Committee in the House of Representatives will present a proposal for an economic reform law to change the direction of the economy from an economy dependent on the state's imports to a resource-generating economy for employment and development opportunities," considering that "reliance on oil revenues The distribution of salaries is a deviation that needs to be addressed in the Economic Reform Law.
Last June, Prime Minister Mustafa Al-Kazemi confirmed that his government prepared a white paper for the expected economic reforms, and took preliminary recommendations, which are being discussed before moving forward, pointing to “the need for complementarity between the government and the parliament to support these new reforms.”
The deputy from Anbar province confirms that "there is communication between parliament and the government through the cell of the economic crisis that formed earlier as it was agreed on the general vision of the economic paper," stressing that there is unity in "opinions and ideas between the executive and legislative branches on passing reforms".
The Council of Ministers had previously decided to form an emergency cell for financial reform, headed by the Prime Minister and membership of both the Minister of Finance, the Minister of Foreign Affairs, the Minister of Planning, the Governor of the Central Bank, the Advisers to the Prime Minister, the Secretary General of the Council of Ministers, and a representative of the General Secretariat of the Council of Ministers.
And the independent deputy adds: "We have now come up with a general perception of the white paper, and how it is directed by the government," adding that "however, there are interventions to divert the white paper path from a number of entities represented in extending the work of telecommunications companies."
(Al-Mada) revealed in its report on the twenty-third of last June that "the economic white paper is made up of reform packages that will be launched and implemented in the form of three phases. The first is short-term and is represented by the state's control of border ports and ports, and tackling the corruption of the currency auction and the smuggling of hard currency, Reducing the salaries of the three presidencies and solving the problem of state real estate. The report adds, "As for the second stage of the reform paper, it will be medium-term, represented by restoring the Iraqi industry, solving the problem of corruption, and protecting the local product," pointing out that "the third stage will be long-term and includes major strategic projects." A member of the Parliamentary Finance Committee points out that "the security forces' full control of the (Mandali and Munthiriya) border executives is part of the reform plan adopted by the government, which was committed to implementing it before the parliament to save the economy."
The Joint Operations Command announced in a statement that "the Rapid Response Forces and the Popular Mobilization entered the border executives (Mandali and Munthiriya) and imposed full control and inspection of them," stressing that "the allocation of elite forces to maintain them permanently to combat corruption and eliminate it, implementing measures smoothly and in accordance with the law, and imposing state prestige ".
For his part, Mazen al-Faili, a member of the Economic Committee in the House of Representatives, confirms that "Parliament’s sessions at the present time have been disrupted due to the Corona crisis, which has made it impossible for us to discuss the measures of the government that I took in the recent period, especially the issue of outlets."
(Al-Mada) revealed last week that Mustafa Al-Kazimi's government is preparing to announce a security plan to extend its influence over all border outlets in the governorates, where the Finance Committee in the House of Representatives estimated the extent of corruption prevailing in the border outlets at $ 12 billion annually, due to the control of armed groups and clans over These ports. In a statement to (Al-Mada), Al-Faili shows that "the parliament's economic and investment committee demands the government with the participation of parliament committees to prepare economic reforms," saying that "the government's move towards the outlets is a step in the right direction."
He adds that "tightening control by the security forces on these outlets would be a precursor to going to the other border outlets, controlling them and ensuring that their reve1 nues enter the treasury of a state." LINK
Klumbus: WOW ....IS ANYONE PAYING ATTENTION!
4Cash: Sounds like we are on tract for a special event in the near future. Keep it up PM Kazimi.
IMO
DELTA: LIKE I SAID FAMILY ON CC THEY STARTED PORT CONTROL ...MORE
GOOD THINGS ARE COMING ...
Don961: The Iraq Stock Exchange trades 97 billion shares
Saturday 11 July 2020 Baghdad / Hussein Thagab
The report of the Iraq Stock Exchange revealed for the first half of this year the trading of 97 billion shares at a value of 132 billion dinars, despite the challenges witnessed this year and the curfew measures due to the spread of the "Corona" virus.
And the Iraq Stock Exchange issued the report for the first half of 2020 and included stock trading indicators and a directory of listed joint stock companies - the first part, which includes data for 24 joint stock companies, as of December 31, 2019 received up to the preparation of this report.
Trading sessions
The Executive Director of the market, Taha Ahmed Abdel Salam, said: “The market organized (75) sessions during the first half of 2020. It is less than the number of trading sessions for the first half of last year, as the market did not organize trading sessions during the days of a complete curfew in compliance with the decisions of the National Committee Supreme Council for Safety and Health due to the outbreak of the Corona epidemic in the world, and below are the interruptions during the first half of 2020. "
Economic indicators
He added that "the number of companies listed on the Iraq Stock Exchange is (104) joint stock companies, while the number of companies traded in their shares is (65) companies," noting that "international economic indicators, local indicators and conflicting expectations for the movement of the global economy and the prices of oil, gold and currencies globally And international health indicators affected the overall indicators of global and developing financial markets, and the decrease in the number of sessions organized by the market during the months of March, April, May and June from the monthly average of 20 sessions per month due to the Corona pandemic and the lack of regulation of trading days of complete curfew has affected the size of the overall indicators of investor trading. .
Selling indicators
Abdel Salam pointed out that "the ISX60 market index for the prices of shares traded in the first half of 2020 decreased from 480 points in the month of January 2020 to 462 points in the month of February then to 444 points in the month of March and to 413 in the month of April and then to 424 in the month of May It rose to 434 in the month of June, "indicating that" orders to buy and sell shares did not stop after the Corona pandemic, and the indicators for the month of June were the best, especially on the purchase side, and sales indicators exceeded them. The ratio of the total number of shares traded to foreigners reached 14 percent of the total number of shares Traded. Its value reached 13 percent of the value of shares for the first half of 2020. "
Stock quotes
Abdel Salam indicated to "the decisions of the Securities Commission and the Board of Governors of the Iraq Stock Exchange, which included stopping trading activity in the Iraq Stock Exchange during the complete curfew due to the Corona pandemic for the period from March 17 to April 21, and reducing the number of stock trading sessions from 5 sessions to 3 Weekly sessions are organized on Sunday, Tuesday and Thursday of each week, starting from Sunday, April 26, 2020 until the end of May 2020, and reducing the percentage change in the prices of shares traded when decreasing from 10 percent to 5 percent of the previous closing price, as well as maintaining the rate of price change Shares traded at a 10 percent increase, closing the investor hall and preventing their presence, to prevent mixing and even further notice, in compliance with the decisions of the National Safety Committee due to the pandemic.
Brokerage firms
He cautioned, "The 42 brokerage firms deployed in Baghdad have traded remotely from its On-Line headquarters through the Iraq Stock Exchange System - remote trading, and the request to renew letters of guarantee for brokerage firms due to be renewed within a week during the partial curfew has not been decided. The brokerage firms' activities are stopped in line with the Central Bank of Iraq decision not to cancel any guarantee letter due during the curfew completely prohibited by the beneficiary.
It is noteworthy that the Iraq Stock Exchange participated in the 25th anniversary meeting on the establishment of the European Union - Asian FEAS on Tuesday 19 May 2020 through the Zoom program with the participation of the members of the union, as well as participation in the training program organized by the Central Bank of Iraq and Iraqna Economic Consulting Company "credit rating requirements according International Agencies "and participation in the Iraq Finance Expo (IFEX) conference which was organized by means of modern meetings ZOOM for the days from 22-24 June 2020 organized by Frontier Exchange International Company, and provided the Iraq Stock Exchange Presentation alongside the Central Bank of Iraq." LINK
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Samson: Trump announces America's involvement in something that will happen in Venezuela
17:57 - 11/07/2020
US President Donald Trump said today, Saturday, that there is "a big event ahead in Venezuela," stressing that "America will be involved in it."
"Something will happen in Venezuela and America that will participate to a large extent," Trump said, in an interview with "Nutisias Telemundo", pledging "to care for the people of Venezuela, support anyone who is elected and supports the people as their leader."
When asked if the event was related to Juan, opposition leader Juan Guaido, the mother of Venezuelan President Nicholas Maduro, or with American interference, Trump replied, “It is freedom for the people of Venezuela. It is freedom. Venezuela was a rich country 15 years ago, and it was destroyed by two people. Its regime is terrible ... something will happen with Venezuela. This is all I can tell you." Then the host asked him again: "Through the United States?" To be answered: "We will be very involved."
This comes, days after the Venezuelan President, Nicholas Maduro, made adjustments to the senior leadership level of the Venezuelan Army, Navy, and Air Force. "I have decided, as usual, to partially prove and partially renew the exceptional team of military commanders who take over the senior military leadership of Venezuela," Maduro said at a military graduation ceremony in Caracas.
Last week, Venezuela celebrated the anniversary of independence, and Maduro denounced the US policy towards Caracas, stressing that it was increasing its aggression during the Coruna epidemic. He said, "The American administration not only stepped up the criminal sanctions that affected food and fuel, but rather came to deny the Venezuelans access to medicines and medical equipment during the outbreak of the epidemic." LINK
KTFA Members "News and Views" Thursday PM 7-9-2020
.KTFA:
Samson: Other: The corruption of previous governments is greater than the capacity of parliamentary integrity
8th July, 2020
The MP, Jawad Hamdan Al-Saadi, held all the previous governments responsible for corruption and waste of public money.
Al-Saadi said in a televised interview: The volume of corruption files is greater than the capacity of the Parliamentary Integrity Committee, and all previous governments are responsible for corruption and waste of public money.
KTFA:
Samson: Other: The corruption of previous governments is greater than the capacity of parliamentary integrity
8th July, 2020
The MP, Jawad Hamdan Al-Saadi, held all the previous governments responsible for corruption and waste of public money.
Al-Saadi said in a televised interview: The volume of corruption files is greater than the capacity of the Parliamentary Integrity Committee, and all previous governments are responsible for corruption and waste of public money. LINK
Samson: Parliamentary Finance: The government is unable to pass the 2020 budget
19:24 - 08/07/2020
On Wednesday, the Parliamentary Finance Committee confirmed the government's inability to pass the 2020 budget with a deficit of more than 30%, contrary to the Financial Management Law.
A member of the Finance Committee, Ahmed Hama, said to the "information" that "the Financial Management Law stipulates that the general budget should not be passed with a deficit of more than 30%."
He added that "the price of a barrel of oil in its best case can not be calculated more than 33 dollars per barrel," noting that "according to the aforementioned price, the deficit will be more than 60 trillion dinars, which is contrary to the law of financial management."
The other thing that faces the government’s inability to determine the price of a barrel of oil for the 2020 budget is the fluctuation of oil prices and its instability.” LINK
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Samson: Deputy: Al-Kazemi's government has not resolved any crisis yet
13:20 - 09/07/2020
A member of the Moussawi Victory Council confirmed, Thursday, that the government of Prime Minister Mustafa Al-Kazemi has not resolved any crisis yet.
Moussawi said in a statement to "Information", that "when the government of Adel Abdul Mahdi was sacked with all its ministers, optimism was that a government would open its doors to demonstrators and simple people to respond to their legitimate demands, but unfortunately it remained closed and had not resolved any crisis so far" and added, "Thousands of wages and contracts in the Ministry of Electricity without salaries for 4 months confirmed that the current economic situation is worse than before and the doors of the ministries are still closed to the owners of legitimate rights.
Moussawi pointed out that "the current situation requires urgent measures to address the accumulation of crises, especially the economic one, and give a fingerprint of hope to the simple and the poor." Iraq is suffering from successive crises, especially economic and financial that it has overshadowed very wide segments with delayed payment of salaries. LINK
Popeye7: IMO, the outcry of the current situation within Iraq from an economic standpoint needs to be addressed in the immediate future for the sake of this countries people first, and foremost... As well as the continued credibility of PM Kazemi's governance... We all know what that will entail to truly get the ball rolling in the right direction... The increase in value of Iraq's currency is the catalyst...
Don961: A Kurdish deputy reveals the fact that Baghdad refused to receive the Kurdistan delegation and the reason for his late visit
Policy 7/20/2020 12:35 644 Editor: am Baghdad today - Baghdad
On Wednesday (08 July 2020), the deputy of the Patriotic Union of Kurdistan, Hassan Ali, denied that the federal government refused to receive the Kurdish delegation, while explaining the delay in the delegation's visit to the capital, Baghdad.
Alli said in an interview with (Baghdad today), "The delay of the Kurdish delegation's visit to the capital Baghdad to complete the negotiations is for the sake of the full discussion before the visit, so that the results will be fruitful and not normal meetings."
He added, "The Kurdish delegation will visit Baghdad next week, and it is awaiting the easing of the conditions that Baghdad requested from the region with regard to oil delivery, and revenues of 50% of the border outlets."
He pointed out, "There is hope regarding negotiations between the territorial and federal governments, after entering international mediation, that a comprehensive agreement will be reached between the two parties."
The local media had reported that the federal government had refused to visit the delegation of the Kurdistan Regional Government, especially after the region rejected the recent conditions imposed by Baghdad. LINK
MilitiaMan: I can just imagine the room they are in and how many international entities are working to help the mediation process through to the finish. We all know this is about money and salaries, however, it is even more than that. It is about the 2019 FMLA too..imo The trigger for money / foreign currency reserves to get a leg up. Just as we can recall that there is such things as the FIMA, the CML, TALF, etc..Those facilities are in place to move money. When there is an RI, you can bet your bottom Dinar that there is going to be some serious money movement and not just in Iraq. When they say international mediation and it is to facilitate a comprehensive agreement, it is exactly that!! COMPREHENSIVE>>>. oh ya.. imo ~ MM lol
MilitiaMan: Look at what the IMF is saying too. It is all about the money and in a very big way.. imo!! Lol WOW ~ MM
Samson: The IMF calls for global financial reform after the Corona crisis
19:31 - 08/07/2020
The International Monetary Fund said that it is concerned about the high levels of debt in emerging and developed economies alike, because of the spending directed to revitalize the economy in light of the Corona virus crisis.
Mitsuhiro Furusawa, deputy director of the International Monetary Fund, said he would urge countries to initiate financial reform once the pandemic is over.
Furusawa said that for the first time ever, global public debt is expected to exceed the combined gross domestic product level after measures taken by governments in the face of the health crisis.
The Deputy Director of the International Monetary Fund told an online seminar organized by the Japanese Economy Center at the Columbia Business School as soon as the economy returned to its path, that "a medium to long-term financial framework must be put in place to manage public financial conditions on the basis of it."
He stressed that "this will be one of the highest priorities within our recommendations." LINK
Blinkster: Amen MM...and with all that in articles and your commentary....dare I say that controversial acronym... GCR? There has to be a global-enacted reset/adjustment/etc IMO....and that would go, again IMO, with the level playing field POTUS has demanded regarding world currencies. This is just beautiful. "The IMF calls for Global Financial Reform after coronavirus" ...let's get those dominoes in order right quick! Yeah, baybeee!
MilitiaMan: Your not kidding .... controversial... Ya think? lol Lets see what they do. I have a strong feeling we can read the tea leaves very well, as they are talking very loud... HIGHEST PRIORITIES!!!!!! lol yep imo HUGE!!!!! ~ MM
Don961: Parliament Finance: A Consolidated Reform Paper to Promote the National Economy
Thursday 09 July 2020 Baghdad / Farah Al-Khaffaf
Nothing is louder than the sound of reforms these days after the government headed by Prime Minister Mustafa Al-Kazemi announced a map of reforms under the name of the White Paper.
This paper, which will be organized by the law of economic and financial reform, has won popular and parliamentary praises, pending their completion and submission to start implementing them on the ground.
Bilateral meetings
With the start of preparing them, the Parliamentary Finance Committee revealed directions for holding meetings with the responsible executive bodies to ripen visions and ideas between the two authorities to come out with a unified paper that contributes to the advancement of the national economy.
In this regard, the committee’s rapporteur, Dr. Ahmed Al-Saffar, said in a special statement to “Al-Sabah”: “The solution lies in comprehensive restructuring and reform that includes all sources of oil and non-oil revenues, i.e. maximizing revenue on the one hand, and on the other hand, following up on public expenditures that do not achieve justice "In the distribution, it must be restructured."
Prime Minister Mustafa Al-Kazemi announced that his government prepared a white paper for the expected reforms that includes economic, financial and administrative reforms, plans and strategies to meet the challenges facing the country.
Uniform paper
Al-Saffar added, "The House of Representatives gave the government a period of 60 days to present a comprehensive reform paper for revenues and expenditures in Iraq," noting that "the Finance Committee made several proposals in another paper, and we look forward to organizing meetings through a closed television circle with the government to discuss the two papers, and come up with solutions to restore Structuring and reforming the economic and financial system in Iraq within a unified paper.
Maximizing imports
The Parliamentary Committee had revealed a plan to maximize financial imports and activate the economic sector.
Member of the Committee, MP Hussein Al-Oqabi said: “The House of Representatives gave the government 60 days to present an integrated plan to tackle the economic issue. ».
Al-Aqabi added that «the strategic plan should focus on measures to enhance non-oil revenues and reduce the rate of dependence on oil revenues according to steady steps until we reach a normal rate similar to the countries of the region, which depend on oil revenues by 50% or less and have 50% of revenue other than Oil », indicating that« this plan must be defined by time ceilings, and be multi-domains, not only tax and other areas, but other economic areas ».
He explained in a statement to "conscious" that "the state spends approximately 10 to 15 percent of its revenues on the gas and oil derivatives sectors, as well as in the sectors of trade and agriculture", calling for "the provision of security and the authority of the state and the law to provide the appropriate environment to attract foreign investment in these sectors" , According to a time limit within a general and expanded map.
Finance Committee meeting
Meanwhile, member of the Parliamentary Finance Committee MP Majida Al-Tamimi announced her committee’s intention to discuss six axes, the most prominent of which is the amendment of the retirement law and the dues of holders of higher degrees.
In a statement, Al-Tamimi said that she «submitted a request to the Finance Committee to discuss six important axes, which have a direct impact on the lives of citizens to take decisive action on them». She added, “The six axes include, first: the second amendment to the Unified Retirement Law No. 9 of 2014 and the detailed report that I submitted, second: the dues of free lecturers, third: the dues of holders of higher degrees, fourth: the salaries of those transferred to other ministries, and fifth: the appointment of the first students Sixth: Adding other axes by the members of the Finance Committee.
Al-Tamimi indicated that «a proposal to amend the retirement law has been submitted to the Presidency of the House of Representatives and transferred to the Finance Committee during last June», stressing «the importance of continuing the work of parliamentary committees and the adoption of technology to continue to hold regular sessions and meetings to develop solutions to the problems suffered by citizens, especially Related to their livelihoods. ”
Al-Tamimi stressed «the necessity of spending financial dues in its timing and taking into account the difficult conditions that he is Citizen going through ». LINK
Petra and MilitiaMan Wednesday Night "Where Are We At?" 7-8-2020
.KTFA:
(Both Petra and Militiaman are part of Frank’s team along with Delta and Walkingstick)
Petra: This is my first PP....PETRA POST!
I have been observing the conversations and activities of recent and thought a quick commentary would be helpful. But lets keep one thing in mind...keep the eye on the prize!
So where are we? Since our Monday Night CC where solid views and perspectives were brought, I thought a quick chat would be helpful and timely, especially in light of Frank's dream. How exciting was that.
Clearly there is a rush to get things done in order for the white paper to be engaged so a date and rate can be revealed. Remember, nothing in the entire white paper can be accomplished as to the future of the growth of the Iraqi state with out a change in rate. None!
All the efforts of the committees, the ministries, agriculture, mining, defense, infrastructure, nothing can happen until this move is made.
KTFA:
(Both Petra and Militiaman are part of Frank’s team along with Delta and Walkingstick)
Petra: This is my first PP....PETRA POST!
I have been observing the conversations and activities of recent and thought a quick commentary would be helpful. But lets keep one thing in mind...keep the eye on the prize!
So where are we? Since our Monday Night CC where solid views and perspectives were brought, I thought a quick chat would be helpful and timely, especially in light of Frank's dream. How exciting was that.
Clearly there is a rush to get things done in order for the white paper to be engaged so a date and rate can be revealed. Remember, nothing in the entire white paper can be accomplished as to the future of the growth of the Iraqi state with out a change in rate. None!
All the efforts of the committees, the ministries, agriculture, mining, defense, infrastructure, nothing can happen until this move is made.
So, we have these polymer notes that have been in circulation for apparently some time. Why all the hubbub "now" when they have been around for a while? Could it be part of the education process? Could it be a preemptory move by the CBI to make citizens aware and understand the coming change? I think so.
Everything they have been doing has been strategic but now the strategy is being played out as we await the execution of that strategy. Nothing is going to stop it or we will truly have a failed state and that is "not" going to happen with the wealth in that country.
So, I ask the question again..where are we? IMO, and all of this is IMO, we are at the goal line waiting to cross for lack of a better metaphor.
The article about the "new" (not so new notes possibly) was subterfuge. We have to stick with the facts as we know them. We have a rich country, ready to break out into the international market in desperate need of funds. Did I say Desperate? Yup.
Their payment strategy for their ministries has clearly indicated they are on a "pay as you go" plan, or, pay as income arrives into the treasury. Why else would they stagger their payment program? Never done that before? Problem? Yes...NO LIQUIDITY!!! Plain and simple.
May I dare to say they are creating a liquidity vacuum so that when the NSCN's arrive they will be "forced" into adoption with the new plan? Remember, IT CANNOT FAIL as WS and Frank have shared. Again, this goes back to "the strategy."
IMO, everything is at stake for this country known as Iraq. They need to change and get into the international world as MM has shared many times the need to access those secondary markets, loans, SDR, all those things he has hammered are spot on IMO. There is no turning back. What options are there....N O N E!! Did I emphasize that enough?
So, stay the course, remember what you have learned!!! And, I saw someone ask "Who is PETRA"...the answer? Just a guy who loves to read and study the FA's(Final Articles) . And one other thing: I stand for the Flag.....but I kneel for the Cross!! That is who I am!
Stay strong family...it's coming!!! All IMO
Thank you!!!!
PETRA
MilitiaMan: WOW.. The first PP Post and it was a PPP post!!! As in POWERFUL PETRA POST!~
I agree that the Monday CC had some powerful thoughts that were shared. They may have not all been aligned with each other, however, that is what good debate is all about. It is healthy and what we see in the actions of this portion of the monetary reform process, they (iraq) are not healthy (no liquidity) and they need and have a need to get healthy (liquidity), their internal wealth will require it as will the worlds, imo.
Whereby, that means to me they need a medicine. One that can heal the past. One that takes out the cancer of corruption. One that will allow the body of Iraq to heal and bring in new blood from abroad (investors).. Interconnection with a conduit.. Trade needs it.They know it. Everyone knows it..
They now seem to be broaching the topic of healing and one way is to deter the infection in their currency during the pandemic. Polymer notes in the news again. They have many attributes that are safe and effective... That is why they bring up they have new polymer notes again!! All of that may very well be nothing new to us, yet, the notes are new to the street as of July again, it is atypical in timing, as they would, as they say come out at the first part of the calendar year, yet they came out in July.
So, they are putting out new notes to apparently take out the old paper notes to replace with polymer. Kinda like a transfusion. The new blood cells (new currency) is to replenish the old system with a new one, that has the effect to bring in more healthy notes to strengthen the system over time.
The polymer notes were limited in the past, thus, if the new 250, 500, 1000 notes are to be injected, as the first round of medicine in the on going infusion of currency to the system, we should be assured the medical response to their virus of corruption, is the new currency with a stronger vitality that the corruption has to bow and succumb to...
The medicine is to raise the level of and infusion rate to allow for a stronger and stronger dose to be applied, until healing is in a fixed state of health that can be managed.. The international world is working to make sure the healing process is supported.
The effort for this to now fail is critical and taken seriously. So be of good Spirit, the effort is underway and appears to have the most powerful minds behind the healing process. The meetings seem to be abundant more and more now within Iraq internally and externally. I suspect, that what we have seen, in respect to the CBI and GOI and the three or four letter agencies have this front and center.
Alak is leaving the CBI, Kadhemi is coming to America all in the coming days and or within the month. There are now no coincidences anymore.
I have as you say Petra hammered home the secondary markets, the SDR, etc.. They are real and they were offered by not me but the IMF and WB.. So, with your PPP let it be a testament to those that may feel down and out. We are witnessing the process coming to an end. Lets not turn our back on the data.
Lets remember the process was a sea of information that has had to ebb and flow.. Eventually the water settles in at an equilibrium! Then another change begins!! imo !
Thank you for your support and kind words Petra!! ~MM