Some "International News" Posted by Samson Tuesday PM 8-9-2022

KTFA:

Samson:  Baghdad Airport Seizes 113 Million Counterfeit Dinars, Accompanied By An Iraqi Passenger Coming From Beirut

8th August, 2022

The Iraqi Customs Authority announced Monday, that the Baghdad International Airport customs office seized more than 113 million forged Iraqi dinars, accompanied by an Iraqi passenger coming from Beirut. In a statement received by Earth News, the authority stated,

“With direct follow-up by the Director General of the General Customs Authority, Shaker Mahmoud Al-Zubaidi, with the Baghdad International Airport Customs, an Iraqi passenger coming from Beirut was seized with an amount of (113,100,000) one hundred and thirteen million. And one hundred thousand Iraqi dinars, and after taking the necessary measures by examining the currency by Al-Rasheed Bank, it was found without any doubt that it was forged.”

And the authority confirmed that "the traveler was referred to the competent authorities, and the amount was seized." And the commission indicated that "the seizure process was carried out through cooperation with the National Intelligence Service and the Directorate of Customs Port, Baghdad International Airport, with the support of the Customs Police."  LINK

4Cash:  Maybe this person knows something is about to happen in Iraq, so he was bringing in some extra non circulated currency (non-compliant) to exchange soon!!! 

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Samson:  Because of oil.. Report: The Saudi economy is preparing for the trillion dollar threshold

9th August, 2022

Forbes reported that the Saudi economy rebounded this year due to the high oil prices caused by the war in Ukraine, putting the kingdom close to the trillion-dollar economies

According to IMF forecasts, the Saudi economy will grow by 7.6 percent over the course of the year as a whole, bringing the Saudi gross domestic product to 1040 billion dollars, noting that there are 18 countries whose gross domestic product will exceed one trillion dollars in 2021

In first place is the United States with its economy of $23 trillion, followed by China in second place with $17.5 trillion, and Japan in third place with $4.9 trillion. Saudi Arabia ranked nineteenth among the largest economies last year, but it was still far from the trillion-dollar threshold, with a gross domestic product of $834 billion

According to the US Energy Information Administration, the average cost of a barrel of Brent crude - the main international standard is expected to reach more than $104 this year, up from $70.89 in 2021 and just $41.69 in 2020

On July 31, government data showed that the Saudi economy expanded 11.8 percent year-on-year during the second quarter, with the oil sector growing by 23.1 percent, and the non-oil sector growing by 5.4 percent

Thanks to higher oil prices due to the war in Ukraine, Riyadh posted a budget surplus of 77.9 billion riyals ($20.8 billion) for the second quarter of this year when oil revenues rose nearly 90 percent year on year. "

We expect the (Saudi) budget to record a surplus of 10.4 percent of GDP this year, after nearly a decade of budget deficits," Dubai-based Emirates NBD said in a note on August 5    LINK

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Samson:  Putin saves Erdogan and deals a strong blow to the US dollar

9th August, 2022

The Russian President Vladimir Putin's support for his Turkish counterpart, Recep Tayyip Erdogan, comes at a critical moment for him, while Ankara needs to stabilize the economy less than a year before the general elections.

This is what the writer, Onur Enk, mentioned in the newspaper "Bloomberg", where he indicated that the meeting between the two presidents Putin and Erdogan, which lasted four hours in Sochi last week, it resulted in understandings allowing Turkey by forgoing dollar payments for some Russian gas imports.

According to the author, this partial transition of Turkey in paying for Russian gas, it will stabilize the Turkish lira and prevent new waves of price increases.  This comes shortly after increasing reserves Turkey.  In addition, the Russian state nuclear energy company, Rosatom, transferred money from Russia's state nuclear energy company, Rosatom, to its Turkish subsidiary, Akkuyu Neuklear, to build a Turkish nuclear power plant on the Mediterranean coast.

Moreover, the newspaper states that Ankara refrain from joining Western sanctions against Moscow Erdogan wants to deepen economic relations with Russia without provoking a complete rupture with allies Nato.

The Turkish lira collapsed in November of last year by 18%, which is the maximum decline in the past twenty years, and on December 20 a record high of 18.4 lira was recorded for the dollar, then the annual inflation accelerated against the background of fluctuations in the national currency, reaching 36%, which has raised the cost of everything in Turkey from food to energy and services, and pushed consumer price inflation to 80%, one of the highest rates in the world.  LINK

Samson:  Putin allows sanctioned Russian banks to stop some foreign exchange operations

8th August, 2022

Russian President Vladimir Putin issued a decree on Monday allowing banks with hard currency funds frozen due to Western sanctions to suspend operations in such currencies with their corporate clients.

Russian authorities have intensified the process of devaluing the currencies of countries it classifies as "unfriendly" since Western countries imposed sweeping sanctions after Moscow sent tens of thousands of troops to Ukraine on February 24.

Putin's new measures

The decree, signed by Putin, said the new measures may remain in place until sanctions that have stymied deals in foreign currencies are lifted.  The sanctions restricted foreign currency transfers that Russian banks could make between themselves.  Many banks in Russia have been disconnected from the SWIFT global payments system.

On the other hand, Russia has "fully" fulfilled its two tranches of dollar-denominated Eurobonds by sending interest payments in rubles to the national depository for settlement in its latest attempt to avoid a sovereign debt default.

The latest step comes after Russian President Vladimir Putin signed a decree last June to establish temporary measures aimed at meeting Russia's foreign debt obligations.  LINK

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Samson:  Oil prices rise after suspension of Russian oil flows to Europe due to payments

9th August, 2022

Oil prices rose by more than $1 on Tuesday, Aug. 9, after falling earlier, after Russia said that oil exports to Europe through the southern part of the Druzhba pipeline had been suspended since early August, reviving concerns about a supply shortage.

Brent crude rose $1.42, or 1.5 percent, to $98.07 a barrel at 11:13 GMT, after falling earlier to $94.90. US West Texas Intermediate crude also rose $1.01, or 1.1%, to $91.77.

New oil crisis

Russia's Transneft said on Tuesday that Ukraine had halted Russian oil flows to Europe because European sanctions prevented Moscow from paying transit fees.

The company said that Ukraine has suspended oil flows to southern Europe since August 4, due to Western sanctions against Russia.

The pipeline monopoly Transneft said it made the August oil transit payments to Ukrainian pipeline operator Ukrtransnafta on July 22, but the money was returned on July 28 that did not go to it.

Russia usually supplies the southern part of the Druzhba pipeline with about 250,000 barrels per day to Hungary, Slovakia and the Czech Republic. "We don't need that at this point, but it's another reminder of how tight the market is and how sensitive the price is to supply disruptions, particularly from Russia," said Craig Erlam of brokerage Oanda.

The development related to Druzhba's pipeline comes at a time when supply concerns have been waning amid growing concern about a recession.

Earlier, oil came under pressure in connection with talks to revive the Iran nuclear deal that would allow for an increase in Iranian oil exports. Oil prices rose earlier in the year after Russia's war on Ukraine heightened supply concerns, sending Brent crude to $139 in March, close to an all-time high.  LINK

Monday Night KTFA CC "Kazemi Is Like E.F.Hutton" 8-8-2022

KTFA

Monday Night KTFA CC

Frank26:  8-8-22…….KAZEMI IS LIKE E.F. HUTTON

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=-305bjVi6yI

Some "Monday News" Posted by Samson at KTFA 8-8-2022

KTFA:

Samson:  The Central Bank raises the maximum limit for virtual electronic cards

8th August, 2022

The Central Bank of Iraq would like to inform banks and electronic payment service providers to amend
the upper limit for the ceiling of virtual electronic payment cards to 950 thousand dinars or its equivalent in US dollars, after it was 750 thousand dinars... To view,  click here

Translation....

Good greetings to all banks, electronic service providers, issuing m/ prepaid electronic payment cards

Date: By the circular of this bank No. 23/777 on 5/2020  20 (the annexes are a copy of it as a link), and
for the purpose of regulating electronic services in a way that contributes to enhancing
levels of financial inclusion and achieving the principle of competition among banks and electronic
payment service providers licensed by this bank and in line with the market need

We would like to inform you of the amendment of Paragraph (1) Category One) of  Uncles above so that the upper limit of the end, the payment card does not exceed (950,000) dinars (ninety thousand Iraqi dinars) or its equivalent in the currency of the US dollar, to take the necessary and amend the regulations to include the above With appreciation.   LINK

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Samson:  Unspeakable suffering" in Iraq.. Heat sets records, and "mismanagement" exacerbates the crisis

8th August, 2022

Severe temperatures are causing paralysis in Iraq, and exacerbating the suffering of residents, who in some areas suffer from power outages during the summer, at a time when authorities are extending public holidays to protect employees from heat that reached 125 degrees "Fahrenheit" (51.6 degrees). centigrade), according to The Washington Post

The newspaper stated that "Iraq ranks fifth in the list of countries most vulnerable to the effects of climate change, and it is warming faster than most parts of the world (...) and it is not equipped to deal with such cases. And in the southern governorates of Basra, Dhi Qar and Maysan, the authorities said, on Saturday, that the electricity network stopped working for the second day in a row, which led to “plunging millions of homes into darkness, amid a suffocating heat wave

The newspaper said that as a result, "food spoiled in refrigerators and freezers, and some parents put their children in the car and drove for hours, as the air conditioning in their cars was the only source of cold air. Every night, Atheer Muhammad, an Iraqi from Baghdad, brings wet towels and ice water, makes sure the battery-powered fans are charged, and makes sure the automatic power switches that hardly an Iraqi home run through trying to get a night's sleep

Since 2003, experts say, Iraq has spent huge amounts of money to produce electric power, but without much benefit. In 2021, Prime Minister Mustafa Al-Kazemi said that Iraq had spent about $81 billion on the electricity sector, "but corruption was a strong obstacle to providing energy to people in a stable manner, and it is unreasonable spending without reaching a solution to the problem at its roots," according to Iraqi Media Network

The economic expert, Ahmed Al-Tamimi, said in a previous interview with Al-Hurra website that “the amounts spent on electricity may reach more than these numbers,” which were sufficient “to generate electricity more than twice the electricity that Iraq currently generates and up to twice its energy needs

A report by the International Energy Agency, issued in April 2019, indicates that Iraq's production capacity of electrical energy is about 32,000 megawatts, but it is unable to generate only half of it due to the ineffective transmission network it has. It is estimated that Iraq needs 40,000 megawatts of energy to secure its needs, with the exception of industrial ones

The newspaper pointed out that the political crisis reflected negatively on the Iraqis, and as a result of the failure to form a new government, no budget was approved, and "major spending decisions" were suspended. She pointed out that "electricity is not the only public service that is faltering." In addition, the agriculture and fishing sectors were affected by the drought

Exhausted hospitals are suffering to treat cases of heat stroke or breathing difficulties, which were exacerbated by heat and dust and sand storms, in addition to the toxic smoke rising from diesel electric generators, which Iraqis rely on in some areas as an alternative solution to power cuts. In addition to the above, work on construction projects has been halted due to the high temperatures. A combination of "high heat, drought caused by climate change, and mismanagement" caused previous protests in Iraq, and in several regions, repeated demonstrations are being held denouncing poor services and the lack of solutions in the face of the intense heat, according to the newspaper

After a spring in which dust storms were repeated in an unprecedented manner, which experts attribute to desertification and climate change, a heat wave is suffocating Iraq, which suffers from the deterioration of the energy sector, which exacerbates the suffering of Iraqis. After a spring in which dust storms were repeated in an unprecedented manner, which experts attribute to desertification and climate change, a heat wave is suffocating Iraq, which suffers from the deterioration of the energy sector, which exacerbates the suffering of Iraqis

Despite the yearly rise in temperatures during the summer seasons in Iraq, a large number of Iraqis still do not have the means to air-condition. Because of the deterioration of infrastructure and power transmission networks, most areas of Iraq live in unspeakable suffering during the summer days due to the lack of electricity

What makes the matter more difficult is the inability of a large part of them to secure funds to obtain the expenses of electricity generators to compensate for the lack of electricity, according to an AFP report  LINK

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Samson:  Angry protests in southern Iraq over electricity

8th August, 2022

The governorates of Basra and Dhi Qar in southern Iraq witnessed today, Monday, several demonstrations due to power outages in their areas. 

Shafaq News Agency's reporter stated that dozens of Basra demonstrators, angry due to the power outage, cut off important roads and intersections, including Al-Kuzaiza, Al-Zubayr, Baghdad, and Al-Tananir with burning tires, this morning.

In Dhi Qar, our correspondent explained that angry demonstrators cut off the olive intersection in Nasiriyah with burning tires, pointing out that the demonstrations took place due to the power outage in the areas of the two governorates.

For the third time, the electrical network in the governorates of Basra, Maysan and Dhi Qar in the south of the country witnessed a complete shutdown, last night, due to the explosion of the fifth obstetric unit at the Khor Al-Zubair station in Basra governorate.

Iraq has been suffering from a chronic electricity shortage crisis for decades as a result of the siege and successive wars. For many years, residents have protested against frequent power cuts, especially in the summer, when temperatures sometimes reach 50 degrees Celsius.

Iraq is holding talks with Gulf countries, led by Saudi Arabia, to import electricity from them by linking its organization with the Gulf system, after it had depended on Iran alone during the past years by importing 1200 megawatts as well as gas fuel to feed local electric power stations.

Iraq also intends to import electricity from Jordan and Turkey, in an effort from Baghdad to fill the shortage until it builds power stations that are able to meet local consumption.

VIDEO LINK   LINK

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Samson:  Construction workers demonstrate in Erbil to demand their financial dues

8th August, 2022

A number of workers in Erbil city organized a protest sit-in on Monday in front of a residential complex to demand payment of their overdue financial dues.

Kamran Kazem, a worker in the residential complex in front of which they demonstrated, told Shafaq News Agency, "The gathering is because the owner of the complex has evaded paying our financial dues, because a whole month has passed since we started work without receiving any money so far."

He called on government agencies in Erbil to "follow up on the issue and take our rights from the owners of this housing complex," noting that "the owners of the complex have threatened us with imprisonment if we go out and speak to the media."   LINK

Samson:  The protesters continue their sit-in to achieve the demands, most notably the dissolution of Parliament

8th August, 2022

For the ninth day, the protesters continue their sit-in to achieve the demands, most notably the dissolution of Parliament.

Protesters continue for the ninth consecutive day their open sit-in inside the Green Zone in central Baghdad, calling for the dissolution of Parliament, the establishment of early elections and the change of the current political system, in addition to bringing the corrupt to justice and holding them accountable.

The Sadrist movement, the largest popular weight in Iraq, is protesting here in front of Parliament for the second week in a row. The demands have become clear and evident, and the government must implement them if it wants to end the sit-in.

The clans, with their chants and flags, were not absent from the scene of the protests, at a time when they were met by the October demonstrators who responded to al-Sadr's call to form an addition and support for the protesters.

The pavilions that provide food support are increasing day after day, so there is no retreat or return except to achieve what the protesters here aspire to.  LINK

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Samson:  A source : Integrity and the Public Prosecution are investigating the Ashtar contract and arrest warrants for those involved

8th August, 2022

An informed source revealed that the Integrity Commission and the Public Prosecution had begun to open an investigation into allegations of corruption in the contract concluded between the Rafidain Governmental Bank and the Ishtar Gateway Company for Systems and Services {Al Ahlia}.

The source told {Euphrates News}: "There is a tendency to issue arrest warrants and summon those involved in the contract as part of the investigation procedures." The source indicated that "the arrest warrants will affect the former general manager of Al-Rafidain Bank (Hussein Ali Muhaisen) and the defendants with him in the bank because of the signing of the Ishtar Gate contract and the financial fine imposed on the bank to pay $600 million."

The Presidency of the Baghdad / Al-Rusafa Court had ruled on July 26, obligating Al-Rafidain Bank to pay a fine of $600 million to the company {Ishtar Gate} for systems and electronic payment services due to the termination of the contract between the two parties. An informed source revealed that Al-Rafidain refuses to pay compensation to Ishtar. The source told {Euphrates News} that "the bank called for the accountability and trial of the former general manager Hussein Ali Muhaisin and his entourage, who signed the contract illegally, which caused damage to the bank's reputation," according to the source. He pointed out that "Al-Rafidain holds the former director of the bank (Hussein Ali Muhaisen) fully responsible for that."

For its part, the Parliamentary Legal Committee announced its intention to appeal the decision to fine Al-Rafidain Bank. Committee member Ahmed Al-Asadi said in a statement received by {Euphrates News} a copy of it: “The judiciary issues its rulings according to what it needs of identification papers and legal defenses, and as members of the Legal Committee, we will stand by all our efforts with a legal challenge that will be submitted to the ruling issued a few days ago in granting compensation worth 600 million dollars. For one of the companies contracting with Rafidain Bank. He added, "We are all confident in the Iraqi judiciary to stand up to this frightening waste of public money and the organized looting of this poor people's money."   LINK

Some "Sunday News" Posted by Samson at KTFA 8-7-2022

KTFA:

Samson:  The International Development Bank joins the Federation of Emirates Banks in Dubai

7th August, 2022

A banking source revealed, on Sunday, that the International Development Bank of Iraq joined the Federation of Emirates Banks in Dubai

The source told "Economy News" that "the International Development Bank opened a branch in the emirate of Dubai, UAE," noting that "the bank joined the Federation of Emirates Banks

He added, "The bank will facilitate trade and banking exchange between Iraq and the UAE, as well as provide various banking services and establish activities related to the banking sector between the two countries  LINK

Samson:  The Chinese "Petrojaina" threatens to leave southern Iraq due to the demonstrations .. Video

7th August, 2022

Today, Sunday, the Chinese "Petrogyna" company threatened to withdraw from Maysan Governorate, southern Iraq, if the demonstrations continued from the surrounding areas, threatening the safety and security of its cadres, noting that the demands of the demonstrators are not within its competence.

An informed source told Shafaq News Agency, "The company's management threatened to stop its work in Maysan and withdraw from the province and go to another province, or withdraw completely outside Iraq, because of the protesters' threat to the security and safety of its cadres." 

And the source indicated, "The company's withdrawal means Iraq losing 500,000 barrels of production per day from the Maysan oil fields, as well as losing more than 5,000 people working in it and turning them into unemployed."

The source continued, "The protesters from the residents of Al-Kahla are demanding the company's management to provide them with electricity and drinking water, which is not within its competence," pointing out that "releasing job grades in excess of what was employed earlier are matters that the company rejected completely."

A video clip published below by Shafaq News Agency showed dozens of protesters attempting to storm the company's headquarters in Maysan Governorate, while the security forces responded with bullets in the air to disperse the protesters.

This morning, the security forces closed the "Ali Al-Zaki" bridge in the Al-Kahla district of Maysan province, the bridge leading to the Chinese company, to prevent the demonstrators from reaching the company.

VIDEO LINK   LINK

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Samson:  Economist: $15 billion loss for Iraq from changing the exchange rate and storing hard currency

08/07/2022 18:27:19

The economic expert Duraid Al-Enezi explained, on Sunday, that Iraq's loss from changing the exchange rate and storing hard currency amounted to 15 billion dollars.

Al-Enezi said in an exclusive interview with {Euphrates News} that “the central bank storing any currency or metal leads to loss, because the dollar and the euro are exposed to material losses while gold prices are witnessing fluctuations, as well as fluctuations in oil prices, so that is the best solution to maintain the cash surplus. The current oil revenues are being thrown into investment projects, because storage in all cases is subject to a rise and a fall.

And he added, "Iraq lost, from the first days of the oil price hike, about 15 billion dollars, as a result of storing hard currency from the dollar and not benefiting from it." 

It is reported that the Central Bank of Iraq decided on January 19, 2021 to make a significant change in the dollar exchange rate, as follows:

1450 dinars per dollar, the purchase price of foreign currency from the Ministry of Finance.

1460 dinars per dollar, the price of selling foreign currency to banks.

1470 dinars per dollar, the price of selling foreign currency to the public.

The Central Bank's decision caused a rise in prices for foodstuffs, consumer goods and commodities, which negatively impacted the standard of living of citizens and exacerbated unemployment.

Adviser to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, said on June 27 about the possibility of changing the dollar exchange rate: “Everything is possible, but we need patience in changing the dollar exchange rate in case prices rise and the financial policy is unable and monetary policy is able to cover the dinar.” To "the Food Security Law, if it is not able to secure the requirements in the event of high prices, the Central Bank will intervene to preserve the strength of the dinar against the dollar."  LINK

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Samson:  Dust storms cause Iraq to lose one trillion dinars this year

7th August, 2022

The Ministry of Environment revealed, on Sunday, that the number of days of dust storms that struck Iraq during the months of this year has reached 100 days, causing economic losses that "exceeded 10 billion dinars for each day."

The Minister of Environment, Jassem Al-Falahi, said that "the most prominent challenges facing the country are climate changes, which have become a major threat to the environmental reality, and among those changes are dust storms that were recorded during the past months of this year, which amounted to 100 days, causing economic losses of ten Billions of dinars for every stormy day.

Al-Falahi pointed to the importance of having future plans to exploit one billion dinars of those billions that are losing to create windbreaks, soil stabilizers and green belts, referring to drought, lack of water resources, decreasing rainfall rates, increasing land degradation and expanding desertification areas, challenges that threaten the country's food and environmental security.

According to the official "Al-Sabah" newspaper. He added, "The biggest challenge to climate change facing the country is the shortage of energy sources, which is linked to the abundance of water storage to operate the system of energy sources gates, as well as the increase in evaporation rates that led to the loss of about 25 to 30 percent of the country's water assets."

The Minister of Environment noted that “high temperatures require more use of energy sources, and therefore there must be a tendency to use renewable, clean and sustainable energies, which the Ministry seeks to achieve through coordination with the concerned authorities to approve the implementation of projects that reduce the use or waste of energy sources in the country.”  LINK

Samson:  Iraq achieves a major global leap in gold reserves

08/07/2022 09:35:49

 Iraq rose 10 ranks among the countries with the most gold in the world, according to the latest report of the World Gold Council, issued today, Sunday.

In its latest schedule for the month of August, the council said, "According to Iraq's large purchases of 34 tons, the latter rose ten ranks to rank 30 out of the 100 countries listed in the table with the largest gold reserves, reaching 130.4 tons of gold, which represents 11.5% of his other precautions. He explained that "Iraq has become the fourth largest Arab gold reserve after it was the sixth, surpassing Egypt and Libya, which ranked fifth and sixth, respectively."

He pointed out that "international central banks added 111.19 net tons to global gold reserves," noting that "the bulk of the rise resulted from purchases from Iraq (33.97 tons), while Turkey continued to buy by (26.60) tons, and Uzbekistan bought (26.44). tons, Kazakhstan (15.79) tons, and India (8.39) tons. He added that "Germany was the biggest seller this month, as it sold 3.36 tons of gold, followed by Mongolia (0.80) tons, followed by the UAE (0.27) tons.

Globally, the United States of America still leads the rest of the countries with the largest gold possession in the world, at 8,133 tons, followed by Germany, 3.355 tons, then Italy, 2,451 tons, while Laos ranked 100, with 0.9 tons, preceded by the Republic of Cape Verde with one ton.

On June 27, Iraq announced the purchase of new quantities of gold, amounting to approximately (34) tons, an increase of 35% over what was in its possession.  LINK

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Samson:  The central bank's prudential policy to face the global economic crisis

7th August, 2022 by Samir Al-Nusairi

The global economic system has been witnessing complex economic, financial and security crises for several months, the cumulative causes of which were concentrated in the rise in energy and food prices due to the Russian-Ukrainian war and the American and European sanctions on Russia, which led to confusion in the map of global trade in food and energy.

What we are following now is the rise in stagflation in most countries of the world, most notably in America and the European Union

Although Iraq may be benefiting from the rise in oil prices as it is the main resource for the country, and the map of its imports of grain and foodstuffs currently is from outside the area of ​​the military conflict and economic crisis, but our economy must suffer in the short term from the lack of control over food supplies and oil prices may drop and spread economic stagnation in the light of changing conditions and these effects will inevitably lead to a rise in the rate of inflation and a rise in the general level of prices

Since economic stability is achieved by stability in the financial system and the monetary system, so the hedging measures by the Central Bank, for what is expected of developments in the coming crises, were to rely mainly on building foreign reserves at a level that covers the local currency in circulation, imports, repayments of foreign debt and other international obligations

As well as working on diversifying the reserves to include a basket of currencies, gold, bonds and securities, and making the most of the rise in oil prices to increase the reserves to the maximum extent possible until the end of 2022

 And this is actually what the Central Bank has done during this period, as its foreign cash reserves amounted to more than 74 billion dollars and 130 tons of gold. The reserve is expected at the end of 2022 to reach $90 billion

This confirms that the Central Bank is proceeding at a steady pace to achieve the objectives of monetary policy in reducing inflation and controlling the general level of prices as well as controlling the money supply and maintaining the dinar exchange rate within the target price for the public and following up and analyzing the interest rate set by the Central Bank on an ongoing basis

This requires the financial policy and the main economic sectors and the ministries responsible for them must work jointly and in clear and specific coordination with the Central Bank administration to achieve economic stability and overcome the global economic crisis and limit its repercussions   LINK

Tivon, MilitiaMan and more...Saturday PM 8-6-2022

KTFA:

Tivon:  1.) General Budget

 2.) Formation of GOI

 3.) ?

To be short. I stated for the past four months or so that the first two things were not needed or required in order to implement any reforms. Both have been confirmed from official reports that none will be happening this year other than the preparation for early elections.

Why? Dissolution of course. As I claimed the requirements for everything to meet the citizens demands were already in motion thanks to the EFSL and then its official publication in the Gazette.

Even still when that happened it wasn't enough for some to be convinced that Al-Kazemi could not deliver on anything until the GOI was seated.

Because Maliki needed to be out the way. Despite the many things that were still being done while Al-Maliki was still on the loose to cause problems. Or too much corruption. There's no stability. The GOI has to be seated. We need a budget. Joe Biden will not let this happen.

All of these excuses and none of this turned out to be true.

Nothing stopped the PM from paying off debt visiting diplomats and ambassadors or having the ministries implement certain things to prepare for the new digital system.

Now today you see that the peaceful demonstrations have worked to effectively clean out the rats the citizens stand in victory anticipating that their demands are going to be met without a budget or seated GOI.

 Now what was the other thing I said is coming, since you can basically scratch off the other two? What is the very thing that will conclude this investment and expedite its formal initiation since Al-Kazemi has already stated it will come after the peaceful protesting was done?

 You already seen the official news reports. You already heard Eddie. You know the CBI, AMF, and IMF had meetings. You know banks already been notified about the 15th deadline. Tell me what are your suspicions about item number 3 happening sometime this month.

 I mean....you do know the citizens have already been promised that their demands are not years away. Not months away. Not weeks away. But days away. This is in print.

Demands/Entitlements/Reforms are all interchangeable and synonymous.  They need one thing to work. What is it? Imo

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MilitiaMan:  Door #3 is the process to get to the RV to start and that, at this point can take nanoseconds.. imo.. ~ MM

Iobey77:  A Shiny New Rate!!!

NoodlesDad:  Lower Denoms, Coins and Fils.

Safeone:  Ah Ah, IMO, how about someone pulling the trigger?????

Suzie:  how about implementation?????

DallasDude:  How about some Damn Courage

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Ourcoin:  Dissolution  IMO  

Tivon:  Nope. Done and over with. Something else that doesn't involve politics at all. I wonder what could it be? …. hmmmmmmm. Imo

DallasDude:  With all due respect did I miss an article that dissolution has been made official..I would agree that's where it is headed..

Tivon:  The motion alone is dissolution. You think Al-Kazemi is waiting for their actual resignation papers? No. Why? Because the EFSL is not a wait & see law. I said this so many times but you guys think Al-Kazemi is playing around for some reason. The guy moves to the letter of the law. Not the time it takes you to adhere to one. If he did that we would actually be waiting until next year right? Because that's when the new government will be voted in right? Think. The early elections is a result of dissolution. Imo

DallasDude:  All I know is that in 3 days it will be 2 months since EFSL was voted on an passed..I don't think Kazemi is playing around at all but I do believe an official announcement of dissolution will come before a rate change does, this is what I expect to hear first and foremost and for that reason alone we won't be waiting until next year..remember the late 4th quarter and trailing but the balls on the twenty yard line with less than a minute to go..Kazemi is the Tom Brady of the middle east right now

Tivon:  What did they say the citizens would receive in days? Dissolution or Entitlements? We are talking about what's in print. Not what our theories are. You missed this one. 👇

Legal expert Ali Al-Tamimi, 08/03/2022, clarified the roadmap for constitutional procedures to achieve the demands of the demonstrators.

 Al-Tamimi told Al-Masala that declaring a state of emergency is the key and the beginning of solutions, and it is announced in accordance with Article 61 ninth of the Iraqi constitution, whereby the Al-Kazemi government is empowered with extended powers and subsequent constitutional procedures and is authorized to administer the elections after the parliament is dissolved.

Samsom:  Sadrist's deputy submits a request to Al-Halbousi to hold an extraordinary session to dissolve parliament

6th August, 2022

A representative of the Sadrist movement, Burhan Al-Maamouri, submitted a request to Parliament Speaker Muhammad Al-Halbousi regarding the dissolution of Parliament.

Al-Maamouri, the only Sadrist MP who did not resign from parliament, demanded that Al-Halbousi hold an emergency session to dissolve parliament and set a date for early elections. 

Translation ......

Honorable Speaker of the House of Representatives Subject / Dissolution of the House of Representatives, Greetings:

According to the provisions of Article (64) of the Constitution, which states:

First, the House of Representatives is dissolved by an absolute majority of its members based on a request from one-third of its members.  In view of the failure of the House of Representatives to elect a President of the Republic based on the provisions of Article (70) of the Constitution and its failure to implement its constitutional obligations, please kindly approve the dissolution of the House of Representatives and hold an extraordinary session of the Council for this purpose based on the provisions of Article (58) of the Constitution and setting a date for early elections. 

We enclose a list of the names of the deputies supporting and signatories to the request. Thank you very much. The accompaniments / - A list of the names of the deputies who signed and supported the request.  LINK

Sawco:  Maybe I misunderstood, but I thought that PM K could dissolve parliament on his own, not needing any vote from Parliament…. Did I misunderstand..??  

MilitiaMan:  There was speculation that Kahdimi could use necessary powers to do so. However, this article and many others supports that there is a likelihood that a more specific constitutional way is being used. There are more than one. I suspect that the list of names is the 110 needed to dissolve. Well timed today.. imo ~ MM

KTFA Members "News and Views" Saturday 8-6-2022

KTFA:

Samson:  Next week..Erbil will host an international investment fair

6th August, 2022

The city of Erbil, the capital of Kurdistan Region, is scheduled to host an international investment exhibition next week.

The supervisor of the exhibition, Ribaz Darwish, told Shafaq News Agency, "The exhibition will be with the participation of dozens of international, Arab and local companies in the field of investment, and it will be held in the International Exhibition Hall in Erbil and will last for four days."

Darwish added, "The exhibition aims to attract investment to the Kurdistan Region, and exchange investment experiences from foreign companies, in addition to introducing them to the labor market in Kurdistan."   LINK

Billuke:  They can't do this on a program rate............................  imo

DCDriver:  Dissolve parliament, hold early elections, seat a government, revalue currency IMO in that order.

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Get1later:  The CBI HAS FULL CONTROL OF THE EXCHANGE RATE !!! 

They've already told the international world,  member banks and International Traders (in an article) they  MUST BE ON THEIR ELECTRONIC PLATFORM BY August 15th or lose out (The trains leaving the station) ??

That "Funky" Program Rate" their tied to ...... WON'T WORK !! 

WHAT DOES THAT TELL YOU?? 

The dissolution of the Government (WHOOPIE) !!! That's a sideshow and a distraction at the moment (IMO)

GOI needs the rate before the budget

KAZEMI continues doing business as if it's already done 

Iraq's in the middle of a state of  emergency (see the EFSL). It's in the Gazette, it's law, it needs a new exchange rate to be implemented 

So what does ALL MEAN ???

The exchange rate will be adjusted WAY BEFORE the early elections and their budget's solved !! 

That's not an opinion ..... That's being spelled out in Articles from the CBI and the GOI (not opinion pieces) 

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Samson:  Iraq, Russia and Iran compete for oil exports to China

6th August, 2022

Russia and Iran's presentation of offers to China and India and discounts on crude oil has led to growing concerns about the future of Iraqi oil exports, on which 95% of its budget depends.

Previous reports had suggested that Iraq would be one of the biggest losers in these speculations, with the decline in demand for Iraqi oil of all kinds, after China and India were among the largest buyers of it, while others believe that this opens new markets that increase Iraq's profits.

Iraq competition

The economist, Dr. Ahmed Saddam, says that it is natural that Russia’s decision to reduce the price of a barrel of oil exported to India and China will lead to a change in the direction of demand, which rose by 15.5% from Russia, in return for a decrease in the level of oil imports from Iraq by 10.5%, as the Iranian decision to reduce came within limits 10 dollars above the world price to constitute a strong competitor to Iraq.

Saddam indicated that this change in the level of demand does not mean abandoning the rest of the oil markets, especially the Iraqi market, which is the second source of India after Saudi Arabia, and despite the reduction in oil prices, the share imported from Russia represents only 19% of the total Indian demand estimated at about 5 Millions of barrels per day, as India imports approximately 950,000 barrels per day from Russia, and China imports 860,000 barrels per day and 700,000 barrels per day from Iran.

Saddam adds that according to these circumstances, Iraq has no other choice but to diversify its export outlets, especially towards the European and American continents, as it is estimated that oil exports to the United States increased by 11% as a result. He believes that Iraq's situation before and after the Ukrainian crisis is still good despite the decline in Asian demand for Iraq's oil, but the important point in this regard - according to Saddam - is that even with the price reduction by Russia, there will remain technical and economic obstacles, foremost of which is the length of distance and time. This limits the number of barrels of oil imported from Russia, and this means that the decrease in Iraq's share of oil exports to China and India will not be significant.

Decline factors

For his part, economist Dr. Medhat Kazem Al-Quraishi believes that oil prices in general initially rose due to the embargo on Russia, then their prices fell due to the economic recession in Europe and the world.

Al-Quraishi notes, according to Al Jazeera Net, that the oil markets are still unstable due to the presence of negative and positive factors influencing, and therefore it is not possible to predict what will happen to the oil market related to the war in Ukraine and its repercussions. He points out that competition between producers leads to lower prices, as well as US pressure on OPEC, which may leave a small impact, despite Saudi Arabia and the UAE's rejection of the pressures of US President Joe Biden.

Upcoming crisis

In turn, Professor of Economics, Dr. Abdul Rahman Al-Mashhadani warns of a new crisis, so we should not be optimistic about the rise in current oil prices as they are not real, and therefore the Iraqi government should work within reasonable limits.  LINK

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Samson:  Sadrist's deputy submits a request to Al-Halbousi to hold an extraordinary session to dissolve parliament

6th August, 2022

A representative of the Sadrist movement, Burhan Al-Maamouri, submitted a request to Parliament Speaker Muhammad Al-Halbousi regarding the dissolution of Parliament.

Al-Maamouri, the only Sadrist MP who did not resign from parliament, demanded that Al-Halbousi hold an emergency session to dissolve parliament and set a date for early elections.

Translation ......

Honorable Speaker of the House of Representatives Subject / Dissolution of the House of Representatives, Greetings:

According to the provisions of Article (64) of the Constitution, which states:

First, the House of Representatives is dissolved by an absolute majority of its members based on a request from one-third of its members. 

In view of the failure of the House of Representatives to elect a President of the Republic based on the provisions of Article (70) of the Constitution and its failure to implement its constitutional obligations, please kindly approve the dissolution of the House of Representatives and hold an extraordinary session of the Council for this purpose based on the provisions of Article (58) of the Constitution and setting a date for early elections. 

We enclose a list of the names of the deputies supporting and signatories to the request. Thank you very much. The accompaniments / - A list of the names of the deputies who signed and supported the request.  LINK

Clare:  BOOM!!! ..........THANK YOU SAMSON!

Samson:  Is it possible to dissolve parliament ?

5th August, 2022 by Dr. Bilal Khalifa

There has been talk these days about another solution that cuts the way to the political stalemate, which is to go to a second election. The weights of the political blocs may change, and consequently, alliances may change and lead to the possibility of forming a new government. It must be remembered that the Al-Kazemi government, when it was formed, the purpose of that government was to hold early elections.

The scenario of dissolving Parliament and rerunning the elections faces obstacles, including:

1- The Federal Court, when it rejected the framework’s appeal (Monday, December 27, 2021) regarding the illegality of the elections, but the Federal Supreme Court at the same time recommended two points, namely:
A- Legislating a new election law
B - Not using electronic counting and sorting, and here lies the problem, which is that the current government is the caretaker of daily affairs, and it does not have the constitutional legitimacy for that, according to Article (64-second) and according to the Federal Supreme Court’s decision No. 121 / Federal / 2022, but after enacting a law Food security, despite its violation of the Constitution, it became possible to legislate a law during the period of a caretaker government, despite that it is unconstitutional.

2 - Some large blocs, as well as some small ones, who are independents, will not accept going to the second elections because of the possibility that their seats will be reduced.

3 - The dissolution of Parliament is the step that must precede going to elections, and this paragraph was referred to in Article 64 of the Constitution, where it clarifies that the period shall be a maximum of sixty days. Elections must take place after the Parliament is dissolved.

But the dissolution of Parliament will face several obstacles, including:

1 - The ways to dissolve Parliament are in two ways defined by the constitution in Article 64 of it, and in two ways:

First: The Parliament is dissolved by an absolute majority of the number of its members, at the request of one-third of its members, or a request from the Prime Minister and with the approval of the Prime Minister Republic, and the Council may not be dissolved during the period of questioning the Prime Minister.

Second: The President of the Republic, upon dissolving the House of Representatives, shall call for general elections in the country within a maximum period of sixty days from the date of the dissolution, and the Council of Ministers in this case is considered resigned and continues to run daily affairs. And that the two paths end with the parliament’s vote on it by an absolute majority, meaning that the ball is in the range of the members of the House of Representatives and it is the final decision-maker in the matter.

2 - The dissolution of the House of Representatives means that the government will turn into a daily caretaker government devoid of any powers, but how if it is a caretaker government.

3 - The second way to dissolve Parliament is a call from the President of the Republic to dissolve Parliament, how if the President of the Republic is the end of powers, Article 72 of the Constitution shows that the President of the Republic ends his term at the end of the Parliament, i.e. when the House of Representatives is dissolved and someone else comes after the first session, then his validity ends. Everyone knows that the first session was months ago, and therefore the President of the Republic is by virtue of the expired powers.

4 - The first way requires the process of convening a session of the Iraqi parliament, and then submitting a proposal to dissolve parliament to the presidency of the council and vote on it, but this process must be evacuating the building and its surroundings from the demonstrators, otherwise how can the deputies come amid a building full of demonstrators.

5 - The election process requires large funds. In the last elections, the government cost an amount of about 300 million US dollars, i.e. 450 billion dinars, or nearly half a trillion dinars, but here the question arises, from where this amount is allocated, and this is not possible because:

A - The current government is a caretaker government and does not have the authority to transfer or any authority to control funds except in matters appropriate to the situation.
B - We need a general budget to allocate money to the election process, and therefore, before going to the elections, the government must be formed and the federal budget law is enacted.
C - Legislating a law for elections, and this would be unconstitutional and that any appeal by the deputies will be rejected because the law will include financial aspects, and despite that it also needs Parliament to return to its work and the demonstrators to leave.
6 - Going to elections will be in two ways:

A - the use of the old law, and this will be contrary to the decision of the Federal Supreme Court
B - the enactment of a new law and this is not possible and we talked about it above and it is also contrary to the decision of the Federal Supreme Court, and the new legislation needs that Parliament exercises Duty for several months until this law is enacted.

The result is that the second elections, which some may call for, are difficult to hold because they violate the decisions issued by the Federal Supreme Court, which are irrelevant and binding on all (Article 94) of the Constitution. Likewise, the constitution made the government a caretaker, so how is it now a caretaker government?

The solution is to form a government whose most important duty is to hold early elections, and since the preparations take several months, a government with full authority can legislate the budget law and serve the people until elections are held and turn it into a caretaker government as well. But if the parliament is dissolved and elections are held by other than the methods mentioned above, which are originally found in the constitution, these procedures will be unconstitutional.  LINK

Some "Vietnam News" Posted by Samson Friday 8-5-2022

KTFA:

Samson:  Vietnam : Banking sector can be pioneer in digital transformation: PM

5th August, 2022

Prime Minister Phạm Minh Chính said the banking sector had all the factors to be pioneering and, in fact, was at the forefront of the digital transformation process.

Digital transformation was an inevitable trend, and an urgent requirement, noted the Prime Minister.

The Prime Minister, who is also Chairman of the National Committee on Digital Transformation, attended and delivered a keynote speech at the Conference on Digital Transformation in the Banking Sector organised by the State Bank of Vietnam (SBV) in Hà Nội on Thursday.

Speaking at the conference, SBV Governor Nguyễn Thị Hồng said that in the Prime Minister's Decision No 749/QĐ-TTg approving the programme on national digital transformation by 2025, the finance - banking sector was identified as one of eight sectors that needed to prioritise digital transformation.

The SBV has established a steering committee for the digital transformation of the banking sector and chose May 11 as the day of digital transformation of the sector.

The plan puts people and customers at the centre, with very specific goals, such as 50 per cent of banking operations to be digitised by 2025, 70 per cent of customer transactions conducted on digital channels, and 50 per cent of retail loans and consumer loans for individual customers are digitised and automated.

The SBV's Payment Department said banking services on digital platforms in Việt Nam were developing, especially e-payment services with digitalisation and rapid growth.

Non-cash payment transactions increased by 77.2 per cent in volume and 29.8 per cent in value in the first six months of this year.

Nearly 70 per cent of Vietnamese adults have bank accounts; 5.5 million accounts and approximately 8.9 million bank cards have been opened electronically; 1.77 million Mobile Money accounts have been opened, of which more than 67 per cent are in rural, remote and isolated areas.

Many leading Vietnamese banks in digital transformation have now achieved 90 per cent of customer transactions on digital channels, far ahead of the target set in the programme on national digital transformation at 70 per cent by 2025.

Besides the positive results, the Prime Minister stated that the process of national digital transformation and bank digital transformation still faced many difficulties and challenges. Mechanisms and policies still had many shortcomings, especially in terms of identification and electronic authentication; inadequate information technology infrastructure, while connection and exploitation of population data, insurance and tax was still narrow in scope, he said.

The participation and coordination of financial technology enterprises was still limited; and high-tech crimes involved increasingly sophisticated forms, added the Prime Minister. Resources, especially highly qualified human resources for digital transformation, were still lacking, including in information technology, he said.

In the future, the situation around the world and in the region would continue to develop unpredictably, with far-reaching impacts on countries, said the Prime Minister.

Noting that it was necessary to identify difficulties and challenges rather than opportunities and advantages, the Prime Minister emphasised a number of requirements such as promoting a change in thinking, methodology and working methods of the banking sector in a modern direction; boosting the development of e-commerce, digital society, and digital economy; promoting integration, connection and sharing of national databases on population and specialised databases to gradually build a digital citizen ecosystem.

The Prime Minister requested the State Bank of Vietnam and the banking sector to make great efforts and more effective actions in digital transformation; carefully assess the situation, results, causes, limitations, inadequacies, and lessons learned from domestic and international experiences; analyse and forecast the upcoming situation, determine short-term, medium-term and long-term goals; and develop an digital transformation programme for the whole sector with appropriate and specific roadmaps, solutions and resources.  LINK

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Samson:  Stability of Vietnamese đồng under pressure of global headwinds

2nd August, 2022 by Võ Trí Thành

Global central banks are in a dash to raise interest rates to cool rampant inflation and their moves are challenging the State Bank of Việt Nam’s policymaking in a way to support the economic recovery while sustaining macroeconomic sustainability.

Last week, the US Federal Reserve (Fed) raised interest rates by another 75 basic points (bps) – the second straight month and its third this year – in an effort to fight inflation which hit a 40-year high of 9.1 per cent in June. That takes the cumulative June-July increase to 150 bps – the steepest since the early 1980s.

The European Central Bank on July 21 increased its benchmark interest rate by 0.5 per cent for the first time in 11 years and is signaling further hikes this year after consumer prices in the euro area are expected to rise to 8.9 per cent in July.

Data from Reuters showed seven central banks of the Group of Ten delivered 350 basis points of rate hikes last month – nearly half of the total 775 bps administered by policymakers across the group this year to date. Meanwhile, emerging market central banks have raised interest rates by 4,415 bps year-to-date, compared to 2,745 bps for the whole of 2021.

Among major central banks, only China and Japan have maintained loose monetary policy thanks to relatively low inflation and to boost the domestic economies.

The world economy is in a downward spiral with the risk of major economies falling into recession rising. The International Monetary Fund (IMF) last week again downgraded its forecast for global growth this year, from 3.6 per cent in the April report to only 3.2 per cent this year. In April, it cut its growth expectations for 2022 to 3.6 per cent from 4.4 per cent.

Facing rising risks of supply disruption, debt crisis, high food prices and worse-than-expected high inflation, global policymakers are rushing to tighten monetary policies but seeking a balance between curbing inflation and maintaining growth is a very difficult task.

In Việt Nam, the picture is very different. Việt Nam’s economy recovered spectacularly in the second quarter with a growth rate of 7.7 per cent – the fastest expansion in 11 years, lifting the six-month growth to 6.42 per cent. Inflation was kept at a relatively low level at 2.54 per cent in the first seven months.

Some international institutions have forecast Việt Nam’s economy will achieve and even surpass its growth target this year.

In its latest report last week, Standard Chartered Bank expects Việt Nam’s GDP growth at 10.8 per cent for the third quarter and 3.9 per cent for the last quarter, taking full-year growth to 6.7 per cent. Meanwhile, the Singapore-based United Overseas Bank (UOB) revised Việt Nam’s growth up to 7 per cent from 6.5 per cent.

However, pressure is building. Despite relatively low inflation in the first half, inflation is expected to rise towards the end of this year, though still within the target range but likely reaching 4 per cent or slightly higher. This rate will be much lower compared to many countries but will pressure the foreign exchange rate.

Never before has the world witnessed major foreign currencies weakening sharply against the US dollar (USD) like this year. The Japanese yen has lost about 20 per cent of its value against USD, followed by the euro, down 12 per cent. Other currencies such as GBP (British Pound), THB (Thai Baht) and Won (South Korea) also fell by more than 10 per cent.

In Việt Nam, the Vietnamese đồng (VND) has lost about 2.5 per cent against the USD by the end of July and is seen as relatively stable amid global currency volatility. However, exchange rate management is facing challenging choices.

Relative stability or higher depreciation?

According to the principle of relative purchasing power parity, a country with high inflation is expected to depreciate its currency relative to other currencies as inflation will reduce the real purchasing power of that country’s currency.

In Việt Nam, pressure on currency depreciation is not derived from inflation (as inflation is still relatively low in Việt Nam) but from unstable external factors. Although US inflation was high, it was accompanied by the Fed's hawkish action to increase interest rates by a large margin, causing the USD to appreciate strongly against other currencies.

If Việt Nam devalues ​​its currency too quickly, it will benefit exports but harm imports and put more pressure on inflation, challenging the Government’s efforts to keep inflation under the target. On the contrary, if the exchange rate is restricted too much, it will also affect Việt Nam's trade, making our exports less competitive in the context that the currencies of our trading partners and competitors have weakened sharply against the USD since the beginning of the year.

However, looking at the recent actions of the policymakers, keeping the exchange rate relatively stable is taking priority. At a meeting with the Government last week after the Fed’s meeting, Prime Minister Phạm Minh Chính reaffirmed curbing inflation, ensuring macroeconomic stability and safeguarding major balances would still be Việt Nam’s top priorities.

The State Bank of Việt Nam (SBV) therefore is focusing on maintaining flexible policy and proactively managing the exchange rate in line with the market developments to both fight inflation and ensure the policy is supporting economic growth.

As world commodity prices have continuously escalated, Việt Nam is one of the economies with large openness and is heavily dependent on imported raw materials and fuels. That’s why keeping the exchange rate reasonably stable to curb input prices for businesses is important. However, the Fed’s rate hike is still expected to have adverse impacts on emerging markets when foreign capital may be withdrawn from these markets to fly back to the US. So far, this situation is relatively stable in Việt Nam thanks to flexible interventions of the market regulator.

Since the beginning of this year, SBV has pumped US$12-13 billion into the market to help stabilise the exchange rate. The central bank has shifted to selling USD in the spot market instead of forward contracts to cool the pressure. Especially over the past month, it has continuously attracted đồng through the issuance of bills of exchange, narrowing the difference between the USD and đồng interest rates through Open Market Operations (OMO), thereby helping increase the value of the đồng.

In addition, trade surplus, FDI, remittances, expected balance of payments surplus and a somewhat strong foreign exchange reserve of about $110 billion are positive factors likely contributing to the relatively stable value of Vietnamese đồng.

Given rather low inflation and stable macroeconomic condition, the SBV is believed to have enough capacity to keep interest rate and foreign exchange policies steady for now to fight inflation and support economic recovery. However, building pressure will likely drive the SBV to increase interest rates in late-Q3 or Q4, though the rate hikes will be limited around 0.25-0.5 per cent and VND may depreciate by about 3 per cent or a little bit higher this year.   LINK

MilitiaMan Tivon and KTFA Members "Days Away" 8-5-2022

KTFA:

Clare: The Coordination Framework announces its support for holding early elections under conditions

2022-08-04 

The coordination framework, which brings together the Shiite forces participating in the political process, affirmed, on Thursday evening, its support for any constitutional path to address political crises and achieve the interests of the people, including holding early elections, according to conditions.

The framework stipulated, in a statement received by Shafak News Agency, "achieving national consensus on early elections, and providing a safe environment for their holding."

He stressed the need to "work to respect the constitutional institutions, and not to disrupt their work, and to keep the ceiling of political forces, the law, the constitution and the interest of the people."

The position of the coordination framework comes a day after the leader of the Sadrist movement, Muqtada al-Sadr, called for dissolving the current parliament and holding early elections, which he said he had not yet decided whether to run or not.

Soon, several political forces, including those affiliated with the coordination framework, announced their support and welcome to Al-Sadr's call for early elections.

In a statement yesterday, Al-Amiri stressed the need for a comprehensive national dialogue in order to set a date, mechanisms and requirements for holding new early elections, including providing appropriate climates to restore citizens' confidence in the political process.

The political scene is living in a crisis situation and a dead end unprecedented in the history of Iraq, as more than 300 days have passed since the early elections without being able to form a new government in the country, and the survival of the caretaker government headed by Mustafa Al-Kazemi.

On the tenth of last October, Iraq held early legislative elections to get out of a political crisis that swept the country after large demonstrations in the central and southern regions in 2019 in protest against the widespread unemployment in society, the spread of financial and administrative corruption in government departments and institutions, and the deteriorating reality The service and the livelihood, which prompted the former prime minister, Adel Abdul-Mahdi, to resign under popular pressure.

As soon as the preliminary results of the elections were announced, the voices of forces and political actors rose in their rejection of losing many seats, accusing them of major fraud in the ballot, which was denied by the executive and judicial authorities, at a time when the United Nations and international organizations praised the integrity of the electoral process.  LINK  

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MilitiaMan:  Conditions? I'll bet the impasse has Al - Amiri looking to get a deal from Sadr. I'll meet these items if I can get immunity or safe passage? lol.

Sadr wants the old faces of corruption out of government. If Sadr is successful in getting them weeded out he may run in the early elections, as noted below the last election can be corrected. First things first though.

Dissolution is gaining considerable popularity and there is strong demand for to get the corrupt accounted for.

 Sadr knows that the US and others know where the money is. The Citizens know that to be true now. They told us years ago they were working to this end.

And that end looks to be within days now.

They are even cleaning up not only has been done in the Dome, but now in the square.  Imo ~ MM

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LINK

US report: Intelligence is following up on Iraqi daily movements and bank accounts

A US report published by the Washington Institute for Near East Policy confirmed that although the US high command is likely to focus on competition between great powers and domestic issues, its institutions are familiar with the daily movements inside Iraq, including bank accounts.  

The report, written by Michael Knights, a "Bernstein Fellow" at The Washington Institute and one of the founders of the institute's Militia Spotlight platform, followed by Nass (August 5, 2022), stated that the US intelligence community and diplomatic corps, as well as America's allies and partners, "know a lot about daily movements, conversations, and calculations." banking for key Iraqi leaders

The report claimed, "there is a plan for the coordination framework led by al-Maliki and the support of the commander of the Iranian Quds Force, Ismail Qaani, to overthrow the majority government through the use of judicial tools in accordance with an endowment concluded at the beginning of this year, offset by al-Sadr's resorting to the street and the invasion of institutions, including the parliament building

The report also suggested that US leaders think urgently and unconventionally about policies, which sends a signal to Muqtada al-Sadr that the current impasse can be resolved in more than one way and that the "stolen elections" error can be "corrected

 Link to full report - REPORT LINK

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LINK

A demonstration launched in Al-Nusour Square in Baghdad

5th August, 2022

This Friday afternoon, a demonstration started in Al-Nusour Square in the center of the capital, Baghdad

Our correspondent stated that the demands of the demonstrators stressed the call for writing a new constitution for the country, changing the form of the political system to a presidential or semi-presidential system, recovering Iraq's looted funds and holding the corrupt and those involved in the shedding of Iraqi blood accountable

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LINK

Tishreen supporters demonstrate in Nisour Square, and "overthrow the regime" is their most prominent demand- imo (Not Kahdimi...)

5th August, 2022

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LINK

Close To Al-Sadr, Addressing The Current: Only Days Will You Meet Your Demands

5th August, 2022
The leader of Saraya al-Salam, Abu Duaa al-Issawi, confirmed today, Friday, to the Sadrist movement's demonstrators, that days separate them from achieving their demands.

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LINK

The Celebration Square hosts a unified prayer for the Sadrists

5th August, 2022

A unified prayer was held in the Great Celebrations Square in the Green Zone in the center of the capital, Baghdad, on Friday, which gathered thousands of supporters of the Sadrist movement, in response to an invitation from Muqtada al-Sadr.

Zeeman:  before anything  you must get rid of malaki and the irians once and for all or nothing will really change but hopium no matter what anyone prints. Imo

Tivon:  What specifically is Maliki holding up? Don't tell me the citizens demands or entitlements. That's already covered from what was revealed today. We need first dibs on that info if you can provide that. Because anything other then what we are waiting for is none of our concern.

The citizens got that handled with the full support of Al-Sadr and Al-Kazemi. Published official information is not hopium. That's from your gurus over the past ten years and more who sold their followers an illusion of what the RI/RV entailed. Which had nothing to do with bank screens, redemption centers, Tier 1-4, etc.

Because all that was private information that created no real indication that the public was next. There is no hopium when it's coming from the source who is responsible for what is needed to reinstate their currency.

Which is something the local banks in Iraq were clued in on and given a deadline to connect to the digital platform that will handle all trades, stocks, bonds, shares, investments, and daily transactions.

That is not hopium. That's a deadline. What happens after or maybe even prior I am sure has been worked out between the IMF, AMF, and the CBI. Or you sure nothing has changed? I highly doubt that. You just don't read. You do know reforms come with these demands right?

The leader of Saraya al-Salam, Abu Duaa al-Issawi, confirmed today, Friday, to the Sadrist movement's demonstrators, that days separate them from achieving their demands.  

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MilitiaMan:  Sadr said we are not leaving the square until we get our demands met. Well they cleaned up the square today.. They apparently got what they needed.. Days away could mean many things to some. But, when crowds to the like of what we witnessed chanting take down the regime, is not on deaf ears.. That is serious. So, from the looks of it they left the square and cleaned up on the way out.. Very bullish sign that the needs of the citizens and Sadr were met and now we watch for the implementation of those needs.. imo ~ MM

Tivon at KTFA "Theft By Counterfeit" Thursday 8-4-2022

Tivon:  Theft By Counterfeit: 

Listen, you all will have to be mindful of the fact that you hold currency that some bank tellers will be tempted to confiscate by telling you your money is inauthentic and keep it for themselves and exchange it later.

A lot of people work jobs out of survival. Not because they love it. So they will take advantage of any opportunity to escape the drudgery of a 9-5 if it means taking advantage of naive customers who are not privy to schemes that are redundant practices unbeknownst to the general public.

Some of them are and were skeptical of the foreign currency swap that would yield large returns simply because of the improbably nature of something of this magnitude being allowed or accessible to the common man without investing a large sum of money from the onset to get the type of (ROI) that is promised.

So you have to guard your currency and do not allow them to keep it without validating the reason with undeniable evidence that what you hold is invalid.

What is a dead give away is them not destroying the currency in front of you. If they take it out of your view and not shredding it you may have some "Theft by Counterfeit" perpetrators on your hand.

 If a bill is counterfeit, it is sent to the Secret Service. But if it's merely unfit by the Fed's standards, then the machine shreds it.

Those shredded notes are sent to landfills or packaged and provided as souvenirs to the public on Federal Reserve Bank tours.

So if I were you I would only deal with provisional overhead in their department. Because this type of money is to large for your average bank teller anyway. So there really is no reason to deal with them.

Once in the bank ask for the manager. Inform him you have IQD and would like to discretely exchange and deposit a small amount until you figure out what your next move is.

If they want to authenticate your IQD give them the smallest bill you have and you want to see them destroyed in plain view if they are found to be fake.

There should only be two people in the room. You and the person in question. Imo

4Cash:  IMO Tivon, very good information for everyone that is a holder of the Iraqi Dinar!!!

Edna:  Best advice I've [ever] heard concerning this aspect of exchange. Concise, straight to the point and easy to digest.    Thank you.

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Tivon:  Comex 589

Basel 3 Compliant 

ISO-20022 

These three things above should always be the deciding factor as to who you decide to bank with. I don't care about the title or name of the bank. If they are not operating within those parameters then you should not put your money in any of those banks.

Especially if they are not Basel 3. Then you should go from there. How much insurance can they cover. If you are comfortable with that. Then the next question should be about the interest. And you know just build from there.

Because you have to have the next 10-15 years or more in mind when you are handling money with bank institutions. Especially credit.

Russia is the first country that does not have a Rothschilds Draconian system that is bleeding their citizens dry through predatory lending practices. These banks would borrow money from the Federal Reserve at 2% intrest. But charges you 7-8% intrest on a house loan from money they don't even physically possess in their vault.

It only exists on a computer. Yet, you are paying real money on fake money throughout your career that ends up being way more than the interest the bank had to pay in order to even write up the deal in the first place.

Guess what? If the banks follow those three banking rules above they will not be able to do this anymore. Because "The Gold Standard" alone by it's very existence promotes fiscal responsibility where money printed out of thin air will no longer be standard procedure. Imo

 (Dinar Recaps Note: This post is for informational purposes only.  It is not legal, tax or investment advice.  Dinar Recaps advises that everyone should do their own due diligence and seek local Professional tax, legal and/or investment advisers.)

Some "International News" Posted by Samson at KTFA 8-4-2022

KTFA:

Samson:  Russia Adopts Measures To Abandon The Dollar And The Euro

4th August, 2022

The Russian Central Bank intends to speed up the procedures for the gradual abandonment of the use of foreign currencies, and in this context, additional measures will be taken to reduce banking operations in dollars and euros.

This came within a report of the Bank of Russia (the Russian Central Bank) on the development of the financial market in Russia in light of Western sanctions.

The Russian Central Bank said in the report: “In the current conditions, it seems that the gradual abandonment of the use of the currencies of unfriendly countries in the course of the internal and external payments is inevitable. 

The central bank will help speed up the process of reducing the volume of banking operations (in dollars and euros) by introducing additional regulatory measures.”

The Russian Central advises the government to issue directives to state-owned companies on transferring money they own from the currencies of unfriendly countries (the dollar and the euro) to the currencies of other countries.

Since last February, Western countries have begun freezing the foreign assets of Russian banks, as well as limiting the operations of Russian banks linked to the world's major reserve currencies, and the Russian Central indicated that these currencies have become "toxic" for use in international and domestic payment transactions.  LINK

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Samson:  World Bank: Commodity Prices In Iraq Have Risen 7% Over The Past Two Months

4th August, 2022

In a report, the World Bank warned of the danger of continuing high inflation in most low- and middle-income countries, noting that the share of high-income countries, noting that Iraq witnessed a rise of 7.6 in foodstuffs.

Lebanon ranked first globally on the World Bank's index of food price inflation, surpassing Zimbabwe, which came in second, and Venezuela in third place. This indicates the magnitude of the challenges ahead for Lebanon, which suffers from a severe crisis in its food security.

The World Bank warned of the danger of persistent high inflation in most low- and middle-income countries, noting that the share of high-income countries that face high inflation is witnessing a sharp increase in their rates as well, and published a list of the ten countries most affected by inflation and high prices. His statistics for the year 2022 showed that the prices of food and beverages continued to rise in many countries of the Middle East region compared to the same period last year. 

He attributed the direct cause of this reality to the Russian war on Ukraine, as the Middle East and North Africa region relies heavily on the Black Sea region for wheat consumption, stressing that the war in Ukraine “threatens poor countries with a food crisis and overlapping debt.”

While the report indicated that wheat is one of the staple foods in the Middle East and North Africa, the war in Ukraine is causing disruption in the wheat supply chain, causing critical problems in food security in the region. 

As a result, the CPI for food increased significantly in most countries of the region, with Egypt (24.2 percent), Morocco (9.5 percent), Iraq (7.6 percent), Lebanon (216 percent), and (Syria 71 percent). ), Yemen (43 percent), Palestine (8.1 percent), and most of these countries are facing severe wheat shortages.   LINK

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Samson:  Representatives of 40 countries announce their participation in the Russian East Economic Forum

4th August, 2022

Anton Kobyakov, Executive Secretary of the Organizing Committee of the Eastern Economic Forum, said that representatives of more than 40 countries have confirmed their participation in this year's economic event held in the Russian city of Vladivostok.

"This great interest in the East Economic Forum confirms that the forum has become the most popular global business platform for expanding international cooperation in the Asia-Pacific region. We expect the participation of foreign leaders and distinguished guests,"

Ross Congress quoted Kobyakov, who is an advisor to the Russian President, as saying. the level".

The official noted that the event organizers have prepared a rich business program that includes topical issues related to the development of far East the global and regional economy and international cooperation, as well as discussing ways to overcome the economic crisis that threatens the world.

"Today we have already found ourselves in a new reality, our main task, formulated in the main title of the forum "On the way to a multipolar world", is to rebuild business activities, find new support points for economic cooperation and growth," Kobyakov added.

Will be held World Economic Forum from 5 to 8 September in the city of Vladivostok Russian on campus far East federation. Forum activities include more than 70 trade events.   LINK

Samson:  Israel enforces ban on personal cash transactions over $4,360 to curb financial crime

4th August, 2022

Israel enforced a ban on personal cash transactions over $4,400 between private citizens, and a limit of $1,700 on business transactions, according to local media reports.

The rule, which came into effect on August 1, was a part of the Israeli tax authority’s way of fighting organized crime, money laundering, and tax evasion, i24 News reported.

Previously, individuals could transfer up to $14,700 in cash and up to $3,200 for business deals, i24 News reported, citing Israeli outlet Globes. “The goal is to reduce cash fluidity in the market, mainly because crime organizations tend to rely on cash. By limiting the use of it, criminal activity is much harder to carry out,” a tax authority official Tamara Bracha was quoted as saying by The Media Line.

Attorney Uri Goldman, reportedly an expert in tax civil and criminal law, and money laundering according to The Media Line, was quoted in the report as saying: “When the bill passed there were over a million citizens without bank accounts in Israel. The law would prevent them from conducting any business and would, practically, turn 10 percent of the population into criminals.”

The Media Line report clarified that there would be exemptions to the new law including charitable institutions and trade with Palestinians from the West Bank who are not Israeli citizens.

For Israeli-Palestinian trade, large cash deals will reportedly be allowed provided that a detailed report is presented to Israel’s Tax Authority, The Media Line reported.  LINK

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Iraq:

Samson:  Work : Recovering 100 billion dinars from social welfare abusers

4th August, 2022
The Ministry of Labor and Social Affairs announced the recovery of 100 billion dinars from the trespassers on the social care network.

The Director-General of the Department of Social Welfare in the Ministry, Zikra Abdel Rahim, told the "Duty of Frankness" program, which is shown on Al-Iraqiya News, followed by the Iraqi News Agency (INA), that "social care must be temporary," indicating that "we are working on social welfare reform with the participation of international organizations." 

She added, "The reform of social welfare will take a year and a half," stressing that "we recovered 100 billion dinars from those who abused social welfare."

She pointed out that "300,000 families are waiting for financial allocations to be included in social care." LINK

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Samson:  Saraya Al-Salam Official For The “Corrupt”: Your Days Have Become A Number

3rd August, 2022

The General Officer of the Peace Brigades, Tahseen Al-Hamidawi, said Wednesday, that the days of the "corrupt" have become a number.

Al-Hamidawi said in a post followed by Earth News, "The revolutionary Hussein (peace be upon him) is our role model and his great revolution is our school, and we are only students of the reform revolution that our honorable Al-Sadr masters followed."

He added, "O corrupt people, your days have become a number."   LINK

Tivon and KTFA Members "News and Veiws" Thursday 8-4-2022

KTFA

RE: KTFA Wednesday Night CC :  https://fccdl.in/B5IZxy6LaD

Tivon:  Are you serious? Are you not entertained? Do you see how it pays off to stay in the game? Look where you are right now.

Let me get this straight. The IMF gave the the CBI 30 days. The CBI basics gave banks 25 days. The SWIFT basics have all banks until November. Guys do you see what is happening? Deadlines. You have no reason to doubt anymore. This is over.

Frank had the most informative call with boots on the ground confirming everything that basically spread as just rumors but from trusted sources none the less.

You are about to cross the finish line.

Tivon cont…..Frank hinted at Al-Kazemi basically already having his government which can go multiple ways which can work either way as he mentioned.  He can introduce or dissolve. Or dissolution or introduce. But guess what? It doesn't matter because the CBI will still only have days to change the rate. So we don't have to concern ourselves with the political side.

 I always told you guys Al-Kazemi wants this done now. And what did you hear on the call? That he made a deal with the CBI.

You guys should be preparing to step into an entire new lifestyle. Things are moving for you. All you had to do was be patient. This is why I stayed on the EFSL like my life depended on it because once I done the homework I knew Al-Kazemi changed the entire landscape of this investment to speed it up and take it out of the hands of those who would have kicked thus down the road even further.

Shout out to everyone that played a huge part in keeping us informed. We all deserve credit for even having the mental tenacity to stick around this long. What a ride it has been.

Congratulations to you all. Take your bow.

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BlaqueBeauty:  Yeah boyi IMO per Mr Frank ub2b...Kazemi has his government..he doesn't need to seat it kaboom

Tivon:  Right, something that was stated many times even prior to the call. Who can you possibly sit when the elections don't start until months from now? That's the entire purpose of an interim government.

I told everyone Al-Kazemi didn't need to wait for no one. Once dissolution happens he becomes everything he needs to be to jump start everything in the EFSL. This is why I stayed on this case. This is why so many political hit pieces were created. They actually thought they had the citizens so brainwashed that they would fall for the smear campaign to sway favor away from Al-Kazemi so he wouldn't have enough support to get things done. Boy they were wrong.

Maybe in 1995 up until 2005 before social media took off it basically stole the thunder that television once had. This was what the government underestimated. They never knew how powerful alternative media would become.

Generation Z to Millineals tuned out from television a decade+ ago. Unless some dance, singing, or award show was on nobody was sitting around waiting for what Anderson Cooper or Rachel Maddow had to say. Especially Barbara Walters.

 That's why they had to resort to infotainment when it came to political satire from the John Stewart Daily Show or the Stephen Colbert Show. That's the only thing that made politics somewhat interesting. Trevor Noah was basically handed a sinking ship.

Anyway I can go on and on. Goodnight KTFA. Imo

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DoTalktoMe:  We are aware that banks were told they have until the 15th to be ready. Implies RI will be after that time frame.

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Samson:  34 fraudulent customs transactions were seized at the port of Umm Qasr Al-Awsat port

3rd August, 2022

Wednesday, the Border Ports Authority announced the seizure of 34 forged customs transactions at the port of Umm Qasr Middle Port

The authority said in a statement, "Under the supervision and follow-up of the head of the Border Ports Authority, Major General Omar Adnan Al-Waeli, and to complete the qualitative operation carried out by us yesterday, which resulted in the seizure of (10) forged customs transactions for (engine power) wheels that were smuggled from the warehouses of Umm Qasr Al-Awsat Port. The same ports were seized (34) from forged papers and other priorities (for engine power)

She added, "After setting up a tight ambush, the suspect involved in these operations was arrested, the necessary legal measures were taken, and he and the forged priorities were referred to the competent authorities to complete his papers and investigative procedures," noting that "the Border Ports Authority is determined to pursue those who tampered with economic security, in addition to continuing And in a field and technical way, with electronic auditing and matching, to prevent any case of smuggling, manipulation, fraud or waste of public money

And she continued, "so that the corrupt and smugglers know that the authority will always be the striking hand to prosecute them, hold them accountable, and punish them according to the law to raise the level of work and achieve government directives and recommendations  LINK

Samson:  Mr. Al-Hakim: The political system has determined the mechanisms of reform and change from within, and we support Al-Kazemi’s initiative

08/04/2022 13:10:56

The head of the State Forces Alliance, Mr. Al-Hakim, indicated today, Thursday, that the political system has defined the mechanisms of reform and change from within, pointing to its renewed support for the initiative put forward by Prime Minister Mustafa Al-Kazemi.

And his media office stated in a statement received by {Euphrates News} that "the developments of the political scene in Iraq and the region and the strengthening of bilateral relations between Iraq and Britain are files that we discussed during our meeting with British Ambassador Mark Brighton," stressing the need for dialogue between political parties under the roof of the homeland and the national interest.

According to the statement, Mr. Al-Hakim added, "Change and reform need to adopt legal and constitutional contexts for its implementation," noting in this context that the political system has defined mechanisms for reform and change from within, and we renewed our call for all political forces to assume their responsibilities towards the current political situation.

Mr. Al-Hakim reiterated our support for the initiative put forward by the current prime minister, indicating "the importance of bilateral relations between Iraq and the countries of the world."

While stressing the maintenance of communication and interests in a way that serves the interests of Iraq and preserves its sovereignty.  LINK

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Samson:  After al-Sadr's call to dissolve Parliament, a legal expert draws a roadmap for constitutional procedures

3rd August, 2022

Legal expert Ali Al-Tamimi, 08/03/2022, clarified the roadmap for constitutional procedures to achieve the demands of the demonstrators.

Al-Tamimi told Al-Masala that declaring a state of emergency is the key and the beginning of solutions, and it is announced in accordance with Article 61 ninth of the Iraqi constitution, whereby the Al-Kazemi government is empowered with extended powers and subsequent constitutional procedures and is authorized to administer the elections after the parliament is dissolved.

He added: The second step for Parliament is to dissolve itself according to Article 64, first of the constitution, and to set the date for early elections after the Al-Kazemi government completes its constitutional procedures. He added that Al-Kazemi and the President of the Republic would issue an order to freeze the constitution and to form a temporary committee to issue a temporary constitutional document by which the country would be run before the elections.

He added that at the same time, he formed a specialized body of an appropriate number of specialists to write a new constitution for the country according to a new political system. And he indicated that early elections should be held in accordance with the interim constitutional document until a referendum is held on the new constitution, which should be temporary.

He resumed saying: If the political system is transformed into a presidential or semi-presidential, the status of the Kurdistan region will be regulated by a special law legislated according to the new constitution. He concluded his speech by saying that a specialized court must be formed and tried by a decision of the Supreme Judicial Council to try the corrupt and those who caused the fall of Mosul, with retroactive effect.

The leader of the Sadrist movement, Muqtada al-Sadr, had called for early elections after the dissolution of the current parliament, noting that the old faces would not have any presence during the supposed upcoming elections.  LINK