Tuesday, March 10, 2020

WOTS TUES MAR 10 2020

Markets:
Asian  markets rebounded
NIK   closed up  .85% HSI   up 1.41%  SHANG  close up 1.82%

futures look good  for our markets up about 4 to 4.5 %
DOW  up 1024 4.29%  SNP 4.39%   ndx 4.52%

currently the uk markets are all showing a rebound too

Precious Metals:

Gold down  1661  4:15  am    Silver is at 17.19  copper at 255. up Plat  879 up


Favorite Currencies Forex Quotes

SymbolBidAskHighLowOpenChangeTime
 USD/IQD  1169.4000  1222.0000 1192.5000 1192.0000 1192.5000  -1.0000 06:16
 USD/VND  23204.0000  23207.0000 23173.0100 23173.0100 23173.0100  7.0400 02:30
 USD/CNY  6.9571  6.9591 6.9575 6.9306 6.9455  0.0116 06:39
 USD/KWD  0.3054  0.3064 0.3059 0.3047 0.3047  0.0011 06:34
 GBP/USD  1.3029  1.3030 1.3125 1.3017 1.3118  -0.0089 06:40
 USD/IRR  0.0000  0.0000 42097.5000 42097.5000 42097.5000  97.5000 00:00
 USD/IDR  14324.0000  14324.0000 14458.0000 14085.0000 14405.0000  -73.0000 06:38


Things in the News... 

Other News

 Iraqi Articles: 

Economist says that Iraq can overcome the crisis of low oil prices


Among the economist, Wissam Al-Tamimi, that Iraq can overcome the financial crisis that it will face due to the low oil prices.
Al-Tamimi said that the Ministry of Finance has the authority to sell state property, as it is possible to take advantage of the large areas it owns to offer it for sale, provided that factories are established on it or investment housing projects.
He added that the drop in oil prices will create a crisis in Iraq, but there is a possibility to avoid this by not approving an investment budget and postpone that until oil prices recover or for the next year and only continue with the operating budget, indicating that the financial crisis and in the event of storming the salaries of employees, Iraq has a difficult choice related to reducing A percentage of salaries, especially salaries for private grades or security services.

Specialists: The necessity of pressing operating expenses to support the economic sectors
link 
The Parliamentary Finance Committee confirmed, on Tuesday, its endeavor to diversify non-oil financial revenues and reduce the percentage of the fiscal deficit in the federal budget for 2020, while specialists in the economic issue called for the necessity of pressing operational expenditures to support the productive economic sectors to support the national product.
A member of the Parliamentary Finance Committee, MP Adnan Al-Zorfi, said in a statement to Al-Sabah and seen by Al-Iqtisad News that “there are efforts by the Finance Committee to press unnecessary operating expenses in the federal budget and work to maximize the country's financial resources by allocating funds for investment projects.”
He added that "there are plans to direct the ministries and the competent departments to diversify their revenues in order to reduce the total dependence on oil revenues in the federal budget, pointing out that" oil revenues are unstable and oil prices are subject to several setbacks due to political fluctuations and the conditions the world is experiencing recently, such as the Corona virus and others. "

He pointed out that "the budget is still with the Ministry of Finance," stressing that "if it is sent to Parliament, the Finance Committee will make some amendments to it to reduce the large financial deficit in it."
He stressed the need for "the next government to turn towards developing strategic plans to reduce dependence on oil in the budget, and the trend towards supporting non-oil productive sectors to maximize the country's financial resources."
For his part, Salem al-Bayati, a specialist in economic affairs, stressed the need to pressure unnecessary operating expenses and increase allocations of productive economic sectors in the federal budget for 2020.Al-Bayati said in a statement to "Al-Sabah" that "according to the leaks, the financial deficit of the federal budget is very large, which may exceed 49 trillion dinars, so it is necessary to work to reduce this deficit by increasing funding outlets by supporting the productive sectors, as well as by reducing expenditures Unnecessary. "He pointed out that "the issue of supporting the productive sectors is very important at a time when oil prices are experiencing instability due to the exceptional and difficult circumstances that the world is going through", noting that "this comes through legislation supporting the national product that protects the consumer in support of the economic and product sectors" the National".To that, the Parliamentary Finance Committee asked the Tax and Customs Authorities to send data on financial revenues to search and find ways to increase them, the most important of which is the automation of all procedures in the border outlets, while proposals have been made to reduce the budget deficit and advance the economic reality.

A statement by the Media Department of the House of Representatives received "Economy News" received a copy of it, that "the financial committee headed by the head of the committee, Haitham al-Jabouri, and the presence of its members, hosted the advanced angel in the Ministry of Finance, including the undersecretary and two general managers of accounting, public debt, tax, and customs to set rapid economic treatments at the legislative and executive level." To stop the repercussions of the decline in the financial situation of the country and the decline in global oil prices.
The head of the committee stressed, "The committee is fully prepared within its supervisory and legislative role and harnessing all its efforts to maximize non-oil resources, in addition to submitting a number of proposals to the tax and customs authorities that contribute to increasing revenues for the purpose of reducing the budget deficit and advancing the Iraqi economic reality."
The Finance Committee called for an official letter from the Ministry of Finance to provide it with all the amounts spent outside the budget law, and the violating party bears all legal consequences for that, in addition to the necessity to invest the collection by the ministry as it is now not at the required level and because of its importance as a resource in the budget.The Finance Committee sent an official letter to the Prime Minister and the Ministry of Finance to stop the implementation of Resolution 315 until 12/31/2019. The Ministry of Finance bears all legal consequences in the event of continuing to work with this decision.In the same regard, the Finance Committee has indicated its reservation regarding the issuance of a resolution of 364 by the Council of Ministers, which causes tax reduction at a time when the country needs all revenue to address the budget deficit, as well as directing it to an official letter to the Cabinet on its procedures for reducing the state’s treasury’s share of the profits of oil companies From 45 percent to only 5 percent.


Allawi calls on the British ambassador in Baghdad to communicate with the demonstrators and support the file referring the aggressors to the courts


leader of the National Coalition, called on the British ambassador to communicate with the demonstrators and support the file of referring their attackers to the criminal court.
And his media office said, "Mawazine News" received a copy of it, "The leader of the National Coalition, Iyad Allawi, discussed during his reception today, British Ambassador to Iraq Stephen Hickey, the overall developments in the situation locally and regionally, and ways to reach solutions that contribute to achieving stability and development."
He added, "Allawi presented his vision to address the current situation and the road map he proposed to reform the political process, as the ambassador expressed his full response to it."
Allawi called Hiki "to communicate with the demonstrators and listen to their point of view."
He stressed the need to "support efforts to refer the file of those involved in the killing of demonstrators to the International Criminal Court."  

Lower the interest rate the bank


Commercial banks aim for profit, which is the first goal of their business, so banks are known as the place where surplus units meet with deficit units, i.e. they invest money from savers to investors, i.e. withdraw interest from investors. And provide it to savers in exchange for interest difference between the two parties, so the interest rate (McKinnon) is known as the price of giving up liquidity

The work of commercial banks depends primarily on the interest rate through its banking operations, such as loans and advances it gives to citizens, employees, companies, investors or contractors in return for interest, which is the primary objective of the commercial bank's business.

Recent efforts and demands have emerged both from the public and the Parliamentary Finance Committee to reduce the interest rates on loans and advances, particularly loans and advances granted by Rafidain and Al-Rasheed banks, which are the backbone of government banking transactions because they account for one third. Almost of the total deposits of government assets, the task lies with the Board of Directors of the Commercial Bank and not the Central Bank mainly, because the Central Bank sets high and minimum bank interest limits and the bank does not exceed these limits so as not to be subject to legal accountability and oversight Banking by the Central Bank of Iraq and this is one of the duties of the Bank's Banking Control Department
Iraqi.

Commercial banks should study this proposal well, especially after several initiatives by commercial banks to achieve interest on these initiatives in various forms, as loans and advances are important banking operations as credit facilities promoted by the commercial bank. The bank interest rate varies from bank to bank according to the bank's credit policy, with the interest rate on loans and advances for 2019 being 5%, up from 9% in previous years, while the interest rate on bank loans to Al-Rasheed Bank was 4%, up from 4% in 2019. Previous years 8%.

In conclusion, reducing the interest rate on loans and bank advances will reap more benefits for banks, increasing the demand by the public for cash credit and the relationship is expelled and at the same time the bank will achieve two interest rates, the first will grant the largest number of loans and advances and in less time, and the second interest will be achieved More profits, and in return, the risk of credit will rise, and here the bank should do more focused credit.

Al-Asadi defines the tasks of the next prime minister, including "tackling the economic crisis and the Corona crisis"

The head of the National Sind bloc, Ahmad al-Asadi, has outlined, on Tuesday, the conditions that must be met in the next prime minister, most notably that he is committed to "tackling the economic crisis and the Corona crisis."
Al-Asadi said in a tweet on his official website “Twitter”, followed by the agency / SNG /, that “the criteria are to be a figure worthy of the first site for Iraq and to be able to advance the difficult task of getting Iraq out of its complex crisis that is not controversial and satisfies the street.”
Al-Asadi affirmed that we will “stand with him in his mission of restoring the prestige of the state, holding early elections, tackling the economic crisis and the Corona crisis.”
He added, "All the names that were proposed during the selection of Mohammed Allawi as prime minister will not be released again, and we will discuss new name

Deputy: Within two days, one of these five will be chosen to head the next government


a member of the House of Representatives, Hussein Arab, revealed on Monday, the decision to choose a candidate to head the interim government within two days.

Arab told Mawazine News that "the next two or three days will witness the identification of the candidate for the presidency of the next government," stressing that "one of the following five names: (Muhammad Shi'a Al-Sudani, Mustafa Al-Kazemi, Asad Al-Eidani, Qusay Al-Suhail, Ali My thanks) will be selected. "

He added, "The political bloc's discussions are focused on these five only now," noting that "dialogues are continuing between the political blocs to resolve the file of the prime minister."
He stressed, "The economic, health and security conditions in which Iraq lives requires the political blocs to think in the public interest and choose a candidate to head the government as soon as possible, and be able to run the state."

CBI, ISX,Dinar Guru:
 
CBI Update:
 
Click on the link above for the latest update.

The CBI for Tuesday MAR 10th  rate is 1190.

The currency auction total sales amount $ 235,835,367.
   
ISX Update:   At my last checking 
 ended in RED
Shares Traded: 1,044,715,949 
Value Traded: 932,486,049

Dinar Guru Chatter:
3-10-2020   Newshound Guru Jeff  ...Friday Brent crude oil was $45 a barrel.  As of this evening Brent crude dropped $10 down to $35 a barrel.  Everything is moving and happening exactly as I told you it would...remember their goal is to make Iraq look worse than it is...they're doing that politically.  Economically.  Everything.  So now ask yourself why would they have all these crappy lying articles to make the country look like it's completely upside down in terrible shape and then they have these amazing banking articles.  That should raise a red flag to you.  We're right on track.  Nothing on my side has changed...

3-10-2020   Intel Guru MarkZ
   [...I heard all the same talking points for the global reset in “08…what makes this different.]  The biggest difference is CIPS. We now have a backbone…we can work around the central banking system. Also in “08 there were not enough nations who had aggregated gold to back a currency change. …lots has happened since “08….  In “08 you needed the central banking system to move international money…now you don’t and it can happen almost instantly. That to me is the biggest difference. 
3-9-2020   Intel Guru Okie_Oil_Man   ...THERE ARE NOT MUCH I CAN SAY THAT I WANT TO OTHER THAN WE ARE IN AN EXTREMELY SHORT WINDOW—GET READLY—NOW!  I AM ECSTATIC AS TO WHERE WE ARE PRESENTLY...IT IS BEING STATED THAT ALL THE CHAOS NOW HAS BEEN PLANNED AS A COVER FOR OUR EVENT...THE OIL MARKET IS CAUSED BY THE RUSSIAN/SAUDI RIFT...IF YOU TAKE ALL THINGS GOING ON PRESENTLY, YOU WILL SEE THE PERFECT COVER FOR THE R.V.

3-9-2020   Newshound Guru Kaperoni 
  ...I wouldn't be so broad is to say nothing happened a lot has happened over the last few years...just not what most are looking for...no doubt there hasn't been any Improvement in the exchange rate but there has been progress over the last several years to diversify the economy. And that will have to continue if this plan of raising the value will ever work...The IMF doesn't want countries pegged. They want them to float and let the world decide the value of their currency. Eventually that will have to happen if Iraq gets substantial investment. (Some 60 billion dollars) to rebuild that they are wishing for.

3-9-2020   Intel Guru Delta    Trade Bank of Iraq...  "Our dear customers:  We would like to inform you that the promotion of personal loan transactions has been stopped until further notice..."   [Delta...what does this mean? How does this benefit us?]  RATE IS CHANGING...(wink)

3-9-2020  Intel Guru MarkZ   Everybody seems to be in a surprisingly good mood with the world on the brink today…..well, it’s good for us. I think this week we are going to have to sit back, grab our popcorn and watch everything unfold as things go screaming into place for us.  Now look at the oil crash today...  Oil props up the Petro Dollar...Saudi Arabia just said the US dollar is basically crap... This is big. When you are buying gold you are shorting the dollar. Then Saudi Arabia crashes the oil prices…at present levels oil is expected to close at $27 to $32 dollars a barrel today...it could go lower if Saudi Arabia declares war on the Petro dollar.  This is BIG NEWS screaming we are about to have a reset! Just read the news and you will see we are so close to a reset.  [...[Guru] Okie says it’s gonna happen this week...]  I think there is a better then excellent chance he is right. There is so many economic indicators screaming that there is no place to go. ...Its going to be a interesting week…and we will all be here watching it happen.

3-9-2020   Newshound Guru Pimpy   Article Salih: The UN Security Council Sanctions Still Apply To Iraq.   ...what that means is they're preventing their currencies from being recognized internationally.  This means that Iraq can't really step out on the International market and do business like they need to do If the rate change happened today...we would have a hard time trying to exchange our money with some of our banks because the currency is not bing recognized internationally.  I know Chase Bank is accepting the dinar now at its current rate and my assumption would be that if a rate change happens they would honor the new rate.  But there's a lot of banks and a lot of financial institutions that are not recognizing Iraq internationally...

3-9-2020   Newshound Guru Jeff  ...we're at the end...all the news talking about Iraq's economics.  Political scene.  The budget.  Everything is complete pure BS...everything is waiting on the rate change including the politics...only one level of news has been accurate.  That's the banking news.  You guys have seen some really good banking articles through this past week...

3-9-2020   Newshound Guru Breitling   ...the coronavirus...I've literally had people go nuts on me...here's the thing it's completely opposite.  The markets are driving oil prices down.  The demand for oil is going down.  Therefore Iraq is not bringing in enough U.S. Dollars to cover their budget and the solution is to add value to their own currency which is undervalued anyways.  What do you think the coronavirus is gonna do?  Do you think it's going to stop that or accelerate that? ...the reality is for Iraq, if it puts pressure on their economy, then it's going to lead to our advantage.  They need to add value to their currency to make up for what's being lost market wise...

3-9-2020   Intel Guru Footforward     [Question:   You don't think that this level of price drop endangers an RV? Hard to believe that Iraq could come out at a decent rate with this sort of price plunge on oil.]  I see it pushing the financial crisis in the middle east to a breaking point where they have to RV. They will have to make a deal with Saudi Arabia on oil prices to make that happen.

3-9-2020   Newshound Guru Pimpy  ...because of the coronavirus crude oil is tanking, just like cryptocurrencies.  Just like the Dow.   These things are getting killed.  Just getting annihilated...it dropped to $45 I think right now.  It might have dropped a little bit more...between the protestors and their government and the PM I don't know how much worse it can get for Iraq.  It's just at its worse...this actually might be good for us in the Iraqi dinar community...let's just hope that oil prices keep going down and maybe that might trigger something that we've been waiting for...if ever a time before where Iraq needed a rate change to happen it's definitely now...


Catnip's Corner: 

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ARTICLE 1 (from PM Mahdi's website)

At the time this report was submitted, there are no new articles posted on PM Mahdi's website.

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ARTICLE 2 (from Government of Iraq twitter account)

At the time this report was submitted, there are no new tweets posted on the Government of Iraq twitter account.

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ARTICLE 3

A former minister: Corona will keep Abdel-Mahdi in office, and the blocs have been unable to find an alternative

3/92020 15:43 j
[Baghdad-where]

The former Minister of Youth and Sports and former MP Jassem Al-Bayati revealed on Monday that the political blocs are going to keep the resigned Prime Minister Adel Abdul-Mahdi in power for a longer period after the political negotiations faltered, indicating that political and popular efforts are directed towards fighting Corona instead of forming a government.

Al-Bayati said in a press statement that "the Al-Fateh alliance witnessed a conflict over the leaderships after the failure of the alliance with other parties regarding the passage of the Prime Minister-designate Muhammad Tawfiq Allawi in Parliament."

He added that "the current negotiations are not serious and the prime minister's leadership cannot be decided in the specified constitutional date at all, as some people rumor."

He explained that "the political blocs want Adel Abdel Mahdi to remain in power for as long as possible until the end of fighting against the Corona virus," noting that "all political and popular efforts are currently focused on facing the virus instead of talking about forming a government."

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ARTICLE 4-A

What is the truth about the presence of Iraqi parliamentarians "Corona" virus?

9/3/2020 12:39 
[Baghdad-where]

A medical source revealed that 10 members of the Iraqi parliament were infected with the Corona virus, according to the results of recent tests they had conducted in Baghdad.

And Russian media quoted the medical source, who requested anonymity, as saying in a press statement yesterday, Sunday, March 8, 2020, that it was confirmed that 10 deputies were infected with the Corona virus, as the results of laboratory tests conducted in the central health laboratory, in the capital, Baghdad , Positive evidence of infection with the virus.

For his part, a member of Parliament, who was not identified, said that members of Parliament were infected with the Corona virus, especially since among them are close to factions and personalities loyal to Iran.

A prominent human rights source also alluded to information about the infection of parliamentarians with the Coruna virus, indicating that "there is no official confirmation or announcement available to do so."

The number of Corona virus infections in Iraq rose to more than 60 people, after 6 new infections were recorded on Sunday, a condition in Muthanna, Anbar, Dhi Qar, Najaf, Baghdad and Maysan.

It is noteworthy that the Ministry of Health announced yesterday, the death of two people as a result of infection with the new Corona virus, in the provinces of Maysan and Babel, bringing the number of deaths in the country to 6 people.
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ARTICLE 4-B

The House of Representatives denies infection of 10 parliamentarians with the Corona virus

9/3/2020 21:59 • 17 times read
[Baghdad-where]

The Media Department of the House of Representatives denied on Monday that 10 parliamentarians were infected with the Corona virus.

In a press statement, the department said, "Today, Monday 9/3/2020, some local and international media reported on the infection of [10] members of the Iraqi Council of Representatives with the emerging Crohna virus."

And she added, "In turn, we categorically deny the news that is circulated and which are not baseless," calling on all media to "be careful and objective in reporting the news from its official sources."

Earlier, the Ministry of Health announced the death of 76 people due to corona and the registration of 55 HIV infections so far throughout Iraq.
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ARTICLE 5

Food and drinks to avoid when feeling tired and fatigued

9/3/2020 23:24 
Baghdad

Food is the last thing on our minds when we have a disease, but we must be careful about the type of food we eat when feeling unwell, and here are some foods and drinks that can make a person feel worse in the face of disease:
Coffee

You should avoid drinking coffee if you suffer from any fatigue, especially if you have an upset stomach.

The reason for this is that the caffeine in the coffee is a diuretic, so it can make you urinate a lot, making you feel dehydrated, and this is bad news when you fight some kind of virus or some kind of infection.

Caffeine is worse if you are vomiting or have diarrhea, because both will cause you to lose more fluids. Moreover, caffeine can stimulate muscles in the digestive system and intensify diarrhea.

Orange juice

You should avoid orange juice if you have a cough or sore throat. Orange makes you feel acidic, but when you have a cough or cold it can cause more harm than good, because citric acid irritates the already inflamed throat lining; this means that the throat will take time Longer to heal.

sweets

It is important to avoid sweets if you have any kind of diseases, especially stomach dysfunction, as sugar intake temporarily impedes the ability of white blood cells to repel bacteria; therefore, after a snack of sugars your immune system is weaker for several hours; as a result it will be Your body is less effective at fighting the germs that cause you the disease.

Soda
If you suffer from any kind of diseases, especially stomach dysfunction, you should avoid carbonated drinks that contain caffeine, as it will make you feel dehydrated and also full of sugars that would disrupt the immune system and tamper with the digestive system.

The crackers

Such sweets should be avoided if you have a cough or sore throat, as such snacks as potato chips or even toast will make you feel like you are eating a glass, and the more irritation your throat takes the longer it takes to heal.

the milk

Milk should be avoided if you suffer from congestion and sore throats, as milk causes you to produce more phlegm and mucus, however there is no clear evidence for this.

Fried or fatty foods

Such foods should be avoided if you have an upset stomach, as fatty foods take longer to travel through the digestive system, which can lead to increased nausea and cause acid reflux.

It can also lead to muscle spasms, making diarrhea much worse.

Incendiary foods

It is necessary to avoid scorching foods if you have a runny nose, as hot peppers and hot sauce irritate the nasal passages, so if you already have a runny nose, the heat will make it worse.
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