Thursday News Posted by Samson 1-7-2021
.KTFA:
Samson: Exchange rate concepts
7th January, 2021 by Dr. Muhannad Talib Al-Hamdi
Use works that are open and operating in one country, the local currency to pay for the costs of production and wages of employees, and accrued interest on loans, and perhaps the distribution of profits to partners.
However, companies that operate in multiple countries may sell their products in different currencies and pay their suppliers spread across far-flung countries in the currencies of those countries, and therefore they need to change the local currency to many foreign currencies
KTFA:
Samson: Exchange rate concepts
7th January, 2021 by Dr. Muhannad Talib Al-Hamdi
Use works that are open and operating in one country, the local currency to pay for the costs of production and wages of employees, and accrued interest on loans, and perhaps the distribution of profits to partners.
However, companies that operate in multiple countries may sell their products in different currencies and pay their suppliers spread across far-flung countries in the currencies of those countries, and therefore they need to change the local currency to many foreign currencies
It is also known that companies and countries use the international financial system to borrow in foreign currencies.
The best example of this is the Iraqi government issuing treasury bonds denominated in dollars that it sells in the American and European financial markets to borrow amounts in dollars to fill the Iraqi budget deficit. When countries and companies use foreign currencies, they have to deal with changes in the exchange rate
In this article, we will review some basic concepts related to the exchange rate, the change in the currency rate, the nominal and real exchange rate, as the beginning of a series of articles related to this vital matter, so that the reader is better informed about concepts that have been mixed in the media, which causes distortions in the understanding of the topic and its effects on the economy
The nominal exchange rate
Also called the exchange rate for convenience, it is the price of one unit of one currency in the equivalent in another country's currency. For ease of use, we express the nominal exchange rate as the ratio of the number of units of foreign currency against one unit of local currency. For example, we say one dollar for 1,450 Iraqi dinars. On the other hand, we express the nominal exchange rate in Iraq by saying that every Iraqi dinar can be exchanged for 0.0007 dollars
Fluctuations in the exchange rate can play an important role in determining the ability of companies to sell their products to other countries and on the prices that local consumers pay for imported goods and goods. Take, for example, a bag of rice that is exported from the United States to Iraq. If the price of a bag of rice in the United States was 50 dollars, then its price in Iraq would be 72,500 dinars, if the exchange rate was 1,450 dinars per dollar. But if the exchange rate of the dinar decreased against the dollar and became 1,600 dinars per dollar, the price of a bag of rice would be 80,000 Iraqi dinars. Although the price of the bag of rice has not changed in the United States, the decrease in the Iraqi dinar exchange rate (about 10%) will cause the American exporter to lose some of his sales in the Iraqi market due to the high domestic price of the goods he exports to Iraq
Likewise, due to the depreciation of the dollar's exchange rate against the Japanese yen between 2008 and 2012, many Japanese automakers faced a decrease in their sales of cars exported to the US market. In order to avoid the risks that include selling cars against the dollar while bearing the cost of production in Japanese yen, these cars have established factories to produce their cars in the United States itself
As exports have become a large part of the gross domestic product of most countries of the world, fluctuations in the exchange rate increasingly affect local economies. It can result in any increase in the exchange rate resulting in a significant decline in exports to reduce domestic production companies and laying off some workers. It is not surprising that important economic publications around the world publish exchange rate data and articles on the effect of exchange rate movement on corporate sales and production. Economists and policymakers are closely watching the movement in the exchange rate due to its effect on the economy in general
The immediate exchange is made between two currencies according to the current exchange rate or what is called the spot exchange rate. Buyers and sellers of currencies can also agree today to exchange currencies at a later date based on a forward exchange rate. The agreements to exchange currencies in future times are called futures swaps and futures swaps
Forward swap contracts are negotiated between two financial institutions, usually commercial banks. For example, the Bank of Baghdad agrees with a US bank today that after 90 days, it will buy $ 100 million for Iraqi dinars at an exchange rate of 1,450 dinars to the dollar. Whereas futures exchange contracts are made to exchange financial products such as stocks and bonds by people in the markets for exchanging those products, such as the Chicago Mercantile Exchange. Details of futures contracts, such as the amount of currency that each contract contains and the time that the contract expires, are formulated by the management of the market in which the contract is made. The existence of futures and futures contracts allows companies to hedge or reduce the risk of losses that can result from exchange rate fluctuations
For example, the Iraqi Oil Export Company (SOMO) might suffer some losses if the exchange rate of the dinar rose against the dollar. Suppose that SOMO sells an oil shipment to an American company for an amount of 50 million dollars, and it is agreed that the American company will pay the amount after 90 days when the shipment is delivered. SOMO faces some risks, or the so-called exchange rate risk, as the exchange rate of the dinar may rise against the dollar in the ninety days between the agreement to sell and the receipt of the payment. If that were to happen, SOMO would receive less Iraqi dinars for the $ 50 million. By entering into a forward exchange rate contract at the time of the sale agreement, SOMO can fix the exchange rate to a certain percentage in which it can exchange the dollars that you will receive after 90 days for it, and accordingly reduces the exchange rate risk. Usually companies do not write forward exchange contracts themselves, but rather rely on specific banks to provide these services for a fee
Each currency has an immediate exchange rate against every other currency, or what is called the binary exchange rate. Economists and policymakers see more benefit in looking at the multiple exchange rate, which shows the price of one country's currency against a group of other countries' currencies. This group of currencies is called the basket of currencies and usually includes the US dollar, the British pound, the euro, the Swiss franc, the Japanese yen, the Canadian dollar, and possibly other currencies.
Each currency in this basket is given a weight according to the amount of trade exchange between the countries of those currencies and the country of origin. In this case the exchange rate is referred to as a semantic number, not a direct price. And like any other indicator, what matters is the movements of the multiple exchange rate over time rather than its value at a specific time
The exchange rate of the dollar fluctuated greatly since 1973. It witnessed a rise during the eighties against many other currencies, which created great difficulties for American companies to export their products to other countries of the world. However, since 2001, the exchange rate of the dollar in the market witnessed a decline compared to other currencies, which helped American exporting companies to increase their sales around the world
Real exchange rate
The nominal exchange rate tells us how many units of foreign currency can be exchanged for one unit of local currency. But economists and policymakers are more interested in the prices of foreign commodities and goods as opposed to domestic goods and goods. In other words, they are concerned with the terms of trade, that is, the ratio in which domestic goods and goods can be exchanged for foreign goods and goods. That exchange ratio is called the real exchange rate.
The real exchange rate provides a better measure of the change in the prices of goods and commodities in a country compared to foreign goods and commodities than the nominal exchange rate provides. Therefore, when economists and policy makers try to estimate the effect of a change in the exchange rate on exports and imports, they rely on the real exchange rate and not the nominal exchange rate
Measuring the real exchange rate using a single commodity: the PVC Mac Index
The Economist in Britain introduced the use of the PCMAC index in September 1986 as an indicator for a measure of purchasing power parity of currencies. The index is based on the logical assumption that two different processes should naturally adjust until the cost of an identical basket of goods and commodities becomes the same in the two currencies. Accordingly, the McDonald's company called Your Mac sandwich was chosen to represent this basket of goods and similar goods because it is available in a largely identical way in many countries of the world. Therefore, the index helps to compare the currencies of two different countries
If we take, for example, the price of a sandwich in the United States is five dollars, for example, and in Iraq, seven thousand dinars. Meanwhile, the nominal exchange rate between the two currencies is 1,750 dinars to the dollar. In order to calculate the real exchange rate, we have to find the number of Iraqi sandwiches that can be exchanged for one American sandwich. We can achieve this in two steps. First, we use the nominal exchange rate to convert the price of the US sandwich into Iraqi dinars. The second step is to divide that by the price of the sandwich in Iraq in Iraqi dinars, to get to the number of Iraqi sandwiches that buy one American sandwich. Which the real exchange rate = 1750 dinars per dollar * 5 dollars for the American sandwich / 7000 dinars for an Iraqi sandwich = 1.25 Iraqi sandwiches for every American sandwich
That is, your Mac sandwich in the United States, given the prices in the two countries and the nominal exchange rate in mind, can buy a sandwich and a quarter of similar sandwiches produced in Iraq. It is worth noting that the real exchange rate tells us how much foreign goods and commodities one unit of domestic goods and commodities can buy. That is, we can measure the real exchange rate through the exchange of goods and commodities instead of currencies
Usually we do not measure the real exchange rate using the price of a single commodity but using the average price, or the general price level, in each country. Accordingly, a simple equation can be constructed to compare the local rate and the average prices in the other country with the nominal exchange rate to determine the real exchange rate as follows
Real exchange rate = nominal exchange rate * (domestic rate / foreign rate)
For example, if the real exchange rate of the Iraqi dinar is 1,500 dinars per dollar, then that value indicates that an ordinary commodity produced in the United States could buy 1,500 units of a similar ordinary good produced in Iraq
The real exchange rate and the nominal exchange rate move symmetrically only if the ratio of the domestic price rate to the foreign rate rate is nearly constant. This clearly indicates the risks of a significant rise in domestic prices, that is, inflation, compared to inflation in the other country on a change in the real exchange rate LINK
Samson: Al-Mada newspaper talks about a plan to recover $ 150 billion
7th January, 2021
Al-Mada newspaper, published in Baghdad, revealed the existence of a plan to combat corruption, including the recovery of $ 150 billion
In one of the biggest political deals, Prime Minister Mustafa Al-Kazemi agreed with the heads of political blocs to issue arrest warrants against (22) government officials involved in the theft and smuggling of funds estimated at more than 150 billion. Dollars
She added that the government anti-corruption committee in charge of investigations into files of corruption and exceptional crimes is expected to reveal the names of those involved in looting and money laundering operations, including former ministers, a current minister, a deputy minister and the head of an independent body. She emphasized that the political deal also stipulated that the government release the accused after their arrest in exchange for repaying the money they stole and returning it to the state treasury, which suffers from severe financial hardship after the decline in oil prices due to the repercussions of the Korna pandemic
It indicated that "the anti-corruption committee led by Abu Ragheef has completed investigations with a number of government officials, and will soon issue arrest warrants against (22) officials between a former minister, a current minister, an undersecretary, a director general, and the head of an independent commission. She noted that Al-Kazemi and the heads of political blocs agreed to activate the file of corruption through the government committee in charge of this purpose and that the agreement stipulated the release of the accused or those involved in stealing money in exchange for returning it to the state treasury, "explaining that the judgments that will soon be issued against the accused will be" suspended sentences "so that those involved in the theft can return the money to the state treasury
She pointed out that "the deal excluded those involved in smuggling large funds abroad and invested them, and therefore it is difficult to return it to the government again because of the laws in effect in those countries that prohibit the return or return of money after changing the gender of smuggled money.
She added that the "22" personalities have a great financial weight due to the corruption operations they have carried out over the past years. It is expected that the deal will return nearly $ 150 billion to the state treasury LINK
Samson: The budget is on the Parliament table next Saturday
7th January, 2021
On Thursday, the reporter of the Parliamentary Education Committee, Tohme Al-Lahibi, suggested that the House of Representatives would hold a parliamentary session next Saturday to discuss the 2021 budget bill, after it extended its legislative term
Al-Lahibi told Al-Sabah newspaper, which was followed by Al-Eqtisad News, that "Parliament has extended its legislative term for a month in order to pass the budget law, which will be present in the session next Saturday that the presidency may call soon
He added that "the House of Representatives will approve the budget during the current month and will not return it to the government, despite the problems that exist in it, especially since the economic condition of the country is very difficult with the high price of the dollar
Al-Lahibi pointed out that "the House of Representatives will not allow deductions from the salaries of employees, especially the educational sector, and the Parliamentary Education Committee will have demands to add to the budget, most notably the contracts of lecturers and the printing of books LINK
************
Samson: Three reasons pushed the central bank's sales down: This is what will happen next
7th January, 2021
Member of the Parliamentary Finance Committee, Representative Jamal Cougar, identified, on Thursday, three reasons for the decline in sales of the Central Bank of Iraq.
Cougar said in an interview with Shafaq News that "the previous sales of the Central Bank that it made through its daily auction were not real, as it covered more than the market need," indicating that "the goal of traders and banks who were buying dollars through this auction is profit and that these profits have decreased." Which affected the bank’s sales."
He added, "The large number of speculation that took place in the markets was a second reason for the lack of sales of the Central Bank, as the savings of the citizens have not completely expired yet."
Cougar pointed out that "the real actual trader or investor who needs the dollar will now go to the markets to obtain the dollar because it has become cheaper than the central bank and thus is another reason for the lack of central bank sales."
It is noteworthy that the central bank’s sales decreased after the central bank raised the dollar’s exchange rate, to record sales of $ 8 million at the last auction held by the central bank, after it reached more than $ 200 million. LINK
Monday Night KTFA CC with Frank26 "It's A Good Sign" 1-4-2021
.KTFA Monday Night Conference Call
PLAYBACK IS: 605.313.5163 PIN: 156996#
A NEW UB2B WITH THE IQD UPDATE
Frank26: 1-4-21. .....ITS A GOOD SIGN
This video is in Frank’s and team’s opinion.
What do Frank’s Suit colors mean?
KTFA Monday Night Conference Call
PLAYBACK IS: 605.313.5163 PIN: 156996#
A NEW UB2B WITH THE IQD UPDATE
Frank26: 1-4-21. .....ITS A GOOD SIGN
This video is in Frank’s and team’s opinion.
What do Frank’s Suit colors mean?
FOR CC'S..... WHITE = NEW INFO…. SILVER = INTEL FROZEN…. RED= HIGH ALERT… PURPLE=GUEST WITH US…. BLUE = AIR FORCE…. BLACK = GROUND/FF’S…. GREEN= MR OR 3 HEADS ... GOLD = CHANGE …NO BROWN ... NO GREY... NO YELLOW... NO FLESH
KTFA Members "News and Views" Sunday Morning 1-3-2021
.KTFA:
DeepWoodz: Just for FUN....So I’m bored and that’s never good. I get out the Turkmenistan model and wanna play with the numbers.
Sadly I’m not that smart, but I gave it a try and am in need of checking. Please? For funs sake.
so here is what I got....
The devalue they initiated was partly due to the difference in exchange rates between the CBI and the secondary markets. They call it Exchange rate unification when they try to equal the rates out. There are other reasons they did this...ie...stop using dollars, bring in the 000’s.
Here’s the comparisons and they match precisely......
Iraqi Dinar - From 1200 to 1450 = 20% increase.
Turk manat - From 5200 to 6250 = 20% increase
KTFA:
DeepWoodz: Just for FUN....So I’m bored and that’s never good. I get out the Turkmenistan model and wanna play with the numbers.
Sadly I’m not that smart, but I gave it a try and am in need of checking. Please? For funs sake.
so here is what I got....
The devalue they initiated was partly due to the difference in exchange rates between the CBI and the secondary markets. They call it Exchange rate unification when they try to equal the rates out. There are other reasons they did this...ie...stop using dollars, bring in the 000’s.
Here’s the comparisons and they match precisely......
Iraqi Dinar - From 1200 to 1450 = 20% increase.
Turk manat - From 5200 to 6250 = 20% increase
After unification the manat was put at 5000.
After they issued NSCN’s and gave the new rate to go with....
$1=2.85 manat
1 manat=$0.35
An increase in value of 1754%
5000/2.85 = 1,754.385964912281
So from here I just swap the numbers and try to figure for what I want to know.
1450/x = 1,754.385964912281
X = 1.209921355111918
$1 = 1.209921355111918 dinar
1 dinar = $0.8265
One more time....I’m not sure if I did this right but it seems about right for what we’ve been considering. Imo
If by some chance this is close to being right....I for one will be waiting another two weeks to see what happens.
So I came back to modify this after Petra reminded me of something.
In order for the Iraqi Dinar to be accepted by the citizens to the point where they no longer use our dollar, the value should be greater than that of the dollar.
One article even mentioned it but showed it backwards. Example:($1=1.45) Imo...it should’ve been written 1IQD=$1.45.
That may be enough, but honestly, I seriously think a rate of 1 dinar = $5.00 is a legitimate number.
If the “Glory days” were 3.22 or whatever, add that “inflation”.That puts you above 4. Add 1 more simply because of the extraordinary amount of effort that’s been put into this and it’s really not a stretch.
All in fun with a side order of I’m not joking!!! Lol
OlLar: If I were living there with a bunch of Dinars i had squirrelled away under my mattress for several years and they offered me .82/IQD, I would take it in a heartbeat. Suck in those 000 notes at a cheaper rate then later add some value. IMO
Ross: Good Point Ol_lar and they could have some of mine 000 notes too. Like F26 has stated some (me) might sell some cheap to pay bills, get out of debt or whatever and still save most for when the expected increase happens. IMO
************
Samson: Parliamentary Finance reveals the truth about the intention of the Central Bank to change the dollar's exchange rate
01/02/2021 12:31:58
The Parliamentary Finance Committee revealed, on Saturday, the fact that the Central Bank intends to change the exchange rate of the dollar again.
Committee member Jamal Cougar told {Al Furat News} that "it is not possible for the central bank to re-price the dollar again," stressing that "do not retreat from the new exchange rate and it is unrealistic for the monetary authority to circumvent itself."
Cougar added, "There will be no retreat from changing the exchange rate and no new rate may be adopted because it will confuse the entire market," noting that "we need two weeks to overcome the crisis of changing the price so that citizens adapt to the new price." LINK
Lawrence: and here's to respecting the first 2 weeks of January, ..( thumbs up) .....per Frank gotta love the early intel
Don961: A realistic proposal to get out of the economic crisis, the decline of the Iraqi dinar, and the reluctance to pay pensions
by 7 Hours ago Muhammad Tawfiq Allawi,
To recover from this reality, we need attribution on more than one level from many countries in the world, but unfortunately most countries are not ready to entrust the government for several reasons, the most important of which is the spread of corruption, loss of security and loss of the environment that attracts investment.
The current environment and laws are an environment and laws that repel investment, the most important reason for rampant corruption is that most of the ministers came through quotas from political parties that have their own committees and economic offices, but many employees of special ranks, general directors and others are also affiliated with the parties
There is no political ability to hold them accountable in the event of their corruption due to the existence of an unwritten law between the parties (shut up on my corruption, shut up about your corruption), and therefore it was natural for the European Union to place Iraq on the black list in July 2020 due to rampant corruption Money laundering;
In this case, what is required is, first, to renegotiate with the European system and adhere to the conditions to get Iraq out of the blacklist;
Secondly, what is required is to renegotiate with more than one party to obtain soft loans, such as renegotiating with (EXIM BANK) to obtain a soft loan of five billion dollars, which, if used properly, will qualify the country for a similar group of loans in the short term that can reach Tens of billions of dollars, in addition to the use of the ten billion pound guarantee by the British government, as it has not yet been done due to ignorance to provide integrated studies for the use of this loan.
If it is dealt with in a thoughtful manner, it could qualify the country to obtain tens of billions of other pounds, In addition to the use of nearly thirty billion dollars, most of it as soft loans at the Kuwait conference, unfortunately all of these failures are due to the lack of a clear economic policy and because of the political quotas that have led to the spread of corruption and the appointment of many corrupt and inefficient people in decision-making positions whose main concern is to achieve their own interests and interests. Political actors that She brought them, not to advance the country and lead it to the shore of peace;
From the aforementioned, what is required to get out of the crisis is to fulfill the five things below, which are:
1) For a government to be formed far from quotas, whose ministers are competent, loyal and honest.
2) That a government is capable of striking the corrupt and ending the state of corruption and bribery rampant in all parts of the state.
3) That a government is able to end the uncontrolled weapons and the state of chaos and insecurity, and is able to control the border crossings.
4) Providing the minimum infrastructure for the industrial cities that can be established within six months, especially the provision of electric power.
5) Changing more than ninety paragraphs in the laws that hinder investment, as well as many unexamined instructions and procedures that hinder investment as well.
And I can say with confidence that if the above five things are available, the government can understand and deal with a group of countries, a group of major international companies, a group of international banks and international financing agencies, and obtain financing from financing agencies and international banks with easy loans ranging Between 300 to 500 billion dollars, as it is possible to overcome the difficult financial situation that the country is going through and to appoint millions of young people in industrial, agricultural and service projects as a mixed sector and partnerships with global strategic partners and bring about a major renaissance in the country;
These loans can be repaid and their interest paid easily because the profits achieved are much higher than the benefits involved. Rather, these projects can achieve large profits as an alternative to oil in the event that agricultural and industrial products are exported outside Iraq. LINK
************
Don961: A contradiction between the 2021 budget and the devaluation of the dinar ... !!
2/1/2021 22:41:00 Dr. Aras Hussain Dartach
In the beginning .... there is a famous saying among economists, which is that if (two) economists discuss an economic leader (one), they come out with (three) opinions as a result, due to the multiplicity of its effects and repercussions.
In this regard, we respect the Iraqi government's actions regarding the devaluation of the dinar, imposing income tax on salaries, deducting or reducing them , stopping employment, imposing indirect taxes on many goods and services, in addition to reducing government support for a number of services or goods, etc. Financial and cash prospects.
And if the Iraqi government has resorted to carrying out these financial and monetary measures under the guidance and recommendation of the two international monetary organizations and the World Bank, in order to carry out the financial and monetary reforms required of Iraq to carry out them, in order to facilitate the way for him to obtain the aid provided by them to him.
While we appreciate the validity of the proposals of these two organizations according to the pillars of the market economy, but we see in practice, through the experiences and applications of a number of countries, that the proposals or conditions of these two organizations imposed on them were not completely consistent or realistic with the conditions of those countries, but rather caused Many problems for some of them.
In any case .... If the government had these monetary and financial shocks , as it claims, it is in order to (raise the competitiveness of the Iraqi economy in front of foreign imports and to reduce the size of the fiscal deficit in the general budget and preserve the dollar reserves), but it was It will constitute social, economic and political repercussions in the Iraqi arena.
As there is another opinion that does not agree with, or does not prefer, the events of such shocks in the current turbulent Iraqi situation. Especially in the event that there are arguments or options other than those taken by the government in order to achieve its desired goals and without causing serious harm to citizens , which can be summarized and in simple language as follows: -
First - that the Iraqi people receive and receive shocks consistently enough, and they do not deserve and do not need more. It was preferable to pass the recent government shocks gradually, promotional and calmly, and after preparing and preparing the appropriate ground for them, in order to He is preparing to assimilate and accept them and liquidate his previous transactions and accounts in a regular manner and without sudden events , according to the new exchange rate , so that the situation does not turn into more turbulent and unexpected damage to it.
Second - Since market prices will become valued at the new exchange rate of the dollar, so the entry of Iraqi citizens will lose their (real) value up to (23% or more) due to the high general level of prices, and this percentage increases if the dollar exchange rate exceeds the limit of (1500 dinars). At the exchange shops, and this contradicts what the government seeks from its monetary measures, provided that the devaluation of the dinar will be in favor of those with low incomes , and this is a claim that does not agree with the new exchange rate.
Third - If the government's goal of conducting a devaluation of the dinar is to reduce (the size of the fiscal deficit ) in the budget, then why is the planned deficit determined at (43) billion dollars, according to what has leaked out, which constitutes more than (41% ) Of the size of the budget estimated at (103) billion dollars . And this exaggerated estimate of the size of the financial deficit planned in the 2021 budget contravenes the realism of the government's goal of its procedures, and if the aim of the reduction of the value of the dinar is in order to finance the financial deficit, then why is there to increase the size of public expenditures in the budget compared to public revenues, and this claim also does not agree With the devaluation of the dinar.
Fourth - In practice, and through the experiences of implementing previous annual budgets since 2003 until now, it has become clear that the government is absolutely unable to fully implement the budget items , whether at the level of the investment budget or the operational budget, and the implementation of the budget did not exceed, at best, a percentage ( 75% ) According to the statements of those involved in the matter , then why does the government determine this exaggerated size of the budget deficit , while the government has historically been unable to fully implement the budget , and this claim also contradicts the government’s goal of taking a measure to reduce the value of the dinar To finance the fiscal deficit.
Fifthly - and if there is an excuse or justification to reduce the value of the dinar in order to enhance the competitiveness of local agricultural and industrial production towards the production imported from them , this matter is true from an economic point of view and that when Iraq has a developed agricultural, industrial and service sector in terms of quantity And the quality, and how these sectors can develop when the government is unable to provide electric current except for a period of five hours per day at best, not to mention the collapse of the infrastructure of the economy represented by road networks, bridges, water, ports, warehouses, etc. among the requirements of development Where it is not possible to raise the productivity of the work of the economic sectors by reducing the value of the dinar if the state does not have a developed infrastructure, and this is another claim that refutes the justification for reducing the value of the dinar.
In any case .... Although we respect the government action regarding the devaluation of the dinar according to its stated arguments , we see it largely incompatible with the economic and social conditions and the current policy of Iraq, and we will not find any other country that is experiencing the economic and health crisis. The current world, whether oil or non-oil, developed or underdeveloped, has devalued its national currency towards foreign currencies because of these arguments and others.
In summary ... the preparation of the general budget 2021 of this large size in terms of ((the large size of public expenditures and the large proportion of the planned deficit in the budget)) is completely inconsistent with the procedure of ((devaluation)), and is also inconsistent with The budget evaluation is based on a hypothetical price for a barrel of exported oil ((42 dollars)), while the current real price is estimated at more than ((50 dollars)). !! .
In conclusion ...... We hope that this will be the first and last time in which the value of the Iraqi dinar is badly affected.
Dr. Aras Hussain Dartach LINK
DeepWoodz: Imo....ok this article says what we’ve all been thinking!!! Mr. Dartac is calling the GOI out!!! In a very respectful manner, letting everybody know that the reasons given for the devaluation absolutely DO NOT make sense.
Samson: Referendums of Imam Sistani's office on commercial transactions in gold and silver
01/1/2021 20:33:54
The office of the supreme religious authority, Grand Ayatollah Imam Al-Sayyid Ali Al-Sistani, responded to referendums on commercial transactions in gold and silver and legal rulings regarding them. And it came in the text of the answers and questions, according to what was stated by the Office of the Supreme Authority:
The question: What is the exchange sale?
Answer: It is the sale of gold or silver, for gold or silver, and there is no difference between the two coins and others.
Question: Is it permissible to sell gold for gold and silver for silver with an extra amount?
Answer: It is not permissible.
The question: Is it permissible to buy a silver or gold ring of the same sex, with an increase in the price of the goldsmiths?
Answer: It is not permissible for him to buy from a goldsmith or someone else a ring or other jewelry made of silver or gold of his gender, with an increase by noting the fee for the goldsmith.
The question: If someone owes another debt and the like in the (Swiss) currency, at what value is the payment currently made? Note that the value of one Swiss dinar when it fell = 150 dinars from the current currency?
Answer: If a person owes someone an amount of money in the previous time and intends to pay it now after a long period has passed, then if the money of that amount at the present time is not (credited) in comparison to his money at that time (even if it is calculated according to the value legally assigned to him prior to the fall For example, like five percent, for example, as if he owed ten dinars, and at that time ten dinars were equivalent to fifty grams of gold, and at the time of payment equivalent to three grams, for example, the prudence is obligatory in such reconciliation by paying about half the value of the amount currently in comparison to the prevailing prices in The financial evaluation is known as gold, but if the financial of the actual amount compared to its previous money is counted as twenty percent or more, then it is appropriate to pay the same amount without an increase.
The question: Is it permissible to sell gold with lobes, strings, precious or non-precious stones, if these things are unknown in weight and amount with the buyer, and yet he is based on buying them with gold, and this is known to everyone?
Answer: If the gold piece that includes the clove or something similar is something that is sold by argument, then it is not wrong. But if it is of what is sold by weight, ignorance of the weight of the clove, for example, leads to ignorance of the weight of the gold, then this is not valid for a sale, yes, it is okay to reconcile with something similar.
Question: What is the legal aspect of the transaction of exchanging old gold for new gold?
Answer: If two transactions were conducted, that used gold was bought for an amount of cash - for example - and then unused gold was sold for an amount greater than it, without all forms.
The question: I am the owner of a gold factory. Some gold marketers come to me and they have an amount of gold, for example (2 kg), an old one takes from me (4 kg) as a convenience for me, and after that he sells some gold to the stores and returns the rest of the gold to me. After a period of time, he collects from the stores and pays off what was taken from me with the agreed manufacturing fee. What is the ruling on the following: 1- Disposing of gold without selling only for convenience? 2- The marketer took the interest from that gold? 3- The marketer giving the factory owner or wholesaler the old gold with the new gold fee or a band?
The answer: Here are two pictures: a) If the marketer of gold sells what he has taken for himself, then the reference is - what is the question of not buying it for him - until he borrows that amount of the new gold on the condition that he repays an amount of it with the old gold and the rest in riyals.
Such a usurious loan is forbidden because it brings financial benefit to the lender even though it is conditional on the borrower. B) And if the marketer sells what he took for the motive, i.e. to the owner of the factory, that he agreed with him to sell his gold for an increase of twenty thousand riyals, for example, provided that the extra amount was paid to him for his work, then he paid the price and compensated part of it with a quantity of used gold, then this transaction is permissible and unjust. With what the marketer benefits from its products, just as the merchant receives from the used gold and the cash amount. LINK
MilitiaMan and KTFA Members "New Fiscal Year" Friday PM 1-1-2021
.KTFA:
DeepWoodz: Imo...just a question...With a new fiscal year now in effect... would it be important for any change in the rate to be in effect as well for accounting purposes? Or does it matter?
I ask believing they can hide it for as long as they wish.
MilitiaMan: Good question, I hear the thinking is they will need to have accounting sorted quickly being electronically automated and within a short period of time. Hence, the need to be sorted within the mid month era.. Another theory, is for instance they share with the people of Iraq outside of western eyes for a few days"". Which could go into effect at just about anytime now.
Things are closed out to Monday. Stock exchange, official working hours, etc... imo I would love to see the CBI telling the world about Article 8 compliance with an internatioally acceptable currency storng enough to hold her own in the Secondary markets.. That is the plan from what the FA thread suggest. imo.. anyway.. ~ MM
OlLar: I used to have an article where Abdule Turki interim CBI Governor said although its not the only time they can change the exchange rate , for accounting reasons the first of the year is the best IMO
KTFA:
DeepWoodz: Imo...just a question...With a new fiscal year now in effect... would it be important for any change in the rate to be in effect as well for accounting purposes? Or does it matter?
I ask believing they can hide it for as long as they wish.
MilitiaMan: Good question, I hear the thinking is they will need to have accounting sorted quickly being electronically automated and within a short period of time. Hence, the need to be sorted within the mid month era.. Another theory, is for instance they share with the people of Iraq outside of western eyes for a few days"". Which could go into effect at just about anytime now.
Things are closed out to Monday. Stock exchange, official working hours, etc... imo I would love to see the CBI telling the world about Article 8 compliance with an internatioally acceptable currency storng enough to hold her own in the Secondary markets.. That is the plan from what the FA thread suggest. imo.. anyway.. ~ MM
OlLar: I used to have an article where Abdule Turki interim CBI Governor said although its not the only time they can change the exchange rate , for accounting reasons the first of the year is the best IMO
Samson: Ministry of Commerce: the middle of next month, the date for the application of the electronic payment system
31st December 2020
The Ministry of Trade confirmed, Thursday, that mid-January will be the date for the application of the electronic payment system for exporters and importers, while it indicated the reasons for the obstacles to the export process.
The general manager of the General Company for Fairs and Iraqi Commercial Services, Sarmad Taha Saeed, said, according to the official agency, that "the company has signed a contract with the Central Bank, regarding electronic payment, as it will be the middle of next month to implement the electronic payment system, which will allow exporters and importers to pay with any card." Available".
He added that "attractive offers were made to the exporters, by giving ten percent of the invoice value free of charge, in support of the Iraqi exporter, as our goal is not only to export, but to be the transfer in Iraqi banks, and to provide hard currency." He pointed out that "the cabinet had previously issued a decision to make the export absolute, but we were surprised that most of the materials had stopped being exported due to the presence of laws that contradict the decision."
He explained that, "when traders started exporting, they were surprised to stop exporting gravel, aluminum industries, etc., as we must take sectoral approvals, after which export is permitted, in addition to the existence of laws issued in previous years that prevent the export process, and therefore we must present a proposed law to the Council of Ministers and ratify it." And it is sent to the House of Representatives and presented for the first reading and the second after which a decision is issued.” LINK
MilitiaMan: The push is on imo.. They don't have much time between now and the mid month January time frame they give above to implement the electronic payment system. The minister of Trade had obstacles to overcome and it appears the obstacles have been overcome now.
The electronic payments should be from my understanding be done with a new digital dinar.
There words not mine.
The expectations of the ministries are working in my opinion in tandem or con conjunction with GCFICS with the CBI. The country has obviously devalued for a purpose(s) and the citizens and traders, exporters, etc., have been affected.
In my view they have a plan that included the devalue, then a subsequent deletion of the 3 zeros and then the intention is to defend the exchange rate for stability.
The electronic payments may very well be a very supportive clue to the accuracy of my view. We shall see. imo ~ MM
************
Samson: Parliamentary Finance: Iraq's spending during the year 2020 amounted to 72 trillion dinars
1st January, 2021
The Parliamentary Finance Committee announced that Iraq's spending during the year 2020 amounted to 72 trillion dinars
A member of the committee, Majda Al-Tamimi, told Al-Iraqiya TV that the spending in the 2020 budget amounted to 72 trillion dinars, noting that the spending in the 2021 budget amounted to 164 trillion dinars
She noted that the 2021 budget is a shock balance, and that the expenditure jump is not normal in this budget LINK
Samson: Al-Fateh: The 2021 budget corresponds to the 2016 and 2017 budgets together
19:22 - 12/31/2020
On Thursday, the Al-Fateh Alliance described the 2021 budget as explosive and the highest in the history of the Iraqi state, indicating that what the government requested in 2021 is equivalent to the budgets of 2016 and 2017.
The deputy of the Al-Fateh Alliance, Ahmed Al-Kinani, said to / the information / that "the Al-Kazemi government has strange strange contradictions since it came to power and voted on it."
He added, "After a long delay, the Al-Kazemi government presented the 2021 budget with explosive numbers that are the highest in the history of the Iraqi International and talks about a financial crisis, which raises many questions."
Al-Kinani explained that "the budget submitted by the government for the year 2021 corresponds to the expenditures and budgets of the years 2016 and 2017 together," noting that it "only requested operational expenses to double what was recorded for the year 2020." LINK
************
DeepWoodz: Imo....up to this point....
The BAD NEWS....
A decrease in the value of the dinar.
An increase of prices for gas.
An increase in the cost of electricity.
Increased prices of foodstuffs.
Higher deductions from salaries.
Poverty and unemployment on the rise.
Parliament says bankruptcy in 6 months.
Just wanna say this all is OBVIOUSLY not what Iraq has been working towards ALL THIS TIME!
The GOOD NEWS...
Oh snap!!!
In the document: The Security Council cancels the sanctions imposed on an Iraqi government bank 17 years ago
Banks interest rates going higher to get that chunky money?
NICE....In sum, Mustafa Al-Kazemi, who dealt with elegance and dignity with the abuses that have affected him recently, due to his strong rejection and anger at the repeated attacks on the American embassy in Iraq, this rejection and anger are not due to greed in the rule of Iraq, and if there is no need for greed, then Al-Kazemi is like any Iraqi My country aspires to achieve the sovereignty of the Iraqi state and maintain its prestige, and to give priority to the supreme interests of the Iraqi state, and to participate in making the present and future of a prosperous Iraq.
Raffidain getting Arab Banking Awards!
Never heard of this!!!...“This trend was evident in the contents of the black paper Which they called white injustice and aggression, which was announced by the Minister of Finance through his televised statement on 10/13/2020”
As in BLACK PAPER.....ie....opposite of the white paper!!! Opposite of what we know they are doing!!!
Kurds are done and want everyone to know they are not the reason for holding up the 2021 budget.
Rasheed and Rafidain banks are having interest rate wars!! Who can pay the highest!!!
Talk of the town.... the budget is astronomical!! Haha somebody’s getting paid!
No less than three articles remembering the past years...2003 being mentioned. Pre-Sanction era.....hmmmm...gettin hot in here!!!
MilitiaMan "QFS -Everything You Need to Know" Thursday PM 12-31-2020
.KTFA:
NKaiser: Imo, the United states will not go to a digital currency, that is the global reset and it will not be a good thing for anyone, I do believe the united states will change their currency and move away from the Petro dollar and go to a gold back currency, again this is in my opinion
MilitiaMan: The White House has a system in mind that appears to be a part of a Quantum Financial System. The system that is in play is to be used for settlement purposes that will have a digitized way of doing things.
I am not sure why it is thought they would not be digital, when, they clearly show us that the USA has transparency in mind with clearing financial transactions in real time, fast and accurately. Iraq is going to do things similarly, imo. For instance, taxes and tariffs and fees at the borders, e-payments for salaries, etc..
KTFA:
NKaiser: Imo, the United states will not go to a digital currency, that is the global reset and it will not be a good thing for anyone, I do believe the united states will change their currency and move away from the Petro dollar and go to a gold back currency, again this is in my opinion
MilitiaMan: The White House has a system in mind that appears to be a part of a Quantum Financial System. The system that is in play is to be used for settlement purposes that will have a digitized way of doing things.
I am not sure why it is thought they would not be digital, when, they clearly show us that the USA has transparency in mind with clearing financial transactions in real time, fast and accurately. Iraq is going to do things similarly, imo. For instance, taxes and tariffs and fees at the borders, e-payments for salaries, etc..
A few links to think about with a positive slant to them are below to support my view. There many theories out there that have varied connotations, some good and some bad. I do notice that my banking transactions (deposits) are and have been vastly improved speed wise.
Being able to track where the money goes and to know if one is getting a fair deal is not a bad thing imo. However, if one is not on the up and up and trying to play an unfair game for personal gain, then that may be a bad thing having such an accurate and transparent system in place. Just as those at the borders not wanting to pay customs.. It will be painful for the nefarious types.. imo ~ MM
MilitiaMan and KTFA Members "Electronic Payments at 9:00 AM 1-1-2020 "
.KTFA:
MilitiaMan: Electronic Payments 01/01/2021 at 9:00 Am.. I wonder what other Electronic Payments and Systems interlink that day? It is the first day of the new Calendar year. 11:59:59 is approaching fast.. imo.. ~ MM
Samson: The Housing Fund announces the opening of the electronic submission for loan transactions
12/31/2020 13:26:42
The Iraqi Housing Fund announced, on Thursday, the opening of the electronic submission for loan transactions.
A statement by the media office stated, "The Iraqi Housing Fund of the Ministry of Construction, Housing and Public Municipalities announces the opening of the electronic submission for loan transactions for the month of January 2021 tomorrow, Friday, 1/1 in Baghdad and the provinces at nine in the morning."
He added, "This timing will be fixed in all months following the application of the loan or the request for disclosure, and transactions will continue to be submitted until the end of the month or the prescribed share runs out, whichever is sooner.
KTFA:
MilitiaMan: Electronic Payments 01/01/2021 at 9:00 Am.. I wonder what other Electronic Payments and Systems interlink that day? It is the first day of the new Calendar year. 11:59:59 is approaching fast.. imo.. ~ MM
Samson: The Housing Fund announces the opening of the electronic submission for loan transactions
12/31/2020 13:26:42
The Iraqi Housing Fund announced, on Thursday, the opening of the electronic submission for loan transactions.
A statement by the media office stated, "The Iraqi Housing Fund of the Ministry of Construction, Housing and Public Municipalities announces the opening of the electronic submission for loan transactions for the month of January 2021 tomorrow, Friday, 1/1 in Baghdad and the provinces at nine in the morning."
He added, "This timing will be fixed in all months following the application of the loan or the request for disclosure, and transactions will continue to be submitted until the end of the month or the prescribed share runs out, whichever is sooner." LINK
MilitiaMan: Well folks I don't know about you all, but, the auctions at $100,000 or even at $1.3 million is getting scarce, especially the former. Something BIG is about to happen.. DT even stated as such too... Fairly sure when things line up electronically, it will be big. No one is talking about it..lol I am... ha ~ MM Happy New Year to ALL!!!
TODAY'S AUCTION RESULTS
The results of the foreign currency sale window on Thursday 12/31/2020 and executed today
100,000 Total Cash Sale
Note that:The sale price of the sums transferred to bank accounts abroad is ( 1460 ) dinars per dollar.
The cash sale price is ( 1460 ) dinars per dollar.
The Central Bank of Iraq’s foreign currency sales schedule, Thursday 12/31/2020, and executed today
************
MilitiaMan: FINAL ARTICLE #536
Sumaisem: America will not pump dollars into Iraq, and dealings will be in the digital currency .. and Baghdad is forced to comply with the recommendations of the international monetary
27th December, 2020
Economic expert Salam Sumaisem said on the devaluation of the Iraqi dinar, that the dollar will be drained from its source in the US Treasury, which will replace it with digital electronic money, Digital Dollar.
Sumaisem added to the obelisk: We will then see how the smuggling of dollars continues, indicating that only Iraq and its people will be the losers, and that whoever trades in the Iraqi dinar will not benefit in anything.
Sumaisem told Al-Masalla that draining the sources requires that there be a shortage of dollars that are pumped into the markets, referring to the issue of pursuing political money, as the financial decision-makers say that they cannot dry up the sources, but America, for example, went through the same crisis, especially after the decline The US dollar fell a week ago on the global market by 8%, which prompted the Treasury to stop pumping more dollars into the US market itself.
Sumaisem considered that the Iraqi concerned authorities do not know how to act with the crisis, but rather they acted in a bad way in reducing the price of the Iraqi dinar against the dollar.
Sumaisem said, "It is true that this provides liquidity, but it will not solve the crisis."
And she continued: America, for example, is moving now to the stage of digital money, which is digital money, and thus it will not pump more dollars into Iraq until it becomes scarce, and then it can pump a digital dollar. That every dollar has a number, and trading in it between the seller and the buyer is known and limited. It will also change the whole world, and for Iraq it will be a pivotal change.
Sumaisem revealed that the Minister of Finance signed a blank statement that he would implement all the recommendations of the International Monetary Fund.
************
DeepWoodz: Imo...
Just for FUN...FA 81 (final article)
“But psychologically, introducing a new currency can itself facilitate the stabilization of an economy. It is sometimes combined with exchange rate unification—to eliminate the complications of both an official exchange rate and unofficial market rate.”
And....”collaboration between the central bank and these payment system operators is critical to the success of the reform.”
and...”A delicate balance must be struck between providing sufficient public information and the need for confidentiality to avoid releasing clues to counterfeiters that could be used to undermine the integrity of the new currency.”
and...”The information campaign should encourage people to deposit their cash currency in accounts at banks. The campaign must make it clear that once the currency reform is initiated, account holders can withdraw their money in the form of new banknotes.”
And...”They must identify exchange points (places where the public can exchange the old money for new and where cash currency can be stored temporarily)”
finally...“In line with common international practices, the Turkmen central bank allowed the two sets of banknotes to be circulated during 2009. By 2010, all banks were expected to exchange the old currency for new manat. And after that, the old currency was demonetized and retained only numismatic value.”
Does 1460 remove currency from the market??? Yes. (Also EXCHANGE RATE UNIFICATION)
Does removing currency from the market reduce inflation??? Yes.
FA 8...“elimination of inflation is required to follow state moderate monetary policy, an official at the Central Bank of Iraq and stressed that the Iraqi dinar will be the vital currency in global stock markets”
and...”the official source in the Iraqi Central Bank stressed that the purpose of deleting three zeros from the currency of Iraq is to lift the economy and prosperity to raise support for the dinar, which will be a key reason for the return of Iraq's economy again in January”
January 1???
"Turkmenistan issued six new banknote denominations on January 1, 2009"
Could be a coincidence if you believe in those....Frank made a funny about FA 81 by first saying 8.....then 1...then oh yea, 81...you decide
more recently....1 is interesting but two weeks is MORE interesting.
************
MilitiMan: Good job Deepwoods.. Electronic payments will have a part in all of this and big time imo.. Electronic is fast. Digitization is fast and necessary! Hence we have not seen the 2021 exposed just yet. imo
The 2021 has not seen the 2019 FMLA or the 2020 Budgets respectfully, at least not yet publicly to us all. Now it appears they are kicking that can out to the 3rd, thus far.. Why? What are they hiding? The 3rd is the same day they are to close the Stock Exchange.. Makes one go hmmm ? Recall at the begining of the December the UN asked for the correction to the Budget.. Yes, it sure does make one go hmmm...
Another item is the unification you picked up on. We have talked about that in the recent past, as has the CBI Advisors. Prior to the unifications the pump in liquidity to give the feeling they have more money to pay bills and spook citizens to sell dinar to get into a store of value.
Apparently, it is not working that well. It has had an opposite effect. It is used as liquidity, for withdrawing currency while supporting the de dollarization of the country. MCPs will have to cease. We see they are working to that end with the currency auctions drying up.
So, in an earlier post there is shown that the auctions are in fact drying up and when the Dollar gets scarce, it will be different when allowed to be used again, as it will also be Digital like the Dinar..
They go so far as to say it will change the world. Well last I checked the USD is the largest traded currency on the planet. So I guess they are not kidding!!!
They tell us 01/01/2021 they are to have electronic housing loans starting.. Another thing that makes one go Hmmm... imo
What we are witnessing is the implementation of the next phase. Imo that is where the Delete the zeros and then to defend the currency..
I believe the communication or instructions have been handed down by now to those in need. That time has past.
They are now at a new fiscal year in about a 65 minutes.. lol There is a boat load of support for your views on the new issuance (small category notes) to come...imo ~ MM
Samson: Iraq announces the date of resuming the official working hours for the new year
31st December, 2020
The General Secretariat of the Council of Ministers announced, on Thursday, the date of resuming the official working hours in Iraq, after an official suspension of the beginning of the new year.
A statement by the secretariat stated, "The start of the official working hours for the new year will be on Monday 1/4/2021." LINK
***********
Samson: The Central Bank participates in the feasts of Christ and the New Year
31st December, 2020
His Excellency the Governor of the Central Bank of Iraq, Mr. Mustafa Ghaleb Makhaif, participated in the ceremony of distributing a number of gifts to orphaned Christian students within the community initiative sponsored by the Central Bank of Iraq and in which the Iraqi Private Banks Association and exchange companies participate.
This celebration comes on the occasion of the birthdays of Christ and the New Year, which took place in the Church of the Sacred Heart in central Baghdad.
During his speech on this occasion, the governor emphasized that peaceful coexistence is the characteristic of the Iraqi people, which includes in its spectrum many religions and nationalities throughout its long history.
For his part, Patriarch Robert Said stressed the importance of this initiative and its great humanitarian impact, especially as it comes at times when we celebrate the Christmas and New Year holidays.
The Central Bank of Iraq,
December 31, 2020 LINK
Samson: Iraq Stock Exchange suspended its activities for one day
31st December, 2020
The Iraq Stock Exchange announced, on Thursday, that its activities will stop for one day on the occasion of New Year's Day.
The market said in a statement received by Shafaq News, that "based on the decision of the General Secretariat of the Council of Ministers considering Sunday as an official holiday on the occasion of the New Year, it was decided not to organize the trading session for that day."
The statement added, "The sessions will be organized as of Monday, the fourth of January, according to their official timing."
It is noteworthy that the Iraq Stock Exchange has used electronic trading and central depository systems since 2009 and seeks to launch the Internet trading system for investors, and organizes five trading sessions per week from Sunday to Thursday, and 105 Iraqi joint stock companies are included in it representing the sectors of banking, communications, industry, agriculture, insurance, financial investment and tourism And hotels. LINK
KTFA Members "News and Views" Wednesday PM 12-30-2020
.KTFA:
Suzie: I wonder IF they still plan to announce "the new rate" by the end of the fiscal year as was talked imo about seeing as there is basically 48 hrs. left. Let's hope!
The Snod: imo January is as hot as it’s ever been for this! Get’cha a big movie Coke, kick back and pray for the best.
Ryan1216: I'm in constant prayer that the IMF updates the Dinar exchange rate by New Year like they said
YoungSC: Remember to also respect the first 2 weeks of January imo as we were taught imo
DeepWoodz: Imo.... not butting in here but.... I’m looking for the party in the streets! What a time that will be!!!
KTFA:
Suzie: I wonder IF they still plan to announce "the new rate" by the end of the fiscal year as was talked imo about seeing as there is basically 48 hrs. left. Let's hope!
The Snod: imo January is as hot as it’s ever been for this! Get’cha a big movie Coke, kick back and pray for the best.
Ryan1216: I'm in constant prayer that the IMF updates the Dinar exchange rate by New Year like they said
YoungSC: Remember to also respect the first 2 weeks of January imo as we were taught imo
DeepWoodz: Imo.... not butting in here but.... I’m looking for the party in the streets! What a time that will be!!!
Samson: The economic crisis and Corona abduct Iraqis' joy in the new year
30th December, 2020
Usually, the last days of each year witness a wide and intense economic movement throughout the cities of Iraq in preparation for Christmas and New Year, but the situation is different with the new year, there are many reasons that make Iraqis less enthusiastic, but more lukewarm in their usual practices to receive 2021.
The lens of Shafaq News Agency wandered to Shorja in Baghdad, the largest and most important commercial center in the country, but the alleys of this center seemed almost empty except for those who were sold here and another there, which was not witnessed by Shorja in the most severe days of the economic siege in the nineties of the last century.
This apathy on the part of the Iraqis comes against the background of the economic crisis afflicting the country, along with the Corona epidemic that disrupted life for several months in the first half of this year, along with political and armed tensions. LINK
************
Samson: The year 2021 begins with an important US decision regarding its forces in Iraq
30th December, 2020
The American military newspaper "Military Times" said that the global war on terror will witness a significant reduction on January 15, when the number of forces in both Iraq and Afghanistan reaches only 2,500 soldiers, nearly two decades after the wars The two countries.
Although it has not achieved a breakthrough with regard to Iraq, the Donald Trump administration has previously said that it hopes to remove the last American soldiers from Afghanistan by May, according to a report by the newspaper translated by Shafaq News.
Ultimately, that will be the decision of the new US president, Joe Biden, who pledged during his election campaign in 2020 to "end the endless wars in Afghanistan and the Middle East."
In a statement on November 17, Acting Defense Secretary Chris Miller said he hoped Washington would end the long war in the new year and that American soldiers would return home.
"We will protect our children from the heavy burden of the ongoing war, honor the sacrifices they have made in the service of peace and stability in Afghanistan, Iraq and around the world, and we celebrate all those who helped us secure freedom in the face of oppression," Miller said.
The Military Times said Miller, who replaced the dismissed Defense Minister Mark Esper on November 9, will oversee the process of reducing the number of troops until he leaves office on January 20.
Pending congressional approval, he will be replaced by retired General Lloyd Austin, who oversaw the withdrawal of combat forces from Iraq in 2011. Although military officials initially refused to comment on the details of the troop reduction, US lawmakers indicated that the plan requires reducing the number of forces that participate in "training, advice and assistance" missions for local forces in Iraq and Afghanistan, and to focus on counterterrorism operations, especially Against ISIS loyalists, in both countries. LINK
Don961: “Exchange the dollar against the dinar”: The Iraqis will force the “Central Bank” to submit two proposals: either 135 or 127 thousand per 100 dollars
2020-12-30 Yes Iraq - Baghdad
As soon as the devaluation of the dinar against the foreign currency, especially the US dollar, came into effect until the people's appetite for buying those currencies decreased, which created alarm for the Central Bank of Iraq, which is responsible for issuing the decision that aroused popular discontent, because of the consequences it may have on the middle class and low-income people in the society.
The Central Bank of Iraq had decided to raise the price of selling the dollar to banks and exchange companies to 1460 dinars, from 1182 dinars to the dollar, in order to compensate for the decline in oil revenues caused by the deterioration of oil prices.
Iraq relies on 90% of its income on oil revenues, and the last time it devalued the dinar was in December 2015 when it raised the selling price of the dollar to 1182 dinars, compared to 1166 dinars in the past.
For the third consecutive day of this week, central bank sales are down by more than 55%.
Review the exchange rate
According to leaks from the Ministry of Finance, "The decline of the Iraqi dinar against the US dollar and the increase of the exchange rate from 119 thousand to 146 thousand dinars per 100 dollars caused a rapid decrease in the value of sales of the Central Bank in the auction of selling foreign currency."
The leaks confirm that "the central bank is upset, and in light of this several proposals have been submitted to determine the exchange rate of the dollar against the Iraqi dinar, including that it should be 135 thousand per 100 dollars instead of the current price."
The central bank inaugurated its decision on the new pricing for selling the dollar in the auction for the currency on the 20th of this December, and since then, the bank has witnessed a decline in currency sales.
The dollar’s selling fell to unprecedented levels
For his part, economic expert Abdul Rahman Al-Sheikhly confirms the existence of a proposal setting the exchange rate against the Iraqi dinar.
Al-Sheikhly says that "there is a proposal and an opinion that the exchange rate be 127 thousand dinars per 100 dollars, provided that the citizen reaches 130 thousand dinars."
He points out that "the central bank used to sell 200 million dollars in the currency auction, either now the cash sale price has reached 300 thousand dollars, because of the increase in the exchange rate from 119 to 146 thousand dinars per 100 dollars."
Al-Sheikhly continues, saying that "the Iraqis do not have any confidence in the banking institution, so they put their money in their homes, and when the dollar crisis became they went to sales outlets and sold dollars, so the demand for the dollar became little compared to the previous period."
Parliament enters the line
The Economic and Investment Committee discloses a parliamentary approach aimed at reducing the dollar exchange rate in the 2021 budget bill, which reached Parliament.
Committee member Nada Shaker Jawdat says, "The proposal submitted by MPs from a different political bloc should be the new exchange rate (1300) dinars per dollar.
She explains that "reducing or increasing the dollar exchange rate needs political consensus under the dome of the Iraqi parliament, and there will be intensive meetings and dialogues in this regard during the next few days, as the parliamentary majority refuses to raise the dollar exchange rate with this big difference from the previous one."
Iraq is under great pressure under the weight of the worst economic crisis it has witnessed since 2003 until now due to the low oil prices and the outbreak of the Corona virus.
In this regard, the economist Dr. Raed Al-Hashemi says, “The process of devaluation is an internationally known economic procedure and means that a country reduces the official exchange rate of the country's currency against a reference to a global currency such as (the US dollar or the euro) so that the number of foreign currency units decreases. That can be obtained in exchange for one unit of the national currency, and it is also known as a deliberate downward adjustment of the official exchange rate, leading to a decrease in its value against other currencies.
He added, "The balance of our payments, as is well known, has no exports other than oil, and the rest tends toward imports because we import everything from abroad, from the needle to the plane to stop the wheel of industry and national production in all government and private sectors since 2003, and as a result, this decision will not It fixes the balance of payments and will not revive the domestic product. ”
************
Don961: A calculation that reveals "dangerous information" about how much the employee will lose from his salary
2020-12-30 Yes Iraq: Baghdad
The economic expert, Manar Al-Obeidi, revealed the size of the employee's salary due to deductions, new taxes, and a reduction in the value of the dinar against the dollar.
Al-Obaidi stated that “considering that the average salary in Iraq is 948 thousand dinars, according to the salary schedule and the number of employees, a salary of one million dinars will be adopted as a measure of the impact of the employee’s salary.”
He added that "a million dinars previously was equal to 813 dollars according to the market price, based on the adoption of the exchange rate of 1230 dinars, and after the changes an amount of 50 thousand is deducted as an additional tax."
And that "the salary is equal to the market price in dollars, 646 dollars, based on the adoption of the exchange rate of 1470 dinars, meaning that the value of the salary decreased by 167 dollars, which is 20.1% of the previous salary."
And he continued: "Accordingly, a fifth of the salary has been deducted from the employee's salary, in other words, it can be clarified that ten salaries will be distributed during the year instead of 12 salaries." link
DeepWoodz: Imo...still havin fun...with all this talk about salaries being tampered with, we all know this is a leak.
I say that because with a positive rate change, salaries will definitely need a huge reduction.
I read somewhere the average salary was around 600,000 dinars, which calculates to around $500 U. S.
After rate change, that will amount to only 100 dinars. I think they should double it to 200 for inflation!! Get it?
($1 = 0.20 IQD)
(1IQD = $5)
PS...Stating the obvious here....HIGHLY DOUBTFUL that they reduce salaries....and PURCHASING POWER.
KTFA Members "Tuesday News" 12-29-2020
.KTFA:
The Snod: From the Turkmenistan Model:
The first step in the Turkmen currency reform was to unify the exchange rate. In the past, because of a shortage of foreign exchange, there had been a dual exchange rate system made up of an official rate pegged at 5,200 manat per U.S. dollar and an informal parallel market rate of about 23,000 manat per U.S. dollar.
Later, the government devalued the official rate to 6,250 manat per dollar and introduced a commercial rate of 20,000 manat per dollar at which banks could trade freely with the public. The two markets were successfully unified on May 1, 2008—at the rate of 14,250 manat per dollar, a level consistent with the country’s strong external position
KTFA:
The Snod: From the Turkmenistan Model:
The first step in the Turkmen currency reform was to unify the exchange rate. In the past, because of a shortage of foreign exchange, there had been a dual exchange rate system made up of an official rate pegged at 5,200 manat per U.S. dollar and an informal parallel market rate of about 23,000 manat per U.S. dollar.
Later, the government devalued the official rate to 6,250 manat per dollar and introduced a commercial rate of 20,000 manat per dollar at which banks could trade freely with the public. The two markets were successfully unified on May 1, 2008—at the rate of 14,250 manat per dollar, a level consistent with the country’s strong external position.
Don961: Deputy talks about a next step to change the current exchange rate for the dollar
3,402 Policy 12/28/2020 21:47
Baghdad today - Baghdad
MP Hussein Arab spoke about the possibility of changing the current dollar exchange rate, while noting that the decision to change it is in the hands of the Ministry of Finance.
Arabs said in a televised interview, followed by (Baghdad Today), "We have not discussed the government yet in the parliament about the basis on which the new exchange rate was built," adding that "raising the exchange rate to 1450 dinars against the dollar is surprising because oil prices are rising and it is possible that It reduces the size of the financial fortune, and therefore it is not necessary to go towards changing the exchange rate on the pretext of reducing the deficit ."
With regard to the trend in covering government expenditures, the MP said that "raising the exchange rate solves a small part of the deficit problem, and there are alternatives and other better solutions," noting, "We believe that the exchange rate will change once the 2021 budget is discussed in Parliament."
"I tell the Minister of Finance that raising the dollar exchange rate is illogical, and it will cause the market to collapse, and what you did will not be merciful to you by history," he said.
Arab confirmed that "the Ministry of Finance is the one that determines the exchange rate, and the Central Bank has nothing to do with that," noting that "all parliamentarians agree not to allow any prejudice to the salaries of employees."
Before that, the representative of the Saeron Alliance, Ali Saadoun, confirmed that Parliament will host the Minister of Finance, Ali Allawi, in its first session next year, to discuss the reasons for raising the dollar exchange rate against the Iraqi dinar.
Saadoun said in an interview singled out (Baghdad Today), "The House of Representatives will host the Minister of Finance in the first session of the Council at the beginning of next year, to discuss the reasons for raising the exchange rate of the dollar against the Iraqi dinar and its negative effects on many groups of the Iraqi people," indicating that "the Council It will examine the exchange sections mentioned in the 2021 budget bill.
He added that "many members of Parliament are not convinced of the move to raise the exchange rate, because this matter must be accompanied by activating the local industry and reducing imported goods."
The Finance Minister Ali Allawi, said Monday 12/21/2020, the change of the dinar exchange rate against the dollar came in order to protect the economy.
He said Allawi , a joint press conference in Baghdad , "We made a change regardless of the dollar to protect the economy."
He added that " the budget is the first step in the path of economic reform and the difference in revenue by changing the exchange rate will be allocated to support vulnerable groups of society."
In turn, Minister of Planning Khalid Al Battal stressed that "investment spending will be up to 8 trillion dinars in the budget of 2021". He added, "The budget included the suspension train project, the port of Faw, and a number of projects." link
**************
Don961: Cabinet: The budget has been signed and will be sent to Parliament tomorrow
Monday, December 28, 2020 19:32
Cabinet spokesman, Minister of Culture, Hassan Nazim
Baghdad (People) - Cabinet spokesman Hassan Nazim revealed, on Monday, the date for sending the 2021 budget to Parliament.
Nazem said during his hosting of the "neutral" program, presented by colleague "Saadoun Mohsen Damad," and "people" followed it (December 28, 2020), that "the budget has been signed and will be sent on Tuesday to the House of Representatives."
He added that "the budget is based on a reform vision presented by the Ministry of Finance, and will work to revitalize the private sector."
And he indicated that "there is a kind of protection for citizens with limited income in the ration card that has not been tampered with, and the government's decision is categorical about changing the dollar exchange rate, which is part of the vision of economic reform in Iraq."
He continued, "The government did not set the budget alone, and there was a discussion about it with the leaders of political blocs and they showed their willingness to vote on it within the exchange rate of the dollar."
He stressed that "what the current government did regarding the Faw port is to authorize the General Director of Ports to contract to start disbursement to complete the work."
He continued, "The negotiations with the Kurdistan region have reached the approval of the delegation of the region on the borrowing law, and the discussion is still ongoing regarding the discrepancy of numbers about the region’s share.
Nazem revealed, "a meeting held today for the Prime Minister with 8 ministers and security leaders, the Iraqi Media Network and the Media and Communications Commission with the parties related to the elections in the presence of the Chairperson of the Commission. There was talk about forming committees and coordinating work in preparation for the elections on June 6, 2021," indicating that "the government saved All the requirements for holding elections. "
He pointed out that "the meeting talked about securing the lives of citizens during the elections, as well as choosing places to store invention boxes to prevent recurring incidents of fund burning."
In another file, Nazem said that "the popular crowd is an official institution and everything that goes out of its law does not agree with it," noting that "hitting the embassy is condemned by all factions, and there is a political horizon to solve the issue."
Concerning the files of the Ministry of Culture, Nazem pointed out that "the culture has been passed down by terrorists, corrupt and uneducated people, and it is a ministry that is rotten in its construction, and in the past months there has been a change in the leadership of the ministry due to corruption cases, and a number of them were issued judicial orders and some others were dismissed due to mismanagement.
"The Tourism Authority is a losing self-financing company, and most of the Iraqi self-financing companies are losers, and they are full of corruption," Nazim said, indicating that "in this body there are corruption files that affected leaders in the body from a general director and above, and a number of them were exempted and expelled and referred to the judiciary."
He stressed that "the Tourism Authority and within the last two months paid salaries from its revenues after changing the administration in new ways, as for years the Ministry of Culture did not receive revenues from it, and now it gives us revenues of one billion or more."
The minister went on to say, "We brought in a team from outside the ministry and they worked with the directors of the ministry to restructure it, and we are now in the process of implementation."
Nazem detailed that by saying, "The structure included all departments of the ministry, after it had created unnecessary divisions and divisions for compliments and for the sake of assignments, and some divisions and divisions had only one or two people, and at the time we needed to create new departments, we created two sections for cultural diversity, And another section for financial management in the event that the Ministry of Finance is unable to finance the ministry. "
He continued, "There was a lack of confidence in the ministry’s dealings with international organizations about grants, as international organizations are subject to various suspicions and administrative visions. We cannot heal ourselves as quickly as international organizations help us.
Speaking about the projects, Nazem said, “Several projects have been resumed, such as the Al-Nuri Mosque and the Taq Kasra maintenance project, which was restored a few years ago and fell in the rain, despite that because of the work wear.
The Minister of Culture complained about "a deficiency in institutions that develop cultural diversity, as we have a Kurdish publishing house, which is an existing department from the seventies, others do not."
The minister revealed, "We have formed a committee to translate Turkmen literature, as translation between languages in Iraq is very limited," stressing "the responsibility of Arabs and Kurds to promote cultural and literary exchange."
He continued, "I spoke with Kurdish intellectuals and parliamentarians in response to the fact that the biggest loser is the Kurds themselves. There is a large Kurdish cultural window that has to look out from the window of Iraq to the Arabs, and there is no presence of the Kurds in the Arab literary results in Iraq, linguistic isolation that the Kurds live in a geographical area, and this cannot be done." It should overlook other cultures, such as Arabic, Persian and Turkish. "
And he called for "reviving the Arab and Kurdish Cultural Forum, which was annually, and is hosted every year by an Iraqi governorate, in which memoranda of understanding and agreements are held."
He added, "We have 41 cultural houses in the governorates, which are frequent and concentrated in some governorates without others, and we are in the process of reviewing the feasibility of these houses, as some of them do not practice any activity or are small rooms, so they will be reassessed and examined for their feasibility, and the budgets spent We are also dealing with it.
The minister stated that "the heritage strip in Baghdad, which extends a kilometer along the banks of the Tigris, we seek to find an investor to rehabilitate the area, which includes the souk, the shrines and mosques surrounding it, Al-Mutanabi Street, Beit Al-Wali and other places. We are also seeking to move towards international destinations to invest in these places." The Iraqi-Saudi Coordinating Council is to entrust the cultural tape in Baghdad to Saudi companies. "
He concluded by saying that "those with degrees in the fields of tourism and antiquities demanding appointments will have future contracts in the 2021 budget." LINK
Don961: Al-Kazemi Economic Adviser confirms that the dollar will not be raised, and the Iraqi government is not bound by the International Monetary Fund
Economy , 12/28/2020 12:19 Baghdad - Iraq today:
The appearance of Muhammad Salih, the economic advisor to the prime minister, denied the government’s intention to raise the exchange rate of the dollar again against the Iraqi dinar, while affirming that the International Monetary Fund’s advice is not binding on Iraq.
Saleh said, "The reports that talk about a new increase in the exchange rate of the dollar against the Iraqi dinar are incorrect, and the price is currently fixed and cannot be changed."
And on the role of the International Monetary Fund in the Iraqi economic crisis, Saleh explained that "Iraq is a founding member of the International Monetary Fund since 1945, and when every country is exposed to a financial crisis, the Fund intervenes in consultation with it, with the aim of achieving financial stability for the country."
He added that "when the International Monetary Fund saw that Iraq was exposed to a financial and economic crisis, it entered into consultation and not for other matters," stressing that "the advice of the International Fund is not binding, given that Iraq has not entered into the financial borrowing program."
Some media and social media circulated news of the government's intention to raise the price of the dollar against the dinar again, after the Central Bank set the dollar exchange rate at 1450 dinars. LINK
************
Samson: Association of Private Banks: The Central Bank works to stimulate the economy after changing the exchange rate of the dinar
29th December, 2020
The Iraqi Private Banks Association announced that the decision to change the exchange rate of the dinar against the dollar, taken by the government, is part of reform packages for the economy, which is going through a stifling financial crisis due to its dependence on oil and disruption of other productive sectors
The association said in a press release seen by "Al-Eqtisad News", that the Iraqi Private Banks Association supports the monetary policy measures taken by the Central Bank, aimed at revitalizing the economy through the lending initiative represented by 5 trillion dinars to support large industrial, agricultural and real estate projects in addition to the 1 trillion dinars initiative To support small and medium industrial and agricultural projects, which will contribute to supporting the local product and creating factories that can attract the unemployed, as well as his recently announced 3 trillion dinars initiative to support the residential sector, which will include non-employees in the public sector
The Association of Private Banks confirmed that the economy has reached a very difficult stage, represented by the erosion of oil revenues, and its spending on salaries in addition to the government borrowing huge sums of money to support the operating budget, without creating real economic development, and the country’s dependence of a very large percentage on imports, which required taking important measures
. To support the Iraqi productive sectors to confront the commodity dumping carried out by some countries, especially since the economy has become unable to attract people who are able to work in its public and private sectors LINK
Monday Night KTFA CC with Frank26 and Team "It's Supposed To Be Confusing" 12-28-2020
.KTFA Monday Night Conference Call..12-28-2020
Frank26 with Team Delta, MilitiaMan, Petra and Walkingstick
PLAYBACK IS: 605.313.5163 PIN: 156996#
Frank26: 12-28-20.... IT’S SUPPOSED TO BE CONFUSING
THIS IS ALL IN FRANK'S OPINION
KTFA Monday Night Conference Call..12-28-2020
Frank26 with Team Delta, MilitiaMan, Petra and Walkingstick
PLAYBACK IS: 605.313.5163 PIN: 156996#
Frank26: 12-28-20.... IT’S SUPPOSED TO BE CONFUSING
THIS IS ALL IN FRANK'S OPINION
KTFA Members "News and Views" Monday 12-28-2020
.KTFA:
Witness: Mass Demonstrations In Front Of The Central Bank Of Iraq Demanding The Dismissal Of The Governor
28th December, 2020
Dozens demonstrated in front of the Central Bank of Iraq, demanding the dismissal of the bank’s governor, Mustafa Ghaleb.
The demonstrators raised slogans describing the central bank governor as wanting to starve the people.
They also demanded that “corruption banks” be held accountable. LINK
LarryH: Stay calm the people will not stand for what they have been promised
They have enough money off the street to RI, I think they are just stocking their country at a lower rate then they will show us the rest. imo
KTFA:
Witness: Mass Demonstrations In Front Of The Central Bank Of Iraq Demanding The Dismissal Of The Governor
28th December, 2020
Dozens demonstrated in front of the Central Bank of Iraq, demanding the dismissal of the bank’s governor, Mustafa Ghaleb.
The demonstrators raised slogans describing the central bank governor as wanting to starve the people.
They also demanded that “corruption banks” be held accountable. LINK
LarryH: Stay calm the people will not stand for what they have been promised
They have enough money off the street to RI, I think they are just stocking their country at a lower rate then they will show us the rest. imo
Samson: Parliament sets a new date for an emergency session to discuss the economic crisis
"The House of Representatives set a date for the seventh of next month to hold an extraordinary session to discuss the implications of raising the dollar on the market," Jawdat said in a statement to / information.
She added, "Parliament cannot continue to remain silent on the government regarding prejudice to employees' salaries, manipulation of the price of the dinar, and harm to citizens."
Jawdat explained that "the only possible action is to reduce the salaries of special grades, as well as to issue a comprehensive economic plan to ensure a reduction in the total dependence on oil in the budget." LINK
Billuke: Whoa...that's some emergency...setting a session 10 days from now. Parliament...please don't rush into an emergency session like this...take your time...make sure you don't pull a hamstring or something.
************
DELTA: Al-Kadhimi advisor announces a definitive decision on the exchange rate of the dollar
2020-12-27
Shafq News/ Mazher Mohammed Saleh, economic advisor to the prime minister, on Sunday denied the government's intention to raise the dollar rate again against the Iraqi dinar, while stressing that the IMF's advice is not binding on Iraq.
"The news of a new increase in the dollar exchange rate against the Iraqi dinar is incorrect, and the price is currently fixed and cannot be changed," Saleh told Shafq News.
On the IMF's role in the Iraqi economic crisis, Saleh explained that "Iraq has been a founding member of the IMF since 1945, and every country when it is hit by a financial crisis, the IMF intervenes in consultation with it, with the aim of achieving the country's financial stability."
"When the IMF witnessed iraq's financial and economic crisis, it intervened for consultation and not other matters," he said, adding that "the IMF's advice is not binding on the consideration that Iraq did not enter the financial borrowing program."
Some media and social media sites circulated news of the government's intention to raise the dollar against the dinar again, after the central bank set the exchange rate of the dollar at 1,450 dinars.
(shafaq.com) DELTA
************
Samson: Representative work: 40% of the Iraqi population lives below the poverty line
28th December 2020
A member of the Parliamentary Labor and Social Affairs Committee, Fadel Al-Fatlawi, confirmed, on Monday, that about 40% of Iraqis live below the poverty line, indicating that his committee intends to develop plans and mechanisms in the 2021 budget to reduce poverty
Al-Fatlawi said in a press interview, that "the poverty rate in Iraq has reached 40% of the total population of the country," indicating that "poverty is eating away at Iraqis because of the financial and economic conditions that Iraq is going through
He added that the work committee intends to develop plans and mechanisms in the 2021 budget that would reduce even a certain percentage of the increasing incidence of poverty and Fatlawi added, that his committee "is currently working on three axes in order to include them in the budget next year," noting that "priority will be for the poor in finding a source of income for them and their families
Samson: The farmers of the Kirkuk Kurds demand the return of lands seized by Arabs and the application of Article 140
28th December, 2020
Kirkuk farmers from the Kurdish component demanded, on Monday, the federal government to implement the law and return lands seized by Arabs during the time of the former regime.
A representative of Kirkuk farmers, Mulla Hassan, told Shafaq News, “We are the people of Iftikharat, Daquq district, provinces 15 16 17 18, the average land is 4,500 five hundred dunams. Arab tribes were brought in for demographic change and strengthening the security belt in the oil regions in Kirkuk at the time of the former regime president Saddam. Hussein and the Baath Party. "
He added, "After 2003, the Kurdish farmers returned to their areas to compensate them according to Article 140, and then return the lands to their original owners, and we have a distribution document according to Decree 117/1972. "We have new contracts, valid until 2023, and that is why we demand the federal government to implement the constitution, which is Article 140 of the Iraqi constitution, to return rights to its original owners," Mulla Hassan added. And that "the Federal Court in 2019 approved the activation and vitality of Article 140 as one of the articles of the Constitution of the Republic of Iraq."
It is noteworthy that a committee was formed from all sides of Kirkuk governorate, security leaders and members of the Iraqi parliament from the Kurdish and Arab parties to solve the problem of disputed agricultural lands in the village of Balkana and the district of Daquq.
The committee will listen to both parties and take the identification papers of the plaintiffs of the legitimacy of ownership of the land and look into them, especially those that have been decided by the Federal Court. LINK
************
Samson: Including Iraq ... UNESCO: The trade in stolen antiquities amounts to 10 billion dollars annually
13:04 - 12/28/2020
A report by UNESCO revealed, on Monday, that the trade in antiquities and stolen works of art amounts to 10 billion dollars annually, which is the third largest illegal trade in the world after drugs and weapons.
The British newspaper, The Telegraph, quoted the report translated by the Al-Maaloumah agency that "dealers of artistic and archaeological materials objected to the amount, considering that it was an exaggeration, which sparked a dispute between the Trade Organization and the cultural agency of the United Nations." "It is a matter of association," said Erica Boucherio, Director-General of Senoa Organization.
"When people see an antique or an old piece of art, they automatically assume that the trade is linked to criminal groups.
The report continued, "UNESCO insisted on the aforementioned figures, saying that they are based on sound evidence from a number of studies that are themselves based on official information, including from the FBI." He explained that “UNESCO launched its campaign“ The Real Price of Art ”to celebrate the fiftieth anniversary of an agreement on means of prohibiting and preventing the illegal import and export and transfer of ownership of cultural property, highlighting the“ destruction of the history and identity of peoples who suffered from the illicit trade in cultural goods, which Its value is estimated at about 10 billion dollars every two years, claiming that art and archeology is the third largest black market in the world.
"This means that the figure means that 15 percent of the market of $ 64 billion annually depends on criminal trade, as it is believed that this is the first time that an international organization of this position has certified an amount of $ 10 billion," he noted.
A UNESCO spokesperson stated that "the 2011 study, among other things, set the price of the illegal market from 6 to 8 billion dollars, and since then there has been an" increase in trafficking", fueled by the wars in Iraq and Syria and facilitated by online markets. The report indicated that “UNESCO said in another article that“ the mafia and terrorist organizations are increasingly involved in the illicit trafficking in money laundering or financing their activities.” LINK
KTFA, Walkingstick, Pimpy and more Sunday Afternoon 12-27-2020
.KTFA:
Moparman: surprised that nobody is talking about this one. It says the confusion in the market will end next week. The implementation of the demand of the stability of the balance between the official exchange rate and the local market. This sounds pretty interesting to me. Should be an interesting week with the budget in Parliament this week and the end of the fiscal year at the end of the week.
Samson: An expert reveals when the economic confusion due to raising the dollar will end
12/26/2020 21:30:46
The economic expert, Abdul Rahman Al-Mashhadani, suggested the end of the economic confusion in the local market after raising the dollar exchange rate by an official decision of the Ministry of Finance and the Central Bank of Iraq.
"The confusion in the market will end next week and will begin to approach the price set by the Ministry of Finance and the Central Bank of Iraq as a result of the start of withdrawal, the implementation of the demand and the stability of the balance between the official exchange rate and the local market,"
KTFA:
Moparman: surprised that nobody is talking about this one. It says the confusion in the market will end next week. The implementation of the demand of the stability of the balance between the official exchange rate and the local market. This sounds pretty interesting to me. Should be an interesting week with the budget in Parliament this week and the end of the fiscal year at the end of the week.
Samson: An expert reveals when the economic confusion due to raising the dollar will end
12/26/2020 21:30:46
The economic expert, Abdul Rahman Al-Mashhadani, suggested the end of the economic confusion in the local market after raising the dollar exchange rate by an official decision of the Ministry of Finance and the Central Bank of Iraq.
"The confusion in the market will end next week and will begin to approach the price set by the Ministry of Finance and the Central Bank of Iraq as a result of the start of withdrawal, the implementation of the demand and the stability of the balance between the official exchange rate and the local market,"
Al-Mashhadani said. He favored "a rise in commodity prices up to 40% in conjunction with work on the new exchange rate of 1470 thousand dinars per hundred dollars, and there is no decrease in the price of the dollar after the recent central bank decision on raising the currency."
Al-Mashhadani said, "The recovery of the Iraqi economy needs a long period, as the justifications put forward by the government are correct in the long-term talk." He pointed out that "the government was supposed to prepare the industrial and agricultural sectors that suffer dumping and price war before announcing the decision to increase the dollar."
Last Thursday, Iraq recorded a rise in the dollar’s exchange rate. The exchange rate on the Al-Kifah and Al-Harithiya stock exchanges in Baghdad was 1420 dinars, or 142 thousand dinars for one hundred dollars. Yesterday's price was at 1405 dinars per dollar. As for the exchange office prices, they also rose to 1,430 dinars for sale and 1,410 dinars for purchase.
In Erbil, the dollar rose to 1,420 dinars, and in Basra 1,410 dinars.
It is noteworthy that the Iraqi Central Bank decided on 19 December to amend the dollar exchange rate, as follows:
1450 dinars per dollar, the price of buying foreign currency from the Ministry of Finance.
1460 dinars per dollar the selling price of foreign currency to banks.
1470 dinars per dollar is the selling price of foreign currency to the public. LINK
************
Samson: Al-Araji: The World Bank asked Iraq to raise the dollar exchange to 1660 dinars
27th December 2020
Former Deputy Prime Minister Bahaa al-Araji revealed that the World Bank had asked Iraq to raise the dollar exchange rate to 1660 Iraqi dinars in exchange for its help in solving the financial crisis.
Al-Araji said in a tweet on his Twitter page, today, "In order to help and support Iraq in solving its financial crisis .. The World Bank asked Iraq that the dollar exchange rate be (1660) dinars."
He asked whether the government and parliament "have a unified position, whether by rejection or acceptance?" Or will some political blocs take advantage of this to bid, as they did before ?! ”
It is noteworthy that Iraq requested assistance and loans from the International Monetary Fund, which provided Iraq with a number of conditions for the purpose of implementing its request, including raising the price of the dollar against the Iraqi dinar, raising fuel prices, in addition to other conditions related to the operational budget that includes the salaries of employees. LINK
************
Samson: Parliamentary Finance: The World Bank suggested setting the exchange rate at 130,000 dollars per 100 dollars
18:21 - 27/12/2020
The Parliamentary Finance Committee revealed, on Sunday, that the World Bank had submitted a proposal to the Ministry of Finance to set the dollar exchange rate at 130,000 dinars against 100 dollars.
A member of the Finance Committee, Ahmed Hama, said to / the information / that "a meeting was held in Iraq that brought together representatives from the World Bank, the International Monetary Fund, the Central Bank of Iraq and the Ministry of Finance to find solutions to the financial crisis."
He added that "the World Bank presented a proposal to specify the exchange rate of the dollar at 130 thousand dinars per 100 dollars," noting that "the central bank submitted a proposal to set the exchange rate at 166 thousand dinars per 100 dollars."
Al-Mayahi explained that "as a result of pressures, the Central Bank lowered the price to 145 thousand, and the World Bank refused to raise the price to 166 thousand." LINK
Courtesy of Dinar Guru
MilitiaMan The end game is looking to be upon us. They have entered a state where they need critical recalibrations of economic policies. Think of those policies as being exchange rate oriented. The IMF has told us they are to change the exchange rate within this fiscal year. That runs out on or before 12/31/2020 imo.
Walkingstick (via frank26) the auctions which are now well controlled and were always the cause of this problem...will now increase. They will double - they will triple up their sales of the American dollar... Why? Because this will create a shortage of the IQD three zero notes in the marketplace which in turn forces the merchants and the citizens to exchange the IQD for the USD...By them bringing in their 3 zero notes to the CBI for USDs they're collecting their 3 zeros and fixing up M1, M2, M3 figures. Then they can come out with a rate of 1 to 1 or 1 to 1.45...now [citizens] go ahead and trade them in for the new small category notes...the goal is to take in as many 3 zero...within the next week or two...
************
Iraqi Dinar News 12/27/20
Pimpy’s Investment Chat: Dec 27, 2020