"Banking and Economic News From Iraq" Posted by Samson 6-7-2021

KTFA:

Samson:  Deputy: The government made the citizen a victim when it manipulated the price of the dollar

16:50 - 07/06/2021

On Monday, MP from the Sadiqoun bloc, Fadel Jaber, blamed the government's failure to control the rise in food products in the market and its failure to control them.

Jaber said in a statement to / the information / that "the government failed to develop a plan to control the markets and hold everyone who manipulates prices to account, and today Iraq is witnessing a new wave of price hikes," noting that "the government and the Ministry of Finance's plan to control prices killed the citizen."

He added, "The lack of supervision and a plan to control the markets resulted in the sacrifice of citizens." He pointed out that "the government and the Ministry of Finance do not have a new plan to control the rise in prices as a result of the dollar's rise against the dinar."

It is noteworthy that the Iraqi markets, since Ramadan, have witnessed a significant increase in the prices of products as a result of the high exchange rate of the dollar against the dinar and the absence of government oversight.   LINK

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Samson:  The National Approach: Parasitic banks win 300 million dinars from the currency auction per month

06/07/2021 16:42:28

The head of the National Approach Bloc, Ammar Tohme, announced on Monday that "parasitic" banks had acquired profits of more than (300) billion dinars per month in the currency auction.

Tohme said, in a statement that {Euphrates News} received a copy of it, that "with the passage of time, the failure and harm of the dollar exchange rate decision and its severe repercussions on the stability of the market and millions of Iraqis is proven, and there is no beneficiary of this decision except the owners of parasitic banks and their partners from the influential politicians." He added, "All the justifications put forward by the defenders of raising the exchange rate were that it turned out to be false and unrealistic, especially with the rise in the price of oil globally and with negligence and failure in controlling outlets and not restricting the import of materials similar to the local product and not taking even a simple step in providing the structure to support the national industry that they mentioned A farewell justification for their unjust decision to raise the price of the dollar.

Tohme continued, "On the contrary, the Central Bank returned to sell daily more than (200) million, without those sums, nor the parasitic banks that taking possession of it, contributing to huge profits through speculation in any economic or development activity that justifies the monopoly of these banks that are interconnected with forbidden beneficial relations with influential politicians. Greed and greed imprinted on their hearts, and they became a source of evil and great harm to the tested people. And he concluded,

“With a simple calculation from the sale of the Central Bank, what the owners of parasitic banks backed by oppressive and influential politicians in the political scene profit daily is ten billion dinars, and at a rate of (300) billion dinars per month, and all this is a drain on the hard currency reserves that are seized by opportunists and the tested people bear a saturation tax.” whims of selfish covetousness."

Tohme asked, "Has the world seen or heard in any part of it that corrupt merchants, in partnership with politicians, who followed the approach of Qarun, raise the exchange rate of the currency, so that the public will bear the harm and suffering, and the oppressors and thieves reap these huge illegal profits!!?".. And the head of the National Approach Bloc called To "converge the efforts of the loyal people of the people in the continuous pressure on the decision-makers in order to restore the dollar exchange rate to what it was before and end this painful farce."   LINK

Samson:  Expert: The government's economic policy will make Iraq live on international aid

18:10 - 07/06/2021

The economic expert, Hamid Al-Jubouri, criticized, on Monday, the economic policy of the Iraqi government, stressing that it will lead the citizen to “extreme poverty.”

Al-Jubouri said, in a statement to the "Information" agency, "Terrorism is not only characterized by killing and destruction, but from its other aspects, starvation and the mastery of bringing the citizen to the stage of extreme poverty, and this is what the Chamber of Economic Advisers in the Prime Ministry is doing."

He added, "Al-Kazemi's advisors need to be reconfigured, as they carry a destructive economic thought, and not to build a strong economic state, as they said in the white paper."

He pointed out that “the government’s policy in returning terrorist families and insisting on destroying the dollar is a two-sided process of terrorism, and disregarding his dismissal with his government and ministers will lead Iraq to live on international donations, as is the case of Egypt, Jordan and poor African countries.”  LINK

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Samson:  An achievement for Al-Kazemi! The dollar is at its highest price in 18 years and warnings of an economic disaster

12:59 - 07/06/2021

The Parliamentary Investment and Economy Committee warned, on Monday, of an imminent economic collapse in the Iraqi currency, with the Central Bank of Iraq continuing to raise the price of the dollar, while experts indicate that the Al-Kazemi government has not achieved any economic achievement despite raising the price of the dollar and the global oil price. It reflects the extent of government confusion.

Member of the Economic Committee, Nada Shaker Jawdat, said in a statement to "Al-Maalouma" that "the government claimed that the economic reform paper will guarantee measures that give the poor new privileges, as well as work to reduce food prices." Jawdat added, "Increasing the dollar brought economic disasters and greatly increased the rate of poverty and deficit without any change under the banner of government achievements, Mustafa Al-Kazemi."

At this time, the economic expert, Abdul Rahman Al-Mashhadani, confirms in a statement to "The Information" that "the real income of the citizen has decreased by more than 50% compared to last year, and it is a real big crisis that cannot be overcome." He added, "The rise of the dollar to about 1500 means an increase in foodstuffs and medicines and the stability of their prices by about 40%, despite the presence of large financial flows as a result of oil prices reaching record numbers."

In addition, the oil expert, Hamza Al-Jawahiri, said in a statement to "The Information" that "the current government has not achieved any oil or economic achievement despite the rise in global oil prices, reaching about $72, while it did not exceed $30 last year."

He pointed out that "the smuggling of oil from Kirkuk through Kurdistan continues until now, in addition to the fact that it has not been imposed by law on the region, amid the continued sending of economic aid to Erbil."

The reason for the high exchange rate of the dollar in Iraq during the last period, a rise in the prices of goods, especially foodstuffs, and markets and commercial centers in Iraq were almost devoid of shoppers, for several days, due to the economic confusion from the high exchange rate of the dollar and the new rise in food prices and others.

The exchange rate of the dollar against the Iraqi dinar, today, Monday, set a new record in the currency markets in Iraq, where the exchange rate of 100 dollars against the Iraqi dinar exceeded 150 thousand and 150 dinars, after it was 150 thousand and 50 dinars yesterday, Sunday, attributing the reason to the increased demand for buying it by companies, traders and citizens. LINK

Samson:  The government..the economy..and the citizen

17:16 - 07/06/2021 - Books / Qasim Al-Gharawi

The Iraqi parliament voted at the end of last March, by majority, on the draft federal budget law for Iraq for the fiscal year 2021, with a total of 129 trillion Iraqi dinars, while the ceiling of crude oil exports was set at a rate of 3 million barrels per day, including 250 thousand barrels from the fields of the Kurdistan region at a price of 45 dollars per barrel.

Lifting government support from the exchange rate represents one of the most daring decisions of the Al-Kazemi government, which caused an increase in prices. 

Because of it, the Iraqi market was hit by severe turmoil after the dollar exchange rate was raised, and the first signs of this turmoil is the tangible increase in prices, as well as the suffering that affected many economic sectors in this market and thus the impact on the life of the citizen, according to the World Bank report, which confirmed that about 2.7 to 5 Millions of Iraqis are threatened with poverty as a result of the Corona pandemic and the drop in the price of a barrel of oil.

A double shock received by the Iraqi citizen by the increase in the poverty rate and the difficulty of life in light of the reduction in the price of the Iraqi dinar against the dollar due to the financial and monetary policy of the Ministry and the Central Bank.

Despite the fading of the panic from the Corona pandemic and the return of oil prices to a rise again towards a level of more than 70 dollars per barrel due to the increase in demand resulting from the return to operating the stalled factories in the world and the desire of the United States of America to restore its strategic oil reserves, the Iraqi reality remained in a state of crisis, and the market still poses a great challenge to the citizen.  The Iraqi government is without a solution in light of an economic, financial and monetary policy and a reform paper adopted by the government to face the economic challenges at a time when the vision of the suffering of the people was absent.

At a time when the global economic situation indicates the stability and recovery of markets after economic challenges and expectations of an increase in the price of a barrel of oil, the economic policy in Iraq did not succeed in its expectations for the price of a barrel of global oil for 2021, contrary to global expectations, and therefore the budget relied on expectations that the price of a barrel of oil would continue to be $45 The difference in the price saved millions of dollars. However, the increase in the exchange rate of the dollar did not achieve the goal of controlling market prices and creating a balance in them, as evidenced by the fact that the bank is still selling more than 200 million dollars.

The approach of corruption in the Iraqi state is the first reason for this decline, and the approach of political quotas is what led to the deterioration of the economic file, as well as the intervention of politics in the management of the economic file and the diligence of politicians in it for their interests that are related to their banks and the profits made as a result of buying and selling the dollar and smuggling it abroad.

The reconciliation of the higher authority concerned with covering market transactions in dollars with black market dealers and monopolists of the currency will necessarily lead to the situation remaining unresolved, as the current government with its financial policies that have robbed Iraq’s economy of its most sensitive aspects and increased poverty rates within a few months to unprecedented levels, it will be written that be the worst government in the record economic performance.  LINK

KTFA Members "News and Views" Sunday Afternoon 6-6-2021

KTFA:

Samson:  The world's possession of gold has increased, and Iraq has not increased its reserves since

6th June, 2021

On Sunday, the World Gold Council announced a rise in world gold reserves, noting that Iraq had not increased its gold reserves since September 2020

The council said in its latest schedule in June of 2021, which was reviewed by Al-Eqtisadiah News; Iraq has increased its reserves of the yellow metal to 35,394 thousand tons, an increase of 69.4 tons over the previous month

He added, "The increase in gold reserves came from five central banks, as Thailand made the largest purchase of gold during the month, adding 43.5 tons, and bought Turkey (13.4 tons), Uzbekistan (8.4 tons), Kazakhstan (4.6 tons) and Kyrgyzstan (3.8 tons), indicating the only sellers are Russia and Germany, where the Russian gold reserves decreased by 3.1 tons and the sale of it was related to the mint, and the German gold reserves decreased by 1.3 tons, which is also related to the mint

He pointed out that "Iraq maintained its 38th rank globally out of the 100 countries listed in the table with the largest gold reserves in the world, and ranked fifth in the Arab world after Saudi Arabia, Lebanon, Algeria and Libya," noting that "it has not bought gold since September of 2020, when it bought an amount As few as 0.1 tons, while he bought 6.5 tons in September 2018

He added that "the United States of America still ranks first in the world's largest gold reserves with 8,133 thousand tons, followed by Germany with 3,361 thousand tons, while the list was followed by Suriname with 1.5 tons, preceded by Yemen by 1.6 tons

It is noteworthy that the World Gold Council, which is headquartered in the United Kingdom, has extensive experience and deep knowledge of the factors that cause market change, and its members consist of the largest and most advanced gold mining companies in the world  LINK

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OlLar:  If Delta is right we are now looking at a window of next weekend. IMO we are still looking July 1 because past CBI Governors have said the 1st and middle of the year. We shall see

Although, IMO it doesn't mean they couldn't release a rate and LD a week or even weeks prior to June 30 in order for a smooth release of a new economy based on July 1

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Samson:  In Dhi Qar.. Angry protesters give employees to vacate a government department before burning it

6th June, 2021

A number of angry citizens demonstrated in Dhi Qar Governorate, southern Iraq, today, Sunday, to demand the improvement of electric current service in the governorate. 

Shafak News Agency correspondent said, "A number of citizens of Sayed Dakhil district, east of Nasiriyah city, the provincial center, demand the provision of electricity, which has reached a very poor level, according to them." 

And he stated, "The demonstrators gave the employees one hour to leave the district before setting tires on fire."  LINK

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Samson:  Within a month, the Iraqi Stock Exchange is trading 191 billion shares, worth 183 billion dinars

6th June, 2021

The Iraq Stock Exchange announced today, Sunday, that 191 billion shares were traded, with a financial value of more than 183 billion dinars, during the month of May.

The market stated in a report seen by Shafak News Agency, that "the number of companies whose shares were traded during May amounted to 59 joint stock companies, while the shares of 25 companies were not traded due to the difference in the prices offered from those requested by investors, while 19 companies continued to be suspended for not providing disclosure out of 103 listed companies." In the market".

He added that "the number of traded shares amounted to 191 billion and 808 million and 942 thousand shares, with a financial value of 183 billion and 365 million dinars, through the implementation of 6966 deals," noting that "the ISX60 traded price index closed at 571 points, recording a decrease of 3% from its closing in previous session.

He pointed out that "the number of shares purchased from non-Iraqi investors for the month of May amounted to 942 million shares, with a financial value of 3.551 billion dinars, through the circulation of 17 joint-stock companies, while the number of shares sold from non-Iraqi investors reached 1.631 billion shares, with a financial value of 1.716 billion dinars, through The circulation of 17 joint stock companies.

It is noteworthy that the Iraqi Stock Exchange organizes five trading sessions a week from Sunday to Thursday, and includes 103 Iraqi joint stock companies representing the sectors of banking, telecommunications, industry, agriculture, insurance, financial investment, tourism and hotels. LINK

Samson:  Iraq sold more than 5 million barrels of oil to America last May

6th May, 2021

The US Energy Information Administration announced, on Sunday, that Iraq's oil exports to America exceeded 5 million barrels during the month of May

And the administration said in its table, which was reviewed by "Economy News", that "Iraq exported crude oil to America during the past month, 5 million and 857 thousand barrels, at a rate of 195 thousand barrels per day," an increase from the month of April, when oil exports to America amounted to 4 million and 260 thousand barrels, at a rate of 142. thousand barrels per day

He added that "Iraq exported during the first week of May at a rate of 235,000 barrels per day, while an average of 199,000 barrels per day was exported in the second week, while an average of 184 thousand barrels per day was exported in the third week," noting that "the fourth week these exports amounted to an average of 163,000 barrels per day

The US Energy Information Administration reported; Iraq ranked seventh after Canada, Mexico, Saudi Arabia, Colombia, Ecuador and Russia, and ranked second in the Arab world after Saudi Arabia, whose exports to America during the month of May amounted to 8 million and 3340 thousand barrels per day, indicating that "Canada ranked first as the most oil-exporting country to America, followed by Mexico LINK

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Don961:  Get to know them.. Blocks manipulating the dollar black market and smuggling foreign currency outside Iraq

06/06/2021 11:08   Baghdad today -Report: Mahmoud Al-Mufraji Al-Husseini

From a long time, all the economic experts in Iraq expressed their observations on the nature of managing the economic file in the country, and warned of the possibility of its collapse if it was not managed in a legal manner, and put it in the hands of people with professional economic experience who are able to overcome crises whenever they arise .

And when they are asked who is responsible for the mismanagement of the Iraqi economic file, the answers vary, but most of them agree that the corruption approach in the Iraqi state is the first reason for this decline. The political quota is what led to the deterioration of the economic file, and its proximity to collapse at any moment .

These economic expectations, emanating from specialists and experts, were realized when the government of Haider al-Abadi announced the adoption of an austerity policy during its tenure, and successive governments did not concede after it to raise austerity despite the rise in oil prices at the time, to come the 2021 budget, which included the high exchange rate of the dollar against the Iraqi dinar , to be one of the most endorsements of the way the Iraqi economic file is managed .

The Iraqi parliament voted at the end of last March, by a majority, on the draft federal budget law for Iraq for the fiscal year 2021, with a total expenditure of 129 trillion Iraqi dinars (89 billion dollars) and a planned deficit rate of 28 trillion Iraqi dinars (19.3 billion dollars), while the ceiling of crude oil exports was set at a rate of 3 million and 250 thousand barrels per day, including 250 thousand barrels from the fields of the Kurdistan region, at a price of $ 45 per barrel .

Lifting government support from the exchange rate represents one of the most daring decisions of the Al-Kazemi government, which ended a long tradition of supporting the dollar price to raise the value of the Iraqi currency, which caused a rise in prices .

The Iraqi market was hit by severe turmoil after the dollar exchange rate was raised, and the first signs of this turmoil is the tangible increase in prices, as well as the suffering that affected many economic sectors in this market .

With the rise in oil prices, and the price of one barrel reaching 70 dollars, the citizen hoped that the government would return to lowering the exchange rate of the dollar to ease the pressure on his shoulders, but it kept the dollar exchange rate fixed, and did not change it .

The economic expert, Dergham Muhammad, said that it is possible that the price of the dollar will rise and exceed 1500 dinars at any moment, and that "all possibilities are open as long as there is a relationship between the presidency of the monetary authority and the mafias of selling dollars that are affiliated with the banks belonging to the parties ."

Muhammad told (Baghdad Today), that "the reconciliation of the higher authority concerned with covering market transactions in dollars with black market dealers and monopolists of the currency will necessarily lead to the situation remaining unaddressed, as the current government with its financial policies that have robbed Iraq's economy of its most sensitive joints and increased poverty rates during A few months to unprecedented levels, without any scruples of conscience. It will be the worst government in the record of economic performance, and this will allow its people to be tried once they leave power ."

He pointed out that "the involvement of the political blocs in Parliament as they own most of the banks that contribute to the black market of dollars to achieve illegal gains by creating a black market for dollars and smuggling foreign currency with government complicity, which led to the absence and disruption of the oversight role of Parliament, and among them was the prevention of questioning the governor of the Central Bank, pointing out, The silence of the executive authorities, whether monetary, financial and legislative, in their capacity as a supervisor, about the farces of the dollar auction is an involvement in its black market .

He explained, "Any country with a law-abiding government would have referred the governor and departments of the Central Bank concerned with currency auction corruption to the judiciary and investigated the Minister of Finance about his allegations of dealing with currency smuggling by raising the exchange rate ."

While the economic expert, Malaz Al-Amin, detailed the global economic situation and its impact on Iraq, expecting the stability of the dollar exchange rate on what was put in the current year's budget .

Al-Amin said to (Baghdad Today), that “the global economic situation indicates the stability and recovery of markets after the panic subsided from the Corona pandemic and the return of oil prices to rise again towards a level of more than 70 dollars per barrel due to the increase in demand resulting from the return to operating the suspended factories, and the desire of the states. the United States of America to restore its strategic oil reserves .

He added, "The dollar exchange rate in the market is stable around 1.48-1.50 thousand dinars, and the government has a surplus of hard currency as a result of the increase in oil prices than it put in the budget by more than 25 dollars per barrel, and it was able to pay off a large part of its debts and another part." From the deficit, and therefore I expect the exchange rate to be stable if the stability of the local political situation and the region continues .

In addition, a member of the House of Representatives, Alia Nassif, spoke today, Saturday, about a cover for the theft of public money caused by the Ministry of Finance, while warning against maintaining foreign loans associated with projects despite the presence of a surplus in revenues .

Nassif said, in a statement received by (Baghdad Today), that "there is no justification for signing foreign loans to finance projects, as the surplus achieved from these first six months of this year finances all loan projects (found on page 4, paragraph C in the budget), amounting to 3.1 billion. dollars," noting that "the projects that are carried out by direct referral and without bidding to search for quality and at the best prices are public corruption projects codified in the budget ."

She added, "Keeping foreign and project-related loans is a cover for theft and bribery," noting that "a billion dollars out of the 3.1 billion dollars is financial corruption in prices to finance hundreds of millions of dollars in bribes, especially in the oil and electricity sectors ."

And she continued, "We have said it before and we repeat it today. Whoever encourages keeping these loans is a partner in corruption, directly or indirectly, and therefore it must be canceled and the corrupt are cut off ."  LINK

MilitiaMan "Thoughts on the CBI" Saturday PM 6-5-2021

KTFA:

MilitiaMan:  The CBI is to maintain stability and that is what they do. They defend their currency for many reasons and purposes.

Under the circumstances and progress we see in the monetary reform process while taking into consideration that there is a digital transformation going in Iraq, in the region and Globally down to the Human Capital Development side of things takes into consideration exchange rates and the effects both good and bad they have on the population of course, not to mention commercial and industries and others being inclusive that are affected. 

Exchange rates have a profound effect on day to day lives.

CBI knows that all to well and I think we both are too, well aware of that. My view as I have stated in respect to the deletion of the zeros project, is that this last devaluation was done for a few reasons aligned with the project.  

1) Is to stimulate the populace to bring in large notes to reduce note counts which creates value in the end.

2) It also is said to stimulate local production of local goods and services on the good side.

3) On the downside it creates inflation and that comes fast and furious, whereby, we get item #4.  

4) Instability, as we see in the news with protests to the devaluation and more building as the days go on.

With all the reforms having been progressing and converging at a pace unseen before and with the pressures that the devaluation brings there comes a time that the risk of more devaluation for the so called good side of the ledger becomes far to risky and the cost becomes a liability. One that may have far to many consequences! 

With that in mind, it is my belief the Government who will bare the brunt along with the CBI have a choice to make now as, they already of late increased auctions over the last month or so which didn’t cool the inflation.

So now will the CBi seek to defend the currency by selling more reserves, a negative, that hasn’t worked and risk the reserves?

I think not. My view, is with the massive amount of data we have been showing in articles with links to support the view, is that they are ready and are heavily pressured to go to a market economy.

That fact is in our face like no other.

 So to presume this particular time is like any other time in history is folly and not taking into account this is a digital transformation into a les cash society. Less cash has added value. Devaluation has more cash. Fairly simple concept.

Another simple concept to apply is to delete the zeros at a pre determined and calculated exchange rate that was market driven!! Interesting isn’t it. The CBI Didn’t  devalue this last move down to 1500, the market did. 

Thus, my view is I expect a strong ( like never seen before, as noted on Iraq TV.) international rate to be gamed off the devaluation with the help of the local bankers and traders who are fully aware of what is going to happen next. We have data that supports them saying so..

Let’s see what they do next! We are only as good as the data we get. Yes, we get some very good data. Imo ~ MM

MilitiaMan and KTFA Members "News and Views" Saturday 6-5-2021

KTFA:

MilitiaMan:  Imo.. This is not all about Iraq. It is about a global initiative. We just watched over 500 Central Bankers and Bankers and then down to Community Bankers converge in respect to the global digital transformation and in Iraq’s back yard.

 Thinking this roll out is like status quo is sadly mis guided. The WB, IMF, UST, EU, etc, didn’t manage this process for to allow the parliament of Iraq to get tin the way and throw shoes at one another!! That is utter none sense..

The data shows they have come so far that even their own people can not fathom just how far they have come.. They’ll be proud..

 Of those that facilitated the leap into the market economy, they’ll hang those they prove to have been corrupt in all aspects!! It won’t be the first time they have either.. Imo - MM 

Cleitus:  "...,they'll hang those they prove to have been corrupt IN ALL ASPECTS!!"  Sounds to me there is going to be a lot of "hanging"! Especially, if you consider the "corrupt" from other countries that participated.  It also sounds to me, and discussed on several occassions, once Blockchain/Digital Ledger Technology (DLT) is fully implemented [away from the SWIFT] it's the last nail in the coffin for the "corrupt" to steal from the people.    IMO, of course...

Samson:  The AMF appoints Standard Chartered as the Settlement Bank for the Euro in Buna

4th June, 2021

The Euro inclusion will support the growth of economic and investment ties between the Arab countries and Europe

 The Arab Monetary Fund (AMF) and Standard Chartered have reached an agreement for the Bank to serve as settlement bank for the Euro currency in Buna (the cross-border payment system owned by the AMF). Both institutions are currently engaged to address relevant final details and intend to work together in progressing ahead to an implementation phase.

The inclusion of the Euro as the fifth settlement currency, marks another major milestone with respect to establishing Buna as the payment system of choice across the Arab world and strengthening its position as an active member of the global payment sector.

In addition to the three key Arab currencies; the UAE Dirham, the Saudi Riyal, and the Egyptian Pound, the Euro is the second international currency to join Buna’s payment platform, following the inclusion of the US Dollar.

This consistent rise in the number of settlement currencies in Buna, comes in line with Buna’s ambition to continuously increase its value proposition to its growing network of participants from the region and beyond.  The inclusion of the Euro shall further strengthen Buna’s strategic objectives in terms of streamlining cross-border payments and supporting investment and commercial ties among Arab countries and between the Arab region and its major trade partners in Europe. 

Commenting on this important event, His Excellency Dr. Abdulrahman A. Al Hamidy, Director General Chairman of the Board of the Arab Monetary Fund, expressed his appreciation to Standard Chartered and its dedicated team, for their cooperation to realize this strategic partnership and facilitate the inclusion of the Euro as settlement currency in Buna.

 His Excellency also expressed his gratitude to the European Central Bank (ECB) and all the Central Banks in Europe for their support in achieving the inclusion of the Euro as a settlement currency in the Buna payment system.

H.E Dr. Al Hamidy said: “We thank Standard Chartered for supporting us in realizing one of Buna’s key objective to provide our participants access to a key international currency and allow them to execute cross-border payments in Euro in real time, at an efficient cost through a centralized, risk controlled, and secure platform that is compliant with international standards.

This is in line with Buna’s vision to provide not only an efficient infrastructure for cross-border payments, but also a strong, safe and diversified line of innovative solutions that caters for the growing and evolving needs of the Buna’s participants.”

“The inclusion of the Euro, represents another testament of Buna’s global dimension and the AMF is confident that our partnership with Standard Chartered will play a key role in realizing Buna’s growth plans, to be a strong player and a constructive contributor to the cross-border payment industry at a global level.”  Added H.E Dr. Al Hamidy.

Commenting on this partnership, Rola Abu Manneh, Chief Executive Officer, Standard Chartered UAE said: “Given our longstanding history of supporting clients across our footprint, we are continuously looking at ways to innovate and enhance client experience for cross-border payments across Middle East and beyond. The global financial system has demonstrated that transparent, quick, and traceable cross-border payments are a reality today, and we are pleased to be working with Arab Monetary Fund in driving this initiative. Standard Chartered looks forward to share its expertise and thought leadership in the payment clearing space.”

Buna, is a cross-border payment system owned by the Arab Monetary Fund, aiming to enable financial institutions and central banks in the Arab region and beyond to send and receive payments in local currencies as well as key international currencies in a safe, cost- effective, risk-controlled, and transparent environment.

 Buna offers participants modern payment solutions that comply with international standards, principles, and compliance requirements. Thanks to its cross-border payment system Buna contributes to exploring and strengthening opportunities for economic and financial integration in the Arab region and supporting investment ties with the global trading partners.

 Buna welcomes the inclusion of all banks that meet the criteria and conditions for participation, primarily the standards and procedures of compliance aspects.  LINK

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Samson:  The Presidency of the Iraqi Parliament: The government did not spend the region's and the rest of the provinces' share of the budget

5th June, 2021

Deputy Speaker of the Iraqi Parliament, Bashir Al-Haddad, considered on Saturday that the agreement between Erbil and Baghdad regarding the Kurdistan Region's share in the financial budget for the year 2021 has entered into force.

Al-Haddad added, in a statement to reporters, that the delegation of the regional government, which visited Baghdad a few days ago, is currently working with the federal government to find a mechanism to implement the agreement, adding: The delegation's visit will have fruitful results.

With regard to not spending the region's share of the budget, Al-Haddad said: The government has not yet spent the budget of the Kurdistan Region, and the budgets of the rest of Iraq's governorates from the financial budget, stressing that this is not limited to the region only.

A high-level government delegation headed by the Deputy Prime Minister of the region had visited Baghdad a few days ago to put the final touches on implementing the agreement signed with the federal government and spending Kurdistan's share of the budget.  LINK

Samson:  Turkey..discovered 135 billion cubic meters of natural gas in the Black Sea

21:30 - 04/06/2021

Turkish President Recep Tayyip Erdogan announced today, Friday, the discovery of 135 billion cubic meters of natural gas in the Sakarya field in the Black Sea.

Erdogan said that his country has discovered new quantities of natural gas in the southern Black Sea, bringing the total gas reserves discovered in the Black Sea to 540 billion cubic meters.

Speaking during the opening ceremony in the Black Sea region of Zonguldak, Erdogan said that "excavation activities in the vicinity of the "Amasra-1" site are continuing and we are looking forward to receiving new good news from this region."

Last year, Turkey's Al-Fateh drilling ship discovered 405 billion cubic meters of natural gas in the Sakarya field in the western Black Sea region, the largest discovery in the country.

Turkish President Recep Tayyip Erdogan stated, a few days ago, that he will announce new news next Friday, about his country's gas and oil discoveries in the Black Sea.  LINK

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Samson:  Oil prices are around $72 a barrel

5th June, 2021

Prices rose to nearly $72 a barrel at their highest level in two years, at the last close on Friday, supported by the OPEC + plan on supplies and the recovery of demand on concerns about the irregular activity of vaccinations against the Corona virus globally

The Organization of the Petroleum Exporting Countries, "OPEC" and its allies, said that they are proceeding with the agreed supply restrictions, while the weekly supply report showed yesterday, Thursday, that US crude stocks fell more than expected last week

Brent crude rose 33 cents, or 0.5%, to $71.64 a barrel by 08:12 GMT, and it had reached its highest level during the session last Thursday at $71.99, its highest since May 2019, and US West Texas Intermediate crude rose 22 cents. or 0.3% to $69.03

On a weekly basis, Brent is set to increase more than 2.8% and WTI is heading for 4% higher  LINK

Jerry1971:  OIL REACHING ITS PEAK IN ALMOST 2 YEARS TIME NEARLY 72$ A BARREL ….WHAT A FANTASTIC TIME FOR CBI TO PULL THE TRIGGER

EVERY THING IS ON THEIR SIDE ADDING TO THIS THE SECURITY AND STABILITY IN CHECK …FAB 4 DONE WITH IRAQ…. HCL AND BUDGET COMPLETED

THERE CANNOT BE A BETTER TIME FOR IRAQ TO OPEN A NEW CHAPTER IN THE DEVELOPMENT OF THEIR ECONOMY AND BETTERMENT OF THEIR CITIZENS. 

THANKS SAMSON FOR ALL THE GREAT ARTICLES YOU PROVIDE STAY BLESSED.     

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Samson:  Commerce congratulates the International Day of Exhibitions: the exhibition sector will provide job opportunities

5th June, 2021

Director-General of the General Company for Iraqi Exhibitions and Commercial Services in the Ministry of Commerce, Sarmad Taha Saeed, on Saturday, congratulated the International Federation of Exhibitions on the occasion of the International Day of Exhibitions.

In a statement received by Mawazine News, the company's general manager said, "This occasion is of paramount importance in highlighting the strength of the exhibition sector and providing the diverse job opportunities it creates, and exhibitions are a unique marketing channel that provides opportunities for communities to meet and do business. face to face".

Sarmad added, "The International Day of Exhibitions was launched in 2016 to highlight the importance of international trade fairs and their vital economic role in stimulating trade and supporting economic growth at the local and international levels."

It is worth noting that the International Federation of Exhibitions supervises, from its headquarters in Paris, the coordination of the activities of this day, which brings together hundreds of organizers, exhibition centers, associations, trade unions, service providers and other relevant bodies and organizations from different countries of the world.  LINK

MilitiaMan Friday Night "Light at The End of the Tunnel" 6-4-2021

KTFA:

DCDriver:  Am I reading this right? " Next Sunday is the date that the Central Bank will offer "new amounts" of hard currency?  

MilitiaMan:  Yes, you did read that right imo.. Iraq at 1190, 1450, 1553, 1600 or even 2000, as the numbers have been floated over the preceding 4-5 days  suggest they are not hard currency numbers. They are effectively exotic.. lol

Now take that in mind to what is expected from the CBI and not street traders or bankers, etc., and have the CBI drop three zeros from any of those aforementioned numbers and you get international hard currency. imo.. That also, if we think and are correct, it will suggest they will need to show new small category notes to go along with the adjusted new rate.

The below is going to help set the stage for some things that are in motion, imo. But first lets keep in mind that the last CBI devaluation was Dec, 20th 2021 from 1190 to 1460 per CBI site.

When considered by the project to delete the zeros the devaluation becomes purchasing power. That most recent devaluation by the CBI was announced I believe after the close of business on that Thursday the 20th,  and was not exposed to the market until the following Sunday open for business.

A similar scenario is aligning in a similar manner, imo. The article clearly states something similar below may happen. It might appear as to the CBI has intention to devalue again. But, ask yourself does that make any sense at this stage at all? I sure hope you all think like me, as not in the least does it make any sense. imo

No take note.

We know that there has been massive undertakings over the years, months, weeks and now days to hours in respect to the White Paper Reforms and WB, IMF, UST, BIS initiatives to get Financial Inclusion (FI) to the Citizens of Iraq, the region and the world.

We know that FI in Iraq is past tense to date. We also know that FI includes many things, i.e., E-Banking, E-Commerce, E-Payments, E-Settlements, Borders, Customs, Fees, salaries, etc.. Automation is under way for all of it. We see evidence at the borders even today.

All of those things directly above will require an interlink to communicate.

Well we have seen that the BUNA is geared for to accept Iraq into the AMFs new digital Platform to be along side trading partners internationally. The regional and global partners are already live and clearing, imo.

 Iraq will to clear and that will require a new exchange rate. That is what will bring Iraq into the new market economy!! imo

Now back to the topic of the exchange rate change on the street. Lets go back a week real close and recall that there was an article about the street traders losing money in the last devaluation. They admittedly told us they lost money.

They however, were not writing to complain. They wrote to explain that it is all a part of the process. Win some lose some. They went on to say that there was more opportunity in the future and it will be gained by the economic change that is about to arrive in the re construction effort, agricultural arena, and quite possibly inferred to another exchange rate change that ushers in the new market economy.

 In other words it appeared to me that they know full well what little they lost then will not be an issue again, as with what they will gain after the next move will make it all seem like a bump in the road of prosperity. 

Lets keep in mind that that the Kurds arrived and left the other day and are said to be coming back . Of course they will. That will always be the case.

But, as for now, imo they came and left for a reason. That is imo because they had already hammered out the FOGL and while here imo they hammered out the INOC or they wouldn't have left. They most likely during the formal signing had their private photo op and that can be put out anytime..

As for why do believe that? Because the Parliament missed two sessions in a row. Therefore, it supports that the most important item INOC was sorted, and that there was no more need to worry about the small stuff. So the Kurds went home happy.

However, from the looks of Halabousi and Allawi, there is an ongoing Tit for Tat and another in respect to the mechanism to be exposed. 

 Notice Halabousi suggests that there are dangerous files. and that Allawi was going to expose those files. That suggests that there are corruption files against Parliament members. Halabousi would know that an exchange rate change in the short term to another devaluation would get the citizens to the streets like no other, just, as the corruption files may do as well. Hence, the Tit for Tat. 

Now, lets think about Allawi. He knows the exchange rate is to change as well. Also knows full well that another devalue would cook him like a goose too. But, he also knows that that is not what is going to happen.

He know like me that the CBI has to change the exchange rate. It is their job.

They are not stupid either and know that the last devaluation was for a purpose that had consequences, yet, light at the end of the tunnel. That light will be a reflection of the end of day trading on the street.  Will it be 1500, 1600 or even 2000? I don't know.

 But, even at 1460 once they drop the three zeros they have Purchase Power and the ability to interlink with trading partners globally.  The crew at the borders today (on a Holy Day) doing the new automation hook ups, will know that... Big time too.. imo.. 

So, the clock is ticking to see if any of what I just wrote has legs to it or not. I do know and have done enough research to support all of the above.

It is all found at KTFAs' forum archives and or Final Article Thread... The News Hounds, Samson and Don961 primarily have provided it all for thank God. They have time zones in their favor to produce things oh so very fast and timely. They are the back bone of this study of mine and those of us who give our opinions from their hard work will imo all give the biggest thanks to you all. You Rock!

Lets see what the days bring us.. imo  From here on out  things should be very interesting.!! lol

Peace to all!  ~ MM

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https://aynaliraqnews.com/index.php?aa=news&id22=148125

political

Wednesday 2 June 2021 | 02:36 PM

| Number of readings: 328

For fear of protesters storming Parliament, Al-Halbousi prevents questioning the Minister of Finance

Today, Wednesday, an informed political source revealed that Parliament Speaker Muhammad al-Halbousi prevented the questioning of Finance Minister Ali Allawi, for fear that the minister would reveal dangerous files and documents.

The source said, "Finance Minister Ali Allawi requested that his questioning be conducted in the Iraqi parliament remotely and from outside Iraq, and that the session be public and broadcast on the air, because he intends to present dangerous documents and evidence that will make the demonstrators storm Parliament, because of the files and evidence of major corruption cases."

And he indicated that "this matter prompted Parliament Speaker Muhammad al-Halbousi to withdraw from the questioning of Allawi, despite the appointment of the interrogation session, and al-Halbousi is currently working to push the fireball against him and in secret he is pushing deputies from Shiite political blocs to confront the Minister of Finance."

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LINK

Anxiety prevails among Iraqis for fear of the deterioration of the purchasing value of the dinar

 The Iraqi local markets witnessed a new rise in the exchange rate of the dollar against the Iraqi dinar, as the value of one dollar reached 1500 Iraqi dinars, a clear difference from the rate set by the Central Bank, which is 1450 dinars to the dollar.

And the new value of the rise was recorded in the Baghdad Stock Exchange for hard currencies and exchange companies in the Al-Kifah and Al-Harithiya areas in Baghdad, as well as Erbil, and in the event that the rise continues until the end of the day, this means that the price will remain unchanged until next Sunday, which is the date for the resumption of official working hours and the Central Bank offering new amounts of hard currency within the policy of preserving the value of the dinar. So far, the competent authorities have not provided any explanations for this rise, but experts and specialists attribute this to speculation within the market, which is carried out by traders, businessmen and private banks. The rise is not the first of its kind, but it is the highest, as the past days recorded a slight increase at 1460 and 1470 dinars to the dollar.

KTFA Members "News and Views" Friday Afternoon 6-4-2021

KTFA:

Samson:  Anxiety prevails among Iraqis for fear of the deterioration of the purchasing value of the dinar

The Iraqi local markets witnessed a new rise in the exchange rate of the dollar against the Iraqi dinar, as the value of one dollar reached 1500 Iraqi dinars, a clear difference from the rate set by the Central Bank, which is 1450 dinars to the dollar.

And the new value of the rise was recorded in the Baghdad Stock Exchange for hard currencies and exchange companies in the Al-Kifah and Al-Harithiya areas in Baghdad, as well as Erbil, and in the event that the rise continues until the end of the day, this means that the price will remain unchanged until next Sunday, which is the date for the resumption of official working hours and the Central Bank offering new amounts of hard currency within the policy of preserving the value of the dinar.

So far, the competent authorities have not provided any explanations for this rise, but experts and specialists attribute this to speculation within the market, which is carried out by traders, businessmen and private banks. The rise is not the first of its kind, but it is the highest, as the past days recorded a slight increase at 1460 and 1470 dinars to the dollar.

The reason for the rise in the exchange rate of the dollar in Iraq during the last period is a rise in the prices of goods, especially foodstuffs, and the markets and commercial centers in Iraq have been almost devoid of shoppers, for several days, due to the economic confusion from the high exchange rate of the dollar and the new rise in food prices and others. And the Iraqi Ministry of Planning confirmed, earlier, that poverty indicators in the country had risen to 27%, due to the increase in prices, against the background of several government measures to overcome the financial crisis, including raising the dollar exchange rate, as the Al-Kazemi government raised the exchange rate from 1200 dinars to 1450, per dollar.

Member of the Economy and Investment Committee in the Iraqi parliament, Salem al-Tufaili, said, "The main reason for the continued rise in the dollar exchange rate is the lack of real government control over the Iraqi market, as well as the work of private banks and exchanges, which manipulate prices according to their interest without any oversight or accountability." Al-Tufaili indicated that "the rise in the exchange rate of the dollar, as well as foodstuffs and other materials, is behind some greedy traders, bank owners and money transfer companies, among the influential figures, who have relations with some parties and political figures, who control the market as they wish according to government silence."

A member of the Finance Committee in the Iraqi parliament, Muhammad Al-Shabki, said, "The next few days will witness hosting the competent authorities in the Ministry of Finance and the Central Bank, to discuss the repercussions of the rise in the dollar exchange rate, above the amount decided in the 2021 budget."

Al-Shabki indicated that "the Iraqi Parliament's Finance Committee will present many proposals for the control of the competent government agencies over the exchange rate of the dollar, as well as to prevent traders from manipulating the prices of foodstuffs and others, as this matter will lead to humanitarian disasters in Iraqi society, especially with the high rate of poverty and the unemployed are largely unemployed.

Iraqi MP warned that "the economic situation in Iraq does not allow the continued rise in the dollar exchange rate and foodstuffs, as this matter will have major and dangerous repercussions, including the explosion of popular demonstrations as well as the increase in crime rates in Iraqi society, especially the lack of job opportunities in the government and private sectors, and the continuation of The unemployment rate among young people is high.

On the other hand, the economic expert Younis Al-Kaabi said, in press statements, that "the currency auction did not decrease in its sales, nor did the poor class improve its living conditions, and most importantly, it left an important segment of society under the weight of poverty, namely the employees and retirees." Al-Kaabi explained that "the monthly income of employees and retirees has declined as a result of the change in the exchange rate on the one hand, and on the other hand, the increase in the prices of goods, medicines and basic commodities in the local markets."

The Iraqi expert revealed that "the data of the Ministry of Planning indicate that the poverty rate in Iraq has risen from 25% to 28%, and this is the biggest indication of the failure of fiscal and monetary policy in Iraq."  LINK

DCDriver:  Am I reading this right? " Next Sunday is the date that the Central Bank will offer "new amounts" of hard currency?

PompeyPete:  A MANAGED FLOAT OF THE DINAR WILL ALSO ......”in the event that the rise continues until the end of the day, this means that the price will remain unchanged until next Sunday, which is the date for the resumption of official working hours and the Central Bank offering new amounts of hard currency within the policy of preserving the value of the dinar.” ioo

DeepWoodz:  Imo... as of 11:25 eastern standard on cbi.iq the rate is unchanged at 1460.  

PompeyPete:  CBI IS CLOSED FRIDAYS, HOLY DAY...SO MAY WELL NOT BE UPDATED...HAPPENED BEFORE..DONT WANT THE CITIZENS RIOTING, JUST AS THEY DID AFTER BANKS CLOSED 20/12/20 ....UPDATE ...BY DELETING THE THREE ZEROS AND GOING $1.5 to 1 DINAR ...MARKETS OPEN X3 SDR SUNDAY AFTERNOON/EVENING ...IOO

Iobey777:  Hey Pete! IMO… we were also told by WALKINGSTICK that the rate and NSCN’s could  be simultaneous!! And it is looking REALLY good!! They are dotting i’s and crossing t’s , making sure they are ready to FINALLY push the button!!  This is VERY interesting!! It seems they have set a date to start using the new  amounts of currency.  ..you mean the NSCN’s?!!!! I am thinking that this means they may show the rate… watch the CBI!!! .but we will see on that..believe it or not, I am trying to contain my excitement!,

Samson:  Russian Finance Minister: We will replace the dollar in the reserves of the National Welfare Fund

4th June, 2021

Russian Finance Minister Anton Siluanov announced, at the Petersburg International Economic Forum, a change in the strategy of the National Welfare Fund, specifically with regard to the dollar.

He said during his participation in one of the dialogue sessions in the forum held this week, that the Russian Ministry of Finance will change the reserves of the National Welfare Fund within a month, as it will dispense with the dollar, that is, bring the reserves of the US currency to zero.

According to the Russian minister, the dollar reserves will be replaced by other currencies, in addition to that, gold reserves will be added to the fund, which is a safety cushion for Russia.

He pointed out that the British pound's reserves will be raised to 5%, the euro's share to 40%, the yuan's share will be increased to 30%, and the gold's share will be 20%. Moscow established the fund more than 10 years ago and accumulated part of the oil revenues in it during the boom in its prices, to be a safety cushion for the country during crises and low prices for crude oil, which is a traditional commodity in Russian exports.

The important point is that the money accumulated in the National Welfare Fund is not Russia's international reserves, which exceeded the level of $605 billion last May. And the Petersburg International Economic Forum, which will be held in person (face to face), began last Wednesday, taking into account health prevention measures, and using modern digital technologies.

The number of participants in the forum this year is about 5,000 thousand, and the State of Qatar is participating in the forum with a large delegation and as a guest of honor.   LINK

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Samson:  Putin: Oil can deal a very serious blow to the dollar

06/04/2021 17:18:06

Russian President Vladimir Putin said that the multiplicity of currencies that are used as reserves in the world will ensure the safety and flexibility of the global economy, noting that Washington's use of the dollar as a political tool harms it.

  The Russian President's statement came during a dialogue session held at the plenary session of the Petersburg Economic Forum, held this week (2-5 June 2021), and the Emir of Qatar, Tamim bin Hamad bin Khalifa Al Thani, and Austrian Chancellor Sebastian Kurz participated in the session.

"The logic of the development of the world economic system and the world monetary system indicates that there is a need for a plurality of reserve currencies to ensure the security and stability of the global economy and financial system," Putin said.

The Russian president added that the United States' use of the dollar as a competitive and political tool harms it as an international reserve currency. He pointed out that "stability, predictability and reliability are important. The currency is not important. If the source, in our case the United States, does not appreciate its national currency as an international reserve currency, because it uses it as a tool for competition and political struggle and this harms the dollar as a reserve currency for the world." He continued, "If the oil industry rejects the dollar, this will be a very serious blow to the US currency as a global reserve currency."

And the Petersburg International Economic Forum, which will be held in person (face to face), began last Wednesday, taking into account health prevention measures, and using modern digital technologies.

LINK

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Samson:  Record collapse of the Turkish lira with the loss of control of inflation

3rd June, 2021

The Turkish lira closed at its weakest level ever, on Thursday, recording 8.7 per dollar, after strong US jobs data accelerated the pace of a continuous decline for 3 months, amid a state of loss of confidence among investors in the authorities' ability to rein in double-digit inflation.

At 17:19 GMT, the lira, the worst performing currency in emerging markets this year, reached 8.705, a record low closing price, and the currency's 1% losses accelerated when the dollar and US bond yields jumped on stronger-than-expected data.

The currency has plunged 17% since mid-March, when President Recep Tayyip Erdogan, a long-time critic of high interest rates, fired an appreciative central bank director.

The current central bank governor, Şehab Kocıoğlu, sought, in a phone call, to reassure major foreign investors that fears of an early interest rate cut were unwarranted. However, a number of those who attended the call expressed their dissatisfaction, especially in light of Erdogan's statements, who many see as the one who sets interest rates.

The president abruptly dismissed three central bank governors within two years, which negatively affected the institution's reputation and exposed the country to the risk of a financial crisis, according to the description of participants in the call.

"I think Koccioglu is on a tourist visit (to the central bank) so what he says and doesn't say doesn't matter much," said Eric Myerson, an economist at Handelsbanken in Stockholm, who attended the call. He noted that "when Erdogan says interest rates will go down in July or August, that is likely what will happen."  LINK

Samson:  The Arab Monetary Fund (AMF) holds a virtual workshop to elaborate on the value of Multi-Currency Dimension of Buna to execute cross-border payments

3rd June, 2021

The workshop is hosting high-level guest speakers from Arab Central Banks  and global settlement banks representing the currencies that are onboarded to Buna

More than 200 senior officials will attend the workshop, representing central banks and a wide spectrum of financial institutions from the region and beyond

 Abu Dhabi, 3 June 2021: The Arab Monetary Fund (AMF) holds today, Thursday June 3, 2021, a workshop to elaborate on the value that Buna (the cross-border payment system owned by the AMF) is offering to its growing network of participant banks, by allowing and facilitating the usage of a diversified list of eligible Arab and international currencies in cross-border payments, through its centralized and multi-currency payment system.

Additionally, the workshop will further elaborate on the strategic role that Buna and its participant banks can jointly play, to leverage the volume of payments in Arab and international currencies and fuel the growth of trade and economic activities among Arab countries and between the Arab region and international markets.

During this workshop, high-level guest speakers representing the Central Bank of Jordan, Central Bank of the UAE, the Saudi Central Bank (Sama) and the Central Bank of Egypt, in addition to senior representatives of JP Morgan and Standard Chartered as well as Buna executive team, will share valuable insights on the various business and operational incentives as well as the strategic outcome of using the different settlement currencies, included in Buna, to execute cross-border payments.

The workshop will host more than 200 senior officials representing Arab and international central banks, along with various institutions from the financial, banking and payment sectors in the region and beyond, seeking for valuable information about Buna’s recent developments and value proposition.

At this occasion, Mehdi Manaa, Chief Executive Officer of Buna said: “This is a unique occasion to hear the views of the central banks and global settlement on the value and benefits of using Buna to seamlessly process cross-border payments in various Arab and international currencies. The ongoing collaboration between regulators and commercial banks is instrumental to realize Buna’s vision of empowering Arab economies and promoting regional integration, by encouraging the usage of Arab currencies in cross-border payments and investments.”

 Mehdi added: “Buna’s list of settlement currencies includes so far, the UAE Dirham, the Saudi Riyal, the Egyptian Pound and Jordanian Dinar, in addition to the US Dollar and the Euro. Encouraged by the constant support we are receiving from the central banks, the collaboration with our different strategic partners and the trust of our banks, we have been capable to provide an innovative, efficient and safe multi-currency cross-border payment system that complies with the highest international standards of information security and requirements against financial crime.”

Buna, is a cross-border payment system owned by the Arab Monetary Fund, aiming to enable financial institutions and central banks in the Arab region and beyond to send and receive payments in local currencies as well as key international currencies in a safe, cost- effective, risk-controlled, and transparent environment. Buna offers participants modern payment solutions that comply with international standards, principles, and compliance requirements. Thanks to its cross-border payment system Buna contributes to exploring and strengthening opportunities for economic and financial integration in the Arab region and supporting investment ties with the global trading partners. Buna welcomes the inclusion of all banks that meet the criteria and conditions for participation, primarily the standards and procedures of compliance aspects.     LINK

OlLar:  This interesting , as it points out the Iraqi Dinar is NOT yet aprt of the BUNA platform of currencies. “Buna’s list of settlement currencies includes so far, the UAE Dirham, the Saudi Riyal, the Egyptian Pound and Jordanian Dinar, in addition to the US Dollar and the Euro. 

My guess IMO Iraq will be on that list real soon

KTFA Members "Thursday News" 6-3-2021

KTFA:

Don961:  «Arab Monetary» and the Bank for International Settlements discuss monetary policy

Thursday 03 June 2021 Abu Dhabi: Follow up

The Arab Monetary Fund, in cooperation with the Bank for International Settlements, organized the fourth “remote” meeting of the Monetary Policy Working Group in the Arab Countries, during the period from 31 to 2 of this month.

The meeting presented global economic and financial developments and their repercussions on the banking sector and the management of monetary policy in the Arab countries, as well as discussing a number of technical issues related to the role of monetary policy in overcoming the repercussions of the Covid-19 pandemic, in coordination with both fiscal and macroprudential policies.

The meeting also organized a special session on the repercussions of digital currencies issued by central banks on monetary policy, in the presence of high-level monetary policy officials representing Arab central banks and monetary institutions, as well as representatives from international central banks, including the US Federal Reserve and the European Central Bank. and the German Central Bank, as well as a number of senior officials from Arab financial institutions. 

The meeting is modeled after the BIS's monetary policy working groups in Asia, Latin America, and Central Europe.

The Bank for International Settlements was established in 1930, and it is the oldest global financial institution with 60 members of central banks representing a number of countries in the world whose gross domestic product collectively constitutes about 95 percent of global gross domestic product.

The main objectives of the Bank are to support international central banks with the aim of achieving monetary and financial stability and to support international cooperation in related fields, to act as a central bank.   link

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Don961:  Adviser to the Prime Minister of Iraq: The current account of the balance of payments is free from deficit

 May 31, 2021 10:17 PM

  Mubasher:  Mazhar Muhammad Salih, the financial advisor to the Iraqi Prime Minister, confirmed today, Monday, that Iraq’s monetary policy will maintain the stability of the exchange rate.

The financial advisor to the Iraqi Prime Minister indicated that the current account of the balance of payments is free of deficit, but there is an expectation of achieving a surplus in the future.

Saleh told the Iraqi News Agency (INA), that "the reduction of the national currency against the dollar was based on a one-time decision", and that the country adopts a fixed exchange system, stressing that "there is an equation between the theory of exchange rate adjustment and the deficit in the current account of the balance of payments relative to gross domestic product".

He added, "Whenever the deficit increases by 4% or more, an adjustment or reduction is made in the external value of the currency to avoid a deterioration in external payments," noting that "Iraq currently does not suffer from a current account deficit, but rather there is stability and balance."

And the financial advisor to the Iraqi Prime Minister expected that there would be a surplus in the future relative to the gross domestic product, in light of the positive developments in the oil markets and the positive improvement in Iraq's foreign exchange reserves.

The financial advisor to the Iraqi Prime Minister stressed that "the monetary policy will maintain the stability of the exchange rate in the present circumstance."

On December 20, the Central Bank of Iraq decided to reduce the value of the Iraqi dinar against the dollar, bringing the price of 100 dollars to 145 thousand dinars, after it was 122 thousand Iraqi dinars.

LINK

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Samson:  Al-Mashhadani: America is complicit in smuggling Iraqi funds

10:35 - 03/06/2021

Economic advisor Abdul Rahman al-Mashhadani confirmed the existence of American “complicity” in smuggling Iraqi funds abroad, noting that Washington tracks every dollar that enters and exits.

Al-Mashhadani said in an interview followed by "The Information", that "the United States of America is complicit in the issue of smuggling Iraqi funds abroad," noting that "America knows every dollar that enters and leaves."

Al-Mashhadani added that "the rise in the price of the dollar negatively affected citizens, the poor and those with daily income," noting that "the increase in the percentage of the poor is caused by the failure of government policies."

It is noteworthy that the President of the Republic, Barham Salih, announced earlier the submission of a draft law on “recovering the proceeds of corruption” to the House of Representatives, with the aim of recovering the looted funds outside Iraq.   LINK

Samson:  Without radical reform.” The Washington Institute: State collapse in Iraq is “inevitable.”

12:42 - 03/06/2021

A report by the Washington Institute for Near East Policy confirmed, Thursday, that if the current political situation in Iraq continues as it is without fundamental reform, the collapse of the state is inevitable.

The report, which was translated by / the information / stated that “unless there is a continuous decline in oil prices, it is likely that the collapse of Iraq will be gradual, and it will unfold through a continuous series of severe crises and bottlenecks, and it seems that this is the path that Iraq is currently taking, with the intensification of corruption Within the state and the parties that rule without worrying about the interest of the people and the future of the country. In addition, Iraq faces a persistent lack of services, lack of social justice, and widespread unemployment and poverty.

He added, "The only reason for the failure of the Iraqi government completely in the past years is the abundance of oil revenues that covered the state's operational expenses and were sufficient for all parties to distribute their shares. However, this previous financial abundance is in danger due to low oil prices, and inflated spending on the bloated public sector." and increasing operating expenses. The day will come when the state will not be able to manage its finances. As such, the pace of the state's collapse will accelerate with the first sharp drop in oil prices. Examples of this danger emerged with the state’s inability to pay employees for several consecutive months when the oil price fell below $40 a barrel last year.

He continued, “The Ministry of Finance has resorted to devaluing the Iraqi dinar by about 23% against the US dollar to prevent a financial collapse, and although the measure severely affected the local market and worsened the living conditions of all Iraqis to varying degrees, but in addition to the recovery of the global oil market and the return of The oil price reached $70 a barrel, these strict measures allowed the government to pay government salaries while showing the fragility of government revenues in Iraq.”

He explained, “In the event that the situation deteriorates further, the most likely scenario is the administrative collapse of the current system and the decline of the government’s role in managing limited business with control over certain areas including central Baghdad and the Green Zone, and in this case, the government will lack legitimacy and lose control over Some governorates of IraqIt is possible that parties in some provinces will refuse to fully recognize the central government.”

The report indicated that “the current situation in Iraq requires radical solutions to avoid the potential catastrophic repercussions of the current situation, and this can only be achieved if political parties, religious leaders and civil society work together to save what can be saved and return the country to a place of civil peace and coexistence.” They must take the lead in building sustainable development and consensus around a series of common solutions.”   LINK

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Samson:  Lebanon: Central Bank decision ignites nightly protests

3rd June, 2021

Night protests erupted in Beirut, Tripoli and other Lebanese regions, in rejection of a banking decision that places additional restrictions on citizens' withdrawals from their accounts deposited in US dollars

Anadolu Agency reported that a number of young men gathered at the "Ring" intersection in central Beirut, blocking the main road for some time, and others set fire to the "Martyrs' Square" road in the capital

Likewise, protesters blocked the main roads in the areas of Antelias and Zouk, north of Beirut, and those roads link the capital with the northern regions of the country, for the same reason. In Tripoli (north), demonstrators blocked the road in front of the central bank building in the city, and set fire to protest the decision. The protesters also denounced the living suffering they suffer from as a result of the economic crisis

Yesterday, Wednesday, the Central Bank issued a decision asking banks operating in Lebanon to suspend depositors’ withdrawals from their dollar account funds at the rate of 3900 Lebanese pounds to the dollar. The bank based its request on a “preparatory” (initial) decision issued by the State Council, which stipulates that payment to dollar account holders must be made in the deposit currency, i.e. in dollars, and not in Lebanese pounds, at the exchange rate of 3900 pounds to the dollar

Lebanese banks set restrictions on withdrawals in dollars, and allow withdrawals in Lebanese pounds only, and according to an exchange rate of 3900 pounds, based on a previous decision of the Bank of Lebanon, at a time when the exchange rate of the dollar in the parallel market is currently about 13 thousand pounds, which means that depositors lose about 70 % of their money value

 However, the Central Bank, after requesting to stop the withdrawals according to the exchange rate of 3900 pounds to the dollar, did not specify in which currency the deposits will be paid to their owners, and according to what exchange rate if they will be made in Lebanese pounds

This raised the fears of depositors in foreign currencies that withdrawing their money would be available only according to the exchange rate of 1507 liras, which is the official exchange rate at the Central Bank, at a time when the dollar exchange rate in the parallel market is about 13,000 liras, which increases their loss to about 88% of the value of their money

The Lebanese Depositors Association supported the decision of the State Council, declaring its refusal to pay withdrawals from dollar deposits in Lebanese pounds, whether according to the exchange rate of 1515 pounds, or 3900 pounds and she said in a statement via her Twitter account that "the deposit is paid in the same currency as the deposit only, not in Lebanese pounds

A year and a half ago, a severe economic crisis afflicted Lebanon, which led to an unprecedented financial collapse, and a scarcity of basic materials such as medicine and fuel, in addition to a record high price of food commodities. In the past months, Lebanon witnessed a series of protests denouncing the financial collapse and the reality of living, sometimes interspersed with acts of violence and the smashing of the facades of some banks   LINK

Frank26/KTFA Update "Again...World Bank!" Wednesday Night 6-2-2021

Wednesday Night Frank26 Report

6-2-21......AGAIN...WORLD BANK !!!

This video is in Frank’s Opinion only

Guest report from Eddie in Iraq and Walkingstick

Playback Number: 605-313-5153  PIN: 319183#

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=D7Qr2FgztVA

Some "Wednesday News" Posted by Samson 6-2-2021

KTFA:

Samson:  Without knowing the reasons, the trading system in the Saudi Stock Exchange has stopped

2nd June, 2021

Suspended the stock trading system in the Saudi Stock Exchange, on Wednesday, without the operating institution announcing the reason for this.

And the Saudi Al-Ekhbariya channel said, in a report today, that “the trading system was disrupted by 10:56 Mecca time (+3 GMT), while the stock exchange did not announce the reasons for this until the moment, which the channel described as unprecedented for more than 15 years.

For his part, a customer service center with a financial company said, in press statements, that "there is no known reason for stopping or a specific time for trading to resume again," at a time when the trading screen on the stock exchange's website showed a complete halt.

Previously, the trading system in the Saudi Stock Exchange was deliberately suspended during major events such as holidays and some emergency occasions.   LINK

Samson:  Saleh to the World Bank delegation: Iraq is moving forward towards reforming the national economy and fighting corruption

06/02/2021 16:51:36

The President of the Republic, Dr. Barham Salih, received, today, Wednesday, at the Peace Palace in Baghdad, the Vice President of the World Bank Group for the Middle East and North Africa, Farid Belhaj, and his accompanying delegation.

During the meeting, the importance of strengthening cooperation between Iraq and the World Bank, supporting financial reforms and related economic structures to raise their efficiency, as well as work and coordination to combat corruption and reduce its effects, support investment and the private sector, and benefit from human capital, especially young people, was emphasized. Building a healthy, sustainable economy.

President Saleh pointed out that the government is working on economic reform plans, addressing the structural imbalances of the national economy, combating corruption and recovering its returns through international coordination, providing citizens' requirements, ensuring good living conditions, and facing challenges related to the economy, climate change and environmental protection as a priority in sustainable development, in coordination and benefit. of international experience in this regard.

For his part, Farid Belhaj expressed his pride in the World Bank's partnership with Iraq and its importance, stressing the World Bank's commitment to support the path of economic reform that Iraq has embarked on, and to provide assistance and advice in order to proceed with this.  LINK

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Samson:  Two suspects arrested for dealing in counterfeit currency in Karbala

06/02/2021 10:49:04

 Intelligence agency detachments managed, on Wednesday, to arrest two suspects in the holy province of Karbala who traded counterfeit currency.

A statement of the Federal Intelligence Agency, of which {Euphrates News} received a copy, stated, "The detachments arrested the accused after forming a specialized team and setting up a tight ambush after luring them and arresting them in flagrante delicto, with them in possession of 12 thousand and 800 US dollars in the category of 100 dollars and (800) thousand dinars. Class (25), all fake.

The statement added, "The counterfeit currency was seized with a fundamental seizure report, and legal measures were taken against the accused."    LINK

Samson:  A 4-year prison sentence was imposed on the director of Najaf Airport, on charges of bribery

06/02/2021 13:03:50

 A judicial source reported, on Wednesday, the issuance of two prison sentences against the former deputy director of Najaf Airport, Jawad Abdul Kadhim Alwan Al-Karaawi.

The source said, "Today, two sentences of four and eight years in prison were issued against the former deputy director of Najaf Airport, accused Jawad Abdul-Kadhim Alwan Al-Karaawi."

He added, "The decision came about the case of the crime of bribery in the Najaf airport investment contract, and the sentence is four years, and he was sentenced to another four years on the issue of the new runway contract at the airport."     LINK

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Samson:  The largest ship of the Iranian navy sank after a fire

06/02/2021 09:21:01

The public relations of the second maritime zone in Jask, southern Iran, announced the sinking of the logistics and training ship "Khark" of the Iranian army's naval force, following a fire that broke out on it on Tuesday.

 And the public relations report of the second marine zone in Jask stated that this ship, which had gone a few days ago on a training mission in free waters, was exposed to a fire in one of the systems near the port of Jask in southern Iran.

She added: The efforts that were made over a period of 20 hours, in which the marine relief capabilities were used, did not succeed in saving the ship due to the spread of fire in its various sections and thus it sank in the waters of the region.

Fortunately, all the ship's crew members who were brought to the coast were safely rescued, the report added.  LINK

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Samson:  Oil continues to rise in global markets and strong expectations of increased demand

2nd June, 2021

Oil prices rose on Wednesday, after OPEC and its allies adhered to their plan to cautiously restore oil supplies in June and July while forecasting a strong summer demand for fuel in the United States

West Texas Intermediate crude futures rose 21 cents, or 0.31%, to $67.93 at 05:13 GMT, extending its 2.1% gain after the US Memorial Day holiday on Monday. Prices rose to their highest levels since October 2018

Brent crude futures rose 25 cents, or 0.36 percent, to $70.50 a barrel, after jumping 1.3 percent overnight, when they reached their highest level since March 8

The Organization of the Petroleum Exporting Countries and its allies, called the OPEC+ community, agreed on Tuesday to stick to their plan to gradually ease supply restrictions until July

Market gains over the past two weeks were capped by fears of a possible lifting of oil sanctions on Iran, as talks on reviving the nuclear deal made progress, but negotiations reached a dead end this week

OPEC Secretary-General Muhammad Barkindo played down any potential market disruption, saying the group expects any return of Iranian exports "will occur in an orderly and transparent manner" if and when a nuclear deal is reached   LINK

KTFA Members "Monday News" 5-31-2021

KTFA:

Samson:  Barzani: Iraq has an opportunity to be one of the most advanced countries in the region, on condition

05/31/2021 14:05:01

Today, Monday, the Prime Minister of the Kurdistan Regional Government, Masrour Barzani, received the Governor of Basra, Asaad Al-Eidani.

In the meeting, which was attended by Member of Parliament Aras Habib Karim, Al-Eidani indicated that Basra has benefited greatly from the successful experience that the Kurdistan Region enjoys in the reconstruction and provision of services, and said that the allegations accusing the region of developing itself at the expense of Basra and other governorates are incorrect.

The governor of Basra stressed the need for the Iraqi government to be federal and not central, and stressed the importance of the region and other Iraqi governorates genuinely participating in power management and the decision-making process, and said: "Iraq cannot be governed centrally."

The Prime Minister expressed the full readiness of the Kurdistan Region to cooperate and coordinate with Basra Governorate and all other Iraqi provinces, and said: “Iraq is a country rich in human and natural resources, and it has an opportunity to be one of the most advanced countries in the region if there is good governance and good management.”   LINK

Samson:  With the participation of 13 Arab and foreign countries ... Trade continues its preparations for the establishment of the International Book Fair

31st May, 2021

The Ministry of Trade announced, on Monday, that the General Company for Fairs and Commercial Services of Iraq will continue its preparations for the International Book Fair for the period (10-20 / 6/2021), which is organized by the Sada Al Aref General Trading Company and on the grounds of the Baghdad International Fair.

"The exhibition will witness the participation of more than 228 publishing houses from Arab and foreign countries, which are (Iraq, Jordan, Saudi Arabia, Sudan, Egypt, Syria, UAE, Kuwait, Germany, Iran, Qatar, Lebanon and Turkey," the general manager of the Iraqi Exhibitions Company, Sarmad Taha Saeed, said in a statement. And Tunisia), where the pavilions of the participating countries include thousands of titles covering various fields of knowledge, creativity and art."

Saeed added, "The exhibition will host dozens of artistic, cultural and media events, including poetry evenings, in addition to discussion tables and seminars on various topics. Dozens of Iraqi and Arab artistic and cultural figures will also participate in it."

He noted that "the exhibition management has taken strict precautionary measures to prevent the Corona pandemic, as it will provide paws and masks in addition to smart fogging gates and devices to sterilize the air inside the hall, with signs and posters of social distancing." He referred to "preparing all the halls designated for holding the exhibition, gardens and fountains, in addition to preparing health complexes and other service facilities."   LINK

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Don961:  Specialized banks

Monday 31 May 2021  Muhammad Sharif Abu Maysam 

 Specialized banks are usually state-owned, because they are concerned with financing development projects with loans that are often medium or long-term in order to support and sustain the development process

And this role is not assumed by the private sector, which is always looking for quick profit, as commercial banks refrain from financing economic activities that are characterized by slow The capital cycle in it, such as the agricultural, industrial and construction sectors, and on this basis, the specialized banks only appear in the state's economic system, while the donation and aid funds are left with the process of supporting development projects in capitalist systems, which are sometimes financed from the general budget as in the funds concerned with supporting small projects.

And micro-enterprises, to ensure the sustainability of job opportunities, market circulation and support for exchanges and trades.

As well as supporting the agricultural sector to ensure the achievement of food security and to avoid compromising the sovereignty of the state in the event that it is subjected to a political or economic siege, or the international trade routes are exposed to what causes them to change their tracks or stop their work as a result of wars and disasters, God forbid, and among the most important of these banks are {Agricultural Bank, Industrial Bank And the real estate bank}.

Now that we are moving completely towards the capitalist market economy system, according to what was stated in the white paper, the specialized banks that are still operating in the banking arena are candidates for restructuring to be replaced by funds, as is the case of the Housing Fund, which gradually replaces the real estate bank, and the Agricultural Credit Fund The facilitator will support small farmers and farmers, as well as small and medium enterprises support funds and loans provided by the Ministry of Labor and Social Affairs, as well as short-term loans provided by commercial banks under the Central Bank’s initiative to support small and micro enterprises. 

This means that there is a variable that will prolong the specialized banks, and therefore it is necessary to employ the expertise of the employees working in these banks to work in the funds that are auxiliary to them, and to take the huge numbers of agricultural engineers working in the Agricultural Bank

As these engineers who are familiar with the secrets of the capital cycle in the sector can be taken The agricultural credit risk and its secrets are to be a qualitative addition to the Facilitated Agricultural Credit Fund at the Ministry of Agriculture, and it is wrong to neglect these staff, after the high costs that have been spent on training and qualifying them over the years in which experiences have been accumulated and competencies have been polished.    link

Samson:  Integrity: 53 arrest and summons orders issued against officials in the past month

05/31/2021 11:49:20

The Federal Integrity Commission revealed the entirety of the arrest and summoning orders issued and executed against high-ranking officials, indicating that (53) arrest warrants were issued against them during the month of April.

The Investigation Department of the Commission, and in its discussion of arrest and recruitment orders issued by the judicial authorities against the background of cases and files that the Commission has investigated and referred to the judiciary, reported the issuance of (54) arrest warrants against officials during the month of April, indicating that (8) arrest warrants were issued. And (45) summon orders for the period from (1-30 / 4/2021), which included three members of the House of Representatives for the current session, in addition to one member from previous sessions.

The department added that the arrest and recruitment orders included one former and two former ministers, in addition to (8) governors, including two current governors, and (15) general managers (7) of whom are present, (7) former and a former general manager, and the orders also included (23) A member of the provincial councils.

It clarified that (26) those against whom those orders were issued are sureties, and (18) of them were issued recruitment orders, in addition to (4) others who were referred to another investigative body, (2) were referred to other investigation courts, and two defendants were fugitives. Inclusion of one against whom a summons was issued by the decision of amnesty. LINK

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Samson:  Integrity apprehends an official in the diwaniyah who issued and issued fake bonds

05/31/2021 13:51:45
The Federal Integrity Commission managed to arrest the director of a municipality in one of the districts of Diwaniyah Governorate, indicating that the accused is involved in issuing and disbursing fake bonds.

The Investigation Department of the Authority, while talking about the details of the seizure that was carried out based on a judicial arrest warrant, stated that “a working team from the Commission’s investigation office in Diwaniyah, and after its move to the municipality of a district of the governorate, was able to control the municipality’s disbursement committee, which is composed of a director The municipality, the treasurer and another member who signed the fictitious bonds, based on the provisions of Article (315) of the Penal Code.”

And the department continued, "Among the seizures (heels) are the illusory-disbursed instruments, without prioritization and exchange transactions, in the amount of 200 million dinars, while its preliminary investigations have reached important results and that the investigations are ongoing and ongoing by the team."

She added, "A fundamentalist seizure report was organized in the process, and it was presented with the accused and the arrested exhibits to the competent investigating judge, to take the appropriate legal measures."  And Hayat Integrity previously announced the seizure of an employee in the Oil Products Distribution Company - Diwaniyah branch. For having, with other defendants, embezzlement, an amount of 300 million dinars.   LINK

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Clare:  GOD BLESS OUR MILITARY- GOD COMFORT THE FAMILIES MISSING THEIR LOVED ONES TODAY!....

LET US NEVER FORGET THE ULTIMATE SACRIFICE PAID BY OUR BROTHERS & SISTERS IN OUR MILITARY!!!...

MAY THE LORD PROTECT OUR GREAT NATION AND REVIVE US TOWARDS THE FOUNDATIONS OUR NATION WAS FOUNDED UPON ONCE AGAIN!

MilitiaMan and KTFA Members Sunday Night "Game Over?" 5-30-2021

KTFA:

Samson: Deputy: The articles of the contested budget law have nothing to do with the share of the Kurdistan region

30th May, 2021

A member of the Finance Committee in the House of Representatives, Sherwan Mirza, announced that the articles of the federal budget law that the federal government challenged have nothing to do with the Kurdistan region’s share of the budget, indicating that the federal government can implement the law," but that requires a visit by a technical delegation from Erbil to Baghdad

Mirza said, "The Iraqi government has problems with the law, and has challenged ten articles of it while awaiting a decision on these appeals, and the contested articles have nothing to do with the share of the Kurdistan region, so Article 11 is not among them.

But there is a need for a technical delegation from the Kurdistan Regional Government." By visiting Baghdad, meeting with the Prime Minister and the technical delegation of the Iraqi government, and deciding the way to implement Article 11, according to Rudaw

On May 9, 2021, Prime Minister Mustafa Al-Kazemi announced that there is a committee working to disburse the Kurdistan Region’s share from the federal budget and said: “The agreement on the draft budget law was very good, and Article 11 of it was good.” The Kurdistan Region declared its readiness to implement its obligations and commitment. By law

Shirwan Mirza, a member of Parliamentary Finance, said: “It is true that Iraq has not spent the Kurdistan Region’s share yet, but the Budget Law has entered into force, and it has no political or legal problems in front of it. The Kurdistan Region needs 895 billion dinars to secure the salaries of salary recipients, which means that salary coverage needs 10.74 trillion dinars annually

Mirza pointed out that appealing to other articles of the Federal Budget Law does not legally prevent the implementation of the rest of the law’s articles, and it is natural for the government to challenge the law and continue its implementation until the Federal Court’s decision in the appeal case is issued, so there are no problems preventing the implementation of the law

Regarding whether there are political problems between Baghdad and Erbil that hinder the implementation of Article 11 of the Iraqi Federal Budget Law for the year 2021, Mirza said: “We in Baghdad do not see that there is a political problem between Iraq and the Kurdistan region, so that the implementation of this article is used as a pressure card. Only laziness on the part of the Iraqi government. The Kurdistan Regional Government must insist on resolving this issue quickly, because it has a relationship with the sustenance of the citizens of the Kurdistan region

Under Article 11 of the Iraqi Federal Budget Law for the year 2021, the Kurdistan Region must produce from its fields 460 thousand barrels of oil per day, and after deducting the expenses of extraction and transportation and the quantities necessary to meet the local need, it must deliver 250 thousand barrels of oil per day at the price of the SOMO company to the federal government.

 The Kurdistan Region should also hand over 50% of its non-oil revenues to the federal government. Then Baghdad will spend the Kurdistan Region’s share of the budget  LINK

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ATPinfinity:  TODAY AND TOMORROW  AND a meeting coming this evening !!!!!&&&&MM before the end of the parliamentary session.

ARE HERE!!!!!!!!!!!!!!!!IMO,IMO,IMO,IMO,IMO
IMPLEMENTATION IS IMMINENT
IMPLEMENTATION IS IMMINENT
IMPLEMENTATION IS IMMINENT

"...the Kurdistan region’s share of the budget, indicating that the federal government can implement the law," but that requires a visit by a technical delegation from Erbil to Baghdad

1)VISIT IS TODAY!!!!!!!!!!

The Kurds pin their hopes on the visit of the government delegation to Baghdad: salaries before oil

30th May, 2021
The government delegation representing the Kurdistan region arrives today, in the federal capital, Baghdad

 “It is true that Iraq has not sent the Kurdistan Region’s share yet, but the Budget Law has entered into force, and it has no political or legal problems in front of it. The Kurdistan Region needs 895 billion dinars to secure the salaries of salary recipients, which means that salary coverage needs 10.74 trillion dinars annually

2.)THIS IS SCHEDULED FOR TOMORROW IN Kurdistan article today!

Kurdistan Region Ministry of Finance publishes a new salary distribution schedule

30th May, 2021

According to a statement issued by the ministry, on Monday, 5-31-2021, the salaries of the Ministry of Interior and the General Nationality Directorate will be distributed.

On Tuesday, 6-1-2021, the salaries of the Zirvani forces and the Oil and Gas Protection Brigade will be distributed in the region, the statement said.

3.) a meeting coming this evening

ALSO DEEPWOODZ POST #98
"A common understanding has been reached on most of the issues that were in dispute between the two sides, and there is a meeting coming this evening headed by the two ministers, in addition to discussing several projects that will solve all outstanding issues."

4.) THANKS TO MM.....CHECKMATE!!!!

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MilitiaMan:  Lets hope that today's session has ended with success!! ~ MM  

Bravo... I too see things in a game about over time frame.. I could see the convergences all around and the need for implementation is all around!

The pressure is immense imo.. it will be interesting to see the WB meeting last two days at a program rate. For cryin out loud they are even talking about going to 1550+-?? Lol

A) it is utter nonsense or

B) They do it and then immediately RI by dropping the three zeros would get them even more purchasing power.

So, either way imo this is just about game over and on a Memorial Day weekend!! –MM

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ATPinfinity:  BRAVO...back to you!

A proposal to raise the exchange rate of the dollar against the Iraqi dinar again .. How much will it be?
30th May, 2021

An informed source revealed, on Sunday, a proposal that was circulated to raise the exchange rate of the dollar against the dinar again.

WHO COULD POSSIBLY BE INFORMED OF 1553?
I MEAN $1.55  X  3SDR = DO THE MATH    IMO

DeepWoodz:  In that case let’s go ahead from 1450 to 4300 dinar!!! Then drop em and give me 50.....no wait a sec....give me 3xsdr!

MilitiaMan:  As stated on Iraq TV and on the ground Iraqis... A rate change is to come and it will be one that has not before been witnessed..If we believe that all boats rise with the tide. Then once the IQD is reinstated and for instance with the above math (TBD). Then all countries that have IQD as foreign reserves will rise, thus, the respective baskets they are in will rise... Yep even the SDR..Let that equation sink in for bit!!! –MM

Slade:  watching the WB (world Bank)  .......    (As I have been for many years as it seems you have as well....I rarely watch Iraq for it has always seemed to me they have very little control in this process....imo)Your A) and B) scenarios are very plausible....As always......you and your brain are very much appreciated and I for one am glad you are here!

MilitiaMan:  It has been journey my friend. The country has been managed let’s just say, so some of their control was limited. The fab4 have had to massage the events with kid gloves so to speak. They needed from the looks of it to have had to push and pull in areas.  But, be sure along the way a masssive amount of progress has been seen and now to a level never seen before. The convergences we see are EPIC. From the borders being digitized, e-commerce, e-government, e-banking, e-money, etc.. Then at the final moment they have the FOGL done with the INOC Amendment I. The HoR for first and second reading to be voted on and even possibly also done today!! Kurds are to be getting a mechanism for to get salaries out starting tomorrow and Tuesday. They won’t be paying them with 1553!! It would be suicide.. Everyone knows it.. lol - MM

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JamieO: THIS SOUNDS LIKE REALLY GOOD NEWS TO ME... IMO
If the Kurds are all getting paid, that means the Kurds are happy!  They must have come up with some extra cash from somewhere...  I wonder where???

Samson:  Kurdistan Region Ministry of Finance publishes a new salary distribution schedule

30th May, 2021

The Ministry of Finance and Economy in the Kurdistan Region published on Sunday a new schedule for the distribution of salaries to employees and workers in the public sector.

According to a statement issued by the ministry, on Monday, 5-31-2021, the salaries of the Ministry of Interior and the General Nationality Directorate will be distributed.

On Tuesday, 6-1-2021, the salaries of the Zirvani forces and the Oil and Gas Protection Brigade will be distributed in the region, the statement said.

And the Ministry of Finance and Economy in the Kurdistan Region announced on Friday that it will start distributing salaries to all employees and workers in the public sector as of the beginning of this week.  

LINK

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Samson:  Iraq is ranked sixth in the happiest country in the Middle East 2021

30th May, 2021

Iraq ranked sixth in the ranking of the happiest countries in the Middle East 2021, according to "Global Finance" magazine, which specializes in classifying countries in the world.

The magazine, which said that it relied on the United Nations report on happiness in the Middle East for the year 2021 and viewed by Shafaq News, stated that "people who live in Middle Eastern countries tend to be either very happy or not very happy."

She added, "The World Happiness Report for 2021 paints a picture of extremism in the Middle East region. On the one hand, some countries are very rich and completely satisfied, and on the other hand, some countries are so unhappy that they are either buried at the bottom of the ranking (Yemen) or completely excluded (Syria, which is not there is an evaluation for it).

She pointed out that "it is possible that war is the worst component of human happiness," noting that "wealth in itself is not sufficient for the purpose as well, in addition to income, social support in times of need, healthy life expectancy, absence of corruption in government, and freedom." Making life choices and generosity towards others are the other key variables that researchers at the United Nations Sustainable Development Solutions Network use in their report to assess life satisfaction.

The report indicated that Iraq came in the sixth place, the happiest country in the Middle East, and the 111th in the world, while Israel ranked first, followed by Bahrain, second, and the UAE, third, Saudi Arabia, fourth, and then Kuwait, fifth.

She added that Iran came seventh, after Iraq and Lebanon, it came eighth, and then Palestine came ninth, Jordan tenth, and finally Yemen tailed the Middle East countries as the happiest country in it.

The balance of all these factors provides a better snapshot of happiness in general than just a few good factors at the expense of others, and it is this balance that is lacking in many Middle Eastern countries.

LINK