KTFA Monday Night CC "All They Talk About is the New Exchange Rate"

KTFA

KTFA Monday Night CC

Frank26:  2-28-22……ALL THEY TALK ABOUT IS THE NEW EXCHANGE RATE

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=Kb-BpA0atWI

Some "Monday News" Poste by Samson at KTFA 2-28-2022

KTFA:

Samson:  During The Hosting Session.. The State Of Law Demands The Return Of The Dollar Price To Its Previous Era

28th February, 2022

The State of Law coalition confirmed, on Monday, that coalition representatives and a number of political blocs will demand Finance Minister Ali Allawi during the hosting session that was held today, to return the dollar exchange rate to its previous position, especially after the end of the financial crisis.

Member of the coalition, Representative Muhammad Al-Sihoud, said in a statement to / the information /, that “today’s session for two discussions is the formation of parliamentary committees, which is an important topic in order to activate the supervisory and legislative roles, while the other place is hosting Finance Minister Ali Allawi.”

He added that “the State of Law coalition and with it political blocs from the forces of the coordination framework and others will ask the Minister of Finance to return the dollar exchange rate to its previous position because it caused great and dangerous damage to the layers of society from the middle and poor segments.”

Chihod pointed out that “the negative effects that resulted from the decision to raise the exchange rate increased the poverty rate to large and frightening rates, amounting to more than 35%, according to reports by the Ministry of Planning and civil society organizations.”

Chihod stressed by saying: “It has become imperative for the government and the Ministry of Finance to return the exchange rate to its normal position, especially since the financial crisis has ended and the financial situation has improved, especially after the rise in oil selling prices.”   LINK

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Samson:  Economist: We Will Achieve $3 Billion Annually After Closing The Kuwait Compensation File

28th February, 2022

The economic expert, Dr. Safwan Qusay, confirmed that Iraq will achieve annually an amount of 3 billion dollars after completing the file of Kuwait’s compensation, pointing out that the possibility of Iraq heading to claim compensation for the damages it sustained as a result of the American war in 2003.

Qusay told / The information /, that “the process of Iraq’s exit from Chapter VII allows controlling all oil revenues after 3 percent of the revenues went as compensation to Kuwait, and currently it is possible to achieve 3 billion dollars annually according to today’s price as revenue for the treasury.”

He added, “After Iraq has complied with the resolutions of the United Nations and the Security Council and compensated Kuwait, it is possible that we will have claims through the Ministry of Foreign Affairs to invest in the UN Security Council resolution in 2003 because it did not authorize America to enter Iraq and it was a departure from the international framework.”

And he indicated that “the Russian representative in the Security Council demanded that Iraq demand its rights as a result of the entry of US forces into Iraq in 2003, and the damage it caused to the Iraqis, especially since the US forces did not withdraw from Iraq directly after 2003.”   LINK

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Samson:  The Coordination Framework: We insist on restoring the previous dollar exchange rate

27th February, 2022

Today, Sunday, Rafiq Al-Salihi, of the Al-Fateh Alliance, confirmed that the coordination framework is determined to restore the previous dollar exchange rate.

And he said in an exclusive statement to (Baghdad Today), that “the coordinating framework insists on restoring the previous dollar exchange rate because the current price has achieved financial abundance, but at the expense of the impoverishment of the Iraqi people.”

He added that “the difference in the increase in the previous period is supposed to be spent on specific cases of the Iraqi people, in particular, to raise the suffering of poor families, especially social welfare. It is assumed that their salaries are raised through an increase in the exchange rate of the dollar.”

He explained that “the status of the ration card must be improved, and also many things must be dealt with through the excess difference in the dollar exchange rate.”  LINK

Samson:  An Economist Explains The Repercussions Of Removing Russia From “Swift” On Iraq

28th February, 2022

The economic expert, Nabil Al-Marsawi, presented, on Monday, a detailed explanation of the damage that Russia’s exit from the “Swift” financial system may have on the energy sector in Iraq, indicating that most Russian investments in Iraq, especially companies operating in the oil licensing fields, will be affected.

In a post on his Facebook page, Al Marsoumi said, “The SWIFT system, which is the abbreviated name of the Association for Financial Communications between Banks in the World, links more than 11,000 financial institutions operating in more than 200 countries, making them the backbone of the world’s remittance system. It is the most powerful financial weapon with which any country can be punished, as it will cut off the country from a large part of the global financial system. 

Russia is the second largest country within “SWIFT” in terms of the number of users after the United States, and the volume of financial transactions linked to Russia through “SWIFT” reaches hundreds of billions of dollars annually.

He added that “taking Russia out of Swift will damage Russian trade and will make it difficult for Russian companies to do business as their banks will not be able to communicate securely with banks outside their borders.”

Al-Marsoumi explained, “The Asian market imports two-thirds of Iraq’s crude oil exports, especially India and China, as Russia will offer Urals crude similar to Basra medium crude at reduced prices, which may cause Iraq to lose part of its market share in Asia, while Iraq can increase its oil exports. to European markets, especially in light of the high costs of shipping and insurance on Russian oil exports. He added, “On the other hand, there are very large Russian investments in the Iraqi oil and gas sector, as Rosneft owns 60% of the Kurdistan oil pipeline, which is the main operational export line in Iraq. Rosneft is also constructing a new gas pipeline whose export capacity is expected to reach 30 billion cubic meters of gas per year, which represents about 6% of the total gas demand in Europe. Also, the Russian companies represented by Lukoil, Gazprom and Rosneft are investing in the West Qurna/2, Badra, Block-10 and some fields of Kurdistan.”

Al-Marsoumi pointed out that “most of the Russian investments in Iraq, especially the companies operating in the oil licensing fields, who pay their costs and profits in kind, that is, in return for a certain amount of oil produced, have been affected, in addition to other difficulties related to how Russian companies implement their secondary contracts with other companies and how to finance them, which requires searching for a mechanism.” new ones to settle accounts with the Iraqi government, or this may lead to the withdrawal of Russian companies from the Iraqi fields.”  LINK

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Samson:  Russia Announces A Set Of Historical Measures To Achieve Financial Stability

28th February, 2022

On Monday, the Central Bank and the Ministry of Finance of Russia announced a set of unprecedented historical measures to achieve financial stability in the country, in light of the “severe” Western sanctions.

The Russian Central confirmed raising the main interest rate to the level of 20% annually, which is an unprecedented step, and this level of interest is the first since September 2013 (beginning of data recording).

The Russian Central said that the decision came to support the Russian ruble currency, provide financial stability in Russia and protect deposits of Russian citizens, and stressed that the decision to raise interest rates will help maintain financial stability and price stability and protect citizens’ savings from erosion.

The Russian Central hinted at the possibility of raising the main interest rate again in the future, and said: “More decisions will be taken regarding the main interest rate based on the assessment of risks from external and internal conditions and the reaction of financial markets to them, taking into account the actual dynamics of inflation.”

The Russian Central Bank also decided to take a number of measures to increase the amount of guarantee provided by credit institutions in financial dealings with it.  It also decided to impose a temporary ban on transactions of foreigners not residing in Russia, and the Central said: “A temporary ban is imposed on intermediaries as of February 28, 2022, to carry out transactions of selling securities on behalf of foreigners not residing in Russia.”   LINK

MilitiaMan Friday Night "Forced To Make An Exchange Rate Change" 2-25-2022

KTFA:

Samson:  Iraqi optimism about economic gains after exiting from Chapter VII

25th February, 2022 Muayyad Al-Terfi (an Iraqi reporter)

Iraq succeeded in turning the last page of the UN Security Council resolutions related to the invasion of Kuwait in August 1990, which consisted in closing the compensation file and removing it from Chapter VII of the United Nations Charter after paying more than 52 billion dollars

Removing Iraq from the list of Item VII represents an important step for the return of the Iraqi file to Iraqi sovereignty again after it was subject to the United Nations and the international community in managing its financial revenues, in addition to starting soon to cancel the procedures for freezing Iraqi funds, whether they were seized after the invasion of Kuwait or after the fall of the regime. Saddam Hussein

The Central Bank had announced in December of 2021 that the last remaining installment of the State of Kuwait’s compensation, amounting to 44 million dollars, had been paid, so that Iraq would complete the payment of the full amount of compensation approved by the United Nations Compensation Committee of the UN Security Council, pursuant to Resolution 687 of 1991

Resolution No. 705 obliges Baghdad to pay $52.4 billion to individuals, companies, governmental organizations and others, who have suffered direct losses as a result of the invasion and occupation of Kuwait, and by paying this amount, Iraq fulfilled its most important international obligations that qualify it to exit from Chapter VII of the Charter of the United Nations, which stipulates taking Coercive measures” in the event that peace is threatened, ranging from economic sanctions to resorting to force, and Chapter VII allows exerting pressure on a country to compel it to abide by the goals set by the Security Council, before coercive measures are applied

Exit after 31 years

Iraqi Foreign Minister Fouad Hussein announced his country’s exit from Chapter VII procedures, after paying all of its financial obligations, and confirmed that Iraq is no longer required to pay any additional financial sums in the future.

United Compensation said, “Iraq today turns an important page of its history that lasted more than 30 years,” noting that “Iraq seeks to strengthen cooperation frameworks with the international community,” and Hussein added that “Iraq has paid the last payment in accordance with its financial obligations and paid the full amount of compensation.” obligatory,” stressing that “it is no longer required to pay any additional sums of money in the future,” and explained that “the government considers the full fulfillment of its international obligations towards the international community and the sisterly State of Kuwait as a major development,” noting that “Iraq sought to complete this unique model to remove Iraq from Chapter VII procedures

Fulfilled his obligations

Adviser to the Prime Minister for Economic Affairs, Mazhar Muhammad Salih, said, “Iraq has ended the file of compensation for the Kuwait war,” noting that “with this, Iraq paid all its obligations imposed on it under Chapter VII of the Charter of the United Nations and relevant Security Council resolutions in 1991,” Salih added. That “the compensation file cost Iraq from the gross domestic product and the efforts of its economy about 52.4 billion dollars,” explaining that “this amount is not small, and it cost the Iraqi daily from six to seven million dollars,” and Saleh pointed out that “the value of these funds from Iraq’s exports. The current amount of more than two billion dollars annually will be added to the budget of the Republic of Iraq and will block one of the exchange doors

Multiple benefits

For his part, the researcher in political affairs, Aziz Jabr, said that Iraq’s fulfillment of its obligations towards the United Nations resolutions to compensate Kuwait helped to remove Iraq from Chapter VII, which would bring political and economic benefits to Iraq and would cancel the international trusteeship of its money, and Jabr added that as a result of a commitment Iraq pays compensation, it was removed from Chapter VII, as the state that is within this charter is weak towards the international community and has no value, pointing out that the sovereignty of states under Chapter VII is broken and at any time someone can claim that he has been subjected to some kind of pressure and aggression

Jabr indicated that Iraq’s fulfillment of its obligations to Kuwait’s compensation and its exit from the penalty of the seventh country will mean a better future for relations with the countries of the world, in which there is a kind of equality and mutual respect, pointing out that this matter opens wide doors for investment and the development of Iraq’s international status, and the Iraqi passport will enjoy an advanced sequence, and he added that the decision the UN was issued with the cooperation of three powers: Iraq, Kuwait, and the United Nations, and it is an exemplary cooperation, and therefore the money that was placed in the Kuwait Compensation Fund can be invested inside Iraq, and this will be the responsibility of the government, stressing that the UN resolution has cut off all claims for new compensation

Debt file

The head of the “Future” Foundation for Economic Studies, Manar Al-Obaidi, pointed out that Iraq will reap the fruits of ending its international obligations in liberalizing the restrictions of Iraqi banks. From the cause of the seventh item,” pointing out that Iraq has debts estimated at $28 billion, part of which was in the eighties of the last century and other new debts, including in 2014, as well as bonds due for payment in 2023, and Al-Obaidi explained that Iraq’s exit from the seventh item will have clear results in the recovery of the banking sector after the lifting of sanctions on this sector, which will lead to the stability of the monetary situation, especially in light of the high reserves and banking transactions with foreign banks, pointing out that dealing with these banks will be easier, which will contribute to the development of the banking sector, and thus the development of the economic sector

The assets of the Central Bank of Iraq until the end of 2021, according to a report by the bank, amounted to more than 150 trillion Iraqi dinars, up to (100 billion dollars), including the cash reserve, which amounted to about 64 billion dollars, an increase of 19 percent compared to the end of 2020. The highest central bank since 2005, rising from 30 trillion Iraqi dinars in 2005 to 150 trillion Iraqi dinars at the end of 2021

Oil sales

Al-Obaidi added that the cash for selling oil will be transferred through Iraqi banks instead of the US Federal Bank, and since the launch of the Oil-for-Food Program in 1997, Iraqi oil revenues have been subject to international monitoring before this monitoring was lifted after the fall of the previous regime and placed in an account with the US Federal Bank. He is protected by the US administration from continuous compensation claims from various parties that talk about its damages due to the invasion of Kuwait    LINK

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MilitiaMan:  Samson your find is awesome and much appreciated. Petra’s keen eye pointed out to me that the key point in this article is the underlined above. 

How are they going to transfer through Iraqi Banks instead of the USD? Is it possible they are able to do so at program rate?

Approximately 90% of all oil trades are in the USD.. Iraq’s money supply would have to be increased and we all know that they have been reducing the note counts in the M figures over the last 2 years.

The IMF wants the Multi currency Practices (MCPs) to cease… And we see they are from the reduced auctions of late. 

So, from the looks of it they apparently are now looking to be forced  to make an exchange rate change or blow up everything they have worked on for the last two years.

It is also looking like they will have to de peg from the USD and likely to be with an immediate urgency, ioo..

 Chapter VII being lifted has it’s consequences that will require immediate decisions specific to the international treatment with respect to the use of the Iraqi Dinar.. ioo  ~ MM

Some "Friday News" posted by Samson at KTFA 2-25-2022

KTFA:

Samson: Once Again, Oil Prices Have Risen In Global Markets

25th February, 2022

Oil prices jumped nearly 3% on Friday as Russia’s invasion of Ukraine stoked global supply fears as markets brace for the potential impact of trade sanctions on crude-exporting Russia.

Global benchmark Brent crude rose $2.72, or 2.75%, to $101.80 a barrel around 0347 GMT on Friday, after climbing to a high of $101.87. US West Texas Intermediate (WTI) crude touched a high of $95.64, and it last rose $2.70, or 2.9%, to $95.51 a barrel. The attack on Ukraine sent prices above $100 a barrel for the first time since 2014 on Thursday, with Brent crude hitting $105, before paring gains as trade closed.

The massive Russian offensive by land, sea and air was the largest attack on a European nation since World War II, driving tens of thousands of people to flee their homes. “Asian buyers, who were clearly nervous over the weekend, piled into oil today which sent prices up again, aided by reports of explosions in Kiev,” said Jeffrey Haley, senior market analyst at OANDA.

 “The situation in Ukraine will help keep prices high, as well as the threat of disruption, real or imagined, coming in an environment of already strong demand and tight supply globally… I think Brent will now trade in the $90-110 range. over the next few weeks.”

In response to the invasion, US President Joe Biden hit Russia with a wave of sanctions on Thursday, measures that have hampered Russia’s ability to do business in major currencies along with sanctions against banks and state-owned companies. Read more

Britain, Japan, Canada, Australia and the European Union also revealed further sanctions on Moscow, including a move by Germany to halt an $11 billion gas pipeline from Russia. Read more A US official said its sanctions “are not and will not target oil and gas flows”, but oil prices remain high.  LINK

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Samson:  Is “Swift Code” confusing the global financial system?

20th February, 2022 by Ahmed Mostafa

If you go to the bank with your bank account to transfer funds, either within the same country or abroad, you will be asked for a “SWIFT” number. That is the relationship of individuals and companies to this global system

The countries that do not participate in the “SWIFT” system simply cannot deal financially with the outside. This is the basis for the fact that international and US sanctions on Iran made it unable to trade or financially deal with abroad because it was banned from the “SWIFT” regime.

 This is what the United States and the West threaten Russia with if it invades Ukraine, as banning Russia from the “Swift” system will mean its inability to export its oil, gas and other products or to deal financially with the world

What is the SWIFT system, does it have alternatives, and what is its impact on the global financial system and the transactions of individuals, businesses and countries?

SWIFT stands for Society for International Interbank Telecommunications, an encrypted electronic system exclusively used by members to exchange messages for financial transactions and services between banks and financial institutions around the world. The system does not maintain any financial assets and has no capital other than its annual operating budget, which comes from members’ subscriptions and simple fees

The system is a closed computer program developed for the benefit of the founders more than half a century ago and is constantly being developed. The system allocates a code consisting of between 8 and 11 characters, and perhaps letters and numbers that represent an exclusive identification for each bank or financial institution participating in it with its country, and perhaps also its branch in this or that country

History of “Swift”

Before the SWIFT system, banks and financial institutions used telex in their correspondence regarding their dealings with each other and with their customers. But the latter had many drawbacks, including very slowness and complete insecurity, as its dealers had to use detailed messages about each transaction. He also had many problems due to human errors in encoding or decoding messages due to their length and many details

According to the London School of Economics, the code system was not used in the Telex system either, which distinguished the “Swift” system. Regarding the history of “Swift”, the university says, “Supporting a common network of transactions took institutional form when 6 banks in the European Finance Association in Luxembourg and Paris at the end of the 1960s established the letter-exchange project.” In 1973, 239 banks in 15 countries participated in the launch of the “SWIFT” system, and in 1977 the number of subscribers reached 518 banks in 22 countries

The system began as a network with quick messages about payments, that is, money transfers in bank accounts. Then it developed continuously to include almost all financial transactions of different banks and financial institutions, whether between them or from the accounts of individuals and companies in them, in addition to providing other services

There are currently more than 11,000 subscribers to the system from around the world. Swift continues to grow annually, and in 2020, it handled about 35 million messages per day. The volume increased in 2021 to reach 42.5 million messages per day, an increase of 9.8 percent over the previous year

At first, the SWIFT system served mainly currency and treasury departments, but then expanded to include banks, brokerage and trading companies, asset management companies, financial discount institutions and departments, currency companies, corporate transaction institutions, the currency market and treasury, foreign exchanges and stockbroking

The importance of “Swift”

Although it is not the only system for exchanging transaction messages between banks and financial institutions, the “SWIFT” system is completely dominant so far and it is difficult for any country or institution not to be involved in it as long as it deals financially with another.

 There are other financial message exchange systems such as Fedwire, the Federal Reserve Network, Ripple and CHIPS, the interbank discount management payment system. However, the use of these systems remains limited compared to the “Swift” system

Half of the operations that take place through “Swift” are still related to payments and remittances, and the proportion of “Swift” daily messages is about 50 percent. And 47 percent of transactions through the system are related to insurance and credit guarantees. The rest is for services and other transactions such as currency exchange, trade transactions and system related matters

It can be said that, currently, a financial transaction cannot take place around the world without the use of the “SWIFT” code, and therefore no country can be outside the system, otherwise it will not be able to trade, borrow, invest and other financial transactions in the international financial system

As a result of the long history of transaction messages around the world, the system has a huge archive of information and data that it is impossible for any subscriber (even if it is a country and not just a bank or financial company) to deal with it on paper or even handle its storage and operation manually

The operation of the system is funded mainly from the subscriptions of its members, as the member pays a one-time subscription fee in the beginning, in addition to an annual fee to support the continuation of the system. Subscribers are classified according to their share in the system, and fees are calculated based on the volume of their transactions that use it. Swift also receives a small fee for each transaction, which is also determined according to the volume of transactions of the participating bank or institution and its use of the system

With the increase in the volume of the system’s information and data for a long historical period, “Swift” developed to provide services to its members such as information, financial data and analyzes, as well as the service of estimating the subscriber’s status and his commitment to the rules and regulations  LINK

Samson:  Zain Cash announces the provision of money transfer services to more than 200 countries soon

24th February, 2022

Zain Cash announced the signing of an agreement with the international company Western Union, which specializes in transferring money around the world and in various currencies, to provide international money transfer services to Iraqis, enabling them to transfer and receive money through a global network that extends across more than 200 countries. around the world.    

The company said in a statement, of which “Nass” received a copy (February 24, 2022), that “Zain Cash is the first electronic wallet that allows its current and new customers to benefit from Western Union services in its application on mobile phones in Iraq.”  

The statement added, “Zain Cash is currently processing more than one million financial transactions per month, and this process is witnessing a significant increase. Zain Cash provides money transfer services, bill payment, physical and virtual MasterCard and Visa cards, government bill payment, in addition to digital goods and payments. Online, and now, you will provide international money transfer services through Western Union.”  

The statement indicated, “With the addition of Western Union transfer services, Zain Cash will have the opportunity to fulfill subscribers’ requests regarding the service of transferring and receiving money to and from their loved ones and friends through a secure, easy and fully digital experience. Users will be able to access this service through an application Zain Cash on the mobile phone available on iOS and Android.  

The statement continued, “Zain Cash, the leading mobile payment company in Iraq, is distinguished by its network of more than 8000 cash deposit and withdrawal agents, which spreads and serves in various regions and governorates of Iraq and is constantly growing.”  

According to the statement, Yazan Al-Tamimi, CEO of Zain Cash Iraq, stated that “Zain Cash has always adopted an innovative and creative approach to promoting financial inclusion and developing simple solutions that provide the Iraqi community with access to financial services in a fast, efficient and easy way. Through this agreement with Western Union, this complex process has now become much easier for millions of Iraqis, as through a simple process on the Zain Cash app, they can send and receive international money transfers instantly in a secure manner.”  

Hatem Suleiman, Western Union Regional Head for the Middle East, Pakistan and Afghanistan said: “We are proud to collaborate with Zain Cash, to provide users with the speed, security and ease of transactions they expect to transfer money across borders. We are also pleased to achieve our goal and help users move money in different currencies and across borders.”

The statement continued, “Existing Zain Cash users after the completion of the technical interconnection between the systems in the second half of 2022, or new users who can register for a Zain Cash account within minutes, will be able to immediately make international transfers. The Zain Cash wallet will provide subscribers with the ability to check the status of their remittances through the app.  

The statement pointed out that “the Zain Cash application is useful not only for individual users, but also for small and medium enterprises, companies, public sector bodies and non-governmental organizations. They will be able to conduct their financial transactions on the Zain Cash application with ease and transparency.”  

Al-Tamimi concluded: “Zain Cash is firmly and firmly committed to the Iraqi society, and we focus on providing an important role in the social and economic development of Iraqi society and leading the process of comprehensive adoption of electronic payment solutions.”  

The company indicated that “Zain Cash” won the “Best Innovation in the Telecommunications Sector” award and was nominated for the “GLOMO” Global Mobile Awards 2020, presented by the Global System for Mobile Communications (GSMA), for “Best mobile innovation that supports emergency or humanitarian situations.”  LINK

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Samson:  Iraqi optimism about economic gains after exiting from Chapter VII

25th February, 2022 Muayyad Al-Terfi (an Iraqi reporter)

Iraq succeeded in turning the last page of the UN Security Council resolutions related to the invasion of Kuwait in August 1990, which consisted in closing the compensation file and removing it from Chapter VII of the United Nations Charter after paying more than 52 billion dollars

Removing Iraq from the list of Item VII represents an important step for the return of the Iraqi file to Iraqi sovereignty again after it was subject to the United Nations and the international community in managing its financial revenues, in addition to starting soon to cancel the procedures for freezing Iraqi funds, whether they were seized after the invasion of Kuwait or after the fall of the regime. Saddam Hussein

The Central Bank had announced in December of 2021 that the last remaining installment of the State of Kuwait’s compensation, amounting to 44 million dollars, had been paid, so that Iraq would complete the payment of the full amount of compensation approved by the United Nations Compensation Committee of the UN Security Council, pursuant to Resolution 687 of 1991

Resolution No. 705 obliges Baghdad to pay $52.4 billion to individuals, companies, governmental organizations and others, who have suffered direct losses as a result of the invasion and occupation of Kuwait, and by paying this amount, Iraq fulfilled its most important international obligations that qualify it to exit from Chapter VII of the Charter of the United Nations, which stipulates taking Coercive measures” in the event that peace is threatened, ranging from economic sanctions to resorting to force, and Chapter VII allows exerting pressure on a country to compel it to abide by the goals set by the Security Council, before coercive measures are applied

Exit after 31 years

Iraqi Foreign Minister Fouad Hussein announced his country’s exit from Chapter VII procedures, after paying all of its financial obligations, and confirmed that Iraq is no longer required to pay any additional financial sums in the future. United Compensation said, “Iraq today turns an important page of its history that lasted more than 30 years,” noting that “Iraq seeks to strengthen cooperation frameworks with the international community,” and Hussein added that “Iraq has paid the last payment in accordance with its financial obligations and paid the full amount of compensation.” obligatory,” stressing that “it is no longer required to pay any additional sums of money in the future,” and explained that “the government considers the full fulfillment of its international obligations towards the international community and the sisterly State of Kuwait as a major development,” noting that “Iraq sought to complete this unique model to remove Iraq from Chapter VII procedures

Fulfilled his obligations

Adviser to the Prime Minister for Economic Affairs, Mazhar Muhammad Salih, said, “Iraq has ended the file of compensation for the Kuwait war,” noting that “with this, Iraq paid all its obligations imposed on it under Chapter VII of the Charter of the United Nations and relevant Security Council resolutions in 1991,” Salih added. That “the compensation file cost Iraq from the gross domestic product and the efforts of its economy about 52.4 billion dollars,” explaining that “this amount is not small, and it cost the Iraqi daily from six to seven million dollars,” and Saleh pointed out that “the value of these funds from Iraq’s exports. The current amount of more than two billion dollars annually will be added to the budget of the Republic of Iraq and will block one of the exchange doors

Multiple benefits

For his part, the researcher in political affairs, Aziz Jabr, said that Iraq’s fulfillment of its obligations towards the United Nations resolutions to compensate Kuwait helped to remove Iraq from Chapter VII, which would bring political and economic benefits to Iraq and would cancel the international trusteeship of its money, and Jabr added that as a result of a commitment Iraq pays compensation, it was removed from Chapter VII, as the state that is within this charter is weak towards the international community and has no value, pointing out that the sovereignty of states under Chapter VII is broken and at any time someone can claim that he has been subjected to some kind of pressure and aggression

Jabr indicated that Iraq’s fulfillment of its obligations to Kuwait’s compensation and its exit from the penalty of the seventh country will mean a better future for relations with the countries of the world, in which there is a kind of equality and mutual respect, pointing out that this matter opens wide doors for investment and the development of Iraq’s international status, and the Iraqi passport will enjoy an advanced sequence, and he added that the decision the UN was issued with the cooperation of three powers: Iraq, Kuwait, and the United Nations, and it is an exemplary cooperation, and therefore the money that was placed in the Kuwait Compensation Fund can be invested inside Iraq, and this will be the responsibility of the government, stressing that the UN resolution has cut off all claims for new compensation

Debt file

The head of the “Future” Foundation for Economic Studies, Manar Al-Obaidi, pointed out that Iraq will reap the fruits of ending its international obligations in liberalizing the restrictions of Iraqi banks.

From the cause of the seventh item,” pointing out that Iraq has debts estimated at $28 billion, part of which was in the eighties of the last century and other new debts, including in 2014, as well as bonds due for payment in 2023, and Al-Obaidi explained that Iraq’s exit from the seventh item will have clear results in the recovery of the banking sector after the lifting of sanctions on this sector, which will lead to the stability of the monetary situation, especially in light of the high reserves and banking transactions with foreign banks, pointing out that dealing with these banks will be easier, which will contribute to the development of the banking sector, and thus the development of the economic sector

The assets of the Central Bank of Iraq until the end of 2021, according to a report by the bank, amounted to more than 150 trillion Iraqi dinars, up to (100 billion dollars), including the cash reserve, which amounted to about 64 billion dollars, an increase of 19 percent compared to the end of 2020. The highest central bank since 2005, rising from 30 trillion Iraqi dinars in 2005 to 150 trillion Iraqi dinars at the end of 2021

Oil sales

Al-Obaidi added that the cash for selling oil will be transferred through Iraqi banks instead of the US Federal Bank, and since the launch of the Oil-for-Food Program in 1997, Iraqi oil revenues have been subject to international monitoring before this monitoring was lifted after the fall of the previous regime and placed in an account with the US Federal Bank.

He is protected by the US administration from continuous compensation claims from various parties that talk about its damages due to the invasion of Kuwait  LINK

Thursday Night KTFA CC "Eddie's Bank Friend" 2-24-2022

KTFA

Thursday Night KTFA CC

Frank26:  2-24-22…..EDDIE’S BANK FRIEND

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=N6BuzMZuJdI

KTFA Members "News and Views" Monday PM 2-21-2022

KTFA:

Central Bank: The dollar exchange rate is stable and there are no intentions to change it  LINK

Salamon69:  Hmmmmm.    CBI Website just came back up online with a new article saying that they have no intention of changing the exchange rate.

Isn’t that what Kuwait did days before they did change the exchange rate ?   

Seems we should look what they do and not what they say !     Interesting what Frank and his team will have to say about this.  

We must be CLOSE

Samson:  Hussein arrives in New York and an important Security Council resolution on Iraq tomorrow

02/21/2022 09:46:37

 Foreign Minister Fouad Hussein arrived in New York to attend the UN Security Council session.

It is expected that the Security Council, after its meeting in New York tomorrow, Tuesday, will issue a decision regarding Iraq’s exit from all the provisions of Chapter VII.

Abdul Basit Turki, head of the Committee of Financial Experts responsible for managing the file of financial compensation imposed on Iraq as a result of its invasion of Kuwait in 1990, said that “the latest report (the UN Compensation Committee) did not do justice to Iraq in anything.” Although he fulfilled all his obligations.  LINK

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Samson:  A day before its meeting, the Iraqi government addresses the Security Council regarding the seventh item

02/21/2022 12:44:25

The Iraqi government addressed the UN Security Council regarding Iraq’s lifting of Chapter VII sanctions following the Saddam regime’s invasion of Kuwait in 1991, prior to the council meeting scheduled for tomorrow, Tuesday.

Adviser to the Prime Minister, Mazhar Muhammad Salih, told {Euphrates News} that “Iraq is seeking to get out of Chapter VII, especially since during the 3 decades of the Kuwait war it has fulfilled all its financial obligations towards the neighboring country and paid more than 52 billion dollars, and the financial dealings were praised.” Iraq in this regard.

And he stressed that “after the passage of 3 decades, this page must be turned, and Iraq should move from the seventh to the sixth item and resort to friendly work with Kuwait and establish good-neighborly relations between the two countries.”

It is expected that the Security Council, after its meeting in New York tomorrow, Tuesday, will issue a decision regarding Iraq’s exit from all the provisions of Chapter VII.

Foreign Minister Fouad Hussein arrived in New York today to attend the Security Council session.

Abdul Basit Turki, head of the Committee of Financial Experts responsible for managing the file of financial compensation imposed on Iraq as a result of its invasion of Kuwait in 1990, said that “the recent report of the UN Compensation Committee did not do justice to Iraq in anything,” and suggested that the possibility of Iraq’s exit from the provisions of the chapter was likely to falter. Seventh, despite fulfilling all his obligations.   LINK

KBC123:  Oh my…..  I do hope they are released from Chapter VII! 

Sarge:  I’m with ya. I think this is what’s holding everything back. IMO

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Mally:  I believe it is a three day meeting. So not moved but it is scheduled to be about Iraq multiple days according to some articles I’ve seen. I’m not sure if Im allowed to post news links but this one explains some of the days itineraries. 

https://earthiq.news/archives/32344?fbclid=IwAR2QBRYXZ7MDCdOfwhdqtD5HABdD47j4YiSqZIvB5cVwIHnu1q6HW1A1ljM  

MilitiaMan:  Looks like the timing of this UN meeting is very interesting  ~ MM

Sounds like they are definately going to have discussions on the files to release Iraq from
Chapter VII starting tomorrow, however, I notice they use wording

that they are also to discuss the possibility of issuing a briefing in light of the UNAMI report.

It almost, sounds like they are having a little brinkmanship going on with respect to the final decision.

Will they want them to have an assurance they will have or even have had an exchange rate agreement to show that they are going to go fully international once the decision is made. I wonder if there is a Tit for Tat going on.

The language makes me think it is possible. imo Using the word possibility, leaves it open imo.. Interesting. ~ MM

Clare:  Security Council Media Stakeout: 1) Iraq. Tue 22 Feb 2022, 2:45pm – 6:00pm … Description 1) Immediately following the SC meeting on the situation between Iraq and Kuwait (8971st meeting): Foreign Minister of the Republic of Iraq, H.E. Fuoqd Hussein

https://www.un.org/webcast/schedule/latest.html

The situation between Iraq and Kuwait – Security Council, 8971st meeting

Tue 22 Feb 2022, 3:00pm – 6:00pm

Description

Letter dated 10 February 2022 from the President of the Governing Council of the United Nations Compensation Commission addressed to the President of the Security Council 
https://www.un.org/webcast/schedule/latest.html

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Samson: Oil is back, and Brent is near $94

02/21/2022 14:19:56

Oil prices returned to rise today, Monday, after witnessing a wave of fluctuations in early trading, amid growing concerns about a possible conflict between Russia and Ukraine, with the United States and the European Union clarifying that Russia will face sanctions if it invades its neighbor.

After the Brent crude futures contract for April delivery touched $95 a barrel, it fell slightly by 0.01% to $93.53 a barrel, before returning and rising near $94.

And US West Texas Intermediate crude futures for March delivery rose 1.8 percent to $ 92.75 a barrel in early trading, but it trimmed these gains, bringing its profits to 0.26 percent to $ 91.33 a barrel.

“If a Russian invasion happens, as the US and UK have warned in recent days, Brent crude futures could rise above $100 a barrel,” Commonwealth Bank analyst Vivek Dar said in a note  LINK

Monday Night KTFA CC with Frank26 "Where is the GOI..Stupid?" 2-21-2022

KTFA

Monday Night KTFA CC

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

Frank26:  2-21-22…..WHERE IS THE GOI…STUPID?

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=WmdstH_pccE 

"Vietnam News" Posted by Samson at KTFA 2-21-2022

KTFA:

DoTalkToMe: Imo Viet Nam has been doing well for decades. Viet Nam deserves to have a higher value in their currency. All boats rise with the tide. Perhaps VND WILL RISE, and surprise. Counting on it to do well. Imo

Samson:  Vietnam new Asian tiger: Business Times

15th February, 2022

Việt Nam is expected to accelerate its economic recovery from the pandemic this year after having recorded a 2.6 per cent increase in gross domestic product (GDP) in 2021, Singapore’s Business Times reported.

Once among the poorest countries in the world, its economy is now booming and the World Bank describes it as one of the most dynamic and emerging countries in the entire East Asia region, Business Times said in an article published last week, calling Việt Nam a “new Asian tiger.”

Singapore’s DBS Group Research forecasts Việt Nam’s GDP growth to reach 8 per cent in 2022, boosted by an accommodative monetary policy. The International Monetary Fund (IMF) has predicted that Việt Nam will climb three spots to rank third in GDP among ASEAN member states this year, thanks to the fast-growing middle class and the rise of ultra-rich people.

Knight Frank’s latest Wealth Report estimates there were about 19,500 high-net-worth individuals in Việt Nam in 2020, defined as those with assets of at least US$1 million, the article said. By 2025, that number is expected to grow by almost 25 per cent to top 25,000, it added.

Business Times attributed the robust growth of the economy to increasing flows of foreign investment into the country. Many Singapore companies, including CapitaLand and Keppel, have invested heavily in the country as they seize abundant opportunities.

 “Việt Nam has long been known as Southeast Asia’s coding farm, where talent and wages are in a sweet spot for companies to use it as a base for their technical development,” it noted.

The article also referred to Việt Nam as the largest solar power producer in Southeast Asia today with 16.6 gigawatts of installed capacity as of 2020. Việt Nam’s construction industry was set to continue its recovery in 2022 as several large-scale infrastructure projects would move through different stages of development, it further said.

Việt Nam’s economic prospects, challenges in 2022

Another article recently published on the East Asia Forum site also assessed prospects and challenges facing the Vietnamese economy this year. As per the article, 2021 was a tough year as shutdowns made life difficult and GDP slowed to 2.6 per cent. Increasing supplies of vaccines eventually allowed more normal activities in the last few months of the year. Việt Nam’s GDP shrank 6 per cent in the third quarter before bouncing back in the fourth quarter.

According to the author, despite factory closures, exports rose 19 per cent in 2021 to an astonishing $336 billion, while GDP was only $271 billion in 2020 and grew only slightly in 2021. The high level of foreign direct investment (FDI) did not grow nor shrink much.

The article noted that prospects for Việt Nam in 2022 would be good. As factories and services return to normal, there would be a jump in output. Most projections were for 6–7 per cent real GDP growth. Tourism should start to recover from its over 95 per cent decline from 2019 levels. Exports should grow about 15 per cent and the trade balance would remain modestly positive. Inflation would remain low and the Vietnamese đồng would continue to appreciate slightly against the US dollar.

The author also pointed out that one side effect of Việt Nam’s rapid export growth had been a lag in domestic value-added in exports. Much of the work had been simple assembly rather than the development of a dense network of supplier industries that would make the FDI ‘stickier’ as wages rise and labour supplies tighten. The COVID-19 pandemic slowed progress on this front, as fewer new enterprises opened and many more temporarily closed. Many firms that were still in business were financially weaker and would need time to accumulate resources to improve machinery, training and marketing.   LINK

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Samson:  Vietnam’s economy to grow at 6.7 per cent in 2022: Standard Chartered

20th February, 2022

Việt Nam’s economy is predicted to bounce back strongly, growing at 6.7 per cent this year and 7.0 per cent in 2023, according to Standard Chartered Bank. 

The global economy, meanwhile, has been forecast to grow at a 4.4 per cent rate this year, said Edward Lee, chief economist for ASEAN and South Asia at Standard Chartered Bank, against the 5.8 per cent growth rate in 2021. 

High base effects, tighter monetary and fiscal policies, global supply-chain disruptions, and elevated inflation are expected to moderate the recovery momentum, following a strong bounce earlier in 2021 driven by initial vaccine rollouts and government stimuli were contributing factors. 

Việt Nam’s economic recovery should kick into high gear by the end of the first quarter of 2022, gaining momentum for the rest of the year as well as for the medium-term growth, said Tim Leelahaphan, economist for Vietnam and Thailand at Standard Chartered Bank.

Leelahaphan said he expected the South East Asian country to remain a key part of the global supply chain as rising wages in China, US-China trade tensions have compelled companies to relocate their production centres out of China or to opt for a China+1 strategy.   As this diversification process continues over the medium term, Việt Nam has a strong appeal to become an alternative manufacturing base. 

Ben Hung, CEO for Asia at Standard Chartered Bank added: “The future of sustainability and our journey towards net-zero require joint efforts and collective action.

“Việt Nam is an important market in Standard Chartered’s Asia footprint and we are committed to investing in the country to help finance its sustainable development and secure greater economic prosperity.  “We will continue to connect Việt Nam with the world and provide sustainable finance to areas where it matters most. And we believe that the Government’s enhanced focus on greening the economy will offer businesses and investors increased confidence to invest more into Việt Nam’s sustainability agenda for the long term.”

Michele Wee, CEO at Standard Chartered Bank Vietnam commented, “The Vietnamese economy is now on a recovery trajectory. In our market research, our clients have told us that Việt Nam holds tremendous potential for growth and investment attraction.  “The country is playing an increasingly important role in international trade and the global supply chain. As a leading international bank in Việt Nam, we remain fully committed to supporting the country’s strong, sustainable recovery and growth in 2022 and the years to come.”

The recovery process was discussed at a forum in Hà Nội last week organised by the bank and Ministry of Foreign Affairs as part of the bank’s ongoing efforts to support the country’s sustainable development process.

In November, the bank teamed up with the Ministry of Planning and Investment and the Embassy of Việt Nam in the UK to organise a conference in the UK with the Prime Minister of Việt Nam on securing a prosperous and sustainable future through private investment. As part of this event, the bank exchanged MoU worth US$8.5 billion with three Vietnamese businesses on projects to support their sustainability goals.

Aspiring to become the world’s most sustainable bank, it has set out its ambitious new targets to reach net-zero carbon emissions from its activities by 2050, including interim 2030 targets for the most carbon-intensive sectors. The bank also plans to mobilise $300 billion for green and transition finance by 2030.   LINK

Samson:  IFC partners with Singapore’s YCH and Vietnamese T&T to develop super port in Việt Nam

18th February, 2022

International Finance Corporation (IFC) announced it will partner with Singapore’s YCH Group and Việt Nam’s T&T Group to develop a “super port” in Việt Nam.

Located roughly 60 kilometres outside of Hà Nội in the northern province of Vĩnh Phúc, the Vĩnh Phúc Inland Container Depot (ICD) Logistics Centre (Vietnam SuperPort) project will be developed by T&Y Superport Vĩnh Phúc JSC, a joint venture between Singapore’s YCH Group and Vietnamese conglomerate T&T Group (sponsors). The project is set to be one of the country’s first ICDs with multi-modal facilities, including an international distribution centre and an inland port for rail connectivity and air transportation.

Over the next 12 months, IFC will help YCH Group and T&T Group develop a bankable and sustainable project by providing technical expertise, helping the developers mitigate risks and strengthen environmental and social standards. IFC will also support the sponsors in making the logistics hub’s infrastructure green and sustainable, supporting Việt Nam in its efforts to reach its net zero carbon emissions target by 2050.

IFC also has the right to act as lead arranger of long-term financing for the Vietnam SuperPort. Total investment capital for the project is expected to be over VNĐ4.5 trillion (US$199 million).

The establishment of such a logistics hub in the North of Việt Nam will significantly improve the processing of domestic and international trade, reducing logistics costs and improving the country’s trade competitiveness as it aims to become a new regional supply-chain hub.

Đỗ Quang Hiển, Chairman of T&T Group, said: “We are confident that Vietnam SuperPort’s multimodal logistics hub built with cutting edge technology will reduce the cost of logistics and improve time to market, thereby improving trade connectivity to the world, boosting our economy as well as contributing to the symbiotic and sustainable growth of Việt Nam.”

“The partnership with IFC ensures bankable financial solutions to keep pace with the development of the ASEAN Smart Logistics Network (ASLN) and SGConnect (Smart Growth Connect). With the unwavering support of the key leaders and colleagues in ASEAN communities, we are confident that the establishment of ASLN and many more innovative initiatives will drive positive economic and social impacts to the overall ASEAN economy so that communities will continue to thrive,” said Dr. Robert Yap, Executive Chairman of YCH Group.

The facility is strategically located near local ports, Nội Bài International Airport, and border posts with China and Lao PDR. It is also situated within reach of 20 industrial parks, enabling it to become a supply chain hub for local manufacturing operations. The port is expected to capture roughly 10 per cent of the total container traffic generated in the country’s northern provinces once it comes into operation. LINK

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Samson:  FDI to Việt Nam predicted to surge in 2022

18th February, 2022

Việt Nam remains an attractive destination for Foreign Direct Investment (FDI), which is likely to experience a surge in 2022 after a long hiatus due to the pandemic, according to economic experts. 

During the first two months of the year, Việt Nam recorded US$2.1 billion in new investment with $1.6 billion disbursed, respectively a 6.8 per cent and a 4.2 per cent increase from the same period last year.

Much-anticipated projects include a sound equipment factory in WHA Industrial Park in Nghệ An Province, which just received over a quarter of a billion dollars in investment to upscale its production and technology. Once completed, the factory is expected to employ up to 30,000 workers, making it one of the largest projects in the province. 

Nguyễn Đức Trung, chairman of the provincial People’s Committee said the province’s top priority was to improve the investment environment to win over the confidence of firms and attract more investment in the future.  Other projects that received additional investment were GE Việt Nam ($217 million) in Bắc Ninh Province and JNTC (163 million) in Phú Thọ Province, both manufacturers of electronic appliances.

According to the Department of Foreign Investment, 71 FDI projects have applied to increase their investment in recent months, a positive sign for the manufacturing sector as it shows a strong effort to speed up recovery by firms. An increase in the number of new projects and investment in existing projects shows the strong confidence of foreign firms in the country’s investment environment.

Đỗ Nhất Hoàng, head of the department, said the country had been working with foreign partners looking to relocate their production centres. Bringing their investment home is an effective way to support Vietnamese firms in their integration into the global supply chain.  Hoàng said foreign investment was likely to pick up in 2022 as countries around the world reopen and learn to adapt to the new normal post-pandemic. 

Takeo Nakajima, head representative of the Japan External Trade Organization, said Việt Nam would continue to be one of the most attractive investment destinations for Japanese firms, especially after the visit to Japan by Prime Minister Phạm Minh Chính who oversaw 25 cooperation agreements worth up to $12 billion. “The agreements have set up a strong foundation for Japanese investment to flow into Việt Nam in 2022 and the near future,” said Nakajima. 

European firms have been showing stronger confidence in the Southeast Asian economy. EuroCham’s Business Climate Index (BCI) reached its highest point since the fourth wave of the coronavirus, with positive sentiment reaching 61 points, a jump of 42 points since the third quarter of 2021, with business leaders welcoming the end of lockdowns and the re-opening of normal commercial operations.

While the BCI remains below its pre-pandemic peak, confidence is returning to the market with 43 per cent of firms saying they have plans to increase investment within the first quarter of 2022. 

 “Major businesses from South Korea, Japan, Europe and the US all have plans for new investments in Việt Nam in 2022, especially US businesses,” said Minister of Planning and Investment Nguyễn Chí Dũng.  He said to make the most out of foreign investments, the country must conduct a comprehensive review of its available resources, particularly land and energy capacity.

Other priorities include improving human resources, building supporting industries and finding FDI projects that employ modern technology that is sustainable for long-term national development. LINK

MilitiaMan and KTFA Members :"News and Views" 2-19-2022

KTFA:

Samson:  After the unexpected position of the Minister of Finance, an economist expects different scenarios for the dollar crisis

19th February, 2022

Today, Saturday, the economic expert, Nabil Al-Marsoumi, said that people should dispense with their “dollar” savings and transfer them to the Iraqi dinar.

Al-Marsoumi said in a clarification followed by NRT Arabia, “It is expected that after the unexpected response from the Minister of Finance and the accompanying turmoil in the currency market, most people will give up their dollar savings and convert them to the Iraqi dinar.”

 He explained that “in light of the lack of confidence in the Iraqi banking system, the demand for land, real estate and gold is expected to rise because they are a store of value, which will lead to an increase in their prices or people hoarding some of their savings in Iraqi dinars, in addition to the expectation that the Central Bank of Iraq’s sales will decline in the coming days due to the increase in the dollar supply.” in the local market.”  

Yesterday, Friday, the Minister of Finance, Ali Abdul-Amir Allawi, responded to a request to be summoned by the First Deputy Speaker of the House of Representatives, Hakim Al-Zamili under the dome of Parliament, considering it an outrageous and unacceptable interference that should not be tolerated, while confirming that he would seek a vote of confidence in him from the House of Representatives.

Allawi mentioned in a letter he addressed to Prime Minister Mustafa Al-Kazemi, which included 21 points. LINK

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MilitiaMan:  The looks of this is that they are allowing the citizens to sell the dollar to get dinars.

The demand there is to sell Dinars to get Dollars is not being allowed. The exchangers are waiting on decisions from the Parliament and the government, thus the unexpected change.

Allawi has been summoned to Parliament and refuse. However, they have the 50 signatures required for him to be summoned properly. He will be attending an extraordinary session and will address the circumstances with an hour of his time. 

 It may not be out of the question that he may very well attend and explain the past devaluation and the reasons for that, and also the reason he is to change it again or why he just did prior to the session. We shall see.

In the mean time, they are not selling dollars for Dinars. They are allowing sales of dollars though for dinar. All of which is a bonus to the citizens imo.. They’ll make a lot more money by doing so now with the new rate and purchase power to come.. imo.. If it works out this way, it is brilliant. imo ~ MM..

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“The decision to reduce the dollar exchange rate in the local markets is exclusively in the hands of the Central Bank of Iraq, according to the law, and no one may act on it without a decision from the bank.””

KBC123:  On my goodness…. Please,   Faster!!!! 

Militiaman:  The bank has the ability to change the rate when ready. There is a government in place today, is there not? Just as there was when they devalued. imo ~ MM

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Don961:  Al-Sadr’s tweet about bank corruption withdraws to the discussion of the issue of dollar exchange.. Focus on a file that does not exist and neglect of the “false bills” file!

2022-02-19 Yes Iraq: Baghdad

 Propaganda and news circulating on social media and expert analyzes about restoring the dollar exchange rate to its previous state did not subside after only one year of raising the dollar exchange rate, two consecutive days after the tweet of the leader of the Sadrist movement Muqtada al-Sadr, which carried 6 proposals described as “complementary” measures for the issue of raising the dollar. dollar exchange rate.

Although al-Sadr’s tweet did not refer to the issue of returning the dollar exchange to its previous status, but rather included proposals to take measures regarding some banks that benefit from the currency sale auction and the issue of forged import bills, but the talk and the general atmosphere still revolves around the issue of the exchange rate and the possibility of returning it to its previous era. .  LINK

MilitiaMan:  It may not have talked about the previous era, but, be sure that is on the table.. The other focus is on the corruption. I imagine Sadr, will let those that stole anything get away with it. It is now all about the citizens, just as we saw with the federal court with the Oil and Gas Law., The ability to see into the files from Switzerland Treasury. All that money stolen.. All that money can and likely be returned to benefit the people.. imo ~ MM

Samson:  Al-Azm: The exchange rate issue has become a political issue, not an economic issue

19th February, 2022

A member of the Azm Alliance, Abdel Wahab Al-Bilawi, confirmed, on Saturday, that the dollar exchange rate file has become a political issue, not an economic issue, as it is dealt with in line with the political process and its interests.

In an interview with Mawazine News, Al-Bilawi said, “Exchange rates are currently used politically, not economically, and that the issue is not economic, but rather it is to seek victory in front of the poor people and to shade them, after they have become a hostage to the ruling political issue.”

He added, “Citizens’ lives have become politicized through the imposition of taxes, high prices of oil products, foodstuffs and traffic taxes, and that the outputs during the current stage may be the defining boundary between the previous and current stages,” while Al-Bilawi warned “politicians of the revolution of the hungry if they are not helped.”  LINK

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Samson:  Serious effects .. a warning of an economic crisis that the government and the local market may be exposed to

18th February, 2022

Friday, former MP Mazen Al-Faili stressed the need to proceed with the decision of the 2022 budget, while indicating that there is no economic crisis, but rather a crisis in the management of funds.

Al-Faili, in an exclusive statement to NRT Arabia, said that “the budget law is the first in the fiscal year, and it is necessary for the state to adopt expenditures, finance investment projects, and run its affairs completely.”

A member of the former Economic Committee explained, “Any delay in approving the budget will have a profound impact on the strata of society, starting from the ministries to the local market.”

Al-Faili added, “The local markets are affected by the distribution of salaries in the basic degree,” stressing that “the delay in approving the budget harms the public interest.” And he indicated, “Iraq does not have a national product, and the market is 90% dependent on imports.”  LINK

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Samson:  The Iraqi economy between the “Gresham” dollar and the glorious “struggle” dinar

19th February, 2022 by Dr. Emad Abdel Latif Salem

The Iraqi dinar, like any currency, fluctuates between adornment and reality, between abundance and hardship, and between strength and weakness.

Its value fluctuates between a “super-strong” dinar, with oil at $36 a barrel at the end of the seventies of the last century, to a “poor” dinar, with oil at $93 now. (Of course, the price of a barrel at that time, its “value” is adjusted through what is known as the “purchasing power parity” of the dollar at that time, compared to its “value” now. Nevertheless, the form, role, function, and content of the currency will remain a reflection of the nature of the situation.

The weakness or “strength” of the economy.

For the cohesion of society, or for its division.. and for the “unity” or “fragmentation” of people. And “mainly” this will remain a reflection of chaos, or stability (in all its forms) in a country. Bad currency cannot drive good currency off the market.

The “good” is not defeated by the bad, except for a short time, and in the absence of history.. Then the “good” will chase the legions of the “villains”, push them into the “caves” from which they came, and bury them with their “tools”, “dinars” and “papers”. there. Bad… can never… expel the good “from” the market. The good currency is the one that expels the bad currency .. “to” the market.

Peace be upon our great professor (Ibrahim Kubba), who overturned the Gresham Law for us, and showed it to us in its true form, while we are in “second college” .. only .. and nothing else. Hello our old friend (John Grisham), who was not an “economist,” but a “philosopher,” and that is why he made the “law” of currency stand on his head, not on his feet.

Hello, Your Excellency Minister Ali Abdul-Amir Allawi, because the “novelty” of the Iraqi dinar (as well as its strength, as well as its weakness) has nothing to do with the “novelty” of the family.. Rather, because the Iraqi dinar (as is the case with the Iraqi economy) does not stand now on its head, and he does not know where are his feet?  And, of course, there is no peace for those who think that “economics” can be changed by waving the stick, or by “riding on a broom,” by pressing the “button,” or by a shot from a rifle.

I confess to you here, Mr. Minister, that you do not bear the burden of this alone (because this is not fair), and that we are all “partners” in our resounding, multidimensional defeat. I confess to you here that our chronic failure is a logical consequence of our mismanagement, our lack of resourcefulness, and our humiliation over “others” .. and also for our attempt to manage a thing called “the economy” .. when in fact we have nothing, called “economy”.

There is no “economy” in Iraq, but a “bazaar,” “shorja,” and shops (of various purposes), and everyone shouts in them (at his convenience) to promote his goods.. Goods mix, faces mix, voices mix, “profits” differ, and they differ. “Losses”.

What is happening now is that the “Al-Kifah” and “Al-Harithiya” exchanges are stronger and more influential than the monetary policy of the Central Bank of Iraq.. and that people base their economic choices and actions on the expectations and statements of politicians, and not on data, indicators and “balances” of the Ministry of Finance.

What we have now is…nothing. Our main issue is how we can get something out of this nothing, at the lowest possible cost and in the shortest possible time, because “people” have lost their ability to bear, and may lose their “sense” at any moment. The economy is “wise” and “sense”, “rational” behavior, and “rational” management of actions and resources.

The economy is not a “speculation” of fates.. However, “policies” that are hastily drawn up and implemented, may quickly lead to speculation in “our dinars” and their “dollars” (as is happening now) and may lead later (and quickly) to speculation in Our blood, which could also happen at any moment. We have no shortage of policies, solutions and means. We have a lot of them. Just ..

Do not put the “cart” of politics before the “horse” of the economy, and leave the economy to its people, and enjoy the “leadership”.  LINK

Some "Friday News" Posted by Samson at KTFA 2-18-2022

KTFA:

Samson:  Economist: The Decision To Reduce The Dollar Exchange Rate Is In The Hands Of The Central Bank Only

17th February, 2022

The economic expert, Hammam Al-Shamaa, confirmed today, Thursday, that the decision to reduce the dollar exchange rate is exclusively in the hands of the Central Bank of Iraq according to the law, and no one is allowed to act on it.

Al-Shammaa said in an interview with Earth News, “The decision to reduce the dollar exchange rate in the local markets is exclusively in the hands of the Central Bank of Iraq, according to the law, and no one may act on it without a decision from the bank.”

He added, “On the other hand, the tweet of the leader of the Sadrist movement, Muqtada al-Sadr, does not mean a return to the old price, as it is not permissible to reduce the exchange rate at the expense of the poor, as exchange rates must maintain their balance so that everyone maintains their standard of living without being hurt by the rise or decline.”

And the economic expert continued, “What happened in the process of changing the exchange rate neglected the consequences of the change for low-income people and the levels of the general Iraqi people, and the government did not take adequate measures to compensate the poor for the poor living conditions they suffered as a result of the high prices of imported and local materials at rates up to 25%, and this is heavier their shoulders.”

He continued, “Therefore, I think that Al-Sadr respects the laws and the powers of the Central Bank and estimates that returning the exchange rates to its previous era will lead to major economic problems.”

LINK

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Samson:  State Of Law: Changing The Dollar Exchange Rate Was Approved By Most Of The Political Parties In Force In Parliament Last Year

18th February, 2022

The State of Law coalition confirmed today, Friday, that changing the dollar exchange rate was approved by most of the influential political parties in Parliament last year.

And coalition spokesman Baha Al-Nouri said in a statement received by “Earth News” that “there has been a lot of talk recently about the need to address the exchange rate of the dollar and the implications for the living situation of the citizen, and this gives a clear indication that the vision of the State of Law coalition was the only accurate vision in rejecting the step taken by the government to raise the foreign exchange rate.”

He added, “Unfortunately, this raise was approved by most of the influential political parties in the House of Representatives, which were convinced of the justifications provided by the Ministry of Finance in support of its decision, which it described as compelling. The budget law and its articles were approved with the new exchange rate for the dollar in March of last year without any treatment of the damages that were caused.” suffered by the citizen.

And he indicated that “the continuation of the deteriorating economic situation, and the high prices of commodities and foodstuffs, harmed the middle class of employees, people with limited income, earners and others, and this calls for all political forces in the House of Representatives to take measures that contribute to restoring the dollar exchange rate according to a gradual mechanism while providing protecting the income of the poor and enabling them to keep pace with the treatment process so that the Iraqi citizen does not pay the price again.  LINK

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Samson:  The start of the work of the comprehensive digital transformation conference in Iraq

17th February, 2022

Today, Thursday, the General Secretariat of the Council of Ministers opened the work of the conference on the comprehensive digital transformation project in Iraq

The General Secretariat of the Council of Ministers said in a statement received by the Iraqi News Agency (INA): “The National Data Center Department opened the first dialogue session for the work of the Digital Transformation Conference in Iraq ( iTEX ), which is held on the grounds of the Baghdad International Fair in the capital

Indicating that “the conference is being held during the period from February 15-18, under the patronage of Prime Minister Mustafa Al-Kazemi, and in the presence of the Minister of Communications, Arkan Al-Shaibani

The statement added that “the conference was organized by (Alfa Company), and a group of local and foreign companies participated in it,” noting that “the conference included several activities, including the discussion seminar of the National Data Center

He continued, “The discussion session witnessed a detailed explanation by experts and specialists in the National Data Center regarding the projects currently being implemented, data sharing and systems integration between ministries and institutions, with a graphic presentation of the secured government network,” noting that “the questions and inquiries raised were answered by participants in the episode

He stressed that “the ( iTEX ) exhibits include cloud business, mobile phones, computers, communications, networks, technologies and digital transformation technology,” explaining that “the ( iTEX ) conference is a gateway to Iraq’s launch towards digital transformation and the adoption of artificial intelligence technology in the Iraqi state institutions; to create work strategies that contribute to reducing cost, and simplify procedures

The Minister of Communications, Arkan Al-Shaibani, during his speech at the conference, praised, according to the statement, “the efforts of the General Secretariat and its owners, led by the Secretary-General of the Council of Ministers, Hamid Naim Al-Ghazi, and the work team of the National Data Center, and the exceptional effort that was made to make this project a success and provide the best services to citizens.” He affirmed, “the ministry’s readiness, with all its formations, to support and make these projects a success in the public interest

The Director of the National Data Center, Ammar Mazhar Al-Tamimi, explained to “the mechanism of work of his department and the achieved achievements, the importance of the “Ur” portal platform and its stations, and the programs and systems that were launched earlier, including the chest health system, the “Salamat” application, and electronic messaging between tax and real estate registration departments, and the application of “Watch me” and a photo system for the registration of the deceased between the Ministry of Health and the courts in Baghdad,” noting that “these programs and applications contributed to significantly reducing red tape in government institutions during the review of citizens to complete their transactions   LINK

Swedish company says a number of its employees paid bribes to ISIS in Iraq

17th February, 2022

Swedish telecom equipment company ERICSON has acknowledged that a number of its employees in Iraq may have paid bribes to members of the Islamic State so that they could use certain methods that were under their control.

The company has detected “unusual payments dating back to 2018, but has never identified the final recipient of this money,” CEO Boreh Ekholm told Dagens Industri, adding that “what we saw is that transport routes in areas under the control of Terrorist organizations, including ISIS (ISIS), are represented in paying money for their use.”

Ekholm’s comments came hours after the company published a statement late on Tuesday acknowledging that there had been “serious violations of compliance rules and the company’s Code of Business Ethics” with respect to Ericsson employees, vendors and suppliers in Iraq between 2011 and 2019.

The statement confirmed that an internal investigation conducted in 2019 revealed “evidence of misconduct linked to corruption.” These include “cash donations without a clear beneficiary, payment to a provider for work without documentation or a clear framework for action, use of suppliers to make cash payments and unjustified financing for travel and expenses, and improper use of sales agents and consultants.”

It also monitored violations of Ericsson’s internal financial controls, conflicts of interest, non-compliance in tax laws and obstruction of the investigation.

Ericsson said payment and cash transactions programs “likely caused money-laundering risks were also detected”, but “the investigation was unable to determine whether any of Ericsson’s employees were directly involved in financing terrorist organizations.”

As a result of the investigation, several employees have left the company, and “several disciplinary and corrective measures have been taken,” Ericsson said in a statement. The director of the company said that they shared the results of the investigation with the US authorities.  LINK

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Samson:  Saudi Arabia is considering changing the work system to 4 days a week

17th February, 2022

The Kingdom of Saudi Arabia is considering changing the work system to 4 working days in exchange for 3 days off per week, in an attempt to attract investment and provide new job opportunities.

Saudi Minister of Human Resources Ahmed Al-Rajhi said during the government communication conference, “We are studying changing the work system to 4 working days and 3 days off or 4 and a half days of work, compared to two and a half days off per week, so that the Kingdom will be attractive to investors and provide job opportunities.”

It is noteworthy that the UAE preceded Saudi Arabia in changing the work system, as it announced the new system of weekly work for the federal government sector in the country, to be 4 and a half days of work, from Monday to Thursday, and half a working day on Friday, and the weekly holiday is on Saturday and Sunday.

It is noteworthy that the vision of the UAE with the decision of the new work system came to enhance its position in the global competitiveness in the economic and business sectors, and to consolidate its position on the world economic map, and as a business center that is the most active, efficient and effective of its kind in the region.  LINK

MilitiaMan Thursday Night "All Very Exciting!" 2-17-2022

KTFA:

Al-Bajari: Al-Kazemi Is Obligated To Implement The Federal Decision Immediately

17th February, 2022

The Former Oil and Energy Committee, Representative Zahra Al-Bajari, confirmed on Thursday that the caretaker prime minister cannot disavow the implementation of the federal decision regarding Kurdistan oil, indicating that the region sold its oil for 15 years without Baghdad.

Al-Bajari said in a televised interview, which was followed by “The Information”, that “the regional government has established the oil and gas law since 2007, as if the matter concerns it alone, and that the region is still receiving its share of the budget even after it has not handed over oil revenues to Baghdad.”

And she added, “The region has not adhered to the budget agreement on the delivery of oil revenues to Baghdad so far, and that the decision of the Federal Court was not politicized as described by the regional government, but rather it is serious.”

Al-Bajari indicated that “the law will not allow the Prime Minister to act politically regarding the sale of Kurdistan region’s oil, forcing him to implement federal decisions without circumventing them.”  LINK

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MilitiaMan:   Prime minister has to play by the law. Sadr has done an excellent job of coordination and timing of applying his prowess and statesmanship. The law will see to it that the revenues from the oil and gas law will be allocated appropriately from here on out.

Think about the money for almost  15 years that has been grafted illegally. Sadr wants the HCL applied by the Federal courts decision.

He gave four items that needed to be adhered to, to Parliament on the 15th. Then today, he has the Presidency of Parliament summon the Finance Minister and the Central Bank Governor to parliament in respect to six proposals.

At least one being the exchange rate change.

That said, lets not forget that there was a major event between Switzerland and Iraq regarding stolen monies. Iraq was able to get names and account numbers and the amounts of money in them.

 It is suggested to be in the hundreds of billions. The implications of that is serious. Those that have money in those accounts will be getting a knock on the door, if not already. 

I find the relationship with Sadr and the Kurds today being talked about, as in that they still have an alliance.. interesting.. Well, just think about that.

The Kurds apparently have been tapping the oil kegs to the tune of up to $65.00 a barrel and for years and years on end. The HCL had been shelved under prior PMs, Governments, etc.. Well, the courts finally laid out the facts and that is the HCL is going to be appropriated fairly per Federal Law.

That stolen money will be clawed back and appropriated accordingly, as well.

So, as we see today, the summoning of the FM and the CBI Governor and it’s urgency follows right in line with the actions taken in Switzerland. A place that is not apparently going to be a safe haven for money laundering any longer.

In fact, there are many countries following suit with respect to challenging safe haven statuses. Think about it stable coins are being issued from many countries now. Digital Block chain stable coins are being issued by countries that are transparent, just as the new system we will see globally in the future.

Block chain is transparency..  Stable coins will directly challenge safe havens. But, for now the focus is on Iraq having the ability to breach the secrecy of Switzerland and get access to all that money.

That would to me suggests that Iraq has the need to know about those accounts and those who have held them and there amounts, as Iraq is now or is going to be international and on a level playing field with a new exchange rate.

All that money stolen will support this new exchange rate that Sadr has summoned those two, to review today.. 

The amount of items all converging is phenomenal, imo. Lets see what comes out of the UNSC meeting the Iraq in New York today and Halabousi meeting in Cairo this weekend prior to the dissolution of the Committee in respect to Iraq and Article VII…

All very exciting, imo… ~ MM

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Integrity: Iraq Legally Succeeded In Breaching International Banking Secrecy  LINK

Experts : A new Iraqi era of tracking corruption… Switzerland’s coffers are not safe LINK

Al-Sadr sends a message to Parliament LINK

The Federal Court issues a ruling that the oil and gas law in the Kurdistan Regional Government is unconstitutional LINK

Full details of the Federal Court’s decision on the oil of Kurdistan Region  LINK

Rights: The Federal Government Cut The Way For The “Illegal” Kurdish Behavior Of Oil Wealth LINK

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Al-Sadr demands that the Iraqis be spared the damages of interest accruing from the high exchange rates of the dollar

Shafaq News / The leader of the Sadrist movement, Muqtada al-Sadr, presented, on Thursday, six proposals regarding the exchange rate of the dollar against the Iraqi dinar, including summoning the Minister of Finance, Ali Allawi, and the Governor of the Central Bank, Mustafa Ghaleb, immediately.
 
Al-Sadr’s proposals included, according to a statement received by Shafaq News Agency, “strongly stopping currency smuggling, looking into the matter of some banks, such as (Middle East, Al-Qaded, and Al-Ansari) belonging to some people who control the currency, and other private banks, and dealing firmly with banks belonging to some parties. controlling the country and the people.
In addition, Al-Sadr urged “to organize the Iraqi currency market centrally and in a correct manner, by enacting some laws that increase the value of the dinar exchange rate.”
 
Al-Sadr had called yesterday, Wednesday, to spare the Iraqis the damages of interest resulting from the high exchange rates of the dollar in the country.

Al-Sadr wrote in his Twitter post, “The rise in the dollar exchange rate, and the benefits and damages that it entails, should not at all cause a rise in the prices of commodities in the markets, especially the important ones.”

And he stressed the need to work through economic security, to punish all merchants who seek to do so, and the like, and according to the law, especially among the people approaching the month of Ramadan.

It is noteworthy that the annual inflation in Iraq rose significantly after raising the exchange rate of the dollar against the dinar in the 2021 budget, to equal every 100 dollars 145 thousand dinars, after it was 121 thousand.

It is worth noting that all the prices of materials and commodities in the Iraqi market witnessed a significant increase, in conjunction with the devaluation of the dinar, which sparked a wave of strong resentment among the popular circles, as well as the objections of some interested in economic affairs.

LINK

An Economic Warning Against Wasting Large Amounts Of Money After The Fourth Wave Of The Rise In Oil

17th February, 2022

The economic expert, Basem Antoine, called on the government, on Thursday, not to continue to pursue a backward policy in managing the economic file, especially with the rise in global oil prices, indicating that the Sovereign Fund of Iraq has become a requirement to end dependence on oil.

Antoine said in a statement to “The Information”, “Over the past years, Iraq witnessed four waves of high global oil prices, but it did not invest them properly, as the price of oil currently exceeds 95, meaning an estimated surplus of about 40 dollars per Iraqi barrel.”

He added that “strategic and development projects, basic infrastructure, and the establishment of a sovereign fund, as it is in the oil-rich countries, will ensure the end of Iraq’s dependence on oil in the coming period.”

Antoine pointed out that “the continuation of a backward policy in managing the surplus of oil prices and not diversifying the source of Iraq’s income will bring to Iraq an economic disaster, as happened two years ago when the government was unable to distribute salaries and was forced to reduce the price of the dinar and an unprecedented economic stumble.”   LINK

MilitiaMan:  A Sovereign Fund they tell us..? Well, they never had one before..? With what we have witnessed of late supports one will be in the works, as the money flow is about to change directly and significantly.

WE all have seen the recent news about the exchange rate change.. That is the sort of catalyst that will allow for the fund to get started.

Not to mention the money they found in Switzerland, the Panama Papers, the Interpol findings, the USA, etc..

It is about to get very real for Iraqi’s.. $$$$ ~ Amen.. imo ~ MM