Central bank cuts key interest rates to cushion pandemic impact
HÀ NỘI — The State Bank of Việt Nam (SBV) has announced it would cut many key interest rates, starting from today, in an attempt to support the economy which has been hurt by the COVID-19 outbreak.
Accordingly, the refinancing rate has been reduced by 1 percentage point to 5 per cent while the discount rate has been lowered by half a percentage point to 3.5 per cent.
The overnight lending rate in the inter-bank market has been also adjusted down to 6 per cent from 7 per cent and the open-market-operation (OMO) rate, to 3.5 per cent from 4 per cent.
The central bank has also reduced the caps on the interest rate of Vietnamese đồng-denominated deposits and loans by 0.25-0.5 percentage points, depending on the maturities.
The COVID-19 pandemic is evolving quickly, having a negative impact on the global economy, it said, citing the fact that to prevent recession, many foreign governments have adopted economic stimulus policies, one of which is policy rate cuts made by central banks. For example, the US Federal Reserve has slashed its interest rates sharply to 0-0.25 per cent to improve the market’s liquidity.
In a meeting last week, SBV Deputy Governor Đào Minh Tú said the reduction of the benchmark interest rate is a solution to help credit institutions with abundant liquidity, thus putting them in a better position to support affected businesses.
The central bank made the last interest rate cut by 0.25 percentage point in September last year. — VNS
Indonesian stocks open deep in red as Fed makes second emergency rate cut to zero
Indonesian stocks were off to a bad start on Monday, plunging more than 2 percent at opening following the US Federal Reserve's announcement of a second emergency rate cut and a spike in the number of confirmed COVID-19 cases in Indonesia.
Meanwhile, the rupiah fell further on Monday morning to Rp 14,865 per US dollar, depreciating 0.59 percent to a level unseen since November 2018.
The Jakarta Composite Index (JCI) opened 2.7 percent down to 4,775.14, with 140 stocks falling and only 23 stocks gaining strength. It had fallen to more than 3 percent by 10:47 a.m. in Jakarta as foreign investors dumped Rp 34.73 billion (US$2.33 million) of stocks, more than they bought.
All nine sectoral indices of the bourse recorded declines at the start of the trading week, led by a 5.23 percent slump in infrastructure, followed by 4.03 percent in basic industry and 3.98 percent in the finance sector.
Shares in state-owned Bank Mandiri (BMRI) dropped more than 5 percent, while diversified conglomerate PT Astra International saw its shares slip almost 3.5 percent and shares in private Bank Central Asia (BBCA) dropped more than 2.5 percent.
Things in the News:
San Francisco orders residents to stay inside...'This is our generation's great test'...
Despite dire warning, some refuse to give up their routines...
New Yorkers Hit Their Favorite Restaurants One Last Time...
American tempers fray...
Kid Rock's Nashville Bar Refuses To Close, Calls Mandate 'Unconstitutional'...
CASINOS WANT BAILOUT!
Parents Battle 'Overwhelming Anxiety' With Longterm School Closures...
Psychologist's science-based tips for emotional resilience...
Airlines slash almost all flights...
More Cruise Ships Stuck at Sea...
Banks Pressured as Clients Scramble for Cash...
Traders Question Value of Stock-Market Circuit Breakers...
Gun sales surging...
EU CONSIDERS BAN ON VISITORS...
CANADA CLOSES BORDER...
SICK MAP...
What's the end game?
FED PUMPS, PUMPS, PUMPS
LIVING THROUGH HISTORY
Iraqi Articles:
A new name for the government of Iraq .. Saleh instructs Al-Zarfi
On Tuesday, Iraqi President Barham Salih commissioned former Najaf governor Adnan al-Zarfi to form the Iraqi government, according to the Iraqi News Agency.
Al-Zarfi was a former official in the departments that have followed Iraq since 2003, after Saddam Hussein was removed from power.
It also leads the victory coalition in the parliament to which former Prime Minister Haider al-Abadi belongs
This comes after the Seven Committee (composed of the 7 most prominent Shiite blocs in the Iraqi parliament) failed to agree on a unified name to form the government.
The head of the "Saeron" coalition, Nabil Al-Tarfi, announced in a statement on Monday that the committee had not reached an agreement to choose a candidate to assign him to form the government, instead of the current resigned government, calling on the President of the Republic to "exercise his constitutional powers by assignment."
Al-Zarfi’s mandate also came after Prime Minister-designate Muhammad Tawfiq Allawi apologized in early March for forming the government, calling on the Iraqi people to continue to press through peaceful demonstrations so that their sacrifices are not lost
Who is Adnan Abdul Khudair Abbas Matar Al Zorfi?
Al-Zorfi was born in Najaf in the year 1-1-1966, and he completed his primary and middle school studies in the city.
He holds a Bachelor’s degree in Sharia from the University of Kufa, and he also obtained a Master’s degree from the University of Kufa as well.
He belonged to the Dawa Party in the year 1983, then he was arrested and sentenced to life imprisonment in Abu Ghraib prison in 1988.
After the events of 1991 and the withdrawal of the Iraqi army from Kuwait, he escaped from prison on 22/1/1991.
He participated in the popular uprising 1/3/1991 in Najaf, during which he was wounded.
After the fall of Saddam Hussein's regime, he founded the Iraqi Al-Wafa movement in 2004, after which he traveled from 1994 to 2003 as a refugee in the United States.
He became governor of the city of Najaf between 2004-2005, then a member of the provincial council and head of the Al-Wafa bloc of Najaf in 2006.
He was re-elected governor of Najaf between 2013 and 2015.
He also held the Secretary-General of the Iraqi Al-Wafa Movement and is currently a deputy in the Iraqi Parliament.
Al-Nassiri: Calls for the establishment of the National Fund for Emergency
The advisor of the Iraqi Private Banking Association, Samir Al-Nusery, called on Tuesday to confront the Corona pandemic and secure financial allocations to control the epidemic and stop its spread in the country by establishing the National Emergency Fund,
praising the initiative of the Central Bank of Iraq and government banks to donate up to 40 billion dinars and deposit it in a private bank account and invite the private sector And banks to contribute to it.
He also praised the efforts being made by the Iraqi Private Banking Association by calling for the creation of a care and treatment site for Corona patients.
Al-Nusairi stressed that the initiative of the Central Bank and banks is a humanitarian initiative that emphasizes the societal goal of the banking sector and is a step that needs to be strengthened and converted into a project to establish the National Fund for Emergencies, which must be contributed by the contributions of the private sector, businessmen and investors, and that the government contribute to it in a specified rate and that it be maintained according to a system and instructions similar to Tamkeen Fund supervised by the Central Bank or the Ministry of Finance and managed by a joint board of directors and subject to the supervision of the Financial Supervision Bureau. The fund’s deposits must consist of: -
* An amount allocated from the government representing a deduction of 50% of the salaries and allocations of the three presidencies and the House of Representatives and For special degrees in ministries and independent bodies.
* Banks donations
* Donations from the private sector with follow-up from the various unions, sectoral associations and governmental agencies contracting with the private sector.
Aid and grants from relevant international organizations.
Provided that the government begins issuing instructions to exempt the private sector from taxation for the year 2020 and in the proportions determined by the General Tax Authority, and that the central bank motivate banks and encourage them to donate to stop and defer the imposition of fines imposed on them at the present time for the period it deems appropriate this year.
Al-Nusairi concluded his speech that the Fund’s work will continue after overcoming the Corona epidemic crisis, with a fixed allocation in the general budget to confront epidemics, disasters and emergency situations.
praising the initiative of the Central Bank of Iraq and government banks to donate up to 40 billion dinars and deposit it in a private bank account and invite the private sector And banks to contribute to it.
He also praised the efforts being made by the Iraqi Private Banking Association by calling for the creation of a care and treatment site for Corona patients.
Al-Nusairi stressed that the initiative of the Central Bank and banks is a humanitarian initiative that emphasizes the societal goal of the banking sector and is a step that needs to be strengthened and converted into a project to establish the National Fund for Emergencies, which must be contributed by the contributions of the private sector, businessmen and investors, and that the government contribute to it in a specified rate and that it be maintained according to a system and instructions similar to Tamkeen Fund supervised by the Central Bank or the Ministry of Finance and managed by a joint board of directors and subject to the supervision of the Financial Supervision Bureau. The fund’s deposits must consist of: -
* An amount allocated from the government representing a deduction of 50% of the salaries and allocations of the three presidencies and the House of Representatives and For special degrees in ministries and independent bodies.
* Banks donations
* Donations from the private sector with follow-up from the various unions, sectoral associations and governmental agencies contracting with the private sector.
Aid and grants from relevant international organizations.
Provided that the government begins issuing instructions to exempt the private sector from taxation for the year 2020 and in the proportions determined by the General Tax Authority, and that the central bank motivate banks and encourage them to donate to stop and defer the imposition of fines imposed on them at the present time for the period it deems appropriate this year.
Al-Nusairi concluded his speech that the Fund’s work will continue after overcoming the Corona epidemic crisis, with a fixed allocation in the general budget to confront epidemics, disasters and emergency situations.
Golf Keystone suspends its development activities in Kurdistan because of Corona
Golf Keystone Petroleum, which operates in the Sheikan field in the Kurdistan region of Iraq, announced on Tuesday that it has suspended its development activities in the region because of Corona.
The company said in a statement seen by "Economy News", that it "closely monitors the state of the Corona Virus (COVID-19) in the Kurdistan region of Iraq," stating that "the company's priority is the well-being of its employees, contractors and areas close to its operations."
She added, "The production rates from the Sheikan field are currently about 38,000 barrels per day and production continues currently without being affected by the impact of the Corona virus (COVID-19). However, as a precaution, some construction activities related to expansion to 55,000 barrels per day have been suspended." Until conditions improve. "
"We place the security of those with whom we work with and their proximity as our absolute priority, and we must be confident that the right people are on site to continue safe operations," he said. We believe it is wise to suspend drilling and some expansion of the production facility. During this time. "
It is worth noting that "Golf Keystone Petroleum" is an independent oil company and operator of the Sheikan field, which is one of the
CBI, ISX,Dinar Guru:
CBI Update:
Click on the link above for the latest update.
The CBI for Tuesday March 17th rate is 1190.
The currency auction total sales amount $ 247,696,990.
ISX Update: At my last checking
Failure to organize trading sessions 17 / 3-2020 / 3/23
it's a s document in Arabic but these are the words
Iraq Stock Exchange Iraq market for ur number: Date: \ ۷/۱۹ / C To the Securities Commission What is the lack of organization of trading sessions 3/17 - 3/23/2020
We give you our best regards. . .
Based on the decisions of the Health Crisis Cell dated 3/15/2020.
The Board of Governors decided not to organize trading sessions and stop trading activity in securities as of Tuesday 3/17/2020 to enable brokerage firms and investors to complete financial settlements between them and the clearing bank until Monday. 3/23/2020 The trading session after suspension is organized on Tuesday 3/23/2020 according to instructions and rules with appreciation
Taha Ahmed Abdel Salam Duran Soran
Shares Traded:
Value Traded:
Dinar Guru Chatter:
3-16-2020 Newshound Guru Jeff Article: "The Iraqi market stops the organization of trading sessions and trading activity in securities as of tomorrow" That would mean Tuesday...one of the things we've been looking for them to stop the ISX...they did not tell us how long trading will be stopped or ended for what period of time and we would need to know but...as we approach or reach the rate change one of the things we've always looked for is for them to end trading in close proximity to the rate change. Reason why is they can't really change the rate while the markets are open because the markets work off of the rate...They are trading off the value of the currency. We've always looked for them to shut down the stock market...as kind of preluder...beginning point...
3-16-2020 Intel Guru Delta Article: "Iraq market: stop the organization of trading sessions and trading activity in securities as of tomorrow" Quote: "...the suspension of stock dealings from Tuesday 2020/3/17 to enable brokerage and investment companies to complete financial adjustments between them - starting again on 2020/3/24." THEY LET THE CAT OUT OF THE BAG...THEY ARE SAYING THEY ARE CLOSING TRADING FOR ONE WEEK BECAUSE OF CORONA...THEN THEY ARE SAYING COMPANIES TO COMPLETE FINANCIAL ADJUSTMENT...ANOTHER HUGE AND AMAZING ARTICLE...
3-16-2020 Newshound Guru Pimpy It's really weird in our community. Not a lot of people are talking and here's my theory on this and that is we know it's coming close to crunch time. A lot of people have pulled the trigger saying this rate change is gonna happen at the end of March or sometime in the beginning of April. And this isn't just one dinar guru there's been several. I told you before I felt this same way in that something is gonna happen by the end of March maybe no later than the beginning of April...
3-16-2020 Intel Guru Footforward I believe the RV is actually a Trump card...no pun intended and Trump is waiting for the precise moment to release the RV when it's going to have the best affect to counteract this attack that has come on the financial system. I'm actually really encouraged as much as things look like they suck right now. ...What I'm looking for next in regards to the dinar ...is for the dow to get to 20,000 again...really good chance it happens around March 20th...to be clear I don't know that the RV happens on March 20th...I actually don't think the RV happens on that date. To be clear, I don't think we are far off.
3-16-2020 Intel Guru MarkZ Bankers are convinced this is still happening soon… My banking contacts still think we could have money as soon as tomorrow…but they thought that last week too…Military contacts are saying it could happen anytime between now and April 1st… I tend to believe them a little more because what they are looking at… I am hopeful we will see Leprechauns and pots of gold on St. Patricks day…
3-16-2020 Intel Guru Frank26 ...Trump said "I think we are going to have a tremendous bounce when this is over." ...that recoil affect. That boomerang effect. That slingshot effect. IMO I really think Trump talked to the markets and he said just pull back and hold on. Once this coronavirus thing is over and done with and the democrats are done exaggerating and the media finally finished their nonsense let's get back to work. In fact IMO...what if we reward a few counties? ...what if we allow a few countries to go ahead and raise the value of their currencies starting with Iraq? Wow! ...we have 330 million Americans in the United States. How many of them you think now have dinar? Man we are going to rock the world!
3-16-2020 Newshound Guru Jeff Article "Legal Expert: After the failure of the seven committee...constitutionally Salih takes over the Prime Minister with his full powers" The president will act as the prime minister. So they have a stable government. Good. That's all we need. So they do have an acting prime minister...
3-16-2020 Newshound Guru Jeff The Trump administration is in charge of everything right now IMO. He picked this to happen shortly before the US elections. He can use this as a tool to promote himself on a strong economy for re-election...
3-16-2020 Newshound Guru MilitiaMan Well, the dinar has been clearly been given the green light to move. The auctions are to stop, and the value of the IQD is to rise, NSCNs and coins are said to be in place where they will be needed, Alak Gov at the CBI has been effectively announcing the need to raise the value of the IQD over the last few days, etc... The COV-19 is deadly to some as it can be, it is nothing compared to past bugs in shear volume or statistical numbers, therefore, the nature of the hysteria, may be used to hide and usher in the new beginnings and with that a RI with the IQD will help support that bounce Trump has so kindly given us hope for... Lets all hang in there and pray we are truly witnessing a blessing well deserved by us all. We shall see. imo.
3-16-2020 Intel Guru Delta Article: "Iraq market: stop the organization of trading sessions and trading activity in securities as of tomorrow" Quote: "...the suspension of stock dealings from Tuesday 2020/3/17 to enable brokerage and investment companies to complete financial adjustments between them - starting again on 2020/3/24." THEY LET THE CAT OUT OF THE BAG...THEY ARE SAYING THEY ARE CLOSING TRADING FOR ONE WEEK BECAUSE OF CORONA...THEN THEY ARE SAYING COMPANIES TO COMPLETE FINANCIAL ADJUSTMENT...ANOTHER HUGE AND AMAZING ARTICLE...
3-16-2020 Newshound Guru Pimpy It's really weird in our community. Not a lot of people are talking and here's my theory on this and that is we know it's coming close to crunch time. A lot of people have pulled the trigger saying this rate change is gonna happen at the end of March or sometime in the beginning of April. And this isn't just one dinar guru there's been several. I told you before I felt this same way in that something is gonna happen by the end of March maybe no later than the beginning of April...
3-16-2020 Intel Guru Footforward I believe the RV is actually a Trump card...no pun intended and Trump is waiting for the precise moment to release the RV when it's going to have the best affect to counteract this attack that has come on the financial system. I'm actually really encouraged as much as things look like they suck right now. ...What I'm looking for next in regards to the dinar ...is for the dow to get to 20,000 again...really good chance it happens around March 20th...to be clear I don't know that the RV happens on March 20th...I actually don't think the RV happens on that date. To be clear, I don't think we are far off.
3-16-2020 Intel Guru MarkZ Bankers are convinced this is still happening soon… My banking contacts still think we could have money as soon as tomorrow…but they thought that last week too…Military contacts are saying it could happen anytime between now and April 1st… I tend to believe them a little more because what they are looking at… I am hopeful we will see Leprechauns and pots of gold on St. Patricks day…
3-16-2020 Intel Guru Frank26 ...Trump said "I think we are going to have a tremendous bounce when this is over." ...that recoil affect. That boomerang effect. That slingshot effect. IMO I really think Trump talked to the markets and he said just pull back and hold on. Once this coronavirus thing is over and done with and the democrats are done exaggerating and the media finally finished their nonsense let's get back to work. In fact IMO...what if we reward a few counties? ...what if we allow a few countries to go ahead and raise the value of their currencies starting with Iraq? Wow! ...we have 330 million Americans in the United States. How many of them you think now have dinar? Man we are going to rock the world!
3-16-2020 Newshound Guru Jeff Article "Legal Expert: After the failure of the seven committee...constitutionally Salih takes over the Prime Minister with his full powers" The president will act as the prime minister. So they have a stable government. Good. That's all we need. So they do have an acting prime minister...
3-16-2020 Newshound Guru Jeff The Trump administration is in charge of everything right now IMO. He picked this to happen shortly before the US elections. He can use this as a tool to promote himself on a strong economy for re-election...
3-16-2020 Newshound Guru MilitiaMan Well, the dinar has been clearly been given the green light to move. The auctions are to stop, and the value of the IQD is to rise, NSCNs and coins are said to be in place where they will be needed, Alak Gov at the CBI has been effectively announcing the need to raise the value of the IQD over the last few days, etc... The COV-19 is deadly to some as it can be, it is nothing compared to past bugs in shear volume or statistical numbers, therefore, the nature of the hysteria, may be used to hide and usher in the new beginnings and with that a RI with the IQD will help support that bounce Trump has so kindly given us hope for... Lets all hang in there and pray we are truly witnessing a blessing well deserved by us all. We shall see. imo.
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)
COVID-19: Iraqi government announces new measures
16 Mar 2020 - 1:44 pm
Prime Minister Adil Abd Al-Mahdi chaired a meeting in Baghdad of senior ministers to discuss additional measures to contain the spread of COVID-19 in Iraq.
The meeting was attended by the Ministers of Health, Finance, Interior and Communications, as well as other senior officials.
The meeting agreed a number of new measures, in line with recommendations from the World Health Organization, including:
1- Declaring a curfew in Baghdad for a week starting on 17 March
2- Directing relevant authorities to fumigate and disinfect a number of areas and districts
3- Authorising governors to impose curfews in their provinces
4- Suspending flights for a week from 17 March
5- Increasing internet bandwith/capacity
6- Banning travel between Iraqi provinces.
The meeting underscored the importance of following the advice of Iraq‘s Ministry of Health and the World Health Organization.
The Iraqi authorities had earlier announced a number of measures to limit the spread of the COVID-19 including banning entry into Iraq of passengers from France, Turkey, Spain, Nigeria, China, Iran, Japan, South Korea, Thailand, Singapore, Italy, Kuwait and Bahrain.
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ARTICLE 3
Al-Sudani and Abtan are the most prominent candidates for the Seven Committee of the Prime Minister
16/3/2016 16:35
[Baghdad-where]
A parliamentary source confirmed, on Monday, that Muhammad Shia'a Al-Sudani and Abdel-Hussein Abtan were the most prominent candidates of the Seven Committee for the position of prime minister.
The source said in a press statement, "The Sudanese was re-presented his name again within the competition for the post of prime minister," pointing out that "Abtan and Al-Sudani are the most prominent candidates of the Seven Committee charged with resolving the position of prime minister."
He added that "one of the personalities will be agreed upon and presented to President of the Republic Barham Salih this evening," noting that "the competition between Abtan and the Sudanese is ongoing and no one has been chosen yet."
Today, Monday, the Al-Fateh Alliance confirmed that the seven-member committee formed to resolve the post of prime minister will be presented this evening to President of the Republic Barham Saleh, its candidate.
He added that "one of the personalities will be agreed upon and presented to President of the Republic Barham Salih this evening," noting that "the competition between Abtan and the Sudanese is ongoing and no one has been chosen yet."
Today, Monday, the Al-Fateh Alliance confirmed that the seven-member committee formed to resolve the post of prime minister will be presented this evening to President of the Republic Barham Saleh, its candidate.
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ARTICLE 4
Al-Massari: Three parties refuse the survival or return of Abdul-Mahdi
16/3/2020 20:04
[Baghdad-where]
Today, Monday, the Secretary-General of Al-Haq Party, Ahmed Al-Masari, asked a number of parties to request the resignation of the resigned Prime Minister, Adel Abdul-Mahdi, to run government affairs, until elections are held "unconstitutional."
Al-Massari said in a press statement that "the Seven Committee was supposed to present a candidate to the presidency of the Republic, with the aim of assuming the presidency of the next government," adding that "after the failure of the committee to introduce the candidate, there is nothing before it except the application of the constitution, which is the president taking over the functions of the prime minister."
Al-Massari added that "there is no other solution before the President of the Republic, or the return of the resigned Prime Minister, Adel Abdul-Mahdi, to run the affairs of the government."
He pointed out that "the return of Abdul-Mahdi is unconstitutional, given that the constitutional deadline has expired," noting that "some parties want to return Abdul-Mahdi to his post, but that proposal is rejected by demonstrators, and some political forces, as well as the constitution."
And the negotiations reached the last hours of choosing a prime minister for the next government to a dead end, after the Seven Committee, composed of Shiite political blocs, did not reach an agreement that would lead to the passing of candidate Naim Al-Suhail, to present it to the rest of the political blocs, before passing it in the House of Representatives.
A member of the State of Law Hassan Al-Sunaid announced the end of the work of the Seven Committee after its failure to choose a candidate for prime minister, calling on the political blocs to meet today to come up with an approved candidate for prime minister, pointing out that the President of the Republic is waiting for the blocs to present a candidate for prime minister.
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ARTICLE 5
The Shiite Waqf directs the closure of all mosques and Husseiniyyas under its administration
16/3/2020 20:45
Where is Baghdad?
The Shiite Endowment Office decided today, Monday, to shut down the mosques and Husayniyyas affiliated with his administration throughout Iraq, without notice.
The endowment said in a statement, "It was decided to direct the closure of all mosques, mosques and Husayniyas affiliated with its management of the Shiite endowment office in all of Iraq, and to suspend any religious or cultural activities (gatherings) in it, or in the centers attached to it in order to preserve social health and safety."
He added that the decision comes "in view of the exceptional health conditions that the world in general and Iraq in particular and the spread of some serious viruses, and a commitment from us in the Shiite Endowment Bureau with the directives and instructions issued by the cell of the national crisis and the specialists."
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ARTICLE 6
Saleh postpones Zarrafi's assignment until tomorrow
3/17/2020 0:11
The appointment of the head of the Al-Nasr parliamentary bloc, Adnan Al-Zrafi, to the post of prime minister was postponed until Tuesday morning.
And media reports indicated, Monday evening, that the President of the Republic, Barham Salih, was assigned to Al-Zrafi as the prime minister of the transitional government.
For his part, Representative Abboud Al-Issawi said, in a press statement, that "the President of the Republic asked Representative Adnan Al-Zarfi to come to the Peace Palace to assign him."
Reports indicate that the commissioning was postponed until tomorrow at eleven o'clock in the morning, while a meeting is now taking place between the Presidents of the Republic, Barham Salih, and Parliament Muhammad al-Halbousi, in the presence of al-Zarfi and a number of heads of political blocs to put the finishing touches.
For his part, Representative Abboud Al-Issawi said, in a press statement, that "the President of the Republic asked Representative Adnan Al-Zarfi to come to the Peace Palace to assign him."
Reports indicate that the commissioning was postponed until tomorrow at eleven o'clock in the morning, while a meeting is now taking place between the Presidents of the Republic, Barham Salih, and Parliament Muhammad al-Halbousi, in the presence of al-Zarfi and a number of heads of political blocs to put the finishing touches.
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