Thursday Night KTFA CC "We Are ...Iraq" 12-30-2021

KTFA

Thursday Night KTFA CC

12-30-21……..WE ARE…IRAQ!!!

Frank26:  HAPPY NEW YEARS EVE EVE

This video is in Frank’s and his team’s opinion only

Frank’s team is Walkingstick, Petra, MilitiaMan and Eddie in Iraq

Playback Number: 605-313-5163   PIN: 156996#

What Frank’s suit color’s mean…. FRANKS SUIT COLORS FOR CC'S..... WHITE = NEW INFO…. SILVER = INTEL FROZEN…. RED= HIGH ALERT… PURPLE=GUEST WITH US…. BLUE = AIR FORCE…. BLACK = GROUND/FF’S…. GREEN= MR OR FAB 4 ... GOLD = CHANGE

https://www.youtube.com/watch?v=JGMEoScv2uI

Some "Vietnam News" Posted by Samson 12-28-2021

KTFA:

Samson:  Vietnam : Three packages to help businesses with digital transformation

22nd December, 2021

Three aid packages will be carried out in 2022 to help promote digital transformation in Vietnamese enterprises, according to the Ministry of Planning and Investment (MPI).

The support is part of a programme assisting businesses in digital transformation in the 2021 – 2025 period. This programme, approved by the Minister of Planning and Investment on January 7 this year, aims to help boost digital transformation in businesses through the application of digital technology, thus improving their efficiency, capacity, and competitiveness and creating new values for them.

Of the three packages to be launched, the first is designed for small-scale firms, helping them embark on digital transformation. Each enterprise will be provided with VNĐ20 million – VNĐ50 million (US$870-2,180) funded by the State budget per year.

The second one will assist medium-sized ones with a maximum of VNĐ100 million per year. Meanwhile, the third targets exporters and will cover a maximum of 50 per cent of the costs to open and maintain their accounts on transnational e-commerce platforms.

Bùi Thu Thủy, Deputy Director of the MPI’s Enterprise Development Agency, said businesses were still facing many barriers and difficulties in digital transformation such as high investment expenses, underdeveloped IT infrastructure, cybersecurity risks, and limited human resources.

However, she noted, Vietnamese enterprises were holding numerous opportunities to boost digital transformation, which would help them grasp chances relevant to changes in consumption behaviour, the shift in global supply chains, and the surge in online transactions as a result of the pandemic’s impact.  LINK

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Samson:  Việt Nam targets further digital transformation in 2022

24th December, 2021

The new year will be one of promoting digital transformation across all industries on a national scale. It will be the first year of implementing new strategies on digital infrastructure, data, technology industry and technology enterprise.

Minister of Information and Communications Nguyễn Mạnh Hùng made the prediction at a conference held on Wednesday.

A report from the ministry showed that the ranking indicators in many fields of the information and communication industry are highly regarded by international organisations. In 2021, the revenue of the information and communication industry reached VNĐ3.4 quadrillion, hitting all set targets and representing a nine per cent year-on-year increase.

The largest contribution to the industry’s revenue came from the ICT industry, with this year’s revenue estimated at more than US$136 billion, an increase of more than $11.4 billion compared to 2020. The main contributor was FDI enterprises with more than $117 billion. This year also marked a strong growth in the number of ICT businesses. Việt Nam currently has 64,000 digital technology enterprises, adding 5,600 enterprises since 2020.

The challenges of the pandemic have promoted the digital transformation process. In just a short time, the national digital transformation has spread widely at a rapid pace, creating a wave of digital transformation across ministries, branches, localities, agencies, and businesses across the country.

In this digital transformation process, Vietnamese digital technology enterprises have demonstrated their pioneering role in research, development and innovation, mastering technology and making important contributions to the development process of the digital economy. Hùng said that COVID-19 is a hundred-year push for digital transformation. The year 2021 has pushed the whole country into digital transformation.

To promote digital transformation, it is necessary to synchronise digital institutions, digital infrastructure, digital production tools, digital management tools, digital human resources, digital markets, and digital law management to create a healthy digital environment, managing risks in cyberspace.

The ministry set the target of an information technology, electronics and telecommunications industry with the new mission of shifting from outsourcing and assembly to “Make in Việt Nam”, which means making products in Việt Nam, mastering and creating technology. In which, the proportion of “Make in Việt Nam” by 2025 would reach over 45 per cent.

The country will have 100,000 digital technology enterprises by 2025, forming at least 10 digital technology enterprises that play a leading role. The firms would have international competitiveness, with a turnover of over $1 billion each. The whole country has at least 10 localities with revenue of the information technology industry over $1 billion.

Deputy Prime Minister Vũ Đức Đam said the ministry had developed strategies and projects for digital transformation. They needed to promote digital transformation and application of information technology in localities by modelling, leading and supporting.

From experience in dealing with the COVID-19 pandemic, the Ministry of Information and Communications needed to continue to set up many working groups with the participation of businesses and experts to solve the specific digital transformation problem for each commune, district and province. He said that in 2022, there should be stronger changes in database building. Three large databases on population, business, and land, along with e-payments, digital transformation, digital economy, digital society and the digital government would make substantial progress.

In the face of unpredictable developments of the COVID-19 pandemic, the information and communication industry needed to continue to improve technological solutions to help control the pandemic, in the spirit of proactively taking the initiative and changing platforms in response to the situation. In addition, the ICT industry and IT enterprises needed to continue to develop platforms that promote digital transformation such as e-commerce, e-learning with the support of sectors, localities and people. LINK

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Samson:  World Bank official optimistic about Việt Nam’s 2022 GDP growth prospects

27th December, 2021

Việt Nam’s target of bringing its GDP growth to 6-6.5 per cent in 2022 as set in the recent session of the National Assembly is entirely possible if it can effectively control COVID-19, and improve the supply – demand balance, an official of the World Bank (WB) has said.

According to Jacques Morisset, WB Lead Economist and Programme Leader for Việt Nam, the biggest risk to Việt Nam’s economy in 2022 can be the complicated developments of the pandemic with the emergence of new variants.  He also mentioned internal economic risks, saying that Việt Nam was an open economy which would depend on the situation in other countries in the world.

Another risk is related to inflation, according to the economist. Việt Nam’s economy is currently facing import inflation, while domestic commodity prices have not yet increased because demand remains lower than supply.

Regarding Việt Nam’s economic prospects, Morisset pointed out three new motivations for growth.

The emergence of the COVID-19 pandemic has indirectly made Việt Nam one of the reliable destinations for many large foreign enterprises, which have the goal of diversifying their supply chains. The country can also take advantage of opportunities from green economy. Việt Nam is one of the most affected by climate change, but it can also take advantage of this.

The third growth driver is domestic demand. As Việt Nam becomes a higher income country with a growing number of middle class people, the domestic demand will be stronger.

Morisset affirmed that the WB would continue to support Việt Nam in achieving its ambitious goal of becoming a high-income and prosperous country by 2045.

The bank was working closely with the Vietnamese Government to promote sustainable development and effectively respond to climate change in the Mekong Delta region, and reduce air pollution in big cities, he said. In addition, the two sides were working in areas of inclusive development and gender-related issues in order to ensure people’s participation in the economy, minimise the impact of the pandemic, and fully tap future opportunities, the economist said.

Meanwhile, HSBC has also been optimistic about Việt Nam’s economy. Việt Nam’s economy should get back to GDP growth of 6.8 per cent next year, which will be driven by a return of strong foreign direct investment into the market, mainly focusing on the manufacturing sector, according to HSBC Vietnam. HSBC Vietnam said this would benefit Việt Nam’s exports, especially as free trade agreements that have been signed over the past two years start to bear fruit.

The continued expansion of the middle class and in particular the rising affluent sector would lead to changes in consumption as Vietnamese people start spending more and more on leisure and travel.

Infrastructure roll-out would also continue to fuel economic activities especially in the renewable/green arena given the strong ambitions made by the Vietnamese Government following the recent 26th United Nations Climate Change Conference of the Parties in Glasgow, the UK.   LINK

Samson:  Vietnam : FDI forecast to recover in 2022

25th December, 2021

A recovery in the global investment flow will open up a bright future for Việt Nam’s investment attraction, according to experts.

Nguyễn Ánh Dương, director of the general research department under the Central Institute for Economic Management (CIEM), said that the fact that Việt Nam was among countries with a positive economic outlook in 2022 and recovery momentum in the Asian production network would make an important contribution to accelerating foreign investment.

Thargbodee Serng Adichaiwit, deputy chair of the Thai Chamber of Commerce and Industry, said that Việt Nam’s economic growth could double in 2022 compared to this year, thus making Thai investors pour more capital into the country going forward.

Many Thai businesses want to invest in Việt Nam when the pandemic is under better control. They have faith in Việt Nam due to its large consumer market and commitments to improve its business climate, according to the Thai businessman.

Foreign direct investment (FDI) in Việt Nam reached US$26.46 billion as of November 20, up 0.1 per cent year on year, according to the Ministry of Planning and Investment. Total additional registered capital stood at over US$8 billion, an annual rise of 26.7 per cent.

During the period, US$14.1 billion was poured into 1,577 newly-licensed projects, up 3.76 per cent in value but down 31.8 per cent in volume over the same period last year. The remaining investment capital was used for capital contribution and share purchases in a total 3,466 transactions.

Foreign investors landed investments in 18 sectors, with processing and manufacturing absorbing the largest amount of capital (over US$14 billion or 53 per cent), followed by power generation and distribution (over US$5.7 billion), real estate (US$2.41 billion), and wholesale and retail sales (US$1.27 billion).

It is estimated that in the last month of the year, several billion US dollars in FDI will be added to Việt Nam’s total investment attraction this year.

The move in recent days has shown a more positive trend in FDI attraction. For example, LEGO Group recently signed an agreement to invest in a US$1 billion project in Bình Dương Province.

In addition, within the framework of the visits to India and the Republic of Korea by National Assembly Chairman Vương Đình Huệ, multi-billion-USD co-operation agreements were also signed, in which, Đại An Group in Hải Dương Province signed a memorandum of understanding on the construction of a US$500 million Pharmacy Park with India’s Sri Avantika Contractors Ltd.

Saigon Telecommunications Technology Joint Stock Company and Ecologic Engineering Private Ltd. of India signed a cooperation agreement in the fields of infrastructure development, industry and innovation with an investment value of up to US$4 billion.  LINK

KTFA Monday Night CC " Better Than a Rootbeer Float" 12-27-2021

KTFA

KTFA Monday Night CC

12-27-21…..BETTER THAN A ROOTBEER FLOAT

This video is in Frank’s and his team’s opinion only

Frank’s team is Walkingstick, Petra, MilitiaMan and Eddie in Iraq

Playback Number: 605-313-5163   PIN: 156996#

What Frank’s suit color’s mean…. FRANKS SUIT COLORS FOR CC'S..... WHITE = NEW INFO…. SILVER = INTEL FROZEN…. RED= HIGH ALERT… PURPLE=GUEST WITH US…. BLUE = AIR FORCE…. BLACK = GROUND/FF’S…. GREEN= MR OR FAB 4 ... GOLD = CHANGE

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

MilitiaMan Monday PM "Move To A Market Economy" 12-27-2021

KTFA:

Samson:  The International Coalition : We no longer have combat forces in Iraq

26th December, 2021

The international coalition in Iraq confirmed today, Sunday, that it has no longer had combat forces in the country since the ninth of this December.

In a statement to the Iraqi News Agency (INA), the coalition said: “As of December 9, there are no US or coalition forces serving a combat role in Iraq. We were ahead of the schedule and implemented the commitments made in the dialogue between The United States and Iraq in June 2021.

He added, “The early transition was possible due to the tremendous progress made by the Iraqi security forces, including the Peshmerga, in developing the ability and ability to lead the fight against ISIS terrorist gangs.”

And for the remaining US and coalition forces in Iraq, the primary mission is to advise, assist, and enable the Iraqi Security Forces to sustain the enduring defeat of ISIS.   LINK

MilitiaMan:  Add this to the equation… No combat forces, done early. Kuwait paid in full, early. Digital platforms noted by the CBI, early. Thus, the next move is expected and that is move to a market economy. That will require an international exchange rate.. imo.. ~ MM

Iraq is awaiting a UN decision to remove it from Chapter VII, and a billion dollars will be added to the budget

Saleh expressed his hope that “these funds will go to development, that is, investment projects that employ the workforce and produce income,” noting that “closing the compensation file is the beginning of closing the remnants of Chapter VII. 

And Al-Kazemi’s advisor indicated that “Iraq has imposed about 40 decisions on it because of the Kuwait war from the Security Council and has been completely shackled until the present time, so the end of this file means the issuance of a decision by the UN Security Council that is expected to be the beginning of next year to get Iraq out of the problems of Chapter VII of the United Nations Charter”

“Osama Al-Tamimi confirmed to the Iraqi News Agency (INA), that “Iraq will return to its normal state after it has finished paying its compensation to Kuwait under the relevant Security Council resolutions approved in 1991, including Resolution 687 to pay the Central Bank 44 million dollars, as the item will leave. The seventh and moves to Article VI of the Charter of the United Nations, and the Iraqi banking program is integrated within the international program.”  LINK

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Samson: Babel: Approval of retroactive contract salary financing

27th December, 2021

On Monday, the Governor of Babylon, Hassan Mandeel, announced the approval of the Ministry of Finance to retroactively fund contract salaries.  

Mandeel said in a blog post followed by “Nass” (December 27, 2021), “To the contracts in the departments of Babylon, the approval of the Ministry of Finance has received a letter to finance your salaries with a retroactive effect, and it will be disbursed soon… Our people deserve and the next is better.”    LINK

MilitiaMan:  We saw an article about this topic. They were to pay the 10/21 / 11/21 / 12/21 months consecutively. This week may be the week they close the 2021 books and then on into a new year. They say the NEXT IS BETTER!!! imo ~ MM

MilitiaMan:  A Professional Paper, that outlines the basics and with references to support the work. Some key points that will inevitably be a part of Iraq’s future exchange rate and regime they ultimately use. Whether that be fixed,  managed float or with weakness or strength. The latter is my position that they will take the route of strength that will provide citizens purchasing power.. This paper supports that governments have the tools to be efficient and effective in supporting the value of the currency to increase purchase power. That is something the project to delete the zeros from the exchange aims to do, imo.. ~ MM

Samson:  Who determines the value of the currency? And what are the factors affecting it?

27th December, 2021

Who determines the value of the currency? And what are the factors affecting it?

Man has known about money and used it as a medium of exchange for several centuries, due to the multiplicity of his needs and desires resulting from the economic and social development in life. Paper currency was invented. The value of paper currency does not stem from the ability to convert it into coins (gold and walrus), but rather from the guarantee of the issuing government, while the value of coins comes from the same materials from which they are made, such as gold or silver, whose exchange value was similar to their original value.

The value of the currency refers to the exchange rate of each country, which is determined according to its own currency.

The value of the currency was previously determined according to the gold owned by the country, but in 1971 America stopped linking its currency to the dollar, taking advantage of its economic control over the world, and from that moment most of the world currencies have become resident In US dollars instead of gold, and banks determine the amount of currency in circulation and according to the market need, that is, if the amount of currency printed in the market increases without an increase in the volume of services and production in the country, the value of the currency decreases, and this is called inflation, but if the quantity of services and goods increased and the quantity did not change The currency offered in the market increased the value of the currency or increased its purchasing power.

The exchange rate is defined as the number of units of a particular currency that must be paid to obtain one unit of another currency, or it is the number of foreign exchange units that equal one unit of national currency, in other words, the ratio of the exchange of two currencies, one of the two currencies is considered a commodity and the other currency is considered a price for it.

The importance of the exchange rate is that it represents a link between the local economy and the international economy, and is also a determinant of the competitiveness of the local economy.

There are many methods that countries follow to determine the price of their currency, which is the fixed exchange rate and the flexible exchange rate. 

In the case of the fixed exchange rate method, the government determines the exchange rate for its currency through the central bank, and the price is fixed fixedly, by linking the country’s currency to the currency of another country (the dollar, the euro, or Yen), for example, some Arab Gulf countries link their currency exchange rate to the US dollar, and some other countries link their currency to a basket of currencies such as the State of Kuwait, and therefore the value of the currency is determined through the Central Bank and is not affected by supply and demand.

As for the flexible exchange rate (currency float), in light of this method, the price of currencies in the currency market is determined by supply and demand, meaning if the demand for the currency is high, the value of the currency will increase, and vice versa if the demand is low, the value of the currency will decrease, for example if Iraq’s exports increase To the outside world, those countries will pay the value of those exports in Iraqi dinars, which leads to an increase in demand for it, which leads to a rise in its value and vice versa. Developing countries that depend heavily on imports will depreciate the value of their currency.

It should be noted that the value of the currency does not necessarily reflect the strength of the economy. A country’s currency may be weak, but the economy is strong, for example, the Japanese yen (the value of the Japanese currency is low, in order for exports to global markets to be at a low price, which leads to an increase in demand for it in addition to Low production costs and this leads to attracting foreign investments inside Japan), and the value of the currency in a country may be high and the economy is as modest as the Jordanian dinar.

 In general, countries seek, through the Central Bank, to keep the price of their currency appropriate for international trade.

In addition to the above, the currency exchange rate has three main functions:

A – The standard function, where local producers depend on the exchange rate in order to measure and compare the local prices of a particular commodity with international market prices. 

B: – Developmental function, the exchange rate is used to develop certain exports to certain regions through the promotion of exports. A: – The distributive function, and this function is accomplished through the practice of international trade activities, through which the exchange rate is able to redistribute national income and national wealth among the countries of the world.

The exchange rate is affected by several economic factors, including (interest rate, public budget deficit, foreign exchange reserves, international loans, balance of payments, inflation and the rate of economic growth). As for the non-economic factors that affect the exchange rate, which are turmoil, wars, rumors and news.

Therefore, governments can deal efficiently and effectively with economic and non-economic factors affecting the exchange rate in order to enhance the value of the currency and increase its purchasing power.

Sources…..

1- Hussein, Ali Khairallah, Al-Mousawi, Rahman Hassan Ali, (2021), measuring the relationship between the exchange rate and the volume of external exchange in Iraq for the period 1990-2018, Journal of the University College of Kufa, Volume (6), Issue (2).

2- Al-Guwaijati, Aws Fakhr Al-Din, Al-Hadidi, Ragheed Hussein, (2021), the effect of quantitative tools of monetary policy in determining the exchange rate in Iraq for the period 1990-2019, Tikrit Journal of Administrative and Economic Sciences, Tikrit University, College of Administration and Economics, Volume (17) , issue (55).
3- Al-Mashhadani, Khaled Hammadi, Abdullah, Affa Raha, Nick Amin, (2020), measuring and analyzing the determinants of the parallel exchange rate in Iraq for the period 2003-2018, Tikrit Journal of Administrative and Economic Sciences, Tikrit University, Volume (16), Issue (51).

4- Muhammad, Amr Hisham, Hamid, Ahmed Hafez, (2019), the role of financial discipline in maintaining the stability of the Iraqi dinar exchange rate, Al-Mustansiriya Journal of Arab and International Studies, Issue (64).

5- Mahdi, Sabah Rahim, Abdul-Hassan, Amal, (2019), the effect of the foreign currency sale window on the exchange rate in Iraq for the period 2004-2016, Al-Muthanna Journal of Administrative and Economic Sciences. Volume (9), issue (1).

6- Marzouk, Atef Lafi, Ali, Akram Nehme, (2019), analyzing and measuring the impact of factors that determine the exchange rate in Iraq, Al-Muthanna Journal of Administrative and Economic Sciences, Volume (9), Issue (4).

7- Al-Barwari, Muhammad Salman, Smail, Khadija Qadir, (2011), the impact of exchange rate changes in the general level of materials prices in the city of Erbil for the period 1994-2006, Al-Rafidain Development Journal, University of Mosul. Volume (33), Issue (102).

8- Abbas, Sabah Nouri, (2008), the effect of inflation on the equilibrium exchange rate of the Iraqi dinar for the period 1990-2005, Baghdad College of University Economics. Issue (7).

Researcher
Akram Sami Fayez
MBA  LINK

Frank26 Thoughts on Rates, Chap.7, Bonds and more.....12-25-2021

KTFA:

Frank26:  “IN 2003 THE RATE WAS 4500 TO 1……….IT HAS BEEN REDUCED TO 1460 & CONTINUES TO BE REDUCED TO: 1 TO 1″……..F26

Economist: What The Central Bank Has Achieved In Terms Of Monetary Reserves Requires The Government To Reduce The Exchange Rate

16th December, 2021

The economic expert Wissam Al-Tamimi said, on Thursday, that the cash reserve achieved by the Central Bank exceeded 64 billion dollars, making it imperative for the government to reduce the dollar exchange rate a year after the decision to raise it by 23 percent.

Al-Tamimi said in a statement to Al-Maalouma, “The Central Bank’s assurances on achieving a cash reserve of 64 billion dollars, is only a message to the government regarding issuing a decision either to continue the exchange rate rise or reduce it.”

Frank26:  (WHICH DO YOU THINK THEY TOOK BASED ON ALL THE ARTICLES – F26)

He added, “There are many question marks on the government, especially since there is a great financial abundance achieved from oil revenues and the high exchange rate, at a time when no final accounts have been conducted so that everyone can know the recovered or realized funds for the current year.”

Al-Tamimi explained, “The cash reserve achieved by the Central Bank should be faced with a decrease in the exchange rate in the local market, especially since poverty rates have risen according to the statistics of the Ministry of Planning, which needs a quick treatment to remedy what the citizen may resort to to achieve a living, especially that the total prices the purchasing power of the citizen as well as the owners of the markets has increased and decreased, and therefore, continuing with this approach will lead the country to a dangerous slide.”   LINK

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Economist: The Monetary Reserve Achieved By The Central Bank Should Be Faced With A Reduction In The Exchange Rate    LINK

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Frank26:  “ARAB COUNTRIES DESPERATE FOR IRAQ’S CURRENCY TO BECOME A CENTRAL HUB IN THE MIDDLE EAST”…………F26

“Tsunami” scattered Turkish, Syrian, Lebanese and Iranian liras… How did that happen?

16th December, 2021

The currencies of four regional countries, namely Turkey, Syria, Lebanon and Iran, are reeling under the weight of a group of overlapping elements, at home and abroad, and they raised serious questions during their resounding decline in 2021, whether they could withstand or perhaps improve a little in the year 2022 in light of the intertwined complexities of its causes.

This monetary instability of the four countries risks clearly threatening their political and social stability, which sometimes raises popular protests, and fears about the ability of the political authorities in them to contain the economic crisis or even the ability of this authority to survive, with the worsening deterioration of living conditions, and the combination of external pressures such as sanctions, in Creating conditions that do not suggest future stability.

Turkish lira

Turkey appears to be a unique case for understanding this complex scene, as the lira has witnessed a decline of more than 45% against the dollar since the beginning of 2021, while its largest loss was recorded by 30% since the end of last October alone, while the inflation rate exceeded more than 21%.

There is widespread debate in Turkey and abroad about what should be done to deter this deterioration, especially since Turkish President Recep Tayyip Erdogan directly intervened in the economic crisis, preferring to keep interest rates low according to his convictions that their rise would enhance the profits of the rich and increase the suffering of the poor. The Central Bank recently cut interest rates from 16 to 15 percent, this is the third time it has reduced the rate during this year.

The collapse of the lira and the rise in inflation rates sparked popular protests in Istanbul and Ankara, after the value of commodities, including food, rose dramatically, with the collapse of the value of the Turkish lira, which lost, for example, 18% in one day on November 23 last. In an attempt to contain fears, the Turkish authorities say that the inflation rate is 21%, but economists and opponents say that the authorities are hiding the real figure, which is 58%.

The salaries of the majority of employees and workers are no longer sufficient for them to make ends meet, after their pensions lost their purchasing power in light of inflation, in a country where the minimum wage is about 2,800 Turkish liras, which is equivalent to only about 200 dollars, knowing that the dollar was equal to eight liras before the current crisis and exceeded Currently the 13 lira.

According to the estimates of economic experts, due to the rise in commodity prices and the collapse in the value of salaries, many Turkish citizens resort to trying to buy dollars to ensure the remaining value of the money in their possession, and they also resort to buying dollars for merchants and industrialists to ensure the continuity of their businesses and their profits, and this craving for dollars enhances The loss of the lira in its importance and consequently the rise in the value of the dollar.

It is no secret to say that the Turkish lira is also affected by external factors, including the severe tension that affected relations with Washington, as well as competition and regional conflict with countries including Saudi Arabia and the UAE, Turkish military involvement in northern Syria and the Libyan war, and disagreements with the French in particular, in addition to involvement in the war. Azerbaijani-Armenian conflict over energy resources in the eastern Mediterranean, which almost turned into a spark of fighting with Greece and the French, and escalating differences with Egypt.

One of the paradoxes of the Turkish lira crisis is that it left its negative effects on the areas under Turkish control in northern Syria, where the local authorities loyal to Turkey in those areas began to adopt the Turkish lira in financial transactions and commercial movement closely related to the Turkish economic wheel, and the collapse of the lira contributed to causing damage A significant increase in the incomes of the residents of those areas and their living ability and the rise in commodity prices, after they abandoned the adoption of the Syrian pound, in favor of the Turkish lira.

Syrian Lira

To demonstrate the extent of the deterioration of the Syrian pound, it is sufficient to point out that the dollar was equivalent to about 47 pounds about ten years ago, that is, with the beginning of the Syrian war, in which internal and external forces were involved, but it is currently equivalent to about 3,500 on the black market, after it had reached more than 3,500 months ago. From four thousand pounds.

The Syrian state has lost its economic viability, after many major cities and governorates came out of its control and production was disrupted, in light of the war that erupted since 2011 between government forces and armed opposition factions, which were dominated by “jihadists” and “terrorists” in the subsequent years.

And as soon as the fires of war began to fade dramatically, in light of an almost total international boycott of the Syrian state, with the exceptions of Russia, China and Iran, which maintained their military and economic support for Damascus, the administration of former US President Donald Trump imposed “Caesar’s Law” sanctions that tightened the screws on any Financial or economic dealings with Damascus, depriving it of the movement of funds and foreign trade relations, and also hit the heart of the reconstruction projects that had begun to loom on the horizon, and they could have contributed to ensuring the flow of foreign currencies into the country, and thus providing a certain type of monetary protection to the Syrian pound.

And in an unexpected development, Lebanon plunged economically, and its banking sector, into the worst crisis in its contemporary history, and one of the results of which was the banks’ detention of depositors’ accounts, then imposing strict restrictions on their withdrawals, especially those opened in dollars, which put additional pressure on the Syrian economy and on the lira. Syrian.

Many were not surprised when Syrian President Bashar al-Assad announced last July that the biggest obstacle to investment in Syria is the Syrians’ frozen funds in troubled Lebanese banks, noting that estimates speak of between $40 billion and $60 billion of frozen Syrian funds. In Lebanon, which is “enough to thwart an economy the size of ours.”

In an attempt to circumvent the sanctions and Western boycott measures imposed on Damascus since the beginning of its civil war, many bypass companies have been formed, taking advantage of the Lebanese banking system and the commercial movement between Lebanon and Syria, in order to make it easier for itself to pay the price of imported goods to the Syrian market through Land crossings with Lebanon.

Therefore, experts say that the faltering of the Lebanese banking system contributed to inflicting a blow to the core on the Syrian pound, for which Lebanon was a lifeline, as the United Nations estimates the size of the losses that hit the Syrian economy during ten years, more than 530 billion dollars.

It was remarkable that with the faltering of the banking sector in Lebanon, the dollar began to rise strongly against the Syrian pound, reaching the limits of 5 thousand pounds for the first time in the history of Syria, before the Syrian authorities imposed repressive measures against manipulators selling and buying dollars, so the pound recovered slightly and reached 3,500 against One dollar.

Of course, this collapse of the Syrian pound, in light of a situation the Syrians did not return to from inflation and high prices, left its devastating effects on large social segments, especially thousands of families whose breadwinners depend on fixed government salaries, and their ability to secure food and pay electricity and generator bills and basic needs was damaged. the other.

To demonstrate the extent of the collapse that afflicted millions of Syrians, the employee’s salary was before the recent collapse crisis, which has been rolling in since last year, and was, for example, about 30,000 pounds, equivalent to 600 dollars, but now, despite its increase to 60,000 pounds, its value is no longer equivalent to only about 13 dollars.

It is clear, according to experts, that without a regional-international settlement of the Syrian war, which restores life to the Syrian economy, it will be difficult for the lira to continue to stand firm and stop its faltering, in a country where the United Nations World Food Program estimates that more than 12 million people suffer from hunger. 90% of Syrians live below the poverty line, and unemployment is more than 42%.

Lebanese pound

There is no more indicative description of the Lebanese scene, the description used by the World Bank about Lebanon when it said that what it has been suffering from since the fall of 2019, constitutes “one of the three worst economic crises in the world in 150 years.”

Since the beginning of the year 2020, the lira has begun to lose its value against the dollar, as it was at the time 1,500 pounds to the dollar, and today it touches 30,000 pounds according to the exchange rate on the black market, which constitutes a collapse that the Lebanese have not known before.

While the state maintained the minimum wage at about 700 thousand pounds when it was equivalent to about 500 dollars before the collapse, the minimum wage is now equivalent to less than 30 dollars, in conjunction with the dollar shortage crisis, while the banks refrained from paying dollar deposits to their owners, except according to conditions Tight and stiff.

According to experts, among the reasons that contributed to the collapse of the lira, the Central Bank, in an attempt to stop the deterioration in the banking sector, asked banks in the summer of 2020 to raise their capital by 20% to allow them to continue to operate in a more stable manner, which required them to impose Severe measures on depositors and their money, to avoid falling under the control of the Central Bank directly if it continues to stumble.

In the opinion of experts, a network of mutual benefits between the bank, politicians and money exchange companies colluded within a complex network of mechanisms to absorb dollars from the market and the pockets of citizens, to secure their interests, including the ability of banks to continue, which contributed to strengthening the price of the dollar through the huge demand for it, And thus to the historical collapse of the Lebanese pound.

Of course, there are other factors that paved the way for this collapse, and the Central Bank intervened in this painful way for hundreds of thousands of depositors. The Lebanese economy was suffering from clear features of fragility, affected by the repercussions of the Syrian war and sanctions on Damascus, the mismanagement of the state, corruption and the massive waste of scarce resources, and the disruption of the flow of investments Arab and Western countries on the country, including the negative effects of the closure measures resulting from the Corona epidemic since the year 2020.

Experts also point out the fact that Lebanon relies more than 80% on importing everything it needs from abroad, which represents a drain on the dollar’s ​​resources over the past three decades, whose total value exceeded tens of billions of dollars, while the country lacks an export value that achieves a balance with the import movement. Tyrant in all consumer sectors.

The protest movement that erupted in the fall of 2019, in addition to causing a lot of damage to the production cycle and securing the state’s resources from various taxes and fees due to the closure and disruption of government institutions, dramatically weakened the confidence needed for any operation in order to withstand the dollar, and a general feeling prevailed That the worst is yet to come, and that the citizens’ refuge in general is to convert their savings in pounds into dollars to reduce the level of their monetary loss.

Among the facts that were indicative of the mismanagement of the crisis, and the extent of the collapse, the official estimates indicated that Lebanon’s reserves of the dollar amounted to about 31 billion dollars before the “2019 revolution”, but it declined within months to 16 billion dollars, while Opponents say that many big and wealthy statesmen have smuggled billions of dollars of their money from Lebanese banks abroad. All of this precipitated the dramatic deterioration of the Lebanese pound, while major merchants took advantage of the dollar shortage crisis to control the prices of imported goods from abroad. And vitality, medicine, fuel, electricity and others.

Economic experts almost agree that without an effective government that has a bold vision to address the intertwined economic collapse, Lebanon will not be able to restore confidence in its system, and thus the confidence of investors and donors who first demand the implementation of broad reform measures to resume its financial provision.

Iranian Toman

The Iranian national currency has often suffered from large and uncontrolled fluctuations, especially in recent years with the escalation of Western sanctions, specifically the US, not on the Iranian economy alone, but on hundreds of institutions, companies and people, in an attempt to force Tehran to make concessions regarding its nuclear program and its influence. regional.

Currently, the dollar exchange rate ranges around 31,000 tomans, and it often declines in large proportions. For example, about a year ago, it was equivalent to 32,000 tomans, but then it fell to 22,000 tomans, after the Central Bank of Iran was forced to pump a lot of currency exchange rates. The dollar in the markets to curb the collapse.

Only a few months have passed since the new president, Ibrahim Raisi, assumed the presidency, and he pledged, as a priority, to address the economic crises and stop the deterioration of the toman against the dollar. However, figures indicate that the dollar, when he took office, was equivalent to about 25 thousand tomans, and thus recorded a decline of about 25%.

The collapse of the value of the Toman left its harsh impact on the lives of millions of Iranians who, like the Turks, Syrians and Lebanese, found their financial savings evaporating before their eyes, so they began to resort to buying dollars, or gold coins and real estate, to save what could be saved of their money, a rush that naturally also contributed to enhancing the value of and strengthening the dollar.

It is similar and intersects the elements and factors that cause the collapse of the national currencies of Turkey, Syria, Lebanon and Iran, with the specificity and uniqueness of each case, but what is common among them is that the economies of these countries are intertwined and affected by each other and by the ongoing regional developments, especially in the security and military turmoil that occurs here and there, as It is also affected by the developments of the Iranian nuclear file in Vienna, and what is happening in its nights and behind the scenes.

There remains a question regarding whether a comprehensive detente in one of those countries will have a direct impact on the other three countries, and what is the extent of this positive change. It also remains important to pay attention to the possible political effects of the continuation of the dark tunnel entered by the Turkish, Syrian, Lebanese and Iranian tomans, when it will end, and most importantly, the outcome of its final cost.  LINK

Frank26:  “CHAPTER 7 = A FLOAT”……….F26

 Completing the payment of compensation for the State of Kuwait

21st December, 2021

The payment of the last remaining installment of the State of Kuwait’s compensation amounting to (44) million US dollars has been completed, thus Iraq has completed the full payment of the compensation amounts approved by the United Nations Compensation Committee of the UN Security Council pursuant to Resolution No. (687) for the year 1991, with a total of (52.4) One billion US dollars for the State of Kuwait.

It is hoped that ending the payment of compensation will contribute to removing Iraq from Chapter VII, as well as its impact on re-integrating the Iraqi banking system with the global banking system and benefiting from the financial abundance that will be achieved.

Central Bank of Iraq
Media Office 
December 21, 2021     LINK

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Samson:  Kuwaiti Ambassador : The United Nations will issue a decision to close the compensation file on Iraq

25th December, 2021

The Kuwaiti ambassador to Baghdad, Salem Al-Zamanan, confirmed today, Saturday, that the Compensation Committee will issue a decision to permanently close the file of financial compensation.

Al-Zamanan said, during his visit to Anbar Governorate, to the Iraqi News Agency (INA): “I am very happy to be among my family and brothers in Anbar, which is witnessing a major urban campaign,” noting that “Kuwait does not only support Anbar, but supports all of Iraq and is always concerned with its security.” and stability.”

He added, “Since 2003, Kuwait has been a supporter of Iraq in various fields and has participated in alleviating the suffering of the displaced by building camps and providing them with the equipment they need, caravan schools and mobile medical clinics.”

He pointed out that “Kuwait at the donors’ conference in 2018 had contributions through a $100 million grant, which was allocated to the stricken governorates, including Anbar Governorate,” noting that “there are pledges in the Kuwait conference that still exist, as one billion dollars were allocated for the rehabilitation of infrastructure, as well as billion dollar investment.

He continued, “We are always present with the brothers in Iraq, and they are our people, our brothers and our brothers,” stressing that “there are great plans in the future that will be announced soon.”

On the compensation file, Al-Zamanan said, “The compensation approved by the United Nations had a deduction to meet it, and a decision will be issued close to the Compensation Committee to close this file permanently.”

And the Prime Minister’s Adviser for Economic Affairs, Mazhar Muhammad Salih, announced in a statement to the Iraqi News Agency (INA), last Thursday, that “Iraq has ended the Kuwait war compensation file, as it paid the last payment of dues about less than 45 million dollars,” noting, that “with this, it paid Iraq has fulfilled all of its obligations imposed on it under Chapter VII of the United Nations Charter and relevant Security Council resolutions in 1991.   LINK

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Frank25:  “THE LAST BANANA PEEL OF CHAPTER VII IS CHAPTER VI”……..F26

Legal: The Government Can Remove Iraq From Chapter VI After Paying Kuwait Compensation

24th December, 2021

The legal expert, Ali Al-Tamimi, explained that the government is required to act before the Security Council in order to remove the name of Iraq from Chapter VI after paying Kuwait’s compensation in full.

Al-Tamimi told Al-Maalouma, “Iraq was placed under Chapter VII of the United Nations after the invasion of Kuwait under UN Security Council Resolution No. 666 in 1990, and it came after warnings, warnings and an economic siege imposed on the country, then international sanctions came to put it under Chapter VII.” 

He added that “the personality of Iraq has become weak in international law, and it is not permissible for it to contract, import, export and conclude agreements, meaning that the government is like a caretaker government.”

And he indicated that “Iraq exited from Chapter VII in 2017 under Security Council Resolution No. 2390, and entered into Chapter VI due to the presence of $4.5 billion worth of belongings with Kuwait as compensation for its invasion in the nineties of the last century.”

He stressed that “Iraq, after fulfilling all its obligations contained in Chapter VI, has terminated all material obligations to Kuwait, and the government, through its representative at the United Nations, must notify the UN Security Council of this, in order to issue a decision that Iraq ends Chapter VI, and this has positive economic repercussions for the money to return.” granted to Kuwait to the state’s financial treasury.   LINK

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Frank26:  “GOVERNMENT BONDS DO NOT SELL AT A PROGRAM RATE”…….F26

The Central Bank offers the second issue of government bonds

21st December, 2021

The Executive Director of the Iraq Stock Exchange, Taha Abdel Salam, announced, on Tuesday, that the Central Bank of Iraq issued the second issuance of government bonds, “construction bonds” worth 2 trillion dinars

The Executive Director of the market said in a news article published on the social networking page “Facebook” and followed by “Al-Iqtisad News”, that the Central Bank has launched the second issue of government bonds, “construction bonds” with a value of 2 trillion dinars, after the success of marketing the first issue by the bank, which will be listed. and traded in the Iraq Stock Exchange

He added that the new issue is offered for public subscription as of December 20, 2021 through the Iraqi banking system, with the same mechanism of the Central Bank of Iraq issued in Book No. 6/6/2916 on 10/24/2021 and the subscription ends on January 19, 2022    LINK

MilitiaMan Thursday Night "International Exchange Rate" 12-23-2021

KTFA:

Samson:  Al-Fili: The Rise In The Exchange Rate Of The Dollar Seriously Harmed The Poor

23rd December, 2021

Member of the Economy and Investment Committee in the dissolved Parliament, Mazen Al-Faili, confirmed, on Thursday, that the decision to raise the dollar exchange rate seriously harmed the poor, noting that the decision to raise the exchange rate was a government decision.

Al-Faili said in a statement to “Al-Maalouma”, that “the effects of the decision to raise the exchange rate of the dollar are still continuing, as it caused great harm to a large segment of the poor.” He added that “despite the significant increase in Iraq’s oil exports and financial revenues, a large percentage of citizens are still facing worsening living crises as a result of the rise in the dollar exchange rate.”

Al-Faili pointed out that“there is a clear economic contraction, and the government and the central bank must retreatfrom the exchange rate immediately.“

The former Parliamentary Presidency advisor, Hammam Al-Shamaa, had previously described the decision to change the dollar exchange rate as an economic setback, indicating that the decision caused an increase in poverty and unemployment rates and ended the existence of the Iraqi economy in the first place.   LINK

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MilitiaMan:  As our friend Petra has told us in his well thought out view,( LINK)  that the UN has been attentive to Iraq’s finances, as they paid off Kuwait.

The CBI announced that to the world that fact and added it will usher in Financial Abundance.

Thus, now we see them speaking of a must demand to retreat from the exchange rate and to do so immediately..

Not surprising, that this would surface at this stage. As, it has been now over 1 year since the present 1460 exchange rate was imposed on the country.

That means all of the country it was imposed on, however, the effects hit the poor by far worse than the affluent, thus, the call for now to retreat is fully warranted.

Their coffers will begin to fill up more and more from the revenues they’ll not be having to pay as installments to Kuwait any longer.

 The added revenues from the digitized borders, the minerals that will be mined, the liquid natural gas not flared, etc..

Now take that to another level and think about what the CBI just announced. Kuwait is paid in full and the law was at that point in time satisfied.

With that being done, other doors opened. Bank vault doors, imo. Iraq had 10s of billions of dollars frozen around the world, to the tune of about $43 Billion +- imo, that will or are now freed up.

Those monies are no longer to be frozen or are now freed, let that set in. That money will add to the reserves which will support an immediate retreat from the exchange rate to an international one.

 That $43bln is not all that is expected to be clawed back either. Once it all flows in the amounts will likely be staggering in nature and I am of the belief $100 billion is just the start!!!

The list of items that are before us supporting an exchange rate change is so very powerful.

The talk I have heard of on the street of Iraq today, is in lock step with Frank that it is in motion and the process is moving at a very very very fast pace and the excitement level in one case is extreme! 

So with the Chapter VII done and Iraq likely Chapter VI as well supports that there are no shackles on Iraq.

The UN would have got the memo once the CBI paid in full and early.. Early? Yep, they did it early which again supports that there is a digital transformation on going globally..

 We see all the data out of the AMF supporting they are ready to clear foreign currencies including the IQD. We all see that there were two large international Banks this week able to clear digital currencies international and foreign.

With Iraq’s reserves being in a growth environment the timing to transform her currency is now. We can also see that they are closing out contracts, interest rates, closing out payments, through the end of month, etc..

These things are openly stating a change is coming.

They are not waiting on a meeting with the UN in February, there is far more at stake than just Iraq, it is global event that will be triggered, as it is about Iraq but, not all about Iraq..

In fact, there are about 136 countries per the UST data.. Central Bank Digital Currencies are here. Lets see what they bring us, I suspect we will hear about value soon, too.. imo ~ MM

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Al-Tamimi : Iraq is awaiting action from the Security Council to get rid of the consequences of Kuwait’s debts

23rd December, 2021

Legal expert Ali Al-Tamimi confirmed, on Thursday, that Iraq has fulfilled all the financial benefits that it accumulated as a result of the invasion of Kuwait, stressing that this matter has positive repercussions on the economy in the coming years.  

Al-Tamimi said in an exclusive statement to “Nass” (December 23, 2021), that “Iraq was placed in Chapter VII of the Charter of the United Nations after entering Kuwait, according to UN Security Council Resolution 666 in 1990, and that this decision came after warnings, warnings and an economic siege imposed on Iraq, then international sanctions came under Chapter VII, which means that Iraq’s character at the international level has become weak, so it is not permissible for it to contract and conclude import and export agreements.  

He added, “Iraq exited from Chapter VII in 2017 under Resolution No. 23/90 – but entered Chapter VI due to the presence of related matters with Kuwait worth 4 and a half billion dollars (compensations), and after it fulfilled these financial obligations, the Iraqi government and its representative at the United Nations must notifying the Security Council in order for the Council to issue its decision that Iraq has completely completed Chapter VI and VII.  

The economic expert stressed, “This has economic repercussions on Iraq, because the money that was deducted from Iraqi oil exports will be part of the country’s financial reserves, and it may have positive effects on the economy in the coming years.”   LINK

Samson:  Finance directs to resume work next Sunday to complete the procedure for financing December salaries

23rd December, 2021

Today, Thursday, the Ministry of Finance directed the resumption of work next Sunday to complete the procedure for financing the salaries of the current December

And the ministry’s media office stated, in a statement received by the Iraqi News Agency (INA), that “the ministry directed the Accounting Department to resume working hours for all department employees next Sunday for the purpose of completing the financing of salary payments for all ministries for the month of December,” noting that “its decision came in conjunction with the directives of the President The Council of Ministers, Mustafa Al-Kazemi, will suspend the official working hours next Sunday, on the occasion of the birth of Christ

He added, “The Accounting Department has completed, since this morning, the financing of the salaries of the Ministry of Higher Education and Scientific Research, Universities, the Ministry of Planning, the Ministry of Youth and Sports, the Ministry of Culture, the Ministry of Agriculture, the Ministry of Finance, the Ministry of Transport, the Ministry of Migration and Displaced Persons, the Institution of Political Prisoners, the Martyrs Foundation, the Investment and Provincial Retirement Authorities, the Shiite Endowment Office and the Intelligence Directorate

He pointed out, “the ministry’s permanent keenness to complete all financial procedures related to the salaries of ministries and bodies not associated with a ministry before the end of the current fiscal year   LINK

The Ministry of Finance: Resuming work next Sunday to complete the procedures for financing salaries  LINK

MilitiaMan:  They are going to finish up the salaries Sunday.. ? A holiday on the same day? lol Okay!! Seems they were at least busy today.. lol ~ MM

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Samson:  Iraq is awaiting a UN decision to remove it from Chapter VII, and a billion dollars will be added to the budget

23rd December, 2021

Iraq has turned one of the most draining files on its economy, after paying all its dues in the Kuwait compensation file, amid optimism about an economic recovery and openness to global investment

Adviser to the Prime Minister for Economic Affairs, Mazhar Muhammad Salih, told the Iraqi News Agency (INA), today, Thursday, that “Iraq ended the Kuwait war compensation file, as it paid the last payment of dues about less than 45 million dollars,” noting that “with this, Iraq paid all obligations imposed on him under Chapter VII of the United Nations Charter and relevant Security Council resolutions in 1991

And he continued, “The compensation file cost Iraq from the gross domestic product and the efforts of its economy about 52.4 billion dollars,” explaining, “This amount is not small, as this amount is sufficient to build an electricity network system that revives Iraq for many years. He added, “This reckless war was borne by the people of Iraq,” noting that “closing the Kuwait compensation file is a new page in Iraq’s economic history

And Saleh said, “This file was costing the Iraqi daily from 6-7 million dollars,” noting that “the value of these funds from Iraq’s current exports, which amount to more than two billion dollars annually, will be added to the budget of the Republic of Iraq and block one of the exchange doors with the truth

Saleh expressed his hope that “these funds will go to development, that is, investment projects that employ the workforce and produce income,” noting that “closing the compensation file is the beginning of closing the remnants of Chapter VII. And Al-Kazemi’s advisor indicated that “Iraq has imposed about 40 decisions on it because of the Kuwait war from the Security Council and has been completely shackled until the present time, so the end of this file means the issuance of a decision by the UN Security Council that is expected to be the beginning of next year to get Iraq out of the problems of Chapter VII of the United Nations Charter

He stated that “Iraq was considered an aggressor country, while in fact it is a peaceful country that loves its friends and neighbors”, expressing his hope that “all Iraq’s disputes will be resolved within Chapter Six by amicable means in truth

Saleh pointed out that “Iraq has great prospects by its integration into the global economy,” explaining that “the isolation in which Iraq lives is very great, and the world’s planes still do not reach Baghdad airport except for some regional countries, and this is part of the siege that Iraq is still considered a war zone with insurance and shipping costs in transfer of technology and in dealing with economic progress

Saleh stressed “the need for a ten-year development plan that will last for ten years to benefit from oil imports, as we start with the infrastructure and end with income-generating projects in all cases,” expecting that “the year 2022 will be a year of progress and prosperity for Iraq and broad positive indicators that begin with the closure of Chapter VII of the Charter of the United Nations.” The United States, the end of the Kuwait war reparations, the return to normal economic life, and integration into the international community

While the economic expert, Basem Antoine, confirmed to the Iraqi News Agency (INA), that “closing the Kuwait compensation file will restore confidence in Iraq and its investments, in addition to improving its image and reputation among several countries and companies to serve the people of the country, as well as the confidence of foreign citizens in Iraq,” noting that “exiting from the seventh item will be followed by some measures, but it is a step forward, and it remains on the efforts of the Central Bank in this process

And Antoine indicated that “Iraqi banks will restore their dealings, such as using correspondents from abroad, to achieve great and wide achievements with these banks, such as Al-Rafidain Bank, which is mainly a giant bank, in addition to the need for intermediary banks with Iraq. He stated, “The value of the amount of compensation will continue after closing the file and placing it in a sovereign fund, to be like the rest of the Gulf countries, and this fund will have rewarding results

While the academic at Basra University, Nabil Jaafar, confirmed to the Iraqi News Agency (INA), that “Iraq has paid all the compensation imposed on it by the UN Security Council, amounting to 52 billion and 400 million dollars, and therefore the Iraqi government must request that Iraq be removed from Chapter VII to VI and the liberation of its financial accounts Especially the oil revenues that go to the US Federal Bank to deduct the share of Kuwait’s compensation and then go to the Ministry of Finance

He stated, “The compensation has ended, and therefore oil revenues, which are revenues in foreign currency, should go to Iraq directly to the Ministry of Finance,” stressing the need for “Iraq to ask the Security Council to protect Iraqi funds deposited abroad in international banks. And he indicated that “the government’s directions after this file are to establish a sovereign fund in which the 3% of the oil proceeds that used to go to Kuwait, which sometimes amounted to two billion dollars annually, are deposited, to be invested at home and abroad and be a kind of buffer against the international crises that befall Iraq as one of the countries rentierism

While the economic analyst Tariq Al-Ansari told the Iraqi News Agency (INA), that “the gains that Iraq achieved from ending the Kuwait compensation file are to reduce the burden on the Iraqi budget related to debt, including Kuwait’s unfair compensation against the Iraqi people, because the decision was based mainly by the Security Council on The damaged party without taking into account the causative party with a great exaggeration that is not commensurate with the extent of the damage inflicted on Kuwait,” stressing the necessity of “exiting Iraq from Chapter VII as a result of paying its debts from Kuwait’s compensation 100% and entering it within Chapter VI because Iraq fulfilled its obligations from a legal point of view.” and finance

He continued, “The investment of the value of the sums that were paid to Kuwait, estimated at two and a half billion, is through restoring the infrastructure of Iraq, absorbing unemployment and reducing inflation and poverty, which has reached the 7% inflation rate in Iraq, and this is a very large number and has negative repercussions on the life of the homeland, because This inflation should not be more than 1-1.5%, which is acceptable. He stressed the need to “put the Iraqi economy on the right track from a scientific and methodological point of view, and restructure the economy with its monetary, financial, investment and oil policies as mentioned in the white paper

Al-Ansari called on the Iraqi government to take immediate, correct and sound measures since the beginning of next year to absorb unemployment, identify competencies, and put the Iraqi citizen on the right track, while reducing the exchange rate of the dollar against the Iraqi dinar to 130 as a first stage, and after three months it must be reduced to 120 so that the citizen can Iraqis are able to meet their basic and daily legal needs

And economic analyst Osama Al-Tamimi confirmed to the Iraqi News Agency (INA), that “Iraq will return to its normal state after it has finished paying its compensation to Kuwait under the relevant Security Council resolutions approved in 1991, including Resolution 687 to pay the Central Bank 44 million dollars, as the item will leave. The seventh and moves to Article VI of the Charter of the United Nations, and the Iraqi banking program is integrated within the international programme

He pointed out that “it has become imperative for future governments to invest the financial surplus, which represents the sums deducted from Iraq for the benefit of the United Nations Compensation Fund, on a regular basis, and direct them to the national development wheel to establish various projects that serve the growing economy according to promising economic plans.” It amounts to about 5% of the federal budgets. And the Central Bank of Iraq announced, earlier, the completion of the last remaining installment of Kuwait’s compensation, amounting to 44 million dollars

The bank stated in a statement received by the Iraqi News Agency (INA), that “the payment of the last remaining installment of the State of Kuwait’s compensation amounting to 44 million US dollars has been completed, and thus Iraq has completed the full payment of the compensation amounts approved by the United Nations Compensation Committee of the UN Security Council under Resolution (687) for the year 1991, with a total of (52.4) billion US dollars for the State of Kuwait

He added, “It is hoped that ending the payment of compensation will contribute to removing Iraq from Chapter VII, as well as its impact on reintegrating the Iraqi banking system into the global banking system and benefiting from the financial abundance that will be achieved  LINK

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MilitiaMan:  The amount of past tense closure in this article has all the indicators that Iraq is to be back to her rightful place in the region, the top. Her present and future value is immense. There will be be no stopping the progress that is to ensue.

The amount of growth the country is about to experience will be one that may very well be biblical in proportion. The $2 billion per year over time will be a foundation, that begets even more and more through the many mechanisms they have in place now.

 Most likely a very good reason they have been successful in selling their bonds.. Re integrating the Iraqi banking system into the global banking system is going to be a BUNA experience.. One that will be very powerful.

PS the $64 billion in reserves is not all reserves, there is more to support the currency.. 5.. imo !~ MM

KTFA Members "News and Views" Thursday PM 12-23-2021

KTFA:

Kuwait’s compensation file is awaiting complete closure.. UN meetings are expected

The Chairman of the Committee of Financial Experts, Abdul Basit Turki, received an invitation to attend the meetings of the Compensation Committee at the United Nations, on February 9th, related to the invasion of Kuwait.

Turki said in an interview with Alsumaria News, today, Thursday, that “the invitation sent by the head of the Compensation Committee to the UN Security Council, Irene, referring to him, included a mention of the possibility of holding side meetings, before starting the work of the sixteenth special session of the Compensation Committee Board of Directors in Geneva on February 9 of next year. He added that the meetings to permanently close the compensation file will start next February.  LINK

Godlover:This article sounds about right. As I had previously stated, I fully expect Iraq to use the 1/12 budget for at least January & likely most of February of next year. Parliament needs to be announced/seated & then start reading & eventually voting on the 2022 budget.

GodLover: This will take some time, but without corruption, it should be quicker process as far as passing laws etc. Now with that said, Iraq being removed from chapter 7 is some of the biggest news to date, this will change Iraq from business as usual to business international. The 2022 budget will be different as well & I personally think the opening of that budget should clearly NOT be opened until AFTER the UN decision is official because Iraq’s budget will most definitely be affected by the UN declaration. 

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PETRA: The question one must ask is…was the UN aware of the actions both budgetary and strategically as to all the next steps, actions, and necessary protocols to finish payment to Kuwait?  Does one think the UN was blind to the approach Iraq was taking to lift all sanctions in order to progress their country to the international marketplace?  

No!  The UN has been in lock step all the way and frankly was part of the timing and strategic moves of Iraq for years.  I cannot count how many times the UN was in Iraq or, Iraq was at the UN laying out their carefully laid out plans for their future with the most important document…the White Papers that I would not hesitate to say they had a part or contribution to its development and approval.

The final payment to Kuwait was NOT a surprise to the UN.  

Wasn’t the UN representative Ms Blanchert (sp?) there for several days just 2 weeks ago?   Why? IMO, for this very purpose. Did not Kuwait and SA formally recognize Iraq as a sovereign country?  Surely they know what that means.  

Clearly much occurs in the background we don’t know about but the timing of bank activities, cessation of banking activities outside the normal protocols, and the announcement by both the CBI and the representative declaring their sovereignty cannot be ignored.  

Now there is the “letter” of the law and the “spirit” of the law and IMO the spirit of the law (intent of Chapter 7) has been fulfilled to allow Iraq to move forward with their reinstatement and forward progress of this country as designed in the White Papers.  Go Iraq!!!

Respectfully Submitted and IMO….PETRA

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Popeye7:  Imo, Spot on post Petra as there have been meetings all along during this process… Stability has been determined to be the case in Iraq by the powers that be, as well as all of the requirements met to fulfill article 7 obligations… So there really is no reason to withhold this any longer… Feb 9th will be nothing more than an announcement of what will have already been accomplished… If I am not mistaken, a real rate of their currency must also be made public as well before all is complete… The incoming parliament, as was stated by yourself, and MM, will be able to begin with a shiny new rate, and ensure this transition is a complete one…

BlaqueBeauty:  Hello, may I ask could this or these meetings already been done in the background  & just showing the paper work of the process it took to get to “glory days” & could possibly flip the switch let’s just say Christmas morning, I mean we are having a wealth management ub2b tonight ijs, IMO

Wagmister:  Frank did state no more Monday UBTUBIES.  I hope we can truly say” see you on the other side”. I believe Frank and the elections are over and settled, and chapter 7 is in the past tense.

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Samson:  Brent crude exceeds $75 per barrel

12/23/2021 08:16:22

Oil prices rose today, Thursday, for the third consecutive day, supported by the decline of the dollar due to optimism about global growth.

 US West Texas Intermediate crude futures rose 22 cents, or 0.22%, to $72.98 a barrel, after jumping 2.3%, in the previous session.

Brent crude futures rose 24 cents, also equivalent to 0.24%, to $ 75.53 a barrel, after rising 1.8 percent, in the previous session.

Wednesday’s big gains were partly driven by a larger-than-expected drop in US crude stocks last week.

The dollar’s decline supports the oil markets, as it makes commodities cheaper for holders of other currencies. The dollar fell close to a one-week low after data on Wednesday showed US consumer confidence improved more-than-expected in December.LINK

Samson:  For the sake of the banking system.. Kuwait: Iraq handed over the last batch of compensation before it was due

23rd December, 2021

Kuwait announced that Iraq delivered the last batch of compensation amounting to 44 million dollars before it was due.

The Kuwaiti Al-Rai newspaper, quoting officials, reported that “Iraq paid the last payment of $44 million to complete the remaining $629 million for Kuwait, revealing that the amount returned from the deduction from oil sales amounted to about $585 million, and the remaining 44 million, so the Iraqi government decided to pay the remaining amount instead of waiting for the next quarterly withholding payment to be due, in the spring of 2022.”

She added that “the Iraqi government wants to achieve two goals, the first is a message of friendly signal to Kuwait of its commitment to implement its commitments, and the second is to
re-integrate the Iraqi banking system with the global banking system.”

And she indicated that “the United Nations Compensation Committee will hand over to Kuwait the last batch of compensation due to it from Iraq at the end of this month or the beginning of next January at the latest, indicating that the committee will meet next February to issue its own report that Iraq has fulfilled all its obligations in terms of paying the prescribed compensation claims. It is complete for Kuwait.

In accordance with Security Council resolutions, the percentage deducted from the proceeds of export sales of oil and its products was 5% in 2003, then it decreased to 0.5% in 2018, and then rose to 1.5% in 2019, to stabilize since 2020 at 3%.

In 1991, a UN Compensation Committee was formed, obligating Baghdad to pay $52.4 billion in compensation to individuals, companies, governmental organizations and others, who incurred losses resulting directly from the invasion and occupation of Kuwait.

On November 21, 2021, the Central Bank announced the payment of the last batch of compensation to Kuwait amounting to (44) million US dollars, expressing the hope that the termination of the payment of compensation would contribute to removing Iraq from Chapter VII.   LINK

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Al-Tamimi : Iraq is awaiting action from the Security Council to get rid of the consequences of Kuwait’s debts

23rd December, 2021

Legal expert Ali Al-Tamimi confirmed, on Thursday, that Iraq has fulfilled all the financial benefits that it accumulated as a result of the invasion of Kuwait, stressing that this matter has positive repercussions on the economy in the coming years.  

Al-Tamimi said in an exclusive statement to “Nass” (December 23, 2021), that “Iraq was placed in Chapter VII of the Charter of the United Nations after entering Kuwait, according to UN Security Council Resolution 666 in 1990, and that this decision came after warnings, warnings and an economic siege imposed on Iraq, then international sanctions came under Chapter VII, which means that Iraq’s character at the international level has become weak, so it is not permissible for it to contract and conclude import and export agreements.  

He added, “Iraq exited from Chapter VII in 2017 under Resolution No. 23/90 – but entered Chapter VI due to the presence of related matters with Kuwait worth 4 and a half billion dollars (compensations), and after it fulfilled these financial obligations, the Iraqi government and its representative at the United Nations must notifying the Security Council in order for the Council to issue its decision that Iraq has completely completed Chapter VI and VII.  

The economic expert stressed, “This has economic repercussions on Iraq, because the money that was deducted from Iraqi oil exports will be part of the country’s financial reserves, and it may have positive effects on the economy in the coming years.”    LINK

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Samson:  Iraq is awaiting a UN decision to remove it from Chapter VII, and a billion dollars will be added to the budget

23rd December, 2021

Iraq has turned one of the most draining files on its economy, after paying all its dues in the Kuwait compensation file, amid optimism about an economic recovery and openness to global investment

Adviser to the Prime Minister for Economic Affairs, Mazhar Muhammad Salih, told the Iraqi News Agency (INA), today, Thursday, that “Iraq ended the Kuwait war compensation file, as it paid the last payment of dues about less than 45 million dollars,” noting that “with this, Iraq paid all obligations imposed on him under Chapter VII of the United Nations Charter and relevant Security Council resolutions in 1991

And he continued, “The compensation file cost Iraq from the gross domestic product and the efforts of its economy about 52.4 billion dollars,” explaining, “This amount is not small, as this amount is sufficient to build an electricity network system that revives Iraq for many years. He added, “This reckless war was borne by the people of Iraq,” noting that “closing the Kuwait compensation file is a new page in Iraq’s economic history

And Saleh said, “This file was costing the Iraqi daily from 6-7 million dollars,” noting that “the value of these funds from Iraq’s current exports, which amount to more than two billion dollars annually, will be added to the budget of the Republic of Iraq and block one of the exchange doors with the truth

Saleh expressed his hope that “these funds will go to development, that is, investment projects that employ the workforce and produce income,” noting that “closing the compensation file is the beginning of closing the remnants of Chapter VII. And Al-Kazemi’s advisor indicated that “Iraq has imposed about 40 decisions on it because of the Kuwait war from the Security Council and has been completely shackled until the present time, so the end of this file means the issuance of a decision by the UN Security Council that is expected to be the beginning of next year to get Iraq out of the problems of Chapter VII of the United Nations Charter

He stated that “Iraq was considered an aggressor country, while in fact it is a peaceful country that loves its friends and neighbors”, expressing his hope that “all Iraq’s disputes will be resolved within Chapter Six by amicable means in truth

Saleh pointed out that “Iraq has great prospects by its integration into the global economy,” explaining that “the isolation in which Iraq lives is very great, and the world’s planes still do not reach Baghdad airport except for some regional countries, and this is part of the siege that Iraq is still considered a war zone with insurance and shipping costs in transfer of technology and in dealing with economic progress

Saleh stressed “the need for a ten-year development plan that will last for ten years to benefit from oil imports, as we start with the infrastructure and end with income-generating projects in all cases,” expecting that “the year 2022 will be a year of progress and prosperity for Iraq and broad positive indicators that begin with the closure of Chapter VII of the Charter of the United Nations.” The United States, the end of the Kuwait war reparations, the return to normal economic life, and integration into the international community

While the economic expert, Basem Antoine, confirmed to the Iraqi News Agency (INA), that “closing the Kuwait compensation file will restore confidence in Iraq and its investments, in addition to improving its image and reputation among several countries and companies to serve the people of the country, as well as the confidence of foreign citizens in Iraq,” noting that “exiting from the seventh item will be followed by some measures, but it is a step forward, and it remains on the efforts of the Central Bank in this process

And Antoine indicated that “Iraqi banks will restore their dealings, such as using correspondents from abroad, to achieve great and wide achievements with these banks, such as Al-Rafidain Bank, which is mainly a giant bank, in addition to the need for intermediary banks with Iraq.

He stated, “The value of the amount of compensation will continue after closing the file and placing it in a sovereign fund, to be like the rest of the Gulf countries, and this fund will have rewarding results

While the academic at Basra University, Nabil Jaafar, confirmed to the Iraqi News Agency (INA), that “Iraq has paid all the compensation imposed on it by the UN Security Council, amounting to 52 billion and 400 million dollars, and therefore the Iraqi government must request that Iraq be removed from Chapter VII to VI and the liberation of its financial accounts Especially the oil revenues that go to the US Federal Bank to deduct the share of Kuwait’s compensation and then go to the Ministry of Finance

He stated, “The compensation has ended, and therefore oil revenues, which are revenues in foreign currency, should go to Iraq directly to the Ministry of Finance,” stressing the need for “Iraq to ask the Security Council to protect Iraqi funds deposited abroad in international banks.

And he indicated that “the government’s directions after this file are to establish a sovereign fund in which the 3% of the oil proceeds that used to go to Kuwait, which sometimes amounted to two billion dollars annually, are deposited, to be invested at home and abroad and be a kind of buffer against the international crises that befall Iraq as one of the countries rentierism

While the economic analyst Tariq Al-Ansari told the Iraqi News Agency (INA), that “the gains that Iraq achieved from ending the Kuwait compensation file are to reduce the burden on the Iraqi budget related to debt, including Kuwait’s unfair compensation against the Iraqi people, because the decision was based mainly by the Security Council on The damaged party without taking into account the causative party with a great exaggeration that is not commensurate with the extent of the damage inflicted on Kuwait,” stressing the necessity of “exiting Iraq from Chapter VII as a result of paying its debts from Kuwait’s compensation 100% and entering it within Chapter VI because Iraq fulfilled its obligations from a legal point of view.” and finance

He continued, “The investment of the value of the sums that were paid to Kuwait, estimated at two and a half billion, is through restoring the infrastructure of Iraq, absorbing unemployment and reducing inflation and poverty, which has reached the 7% inflation rate in Iraq, and this is a very large number and has negative repercussions on the life of the homeland, because This inflation should not be more than 1-1.5%, which is acceptable. He stressed the need to “put the Iraqi economy on the right track from a scientific and methodological point of view, and restructure the economy with its monetary, financial, investment and oil policies as mentioned in the white paper

Al-Ansari called on the Iraqi government to take immediate, correct and sound measures since the beginning of next year to absorb unemployment, identify competencies, and put the Iraqi citizen on the right track, while reducing the exchange rate of the dollar against the Iraqi dinar to 130 as a first stage, and after three months it must be reduced to 120 so that the citizen can Iraqis are able to meet their basic and daily legal needs

And economic analyst Osama Al-Tamimi confirmed to the Iraqi News Agency (INA), that “Iraq will return to its normal state after it has finished paying its compensation to Kuwait under the relevant Security Council resolutions approved in 1991, including Resolution 687 to pay the Central Bank 44 million dollars, as the item will leave. The seventh and moves to Article VI of the Charter of the United Nations, and the Iraqi banking program is integrated within the international programme

He pointed out that “it has become imperative for future governments to invest the financial surplus, which represents the sums deducted from Iraq for the benefit of the United Nations Compensation Fund, on a regular basis, and direct them to the national development wheel to establish various projects that serve the growing economy according to promising economic plans.” It amounts to about 5% of the federal budgets. And the Central Bank of Iraq announced, earlier, the completion of the last remaining installment of Kuwait’s compensation, amounting to 44 million dollars

The bank stated in a statement received by the Iraqi News Agency (INA), that “the payment of the last remaining installment of the State of Kuwait’s compensation amounting to 44 million US dollars has been completed, and thus Iraq has completed the full payment of the compensation amounts approved by the United Nations Compensation Committee of the UN Security Council under Resolution (687) for the year 1991, with a total of (52.4) billion US dollars for the State of Kuwait

He added, “It is hoped that ending the payment of compensation will contribute to removing Iraq from Chapter VII, as well as its impact on reintegrating the Iraqi banking system into the global banking system and benefiting from the financial abundance that will be achieved   LINK

Some "Wednesday News" Posted by Samson at KTFA 12-22-2021

KTFA:

Samson: Al-Rafidain Bank stops withdrawals and deposits, starting from Thursday

22nd December, 2021

Al-Rafidain Bank announced, on Wednesday, the suspension of withdrawals and deposits from savings accounts, starting from tomorrow, Thursday, corresponding to 12/23/2021, until Monday, corresponding to 3/1/2022.  

And the bank’s media office explained in a statement that “Nas” received a copy of it (December 22, 2021), that “the suspensions come in order to pay the annual accounts and calculate the interests of savings accounts, as well as organizing budgets.”  

The bank also decided, “to close the doors of all its branches on Sunday, 2/1/ 2022, for the purpose of paying the annual accounts and for implementing the bank’s accounts that are applicable every year.”    LINK

Al-Rafidain Bank stops withdrawals and deposits as of tomorrow  LINK

For 10 days… Al-Rafidain suspends withdrawals and deposits from savings accounts  LINK

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Samson:  Including Iraq.. Statistics of Arab countries’ gold reserves

12/22/2021 14:50:12

The year 2021 witnessed severe fluctuations in global stock exchanges and markets, including gold contracts, in light of the Corona virus crisis and its repercussions on economic activities.

Gold is a safe haven, especially in times of crisis, as many people tend to buy it to hedge against inflation, and in the past two years, gold prices have risen in light of the Corona virus crisis and its consequences.

The World Gold Council recently published its report for the month of December 2021, which is the final report for the year 2021, which showed that the reserves of the central banks in the world amounted to 35582.3 tons of the metal, and the reserves of the central banks of the Arab countries of the precious metal constituted about 3.85% of the total global reserves.

Iraq ranked fifth with gold reserves of 96 tons and 400 kg of gold.  LINK

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Samson:  Al-Samarrai calls on the Ministry of Finance to establish a sovereign fund

22nd December, 2021

The winning candidate, Muthanna Abdul Samad al-Samarrai, called on the Iraqi government, today, Wednesday, to establish a sovereign fund under the name of the Generations Fund with the same value as the deduction amount for previous compensation for Kuwait.

Al-Samarrai said in a tweet on “Twitter”, which was followed by Alsumaria News, that “it is time to work to protect the future of generations, after we got rid of debt by completing the last batch of compensation for Kuwait“.

 And he added, “Under the Financial Management Law, I invite Ministry of Finance And the Iraqi government to establish a sovereign fund with the same value as the deduction amount for previous compensation annually, with the same mechanism followed, under the name “Generation Fund”. LINK

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Samson:  Integrity arrests 3 employees of the Agricultural Bank in Mosul on cases of financial embezzlement

22nd December, 2021

A security source in Nineveh stated, on Wednesday, the arrest of three employees of the Agricultural Bank in the city of Mosul on charges of embezzlement.

The source told Shafaq News Agency, “A security force from the Integrity Commission arrested today three employees of the Accounts Division of the Agricultural Bank, against the background of embezzlement operations that occurred in the bank’s fund.”

And he indicated that “the integrity matched a number of financial sums and found a financial shortage, which revealed the embezzlement that occurred, and as a result the three employees were arrested for investigation.”

It is worth noting that the Nineveh Integrity Commission, during this year, dismantled a network of more than 10 individuals who were involved in corruption and tampering with official records in the Real Estate Registration Department in Mosul.

Arrest orders continued in cases of manipulation of state real estate, as well as the seizure of financial and administrative corruption in other government departments, the latest of which was the issuance of two arrest warrants against the mayor of Mosul, Zuhair Al-Araji, on charges related to corruption in the residential land file.  LINK

Samson:  Al-Kazemi’s advisor : $5 billion – the size of Iraq’s debts to the World Bank and the IMF

22nd December, 2021

Today, Wednesday, Adviser to the Prime Minister for Economic Affairs, Mazhar Muhammad Salih, determined the size of Iraq’s debts to the World Bank and the International Monetary Fund

Saleh said, to the Iraqi News Agency (INA), that “there is no accurate number of the size of the debt owed by Iraq to the World Bank and the International Monetary Fund, because the balance moves in decrease with the payment of the debt package (the installment) in addition to the annual interest, but it does not exceed 5-6 billion dollars

He added, “The loans of the World Bank in particular are long-term and have grace periods of about 6 years, which often extend to about 14 years, and the interests on them are moderate, as they are similar to the interest of the London markets on dollar lending transactions (Liber) in addition to a simple additional percentage representing the bank commission  LINK

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Samson:  China imposes sanctions on 4 US officials 

21st December, 2021

The Chinese government announced today, Tuesday, the imposition of sanctions on four US officials after their comments on the human rights and religious freedom situation in Xinjiang.

A Chinese Foreign Ministry spokesperson said, Zhao Lijian we are taking action against four people from a committee United State International Religious Freedom..its President Nadine Mainza, and her deputy Nuri Turkel its two members are Anorima Bhargava and James W. Carr“.  LINK

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Samson:  Report: Qatar seeks to invest $10 billion in US ports

22nd December, 2021

Three financial sources told Reuters that Qatar plans to invest at least $10 billion in US ports and has approached international banks for help with financing.

Middle Eastern and Western sources familiar with the matter told the agency that Doha aims to invest in ports around the eastern coast of the United States, which are expected to be developed in stages, adding that the plan is in an initial stage.

The country’s sovereign wealth fund, Qatar Investment Authority and Qatar’s Government Communications Office declined to comment to Reuters. “The Qataris have been preparing for nearly a year to test the waters for investing in American ports,” said Michael Frodel, a US-based consultant familiar with Qatar’s strategy.

“We think a smart investor with $10 billion would want to put it into US port infrastructure on the underserved East Coast first and foremost,” he added. He added that “the west coast is receiving all the attention of the US government and the private sector, while on the east coast, improvements are long overdue.”

A source based in the Middle East said that Qatar was in early discussions with banks to search for a structural advisor, and two of the sources said that the banks contacted included “Morgan Stanley” and “H. AC. with me. C and Credit Suisse.   LINK

KTFA Tuesday Night CC "It's Their Birthday" 12-21-21

KTFA

KTFA Tuesday Night CC:

12-21-21……IT’S THEIR BIRTHDAY

This video is in Frank’s and his team’s opinion only

Frank’s team is Walkingstick, Petra, MilitiaMan and Eddie in Iraq

Playback Number: 605-313-5163   PIN: 156996#

What Frank’s suit color’s mean…. FRANKS SUIT COLORS FOR CC'S..... WHITE = NEW INFO…. SILVER = INTEL FROZEN…. RED= HIGH ALERT… PURPLE=GUEST WITH US…. BLUE = AIR FORCE…. BLACK = GROUND/FF’S…. GREEN= MR OR FAB 4 ... GOLD = CHANGE

https://youtu.be/Cu8YZWYNe9s

KTFA Members "News and Views" Tuesday PM 12-21-2021

KTFA:

Samson:  Completion of the payment of compensation to the State of Kuwait

 The payment of the last remaining installment of the State of Kuwait’s compensation amounting to (44) million US dollars has been completed, thus Iraq has completed the full payment of the compensation amounts approved by the United Nations Compensation Committee of the UN Security Council pursuant to Resolution No. (687) for the year 1991, with a total of (52). 4) One billion US dollars for the State of Kuwait.

It is hoped that ending the payment of compensation will contribute to removing Iraq from Chapter VII, as well as its impact on re-integrating the Iraqi banking system with the global banking system and benefiting from the financial abundance that will be achieved.

Central Bank of Iraq
Media Office 
December 21, 2021  link

Clare:  BOOM!!! THANKS SAMSON!    WS & FRANK…… SPOT ON AGAIN!!! 

MilitiaMan:  What is not to like about this? This time it comes from the CBI.  The last time it was from experts. I’ll look for the UN and USA for that final decision. Now that payment’s are completed, that fact should usher in the final decision to release in totality Iraq from Chapter VII. As stated it will allow Interconnectivity with internal and external banks.. That will be a day to remember!!! Imo -MM 

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Samson:  The Central Bank of Iraq officially announces the completion of the payment of compensation to Kuwait

21st December, 2021

Today, Tuesday, the Central Bank of Iraq announced the completion of the payment of compensation for the State of Kuwait.

The Central Bank said in a statement received by Alsumaria News, “The payment of the last remaining installment of state compensation has been completed.” Kuwait amounting to (44) million US dollars, thus Iraq the full compensation amounts approved by the United Nations Compensation Commission of the UN Security Council under Resolution No. (687) for the year 1991, with a total of (52.4) billion US dollars have been paid to a country Kuwait“.

It is hoped that the termination of the payment of compensation, according to the statement, will contribute to “exiting Iraq from the seventh item, please on Its impact on reintegrating the Iraqi banking system into the global banking system and benefiting from the financial abundance that will be achieved.

A UN Compensation Committee was formed in 1991, obligating Baghdad Paying $52.4 billion in compensation to individuals, companies, government organizations, and others who incur direct resulting losses on Invade Kuwait. and stop Iraq on Payments were made in 2014 during the war on ISIS, which controlled large parts of the country, but resumed payments in 2018.   LINK

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Samson:  Disruption of official working hours for 7 days in Kurdistan

21st December, 2021

The Kurdistan Regional Government announced today, Tuesday, the suspension of official working hours for seven days.

Government spokesman Jutiar Adel said in a statement seen by Mawazine News that “the Kurdistan Regional Government has decided to suspend official working hours in all its departments, starting from the 25th of the current December until the first of next January.”

He added, “This came on the occasion of Christmas and New Year’s Eve,” noting that “the official working date will be on the second of next January in all government institutions.”   LINK

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Samson:  In Baghdad, 160 archaeological artifacts dating back to the Parthian and Seleucid eras were discovered

21st December, 2021

The Director General of the Department of Investigation and Excavations, Ali Shaghlam, announced on Tuesday that 160 artifacts had been found in the plot numbered 2784/1/2784, Nahrawan District, by an Iraqi mission.

Shalgham said in a statement received by Shafaq News Agency, that the artifacts date back to the (Parthian and Seleucid) eras, which are pottery, jars, various vessels, glass bottles and ivory, most of which are used in daily life.

He added that the pieces were handed over to the Iraqi Museum according to fundamentalist records followed in the receipt and delivery of antiquities found by the mission.  LINK

Samson:  Russian newspaper: China is betting on Baghdad to increase its influence in the Middle East

21st December, 2021

The Russian newspaper “Nezavisimaya Gazeta” saw today, Tuesday, that China is betting on Iraq to increase its influence in the Middle East.

In a report published on “Beijing’s bets and investments in Iraq,” the newspaper said that Chinese government companies signed an agreement with the Iraqi authorities to build 1,000 schools, indicating that Baghdad hopes to restore the education system destroyed by war with the help of the People’s Republic of China.

Beijing expects, according to the newspaper, to increase its influence in the Middle East by relying on Iraq, which attracts most Chinese investments in the region, noting that China has become the largest buyer of Iraqi oil.

The newspaper quoted the Orientalist and political expert, Elena Suponina, as saying: “Iraq has always attracted the attention of the Chinese. In the days of Saddam Hussein, they were interested in oil and gas fields and signed contracts. Even after Saddam’s overthrow, the Chinese managed to gain a foothold in that market, Although they invested in a very small scale, due to the difficult security situation there. Even the Chinese workers were taken hostage by the terrorists. After every such incident, the Chinese business was becoming more cautious. However, Iraq, for China, is estimated Oil reserves of at least 112 billion barrels, opens the appetite.”

She added: “After the Americans toppled Saddam, it was believed for a long time that American companies would come to Iraq, and that oil was their biggest concern. It turned out that this is not the case. Although there is an American business in the Iraqi market, it is very limited. It has raised insecurity the fear of American investors.

And the development of oil production in the United States made it possible for Washington to abandon its heavy presence in Iraq without pain. On the other hand, the Chinese are filling the void that appeared after the Americans eased their focus on the region. But Russian companies are also working in Iraq. For her, strengthening the presence of the Chinese could be a serious competition.”

In the middle of this month, the Iraqi government signed 15 contracts with the Chinese side to build 1,000 schools in different parts of the country.

On the twenty-eighth of last November, the Iraqi military authorities reported a security alert to protect Chinese companies implementing a project to build 1,000 schools across Iraq.  LINK

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Samson:  An economist explains the reason for the demand for the dollar in the local market instead of the dinar

12/21/2021 15:26:41

 An economic expert explained, the reason why the local market sometimes resorted to dealing in the dollar currency exclusively, without the Iraqi dinar.

Bassem Jamil Antoine told {Euphrates News}: “This transaction does not mean a collapse and the exit of the dinar from daily transactions, as the majority of people still deal in the Iraqi dinar and consider it the basis of the currency, but the rise in commodity prices and monetary inflation has become easier in buying and selling in the dollar, which is not new and it has passed.” It’s more than 20 years old.”

And he indicated that “the Iraqi economy is non-productive and consumerist, and all imports depend on the dollar, so dealing with it is easier than trading in dinars, which may be exposed to a loss or disparity.”

Jamil stressed, “The Iraqi dinar is still strong, and the strength of the Iraqi economy does not lie in paper and remains a facade,” noting that “these exaggerations are largely unjustified, and some people have turned, and unfortunately rumors play a role, and the Iraqi dinar is still a similar site.”

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, had ruled out a collapse of the local currency {the Iraqi dinar}, and told {Euphrates News} today: “There is no collapse of the local currency, and the Iraqi dinar is strong and covered by good foreign reserves.” He pointed out that “monetary policy deals with in dollars, and the use of system currencies {domestic and foreign trade} Bsbouapn presence hedges to deal with foreign currency and stability as well as the stability of trading them as well.”

It is said that the local market and some wholesalers are starting to deal in dollars US exclusively without local currency so as to fear for the collapse of them, as happened in neighboring countries and the region, such as Turkey, Iran and Lebanon.   LINK

MilitiaMan and Samson Sunday PM "Interesting Times" 12-19-2021

KTFA:

Samson:  Urgent guidance from electricity on contracts and procedures salaries

19th December, 2021

Today, Sunday, the Ministry of Electricity directed all companies to complete the procedures for withdrawing payroll lists of wage contracts within 48 hours.

And a document seen by the “National News Center” showed that “the ministry directed all companies to complete the procedures for withdrawing payrolls of wage contracts and within 48 hours for the purposes of disbursing the salaries of the three months 10, 11 and 12 for the year 2021.”  LINK

MilitiaMan:  Final payments for the quarter within 48 hours..? We saw where they stopped all contracts, interest payments, etc, on the 15th too. Interesting times.. imo ~ MM

MilitiaMan: Linking up seems to be the focus with transparency and within all segment’s of the Government electronically. Notice they speak of the Finance Department and mention contracts… Commercial Ships are abundant in Basra.. Electronic AYSCUDA system is at work, imo.. We know the system is global and is electronic.. oh ya.  ~ MM

Samson:  Basra completes the first phase of the e-governance project

19th December, 2021

The First Deputy Governor of Basra, Muhammad Taher Al-Tamimi, announced, on Sunday, the completion of the first phase of the electronic governance project and the (Data Center) system at the local government headquarters, stressing that work is currently underway within the second phase to complete the software and link the external departments associated with the governorate.

Al-Tamimi said in a statement that Mawazine News received a copy of it, that “the (Data Center) project is a (server) that connects data between a number of government departments and agencies in the governorate, and provides services in the field of messaging in an encrypted form without using the Internet, but using technology ( Intranet), and the second function it performs is to collect information, archive it and display it in a unified table to increase transparency in work between all departments of the local government in Basra, and the departments associated with it,” noting that “currently the basic departments in Basra Governorate have been linked, including the departments of accounts, auditing, planning and administration. Projects, government contracts, contracts, the Department of Engineering and Human Resources, the Department of Finance and Administrative Affairs and other important departments of the Basra Governorate Diwan.

He added, “The coming stages will witness linking the rest of the government departments to the governorate office, as well as linking the unified card department, as well as the police leadership, and working to link surveillance cameras in the streets with biometric data in order to increase security and basic information obtained from the (Data Center), and this is what we will do.” To complete it as soon as possible within the second phase and to move in the future to link the system with the Basra Traffic Department to identify the number of car plates required for security in cooperation with the operations command and the police.”

Al-Tamimi pointed out that “this project, which was initiated by Basra, and carried out by the developed countries, is one of the pioneering projects in the rest of Iraq’s governorates, and it is possible to move to other advanced future stages through linking with the federal government, as well as the rest of the governorates of Iraq.”   LINK

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Godlover:  And although some like the say the budget needs the rate, that’s fine & dandy. If the budget needs the rate, then the rate needs the budget. Yep….CBI changes the rate, but parliament votes on the budget!~ Godlover

MilitiaMan:  Glad we can agree on one thing, the rate comes first from the CBI. The 2019FMLA / 2020 and 2021 budgets need to be sorted and they were subsequently based off the 2019FMLA and that is in the WPs, imo. The 2022 budget will be based off the reconciliation of them (past budgets will require reconciliation) all back through 2013 -2014 too…. imo. So, imo When they reconcile, the rate will be exposed as the past government already voted on them.. imo The linking of the ports will require a level playing field. A real effective exchange rate is going to be an integral part of all of that. imo~ MM

Samson:  Saleh: The Central Bank Has A Comfortable Reserve That Helps It Impose Stability In Exchange Rates

19th December, 2021

The economic expert and financial advisor to the government, Mazhar Muhammad Salih, confirmed today, Sunday, that the Central Bank currently possesses a comfortable cash reserve of foreign currencies, pointing out that there is a direct correlation between the current account surplus of the Iraqi balance of payments and the development of foreign reserves.

Saleh said in a statement to the “Information” agency, that “the monetary policy of the Central Bank of Iraq has today, a strong foreign reserve tool that can maintain the purchasing power of the Iraqi dinar and face inflationary expectations with a high capacity due to the surplus in the current account of the balance of payments.”

He added that “the Central Bank of Iraq’s dollar reserves can be exploited through the power of intervention to impose stability in the exchange market through open market operations exercised by the monetary authority to achieve the operational goals of monetary policy with ease and flexibility.”

He pointed out that “there is a positive indicator of the accumulation of the foreign reserves of the Central Bank of Iraq during the year 2021 with a change in the direction of increase by more than 20% compared to the levels of the year 2020. .

And the Central Bank of Iraq revealed, earlier, the rise in the Iraqi hard currency reserves to 64 billion dollars.

International reserves, or foreign exchange reserves – deposits and bonds of foreign currencies held by central banks and monetary authorities – are important to support the currency and pay debts owed by the state.  

MilitiaMan:  What Salih is telling us / them is that they have enough hard currency and foreign currencies to support and defend their exchange rate through open market operations with ease and flexibility. Key word is “OPEN”!!!. Meaning global markets.. imo.. ~ MM

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With the transparency at the borders, like that of the port of Faw they’ll have massive increase in revenues outside of oil. What he is not saying is how much foreign reserves they have.  Keep in mind when Iraq re instates her currency the regional tides will rise too, thus, adding more value.. Love it.. imo. Salih openly telling us about open market operations is quite telling!!!  ~ MM

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Open market operations (OMO) refers to the Federal Reserve (the Fed) practice of buying and selling U.S. Treasury securities, along with other securities, on the open market in order to regulate the supply of money that is on reserve in U.S. banks. The Fed purchases Treasury securities to increase the supply of money and sells them to reduce the supply of money.1

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The objective of OMOs is to manipulate the short-term interest rate and the supply of base money in an economy.1 By conducting open market operations, the Federal Reserve can achieve the desired target federal funds rate by providing or removing liquidity to commercial banks by buying or selling government bonds from or to them.

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“The Central Bank of its national and distinct task force has thus been able to achieve one of its main tasks and objectives: building foreign reserves, which together constitute a secure enough covering local currency in trading and private sector imports and is now vigorously, effectively and rationally moving towards the objectives of strengthening the economy and banks for development.”

* Adviser to the Iraqi Special Banks Association