KTFA Members "News and Views" Wednesday Afternoon 6-29-2022

KTFA:

Samson:  "In a quiet fire" .. a surprising and important statement by the Prime Minister's advisor about changing the dollar exchange

 {Economic: Al Furat News} The financial advisor to the Prime Minister, Mazhar Muhammad Salih, surprised the Iraqis about the possibility of changing and reducing the exchange rate of the dollar against the dinar.

Saleh said on the program “Al-Mastra” broadcast by Al-Furat satellite channel this evening: “We need to cook on a quiet fire and monitor prices until the end of 2022, oil prices and foreign reserves,” stressing that “a change in the exchange rate is possible, but it requires patience and careful study.” 
He pointed out that “there are fixed facts on the ground.

The exchange rate of the dinar to the dollar follows stability, and it is not arbitrary, but rather a contract between the Central Bank of Iraq and the Ministry of Finance, because the foreign currency offer comes from the Ministry of Finance 100%, which is the only source for it in the country.” 

Saleh added, “But the Central Bank deals in dollars to maintain cash reserves and prevent inflation, and the modern Iraqi financial history is witnessing cooperation in determining the dollar exchange rate between the Central Bank and the Ministry of Finance.”

He stressed that “the agreement with the Ministry of Finance to set the dollar exchange rate for a period of three years, but changing it became a surprise, and it is within the shock policy, and there are limits to the change in the dollar exchange rate, and it is not a political or populist issue.” 

He noted that “the first limit according to commodity prices and the market, and at that time the central bank will defend the stability of prices according to the reserve, which is the highest in its history now, and we have an encouraging surplus for the end of the year from 8 to 10 percent.” 

He stressed, “If prices and financial policies fail to defend the livelihood of the poor and social protection salaries, the Central Bank will intervene by raising the purchasing power of the Central Bank through its foreign reserves.”

“It is logical that the fiscal policy has a package to defend the livelihood, relieve the poor classes and social welfare, and compensate farmers for the differentials in grain prices, and the government maintains fuel prices and government services fixed, and this stability is a kind of support that rose to 15% of GDP.” 
And regarding changing the dollar exchange rate, the Prime Minister’s advisor said: “Everything is possible, but we need patience in changing the dollar exchange rate in the event of high prices and the fiscal policy is unable and monetary policy is able to cover the dinar,” noting that “the Food Security Law if it cannot secure the requirements.” In the event of an increase in prices, the central bank will intervene to preserve the strength of the dinar against the dollar.”

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PhotoMan57:  Could it be "just maybe" they come out at whatever rate (float) and monitor it and adjust as needed over a period of time.Just my train of thought

Tivon:  Legally they can not come out at a "whatever price,. .86 is the lowest they can come out at according to Article 8 of the IMF Policy.

Again, Mazhar Muhammad shares his professional opinion as an advisor. It's not like he's campaigning against what Al-Kazemi has already requested of those 100 Deputies.

Think about they can easily come out an outright denounce or report that they will not change the rate until next year. Keep in mind Al-Kazemi just said today he wants the full force of the EFSL implemented.

The EFSL is only designed to serve as a placeholder for the budget for the remainder of 2022. They can still approve the budget even on the last week of December if they want while the the EFSL takes care the remaining five months of 2022.

They already said the 2022 budget (If Approved) will be exclusively for new projects. Everything that is in the EFSL was things that the 2021 Budget was supposed to take care of. One of them being raising the value of the Dinar.

Why would they go through all the trouble of approving the EFSL only to wait until the end of the year to utilize it when it's created to address urgent issues affecting the citizens now?

You should have paid more attention to the last line by Mazhar Muhammad. He said if the EFSL can not fulfill certain requirements the CBI will step in. So he is not against the law being implemented if push comes to shove. He was presenting a cautionary avenue they can take if they want to be 100% sure by just monitoring the markets to guage how it will behave to ensure a spike in prices doesn't damage all the planning that went into the reinstatement becoming a reality. 

But guess what? You can't be 100% sure about something you haven't done in decades and are finally presented the opportunity to engage even if you have prepared meticulously.

Again, the EFSL is not created to go beyond 2022. So on a legal basis there is no wait and see pertaining to that law. And Al-Kazemi knows the law will or can not be entered into full force without reducing the USD exchange rate.

That's why he suggested at the earliest session to address the reduction. Also coming out at 1:1 is not a reduction in the USD. Its a parity price by bringing the IQD up from a program rate to match the USD.

I think Mazhar is referring to raising the IQD up from 1:1 to 3:1 is what he means by monitoring to see how the market behaves while the IQD/USD are of equal value. Then waiting until the end of 2022 to raise it beyond that is the precautionary measure he would rather take.

Think about it. He's not telling Al-Kazemi not to raise the IQD. He was only advising not to reduce the USD to much where the hard currency reserves can't cover the rate for the remainder of 2022.

So we have to ask ourselves. Are they concerned from the onset of 1:1 or 3:1 when it comes to the reduction of the USD? Can they raise the IQD at the expense of the value of the USD? 👇

 And regarding changing the dollar exchange rate, the Prime Minister’s advisor said: “Everything is possible, but we need patience in changing the dollar exchange rate in the event of high prices and the fiscal policy is unable and monetary policy is able to cover the dinar,” noting that “the Food Security Law if it cannot secure the requirements.” In the event of an increase in prices, the central bank will intervene to preserve the strength of the dinar against the dollar

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Lexi:   You do a great job explaining things and I really appreciate your posts! -Wanted to speak up and thank you -You have made posts that I wanted to respond to, but I just smile and just think to myself...good job Tivon- IMO 

Tivon:  Thanks Lexi, I appreciate your feedback. I just share what makes sense to me. If it doesn't I wouldn't post anything. I started off just as clueless as the people who still are but continue to learn along the way from people who share information on pertinent issues. I have been doing this for a while so over the years I've come to know the much larger picture. Especially when you think about The BRICS Alliance. I remember Donald Trump stating at the UN General Assembly that the future is not globalism. And from what has been going since then I definitely see a return to a Constitutional Republic for most countries. IMO

Samson:  A large sum of money was seized in the possession of a foreign passenger at Najaf Airport

06/29/2022 16:51:44

The fifth region border guards seized a large amount of money in the possession of a foreign passenger at Najaf International Airport.

A statement of the Ministry of the Interior, which the agency {Euphrates News} received a copy of, stated: "The detachments of the Komark police station at Najaf International Airport were able to seize a sum of money of 32 million and 500 thousand dinars that was in the possession of a foreign traveler."

He added, "The investigative papers and the accused were referred to the judiciary for violating the law of the Central Bank of Iraq."  LINK

Ourcoin:  Someone heading to Iraq getting ready to exchange?   This is hilarious IMO

Tivon:  There is no way he wasn't privy to the announcement made by Al-Kazemi in regards to changing the USD exchange rate some days ago. That would be the only reason I could think of as to the timing of his scheme. IMO

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Samson:  A government advisor sets the date for sending the 2022-2023 budgets from the government to Parliament

29th June, 2022

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, set, on Wednesday, the date for the government to send the general budget law for the year 2022 to Parliament.

Saleh told the official news agency, "If the legal situation is adapted to allow the executive authority to pass bills, it is very possible to present the 2022 budget, sequentially with the 2023 budget draft next October, provided that the first is approved before the fiscal year ends at the end of December 2022." 

He added, "Next October, the draft budget law from the year 2022 will be submitted by the government to Parliament to the year 2023 according to the amended Federal Financial Management Law No. 6 of 2019".     LINK

Tivon:  Keep in mind what they need the 2022 Budget for. They don't need it for money. Simply because they are only willing to put an extra 25 trillion in the 2022 Budget.

 More than Half of what is in the EFSL. So that should tell you they only want to approve the Budget for the Final Accounts. And the 2022/2023 Budget will be for new projects.

The EFSL is currently being used to pick up on stalled projects from the previous 2021 Budget. Why? Because that particular budget was supposed to raise the value of the IQD. But since they never formed a government last year they couldn't open it. IMO

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Clare:  FROM WS & FRANK ON MONDAY'S CC:

 WS WANTS YOU TO UNDERSTAND ...  AS FAR AS THE BUDGET COMING OUT MAYBE IN OCT ...  WS WANTS YOU TO REMEMBER THE RATE IS NOT WAITING ON THE BUDGET.  THE BUDGET IS WAITING ON THE RATE.  ......FRANK26

Frank26 and KTFA Members "News and Views" Tuesday PM 6-2-8-2022

KTFA:

Frank26:  "ON YESTERDAY'S UB2B.......... 'THE ONLY TOPIC IN IRAQ… IS THE MONETARY REFORM'.......... BEHOLD KTFA FAMILY!!!"...... F26

YouTube Link

Samson:  "In a quiet fire" .. a surprising and important statement by the Prime Minister's advisor about changing the dollar exchange

06/27/2022 22:27:19

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, surprised the Iraqis about the possibility of changing and reducing the exchange rate of the dollar against the dinar.

Saleh said on the program “Al-Mastra” broadcast by Al-Furat satellite channel this evening: “We need to cook on a quiet fire and monitor prices until the end of 2022, oil prices and foreign reserves,” stressing that “a change in the exchange rate is possible, but it requires patience and careful study

He pointed out that "there are fixed facts on the ground. The exchange rate of the dinar to the dollar follows stability, and it is not arbitrary, but rather a contract between the Central Bank of Iraq and the Ministry of Finance, because the foreign currency offer comes from the Ministry of Finance 100%, which is the only source for it in the country

Saleh added, "But the Central Bank deals in dollars to maintain cash reserves and prevent inflation, and the modern Iraqi financial history is witnessing cooperation in determining the dollar exchange rate between the Central Bank and the Ministry of Finance. He stressed that "the agreement with the Ministry of Finance to set the dollar exchange rate for a period of three years, but changing it became a surprise, and it is within the shock policy, and there are limits to the change in the dollar exchange rate, and it is not a political or populist issue

He noted that "the first limit according to commodity prices and the market, and at that time the central bank will defend the stability of prices according to the reserve, which is the highest in its history now, and we have an encouraging surplus for the end of the year from 8 to 10 percent." He stressed, "If prices and financial policies fail to defend the livelihood of the poor and social protection salaries, the Central Bank will intervene by raising the purchasing power of the Central Bank through its foreign reserves

It is logical that the fiscal policy has a package to defend the livelihood, relieve the poor classes and social welfare, and compensate farmers for the differentials in grain prices, and the government maintains fuel prices and government services fixed, and this stability is a kind of support that rose to 15% of GDP

And regarding changing the dollar exchange rate, the Prime Minister’s advisor said: “Everything is possible, but we need patience in changing the dollar exchange rate in the event of high prices and the fiscal policy is unable and monetary policy is able to cover the dinar,” noting that “the Food Security Law if it cannot secure the requirements.” In the event of an increase in prices, the central bank will intervene to preserve the strength of the dinar against the dollar   LINK

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 Tivon:  This is either a wait and see. Or a initiate and hope.

Inflation seems to be less of an issue. But the volatility in the markets is what appears to be the deciding factor as to how long it take to feel comfortable with reinstating the Dinar.

I guess they want to avoid shocking the markets. Not sure how they plan to get around the concerning issue at the expense of the citizens if they forecast any issues that cannot be offset appropriately or proficient enough where the CBI is forced to intervene.

But they still allude to going through with it in spite of and will just adjust on the fly as the rare gradually increase from 1:1. So the problem may not necessarily be coming out at equal value but maintaining it.

Ok, understood. Because we all know BUNA will be launching in the 2nd half of this year which starts on July 1st. Iraq has fail safes in place for marginal increases/decreases in the local and international prices based on their policies and the contracts that are in place which I said yesterday is the deciding factor of everything and not necessarily the rate alone.

As it means nothing if you don't have precautionary measures in place for everyone who thinks merely not having a budget was always the issue. Then again maybe Al-Kazemi knows something that Mazhar doesn't if he feels confident that this can be done at the earliest session. IMO

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Pete2001:  Tivon, greatly appreciate your perspective and understanding on all things, along w Frank, MM and Petra's. Question, would this not be a headfake on timing..I mean they have spent over a year getting financial house in order...domestically and internationally w WB, IMF, etc. I mean cook all you want but the meat is gonna be well done to burnt if this takes to the end of year and is counter to putting all these new ATM's etc.

  “We need to cook on a quiet fire and monitor prices until the end of 2022, oil prices and foreign reserves,” stressing that “a change in the exchange rate is possible, but it requires patience and careful study"

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Tivon:  I can see why the Iraqi citizens were surprised by this statement given the reasons listed as to the preparations that have been progressing with all of the different sectors of departments, institutions, and ministries for the past few years or more. Especially the reserves.

I mean they just announced an 35% increase. A spike in prices should not be of that much concern if you have more than enough in hard currency to protect against it.

 I don't know if this is Iraq getting cold feet or just nervous. Because he says they have a fiscal policy to defend the Dinar and can protect the citizens. Ok, let's eat if that's the case. Because the Iraqis are at the table with a fork & knife in hand and they smell a well cooked meal on the stove.

What difference would the end of the year make if your concerns are based on a toss up that the markets will not telegraph or screen beforehand for you to feel confident enough to reinstate. It's not a blind item. They have the tool sets to smooth out the rough areas once the rate set sails into the open sea.

What went on in the past five days where this aspect was not addressed that would make Al-Kazemi recommend at the earliest session to reduce the Dollar rate that made Mazhar Muhammad Saleh uncomfortable and state this today?

Were they were in two separate board meetings? Because I wouldn't have suggested to 100 Deputies to sign on to anything if every area of concern was not discussed. IMO

Pattycakes77:  All we have to do at this point is wait and see. July 1st is significant regarding BUNA, policies and contracts.

I just do not see Iraq kicking the can down the road much further with all the wonderful news that came out in the past weeks leading up to now. Why the ATMs if things are not imminent ? Things just wouldn't  make sense.

My hope is in the days to follow leading up into the weekend. God be with us all and we all must pray to break any evil powers that maybe holding the Iraq dinar hostage. I believe also there is a demonic spirit holding it up because it knows God's will, will be done.

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Frank26:  "KAZEMI TALKS TO THE IRAQI CITIZENS ABOUT THEIR REFORMS"......F26

Samson:  Al-Kazemi: We have obligations that we must fulfill, and mistrust with others is not in our policy

06/28/2022 17:34:42

The most important statement of the Prime Minister, Mustafa Al-Kazemi, during the cabinet session held today, Tuesday

🔵 This government came in exceptional circumstances, and it worked and is still working in exceptional circumstances, and despite all these challenges, it succeeded in overcoming many difficulties... The challenges were not easy, and the government's slogan from the first day was that it is a government of word and deed.

🔵 We focused on the practical aspect of citizens' needs, we succeeded in some of them, while others need more time to address them.

🔵 A while ago, we laid the foundation stone for a project to build 1,000 schools in all governorates of Iraq, which is the first meal within the Iraqi-Chinese framework agreement.

🔵 This agreement was obtained with great confusion by some parties that tried to promote the government's lack of seriousness in implementing the agreement or did not want to implement it. 

🔵 The government is the one who implemented the agreement, and we started with the project of 1,000 schools out of a total of 8,000 schools across all governorates, in the form of stages. 

🔵 Unfortunately, we sometimes hear campaigns in some media and social media platforms, the aim of which is to break the resolve of the government’s work, and our response is silence, we do not want to enter into political rivalries for the sake of Iraq and the Iraqis, and we focus on work to move towards the future. 

🔵 The House of Representatives voted on the law on emergency support for food security, and we must work to implement it with full force in order to serve the people, and I would like to remind that the law is not a budget, but came because we are going through an exceptional circumstance, and we, as a caretaker government, have no right to enact laws, so we resorted to the Food Security Law which requires us to work very hard to implement it for the benefit of the Iraqis.

🔵 We need all political parties to cooperate with us to implement the Food Security Law, with our need for a supervisory role as well, which must take place within the public interest, and not for pressure or personal purposes, or within agendas to weaken the government.

🔵 The government is working at the end of its session, and we expect the political parties to work with full force to form a government that represents the aspirations of the Iraqi people, so that it can present a vision to address these challenges.

🔵 This government remains in action until the last moment until its tasks are handed over to the next government, and for this I remind the political elites of the importance of expediting the formation of a government that does its duty, and at the same time we will work for the last moment to follow up on all the details.

 🔵 We have commitments that we must implement and continue with, and despite the many internal challenges, we have succeeded in the policy of external balance, and this was a major goal from the first moment in working to restore our relations with neighboring countries and friendly countries and with our brothers.

🔵 Praise be to God, we put Iraq's interest in the first place, and this balance stems from the interest of Iraq, the Iraqi people, and we will continue with this policy, and we will not go to any axis at the expense of another axis.

🔵 We put an equal distance with everyone in order to bring to Iraq investments and support, in order to compensate for the failures, frustrations and absurd wars that have left their repercussions on the Iraqi people.

🔵 What is required is to rebuild our relations on the basis of the Iraqi interest and on the basis of good faith with all partners. As for the policy of fear, isolation and mistrust with others, it is not in our policy.

🔵 We think well of everyone so that we can reconcile with ourselves and others, and liberate us from the absurd policies that took Iraq in the past to semi-isolationist or escalatory policies with neighboring countries, and this will be part of the past.

🔵 About my recent visit to the Kingdom of Saudi Arabia and the Islamic Republic of Iran, the visit to the Kingdom of Saudi Arabia was very good, in which we discussed common issues, Saudi investments in Iraq and future prospects, and we talked about the electrical connection and many projects that benefit Iraqis, and the importance of the region being stable and calm and for Iraq to lead His role in humidifying the atmosphere for the interest of Iraq and the region.

🔵 We talked about global challenges due to the war in Ukraine and its repercussions on food security, and how to cooperate in order to provide the needs of our peoples to provide this security.

🔵 During our visit to the Islamic Republic of Iran, we spoke about the same points, and about joint files, as well as working on the issue of energy and water.

🔵 The Brotherhood in Iran has expressed its willingness to send the Minister of Energy to Baghdad to talk about the issue of water and electric energy and solve all problems. 

🔵 We need to work hard to overcome the challenges that the region is going through and that affected everyone and Iraq in the first place, and in particular the issue of climate change, and for this I ask the competent ministers to pay attention to this aspect regarding water and climatic changes that affect agriculture and the lives of citizens.

🔵 We must remember that these relations and this balance prove to the world and to the Iraqis that Iraq has a great depth in history, and its role and position are very important in helping to build relations that serve the interest of our people.

🔵 Iraq works and seeks to be part of the region and its stability, and that we cooperate with all countries in order to avoid the repercussions of the war in Ukraine in terms of food and energy security. 

🔵 Our work will continue until the last moment of the life of this government, until the formation of a new government, we must work day and night to overcome all obstacles and challenges.

Media Office of the Prime Minister
28 - June – 2022   LINK

Monday Night KTFA CC "The Only Topic in Iraq is the Monetary Reform"

KTFA

Monday Night KTFA CC  6-27-2022

Frank26:  6-27-22…….THE ONLY TOPIC IN IRAQ…IS THE MONETARY REFORM

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=GCE_yhHf1_I

More From MilitiaMan and KTFA Members Monday Night 6-27-2022

KTFA:

MilitiaMan:  Deputy For Al-Fateh: The Exchange Rate Reduction Will Soon See The Light

27th June, 2022

Member of Al-Fateh Alliance, Suhaila Al-Sultani, confirmed, on Monday, that the issue of reducing the dollar exchange rate is soon after collecting the signatures of 100 deputies to vote on reducing it under the dome of the House of Representatives.

Al-Sultani said in a statement to "The Information", "The Sadiqoun Parliamentary Bloc, with the follow-up of Representative Uday Awad, is seeking to reduce the exchange rate more than a year after its change."

She added, "The paper in which the signatures were collected, was attended by all the deputies of the political blocs affiliated with the coordinating framework," noting that "the exchange rate change will be soon."

It is noteworthy that the Central Bank of Iraq, on December 19, 2020, officially announced the amendment of the foreign exchange rate (the US dollar) to be 145,000 dinars for every $100, according to the state’s general budget for the year 2021 approved by the House of Representatives.    LINK

MilitiaMan:  There is no way that these guys are not taking advantage by saying, "the exchange rate change will be soon." If they dissolve parliament and they may as noted by the articles today that specifically say that it is a topic that may have legs to it. The support is growing, as is the vocal rejections from the leader of the Coordination Framework. There being over 100 deputies openly supporting the exchange rate change is powerful. They are campaigning. A sign of currying favor from the citizens. They want there purchase power...~ MM

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Samson:  The Rule Of Law Excludes The Dissolution Of Parliament For These Reasons

27th June, 2022

The State of Law coalition ruled out, on Monday, the dissolution of the House of Representatives after the voices calling for the dissolution of Parliament rose as the only way out for resolving the political crisis, stressing that the dissolution of Parliament is very unlikely for several reasons.

Member of the coalition, MP Alia Nassif, said in a statement to / the information /, that “the withdrawal of the Sadrist bloc and the resignation of its 73 deputies and their replacement with losing representatives called on some who do not want to form a government by the large bloc represented by the coordination framework to demand the dissolution of Parliament as the only solution to satisfy the withdrawal as the only way out. to resolve the political crisis.

She added, "Calls to dissolve Parliament will not be fulfilled for several reasons, including that the current political stage is very sensitive in light of the internal and international circumstances, and this requires the political forces to support the formation of the government and create a fully legitimate government without maintaining a caretaker government that does not have the powers required by the stage."

Nassif explained, "The losers who filled the vacant seats in the Sadrist bloc's deputies will stand against these calls because they got an opportunity they were dreaming of." Nassif indicated that "the only and best way that most political forces see is to speed up the formation of the government with the participation of all political forces in the next government without excluding anyone," explaining that "the issue of forming an emergency or transitional government has no constitutional basis, only an emergency government and for security reasons, and there is no case Security calls for a vote on it.”  

LINK

MilitiaMan:  Once again there is more false flags. They are trying to persuade others to not dissolve parliament. There is no constitutional explicit caretaker or emergency government. The PM since the EFSL and latest emergency session one where there were 100+ deputies that signed on to the exchange rate change were involved. The PM during emergency's can and may have "NECESSARY" powers. The Frame Work would like us to believe that is not the case. The Supreme Judicial Council Judge has stated as such on on more that one occasion. Again, no theory on that matter.. So, we can see that the cracks in the dam are there, as there is good reason to be noted by many jumping ship.. Peoples lives are on the line in more ways than one.. imo ~ MM 

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Samson:  Azm Objects To The Use Of The Term “Losing Representatives”: Intentional!

27th June, 2022

The Azm Alliance refused, on Monday, to name the losers' representatives on the Sadrist bloc's replacements, an intentional mistake, indicating that launching this label has goals behind it to obstruct the political process and reduce the prestige of the House of Representatives.

The leader of the coalition, Faris Al-Fares, said in a statement to / the information /, that “the circulation of the term losers who replaced the representatives of the Sadrist bloc after they submitted their resignations from the membership of the House of Representatives is a wrong and intentional deliberation by some political forces that lost their political project by achieving the political majority for the purpose of putting the stick in front of the wheel of forming the next government.”

Al-Fares added, “The real and legal description is the reserve deputies,” noting that “the new deputies who replaced the Sadrist bloc’s deputies in the first place got loud and large votes, and some of them were subjected to injustice as a result of manipulating the election results, as they were already winners.”

He pointed out that "the launch of this name stands behind it aims to obstruct the political process and reduce the prestige of the House of Representatives and an attempt to drag the House of Representatives to dissolve itself again and hold early elections."   

MilitiaMan:  Sadr likely has done this deliberately and that may turn out to be true.. Think about it. HE gets his group that won legitimately the larges block to resign. Then the next group in line that were losers to take over.. That won't fly with the street. They'll push for the Dissolution and get a fresh election in the future. Mean time the present government with necessary powers may likely keep on working and what the citizens need. PM Kahdimi has been doing exactly that as we can see over this past weekend. imo ~ MM

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Samson:  The Central Bank of Iraq's gold reserves rise

27th June, 2022

Today, Monday, the Central Bank of Iraq announced that Iraq has advanced ten ranks in the table of the most countries in gold reserves, bringing its total possessions to (130.39) tons, ranked thirty in the world and fourth in the Arab world.

The Central Bank of Iraq confirmed the purchase of new quantities of gold, amounting to approximately (34) tons, with an increase of 35% over what was in its possession. and international.

It is noteworthy that gold is one of the most important assets held by central banks and international financial institutions, and a safe haven in conditions of uncertainty, due to its acceptance at the international level.

Central Bank of Iraq
Media Office
27 - June - 2022   LINK

MilitiaMan:  Now we finally see that 30-40 tonnes of gold show up they found on the Syrian Border..? Why now are they telling us this now? Well, they have far more reserves now that ever needed for to support the new exchange rate change. ~ MM

DeepWoodz:  Imo….HUGE step towards backing up a new currency. But what do I know.  

MilitiaMan:  Your are absolutely correct. The additional gold tonnage will support the value of the currency. They'll be able to defend the REER easily now.. A very good and well timed placement of the tonnage.. The world will be seeing this a a very positive sign.. imo.. ~ MM

Samson:  The Dollar..The Biggest Lie Of The Modern Era

25th June, 2022

America lies to the world with dollars and the world is happy to accept this lie. How did that happen? What is the future of the dollar and the economies associated with it?

The turning point was at the end of World War II when the old colonial world handed over the banner of colonialism to the leader of neo-colonialism (America), when World War II exhausted colonial Europe, and these countries went bankrupt, and inflation hit their currencies and economies and became at the mercy of the Americans and their aid represented in the (Marshall Plan).

America, stalking this moment, found an opportunity to impose on these countries the Britten Woods Agreement of 1944, which included 44 countries. This conference came to the conclusion that the dollar constitutes the exchange rate for all currencies and is a measure of the pricing of basic and raw materials, the currency of international trade exchange, and the currency of financial settlements. And that America is the safe haven for currencies represented by the dollar.

In return, America pledged to continue linking the dollar to gold at a fixed rate ($35 per ounce of gold) in order to ensure the exchange in dollars and the stability of global prices. What gave this confidence to the dollar is America's possession of three-quarters of the gold reserves in the world. Thus, it was able to control the global economy through the dollar by introducing it into most of the world's currencies as a cash reserve in its central banks.

The honeymoon with this agreement lasted only eleven years, starting the Vietnam War in 1955, which America thought would be resolved within months, but it lasted for nearly twenty years. Which led to the depletion of its economy with the increasing costs of the war on the treasury, and it was forced to print the dollar without gold cover and in secret.

In the year 1970, France discovered that America was lying to the world and printing the dollar without a gold cover, so the French President (De Gaulle) asked to convert France's reserves of dollars into gold according to the Bretton Woods agreement. However, America rejected the French request because it was unable to transfer this amount, which amounted to only 191 million US dollars.

Inflation began to hit the dollar and the countries of the world began to lose confidence in the dollar, which prompted US President Richard Nixon in the year 1973 to officially announce the cessation of linking the dollar to gold, and since that year the value of the dollar has decreased forty times, and gold has risen from 100 dollars per ounce to about two thousand dollars and now ranges around 1800 dollar. Gold is inversely related to the dollar, the lower the dollar, the higher the price of gold, and vice versa.

In an attempt by America to destroy the value of the dollar after its separation from gold, it concluded an agreement with King Faisal (King of Saudi Arabia) as the largest oil producer at that time, and this in the year 74 includes two points, the first of which is linking the price of oil to the dollar and that Saudi Arabia will persuade OPEC to price oil in dollars. 

The second point is that Saudi Arabia invest oil revenues in US bonds, that is, return this money to America in order to support its economy, in exchange for protection (and history is still repeating itself) and through this agreement, what is known as the concept of petrodollars emerged.

This situation continued for nearly thirty years and the dollar was the master of world currencies until the capitalist contradictions reached their climax. The US defense department from the annual general budget, which in some years amounted to more than 800 billion dollars, and this was accompanied by an increase in the volume of indebtedness, which increased from 5.3 trillion dollars in the year 2000 to more than 32 trillion dollars in 2022, making America the largest city in the world .

The biggest shock was in 2008, which was called the mortgage crisis. This crisis came after the occupation of Iraq and before that, Afghanistan. America was on the verge of bankruptcy.

In reality, the dollar is not covered, and America was able to sell this illusion to the world, and in its behavior it became similar to the gang that owns a printing press and produces currencies without restrictions. The question is will the dollar collapse?

There are several factors that support the dollar and the collapse of the dollar is not in its interest, namely:

1- The world’s countries invest in US bonds, and these investments amount to seven trillion dollars. China, Japan and Britain top the group of these countries, as China holds 1.3 trillion dollars of these bonds, followed by Japan, which holds 1.2 trillion dollars.

2- The dollar constitutes 60% of the countries’ reserves in their central banks, while the euro constitutes 25%.

3- There is no international currency to replace the dollar.

4- The bankruptcy of a group of countries whose currency is linked to the dollar.

5- Chaos and stagnation that can occur in the global economy.

6- The loss of major countries to the American market, especially China, which contains 1,500 American companies operating within it and marketing most of its products in the American market.

These reasons made America succeed in transferring and exporting the dollar crisis from the inside of the United States to the world, and it has been studying the printing of the dollar without any coverage. Dollars outside the United States constitute 75% of the total dollar.

But this reality based on this American blackmail of the world cannot continue indefinitely.

What is important is the current reality of the dollar?

The dollar is threatened with collapse for the following reasons:

1- The American economy is collapsing due to globalization and the exit of industry and the transformation of America into an importer, consumer and producer of services, and the project of globalization is out of control.

2- The current account deficit, which is the widest indicator for measuring the imbalance in the international balance, and this imbalance is entrenched in favor of China.

3- The net national savings rate (which is the sum of the savings of individuals, companies, and the government sector) fell to a record low and entered the negative region for the first time.

4- American pressure on the countries of the world by imposing sanctions on countries, companies and individuals, waging wars … etc. This led a large group of balanced countries to think of disengaging from the dollar, and among these countries the BRICS system (China, Russia, India, Brazil and South Africa).

5- The extensive spending that America spent at home on individuals and companies in the form of aid due to the Corona virus, in order to stimulate the economy, as this spending has so far reached 3.5 trillion dollars in the hope of revitalizing the economy, but in light of an open economy whose economic circle begins in the American market and ends with factories in China Excessive spending increases the purchasing power in the American market, which is filled with Chinese products, so this support will be transferred to Chinese industries and aggravate the already dysfunctional trade balance deficit.

6- The huge military spending and the continuation of America in the colonial approach and the unjustified domination of the world and the role of the policeman on the world.

For all these reasons, the fall of the dollar is considered inevitable through blatant inflation, and this inflation can be in the interest of the American economy. America will not be enough to cover this amount of cash.

With the inevitable fall of the dollar, this is a prelude to the fall of America and the decline of its hegemony over the world and the halt of globalization, and America can disintegrate, as happened in the collapse of the Soviet Union, and its consequences will be the loss of savings, the crushing of the middle class and chaos within America and in the countries of the world.

 It can also be a sudden, blatant collapse or a gradual successive decline.  LINK

MilitiaMan and KTFA Members "News and Views" Monday PM 6-27-2022

KTFA:

Economist: The Dollar Exchange Rate Will Not Return To Its Previous Era Due To International Obligations

27th June, 2022

The economic affairs specialist, Muhammad Attia Al-Saadi, ruled out the return of the dollar exchange rate to its previous era, pointing out that there are reasons related to Iraq's obligations with the World Bank regarding this matter.

Al-Saadi told Al-Maalouma, "The dollar exchange rate set by the government is very unlikely to return to the previous figure set at 1800 dinars to the dollar."

He added that "the promises made by some political parties and blocs will collide with Iraq's commitments to the agreements of the World Bank," stressing that "the agreement to raise the exchange rate came in accordance with agreements with international organizations and dictates imposed by international institutions in exchange for supporting Iraq with loans."

He pointed out the importance of the next new government working on preparing a comprehensive economic and development plan that would reduce the poverty rate and move the wheels of the private sector by activating investments and benefiting from the great financial abundance that was achieved due to the rise in global oil prices.    LINK

Wagmaster:  This does not sound good.  Fake news?  Please, input is wanted.

IAM: Stated specifically:  Al-Saadi told Al-Maalouma, "The dollar exchange rate set by the government is very unlikely to return to the previous figure set at 1800 dinars to the dollar.    1800 dinars to the dollar is not what we want anyway.

Tivon:  Right, the rate is literally 0.00. Commonsense would or should imply that the reinstatement would not come out that way. We know based off of the hard currency reserves that Iraq can come out the gate with at least .86 or higher. IMO

MilitiaMan:   Of course they are not going to return to the previous figure set on (1180) imo.. There were / are timelines on the devaluation that were to be short lived. What they will do is bring purchase power to the citizens and (1180) is not it.  They have not come this far in the international arena with the AYSCUDA, BUNA, WTO, E-Gov, E- Banking, 14.6 million electronic cards, advanced ATMS, etc., to be allowed to go international with out a REER.. imo ~ MM  (Real Effective Exchange Rate)

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Samson:  Interior Minister : We continue our quest to move permanently to electronic work instead of paper

27th June, 2022

Interior Minister Othman Al-Ghanimi affirmed, today, Monday, the quest to move permanently to electronic work instead of paper to keep pace with global development.

Al-Ghanimi said in a statement received by the Iraqi News Agency (INA): "The planned work, according to solid scientific foundations, will certainly have positive results."

He continued, "We look with appreciation at the continuous series of achievements by the Directorate of Civil Status, Passports and Residence, after it worked to open the new building of the National Card Department in Al-Madina District, Basra Governorate."

He stressed, "We will continue our endeavor to move permanently from electronic work instead of paper to keep pace with global development," noting: "We are present in all security and service fields."  

MilitiaMan:  There you go. The interior minister is present in all security and service fields electronically. Likely to be able to communicate with the AYSCUDA System.. There are no coincidences.. Not a theory imo ~ MM

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Samson:  The second American oil company to withdraw from Kurdistan after the decision of the Federal Court

27th June, 2022

The American company Schlumberger Oil Field Services announced, on Monday, its withdrawal from the Kurdistan region, in compliance with the decision of the Federal Court

The official news agency quoted "responsible sources" as saying that "the American company Schlumberger sent a letter with an official document to the Iraqi Oil Ministry in its commitment to Federal Court Decision No. 59, which includes not dealing with the Kurdistan region regarding the oil file

 Earlier, the American company "Baker Hughes", the global giant in the field of oil field services, announced its withdrawal from the Kurdistan region in compliance with the decision of the Federal Court    LINK

MilitiaMan:  Looks like the federal court ruling is being implemented, hence, the large players are respecting that now.. Another sign of progress at a time when the EFSL, and other emergency meetings took place on the back of the the Tehran and Riyadh talks being held. What else are they about to tell us? ~ MM 

Samson:  Association of Banks: More than 14.9 million bank cards in Iraq

27th June, 2022

The Association of Iraqi Private Banks announced that the percentage of users of electronic payment tools in Iraq has increased, confirming that there are more than 14.9 million active bank cards

The Executive Director of the Association, Ali Tariq, said in a statement, "The policy of the Central Bank of Iraq is working to increase electronic payment tools, which contributes to increasing confidence between the citizen and the banking sector, in addition to raising the percentage of financial inclusion

He added, "The year 2021 witnessed a growth in bank cards by 26.87%, as the total number of activated cards owned by citizens amounted to 14.9 million cards of all kinds, in addition to the presence of 2.1 million active mobile payment wallets. He stressed that "there are 1,566 ATMs spread throughout Iraq, until the end of the year 2021, in addition to the presence of more than 14.7 thousand financial payment points and more than 8.3 thousand electronic payment points

He explained, "The activation of bank cards and the dissemination of electronic payment tools will contribute to facilitating the payment process when purchasing from inside and outside Iraq, in addition to reducing dependence on banknotes and increasing the volume of electronic commerce in Iraq, which contributes to achieving greater revenues for merchants, regulating and reducing losses in electronic commerce  LINK

MilitiaMan:  They have close to 50% saturation in the country from the looks of it for cards in the hands of the citizens. They have been telling us all about the new ATMs lately too. The advanced ATMs that can not decipher multiple currencies and at varied exchange rates. They can recycle cash as well. This is more education and support that they are geared for internationalism. imo ! MM

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Samson:  The Central Bank announces that the Iraqi gold reserves have risen to more than 130 tons

06/27/2022 17:03:39

 The Central Bank of Iraq announced today, Monday, that Iraq has advanced ten ranks in the table of the most countries in gold reserves, bringing its total possessions to (130.39) tons, ranked thirty in the world and fourth in the Arab world.

And the bank confirmed in a statement that {Al-Furat News} received a copy of it: “The purchase of new quantities of gold amounting to approximately (34) tons, an increase of 35% over what was in its possession, and this increase came within the framework of the Central Bank’s strategy to manage its assets, including It achieves the highest levels of stability and ability to face local and international economic changes.

It is noteworthy that gold is one of the most important assets held by central banks and international financial institutions, and a safe haven in conditions of uncertainty, due to its acceptance at the international level.   LINK

DeepWoodz:  Imo   HUGE step towards backing up a new currency. But what do I know.

Tivon:  This is my favorite quote below when they mentioned that the reserves are prepared to protect against local & international changes! Consider what that means when you think about the 100 deputies signing on to follow through on what Al-Kazemi requested of them in the earliest session. Mazhar Saleh (Financial Advisor) said that they can maintain the purchasing power that will result from the reinstatement because of their reserves a month or so  ago. IMO

And the bank confirmed in a statement that {Al-Furat News} received a copy of it: “The purchase of new quantities of gold amounting to approximately (34) tons, an increase of 35% over what was in its possession, and this increase came within the framework of the Central Bank’s strategy to manage its assets, including It achieves the highest levels of stability and ability to face local and international economic changes.

MilitiaMan "The Rate Change is Inevitable" Sunday PM 6-26-2022

KTFA:

Samson:  Al-Shammari: Talking about changing the exchange rate is a media bid

06/26/2022 17:23:09

 A member of the Political Bureau of the National Wisdom Movement, Fadi Al-Shammari, commented on the circulating statements regarding changing the exchange rate.

 Al-Shammari said in a brief statement, of which {Euphrates News} received a copy, that: "Talking about changing the exchange rate is unrealistic and a media bid to lure people's emotions at the expense of the truth.

Today, in a statement, the Parliamentary Finance Committee denied the possibility of restoring the dollar exchange rate, stressing that it confuses the market." and investment projects.    LINK

MilitiaMan:  We need to know who is saying what and to what if any bias they may have. This guy is apparently biased, based of the below credentials noted. This guy is connected to Maliki all day long. imo.

When they agreed to devalue in 12/19/2020 was that realistic? Sure, it was for realistic reasons to get out of a crisis. It was to be short lived and that has come and gone.

What has arrived however, is the EFSL. It is now law. Something even Jamal Cougar was for in May 2022. The guy is all over the place and an opportunist and likely a propogandist. Something that is to be expected in the end..

Lets go with what we know. They have all the Finance issues sorted. The AYSCUDA is up and ready. The Buna is up and tested and ready. The EFSL is law. They have not yet exposed that fact in the Gazette that I am aware of yet. So, to trigger internationalism a new exchange rate is warranted. These guys know that and may not want that to happen.

Why? Corruption is graft that they likely line many pockets with.. That dries up? Protection dries up. They dissolve parliament? The protection dries like concrete shoes, even under water... So, changing the exchange rate is not unrealistic in fact it is imo inevitable.. ~ MM

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The National Wisdom Movement  Tayar al-Hikmah al-Watani) is a political coalition in Iraq that was formed to contest the 2018 general election. It is led by Ammar al-Hakim, who was previously the leader of the Islamic Supreme Council of Iraq (ISCI).

ISCI is one of the oldest Shiite Islamist political parties in Iraq, founded in exile during the presidency of Saddam Hussein by a senior cleric, Ayatollah Mohammad Baqir al-Hakim. Following the US-led invasion of Iraq in 2003, it has been a leading party of the majority Shiite Arab population and an important component of every government. The leader of ISCI, Abdul Aziz al-Hakim, was a member of the Iraqi Governing Council in 2003–04 and president in December 2003; a leading member, Adil Abdul-Mahdi served as Prime Minister from 2018 to 2020 and was Finance Minister from 2004 to 2005 in the Iraqi Interim Government, Vice-president 2005–2011 – which included the Iraqi Transitional Government and the Al Maliki I Government – and Oil Minister (one of the "sovereign ministries") since 2014 as part of the Al Abadi Government. Another member, Baqir Jabr al-Zubeidi, was Minister of Interior in 2005–2006 and Finance Minister 2006–2010. Hadi Al-Amiri, who led the military wing of ISCI, was Transport Minister 2010–14 as part of the Al Maliki II Government.

ISCI was led by Mohammad Baqir al-Hakim from 1992 until his assassination in 2003; he was succeeded by his brother, Abdul Aziz al-Hakim, who led until his death in 2009 when he was succeeded by his son, Ammar.

They were the largest component in the Al-Muwatin (Citizens Alliance) list which contested the 2014 elections, coming third with 29 seats.

-------------------------------------------------

Shafaq News/ The Parliamentary Finance Committee expected, on Saturday, that the Iraqi parliament would pass the proposed food security law quickly, after the leader of the Sadrist movement, Muqtada al-Sadr, asked to do so.

Committee member Jamal Cougar said in a statement to Shafaq News Agency, that the agenda for tomorrow’s session has not yet been published, I believe that the proposed Food Security Law will be included in it for the second reading, especially after Al-Sadr’s tweet, and the confirmation of the First Deputy Speaker of Parliament Hakim Al-Zamili.

https://iraqidinarchat.net/?p=74740

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LINK

Parliamentary Finance denies the possibility of restoring the dollar exchange rate: it confuses the market and investment projects

26th June, 2022
On Sunday, the Parliamentary Finance Committee denied what was recently reported about Parliament's efforts to restore the exchange rate of the dollar to its previous level, 1200 Iraqi dinars for every US dollar.

Committee member Jamal Cougar told Shafaq News Agency, "It is very difficult to restore the dollar exchange rate to its previous state, and this matter is not one of the tasks of the House of Representatives, and it is not true according to a number of reasons, including that changing the exchange rate is one of the exclusive powers of the Central Bank of Iraq." and to the Ministry of Finance.

Some "International News" Posted by Samson at KTFA Sunday PM 6-26-2022

KTFA:

Samson:  Al-Kazemi and bin Salman confirm a number of issues concerning Iraq, Saudi Arabia and Iran

26th June, 2022

Prime Minister Mustafa Al-Kazemi met the Crown Prince of Saudi Arabia, Prince Muhammad bin Salman Al Saud, at the start of his official visit to the kingdom, which he arrived earlier yesterday, Saturday.

A statement issued by the Iraqi government stated that during the meeting, they discussed bilateral relations between the two countries, and the importance of developing them in a way that achieves the interests of the peoples of the two countries. The two sides also discussed a number of regional and international issues of common interest, and efforts to consolidate peace and calm in the region.

The statement added that the meeting witnessed an emphasis on strengthening economic integration and inter-regional cooperation in a way that promotes sustainable development in the region, and strengthens bilateral efforts to confront economic crises.

 The two sides stressed the prominent role of Iraq in bringing the views of the region closer and advancing calm efforts and constructive dialogues forward, according to the statement.

The Saudi royal court had announced earlier that US President Joe Biden would visit Saudi Arabia in mid-July to meet with Crown Prince Mohammed bin Salman, and the visit schedule includes a meeting with Iraqi Prime Minister Mustafa Al-Kazemi, Egyptian President Abdel Fattah Al-Sisi and Jordan's King Abdullah Bin Al Hussein.

And on Friday, a number of members of the Iraqi parliament collected signatures asking Al-Kazemi not to sign any agreement or treaty while attending the Saudi meeting in the presence of the American president.

And Baghdad embraced negotiations between Iran and Saudi Arabia with the aim of calming the two sides, reopening embassies between Riyadh and Tehran, and ending regional crises, especially in Yemen.

It is noteworthy that Riyadh severed relations with Tehran in 2016 after Iranian protesters stormed the Saudi embassy in the Iranian capital to protest the execution of a Shiite cleric in Saudi Arabia.  LINK

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Samson:  In the "Key Card" case... Integrity announces the return of about 14 billion dinars to the state treasury

26th June, 2022

The Investigation Department of the Federal Integrity Commission announced on Sunday that billions of dinars were returned to the state treasury as a result of the investigation into the case of the former delegated director of the global smart card company "Key Card".

 A statement of integrity was received by Shafak News Agency; Its investigative and audit procedures taken in the criminal case of the accused whose fate has been postponed (the authorized director of the company) in the case of acquiring the profits of Al-Rasheed Bank arising from the bank's contribution to the capital of the International Smart Card Company, led to the payment of the amount of the bank's profits.

The department added that an amount of (13,629,416,118) billion dinars was transferred to the account of Al-Rasheed Bank, pointing out that this amount represents the bank's contribution to the company.

She added that the statements of the legal representative of Al-Rasheed Bank, who requested the complaint against those in charge of the company and the statements of the defendants, were recorded, in addition to linking the minutes of the Integrity Commission’s investigation and the external audit report in it, and the agreement concluded between the bank and the company, noting that Al-Rasheed Bank informed the Authority that it had paid the amount of damage to its account from before the International Smart Card Company.  LINK

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Samson:  Britain, America, Japan and Canada ban gold imports from Russia

26th June, 2022

The British government said on Sunday that it, along with the United States, Japan and Canada, would ban any new imports of Russian gold as part of measures aimed at punishing Moscow for its invasion of Ukraine.

The ban is due to come into effect soon and will apply to newly mined gold. The British government stated that this would not affect the gold of Russian origin, which was previously exported from Russia.

An informed source told Reuters on Saturday that US President Joe Biden and his counterparts in the Group of Seven will agree to ban the import of new gold from Russia, while expanding the scope of sanctions against Moscow, due to its war on Ukraine.

According to the source, the US Treasury will issue a decision to ban the import of new gold into the United States on Tuesday, in a move aimed at further isolating Russia from the global economy by preventing its participation in the gold market.

Russia produces about 10% of the gold mined worldwide each year. Its gold holdings have tripled since it annexed Crimea in 2014. The ban on Russian gold imports will be the latest in a series of sanctions targeting Moscow since its February 24 invasion of Ukraine, which killed or injured thousands. LINK

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Samson:  Putin is on his first foreign tour since the start of the war.. These are his destinations

06/26/2022 19:53:24

Russian President Vladimir Putin plans to visit two Soviet republics this week, in his first known trip abroad since the start of the Russian military operation in Ukraine in late February.

 Russian state television reported that Putin will visit Tajikistan and Turkmenistan, and then hold talks with Indonesian President Joko Widodo in Moscow. In Dushanbe, the capital of Tajikistan, Putin will meet President Emomali Rahmon, a close ally of Moscow and the most surviving president of a former Soviet republic.

It is expected that Putin will attend, according to a Russian television correspondent, in Ashgabat, the capital of Turkmenistan, a summit that includes the leaders of the countries bordering the Caspian Sea, namely Azerbaijan, Kazakhstan, Iran and Turkmenistan.

Putin's last known trip abroad was a visit to Beijing in early February, where he and his Chinese counterpart Xi Jinping unveiled a "borderless" friendship treaty hours before they attended the opening of the Winter Olympics in the Chinese capital. The Russian military operation in Ukraine, which began on February 24, has killed thousands of people, displaced millions more from their homes and prompted the West to impose harsh financial sanctions on Moscow.

 The Russian president says the sanctions will build stronger trade ties with other countries such as China, India and Iran.   LINK

Samson:  Russia on brink of default as debt deadline looms

26th June, 2022

Russia is on the brink of its first debt default since 1998 as the Sunday deadline to make a $100m interest payment seems certain to be missed.

Russia has the money and is willing to pay, but sanctions make it impossible to get the payments to international creditors.

The Kremlin has been determined to avoid a first default since 1998, and a major blow to the nation's prestige. The Russian finance minister branded the situation "a farce".

Russia has seemed on an inevitable path to default since sanctions were first imposed by the US and EU following the invasion of Ukraine.These restricted the country's access to the international banking networks which would process payments from Russia to investors around the world. The Russian government has said it wants to make all of its payments on time, and so far it has succeeded. About $40bn of Russia's debts are denominated in dollars or euros, with around half held outside the country.

A default would be the first since 1998, at the chaotic end of Boris Yeltsin's regime.

The $100m interest payment was due on 27 May. Russia says the money was sent to Euroclear, a bank which would then distribute the payment to investors.

But that payment has been stuck there, according to Bloomberg News, and creditors have not received it. "They have not got it," says Jay Auslander, a US lawyer who has worked on many government debt cases. "And the overwhelming probability is they're not going to get it." If this money has not arrived within 30 days of the due date, that is, Sunday evening, that will widely be considered a default.

 Euroclear wouldn't say if the payment had been blocked, but said it adheres to all sanctions.

Default appears inevitable

Default seemed inevitable when the US Treasury decided not to renew the special exemption in sanctions rules allowing investors to receive interest payments from Russia, which expired on 25 May.

The Kremlin now appears to have accepted this inevitability too, decreeing on 23 June stating that all future debt payments would be made in roubles through a Russian bank, the National Settlements Depository, even when contracts state they should be in dollars or other international currencies.

Finance Minister Anton Siluanov admitted foreign investors would "not be able to receive" the payments according to the RIA Novosti news agency.

This was for two reasons, he said. "The first is that foreign infrastructure - correspondent banks, settlement and clearing systems, depositories - ares prohibited from conducting any operations related to Russia. The second is that foreign investors are expressly prohibited from receiving payments from us."

Because Russia wants to pay and has plenty of money to do it, he denied that this amounts to a genuine default, which usually occur when governments refuse to pay, or their economies are so weak that they cannot find the money. "Everyone in the know understands that this is not a default at all," RIA Novosti quoted him. "This whole situation looks like a farce." It's not clear how a default would be officially declared.

The credit ratings agencies, which assess the creditworthiness of borrowers, would normally play the role of officially declaring a default, but they are banned from covering Russia by EU sanctions. And the Credit Derivatives Determinations Committee, which determines whether payments have been missed and investors can claim on insurance-like contracts called Credit Default Swaps, has already ruled that Russia failed to pay, after it didn't pay around $2m interest due on a late payment in May.

Alternatively, the creditors themselves could declare a default, and request that Russia pays the entire value of the debts back right away. Other creditors to Russia could also claim immediate repayments on their debts, under so-called cross-default provisions, Mr Auslander says. If Russia fails to pay, they could go to court to try to get their money.

Though default would be a symbolic blow, it would have few immediate practical consequences for Russia. Defaulting nations usually find it impossible to borrow any more money, but Russia is already effectively barred from borrowing in Western markets by sanctions. In any case, it is reportedly earning around a billion dollars a day from fossil fuel exports, and Siluanov said in April the country has no plans to borrow more.  LINK

KTFA Members "News and Views" Saturday Night 6-25-2022

KTFA:

Clare:  Iraq uses the policy of "raising reserves" to control inflation

 06/25/2022 

 The economic expert, Salah Nuri, revealed today, Saturday, Iraq's monetary policy to control inflation.

Nuri told Al-Furat News that: "The central bank's reserves and capital are of great importance, especially with the international component of hard currencies such as the dollar, the euro and gold."
He added, "Increasing the reserve enables the central bank to use its monetary tools for stability, and this enables monetary policy to stabilize and control inflation."

Nuri continued, "According to the financial law, the central bank is the one who controls the dollar exchange rate, not the Ministry of Finance, but what happened, the ministry is the one who changed the dollar exchange rate, and this is a precedent that no country in the world has ever happened."

From: Raghad Daham    LINK

Tivon:  So here we are once again being reminded that Iraq has enough of reserves to cover the reinstatement of the Dinar. I mentioned this aspect of the rate multiple times. So when you compile everything as to all the sectors that is ready. You can't help but anticipate what is next. And we know what that is. Al-Kazemi already gave the go ahead a couple of days ago. IMO

108409:  ministry change the exchange rate how did that happen they are not the cbi. 

Tivon:  The Ministry changed the USD exchange rate previously that caused the problems for Iraqis. Market correction is what is probably within their jurisdiction. The CBI is in control of the IQD exchange rate. So once the Ministry do their part the CBI can act in conjunction. There's a difference. So all they have to do is reduce it enough to where it not only lessen the inflation risk but also bringing it to parity or 1:1 range. Then they can enter the market at fair value. IMO

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Clare:  Al-Kazemi arrives in Saudi Arabia

2022-06-25

Prime Minister Mustafa Al-Kazemi arrived this evening, Saturday, in the city of Jeddah, on an official visit to Saudi Arabia.

Official Saudi media said that Prince Muhammad bin Salman bin Abdulaziz, Crown Prince, Deputy Prime Minister and Minister of Defense of Saudi Arabia, received Al-Kazemi upon his arrival at King Abdulaziz International Airport in Jeddah, welcoming him and his companions in the Kingdom.

The Saudi Minister of Commerce, Dr. Majid Al-Qasabi, was also received, according to those means.

The Saudi royal court had announced earlier that US President Joe Biden would visit Saudi Arabia in mid-July to meet with Crown Prince Mohammed bin Salman, and the visit schedule includes a meeting with Iraqi Prime Minister Mustafa Al-Kazemi, Egyptian President Abdel Fattah Al-Sisi and Jordan's King Abdullah Bin Al Hussein.

And yesterday, Friday, a number of members of the Iraqi parliament collected signatures asking Al-Kazemi not to sign any agreement or treaty while attending the Saudi meeting in the presence of the American president.  LINK

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Samson:  Before his participation in the Saudi summit .. Al-Kazemi to Iran within hours (Done imo.~ MM)

25th June, 2022

An informed political source revealed, on Saturday, that the caretaker prime minister, Mustafa Al-Kazemi, will visit Iran before heading to the Kingdom of Saudi Arabia.

The source told Shafaq News Agency, "Al-Kazemi will visit Iran tonight or tomorrow morning, Sunday, before his participation in the summit that will be held in the Kingdom of Saudi Arabia," without giving further details about the nature and timing of this visit.

The Saudi royal court had announced earlier that US President Joe Biden would visit Saudi Arabia in mid-July to meet with Crown Prince Mohammed bin Salman, and the visit schedule includes a meeting with Iraqi Prime Minister Mustafa Al-Kazemi, Egyptian President Abdel Fattah Al-Sisi and Jordan's King Abdullah Bin Al Hussein.

And yesterday, Friday, a number of members of the Iraqi parliament collected signatures asking Al-Kazemi not to sign any agreement or treaty while attending the Saudi meeting in the presence of the American president.   LINK

MilitiaMan:  The meeting with Iran and then Saudi Arabia looks to have been done already. He is likely home now and that is a good thing. All the items needed may have been completed. There may be regional reconciliation at the highest levels right before our eyes.. Let this timing sink in. There are no coincidences at this stage of the monetary and political reforms. Kahdimi has necessary powers to do what he needs to do. Looks like the photos show he took care of some business.. oh ya.. lol ~ MM

MilitiaMan, Frank26, Petra and more Friday Night...6-24-2022

KTFA: 

MilitiaMan:  The special session yesterday had a couple things going on. One was the vote for the HOR and the other apparently per FA # 1622 (see article below)  the exchange rate was in the mix. 100 hands were raised for the exchange rate change is a nice show of hands.. imo

That said, there is support that you have noticed and refer to about the data with Egmont Group. That meeting having by some pooh pooh-ing it might take another think on the matter.

The group is renown for it's Financial Intelligence Unit. They are all about having security with respect to finance, anti money laundering and anti terrorism financing.

 With Iraq gearing to go international they'll need all the support and intelligence they can get and this group is global. They will be instrumental in investigating money laundering, etc. Think about it.. Iraq is about to change their exchange rate and the currency would be ripe for money laundering especially if the value is strong, as expected to be.

"The Egmont Group of Financial Intelligence Units is an international organization that facilitates cooperation and intelligence sharing between national financial intelligence units to investigate and prevent money laundering and terrorist financing."

MilitiaMan: The amount of items that are ready to go for the exchange rate is quite significant now to date. They gathered over 100 signatures to reduce the Exchange rate of the dollar.

The links below show that the electronic side of things is all hooked up and ready to go. So with have the legal and necessary powers to facilitate the laws with Kahdimi, yesterday show us just how ready we are now.

The Supreme Judicial Council is the authority that clarified  the present government in place has the ability to keep the country running through whatever necessary power's needed. I would love to know exactly what amendments they had in the additional paragraph noted in the report.

May it be the amendment for the exchange rate change? 

Could it have been about the forming of the government?

Could that be about amendments to the constitution with respect to the 2/3rds vote?

Not sure just yet, but with the emergency meeting yesterday and the Emergency Food Security Law have seasoned for 15 days + now, it surely could have implication's that what ever is in it, it was welcomed by over 100 deputies.

Gazzette day is going to be either tomorrow and or next Wednesday. For accounting purposes they may take it to the wire.. Don't know.. But, it sure is not long to find out.. lol  The links provided are not theories. They are imo they are facts on accomplishments completed or was carried out. ~ MM

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Article #1622”  "In The Document.. The Signatures Of More Than (100) Deputies Were Collected To Reduce The Exchange Rate Of The Dollar Against The Iraqi Dinar."

Greetings... Based on Article (61 Seventh-c) of the Iraqi constitution and Article (56) of the internal system, please include the issue of reducing the price of the dollar in the earliest possible session, according to constitutional reasons, and because of the economic repercussions that are taking place in the country and the collapse of the currency and its impact on  Iraqi citizen.   With much thanks and appreciation.   LINK

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Governmental Media : Implementation of the Automation Program for Customs and Tax Receipts
23rd June, 2022   LINK

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Completing the electronic link between the federal government and the Kurdistan Regional Government

LINK

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Cabinet Secretariat : Ur Gate will eliminate four obstacles faced by citizens

22nd June, 2022

The secretariat's spokesman Haider Majid told the Iraqi News Agency (INA), that "the electronic governance project was carried out in several stages, the first includes the project to link the General Secretariat of the Council of Ministers with all ministries and the electronic document management project," noting that "the e-mail has now been circulated for more than 75,000 documents between the General Secretariat of the Council of Ministers and the ministries.

He added, "The second phase includes linking independent bodies and governorates with the program, as well as launching the governance program (the National Bayan Center), which was established in the General Secretariat of the Council of Ministers, and launching Ur electronic portal, which contains 90 electronic services to citizens."

He pointed out that "this portal will facilitate the completion of transactions and eliminate corruption, bureaucracy and red tape."  LINK

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PETRA:   Good stuff MM. Clear and factual as always.  I would like to add a few dots to the logic equation as to status:  

1. Al-Zamili stated weeks ago prior to the passing of the ESFL that upon passing of the law that the ministries would "immediately" be funded to begin their efforts of the WP's.  Well, yesterday was that 15th day as MM stated above.....tick tock!

2. Al-Alawai the Finance Minister has been pumping his chest for the last week plus stating that basically the reforms are ready to go and his ministry is ready to engage.  Hello CBI....Tick Tock!!!

3. Today, in MM's post above and in Frank's FA # 1622 is not only the request of Kathemi to change the rate but also, along with it are the signatures of 100 or so Parliament Deputies agreeing with the move.  Hey CBI....Tick Tock

Therefore, with all the studies we have been doing, the international digital framework is clearly ready to go, and now we have additional oversite to insure the safety and security....OF THE RATE is now before us on a myriad of levels to engage the new Iraq!! 

So, as of now, and IMO what are we waiting for?   Hello CBI....Tick Tock!!!   The ESFL is now 'LAW!'  You have heard now from Kathemi, Allawi, and 100+ ministers of Parliament.... Time to move CBI....or get a new watch!!!  ALL IMO  PETRA

KTFA: 

Frank26:  "PEOPLE OF IRAQ... ARE YOU WATCHING".......F26

Samson:  Britain asks its citizens to dispose of $17.7 billion in banknotes

24th June, 2022

The Bank of England said people who own 14.5 billion pounds ($17.7 billion) of old notes have just 100 days to spend or deposit them before they become worthless. And the British Central Bank indicated in a statement published on its website, that about 477 million of the remaining banknotes in Britain, printed on paper, are still in the hands of the public, but they will stop appearing. 

According to what was published on its website, the bank will withdraw through legal tender the two denominations of 20 and 50 pounds after September 30, 2022. After this date, the notes of both denominations will be of no value. The Bank of England urged anyone who still has this category of banknote to use it or deposit it with its bank or any post office within the next 100 days. 

The bank added, "It's also been one year since we released the 50 pound ($61.2) polymer note featuring Alan Turing, on his 109th birthday. With all five pound ($6.1) denominations printed. and ten pounds ($12.2), 20 pounds ($24.4) and 50 pounds ($61.2) of polymer (an environmentally friendly plastic)." 

The bank continued, “While the majority of the 20 and 50 pound notes in circulation have been replaced by new polymer issues, there are still over six billion pounds ($7.3 billion) of notes worth 20 pounds, and there are more than eight billion pounds worth of notes. £9.8 billion in £50 banknotes with the image of the economist Adam Smith on it, more than 300 million £20 banknotes and 160 million £50 notes with a picture of engineer Bolton Watt on it

Speaking ahead of time, Bank of England Chief Accountant Sarah John said, “Changing our banknotes from paper to polymer in recent years has been an important development, as it makes them more difficult to counterfeit and means they are more permanent.

The majority of old paper notes have now been taken out. From circulation, but a large number of them are still in the economy, so we ask everyone to check if you have any at home. For the next 100 days, they can still be used or deposited into your bank in the normal way." 

The £20 note began to be withdrawn from circulation on February 20, 2020, when the polymer entered circulation, while the £50 note began to be withdrawn on June 23, 2021

The £20 and £50 notes issued by Clydesdale Bank, Royal Bank of Scotland and Bank of Scotland will be withdrawn after September 30, 2022, and the issuing authorities have advised retailers and the public to spend or deposit these notes by that date as well. The bank notes issued by the Bank of Ireland (UK) will also be withdrawn  LINK

KTFA Members "News and Veiws" Friday Aftermoon 6-24-2022

KTFA:

DoTalkToMe:  IMO    If published in the gazette on Wednesday June 29th takes us into a long weekend, into July. 2nd half of the year

This is a best case scenario. I personally don't expect anything sooner than that. But will Iraq make a move at that time?    That's the multi million dollar?

Long weekend for Canada and USA .

Heck... Could possibly be a long weekend in Iraq. I think they have around 180 holiday's in the calander year.

Got a 50% chance on it being right.    Don't care enough to check on it.

WagMaster: I thought the CBI Is the only one that matters when it come to the rate?  

Armando:   When It Comes To The Rate The CBI Matters But The CBI Won't Pull The Trigger Till All That Matters Falls In Line

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Samson:   A Parliamentarian Announces The Start Of Collecting Signatures To Impeach Al-Kazemi

23rd June, 2022

The representative of the Al-Fateh Alliance, Rafiq Al-Salihi, announced, on Thursday, the start of collecting signatures to hold an extraordinary session to question the outgoing Prime Minister, Mustafa Al-Kazemi, stressing the need to take the necessary measures against him.

Al-Salihi said in an interview with "Al-Information" agency, that "in the next few days, we will start collecting signatures to question Al-Kazemi about his silence regarding the Turkish aggression inside Iraqi territory."

He added, "Al-Kazemi's silence about the Turkish attack raises suspicion and suspicion, as it is a clear violation of Iraqi sovereignty." And he continued, "Al-Kazemi was not satisfied with this only, but also signed agreements outside the powers of his government, and therefore we must move and stand to hold him accountable after those violations he made."

Member of Parliament, Muhammad Nouri, had accused, in an interview with “Information”, the Al-Kazemi government of “failing to preserve Iraq’s sovereignty,” noting that it “does not have the political will to deter the flagrant violation of which the country is exposed.”   LINK

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Sir:  IMO - Kazemi has been silent about the Turkish forces in the region for a reason. This is just a part of a greater effort worldwide to eliminate the rats where ever they may nest. Understand that when you see countries around the world under lockdown, it’s for a reason other then what you you are being told.

For those awake “you see clearly” for those just waking up, you will find it easier to put the puzzle together. As for those who are in a deep sleep, well you are missing the greatest sting ( Military ) operation in history to rid the world of evil “this is biblical “.

Prayers are needed more now than ever before to protect the soldiers who gladly put their lives on the line for humanity to not only win every battle, but to win the war.

Those of us that are not a part of this part of the war are going to be needed after. We are all here at this time for a reason, you will know what that reason is when the time is right. Stay strong and in prayer for this is our destiny. 

PS.. GOD WINS

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Samson:  Russia And China Decide To Increase The Volume Of Settlements In National Currencies

24th June, 2022

Russian Ambassador to Beijing Andrei Denisov said that Russia and China will increase the volume of mutual settlements in national currencies, and new contracts have been concluded according to this scheme.

The diplomat noted that the share of national currencies in mutual settlements between the Russian Federation and China ranges from 20 to 25% and is increasing. And he said on “Russia 24” channel: “We will increase. Now, most new contracts are concluded in national currencies, but the old ones, where it is written that the settlement currency is the US dollar, or for natural gas, the euro, are still valid. 

But this trend will continue and will be gradual to gain momentum, but I repeat - no one is setting the task of doing it quickly, in order not to harm ourselves, it must all happen naturally, under the influence of specific factors.”

Western countries recently imposed a number of new sanctions on Russia because of Ukraine. Russian President Vladimir Putin said that the policy of containing and weakening the Russian Federation is a long-term strategy for the West, and the sanctions dealt a serious blow to the entire global economy. According to him, the main goal of the West is the deterioration of the lives of millions of people.

Putin also said that the United States and the European Union had effectively defaulted on their commitments to Russia, freezing its foreign exchange reserves. He added that current events draw a line under the global hegemony of the West in both politics and the economy.

Over the past months, the Russian authorities have been negotiating with partners from Asia and Africa over the transition to national currencies in trade settlements. 

Business ambassadors of the Delovaya Rossiya Entrepreneurship Organization told “Sputnik” that although this is a complex process, such a decision seems logical and correct under the given circumstances, especially in countries with which Russia already has extensive trade relations.  LINK

Samson:  Việt Nam’s growth to rise by 6.5 per cent in 2022: ICAEW

23rd June, 2022

The economic recovery across the South-East Asian region has been uneven and must now contend with rising external headwinds from outside the region.

Việt Nam is predicted with a high growth prospect in the region, at more than 6.5 per cent in 2022, 0.7 per cent higher than the average growth of 5.8 per cent for the whole region.

This was a key finding from the Economic Forecast presented by the experts at the Institute of Chartered Accountants in England and Wales (ICAEW) Economic Insight Forum Q2.

Việt Nam was able to bounce back relatively quickly in 2021 compared to the rest of the region. With the easing of restrictions from last year’s Q4 that carried over to this year’s Q1, there has been a significant recovery in its services sector driven by domestic tourism.

With the current endemic phase, there should be a boost on the international tourism front as travellers return to Việt Nam. Realised foreign direct investments inflow this year should also support construction performance and labour and achieve export capacity, which remains healthy.

The ICAEW report said that even though recovery across the Southeast Asian region had been uneven with the Delta COVID variant, GDP for Singapore, Indonesia, Malaysia, the Philippines, and Việt Nam has risen back to pre-pandemic levels – except for Thailand, which is still at 2 per cent below pre-pandemic levels as its tourism industry struggled with travel and mobility restrictions.

It was noted that Việt Nam was not particularly affected by the Delta variant wave and hence did not experience large lockdowns that impacted its economy as much as Malaysia and the Philippines did.

On the other hand, Singapore was able to take advantage of the increase in demand for consumer electronics globally to increase its GDP growth by 7.6 per cent last year.   LINK

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Samson:  Chinese president calls for concerted efforts to build an open world economy

24th June, 2022

Today, Friday, Chinese President Xi Jinping called for concerted efforts to promote development and build an open world economy, while considering that imposing sanctions on countries would harm those who impose them as well.

Chairing from Beijing the High-level Dialogue on Global Development, in which he delivered a speech via video conference, the Chinese president said, "Building a global governance system and a global institutional environment with more integrity and justice, and continuous development is the only way to achieve happiness and prosperity."

He added, "The imposition of any country's maximum sanctions will only gain from it harming itself and others, and the pursuit of economic disengagement and obstruction of supply chains will not succeed."  LINK

Some "International News" Posted by Samson at KTFA 6-23-2022

KTFA:

Samson:  Russia confirms payment of "dollar" debt in ruble currency

23rd June, 2022

Russian Ministry of Finance confirmed, today, Thursday, that Moscow paid interest payments on its debt in rubles in rubles, due to the sanctions imposed on it since the beginning of its war with Ukraine.

"The National Settlement Depository has received the funds to pay a coupon on external bonds of the Russian Federation due in 2027 and 2047 in a total amount of 12.51 billion rubles (equivalent to $234.85 million)," the ministry said in a statement.

"With this, the Ministry of Finance of Russia fulfills all the obligations of the Russian Federation," she added.

In its statement, the ministry indicated that it is based on a new temporary payment system, which entered into force by a presidential decree published on June 22.  LINK

Samson:  Russia responds to “Swift” with a digital payment system that deals with “rubles”

21st June, 2022

The Russian state-owned defense conglomerate Rostec Group announced in a press release that it has developed a blockchain-based platform capable of replacing the global SWIFT network that can be used for international remittances.

Because of the sanctions imposed by Western countries in response to the Russian-Ukrainian conflict, Russian banks were expelled from the SWIFT system last February. Since then, Moscow has been looking for a financial payment system to replace SWIFT in order to secure its international business transactions.

Using the new digital platform, foreign countries will be able to continue to pay for imports from Russia in their own currencies. The company claims that the Cells platform can handle up to 100,000 transactions per second, which could lead to an additional increase in productivity.

Rostec seeks to attract the attention of large companies with foreign authorities and financial institutions that have business relations with Russia. At this point, the company invites potential consumers, financial institutions and software developers to try out the new technology. 

Payment in Russian rubles

According to the company, Russia will be able to pay for imports in its own currency, the ruble, instead of the dollar, thanks to the new digital international payment system, and the system will also allow other countries to pay for their goods from Russia in their own currencies.

According to a statement from the company, the Novosibirsk Institute of Software Systems (NIPS), affiliated with the Rostec Group, has developed the Cells Blockchain platform, on which the global payments system is built.

The platform aims to create an integrated solution using distributed ledger technology (containing a copy of the ledger for all transactions that will take place in a shared virtual database). The network is distinguished by a digital method for making payments in the national currencies of its affiliated countries, according to the Russian group.

According to the company, its new technology "could provide a real alternative to the international payment services provided by the SWIFT system, which Russian banks have been deprived of due to Western sanctions." According to the announcement, the Cells platform provides its users with the ability to build wallets to hold digital currencies in addition to international payments.

Avoid Western sanctions 

The payment function of the new system in local national currencies allows users to avoid Western sanctions against Russia.

Behind the Rostec group are large companies with economic ties with Russia, as well as foreign government agencies dealing with Moscow, financial institutions and banks. He announced the new mechanism a few days after the Russian government announced that it was exploring the use of cryptocurrency in foreign payments. Discussions are currently underway on the idea of ​​employing cryptocurrencies in international trade settlements within the government, according to Ivan Chepskov, head of the Financial Policy Department of the Russian Finance Ministry.

Turning to Blockchain Technology

The Russian authorities have a divided stance on the domestic cryptocurrency industry. Earlier this year, the Russian Central Bank was leaning toward a complete ban on digital assets, including mining and holding cryptocurrencies, because it believed they undermined the national monetary system. On the other hand, the Russian Finance Ministry said that it would be a more logical decision to impose rules on cryptocurrencies.

But international sanctions put an end to the radical plans to ban, as the country found itself without access to global markets and services. And in May, the Russian Finance Ministry submitted a revised draft of a cryptocurrency regulation bill, which called for cryptocurrencies to be allowed for international settlement payments.

And the Russian Minister of Industry and Trade, Denis Manturov, expects digital currencies to be legalized in Russia this year, and the digital currency of the country’s central bank is on the right track, and it is likely that a pilot phase of the digital ruble will be launched in 2023, according to “Business News”.  LINK

Tivon:  Blockchain Trades. Blockchain Payments. Blockchain Elections. Blockchain Education System. Blockchain Banking System. This is the future of humanity. There is no getting around this. Corruption will be reduced dramatically. Especially once we in the Western world go back on the Gold Standard. Which will be very soon. The Supreme Court decisions over these next few days will cause a paradigm shift. IMO

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Samson:  Al-Kazemi’s advisor announces the government’s position on hedging with “precious stones”

22nd June, 2022

The economic advisor to the Prime Minister, Mazhar Muhammad Salih, announced today, Wednesday, the government's position on hedging with "precious stones" for mobilization.

  Saleh told Al-Furat News, "Hedging with precious stones is a positive thing, and Russia is moving in this direction, because it is now in a state of war, and it is economically beneficial."

 He added, "As for Iraq, it does not move the economy much, especially since it has a positive gold reserve that is almost excellent, according to its stocks in the central bank." And Saleh continued, "Iraq also has a good reserve of hard currency."

The Russian Ministry of Finance proposed the formation of a stockpile of precious metals and precious stones in a government fund, in order to meet the needs of filling, according to the agency "Prime" in a report on Tuesday.

Iraq is ranked 37th in gold reserves in the world.  The Central Bank of Iraq, through the Deputy Governor of the Bank, Ihsan Shamran, revealed the volume of gold reserves in Iraq, which amounts to 96.4 tons.   LINK

Samson:  Bloomberg: Iraq is the “biggest loser” from the drop in the price of Russian oil

23rd June, 2022

A report by Bloomberg Agency stated that Iraq may be one of the biggest losers from the flow of cheap Russian barrels of oil to Asia, with the decline in demand for Iraqi oil in all its degrees

Dealers said that there were no immediate purchases of Basra Medium Crude or Basra Heavy Crude so far in the current Asian trading session, while no tender was awarded to sell heavy oil. India and China are major buyers of Iraqi oil, but they boosted purchases of discounted Russian oil after the invasion of Ukraine

Basra's medium and heavy crudes are the two main types that Iraq exports to international markets, so any reduction in volumes or prices would be a blow to the second largest producer in OPEC. Dealers said that sellers of heavy oil discussed offering shipments at a discount to the official selling prices to attract buyers

China increased its imports of Russian oil significantly in May, according to official figures, Monday, which helped Moscow compensate for Western markets that were deprived of it due to the sanctions imposed on it against the backdrop of its war in Ukraine, according to AFP

This amount exceeds oil imports from Saudi Arabia (7.82 million tons), traditionally China's first oil supplier. Western countries imposed unprecedented sanctions on Moscow in response to its invasion of Ukraine, and especially reduced its imports of Russian oil and gas

In May, China's imports of Russian oil rose 55 percent year on year, according to released figures. Monday, by Chinese customs. Last month, the Asian giant bought from Russia about 8.42 million tons of oil, according to Chinese customs. This amount is much higher than the Russian shipments received by China a year ago (5.44 million tons)   LINK