KTFA Members "News and Views" Tuesday PM 4-13-2021

KTFA: 

Don961:  The central bank reveals new developments regarding the dollar exchange rate

12 hours ago

The Central Bank of Iraq confirmed, on Monday, that the new exchange rate for the dollar will continue for a long time, and will not be changed soon, and perhaps the new rate will continue to work for several years

The Deputy Governor of the Central Bank of Iraq, Ihsan Shamran, said in a special statement to NRT Arabia, that "the exchange rate of the dollar against the Iraqi dinar will not be reduced during the next few months, and it is not excluded that the work at the new exchange rate will continue for several years to come

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He added, "There are no flaws in the new exchange rate and the International Monetary Fund had advised Iraq to raise the exchange rate of the hundred-dollar bill to 160,000 dinars at least

He explained, "The fair price of the dollar exchange rate is 2,400 dinars to the dollar," without mentioning any other details   LINK

From Belgium:  IMO Can someone explain why this is such an exciting article?  

ATPInfinity:  "The fair price of the dollar exchange rate is 2,400 dinars to the dollar," without mentioning any other details
   
I LIKE THE IDEA HE KNOWS...DROP THE ZEROS..."without mentioning any other details"

MM (MilitiaMan)  MATH101 LEADS US TO  IMO  EXPRESSION MATH = $2.40/ DINAR IN REAL VALUE RIGHT NOW "such an exciting article"

GO BACK TO Militiaman school 2 monthes ago HE called it Expression Math to AMF basket Walkingstick verified it

Value is not Rate ( THIS IS ABOUT WHAT IT "MIGHT BE".....WORTH IN THE MARKET FLOAT

THIS ARTICLE IS FOR THE PEOPLE imo " without mentioning any other details (IMO)
 And maybe to scare-up some mattress dinar too!

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Don961:   Disclosure of the end date of Ramadan and the first day of the blessed Eid Al Fitr

6 hours ago 

 The National Institute for Astronomical Research in Egypt revealed that the number of Ramadan is 30 days, and the last day of Ramadan will be on Wednesday, May 12, corresponding to Ramadan 30

The institute stated that "May 12 will be the longest day of the month in terms of the number of fasting hours, with a total of 15 fasting hours and 35 minutes 

The crescent of the month of Shawwal is born immediately after the conjunction occurred at exactly nine o'clock in the evening Cairo local time on Tuesday 29 of Ramadan 1442 AH corresponding to 5/11/2021 AD, which is (the day of vision)

And Wednesday, May 12, will be the completion of the month of Ramadan, and the first of the month of Shawwal will be astronomically on Thursday, May 13 (the blessed Eid al-Fitr), and its prayer in Cairo is 5:28 in the morning   link

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Don961:  The Central Bank clarifies about the dollar's arrival at 160,000 dinars, because it is the real price

8 hours ago

 Deputy Governor of the Central Bank of Iraq, Ihsan Shamran Al-Yasiri, revealed, Tuesday, that "the World Bank has proposed to Iraq to amend the exchange rate of the dollar to 160 thousand dinars per 100 dollars as it is the real price, stressing the need to improve the ration card items to reduce the damage caused by adjusting the exchange rate

Al-Yasiri said in a statement followed by NRT Arabia , (April 13, 2021), that "one of the demands of the World Bank during the negotiations to raise the exchange rate of the dollar is to reform the public financial departments, which are taxes, customs, levies and financing part of the financial savings achieved for the benefit of the vulnerable classes," stressing that " The need to improve the ration card items to reduce the damage caused by adjusting the exchange rate

Al-Yasiri added, "It is possible to improve the ration card items by fighting corruption, and to reduce the waste of Iraqi money in corrupt deals, because most of the ration items are national production, such as rice, sugar, flour, oil and tomato paste

He pointed out, "The government can invest the initiative to adjust the exchange rate through more support for the local industry and agriculture after it obtained a competitive advantage of more than 23% against the importer of products, and thus the importer is facing difficulty in competing with the local product

Al-Yasiri explained, "The World Bank suggested to the Central Bank of Iraq to amend the exchange rate of the dollar to 160 thousand dinars per 100 dollars, as it is the real price that the local market can settle on compared to neighboring countries," indicating that "the central bank, through its study of the market and the living situation, found The current value of the exchange rate is 145,000 suitable, and has actually achieved the desired results in monetary policy LINK

DocMagee94:  So...math:  at the quoted rate of 145,000 IQD per 100 USD, that would mean that 1 IQD is equal to 0.00069 USD.  (100/145,000 = 0.00069).  Dropping the 3 zeros at this rate would put the value of the IQD at 1 IQD = 0.69 USD.   Going further, at this rate, 1IQD = 0.69 USD, each of your 25,000 IQD notes would be worth $17,250 USD.

Iobey777:  Also, IMO, once they are in the ME basket, their rate will need to be equal to or competitive with the other countries! Ex: Kuwait rate is over $3.30...  I believe that Iraq’s basket/floating rate will/ could start at the $3+ range! Did I say all IMO?!!!

Ryan1216:  Afternoon all. The articles look great today but Iraq needs to show action by revealing the new rate now. I know the Iraqi citizens are just as fed up as we are. It's go time! Let's go CBI!

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Don961:  Europe is heading towards a new financial crisis

European Union Arab and international  Economy News - Baghdad

Europe is struggling to contain the COVID-19 pandemic. But it is preparing itself for another crisis, which is a financial crisis. Europe is in trouble. To ensure the viability of the common currency at the core of the European project, EU leaders will have to cooperate in the ways they have so far resisted. Europe is in trouble.

The adoption of a single currency for the European bloc has yielded significant benefits such as barrier-free trade and improved global competitiveness, among others. But the euro has also forced member states to abandon independent monetary policies that could help support national debt and financial systems.

One consequence is that distress in banks represents an increasing threat to the finances of individual governments - and vice versa - the so-called "doom circle" that appeared amazingly during early 2010, when the eurozone nearly disintegrated.

Missing solidarity

In 2012, European leaders agreed on what should have been a large part of the solution. They envisioned a complete banking union, where governments have a shared responsibility to supervise financial institutions, and the most important thing is to dismantle or recapitalize banks when necessary, and to safeguard depositors' money.

But progress has been very slow. Although the European Central Bank now oversees the largest banks in the region, individual governments still bear the cost of the bailouts, as bailouts in Italy and Germany have shown. Still, mutual deposit insurance is little more than a proposition.

The pandemic has exacerbated the problem, as governments take on more debt in their efforts to provide an economic bailout. The International Monetary Fund estimates that general government debt in the eurozone will exceed 98% of GDP by the end of 2021, up from 84% at the end of 2019.

Worse, the financial liabilities of individual countries are piling up on the balance sheets of their banks. At the end of February, Italian banks' holdings of Italian government debt amounted to 124% of their capital and loss reserves, making them extremely vulnerable in the event of financial hardship.

Regardless of the financial risks they represent, these sovereign exposures make the task of achieving a banking union politically difficult. Northern countries, such as Germany, for example, are unwilling to sign up to mutual deposit insurance if that means supporting Italian banks' excessive holdings of Italian public debt.

For their part, governments of heavily indebted countries are concerned that restrictions on bank holdings may leave them unable to borrow, when they should.

Deposit insurance necessities

But there is a way forward. To push banks toward diversification, the European Central Bank could allocate a "safe portfolio" for government debt that corresponds to member states' shares in the region's GDP (an idea originally proposed by German Finance Minister Olaf Schultz, and developed by Luis Jaricano, an economist and member of the European Parliament) . Any variation will necessitate an increase in capital requirements.

This would address northern European countries ’concerns by giving banks an incentive to reduce local government exposure. At the same time, it will relieve the pressure that could have been imposed on heavily indebted governments. The decrease in Italian banks 'holdings of government debt could be at least partially offset by increases in other banks' holdings.

This step will pave the way toward a banking union in itself. European leaders should go further, and they should significantly upgrade the "Single Decision Council", providing it with the powers and resources to take over, liquidate, or recapitalize banks anywhere in the eurozone, and compensate depositors - just as a deposit insurance company does. Federalism in the United States. To make the mutual insurance fund more politically acceptable, it could be designed initially as a support to national funds.

During the pandemic, European leaders have been ready to deepen their cooperation, most notably in pooling financial resources to support the most affected EU economies. And with increasing urgency, the same logic applies to severing the link between the health of banks and the solvency of national governments. Until this is addressed, the single currency system in Europe is a seriously unfinished business. Source: Bloomberg    LINK

Monday Night Frank26 and KTFA CC "Phase 1, Phase 2, Phase 3...I Told You So" 4-12-2021

KTFA:

Monday Night CC 4-12-2021

Frank26:  4-12-21......PHASE 1, PHASE 2, PHASE3.......I TOLD YOU SO

PLAYBACK IS:   605.313.5163  PIN: 156996#

This video is in Franks and teams opinion

Franks team is Walkingstick, Petra, Militiaman and Eddie in Iraq.

What Frank’s suit color’s mean…. FRANKS SUIT COLORS 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 FAB 4 ... GOLD = CHANGE

https://www.youtube.com/watch?v=OcmsJh3hHXo

MilitiaMan "This is a Rock Star Article" Monday Afternoon 4-12-2021

KTFA:

Don961:  Adapt to the exchange rate

Monday April 12, 2021   Muhammad Sharif Abu Maysam 

 On the 16th of last March, the Central Bank of Iraq explained, through a statement, the reason for the decline in the exchange rate of the dollar in the parallel market - especially in February - from the official selling price after changing the price by the bank at the end of December of 2020.

And the central explained This decline in what he called "the domestic market shock" which required a period of adjustment to make the settlements that occurred between each of the merchants (wholesale, retail, singular) and the settlements of wholesalers with banks, as imports decreased to severe levels, and then the demand for Foreign currency decreased. ».

However, this interpretation based on the market mechanism did not take into account the impact of the political space on this mechanism, as the apprehension of many of the public, including many traders and speculators, remained escalating at times and decreasing at other times, according to the statements and promises regarding the influence of the central decision and the intention to retract it in favor of Slogans, which were employed to win positions, without taking into account the nature of the variable that requires preparation for the influx of foreign investments and the establishment of an investment climate led by capital allied to globalization capital in the region

Which requires working on several axes in order to achieve this trend, and the exchange rate has not increased in the parallel market Only after approving the budget, and ensuring that the relevant authorities proceed with their policies without return, to create a competitive environment that protects the local product from the decline in the prices of goods produced in the geographical neighborhood countries and to pave the way for monetary stability that encourages foreign capital to enter the Iraqi arena in a security, legal and stable monetary environment.

But adapting to the exchange rate will not take its form that attracts investment, except by liberalizing the exchange rate and creating monetary stability in an atmosphere of freedom of exchange and circulation to ensure the movement of capital into and out of the Iraqi interior, without any effect of the difference in the value of the exchange rate with Other currencies .

And to ensure investment accounts in the feasibility studies prepared by the investors, as they are keen in the financial feasibility studies to ensure that the price does not change in the parallel market, during the life of the project to achieve the feasibility of establishing the project, as well as the importance of competitiveness to protect the local product, which is likely to adopt the method of "floatation.

" Al-Madar »in the next step, in conjunction with the increase in the central reserves, which will contribute to giving more freedom to maneuver those in charge of monetary policy, and to ensure adaptation to the fluctuations of the parallel market up to For stability.   LINK

MilitiaMan:   This article is so very telling. We have seen they increased their reserves. They have found that the political banter of late created an environment that Investors, I. E., "COUNTRIES" were not pleased with which created instability.

Now that the budget has been signed and about ready to be opened, they returned in full force. Kahdimi did the rounds recently and for good reason.

The region not only knows it is show time but, the world does now imo.. Those that wrote the feasibility study for the country, have the reigns now and will float the currency while the reconstruction effort is underway.

They want stability and will get it with a stable exchange rate that is not 1460.. imo..

This is a rock star article!

They will have to show us the color of the money too. It is coming..  imo ~ MM

MilitiaMan and KTFA Members "Where the Rubber Meets the Pavement" 4-11-2021

KTFA:

JJimmyJJ:  Honestly,  this article makes me wonder if something was announced this weekend in-country, that perhaps we're not aware of yet.

Don961:  :  After April 9, 2003 .. Prospects for Financial Development and Existing Challenges

Sunday April 11, 2021  Baghdad: Farah Al-Khafaf 

 The evaluation of experts and specialists in economic affairs continues for the period that followed April 9, 2003, which witnessed a positive shift in important economic aspects, accompanied by a decline in other sectors, and this is considered by economists as a matter that accompanies any process of economic transformation and change from one reality to another.

Financial expert Thamer Al-Azzawi said: "The change contributed to the liberation of the national currency from the restrictions of the previous regime."

The price of the dinar

Al-Azzawi added that "one of the most important economic achievements after April 9, 2003, is the issuance of the new currency, which resulted in raising the price of the Iraqi dinarand making it get out of the prison in which he lived during the era of the previous regime, and his purchasing power improved rapidly, with financial and economic measures taken." And that "the Iraqi dinar, after 18 years, has become stronger than many currencies of neighboring countries, and others, regionally and globally, with the availability of a monetary block that is good compared to the Current circumstances ”.

Magazine product

A member of the National Business Council, Ahmed Mukalif, stated that "despite the many positive aspects that were achieved after April 9 in the economic aspects, from reducing Iraq's debts, opening up to the world and returning Iraq to its regional and international surroundings, developing the oil sector and controlling its revenues, but the matter needs to be addressed by The challenges that accompanied the transformation phase, foremost of which are protecting the local product and developing the production sectors to address all the problems that Iraq suffers, providing job opportunities and achieving economic integration. 

Attracting to invest

As for the real estate specialist, Saad Al-Zaidan, he believed that "the entry of investments into the construction and housing sector is one of the positive things that the years after the fall of the regime have witnessed."

He added, "Investments have contributed to moving the labor market, and have provided hundreds of thousands of job and employment opportunities for young people, the unemployed, craftsmen, graduates and others," noting that "thousands of projects were implemented over 18 years, turning the country into a magnet for investment, after it was captive to the restrictions of the government and its security and intelligence services." ".

world Trade

In turn, the commercial specialist, Raed Al-Amiri, referred to a point he described as the task that occurred after the fall of the dictatorial regime.

Al-Amiri asserted that "Iraq has opened its doors to global trade, and the Iraqi merchant has become a world record to be counted for, after he was dominated by the moods of a shabby regime. Currently, the Iraqi merchant you find in most countries of the world, imports and exports goods Is negotiating. LINK  

MilitiaMan:  Let that start to sink in.. ~ MM

MilitiaMan:  The issuance of a new currency.. One where they raised the price of the IQD.. Ill refer to that later.. But be sure, imo. they are telling us what has been done and in my opinion to be exposed.. imo ! << ~ MM (wink)

Iobey777:  This article is LOUD!! So much GREAT information being given here...all one has to do is open his eyes and READ!..everything is PAST TENSE..meaning it has been done! " The price of the dinar

Al-Azzawi added that "one of the most important economic achievements after April 9, 2003, is **the issuance of the new currency, which resulted in** raising the price of the Iraqi dinar and making it get out of the prison in which he lived during the era of the previous regime, and his purchasing power improved rapidly, with financial and economic measures taken." And that "the Iraqi dinar, after 18 years, has become stronger than many currencies of neighboring countries, and others, regionally and globally, with the availability of a monetary block that is good compared to the Current circumstances

Iobey777:  BOOM!!  Now, Just show the NEW RATE to the world!!!

PattyCakes77:  Also i strongly believe it is going to come out the door more than 1 to 1. More like 4 plus. Let the games begin

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Samson:  Al-Kazemi: The port of Al-Faw will enhance Iraq's geopolitical position in the region and the world

11th April, 2021

The Prime Minister, Mustafa Al-Kazemi, confirmed, on Sunday, that the large port of Al-Faw will enhance Iraq's geopolitical position in the region and the world.

"Today we announce the start of an important strategic project that has been awaited by the people of the country for many years," Al-Kazemi said in a speech during the foundation stone laying ceremony for the Grand Faw Port project, according to a statement from his office that Mawazine News received a copy of, stressing that the port will provide great opportunities for Iraq and strengthen its geopolitical position in the region and the world,

And it will create many job opportunities for the people of Basra and the rest of the provinces, and it will contribute to the development of the province." He added, "Many have gambled on the failure of the project and spread several rumors to frustrate the people, but the project is officially launched today after we completed the planning and negotiations stages, and we financed the project from this year's budget."

He continued: "The big FAO project is not only for Basra, but rather is a strategic project that contributes to the development and reconstruction of all governorates of Iraq, and makes the country an economic bridge linking the various countries of the region." And he added, "We are facing a new stage in the modern history of Iraq, where we overcome crises, and move towards construction, reconstruction and prosperity," calling on the people in Basra and all over Iraq to "have hope and put our hands together, and build our country from Faw to Zakho."

At the end of his speech, he affirmed that "Iraq will rise again with the arms of our young men and women, and by God’s blessing we will open the project and we will continue supervision and follow-up so that it will be completed successfully, God willing, without delay."  LINK

AtpInfinity:   THANKS, SAMSON...GREAT DAY NEWS YOU HAVE PROVIDED!

"...but the project is officially launched today after we completed the planning and negotiations stages, and we financed the project from this year's budget."

AtpInfinity:   SOMETHING CHANGED yesterday: IMO!!!!!

"We are facing a new stage in the modern history of Iraq, where we overcome crises, and move towards construction, reconstruction and prosperity,"

Al-Kazemi's advisor identifies 3 factors to control price increases                11,APRIL, 2021

Advisor to the Prime Minister for Financial Affairs, Mazhar

 He added that "the first factor is the ability to provide sufficient financing for foreign trade requirements in foreign currency, which is a work of monetary policy, which is facilitated now."

AtpInfinity:   LOOK AT KEY WORDS: TODAY, NEW STAGE, PROSPERITY, NOW…..MAY GOD BLESS ALL

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MilitiaMan:  Yes indeed.. ATPinfinity... Today, New Stage, Prosperity, NOW... Sums it up nicely. Lets look at some chronological events that support they have had no choice but to get it in gear to finish the process of the project they have been working on over the last 18 years real close and that is delete the 3 zeros from the exchange rate.

Lets merely look back to this last month of March to see that there was and is support for that there will be a rate change again.

Even if it looks like from the Deputy of the CBI that a rate change will not be coming, as he states: "The decision taken to change the exchange rate is final and there will be no further change in this rate." That is the rate of 1460. Hold that thought! So lets look at what was said on 03/28/2021 by the head of the KDP.

" The head of the Kurdistan Democratic Party’s bloc in the Iraqi parliament, Vian Sabri,"

https://hosting.photobucket.com/images/y361/harrycrawford874/photo_2021-04-10_13-24-28.jpg?width=285&height=175&crop=fill

https://hosting.photobucket.com/images/y361/harrycrawford874/photo_2021-04-10_13-24-57.jpg?width=285&height=175&crop=fill

"Debate over the budget items is heated within the Finance Committee, and disagreements are significant between the major political blocs. The most important issue of the changing of the exchange rate was the matter of changing the price of oil in dollars to one in dinars. That is, the exchange rate was basically abolished in the law, and with it the discussion about the exchange rate will end in the budget."

MilitiaMan:   Before we get to the above statement in regard to the budget. Lets look at the pressure that has been exerted by the devaluation to 1460 from the previous rate of 1190. The devaluation was / is a major issue.

They have a fix in place for that and will do so too.. IMO. They have to adjust the rate again and will do so to relieve the citizens from the negative effects of the devaluation in Dec 2020, as pricing of goods and services is going through the roof.

There are massive demonstrations on going, etc.. Everyone knows that going to a market economy is based of the country being Article 8 Compliant with freedom of capital movement. We see proof of that now in the markets and the implementation of projects. Massive ones!! Port of Faw, GE, etc.. They didn't agree on the financing at a program rate, imo.

They (Parliament) are clearly stating the 2021 budget has been approved to price oil in dinars now. T

he PM states the 2021 budget is financing the the Port of Faw project in the billions. To price oil in dinars is only possible with an exchange rate change, imo. Whereby, if the deletion of the zeroes is to happen, then it would make sense, as there are not enough dinars in existence to do so in dinars.

With an approximate 4 million barrels of oil a day at say $65.00 brl is upwards of 379.6 billion dinars a day.. Nope not going to happen imo.. Drop the 3 zeros and that can happen.. And hence the projects cornerstones are being put in place today. imo ~ MM

LINK Saeron: The Central Bank Made The Biggest Economic Mistake In The Country

LINK Parliamentary Committee: The budget is a victory for the peasants

LINK The President of the Republic comments on approving the budget: We hope that it meets the aspirations of the people

LINK  He added, "We now have the right to implement it in a way that guarantees the interests of citizens and rebuild the nation, and to take maximum measures to support low-income classes, provide job opportunities for our youth and combat corruption." 

LINK Parliament transfers the budget from the dollar to the dinar to overcome the dispute

LINK America welcomes the approval of the Iraqi budget

LINK Central Bank Governor: Iraq is implementing its reform plans

Frightening stressed during a speech delivered at the meeting, "Iraq is implementing its reform plans towards fiscal and monetary policy."

MilitiaMan:  So back to the budget. They abolished the exchange rate in the budget per parliament and therefore the Deputy of the CBI statement about the final exchange rate is not lying. "The decision taken to change the exchange rate is final and there will be no further change in this rate." He says.

There was talk about reverting back to 1190, 1300 and even out to 1600. But, they kept it at 1460. Therefore he is not lying. So, to get into the market economy they only need to adjust the expression of the way the pair currency. Instead of expressing in 1460 in dollar terms they can drop the 3 zeros and express the currency for pairing to 1.46 in new dinar terms. imo ! That my friends is my view on how this may play out in the short term.. imo ~ MM

The @IraqiGovt is committed to the economic reform programme, supporting the competitiveness of local products & reducing imports.
Deputy Governor of @CBIraq Dr. Ammar Mohammed talk about the dinar revaluation & its importance for the development of Iraqi industry. pic.twitter.com/2haBAQVsFF

— Government of Iraq - (@IraqiGovt) April 9, 2021

https://www.rudaw.net/arabic/middleeast/iraq/2803202114

MilitiaMan:  The above two photobucket links together are not in the full body of the rudaw link above.  Click on them and note the text in the photos is not  in the body of the report in full from rudaw. Those pictures are from 12:21 and 12:30 pm. I believe the final report was after 1:00 pm.  The data referenced in the tweets pictures is deleted. They told us about the exchange rate being abolished.. They deleted that part of the text. Not surprising.. imo.. ~ MM

Ross:  Since they announced Ramadan will not start until Tuesday...Monday would be a good day to bless the people with real purchasing power !

Samson:  Kurdistan Region announces Tuesday, the first day of Ramadan

11th April, 2021

The Ministry of Endowments and Religious Affairs in the Kurdistan Regional Government announced, on Sunday, that the day after tomorrow, Tuesday, will be the first day of the month of Ramadan, confirming the reopening of places of worship from tomorrow.

The Minister of Endowments, Pashtiwan Sadiq, said in a press conference attended by Shafaq News Agency that tomorrow, Monday, is considered to complement the month of Shaban, and next Tuesday is the first day of Ramadan, and mosques and mosques will reopen in front of worshipers tomorrow, Monday.

The minister called on all worshipers to adhere to preventive measures to limit the spread of the Corona virus, expressing his thanks to the Supreme Committee to confront the Coronavirus for having taken into account the importance of the month of Ramadan and decided to reopen mosques and mosques.

The Sunni Endowment in Iraq had been announced earlier today that tomorrow, Monday, is the completion of the month of Sha`ban, and Tuesday is the first day of Ramadan.

For its part, the Shiite authorities, including the authority of Ali al-Sistani, announced that they were investigating the crescent of the month of Ramadan. Ramadan this year comes under tight restrictions due to the outbreak of the new Corona virus.  LINK

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Samson:  The Federal Court is preparing to hold its first session .. The provincial councils and budget appeals await

11th April, 2021

The Federal Supreme Court is preparing to hold its first session in its new formation tomorrow, after its members took the constitutional oath in front of the President of the Republic, Barham Salih.

According to sources who spoke to Mawazine News, "There are several files awaiting the Federal Court, including the appeal submitted by members of the dissolved provincial councils of the parliament's decision to dissolve it, as well as appeals in several paragraphs of the current year budget law."  She added, "The work of the court has been suspended for nearly a year, and therefore there are many cases awaiting the new formation for consideration."

Regarding the work of the court, the legal expert Tariq Harb said, "It remains that the work of the court is governed by the constitution and not by the law, that is, that which is against the constitution, and what is against the law falls within its jurisdiction according to Article (93) of the constitution, for example there is nothing contrary to the constitution in the parliament’s decision to dismiss members of councils.

The governorates, the parliament has not abolished the constitution’s ruling on provincial councils, has not amended the constitution, and has not issued anything contrary to the constitution, which did not specify a period for the work of members of the provincial councils. Rather, it decided to demobilize these councilors until new elections are held, after two years have passed since they completed their four-year term of office and the members of the provincial councils remain for a period of six For years despite the completion of the period, it violates the principle stated in Article (5) of the Constitution, which requires the transfer of power."

He added, "Parliament's decision is constitutional, even if it deviates from the governorate election law, which decided to continue them because this is a legal issue. It does not fall within the jurisdiction of the Supreme Court because the jurisdiction of this court is in decisions that violate the constitution and the parliament's decision is in line with the constitution, and what contradicts the constitution does not enter into its jurisdiction."  LINK 

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LINK Representative legal: The exchange rate of the dinar is fixed and the "appeal" does not stop the implementation of the budget.

 11th April, 2021

The Parliamentary Legal Committee confirmed, on Sunday, that it is not possible to appeal the general budget law for 2021 and change the exchange rate of the dollar against the Iraqi dinar.

A member of the committee, Salim Hamza, told Shafaq News Agency that "an appeal can be filed with the Federal Court on some articles and paragraphs of the General Budget Law, but this appeal will not stop the implementation of the law, but rather stop some paragraphs pending consideration and broadcasting of the appeal filed on those paragraphs."

He added that "the exchange rate of the dollar against the Iraqi dinar is fixed and cannot be challenged, given that the paragraph is not an addition to the budget law. Rather, it is a decision issued by the executive government and the Central Bank and does not contain any violation of the law or the constitution."

MilitiaMan:  Looks like they put the appeal to rest out the gate in respect to the budget, as there are no constitutional violations.

 They have issues with other pending paragraphs that apparently are not a game stopper, as the budget was signed with out them in current form and that the decisions issued by the executive government and the CBI have no constitutional issues to speak of. Imo, since we have not seen the budget exposed with 1460 yet, there is support that if they were to stay at that rate there would not be reason to wait.

Now that we have the budget signed and there is a time line for that to be law and in the gazette, suggests the next few days will be where the rubber meets the pavement..

 My view is they are not going international with a program rate of 1460.. That rate helps no one.. There are a plethora of articles that support it is harmful to the citizens, and there are a plethora of articles supporting they have every intention of helping the citizens, not burying them with inflation! imo

I like where we are, as there is light at the end of the tunnel. For those that need a grounding, I hope this helps! No stopping the implementation of the budget.. imo. I pray our study is solid. Amen!!! ~ MM

KTFA Members "News and Views" Saturday Afternoon 4-10-2021

KTFA:

Samson: The Ministry of Justice announces the issuance of the new issue of the Iraqi newspaper Al-Waqi’a, number (4623)

10th April, 2021

The Ministry of Justice announced the issuance of the new issue of the Iraqi Gazette number (4623), which included a number of laws ratified by the Presidency of the Republic.

The Director General of the six Haifa Mahmoud thanked the facts circle, that number included the issuance of Law No. (14 For the year 2020, the Republic of Iraq joined the International Loading Lines Agreement for the year 1966 and its amending protocol for the year 1988 as amended in 2003. LINK

Cashflow:  Good morning, correct me if Im wrong but I was expecting to see the Gazette publish the new budget today. Anybody?

Godlover:  Maybe I am wrong in my thinking.....
I thought the article had stated the president was signing the budget into law today? And then I believe they have up to 2 days from signing to publish the budget law.

Boxman:  Being in the gazette would be great..however, the item i seek is when it is on the CBI website and Forex with an increase in value...all others listings will not allow any exchange of currency..IMO..

Also, it may be in the Gazette as we speak....but it makes no difference until the CBI and Forex show us an increased value...IMO..

I can picture going to the bank with a copy of the gazette and expecting to exchange your dinars...can you say unhappy, i know you can...lol..

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Samson:  Learn about the Central Bank’s role in supporting the local economy by launching initiatives that include support for low-income groups. Watch this interview with the Deputy Governor of @CBIraq, Dr. Ammar Mohammed: pic.twitter.com/SaGDVW6Jj2— Government of Iraq - (@IraqiGovt) April 10, 2021

ATPinfinity:  "The Central Bank has sufficient foreign reserves to sustain the new exchange rate." Deputy Governor of CB Iraq, Dr. Ammar Mohammed

Now, there you go again"  Ronald Reagan    

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Samson:  In the document ... the Judicial Council calls on Parliament to lift the immunity of a deputy for corruption by billions

04/10/2021 17:40:10

 The Judicial Council called on the House of Representatives to lift the immunity of MP Karim Aftan Al-Jumaili from Anbar Governorate, the former Minister of Electricity, due to corruption files worth billions of dollars.   LINK

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Samson:  The arrival of the president of the Kurdistan region to Baghdad to meet the three presidencies

04/10/2021 12:18:03

 A high-level delegation from the Kurdistan region, headed by Nechirvan Barzani, arrived in Baghdad today, Saturday, and will meet with the three presidencies and a number of leaders of political parties.

 The Media Office of the Presidency of the Kurdistan Region stated, in a statement, a copy of which was received by {Euphrates News}, that "Nechirvan Barzani will meet, during his visit, with the Prime Minister, the President of the Republic, the Speaker of Parliament, the President of the Supreme Judicial Council and the Special Representative of the Secretary-General of the United Nations in Iraq and the leaders and senior political officials in the country."

According to the statement, Barzani will discuss with the Iraqi leaders and political parties the latest developments and the situation in Iraq, the Erbil-Baghdad relations, the situation in the region and the means of joint action and multi-faceted coordination in order to achieve security and stability in Iraq and the region.

Nechirvan Barzani announced in a press conference held in Paris that he "will visit Baghdad and discuss the content of the topics that he discussed with the French President with Prime Minister Mustafa Al-Kazemi and Iraqi President Barham Salih and the parties."    LINK

Samson:  Allowing multiple salaries in the budget and Parliament is justified

10th April, 2021

At a time when the government announced the existence of a financial deficit that prompted it to reduce the value of the dinar against the dollar, Parliament permitted the restoration of "multiple salaries" as part of the federal budget bill for 2021.

The official newspaper stated, in a report today, followed by Mawazine News, that this contradiction became clearer after the publication of the final version of the budget, which came in its Article 20, which stipulated the abolition of the laws that allow combining two salaries for general directors and above. What the assistants of the general directors and those under them were allowed to combine two salaries, and this would cause a great waste of money, as revealed by the financial committee reporter, Ahmed Al-Saffar, in a previous statement, that there are 150,000 employees of double salaries, indicating that dealing with this issue will save more than a trillion dinars per month.

And the Minister of Finance, Ali Allawi, had also revealed, in a previous statement, that more than 10% of the employees are aliens and double-salaries, and the minister, head of the Parliamentary Finance Committee, Haitham al-Jubouri, was quoted as saying during his meeting with the committee that there are tens of thousands of people who take Two salaries from the state, for example, to be a contract employee and take a social welfare salary or a pensioner and a contract employee at the same time, and this is not permitted according to the law.”

Member of the Parliamentary Legal Committee Rashid Al-Azzawi defended “multiple salaries,” explaining to “Al-Sabah” that there are segments From the community it was harmed during the time of the previous regime, so pluralism is among the transitional justice laws, noting that the additional pension salaries cut to the Political Prisoners Foundation are a "acquired right" and do not affect "if he is an employee of the state and has received a salary since 2006."

He pointed out that Parliament reduced the number of beneficiaries of these salaries, as the paragraph has been amended according to the new wording that those holding the rank of director general and above are not entitled to receive a salary from the prisoners or martyrs institutions, and no transaction by these institutions is promoted to those who occupy these positions. In addition to cutting it off in the event that the beneficiary occupies this position.”

On the other hand, the spokesman for the High Commission for Human Rights, Ali Al-Bayati, confirmed that compensation after major violations and crimes as “reparation for harm” exists even in international law and is part of the state’s apology to the citizen as a result of its shortcomings and inability. To protect him from disasters, crises and violations, which are no less important than the issue of accountability.

Al-Bayati added, that from our point of view, the majority of the Iraqi people have been subjected to harm and are victims of recurrent crises and due to the lack of imports, and the state cannot compensate all groups on an ongoing basis, calling for a more comprehensive review and reflection on the issue, and the achievement of justice and equity for all groups.  LINK

KTFA Members "News and Views" Friday PM 4-9-2021

KTFA:

ATPInfinity:  This is significant and timely IMO....The budget SIGNED WED. THE 7TH Published in gazette tomorrow THE 10TH

"The decision to change the exchange rate on 19/12/2020 is final and there will be no further
change in this rate"

Before that the CBI Deputy said this: "The exchange rate was changed at this time"   (AS IN TODAY, THE 9TH)

IS THIS THE ,"DROP THE ZEROS" ANNOUNCEMENT?  (FOR TOMORROW)

Bravo13:  Sure hope that is the case, guess we will know soon enough !

Samson: Central Bank Governor and British Ambassador discuss a "significant" rise in reserves

8th April 2021

Central Bank Governor Mustafa Ghaleb Makhif and British Ambassador Stephen Hickey discussed the noticeable increase in the bank’s reserves.

The bank said in a statement, "The Governor of the Central Bank of Iraq, Mustafa Ghaleb Mkhaif, received the UK Ambassador to Iraq Stephen Hickey today, Thursday, and the meeting dealt with several matters, including the noticeable increase in the foreign reserves of the Iraqi Central Bank.

The statement added that "the ambassador emphasized that the remarkable increase in the foreign reserves of the bank supports the economic situation in Iraq and puts it in a good and stable stage."

The statement pointed out that "the governor and the ambassador visited the new building of the central bank, which was designed by the late architect Zaha Hadid and viewed the stages of development,  as the ambassador indicated that the new central bank statement would be a qualitative addition to the capital, Baghdad."  LINK

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Samson:  Foreign investments might flow into Việt Nam's stock market from the second half of 2021: BVS

7th April, 2021

Bảo Việt Securities Company (BVS) expects Việt Nam's stock market might attract up to US$1.4 billion from index tracking funds, if Việt Nam is officially upgraded to a secondary emerging market by FTSE.

In an assessment and classification result released at the end of March, FTSE acknowledged efforts of the State Securities Commission of Việt Nam in improving the legal corridor, and as the revised version of the Law on Securities went into effect in January, it is expected to pave the way for improving the market's quality. 

However, in practice, Việt Nam's stock market continues to fail to meet the criteria for clearing operations under the Delivery vs Payment (DvP) model due to the requirement of depositing enough money in Clause 2, Article 7 of Circular 203/2015/TT-BTC, according to FTSE. Therefore it continued not to meet the two criteria, including "Settlement Cycle (DvP)" - rated at Restricted, and the criterion "Settlement - rare incidence of failed trades" - was not rated.

As the market met seven out of nine conditions for being upgraded to the secondary emerging market offered by FTSE, the Vietnamese stock market continues to be on the watch list for upgrading to secondary emerging market of FTSE for the evaluation in September. Despite that, BVS still maintains a positive stance on the prospect that Việt Nam will be upgraded to a secondary emerging market by FTSE in its 2022 upgrade assessment. 

In case of officially being upgraded to a secondary emerging market, BVS estimated that Việt Nam's stock market will attract up to US$1.4 billion from funds tracking or benchmarking indices like the FTSE Global All-Cap, FTSE All-World and FTSE Emerging Markets. Based on historical data of actual movements of global markets, at least three months, from September to December, before a stock market is officially upgraded to emerging market by FTSE, that market usually receives strong cash flows from foreign investors and enters an upwards trend, BVS said. 

With the expectation that the Vietnamese stock market can be upgraded in two assessments of FTSE in 2022, BVSC expects that foreign cash flows may flood into the country's stock market from the second half of 2021. Under FTSE's set of criteria, large-cap stocks are the most likely to benefit from the trend.  BVSC believes that with a positive macroeconomic outlook, being upgraded to secondary emerging market is a positive signal for the improvement of the market quality and will help the country's stock market attract investment flows.   LINK

Samson: Does Q1 economic picture satisfy Việt Nam's expectation?

5th April, 2021

Việt Nam has delivered its economic data in the first quarter. The overall picture is still optimistic with the gross domestic product (GDP) expanding nearly 4.5 per cent – among the best performers in the world. However, is this result good enough for the Southeast Asian country to securely triumph over its target set for the whole year?

The first quarter growth, though in the same range as the last quarter of 2020 which also stood at 4.48 per cent, was up from the 3.68 per cent recorded in the first quarter of last year. The renewed outbreak of COVID-19 in some parts of the country, including the capital city of Hà Nội, adversely affected the first-quarter's performance which fell below the Government’s expectation of 5.12 per cent and was lower than the 5.7 per cent expected by Bloomberg’s economists.

Despite that, Việt Nam has been widely praised for its economic achievements given all the uncertainty about the prolonged pandemic and uneven recovery globally. Việt Nam is still set to outperform most of the region. Key indicators in the first three months have partly reflected Việt Nam’s good recovery.

Exports remained the country’s key economic growth driver with a value of US$77.4 billion during January-March, a rise of 22 per cent year-on-year. Việt Nam ran a trade surplus of more than $2 billion in the first quarter. Pledged foreign direct investment (FDI) surged by 18.5 per cent year-on-year to $10.3 billion while disbursed FDI increased by 6.5 per cent to $4.1 billion.

Industrial production was expected to expand 6.5 per cent during the period, especially the main drivermanufacturing – electronic equipment, phones and accessories – climbing 9.5 per cent. The number of new businesses fell by 1.4 per cent and their total registered capital rose by 27.5 per cent. Other sectors including agro-forestry-fishery, services sector, disbursement of public investment and State revenue improved significantly. Meanwhile, inflation was kept at a low level, rising by just 0.29 per cent in the first three months.

Both domestic and worldwide economists have maintained a positive forecast for Việt Nam’s economy since the end of last year. Many international organisations delivered a GDP forecast of around 7 per cent for Việt Nam in 2021. Meanwhile, Vietnamese Government has set the yearly growth target of 6.5 per cent, higher than the official target of 6 per cent set by the Parliament.

This optimism is based on Việt Nam’s performance in 2020 with impressive accomplishments in implementing the dual goals of combating the pandemic and maintaining economic growth. Việt Nam was among very few countries with positive growth in 2020. Adverse impacts on the economy and society were also minimised during the pandemic.

The year 2020 was seen a turbulent year when every country had to brave unprecedented challenges arising from COVID-19 to save people’s lives and diminish the impact on the economy. This year, economists have agreed the world is on track to recover, with strong growth in major economies which plummeted last year due to the disease and restriction measures. In its March report, Fitch ratings expect global GDP to expand by 6.1 per cent, revised up from 5.3 per cent in its December forecast thanks to robust fiscal support in major economies. GDP outturns are projected at 6.2 per cent in the United States, 8.4 per cent in China and 4.7 per cent in the eurozone. 

However, the recovery is also perceived with a conservative stance as it depends largely on the readiness and effectiveness of vaccines, as well as countries’ resilience to financial and inflation risks. The recovery in the current context is also associated with sustainable and green development, restructuring the economy and promoting innovation and digital transformation.

In Việt Nam, a period of three months is not long enough to fully reflect the challenges facing the country. Việt Nam has been doing very well in controlling the pandemic but the risk of fresh outbreaks is still high which could be seen in the resurgence of the virus in some northern provinces early this year. Besides, the vaccination process cannot be fast and as the Government has said, the prevalence of vaccination must wait until next year. Strong recovery in some key sectors such as tourism and aviation is still a challenge as it depends heavily on the disease control in both home and foreign markets.

Although inflation in the first quarter was low at 0.29 per cent – the lowest for Q1 within 20 years, there is still inflation risk when oil prices climbed by more than 30 per cent compared to the end of last year and commodity prices are on the rise in global markets. Such a possibility may put pressure on monetary policy which must both support economic recovery (through low interest rates) and ensure macroeconomic stability, especially volatility in the stock market and real estate market. 

In this context, consumption growth somewhat slowed and uncertainty in the global supply chain are also unrevealed problems in the long term. (The Suez Canal shutdown exposes another weak link in the global supply chain.)

The resurgence of the virus in some provinces early this year weighed on national Q1 GDP growth (below the Government’s expected rate of 5.12 per cent). Thus, to reach the year-end target of 6.5 per cent, GDP in the next quarters must increase by more than 7 per cent on average, which is a big challenge.

After the Q1 economic data, some international organisations have revised down their forecast for Việt Nam’s growth. The United Oversea Bank (UOB) lowered Việt Nam’s GDP growth to 6.7 per cent in 2021 from 7.1 per cent. Meanwhile, economists at Singapore’s Maybank Kim Eng revised Việt Nam’s economic growth from 6.8 per cent to 6.5 per cent. However, most forecasts agreed with the latest virus wave being quashed and most restrictions now being lifted, Việt Nam’s economy should bounce back strongly over the coming quarters.

The new Government will take office this month and the transition will result in a certain delay in implementing policies. Hopefully, the new Government will quickly start working and take more drastic measures to improve the investment and business environment, push reform and economic restructuring, promote innovation and speed up disbursement of public investment. Public investment still plays important role in boosting growth amid the pandemic and has large room for development.

If Việt Nam can take advantage of the global economy’s recovery momentum and existing free trade agreements with other countries, the GDP target of 6.5 per cent is feasible.  LINK

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Samson:  Fitch revises Việt Nam's outlook to positive, affirms rating at 'BB'

2nd April 2021

Fitch Ratings has revised Việt Nam's outlook to positive from stable and affirmed the long-term foreign-currency issuer default rating (IDR) at 'BB'.

A report released on Thursday by the rating agency says the positive outlook reflects Việt Nam's growth and public finances' resilience to the COVID-19 pandemic shock, and continued strengthening of external finances due to persistent current account surpluses and rising international reserves.

Việt Nam was among the few economies in the Asia Pacific region and the 'BB' rating category to maintain positive growth in 2020, at 2.9 per cent. The relative strength of Việt Nam's performance was largely due to its success in bringing the coronavirus outbreak swiftly under control, despite the pandemic's impact on domestic economic activity and tourism inflows, alongside strong policy support and export demand.

“The rollout of Việt Nam's vaccination programme is off to a slow start, but we nevertheless expect GDP growth of about 7 per cent in 2021 and 2022, in line with a broader global economic recovery sustaining export growth and a gradual normalisation of domestic economic activity based on our expectation of continued success by the authorities in containing domestic coronavirus infections,” Fitch said.

Việt Nam's external finances have strengthened further despite the pandemic. Exports rose by about 7 per cent in 2020 in US dollar terms, and the current account recorded a surplus of about 3.6 per cent of GDP. Strong export performance reflects a surge in demand for high-tech components associated with strong sales of IT equipment in the US and other advanced economies as well as continued benefits of trade diversion, associated with rising costs in China and the US-China trade war.

Fitch forecast Việt Nam's current account to remain in surplus at 1.2 per cent and 2 per cent of GDP in 2021 and 2022, respectively, compared with an average deficit of 1.7 per cent for the 'BB' median.

Foreign-exchange reserves rose to US$95.2 billion by end-2020 likely due to a combination of factors, including a current-account surplus and foreign currency purchased by the State Bank of Việt Nam (SBV).

“We project foreign-exchange reserves will continue to cover around 3.5 months of current external payments in 2021 and 2022, compared with a forecast 'BB' median of 5.2 and 4.7 months, respectively. Nevertheless, Việt Nam's external liquidity ratio, measured by the ratio of the country's liquid external assets to its liquid external liabilities, also improved further to 388 per cent in 2021, more than double the forecast of the 'BB' median.”

The bulk of the strong FDI inflows in 2020 went into the manufacturing sector. Net FDI in 2020 was $15.4 billion (about 4 per cent of GDP), close to the previous year's level. Fitch expected FDI inflows to stay healthy as Việt Nam is likely to benefit from the ongoing trade diversion and also its entry into trade agreements such as the EU-Việt Nam Free Trade Agreement and the Regional Comprehensive Economic Partnership.

According to Fitch, Việt Nam's economic prospects will remain susceptible to shifts in external demand due to the economy's high degree of openness. Việt Nam was designated as a currency manipulator by the US Treasury in a report late last year, which complicates its economic relationship with the US.  “Nevertheless, we expect the two countries to engage in discussions in the coming months to reduce tensions, and in the near term, we do not expect this development to have a significant impact on Việt Nam's external finances,” Fitch noted.

The pandemic had a smaller impact on Việt Nam's public finances than 'BB' peers. Fitch estimated the general government deficit widened modestly in 2020 to 3.5 per cent of GDP (7.2 per cent for the BB median), as spending was targeted mainly at alleviating the impact of the pandemic.

The Ministry of Finance (MoF) said the credit rating agency’s upgrade of Việt Nam’s outlook reflected the growth resilience of the country, which was among the few economies in the Asia Pacific region and the “BB” rating category to maintain positive growth in 2020, at 2.91 per cent.

Apart from Moody's Investors Service recently raising the outlook for Việt Nam to “positive” from “negative” – an unprecedented move in its ranking globally since the start of the COVID-19 pandemic, Fitch Ratings’ upgrade of Việt Nam’s outlook demonstrates credit rating organisations’ belief in the Government’s effective policies, strong growth prospects, and increasingly solid fiscal space, according to the MoF.   LINK

KTFA Members "News and Views" Thursday 4-8-2021

KTFA:

Samson:  Mr. Sistani's nomination for the Nobel Prize

09:40 - 08/04/2021

A group of expatriate Iraqis in Europe organized a campaign to nominate His Eminence, the religious authority, Ali Al-Sistani and Pope Francis, for the Nobel Peace Prize this year 2021, noting that the campaign came after the successful visit of Pope Francis and his meeting with Sistani in Najaf.

It is expected that this campaign will contribute to highlighting the role of the two great references and supporting the path of peace and coexistence in the Middle East after years of wars and conflicts.

The organizers of the campaign, which will continue in the coming days, also expect a large group of the world's intellectuals to join it, with the aim of resolving the nomination.

Candidates are chosen by a special committee in the Norwegian capital, Oslo, through elite initiatives, which is what called on a group of Iraqi expatriate intellectuals to launch the campaign.   LINK

Samson:  The Central Bank participates in the Arab Monetary Fund workshop

8th April, 2021

Within the framework of cooperation with the Arab Monetary Fund and their strategic partners from international organizations represented by the World Bank, the Global Alliance for Financial Inclusion and the German Agency for International Development within the Fund's initiative to promote financial inclusion in Arab countries FIARI

A remote workshop entitled (Building and Implementing the National Financial Inclusion Strategy) was held on 5/4/6/2021 with the participation of members of the Supreme Committee for Financial Inclusion and its sub-committees from the public and private sectors, in addition to a number of banks and payment service providers

International and regional experiences in the field of launching financial inclusion strategies and effective methods of implementation, and the Central Bank of Iraq announced during the workshop its intention to launch the vision of the National Strategy for Financial Inclusion in Iraq in cooperation with all actors in the private and public sector at the end of 2021

And it will also lead the preparation of the draft national strategy For financial inclusion after the launch of the vision, with the support of the Arab Monetary Fund, experts in the World Bank, the German Development Agency, and the Global Alliance for Financial Inclusion  LINK

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Don961:  After eighteen years of change, the economy is liberalizing and leaving the war

Thursday 08 April 2021  Baghdad: Haider al-Rubaie - the pillar of the emirate 

 Economists personified, a number of developmental transformations that Iraq was able to achieve after the year 2003, stressing that the elimination of the "war economy" that impeded the livelihood of the Iraqi people and the deterioration of its stability

And the clear shift towards a market economy, openness to foreign investment, and an end to the runaway inflation that It led to the collapse of the value of the dinar, which is the most prominent achievement that Iraq was able to achieve. 

In addition to the many economic achievements, which contributed to the high rates of sustainable development, and led to Iraq being an important investment destination for many major international companies, however, economists identified a number of points, which they emphasized that it is still without real treatment, putting it at the forefront Those points are the increase in unemployment rates, the increase in poverty rates, and the demographic pressure that is constantly complicated by the scene.

Remove the effects of wars

The financial advisor to the Prime Minister, Dr. Mazhar Muhammad Salih, believes during his speech to “Al-Sabah” that “the return of Iraq and its economic and financial integration into the global economy, and the removal of the effects of the economic blockade due to previous wars, including the exit of Iraq from Chapter VII of the Charter of the United Nations, all points Transformed Iraq after the year 2003 from a war economy to a Peace economy".

Saleh puts, “the Paris Club agreement signed in November 2004 with the international financial community with its governments and financial institutions, at the forefront of important economic events, in which Iraq granted the privilege to write off 80 percent of the pre-1990 debts (which were canceled or became a law subject to cancellation). Which is estimated at 100 billion dollars of the total debt estimated at nearly 128 billion Dollars ».

 Eliminate inflation

Ending the era of hyperinflation, one of the important transformations of the Iraqi economy, says the financial advisor to the prime minister, stressing that «that inflation reached its annual averages of about 50 percent or more before the year 2003, to fall to a rate that did not exceed 6 percent at the end of the first decade of the twenty-first century. The current twenty, which enhanced the standard of living of individuals through the stability of the purchasing power of the Iraqi dinar ».

Saleh pointed out that «the increase in the annual per capita gross domestic product of 750 dollars annually before 2003, to reach ranges close to the average of six thousand dollars, one of the important achievements that contributed to the recovery of the economic situation To the individual. 

He pointed out that salaries, pensions, government retirement and social welfare benefits, which currently include nearly 8 million Iraqi citizens, their amounts increased about 7 times from their rates before the year 2003, and the number of beneficiaries from them increased about five times for each segment who are they.

 The success of fiscal policy

The government advisor confirms, "the success of the financial policy after 2003 in building the joints of stability and economic prosperity, as well as the success of that policy for the first time in the history of Iraq" according to the advisor "in providing a rating for the creditworthiness of Iraq, and since 2015 for the first time in the country's Financial history. 

As Iraq has a good and stable credit rating, currently at a level of B ”.

Central and stability of the dinar

 Saleh explains, "The monetary policy of the Central Bank succeeded in imposing stability on the Iraqi dinar with its internal and external value, and granted freedom of external transfer for all legitimate operations that serve the movement of trade and business in exchange for the ability to build foreign currency reserves whose balance increased more than 30 times than it was before." The case before 2003, and is managed in a major safe investment portfolio For Iraq ”.

According to the government advisor, agricultural activity continued to be supported, especially the cereal production sector in which farmers receive price support, to encourage them and enhance national food security, as the cultivated land doubled from 6 million dunums to more than 11 million dunums today thanks to that support, water control and Regular marketing.

The reality of the economy

Vice President of the Iraqi Federation of Industries, Raed Abdul Sattar, stated that “no one can deny that there is a change in the reality of the Iraqi economy and the international outlook on Iraq, and there are a number of things that have been achieved. 

The families ’economy has witnessed a clear improvement, and this indicates the rates of excessive consumption in many times,” pointing out that “the ambition of the economic circles is greater than what has been achieved, as Iraq could be a new economic tiger on the stage of the global economy, and qualify for this place and deservedly, because of its possession Riches, geographical location, and monuments of interest to most of the world's population most of them". 

Industrial sectors

He pointed out that “change has occurred, but what is required is that the pace of work in Iraq is escalating, which will benefit the country and the economies of the region and the world, as there is a global interdependence between a global Iraqi that achieves an integration that is almost not achieved in other countries, pointing to the importance of moving towards correcting the paths that lead to activation The national economy, and help in embarking on the development of the industrial and agricultural sectors, and to address the population pressure, unemployment and other problems ». 

 Economic transformations

A member of the Baghdad Economic Forum, Hadi Al-Zubaidi, said: “The economic arena after 2003 witnessed a massive boom towards establishing economic forums aimed at contributing to drawing a roadmap for economic transformations taking place in the country. This phenomenon in the country highlights the urgent need to develop the joints of the National South work".

He pointed to “the inevitability of an effective contribution to saving our economy from its challenges, and the most prominent of what is required of these blocs is to move away and not divert privileges to a specific specialty. Rather, work to revitalize the most important projects and the extent of their contribution to achieving quick returns and directing loans towards them, in order to contribute to reducing dependence on import that drains the currency" .

 Successful negotiations

Academic turn Dr. Amr Hisham, focused on “the importance of extinguishing the debts registered against Iraq to various international bodies, and he said:“ As a result of the successful negotiations that Iraq led in extinguishing its foreign debts, it was able to reduce 30 percent of the debts of the Paris Club upon signing the agreement and reduce 30 percent upon signing with the IMF International economic reform and a 20 percent reduction conditional on submitting a report by the International Monetary Fund that supports the establishment of Iraq Obligations. ”

 Iraq's commitment

He continued, "As for the debts of the Arab Gulf states, although most of them are grants or loans without interest, they demanded them with the exception of the United Arab Emirates, which has extinguished its debts by 100 percent. The Ministry of Finance follows up on the procedures for settling commercial debts of the foreign sector, and the adoption of this sensitive file is one of the most important economic achievements that have benefited the country after the political change took place For the year 2003 ”.     link

Iobey777:  WOW,DON!!   Good one! IMO..

DavidR:  I was just thinking the same thing...
In fact...openness to foreign investment, and an end to the runaway inflation that It led to the collapse of the value of the dinar, which is the most prominent achievement that Iraq was able to achieve.

Many great things in that article, that one was my favorite. Giving citizens purchasing power, and Extinguishing debts were another one of my favorites in that article. Such a great article. It summarizes the turmoil, but mentions the rewards..beyond, deserved. The citizens have suffered long enough. God be with them. Thank you Don, you are appreciated!  

Bravo13:  This is my favorite part of post 22. "Iraq could be a new economic Tiger on the stage of the global Economy", not on a program rate it wont ! IMO

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Samson:  G20 suspends poor countries' debt service for another six months

8th April, 2021

The G20 announced, during a hypothetical meeting chaired by Italy, to extend the suspension of debt service for the poorest countries severely affected by the Coronavirus pandemic, for an additional six months, until the end of this year.

The G20 supported the International Monetary Fund’s initiative to increase aid to the most vulnerable countries, through a new issuance of special drawing rights worth six hundred and fifty billion dollars.

World Bank President David Malpass welcomed the new extension and called on G20 countries to show more transparency.   LINK

MilitiaMan Tuesday Night "Digitizing the Dinar" 4-6-2021

KTFA:

MilitiaMan:  These are recent articles on digitizing money. Importantly the digitizing of the DINAR and the USD were also known to be in the agenda. Now we see that they are using the Dinar in the Budget along side with oil outside of the Dollar.. WE can probably safely presume that the meetings tomorrow with the USA will have that in mind....  imo ~ MM

MilitiaMan:  FINAL ARTICLE #479

People of experience and confidence .... The Golden Triangle

Special files  ,   12/12/2020 20:06  

Baghdad - Iraq today:

We must record President Al-Kazemi's success in choosing some of his government’s men with great competencies, high professional experience and pure national affiliation amid our objection to some unsuccessful options for running the state in his government, which is swinging in the midst of the popular and political storm that has been blowing over the country since Almost a year and a half.

Among the brilliant names chosen that should be referred to by Thousand Banan, the name of Dr. Ali Abdul Amir Allawi, Minister of Finance, Mrs. Suha Dawoud Al-Najjar, Head of the National Investment Authority, and Mr. Mustafa Ghaleb Makhaif, Governor of the New Central Bank, are the golden triangle in the prime minister's options for the political and economic reform process to rescue Country.

It is the responsibility of the Central Bank of Iraq in this important triangle to control the economic and monetary rhythm in particular in the country, after a series of failures that occurred in previous periods that led it to the inability to distribute salaries and general cash scarcity in a dangerous precedent that no Iraqi government has faced since 1921 to present.

It must be noted that this choice in this critical period is considered a successful milestone blow recorded to the Prime Minister that opens up bright and broad horizons for the work of the Central Bank and draws great hope to change the stumbling economic conditions of the country by following a precise financial policy, the first signs of which were important decisions in changing the structure of monetary and commercial dealings by adopting the principle of dealing Electronic financial (credit card) and moving away from paper cash (banknotes) in paying state employees' salaries, which will be automatically transferred to their accounts, leading to transferring all daily payments and purchases to this system, similar to that of the developed countries of the world.

As well as setting up an electronic platform for all letters of guarantee issued in banks for the benefit of their customers in order to avoid the forgery and manipulations that occur in this important aspect of commercial and banking dealings.

 And following the directions of the Minister of Finance and his support and encouragement for the idea of ​​moving industry and national investment by facilitating lending to existing factories and factories to develop their production, and new industrial projects in order to employ the Iraqi workforce and develop the local product, which will be reflected in maximizing the general national product.

We raise the hat high to the Prime Minister on these delicate choices of people of experience and confidence and the promotion of high government positions with such names with high professional and administrative competence.

We wish success, success and repayment to the leaders of the Iraqi economy in their difficult mission, which, God willing, will undoubtedly succeed.  LINK

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Interest in digital currencies

Tuesday 30th March 2021  

Saad Al-Taie , in the past few years, currencies of a new type have appeared, radically different from the traditional currencies known for thousands of years, whether paper or metal, namely digital currencies, which came as a result of the expansion of digital technology applications in all areas of contemporary life, including Multiple economic and commercial transactions.

Digital currencies have many features that distinguish them from traditional currencies, as they greatly facilitate the processes of financial transactions immediately and very quickly, and complete transactions without the need for physical currencies, which take a large space, and it also facilitates the sale and purchase of various goods and services in a manner. Quick and very short for buying and selling, as well as transferring money very quickly from one place to another and from one country to another. As well as facilitating the procedures of commercial dealing and the process of commodity exchange.

The use of digital currencies leads to dispensing with the use of traditional physical currencies, whether paper or metal, and to get rid of the problems that accompany the exchange operations, through which they are carried out, such as the slow conduct of these operations and the constant and very great need to physically issue these currencies from time to time, which You need expenses for papers, metals, inks, colors, and other materials added to traditional currency paper and the large security precautions that accompany their printing.

Some central banks in a number of economically developed countries of the world have begun issuing their own currencies to develop payment systems in their countries in line with the communication and digital economic environment that is currently expanding, and the secretions of which are communication and Modern information technology. .

Also, this important procedure comes to regulate the process of important issuance of money in accordance with the powers of governments and the legitimate authorities of the country, within the random issuance of digital currencies, which began with the issuance of unknown parties in the Internet and those who do not have this right or this privilege.  

And organizing this process so that it is legitimate and legal according to what is recognized in international laws, which are exclusively authorized by this issuance, and in our country the competent authorities are supposed to pay attention to work on issuing our digital currency, in order to keep pace with the current global monetary and financial developments, and in a manner that develops the monetary and financial system For our country and keep it up to date with Modern global regulations .  LINK

The Parliament might switch the oil trading currency to the Iraqi dinar, MP says

31st March, 2021

The Parliamentary Finance is considering a proposal to switch the oil trading currency to Iraqi dinar in lieu of US dollar in the accounts of the 2021 Federal Budget bill.

Committee member, MP Muhammad al-Shabaki, said in a statement to Shafaq News Agency, "We have a proposal to change the price of the oil barrel," indicating, "[according to this proposal] the barrel is priced by Iraqi dinar not US dollar as in the previous years' budgets." "The barrel of oil pricing will be changed from 45$ at 65 thousand dinars," he added.

Al-Shabaki explained, "this would not tamper with the operational and investment expenses in the budget." "The Ministry of Finance ensured that there is no technical impediment against this step," he elaborated, "this proposal is the most consistent with the constitution because it preserves the Iraqi currency."

Iraqi lawmakers failed to pass the Federal Budget bill in a lengthy session on Sunday earlier this week. They will convene this evening to vote on the pending issues.  LINK

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Parliament transfers the budget from the dollar to the dinar to overcome the dispute

 03/31/2021 17:10:06

 The House of Representatives decided in its meeting held today, Wednesday, to convert the federal budget for 2021 from the dollar to the Iraqi dinar.

 A representative source said {for the Euphrates News} that "it was agreed to transfer the budget from the dollar to the Iraqi dinar, in order not to delay its approval and isolate it from the differences of the rise of the dollar."

He pointed out that "a proposal was made to follow up on the issue of the dollar with the central bank and finance in other sessions without marketing the crisis to the budget after it was agreed to transfer the budget from the dollar to the dinar."  LINK

KTFA Members "News and Views" Tuesday PM 4-6-2021

KTFA:

Samson:  The House of Representatives refers the General Budget Law to the Presidency of the Republic

04/06/2021 17:07:01

  The House of Representatives referred, today, Tuesday, the draft general budget bill for the fiscal year 2021 to the Presidency of the Republic.

The second deputy speaker, Bashir Al-Haddad, said in a press statement that the House of Representatives referred today the 2021 Budget Law to the Presidency of the Republic for approval.

On March 31, the House of Representatives voted for the Federal Budget Law for the Republic of Iraq for the year 2021, and also voted to dissolve the House on October 7, 2021, with the elections to be held on time October 10, 2021.  LINK

RE Monday Night CC:  LINK  

Will:  can you spill the beans?  a lot of people are working multiple jobs and have kids to take care of.  cant watch a 4 hour video.  

Bravo13:  I know how ya feel, not enough time in a day so i'll give it a shot, all imo. 1st they shut the auctions down  because of the high risk of buying the $. today the dollar would cost them around 1450 dinars, if they revalue their currency and it goes 1-1 then they can buy that $1 for 1 dinar, thats a big loss, I think they are anticipating a positive change in the value of their currency and therefore do not want to risk losing money.

They have stated they are going to change the rate and they need to do this before the budget is signed as to ascertain what the value is to be used in the new budget in order to implement it.

We understand that they cannot implement all these contracts on an program rate and all these international contracts need to know the rate before they can be implemented. this really ups the pressure to get this done and all the articles are telling us that is just what they are doing, getting it done believe it or not lol.

Well they just handed the budget to the president for signing and as I believe it was Edna stated that starts the clock ticking so hopefully by the 21st we will have a new rate if not sooner. just my take in a nutshell, hope this helps.

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Samson:  A deputy calls for an urgent activation of "economic security" to avoid a humanitarian disaster

14:15 - 04/06/2021

MP Nada Shaker Jawdat called on Tuesday to activate economic security to avoid a humanitarian catastrophe that affects millions of Iraqis.

Jawdat said in an interview with "the information", that "the prices in the markets for various materials, especially food, are not fixed, and they are constantly rising, as there is no government policy that prevents their rise at the present time, which calls for an urgent activation of economic security in terms of forcefully entering to control the rhythm of prices and hold violators accountable."

Jawdat added, “There are a set of solutions that can help the poor and the ordinary from the high price fever through the government's resort to the principle of reviving cooperative markets and pumping large quantities of basic materials to sell them at very low prices in addition to organizing the ration card file, diversifying its vocabulary and delivering it at specific times. For all slides”.

She pointed out that "the government has the task of supporting the poor in the face of the rise, which will have very severe damage, especially since the rise has not stopped and may exploit the period of Ramadan to push prices higher, which will add to the plight of large segments of Iraqis."

The Iraqi market has witnessed a continuous rise in prices, especially for foodstuffs, in the past weeks.”
LINK

Bearcinnebar:   This article's subject is another reason to be in watch mode as well as the budget going into force .... Jawdat called on Tuesday to activate economic security .... the prices in the markets for various materials, especially food, are not fixed, and they are constantly rising ... 

The rate adjustment is needed to meet the international world and make their essential foodstuff purchases, as we have read in the articles, it is also as simple as that ~

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Samson:  Al-Kazemi government tends to open the doors of import to meet the high prices

6th April, 2021

The spokesman for the Council of Ministers, Minister of Culture, Hassan Nazim announced, on Tuesday, that the doors of import would be opened to control the high prices of goods and goods, while he confirmed that Prime Minister Mustafa Al-Kazemi will visit Arab countries soon.

Nazem said during the weekly conference, which was attended by Shafaq News Agency, that the government's plan to support the local product faced a rise in prices, and there is guidance to the Minister of Interior in this regard. He pointed out that there are visits by the Prime Minister to the markets before the month of Ramadan, and that there is a directive for the Minister of Trade to open the door to import for a certain period.

In response to a question by the Shafaq News correspondent, about Al-Kazemi's visit to the Gulf countries, Nazem confirmed that the visit to Saudi Arabia and the UAE resulted in economic and investment understandings and agreements, as the governments of the two Gulf countries allocated three billion dollars from each of them to invest in Iraq. He added, "The visits are important to Saudi Arabia and the Emirates and come within the government's plan to cooperate with Arab countries, and there are upcoming visits to other countries in the region aimed at supporting the Iraqi economy."

On the other hand, Nazim indicated that there is a directive for ministers by Al-Kazemi to write their notes on the draft budget law approved by the House of Representatives, after which the notes are submitted to the General Secretariat of the Council of Ministers for consideration.

Regarding the free lecturers, Nazim explained that the government "inherited the problem of free lecturers from previous governments, and the funds were allocated to the lecturers in the budget law, but the parliament reduced the amount allocated," stressing that the Cabinet voted to contract with the lecturers in accordance with Resolution 315 and considered them as their own contracts. Career.

Regarding the Corona epidemic, the Ministry of Health regulator announced that it had contracted 21 million doses of the vaccine.  LINK

BearCinnebar:  IMO This article is another subject of anticipation ... to open the doors of import is being international and would bring fair pricing so yes the adjustment would be needed ... the period of the cultural Iraq holiday Ramadan starts this Monday April 12th ... and lasting a month long ... and it could be right in line for the Iraqi people to gain their power of purchasing again ~

IMO Important to know and understand MilitiaMan's last commentary about the TIME FRAME WE ARE NOW IN ... as the dollar auctions are being held due to the "fear" or possibility of a change in the exchange rate!    Thank you MilitiaMan from KTFA

Samson:  Blinken's tweet on the resumption of the US-Iraqi strategic dialogue

04/06/2021 17:04:52

The US Secretary of State, Anthony Blinken, tweeted about the start of the US-Iraqi strategic dialogue on Wednesday.

Blinken said in his tweet on {Twitter}: "I look forward to speaking with my Iraqi counterpart Fouad Hussein tomorrow as part of the US-Iraqi strategic dialogue.

We will review progress in all areas of our strategic relations."   LINK

MilitiaMan:  https://www.thenationalnews.com/mena/iraq/us-iraq-strategic-dialogue-to-take-place-on-april-7-1.1193882

The relationship between the US and Iraq, including its military presence in the country, is based on a strategic framework agreement signed in 2008. It called for close defence co-operation to deter threats to Iraq's “sovereignty, security and territorial integrity".

The talks, due to take place next Wednesday, will focus on security, counterterrorism, economics and energy, political issues, and educational and cultural co-operation.

Gotta love the timing of things.. The article in the link above is a compliment to todays article from Samson. The above link was out 03/30/2021.. The economics and energy has my attention for obvious reasons.. lol. The oil deals we see of late are all about economics, yet, security is a part of that and big time too. The Tripartite with Jordan and Egyptis the following day.. Watch and see.. This is all for a purpose.. I like it! imo ~ MM

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Samson:  Al-Tafayli: 1500 investment projects stalled due to mafias and influential parties

04/05/2021 20:55:25

A member of the Parliamentary Investment and Economy Committee, Salem Tahaimer Al-Tufayli, revealed, on Monday, that there are 1,500 suspended investment projects due to mafias and influential parties.

Al-Tufayli said {to the Euphrates News} that "the aim of the investment law was to establish a central national life in Baghdad and other bodies in the governorates whose purpose is to create a new economic environment, job opportunities and eliminate unemployment." 

He added, "We have more than 1500 projects since 2004, of which little has been accomplished due to mafias and influential parties and favoritism over this investment, and faltering measures have brought investment to low stages. As for strengthening relations with neighboring countries, it came to activate investment in the country."  He called on the government and all concerned institutions to "properly implement the law and end the bureaucracy that stands as a stumbling block in the way of investment."

Tufayli also stressed "the need for investment in infrastructure, activation of laws and state control over national bodies in the governorates, in addition to providing a safe environment and empowering people to activate investment and eliminate corruption."

A member of the Parliamentary Investment and Economic Committee concluded, "We have great unemployment and the state is not leaders in appointing them, and their opportunity lies in investment projects." The House of Representatives voted on October 27, 2015 to amend Investment Law No. 13 of 2006.

This law aims at the following: First: Encouraging investments and transferring modern technologies to contribute to the process of developing and developing Iraq, expanding and diversifying its production and service base.  Second: Granting projects that obtained an investment license from the Commission additional facilities and exemptions from taxes and fees according to what is stated in this law.  LINK

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Samson:  The Turkish Lira is the worst among emerging market currencies

15:36 - 04/06/2021

The Turkish lira fell on Tuesday as annual inflation approached its highest level in two years, while the emerging market currencies index rose to its highest level in two weeks as pressure from the dollar and US Treasury revenues eased.

The lira fell by 0.7% against the dollar after recording large fluctuations in the past few sessions.

Data on Monday showed that annual inflation in March rose to more than 16% - the highest level since mid-2019, confirming continued pressure on the central bank to achieve its ambitious 5% target. And the ousting of former central bank governor Naji Aghbal last month, after only four months in office, led to the fall of the lira to record levels, according to Reuters.

This comes, while Turkish President Recep Tayyip Erdogan suddenly dismissed four bank heads in less than two years, which damaged monetary credibility and contributed to the long-term decline of the currency, which in turn led to a rise in overall inflation through imports.

For his part, the new governor of the Turkish Central Bank, Shehab Kafashioglu, said that the interest rate cuts should not be taken for granted nor considered a positive thing. In turn, currency and emerging markets analyst at Commerzbank, Tata Goose, said if Davutoglu refuses to implement Erdogan's vision for monetary policy, it will not mean a stronger lira - it just means that it will not be around for very long. “Whatever happens, it is very likely at the present time that the foreign exchange market will think in this direction,” he added.

On the other hand, other emerging market currencies rose on Tuesday, as dollar and US Treasury yields retreated from recent gains. The MSCI Emerging Market Currency Index rose 0.2% to a two-week high. But the currencies in Europe, the Middle East and Africa lagged behind their peers in Asia, amid concerns about an economic recovery in the euro area due to the slow introduction of the Covid-19 vaccine.

Emerging market currencies have also faced headwinds from the strength of the dollar and US yields this year, as the steady vaccination program raised hopes that the US economy will quickly recover from the recession caused by the virus. Meanwhile, data from the Institute of International Finance showed that net foreign flows to equity and debt portfolios in emerging markets slowed in March to their weakest levels in nearly a year under pressure from US assets. Emerging market shares rose 0.3% on Tuesday.  LIN

Monday Night KTFA CC With Frank26 and Team "Only The 3" 4-5-2021

KTFA:

Trevor:   Frank is wearing black blue and red on youtube right now - what does that mean please?

Iobey777:  it means we may be about to hear some good news from Frank’s fireflies,or Eddie!! Red means urgent or height alert.. black means news from fireflies..blue means Air Force...... meaning.. it’s gonna be good!!   SMILE!!

Monday Night KTFA CC with Frank26 and team

Frank26:  4-5-21.....ONLY THE 3

This video is on Franks and teams opinions

PLAYBACK IS: 605.313.5163   PIN: 156996#

What Frank’s suit color’s mean…. FRANKS SUIT COLORS 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 FAB 4 ... GOLD = CHANGE

https://www.youtube.com/watch?v=X8HI-4yPSt0

MilitiaMan Monday PM "Big Move Expected To Come" 4-5-2021

KTFA:

Samson:  The currency auction stops for a week as a result of banks’ fear of changing the dollar’s ​​price

5th April, 2021

A government source revealed on Monday that the currency auction was suspended for a week due to banks’ fear of changing the dollar’s ​​price.

The source said in an interview with Shafaq News that "banks have stopped participating in the currency auction that the Central Bank conducts daily during the past week due to their fear of changing the dollar exchange rate in the budget that was approved last week." 

He added, "It is expected that the banks will participate in the auction and submit their requests to the bank to buy the dollar, starting from the current week," noting that "these requests will be implemented during the end of the week or the beginning of next week."

On Wednesday (March 31, 2021), the Iraqi parliament voted on the federal budget law for the fiscal year 2021, with a deficit of more than 28 trillion dinars, and a tug of war that lasted for months.

The general budget revenues amounted to more than 101 trillion Iraqi dinars, while expenditures were estimated at 129 trillion dinars. And some political blocs had called for a reduction in the price of the dollar in the budget, which made the price of the dollar affected in the local markets between the ups and downs.    LINK

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Samson:  A source reveals that the auction sale of the work has stopped

5th April, 2021

An official in the Iraqi Central Bank said, Monday, that the currency auction has been suspended since last Wednesday, due to the failure of banks to buy the currency from the auction, fearing that the budget will be approved in a timely manner and its impact on the exchange rate.

The source said to "Tigris", that "banks have enough reserves to trade for a number of days without buying from the currency auction."

He added, "A number of banks have submitted the purchase request for currency from the auction, but the auction will resume on next Sunday, the beginning of the new week."   LINK

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MilitiaMan:  They have enough dollar reserves to get them through until a new exchange rate is applied, hence the fear of buying now. We have been told that this would happen in the past. They told us dollars will get scarce before the new dollar will be used again. So by staying out of the market reduces risk. 

 With all the international contracts coming in, they’ll need an international exchange rate applied for to facilitate the foreign exchange with freedom of capital. 

They also note that the budget will be applied in a timely manner while dealing with the exchange rate. All within this week or so. 

They are selling the dollar this week but it won’t be applied until later this week or early next week. 

In other words a rate will or should be applied during this week to be revealed at some recent period in time to come..

 Will that rate leak out, maybe not? We shall see. There were articles to support that an exchange rate change is coming. The citizens are getting hammered in respect to goods services, pricing, etc..

This article above is one to support that thinking, as well. Franks information with the meetings that are ongoing with FAB 4, also supports this thought. 

So, I feel comfortable knowing that the fear of the buying the dollar is a sign of a big change thus the closure of the auction. No one wants to be holding the bag and be on the wrong side of a trade with a big move expected to come.. That can be disastrous in magnitude..

Therefore, the planning had to be done down to the wire and that wire got started Wednesday of last week so they say.. 03/31/2021.

Let’s see what the next 24-96 hours brings!! Real close anyway!! imo, it shall be interesting to say the least! Imo ~ MM