KTFA Monday Night CC "3...2...1…LIFT" 8-28-2023

KTFA

Monday Night Conference Call

FRANK26….8-28-23…..3...2...1…LIFT

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

Frank’s team is Walkingstick, Eddie in Iraq and guests

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… ORANGE= IMPLEMENTATION

https://www.youtube.com/watch?v=fqftPuBc9Rk

KTFA Members "News and Views" Thursday PM 8-24-2023

KTFA:

Clare:  Saudi Foreign Minister meets Iranian President on the sidelines of the "BRICS" summit

8/24/2023

Saudi Foreign Minister Faisal bin Farhan met today, Thursday, with Iranian President Ibrahim Raisi.

Tasnim International News Agency reported that the two sides held short talks on the sidelines of the BRICS summit.

Six new countries have joined the "BRICS" group, according to what was announced by South African President Cyril Ramaphosa during a summit of the group in Johannesburg.

As of January 1, 2024, Iran, Saudi Arabia, the United Arab Emirates, Egypt, Argentina and Ethiopia will join the group of emerging countries seeking to enhance their influence in the world.

It should be noted that Iranian-Saudi relations have recently witnessed several developments, and Iranian Foreign Minister Hussein Amir Abdollahian visited Riyadh, while the two sides exchanged invitations for King Salman bin Abdulaziz and his crown prince, Mohammed bin Salman, to visit Tehran, and for Ibrahim Raisi to visit Riyadh.    LINK

Clare: Banking reform file.. The Governor of the Central Bank discusses it with the World Bank delegation

August 24, 2023

His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Al-Alaq, received today, Thursday, a high-ranking delegation from the World Bank headed by Mr. Farid Belhadj, Vice President of the World Bank for the Middle East and North Africa.

During the meeting, they discussed the efforts of the Central Bank of Iraq to organize and consolidate external transfers in accordance with compliance requirements and international standards, and to encourage merchants to enter the electronic platform to buy dollars by providing facilities and simplifying tax and customs procedures that the government is making anticipated amendments to.

The meeting discussed granting small loans through the "Riyada" bank, which will be responsible for providing various loans with the support of the Central Bank of Iraq and private banks, and working to establish a loan guarantee company, as well as paying attention to compliance and risk standards for the development of the banking sector.

The meeting dealt with the conditions of government banks, which constitute approximately 80% of the size of the Iraqi banking sector, and dealt with plans to improve their work, including amending their internal systems to implement institutional governance issued by the Central Bank, and plans to restructure those banks.

In turn, the World Bank delegation praised the efforts and procedures of the Central Bank of Iraq at all levels, expressing its readiness to provide any advice or technical expertise in these areas, and to continue implementing the programs it is working on with the Central Bank.

The Central Bank of Iraq, 
Media Office, 
August 24, 2023

https://cbi.iq/news/view/2405

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Turk182:  Doesn't Today mark the "30-Days" that the Court gave Iraq/CBI to Enact/Implement/Open/Spend/Etc on their 2023, 2024, 2025 Budget that was Officially Posted in the Gazette back on Monday, June 26th 2023?

Just curious, will the Courts be forced to intervene here in order to give the Citizens of Iraq that of which their Government has been promising them for 9+Months?

The beginning of the 3rd quarter was July, and end of the quarter is the end of September.
Frank was saying that thing's happen at beginning or end of a quarter on the call. He also said 30 days from July 26th. It will be what it will be. Whatever.
Will be excited when it's over.

Zeeman:  while you are correct remember Iraq is in the middle east and they do things on their time and not always when they are supposed to…. imo

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Clare:  The US ambassador meets with representatives of the World Bank to support the Sudanese government

8/24/2023   Baghdad:

The US Ambassador to Baghdad, Elena Romanowski, announced today, Thursday, the meeting with representatives of the World Bank, to support the efforts of Prime Minister Muhammad Shia Al-Sudani, to build the Iraqi economy.

Romanowski said, in her tweet: "I met with representatives from the World Bank and discussed ways to provide technical assistance and other ways in which the bank can support the efforts of Prime Minister Muhammad Shia al-Sudani to build Iraq's economy and provide world-class infrastructure to ensure a better future for Iraqis."  LINK

Al-Sudani launches a major tourism project: a landmark and architectural masterpiece in Baghdad

8/24/2023  Baghdad

Al-Sudani launches work on a project to build a large tourist complex in central Baghdad

Al-Sudani Office: The project includes a hotel and a residential complex implemented by the Qatari Investment Holding Company

Al-Sudani in a speech during his launch of the work on the project: I welcome the brothers from the State of Qatar and thank them for their initiative in implementing the first cooperation with Iraq

Al-Sudani: The project will be tourism, service and developmental

Al-Sudani: The promising cooperation between Iraq and Qatar has made a serious start

Al-Sudani: Baghdad today is the heart of commercial, cultural, political and economic activity

Al-Sudani: The tourism project will be a distinctive sign and an architectural masterpiece in the capital, Baghdad

Al-Sudani: Qatar has pioneering investment companies and experiences

Al-Sudani: Arab investment in Iraq is one of the gateways to partnership and integration

Al-Sudani: Iraq has promising investment opportunities, and the government provides the necessary support and facilities

Al-Sudani: Iraq has a solid base of resources, opportunities and capabilities   LINK

Wednesday Night KTFA CC "MOST URGENT ALERT!!!" 8-23-2023

KTFA

Wednesday Night Conference Call

FRANK26….8-23-23…..MOST URGENT ALERT!!!

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

Frank’s team is Walkingstick, Eddie in Iraq and guests

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… ORANGE= IMPLEMENTATION

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

Monday Night KTFA CC "AKI SAID" 8-21-2023

KTFA

Monday Night Conference Call

FRANK26…..8-21-23……AKI SAID…

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

Frank’s team is Walkingstick, Eddie in Iraq and guests

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… ORANGE= IMPLEMENTATION

https://www.youtube.com/watch?v=T5_utLkQfec

"Vietnam News" Posted by ToyVP at KTFA 8-18-2023

KTFA:

Toyvp:  Central bank tells lenders to cut credit interest rates

By Dat Nguyen   August 15, 2023 | 10:00 pm PT

The State Bank of Vietnam has instructed banks to lower their lending interest rates by 1.5-2 percentage points to support economic recovery.

They are required have to report their interest reduction plans by Aug. 25, and the results must be reported by Jan. 8 next year, it said.

The central bank has cut its policy rates three times since the beginning of the year to bring down loan interest rates amid economic challenges.

Following that, banks have cut their deposit interest rates from more than 10% to around 7.5% now.

Loan interest rates too have come down by 1-2 percentage points so far this year.

https://e.vnexpress.net/news/business/economy/central-bank-tells-lenders-to-cut-credit-interest-rates-4642337.html

ToyVP:  Nghi Sơn and Bình Sơn refineries forge extensive cooperation for efficiency

August 16, 2023 - 15:51

The joint initiatives between NSRP and BSR encompass resource sharing, expertise exchange, technical and maintenance services, collaboration in raw material and oil product exchange.

HÀ NỘI — Nghi Sơn Refinery and Petrochemical LLC (NSRP) and Bình Sơn Refining and Petrochemical Joint Stock Company (BSR) on Tuesday signed a Memorandum of Understanding (MoU) for comprehensive cooperation with the aim of enhancing the operational efficiency of Việt Nam's two largest oil refineries.

The MoU outlines joint initiatives between NSRP and BSR, encompassing resource sharing, expertise exchange, technical and maintenance services, collaboration in raw material and oil product exchange, as well as jointly exploring business development prospects.

The collaboration between NSRP and BSR dates back to 2013, with successful undertakings during the construction and operation phases of the Nghi Sơn petrochemical refinery. Notable aspects of their partnership include professional training for new staff, resource sharing in operation and production, personnel provision, and laboratory support.

The MoU signing event reaffirms the long-standing cooperation between NSRP and BSR, bolstering their close relationship and operational efficiency in managing and running the refineries.

So Hasegawa, NSRP's General Director, lauded BSR's unwavering support and foresaw even stronger collaboration through the MoU's implementation.

The partnership of Nghi Sơn and Bình Sơn refineries, two leading entities in Việt Nam's petroleum industry, promises sustainable growth. Amidst the volatile global petroleum market, their cooperation is pivotal in achieving stable and optimized operations, particularly in meeting the growing energy demand, especially for gasoline oil.

BSR, primarily owned by Vietnam Oil and Gas Group (Petrovietnam) with a 92 per cent stake, manages Dung Quất Oil Refinery in Quảng Ngãi Province. Established in 2009, it jointly supplies 70 per cent to 75 per cent of the nation's petroleum product needs alongside NSRP.

NSRP, located in Nghi Sơn Economic Zone in Thanh Hóa Province, is a joint venture involving PetroVietnam, Kuwait Petroleum Europe, Idemitsu Kosan and Mitsui Chemicals. With a capacity of 200,000 barrels of crude oil/day, NSRP is a significant provider of petroleum products within Việt Nam and exports certain petrochemical goods to neighbouring nations. — VNS  LINK

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ToyVP:  PM proposes Vietnam & Israel boost cooperation in innovation and high-tech

Vân Nguyễn - August 17, 2023 | 08:30 GMT+7

Visiting Israeli Minister of Economy and Industry welcomed by PM in Hanoi on August 16.

Prime Minister Pham Minh Chinh receives Israeli Minister of Economy and Industry Nir Barkat in Hanoi on August 16. Photo: VGP

Prime Minister Pham Minh Chinh recommended that Vietnam and Israel further boost their cooperation in the fields of innovation and high technology while receiving Israeli Minister of Economy and Industry Nir Barkat in Hanoi on August 16, the Government News reported.

He also proposed that the two countries coordinate in organizing trade promotion and exchange activities and increase the export of products that are strengths of Vietnam, such as agricultural and seafood products, fruit and vegetables, processed food, and household appliances, to Israel.

The Prime Minister suggested that the two countries enhance the effective implementation of cooperative mechanisms, quickly implement the Vietnam-Israel Free Trade Agreement, and initiate negotiations for the signing of cooperative agreements in industry.

Minister Barkat said Israel is working to coordinate with Vietnam to quickly complete relevant procedures so that the Vietnam-Israel Free Trade Agreement can soon take effect.

He agreed with promoting connections between businesses in the two countries and fostering cooperation in the fields of high technology, medicine, the fight against desertification, marine development and aquaculture, and, especially, innovation.

https://en.vneconomy.vn/pm-proposes-vietnam-israel-boost-cooperation-in-innovation-and-high-tech.htm       Vietnam Today

ToyVP:  Shares volatile on higher liquidity

August 18, 2023 - 03:38

Việt Nam's stock market was experiencing a notably volatile phase on Thursday with continuous fluctuations in the indexes.

HÀ NỘI — Việt Nam's stock market was experiencing a notably volatile phase on Thursday with continuous fluctuations in the indexes.

On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index concluded on a bearish note, losing nearly 0.79 per cent to close at 1,233.48 points.

Market breadth was negative with 150 gainers and 320 losers.

Liquidity increased with more than one billion shares worth VNĐ25.6 trillion (US$18 million) being traded, up 18 per cent in volume and 22 per cent in value over Wednesday’s levels.

Similarly, the VN30 Index which tracks the top 30 shares by market cap and liquidity saw a decline of 0.73 per cent, closing at 1,247.82 points.

In the VN-30 basket, 10 stock roses and 19 stocks experienced a drop.

Among the major industry groups, retail, particularly in technology goods, holds significant prominence. Several gainers in this sector, such as Mobile World Investment Group (MWG), FPT Corporation (FPT), stood out with growth of 0.2 per cent and 1.1 per cent, respectively.

In addition, the electricity and food & beverage industries also displayed a relatively balanced correlation between increases and decreases. However, the real estate, construction, iron and steel, securities, oil and gas, and banking sectors were all in the red, indicating significant declines.

Banking group performed poorly with many losers such as Military Bank (MBB), Asia Commercial Bank (ACB), Bank for Investment and Development of Vietnam (BID), VPBank (VPB), Sacombank (STB), Tiên Phong Bank (TPB), Techcombank (TCB).

Petroleum stocks also suffered with losers such as Việt Nam National Petroleum Group (PLX), PVPower (POW), PetroVietnam Gas JSC (GAS), PetroVietnam Drilling & Well Services Corporation (PVD), PV OIL (OIL), Bình Sơn Refinery (BSR) and PetroVietnam Technical Services Corporation (PVS).

On the Hà Nội Stock Exchange, the HNX-Index was down 1.03 per cent to end at 249.97 points.

More than 137 million shares worth VNĐ2.4 trillion were exchanged here. — VNS LINK

ToyVP:  IMO More liquidity is a good sign. 

From Investopedia: 

"Liquidity refers to the efficiency or ease with which an asset or security can be converted into ready cash without affecting its market price. The most liquid asset of all is cash itself …The more liquid an asset is, the easier and more efficient it is to turn it back into cash. Less liquid assets take more time and may have a higher cost."

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ToyVP:  Derivatives market sees remarkable growth in last 6 years

August 17, 2023 - 08:50

In the last six years, the average growth of VN30 index futures contract transactions was 27.46 per cent.

HÀ NỘI — The derivatives market has experienced stable growth with dynamic trading activities and more investors after six years of operation, according to the Hà Nội Stock Exchange (HNX).

August 10 marked the opening of the derivatives market and its first product of the VN30 index futures contract.

The exchange said that the derivatives market has gradually become a risk-hedging tool for investors, which is partly reflected in the increases in trading volume on the market when the primary market fluctuates strongly.

It also helps ease the selling pressure on the primary market, stabilising investor sentiment, balancing the market and capping losses of the primary market's benchmark index.

For example, when the market tumbled due to the impact of the COVID-19 pandemic in 2022, the liquidity of the derivatives market soared by 43.8 per cent over the previous year. This was consistent with the general movements of the global derivatives market, when the global primary markets entered the downtrend, leading to the cash inflow into the derivatives market as demand for safe-haven increased.

According to HNX, the market size and liquidity of the VN30 index futures contract grew strongly at an average of 38.65 per cent during 2018-22. Particularly, 2020 witnessed the highest growth rate of 79.9 per cent over 2019, followed by the growth speed in 2022, up 43.8 per cent on-year.

In the first seven months of 2023, the average trading volume reached 225,178 contracts per session, down 17.41 per cent year-on-year, but still the second-highest average annual transaction, only after the record set in 2022.

In the last six years, the average growth of VN30 index futures contracts was 27.46 per cent.

The derivatives market is also a profitable investment channel for investors. With two-way trading and being able to buy and sell continuously during the session, investors can make profits even when the primary market plummets.

As a result, the number of derivatives trading accounts has continuously risen. As of the end of July, there were more than 1,3 accounts on the market, 546 times higher than the beginning period, said HNX.

The derivatives market is an effective solution to hold cash flow in the stock market, avoiding investors fleeing from the market when the primary market declines.

Moreover, the strong growth of the derivatives market has attracted the attention of foreign investors. Transactions of foreign investors on the market edge higher every year, with the amount of the next year usually increasing by 2-3 times the previous year.

In July, foreign investors' transactions accounted for 3.47 per cent of the total trading volume in the whole market compared to 0.1 per cent at the end of 2017.

HNX said that the derivatives market plays an increasingly important role in promoting the development of the country's stock market, contributing to perfecting the stock market structure, and meeting one of the mandatory conditions for the stock market to be considered for an upgrade from frontier market to emerging market in the near future.

To further promote the role of the defensive status as well as an effective investment channel, and to meet the diverse needs of investors, the derivatives market needs to introduce more new derivative products such as futures contracts on the VN100 index, HNX said. — VNS LINK

Wednesday Night KTFA CC "IT’S NOT A DELAY!!!" 8-16-2023

KTFA

Wednesday Night Conference Call

Frank26……IT’S NOT A DELAY!!!

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

Frank’s team is Walkingstick, Eddie in Iraq and guests

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

Member: What does franks suit color mean?

Frank26:  ORANGE= IMPLEMENTATION

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=3oQVni07zBg

KTFA Members "News and Views" Wednesday Afterenoon 8-16-2023

KTFA:

Clare:  Announcing the auction of remittances to the Central Bank of Iraq

August 16, 2023

 We would like to inform you that the auction for traditional money transfers to the Central Bank of Iraq has been announced for a period (14) days with the number ( B303 ), and implementation will be on 8/23/2023, according to the details included in the announcement published on the Central Securities Deposit System ( CSD ), and banks can start By submission starting from the date of the announcement until the day of implementation.

https://cbi.iq/news/view/2401

Giants:  FINAL ARTICLE #3223

"THE IQD IS ABOUT TO OVERTAKE THE USD... AND THAT IS THE GOAL OF THE MONETARY REFORM"......F26 The Sudanese government acknowledges the experience of dollar speculators and counts on September

Giants:  IMO... There is an article from the CBI director today that says it is impossible to float the currency until they start trading in other currencies.  This annoucement with the attached article give further clarity as to why they expect a huge decline in the exchange rate, if they do indeed start dealing in other foreign currencies on the 23rd of this month.  Just put the pieces together to this Giant RV puzzle and you will begin to see the full picture.  We may have to wait a little while longer...but we're moving in the right direction.

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FINAL ARTICLE #3203

"THE BUDGET IS READY FOR THE NEW EXCHANGE RATE IMMEDIATELY"..........F26

Clare:  Al-Sudani issues directives immediately after the budget enters into force

8/8/2023         Baghdad - 

Today, Tuesday, the Prime Minister, Mohamed Shia Al-Sudani, issued two immediate directives to ministries and entities not associated with a ministry.

A statement from his office stated, "The Prime Minister, Muhammad Shia'a Al-Sudani, directed, during his presidency of the thirty-second regular session of the Council of Ministers, today, Tuesday, that the ministries and agencies not associated with a ministry should immediately start implementing the projects and targets contained in the government program, which have completed their technical, financial and legal requirements."

 And updating the priorities for implementing projects in light of the allocations and within the framework of the five priorities of the government, which were included in the ministerial curriculum, and focusing on service projects with advanced rates of achievement that serve large sectors of citizens, provided that the Ministry of Planning is provided with the project requirements no later than August 15, 2023. .

He also directed, according to the statement, the Ministries of Planning and Finance to "prepare a detailed position on the financial allocations for the executive procedures (operational and investment) for the government program, each according to its competence, in accordance with the budget law and its instructions, no later than August 24, 2023."

Giants:  IMO...Now add this to what I posted earlier and you start to wonder why no later than August 24th?

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Giants:  MO...This is for reference from my two previous posts.

FINAL ARTICLE #3197

 "CBI SECURES DEPOSITS OF ISLAMIC BANKS AS THEY PREPARE TO GO INTERNATIONAL".........F26

 Announcement of the Islamic certificates of deposit auction

August 07, 2023

We would like to inform you that the auction of Islamic Certificates of Deposit No. ( ICD119 ) has been announced with a deadline of (14) days, and the date of implementation of the auction will be on Sunday 8/13/2023, according to what was published in the Central Depository System for Securities CSD , and Islamic banks can participate since the date Publication of the advertisement until the day of implementation.

https://cbi.iq/news/view/2398

Clare:  We will not print dinars except under conditions.

Indomie is beyond need and fraudulent Iraqis... A detailed presentation of Al-Alaq's statements about the dollar crisis

8/16/2023

The Governor of the Central Bank, Ali Al-Alaq, presented, on Wednesday, a detailed presentation on the exchange rate crisis, and controlling the critical balance between dollar supply and demand for it. Finance".

Al-Alaq said, in the presence of a number of representatives of media institutions, that international financial agencies have investigated “strange imports,” including large quantities of indomie, even the US Federal Bank asked about the fact that “Iraqis love indomie so much.”

Al-Alaq ruled out the central bank's resort to printing the dinar to secure the budget's need, "unless we get an equivalent foreign currency."

The statements of the Central Bank Governor during a media meeting, attended by the 964 Network correspondent:

"Some of the matters that go out to the media entail external positions and conditions that we face with organizations and others (…) They cite clips and media statements that embarrass us, so that some international banks turned their face away from Iraq because of what is happening.

What has happened in recent years is the fight against money laundering and terrorist financing and the issuance of sanctions against some countries.

The procedures have become strict due to US sanctions on some countries, because they have sovereignty over their currency, the dollar, and this created a kind of restriction.

The local currency is covered by the reserve, which is subject to protection from the foreign balance.

The balance is limited by a ceiling, but the use of several accounts affected the situation (…) We used to cover 4 million dollars a month, and in one day it jumped to 100 million.

People do not know that it is being monitored, especially card purchases. Smugglers are now smuggling only a small part of card money at airports, and the international observer said that the Iraqi people are smart, because they circumvented all procedures.

The Iraqi gold reserves are 132 tons, and the future of the currency reserves is linked to the yellow metal (…) I personally support this vision.

Selling dollars and foreign transfers has become at a high level of transparency, and we have made huge strides in combating money laundering and terrorist financing.

All parties have become alert, and are checking before passing any transaction, so as not to pose any threat to Iraq.

The daily newsletter does not mean that all sales are executed, some of which are suspended or rejected.

International committees have begun to investigate strange imports to Iraq. For example, indomie, they ask us about the truth about the large quantities imported, is it true (...) we tell them that the new generation is addicted to it.

Auditing on the platform led to negative effects, due to the reluctance of traders to use it.

It is not possible to float the dinar in Iraq, because we do not have diversified sources of foreign currency.

The central bank must supervise monetary policy and stay away from the crisis that took a lot of its energies and time.

We oppose the arrest of merchants, I informed the Prime Minister of that, and the solution lies in addressing the crisis from its roots, by stopping the collection of dollars and delivering them to speculators.

The Central Bank did not specify a specific share for banks, i.e. any bank can enter the currency sale window for any amount.

Previously, we defined the ceiling, and the goal was to encourage as many drains as possible to deal with the window.

Banks that committed themselves and agreed with a respected intermediary bank, their transfers became easier (…) and for this I was focusing with the banks on the need to find a network of correspondent banks abroad.

The sums that the government withdraws are illogical, because they depend on the guarantee of the oil price. The latter was not stable, and it will not be, and the solution is to conduct calculations “month by month,” not annually.

We will not print more dinars, unless we obtain an equivalent foreign currency, and withdraw the damaged to avoid inflation (…) and linking budget allocations to the balance is incorrect."

Monday Night KTFA CC "A MAJOR INCREASE IN THE IQD" 8-14-2023

KTFA

Monday Night Conference Call

FRANK26…8-14-23…..A MAJOR INCREASE IN THE IQD

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

Frank’s team is Walkingstick, Eddie in Iraq and guests

Special Report from Walkingstick tonight

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=ZdkHXoROYSk

KTFA Members "News and Views" Monday Afternoon 8-14-2023

KTFA:

Clare:  A delegation from the regional government will visit Baghdad tomorrow, and two laws are on its agenda

8/13/2023

The spokesman for the Kurdistan Regional Government, Bishwa Hawrami, announced that a delegation from the Kurdistan government will visit Baghdad this week.

 Hawrami said, in a press statement, that: "A delegation from the Kurdistan Regional Government will visit Baghdad on Tuesday (August 15) to discuss the implementation of the financial budget law."

He explained that "the delegation will discuss the oil and gas law in Baghdad, and will include representatives of the Ministry of Natural Resources and experts in oil and gas." 

It is noteworthy that a delegation from the political bureau of the Kurdistan Democratic Party arrived in Baghdad on August 7, and held meetings with the coordination framework and Prime Minister Muhammad Shia al-Sudani, which focused on the non-implementation of the agreements under which the current government was formed.

On August 5, the Ministry of Oil said, after a meeting that included Foreign Minister Fuad Hussein and Oil Minister Hassan Abdul Ghani, a delegation from the Kurdistan region, governors of oil-producing provinces, and advisors to the prime minister, that the meeting came as part of the legislative reform package that came in the government curriculum, specifically what came in the twenty-third axis. Regarding the preparation of a draft oil and gas law to expedite the completion of this project and with the participation of all relevant parties in this strategic national project. 

The meeting discussed, according to the statement, "the importance and objectives of the law and the need to implement it as soon as possible, with the participation of the region, oil-producing governorates and representatives of the Prime Minister's Office," noting that the atmosphere of the meeting was positive. 

The meeting resulted in the following recommendations:

1- Forming committees to follow up on this issue and organizing subsequent meetings.

2- A working paper is presented by the committees on the basis of the vision presented by the ministry, the Kurdistan Regional Government and the producing provinces in light of the discussions that took place during the meeting and the previous discussions to be studied by these committees, leading to the preparation of the final draft of the oil and gas law.

Since 2007, the oil and gas bill has been sent to parliament 3 times, political differences preventing it from being passed each time.

Besides the 2007 draft, the Iraqi government prepared two projects in 2008 and 2011.

The first draft of the oil and gas law, prepared in 2007 by the Iraqi government, consisted of 43 articles, and disagreements between the Kurdistan Regional Government and the federal government prevented its approval.  

The draft stipulated the formation of a federal council for oil and gas by the Iraqi government that would determine the oil policy in Iraq, in which the Kurdistan region would be represented with the rank of minister.  

In 2011, the Iraqi parliament discussed a draft oil and gas law consisting of 49 articles, without being able to pass it either. 

It is noteworthy that the Federal Supreme Court ruled on (February 15, 2022) the "unconstitutionality" of the oil and gas law approved by the Kurdistan Parliament in 2007, obligating the Kurdistan Region to hand over its oil to the federal government.  LINK

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Turk182:  IMHO - They have no other choice than to change the value of their Iraqi dinar NOW, they don’t have the luxury of kicking the can down the road any longer.

Too many contracts/MUA’s are Have been executed and can no longer sign in a pause mode.

the Iraqi Citizens can no longer wait for what they were PROMISED…THE TIME IS NOW

Texas2018:  Turk182, I agree and hope you are correct.  Prime Minister Al-Sudani set a timeline for Tuesday to begin implementation of service projects.  He put out a timeframe for the operational and investment portion on August 24th.  I presume those dates will start the allocation process.  Hopefully, the distribution and expenditure stages follow quickly.   I believe Walkingstick informed Frank the budget opening will initiate the monetary rate change. Hopefully, the CBI will finally take their foot off the private sector's throat.

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Turk182: Iraqi Tripartite Budget for (2023, 2024 & 2025) - OFFICIALLY Posted in Gazette on Monday, June 26th, 2023

For Those Kids keeping score at home:
 
From and including: Monday, June 26, 2023
To, but not including Monday, August 14, 2023

Result: 49 days

It is 49 days from the start date to the end date, but not including the end date.

Or 1 month, 19 days excluding the end date.

49 days can be converted to one of these units:

4,233,600 seconds

70,560 minutes

1176 hours

49 days

7 weeks

13.42% of 2023

The Iraqi Government gives new meaning to the phrase, "At A Snails Pace"

Clare:  State banks are looking into internal systems and automation

8/13/2023

 The Director General of Al-Rafidain Bank, Maher Hussein Rashid Agency, chaired today, Sunday, a meeting in the general administration of the bank, which included the Director-General of the Legal Department in the Ministry of Finance, Muhammad Hamza Mustafa, and the directors of some government banks, in the presence of representatives of the Central Bank of Iraq.

A statement by the Rafidain Bank, of which {Euphrates News} received a copy, said, "The meeting reviewed what has been achieved in terms of the draft internal regulations for government banks and the observations that were put forward at the previous meeting, in accordance with the directives of the Ministry of Finance and the Central Bank of Iraq."

The director of the Rafidain Bank confirmed, according to the statement, that "the goal of changing the internal regulations of government banks is to open broad horizons for the bank's dealings internally and externally, and to introduce modern electronic systems and automation within the framework of institutional governance and drawing up financial policy in the country and benefiting from technologies that contribute to the speedy completion of transactions and their development to serve interest of the bank and its customers.

The statement continued, "The meeting opened the door for discussions and interventions aimed at addressing gaps related to the draft internal system for government banks and keeping pace with international banking updates."    LINK

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Clare:  International companies in the Kurdistan Region urge respect for their rights when enacting the oil and gas law

8/14/2023 Baghdad

Today, Monday, the Kurdistan Oil Industry Association (IPCOR) called on the governments of Baghdad and Erbil to preserve the contractual rights in the new oil and gas law to be enacted.

The union, which represents companies including “DNO”, “Genel Energy”, “Gulf Keystone Petroleum”, “HKN Energy” and “ShaMaran Petroleum”, said in a statement received by “Al-Iqtisad News”, we urge the integration of the rights of companies in the Iraqi budget and any laws Futurism governing oil and gas in federal Iraq and the Kurdistan Region.

"It is essential for the future of the industry in these regions, and the many jobs that support them, that the outcome of the negotiations include recovery of costs and profits to which international oil companies are entitled under existing production sharing contracts," he added.

The Kurdistan Regional Government and the Iraqi federal government held a meeting on the fifth of August to discuss drafting a new oil and gas law. During the meeting, they agreed to form a committee to draft an oil and gas law to help resolve the dispute over the constitutional rights of the Kurdistan Region over oil and revenues.

Since 2005, the Iraqi Parliament has not been able to pass the draft law and the Kurdistan Region approved its own law and began its independent export through Turkey.

The dispute between Baghdad and Erbil over oil exports escalated last March, when the Court of Arbitration in Paris ruled against independent oil exports to Kurdistan under its 2007 law, prompting Turkey to halt oil exports via the Iraq-Turkey Pipeline (ITP).

So far, talks between Baghdad, Erbil and Ankara have failed to find a solution to resume oil exports. Moreover, according to the Iraqi budget law, the Kurdistan Region is required to deliver 400,000 barrels of oil per day.

A representative of the "IPCOR" consortium said in a statement to "Standard & Poor's" that the oil companies "want to guarantee their contractual rights, including cost recovery and entitlement to oil, and protect them in the discussions between Erbil and Baghdad."

"The international oil companies in Kurdistan must be compensated for the real costs, just as they are in federal Iraq. Our investments have fully funded the entire sector and there are solutions that will guarantee future foreign investment in the Iraqi energy sector," he added.

He pointed out that "the PSC (professional standards) model used in the Kurdistan Region has a competitive investment structure that is widely used in oil regions around the world."

He continued, "Within the framework of the security companies of the Kurdistan Region, the international oil companies bear all the financial risks, and in the event of success, the Kurdistan Region retains the majority share of the reward."

"To provide international oil companies with confidence in their contractual right to recover costs and receive profit payments from successful projects, the Kurdistan Company PSC model is governed by English law, with disputes settled through international arbitration at the London Court of International Arbitration," said the Epicor consortium.

The oil companies also said that it would not be possible for the Kurdistan Region to provide 400,000 barrels of oil per day to Baghdad, without the international oil companies operating in the Kurdistan Region.

"To achieve this, the Kurdistan Region will depend on production from fields run by the International Olympic Committee," he said.

"Despite the political, security and geological challenges in the region, the sector operated by the ICRC has developed from almost nothing 15 years ago to produce about 250,000 barrels of oil per day," he added.

"As (oil) the most important industry in Kurdistan by far, the oil and gas sector now provides tens of thousands of high-quality jobs directly through the IOCs themselves as well as indirectly through service companies and contractors and in the communities surrounding our operations, homes and offices," he added.

Moreover, due to the cessation of oil exports, foreign companies operating in the Kurdistan Region had to implement cost-cutting measures, which led to staff layoffs.   LINK

KTFA Members "News and Views" Sunday 8-13-2023

KTFA:

Clare:  What are the reasons for the weakness of the Iraqi dinar compared to other currencies?.. An economist answers

8/12/2023   Information / special.

Today, Saturday, the economic expert, Abd al-Rahman al-Mashhadani, explained the reasons for the instability of the Iraqi dinar in the local markets compared to other Arab currencies, while confirming the existence of a large discrepancy between import and export in the country's markets.

Al-Mashhadani said, in an interview with Al-Maalouma Agency, that "the central banks of the Gulf countries, whether they are Jordan, Kuwait or even Saudi Arabia, have taken a decision to price their local currency, which depends on a basket of currencies, including Iraq, as bulletins previously appeared in the newspaper in the seventies." of the last century, measured on the basis of this basket.”

He added, "All global currencies are attributed to the dollar, but the economies of these countries are stable and there is no problem, and the difference is obtained at the prices of market materials, that is, inflation occurs and the rates of rise increase, which happened in the UAE, Saudi Arabia and Kuwait as well."

The economist explained, "These countries do not deal in dollars in the markets at all, given that all financial transfers are obtained in the local currency only, and this is one of the reasons for the stability of the market," noting that "Iraq was unable to control this situation completely."

And Al-Mashhadani said, "The other matter is trade, that is, import and export, without relying on the government sector in particular. In Iraq's markets, as a result of the large discrepancy between import and export, it is natural that there is a great demand for dollars."

He stated, "The Iraqi dinar was linked to the dollar before 2003, that is, from the Kuwaiti war in 1991, given that the market has always fed the import of the private sector, so there will be no stability."

The Iraqi dinar has been in an unenviable situation for nearly 20 years. After one dinar was equal to 3 and a half dollars during the past century, it reached more than 1550 against one US dollar, which caused problems in the Iraqi economy.   LINK

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Clare:  The dinar is in the central recovery rooms.. and accusations against the Americans of creating crises

8/12/2023   Information / special.

The official currency of the Republic of Iraq, and one of the historical manifestations and legacy that accompanied Mesopotamia for more than 90 years, proved its strength in the global economy, but in one way or another it began to decline and reached "unenviable" stages.

The dinar, which was previously compared to world currencies, reached the path of strength overnight and found itself ahead of many countries, as it began to be used in 1932, i.e. during Iraq's independence from Britain, and was replaced by the Indian rupee at a rate of 1 dinar = 13 rupees.

Later, he decided to link it to the US dollar without changing its value at a rate of 1 dinar = 2.8 dollars, and in 1971 Washington took a decision to devalue its currency by 7.9%, and in 1973 it decreased by 10% to become $3.3778, and it fell to 3.2169. $, which was the price that remained in circulation until the second Gulf War in 1991.

And after 2003, the local currency in Iraq began to decline day after day, which led to its reaching significantly low rates against the dollar, so the Central Bank's procedures did not help it, and America's policy towards the Iraqi economy "made matters worse."

The economic expert, Abd al-Rahman al-Mashhadani, explained the reasons for the instability of the Iraqi dinar in the local markets compared to other Arab currencies, while confirming the existence of a large discrepancy between import and export in the country's markets.

Al-Mashhadani said, in an interview with Al-Maalouma Agency, that "the central banks of the Gulf countries, whether they are Jordan, Kuwait or even Saudi Arabia, have taken a decision to price their local currency, which depends on a basket of currencies, including Iraq, as bulletins previously appeared in the newspaper in the seventies." of the last century, measured on the basis of this basket.”

And he adds, "All world currencies are attributed to the dollar, but the economies of these countries are stable and there is no problem, and the difference is obtained at the prices of market materials, that is, inflation occurs and the rates of rise increase, which happened in the Emirates, Saudi Arabia and Kuwait as well."

And the economist explains, "These countries do not deal in dollars in the markets at all, given that all financial transfers are obtained in the local currency only, and this is one of the reasons for the stability of the market," noting that "Iraq was unable to control this situation completely."

Al-Mashhadani points out, "The other matter is trade, that is, import and export, without relying on the government sector in particular. In Iraq's markets, as a result of the large discrepancy between import and export, it is natural that there will be a great demand for dollars."

And he confirms, "The Iraqi dinar is linked to the dollar before 2003, that is, from the Kuwaiti war in 1991, given that the market has always fed the import of the private sector, so there will be no stability."

In turn, a former member of the House of Representatives, Jassem Al-Bayati, personified the reasons for the weakness of the dinar currency in the Iraqi markets, while accusing America of playing an "inappropriate" game with Iraq.

Al-Bayati mentioned in an interview with Al-Maalouma Agency, that "the weakness of the dinar and its instability in the Iraqi markets, especially in recent times, has many reasons behind it," noting that "the first reason is the decision to re-exchange the dollar against the dinar from 1470 to 1320."

Al-Bayati explains: "There is no country that takes such a step and reduces the dollar by such a large percentage," adding: "The reduction stages are supposed to be consecutive, starting from 1460 - 1420 - 1400, and so the decline is consistent."

And he added, "We are now in a state of confusion, as we cannot obtain dollars in the local markets, not even from bank accounts," noting that "the dinar is going through a period of instability."

And the former member of the House of Representatives points out that, "The other thing behind the instability of the dinar is the connection of the issue with America, which is playing an inappropriate game with Iraq."

And Al-Bayati shows that "the decision to reduce the dinar is governmental and it bears its responsibility," noting that "the central bank's measures to restore the strength of the Iraqi dinar did not bear fruit, and things may be complicated after more."

He continued his speech, saying: “The decision to return the dollar to 1,320 dinars greatly affected the financial budget, and nearly 10 trillion dinars were sacrificed,” noting that “price speculators and those close to America and neighboring countries supporting Washington are the ones who obtained these 10 trillion through Buying the dollar at 1320.

The sources of countries' strength in the economic field are determined by several factors, foremost of which is the national currency, which requires elaborate measures to maintain its strength internally and externally, and the basis of these measures is to activate the private sector, expand the import sector and reduce exports.   LINK

Turk182:  looks like Iran is making some moves to increase their Rial.  Interesting chain of events of late.

I never bought into that whole Global Currency Reset nonsense, or all that Debt Forgiveness BS that people post, (oh, i signed into my account this morning, and my mortgage was paid off) ALL Bs!

Sadly, I do see Iran building strength with their Rial.  Could they make a change at the same time of Iraq, yes - it would make sense for for them to make a change, NOT the same change in value for both, but yes, an increase in the Rial.

I don't see Vietnam Dong making a change in their value anytime in the near future.  

I am still a firm believer that Iraq will increase the value of their Iraqi Dinar in relation to that of the US Dollar within the coming days/weeks.  I feel they will come out with a $ 1 to $1 scenario, possibly a few cents higher - for a period of several weeks/months. 

Sudani has already gone on record with his "TIMELINE/DATE" - 

ALL indications are that the "Fat Lady is ON STAGE, spot light is focused on her, and the band has already played the intro notes, she's getting ready to belt out the words the Iraqi Citizens have long been waiting to hear for the last 20+Years!"

Dinarling:  I also find it very interesting the BRICS meetings are this month beginning the 22nd thru the 25th, and what where the dates for the deadlines Sudani made? Very interesting indeed

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Clare:  The Sudanese government acknowledges the experience of dollar speculators and counts on September

8/13/2023

On Sunday, the Iraqi government expressed its hope that the release of budget funds would contribute to reducing the price of the dollar in the parallel market, while it acknowledged that currency speculators have long experience and fraudulent methods dating back to the nineties of the last century.

The government spokesman, Basem Al-Awadi, told Shafaq News agency, "The launch of the budget definitely means the availability of funds. Therefore, the funds will be released towards ministries, departments, and general directorates in the governorates, independent bodies, and all state institutions, and this means that there is a large cash flow."

 
Al-Awadi added, "Many financial advisors in the government hope, with the release of budget funds, that next month will be a catalyst for the very large decrease in the dollar exchange rate."

He pointed out that "the recent rise in the exchange rate came as a result of the decisions taken to prevent 14 Iraqi banks from dealing in dollars, as this negatively affected the market, in addition to the way speculators performed in the currency."

Al-Awadi pointed out, "The Iraqi government has clear procedures from five months ago until the moment, and the exchange rate fluctuates between ups and downs, but the government is serious about these measures and has a specific plan."

He explained that "price speculators have long experience since the nineties of the last century, and they move in a way that has a lot of experience and fraud, and despite that, the government's program is clear according to the scheme of the Central Bank, banks and merchants, to correct the work to go towards buying and selling trade through the central and in the right ways."

The Iraqi government spokesman concluded by saying, "The government deals with dollar speculators in accordance with the law, and that requires legal measures from economic security and the state to move in this direction."

The government statements contradict the assumptions of economists that the exchange rate of the dollar will stabilize at its current rates in the parallel market, which exceed the barrier of 150 thousand dinars for every 100 dollars.

Over the past few months, the Central Bank of Iraq's attempts to control the parallel currency market, subjugate the exchange rate and return it to the official rate of 1,320 dinars per dollar have failed.  LINK

DallasDude:   Well April and September have shown to be the 2 months where significant rate changes have occurred..God willing this will be significant for all of us especially the citizens of Iraq..

"HCL Law and More" Posted by Clare at KTFA 8-11-2023

KTFA:

Clare:  Shaddad reveals important details about the draft oil and gas law.. This is the fate of the region's contracts

8/10/2023

A member of the Oil, Gas and Natural Resources Committee, Ali Shaddad, revealed important details about the draft oil and gas law, while Egypt disclosed the contracts of the Kurdistan region companies.

Shaddad told Al-Furat News that: "There are committees formed by the federal government and the Kurdistan region that have agreed on a draft oil and gas law of 40 articles."
He pointed to "advanced steps of the government and the concerned committees headed by the Federal Minister of Oil in holding sessions and workshops with the oil-producing provinces," returning to them "very advanced steps in accelerating the legislation of the oil and gas law."

Shaddad added, "The oil-producing governorates will be members of the Sovereign Council, and the National Oil Company will be part of this law, and the government will not find a solution to the outstanding problems other than approving this law."

He continued, "The regional government forcedly stopped oil export operations through two federal and international decisions, and therefore all previous contracts are considered null and void, and here are the points of contention due to the accumulated debts of companies owed by the regional government."

And he added, "On the other hand, these companies entered the blacklist of the federal government, and there are legal procedures and prosecutions by the Federal Ministry of Oil after the issuance of the federal court's decision."

Shaddad concluded, "These points will be settled, but they will not be mentioned in the current draft law, but rather through the Federal Council for Policy-making."

He noted, "There is a problem until this moment, since the export was stopped. The region's oil was not invested except at the rate of 70,000 barrels, which are used locally. Therefore, the export of an average of 330,000 barrels per day was stopped from the date of the issuance of the International Tribunal."

Shaddad concluded, "These points are not political, but rather administrative, and I think they are very easy matters to solve, and there will be no difficulty for the prime minister in resolving these problems."

The political advisor to the Prime Minister, Sabhan Al-Mulla Jiyad, confirmed to Al-Furat News that the file of the oil and gas law will open all outstanding files between the governments of the center and the region.

It is worth noting that Prime Minister Mohamed Shia Al-Sudani hosted, on Tuesday, the periodic meeting of the State Administration Coalition, which touched on the ongoing dialogues regarding the draft oil and gas law, and the results of the technical meeting, which was held last week, in the presence of representatives of political forces and officials of the Federal Ministry of Oil and the Ministry of Wealth. Natural in the Kurdistan Regional Government of Iraq, experts and legal experts.

Where the meeting affirmed the government's keenness to continue dialogues to ripen the final draft of the law, in preparation for submitting it to the House of Representatives after it is approved by the Council of Ministers.   LINK

NanaCarol:  HCL    HCL     HCL

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Clare:  Al-Rafidain announces the direct departments to activate the collection system and collect money electronically

8/11/2023

Al-Rafidain Bank announced the direct departments to activate the collection system and obtain money electronically.

A statement of the bank, which {Euphrates News} received a copy of, stated that "and pursuant to government directives in implementing the electronic payment system, using pos devices in ministries and state institutions and the private sector, and collecting invoice amounts and fees from beneficiaries electronically by bank cards, and to enable those who wish to pay with cards. Al-Rafidain Bank announces The departments that initiated the activation of electronic collection and the transition to electronic transactions and the collection of funds through modern electronic systems.

He pointed out that "the departments that worked with this procedure are (the departments of the Ministry of the Interior - the Directorate of the Police Martyrs Fund - the Directorate of Passports Affairs / Baghdad - the office of the ministry) (the departments of the Ministry of Education - the General Directorate of Financial Affairs - the General Directorate of Training and Educational Development - the Directorate of Public, Private and Foreign Education - Directorate of Curricula) (General Directorate of Industrial Development - Karbala Health Department / Center of the Department - Diwan of the Shiite Endowment - Petroleum Products Authority - Construction and Housing).

The bank stressed that "the activation of collection is continuing and its pace is increasing in many departments of the state."

He explained that "this service comes in accordance with the government program in promoting the culture of electronic payment and reducing the use of paper money in commercial payment and collection operations, as points of sale and various electronic payment methods will be used to facilitate the collection of amounts electronically in effective, reliable and flexible ways, in addition to contributing to adopting modern technological methods and simplifying procedures and upgrading The level of services provided within a safe and transparent environment, as well as keeping pace with the development of the electronic payment system.    LINK

Clare:  Finance Committee: The current month, the benefits of new employees will be paid retroactively

 08/10/2023   Baghdad

The Parliamentary Finance Committee stated that the entitlements of the newly appointed employees will be disbursed retroactively during the eighth month from the date of issuance of their administrative orders, indicating that the matter also applies to holders of higher degrees.

Committee member Mueen Al-Kadhimi ruled out that "the government and the provinces will exhaust the allocations estimated at 199 trillion because the remaining time is short and will give us an opportunity to avoid the deficit in the current year's budget."

Al-Kazemi added that the government's expenditures will be close to its revenues, and this is a good indicator so that there will not be a large deficit. As for the next year, the government should prepare from now to provide the required revenues, whether oil or non-oil, given that this budget will be applied for three years, i.e. to 2025. He pointed out that there will be no change in the budget for the coming years, except for what it will present in the tenth or eleventh month at the latest to Parliament in order to approve the schedules. As for the articles, 78 of them will remain fixed within the budget for the next two years.

Regarding the entitlements of the newly appointed employees, Al-Kadhimi explained that the employees from the contracts and those who have been confirmed, their entitlements are calculated from the date of issuance of their administrative orders in the ministries, whether they are holders of higher degrees, first successes, or lecturers who were transferred to permanent staffing, or contracts who were transferred to permanent staffing. Their entitlements will be paid during the eighth month.

And he stressed that no ministry has the right to refrain from disbursing benefits retroactively because the issue is linked to the Ministry of Finance and the same applies to holders of higher degrees, according to the official newspaper.   LINK