A Conversation With President of Iraq Barham Salih
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Favorite Currencies Forex Quotes
| Symbol | Bid | Ask | High | Low | Open | Change | Time |
|---|---|---|---|---|---|---|---|
| USD/IQD |  1186.0000 |  1194.0000 | 1192.8000 | 1191.9000 | 1192.8000 | 1.2000 | 11:44 |
| USD/VND | 23441.0000 | 23444.0000 | 23487.2000 | 23452.3000 | 23452.3000 | 27.0500 | 15:00 |
| USD/CNY | 7.0809 | 7.0829 | 7.0857 | 7.0653 | 7.0653 | 0.0148 | 10:30 |
| USD/KWD | 0.3106 | 0.3116 | 0.3108 | 0.3106 | 0.3108 | -0.0001 | 12:42 |
| GBP/USD | 1.2372 | 1.2375 | 1.2376 | 1.2298 | 1.2343 | 0.0018 | 15:59 |
| USD/IRR | 0.0000 | 0.0000 | 42097.5000 | 42097.5000 | 42097.5000 | 97.5000 | 06:03 |
| USD/IDR | 15331.0000 | 15340.0000 | 15751.0000 | 15395.0000 | 15514.0000 | 69.0000 | 15:58 |
Things in the News:
WAPO article
Iraqi Articles:
Al-Kazemi receives the first foreign contact from the king of an Arab country
On Thursday, the designated Iraqi Prime Minister, Mustafa Al-Kazemi, received a call from the Bahraini monarch.
A statement to Al-Kazemi’s office, reported to Shafaq News, stated that “the latter received a phone call from the Bahraini King Hamad bin Isa Al Khalifa, during which he expressed his sincere congratulations on assigning Al-Kazemi to form the government and his wishes for relations between the two peoples and the two brotherly countries further development and cooperation.”
For his part, Al-Kazemi expressed his thanks to the Kingdom of Bahrain as king, government and wishes of the brotherly Bahraini people for the good and prosperity, according to the statement.
Parliamentary call to hold an emergency session to discuss securing the employees' salaries
The deputy of the Alliance of Cyclists Mahmoud Jawad confirmed, Thursday, the state's inability to pay the salaries of employees during the coming months in light of falling oil prices, calling for an emergency session to discuss the repercussions of the crisis.
"The talk about securing all salaries is incorrect in light of the large financial deficit," Jawad said in a statement to "The Information." Noting that "the total oil sales are not enough to pay the salaries of employees and retirees."
He added, " Iraq has two options that have no third in securing salaries, either by reducing the expenses of all state officials, or by moving towards internal borrowing."
Jawad called the parliament to "hold an emergency session to discuss the implications of the financial crisis and how to secure the salaries of employees until the end of this year."
"The talk about securing all salaries is incorrect in light of the large financial deficit," Jawad said in a statement to "The Information." Noting that "the total oil sales are not enough to pay the salaries of employees and retirees."
He added, " Iraq has two options that have no third in securing salaries, either by reducing the expenses of all state officials, or by moving towards internal borrowing."
Jawad called the parliament to "hold an emergency session to discuss the implications of the financial crisis and how to secure the salaries of employees until the end of this year."
The World Bank cuts oil and mineral price expectations as demand collapses
The World Bank trimmed its forecast for oil and minerals prices on Thursday due to the economic repercussions of the Corona Virus pandemic and said that the shock of commodity markets could be more severe for developing countries.
The World Bank said crude oil prices are expected to average $ 35 a barrel this year, 43 percent below the 2019 average, and in a sharp drop from its October forecast.
"The reduction is due to a huge unprecedented decline in demand," the bank said in a press release, and said that the decline in prices was exacerbated by the exaggeration in production from OPEC and other major oil producers.
Meanwhile, mineral prices are expected to drop 13 percent in total this year, the bank said. But gold, a traditional safe haven, is expected to rise 15 percent.
He added that the impact of the health crisis on agricultural commodities is expected to be moderate, but supply chain disturbances may increase food security risks in some areas.
"The massive shock of commodity markets and low oil prices could cause a serious setback for developing economies," Mukhtar Dayoub, World Bank Vice President for Infrastructure Affairs, said in the statement.
The foundation recommended that governments reform energy subsidy programs to make funds available to tackle the Corona virus, and favored not using fees or other commercial protection tools to fortify domestic industries.
Reducing the price of the dinar and its effect on the Iraqi economy
link
n light of the current economic conditions accompanied by government failure in managing the file of monetary and financial policies in Iraq, the issue of devaluation has emerged, which is the devaluation of the Iraqi dinar vis-à-vis the US dollar and other currencies in a deliberate and deliberate manner, noting that this differs from the change in the exchange rate that is subject to For the supply and demand process in the currency markets.
I looked at a period of time before a study prepared by the Central Bank on this issue and after scrutiny in this matter and many discussions with experts and specialists and I believe that Iraq needs such economic solutions at the present time I thought that I clarify a realistic point of view may contribute to the crystallization of a specific opinion among the decision-makers in this The matter. In normal circumstances, this type of solution must be the last drug. Unfortunately, the country's economy is mismanaged, the absence of economic doctrine, the continued dependence on oil as a single source, and the exploitation of the economy as an electoral tool that has led to a near collapse in the economy whenever the price of oil decreases, and the failure of successive governments to support the product The industrial and agricultural patriotism prompted the specialists to resort to this kind of thinking.
I looked at a period of time before a study prepared by the Central Bank on this issue and after scrutiny in this matter and many discussions with experts and specialists and I believe that Iraq needs such economic solutions at the present time I thought that I clarify a realistic point of view may contribute to the crystallization of a specific opinion among the decision-makers in this The matter. In normal circumstances, this type of solution must be the last drug. Unfortunately, the country's economy is mismanaged, the absence of economic doctrine, the continued dependence on oil as a single source, and the exploitation of the economy as an electoral tool that has led to a near collapse in the economy whenever the price of oil decreases, and the failure of successive governments to support the product The industrial and agricultural patriotism prompted the specialists to resort to this kind of thinking.
I may agree with the study conducted by the Central Bank on many points that talk about the need to find other economic solutions other than reducing the value of the Iraqi dinar, but through experience and extrapolation of the Iraqi political situation I do not see on the horizon any ability of the owners of the solution and the contract to bring about a fundamental economic change because of the lack To truly understand the problem in Iraq and look at it from a single perspective, which may be factional, partisan, or personal. Therefore, my article will focus on discussing a paragraph devaluing the local currency vis-à-vis foreign currencies and responding to factors that affect or are related to the reduction process. For the purpose of taking note of the topic from all sides, the factors associated with this reduction must be discussed. Among the most important of these factors are: -
First: the balance of payments
I do not think that Iraq has a strong position in the balance of payments because Iraq’s exports are only oil, at a rate of 99 percent. It is worth noting that the Central Bank study on the percentage of surplus in the balance of payments, which was estimated at 5, is discussed.75 percent of GDP for 2019, from the first two aspects in terms of whether to include the balance of oil exports or not and this balance changed by changing world oil prices. On the other hand, discussing a real and important question, which is how to calculate GDP in Iraq? What is the proportion of the value of oil exports in it? This question also applies to the proportion of foreign reserves available in Iraq, which is estimated at $ 70 billion, which represents 30 percent of GDP, according to the study. Here, the same problem lies, which is how to calculate the domestic product, and thus how to calculate the ratio of the adequacy of reserves in International Monetary Fund standards or other traditional measures, from It is clear that there is a deficit in the balance of payments because the balance of our payments depends on a very large percentage on oil and consequently the deficit, surplus or strong position depends on the global oil price, the amount of production and the amount of oil exported from Iraq, therefore the study that gave measures for 2019 Totally corrupted from the current year2020 due to the drop in oil prices, and here I agree with a statement mentioned in the central bank study saying (when the deficit in the balance of payments is a reason for resorting to reducing the local currency) and this matter does not apply to Iraq in 2019, but it applies completely to Iraq in the year 2020.
Second: consumer prices
There may be an effect of the devaluation of the Iraqi dinar on consumer prices, but there are many positive aspects in this framework that can be taken advantage of and turn this challenge into a real opportunity to build an economic doctrine that fits the current political and social situation.
The rate of imports in Iraq is very large and the annual rate of amounts of hard currency that goes out of the country for the purpose of import is estimated at 48 billion dollars annually and in the case of reducing the price of the dinar, these imported materials will be more valuable in Iraqi dinars than their current value in the local market, which will lead to a decrease in demand On them, and here is the stall of the Persians to refute all allegations that are expected to be high in life due to the devaluation of the Iraqi dinar, because this reduction must accompany a set of economic measures that are supportive of it, the most important of which is controlling the prices of the value of food and fuel. In the imported consumables, which are considered a factor in the ruin of the country's economy, it can be addressed and accept a certain increase in the prices of some unnecessary luxury items.
Therefore, there must be packages in the application of this reduction in order to encourage the national product, and we can give a simple example in this framework. If there is material that we import from neighboring countries, and the value of this material was only one dollar, i.e. its value is 1,200 Iraqi dinars at present, and the cost of producing it is from Local raw materials may cost the owner of the Iraqi factory 1300 Iraqi dinars, so the local product cannot compete with the imported product price due to the relatively high value of the dinar, but if the value of this material is one dollar in light of the exchange rate of 1500 Iraqi dinars and the value of the local product remains for the same article 1300 Iraqi dinars It will be a pain The local product is cheaper than the importer at the local value and therefore this will encourage the owners of factories or farms to produce locally and run the labor and run the macroeconomic cycle again so this reduction will have a significant role in supporting the local product, and it was noted that the central bank study spoke about the extent of Provides local productsAs an alternative, here we say that the egg and chicken base must end in Iraq, meaning do we work in a local industry in order to stop the import or stop the import in order to encourage national production? I think that the time has come to break this rule and for the state to put an end to imports in order to encourage production and because capital is coward and factory owners will not risk their money in order to provide material that does not have a market or has no consumer or competing foreign producer at a lower price and the state must be firm and legalize the import in order to Factory owners are able to produce and make the local product a competitor. It is worth noting that there will be a specific time period in which some products will be less available in the markets, but I believe that the national product will soon fill the void and we will start a new phase of the Iraqi economy.
Third: the level of inflation
Iraq currently does not suffer any rise in the level of basic inflation; therefore, the effect of reducing the currency devaluation level in the basic inflation level will be limited, meaning that if we reduce the currency by 30 percent, the prices of some luxury items will increase by 12 percent, and this price increase can be addressed by moving the economy even if we have to Increasing nominal salaries and moving the wheel of the economy by pumping cash into the street to move some industrial, agricultural and construction sectors.
Fourth: Increasing economic growth and trade
The study prepared by the Central Bank on the effect of currency devaluation on increasing trade growth showed that the relationship between devaluation and the deficit of the trade balance and stimulating the national economy is a conditional and specific relationship with factors including:
A- The extent of the national productive capacity, technologically, financially or humanly, to manufacture the same goods imported from abroad with similar quality and at competitive prices and to replace them with national products.
B- The extent of the price elasticity of exports and imports, i.e. the extent of the demand for exports and imports responding to the change in prices resulting from the change in the value of the currency.I think that Iraq can achieve a return from this reduction in this framework, which we mean by the growth and trade framework, because Iraq’s exports are limited to only crude oil, the devaluation of its currency may increase its exports from other materials that encourage the national product, whether industrial or agricultural, to increase its production, specifically some Exportable materials so that there will be new non-oil dollar revenues that can be used as a hard currency to increase the domestic product of the homeland. Also, this reduction will increase and strengthen the local Iraqi industries to be able to compensate for imports. Therefore, reducing the value of the Iraqi dinar will reduce a large percentage of the import. Revenues and maintains the hard currency coming from selling oil inside Iraq and these amounts are transferred instead of sending them out of the country through the currency auction to pump them into the local market to move the economy wheel, the banks that operate with the currency auction and those behind it may be affected.
Fifth: The effects of reduction in vulnerable social groups
It is also known that the number of people dependent on the government for their income from employees, retirees and those covered by the social protection network is around 6 million citizens. If we take the average of five individuals per family, 30 million citizens depend entirely on their income for government support, and this represents 75 percent of the Iraqi people. The negative effects of this reduction on the purchasing power of this group are limited because the cuts will have measures to support the ration card and an increase in salaries for lower job grades and social welfare network grants.
At the same time, the state must act as a food merchant in the sense that it imports food or provides it from local production and stores it and pushes it to the market at any time there is a deliberate raise in prices or a specific monopoly process, and thus there will be food security for these vulnerable groups and the state also works To support fuel and medicine and direct the general budget to the ration and medicine, and sterilize water and infrastructure.
As for other luxury goods, there is no harm in accepting the cost of some non-essential materials, such as the mobile phone by 12 percent or the price of perfumes, for example, 12 percent.
To the state.
On the other hand, I do not think that this reduction leads to an increase in government expenditures in general, but it may lead to an increase in the ration card expenditures, which do not represent 3 percent of the total general budget of the country. At the same time, you can benefit from the increase in revenues in the Iraqi dinar in other operating and investment expenses. By up to 25 percent, for example if the price of the dollar becomes 1500 Iraqi dinars.
At the same time, this reduction will have positive effects on the remittances of expatriate citizens from abroad for their families, so that the value of what they convert from hard currency into Iraq is greater than the present value and this leads to addressing the status of a particular class in front of the potential relative costly.
Sixth: The effect of the reduction in public debt
Iraq's foreign debt in foreign currency is about 23 billion dollars (except for pre-2003 debts of 41 billion dollars). The domestic debt in the dinar currency is around 40 trillion Iraqi dinars, including treasury transfers and bonds, and since 95 percent of the public budget depends on imports of oil that is sold In dollars, therefore, foreign debts will not be affected, either negatively or positively, by the devaluation of the Iraqi dinar, as they are receivables paid in US dollars.
As for the domestic or domestic debt, surely the reduction of the dinar’s rate will have a positive impact in the interest of the state, as the value of the local debt against the petroleum dollar. The state is limited to 7 billion dollars, and this indicates that the devaluation of the currency has a positive impact on public debt and thus strengthens the country’s economy without affecting the external debt by any negative impact and therefore there will be no negative impact on the Iraqi situation with the international community due to this reduction in Local currency value.
Seventh: The effect of reducing confidence in the national currency
I do not think (in my personal opinion) that this devaluation of the Iraqi dinar will affect the confidence of global markets and economies in the Iraqi local currency because this planned devaluation must accompany a set of economic decisions that are supportive of this devaluation and reduce its impact, whether on the internal or global economy in the Iraqi currency and the most important These reforms are to control the expected inflation, as we mentioned earlier through controlling food, fuel and medicine. The pressures of demand for the dollar may not escalate, but on the contrary, the local counterpart to the dollar unit may be more than before, so the process turns into a process. The dollar and try to keep Aa local currency, especially if we raised interest rates on deposits in local currency rates as a measure of the structural part of the decisions that must accompany the process of devaluation Vtkhvv thus the pressure on the dollar exchange rate.
The central bank study indicated the existence of the stability of the Iraqi dinar exchange rate for a number of years. In this context, I think that this stability is not real, but it is pressure on the dollar price by the country’s monetary policy, and therefore this stability as a result gave negative returns on the Iraqi economy, so stability can remain, but On another exchange rate that is less valuable than the current price.
If we note that the Lebanese experience has lasted decades for an exchange rate of 1500 that is stable but at a real price for the Lebanese pound while it is believed that the Iraqi dinar price on its current stability for the past years was not a real price but rather it was a price engineered by those responsible for the country’s monetary and financial policy, I mean Here is the central bank and the exchange rate is set in the annual general budget by the government and the finance committee in the Iraqi parliament.
Eighth: Monetary and Financial Policy
Before we get into the details of this factor, we must answer the following question: Do we expect Iraq to have a political ability to manage monetary and financial policy in the face of pressures that may result from reducing the price of the Iraqi dinar against the unit of the dollar? What determines this is the strength of the political administration in the country and the understanding of the political forces, the truth of the problem. The monetary policy tools represented in the interest rate, the discount rate, open market operations, etc. These can be controlled by coordination between the owner of the Iraqi money, which is the Ministry of Finance, and between the custodian of this money, which is the bank. The Central Council of Ministers shall be the judge and judge in the approximation of views between the owner and the governor. As for the fiscal policy, the government and parliament must collectively control expenditures and work to increase revenues (and we have talked a lot as others talked about how to increase revenues) in order to control m Suitable for the cash block in order to reduce the effects of inflation on the citizen.
We believe that the pessimistic view of financial and monetary management in Iraq must change. Otherwise, the situation will remain as it is. Yes, there is a big failure in managing these two files, but everything has an end and an end, and I think the time has come to end the failure of monetary and financial policy.
Ninth: The effect of reducing the dinar on the public budget
The general budget is revenue and expenditures, and since the main source of revenue for Iraq is oil sold in dollars, the reduction of the Iraqi dinar will certainly increase the revenue by the amount of the rate of the dinar, so when the price of one dollar is 1500 dinars instead of 1200 dinars, every billion dollars of oil revenue will be worth In the budget is one trillion and a half trillion dinars, compared to one trillion and two hundred billion dinars at the current exchange rate. This rise in revenues will have a clear and positive impact on the general budget. As for expenditures, I would like to refer here to the central bank’s report and discuss it again as It is mentioned that the reduction will witness an increase in expenses due to the following points:
Government import of goods and services
This is beneficial because, as we said above, the government should be the first to reduce imports and depend on the local product, whatever the circumstances, and this is an opportunity to create a local economy and increase local production by increasing agricultural and industrial production and reducing imports.
-2 Paying the interest of the external debt
We have previously mentioned in this topic that external debt will not be affected by the dollar’s devaluation, but internal debt will decrease in value relative to the petroleum dollar.
3 - Foreign investments and contributions
This does not represent a significant percentage, it is also in dollars, and we are our resources in dollars, so this is considered beneficial as well.
4- Paying the oil related investments
Everyone knows that paying the dues of oil companies is my eyes with oil, so there is no relationship with the dollar or the dinar.
5- The ration card
I do not agree with the report of the Central Bank that stated that most of the ration card materials are imported. The ration card that must be developed currently depends on four main materials, which are rice, flour, oil and sugar, three of which are flour, oil and sugar purchased locally. Reducing the value of the dinar will save money for the ration card when purchasing These materials and the only material that is imported is rice, and in the same logic that we spoke in this article, the oil dollar will not be affected because Iraq sells oil in dollars and imports rice in dollars. In sum, the reduction of the dinar will affect the ration card positively.
6 - Social protection salaries
In the event that the dinar is reduced, the government should increase the social protection salaries with the same expected inflation rate, which is 12 percent. In this way, we remove the potential inflation effect from the socially vulnerable groups.
Conclusions:
In the end, gradually reducing the value of the dinar will have positive effects on the economy of the country, from which it can be taken advantage of, and other negative things that must be taken in advance to avoid them so that the gross product will be positive for the national economy and to avoid the expected economic shock.
The positives are as follows:
1- Encouraging the local agricultural and industrial product.
2- Stir the wheel of the country's microeconomics.
3- Employment of labor and absorption of unemployment.
4 - Increase the revenues of the public budget and reduce import expenditures.
Naturally, this measure will have negative effects, so the government must take a series of measures in parallel with this reduction, as follows:
1 - Stopping the currency auction to maintain the hard currency inside the country and that the dollar and other foreign currencies are sold and traded directly in the currency markets or through the stock market, in order to get a real price of the Iraqi dinar against the American dollar, and that the guarantor of the prices is the value of the available reserve The Central Bank of Iraq has hard currency.
2- Setting an import platform, stopping some imports, controlling customs outlets, supporting the tax system, and exempting the local product from income tax for a period of two years.
3- Building the budget on a fixed oil price for the operational budget and moving to the investment budget, directing the budget to salaries, purchasing the ration and medicines, and sterilizing water and the educational process only.
4- Delaying the dues of oil companies or paying them in kind outside OPEC's share.
5- Selling oil coupons locally, at the prevailing price now, and buying them a year later at the prevailing price then.
6 - Increasing nominal salaries by 10 percent, reviewing high allocations to achieve social justice, and increasing salaries of the social protection network by 12 percent
7 - The state imports commercial foodstuffs into the market and injects it into the ration program in the event of high prices. And activating the role of economic security and entering the competent government agencies to control the cash rhythm in the currency market and the markets for the sale of foodstuffs.
8 - Supporting fuel for transport and factories and giving high relative importance to industries
Food.
9 - Pumping a hard currency to the exchange markets to maintain the price level of the Iraqi dinar, preventing the price from slipping so that its decrease exceeds 30 percent within two years.
10 - The Ministry of Finance issues the e-dinar for the purpose of collecting government revenues and fees due and what distinguishes them from being non-negotiable in the market as cash and thus we have reduced corruption in this aspect as well as the state's knowledge of the value of those imports quickly to be issued by a government bank and not through companies Eligibility.
In conclusion, such a procedure requires a courageous decision by statesmen who are able to manage a stage through which the world in general and Iraq in particular, statesmen who lead society and manage state institutions literally without paying attention to partisan or factional or electoral interests, but rather put the interest of Iraq first.
Member of the Finance Committee
CBI, ISX,Dinar Guru:
CBI Update: IT SEEMS the CLOSURES have BEEN Extended WE SHALL SEE
Click on the link above for the latest update.
The CBI for rate is.
The currency auction total sales amount $ 0 Auction held
ISX Update: At my last checking
Failure to organize trading sessions 17 / 3-2020 / 3/23
it's a 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 CURFEW EXTENDED to APRIL 23rd
Taha Ahmed Abdel Salam Duran Soran
Shares Traded: N/A
Value Traded: N/A
4-23-2020 Intel Guru MarkZ [via PDK] [I read on Dinar Guru that you changed your opinion on a possible time frame from mid May to an earlier date…why was that?] ...Because of the crash of the oil markets. So I am saying it could be earlier now...when the oil market imploded the Petro dollar is supported by transactions in oil. Now there are no transactions in oil so no money velocity for the US dollar. This means the US dollar is very precarious and could fail at any moment. What it does if they are not prepared to pull the trigger immediately or has already pulled we could see anarchy. We could see the fall of America. It could cease to exist. If they don’t get it done before the crash happens it could be like when the Soviet Union collapsed and became just Russia and all the Baltic states became their own countries again. So because of the oil crash they are trying to get it out sooner now and avoid all that.
4-23-2020 Newshound Guru Adam Montana OIL rocked our world over the last 7 days...there was an unprecedented...situation where WTI (OIL) went to $0, then negative. This has NEVER HAPPENED BEFORE. EVER. I even posted in a recent update that "oil will never be free", and the markets proved me wrong...because for a short window, negative prices means OIL was even better than free! :lol: Not that we could ever get paid to fill up our tanks, but I can admit when I am wrong. ...Today is the general start of Ramadan. In years past, I have always maintained the opinion that "nothing happens during Ramadan". I also stated that "oil will never be free", and I was wrong about that! I'm not going to say "two wrongs make a right", but this is a unique situation. The most unique, ever, in the history of the world, in fact. We are witnessing a financial shakeup never before seen, and barely even imagined. What is happening right now is so off-the-charts unexpected that I'm going to retract my former opinion...maybe something will get done during Ramadan!
4-23-2020 Newshound Guru Jeff Adnan Al-Zurfi just Tweeted on April 21st "The country is no longer stolen, they formed the government and comforted the people." ...99% of the media is all frickin lies. You want proof? Here you go. This guy was the former Prime Minister designate before the current one and he's telling you it's done and complete.
4-23-2020 Intel Guru Frank26 I don't know...but we do know that the ultimate goal is for e-commerce...the other goal is to position the Iraqi dinar with the three slots open that can all of a sudden add value to the Iraqi dinar...the 26th is when we're gonna get a better understanding of what they really did with this 1000% increase in the index value of the Iraqi dinar and the Iraqi Stock Exchange...this was a very strange move...This is a move by the Iraqi Stock Exchange in my opinion that is done before they reopen to combat speculators...it seems to me that what the Iraqi Stock Exchange on Monday did has let the secret out of the bag... [Post 2 of 2]
4-23-2020 Intel Guru Frank26 ...on Monday, actually it was Sunday, they said according to the Iraqi Dinar Index that they had increased...what was the 1000% increase for? ...deleting the zeros that's what we think it is for...They told everybody at the beginning of this month [April], 'We're closing down because of the coronavirus.' Today they tell everybody they're going to open back up on the 26th but not the floor only the e-commerce trading. They could have done the same thing on the beginning of the month. They closed the door so that you couldn't see what they were doing with their mathematics of whatever this index is about. [Post 1 of 2....stay tuned]]
4-23-2020 Intel Guru MarkZ [via PDK] I was told that some dates are being “leaked” to create smoke and that the exact date has not been decided on yet because of the logistic issues…But they are trying to speed up the roll out.
I am also being told they believe they have the oil market stabilized for now which gives them a few more days to work on those logistics. I also have some sources saying it’s this morning, it’s tonight, it’s tomorrow…but I don’t think those logistics have been worked out yet. So we keep watching for solid news. We know we are closer day by day but we can’t count on it until money is in our bank accounts...we just have to wait it out guys. It’s always been a “when” not an “if”...
4-23-2020 Newshound Guru Pimpy Article "The Iraqi Stock Exchange announced the resumption of trading this next Saturday", "...the board of governors decided to resume the activity of stock trading as of Sunday April 26..."
4-23-2020 Newshound Guru Jeff ...IMO because Iraq started the rate change process on March 17th that means they cannot turn the ISX back on until the rate change process has completed...and then about a week and a half ago I told you my opinion that they would resume the ISX and turn it on around Sunday April 26th. We got that confirmed...in the news just a few days later. They told us factually that yes they're going to reinstate the ISX on Sunday the 26th. They're basically telling us that because they shut the ISX down due to an impending rate change they kind of confirmed that they cannot reinstate the ISX until the rate has changed.
4-23-20 Newshound Guru Kaperoni ...there are no exchange centers, 800#s or cash in places...If and when the dinar ever begins to rise in value, IMO you will have to create a bank account with a currency broker (market maker) or some ECN (An ECN broker is a Forex financial expert who uses such a network to provide its clients direct access to other participants in the market) and manage it like any other foreign currency... [check with your financial advisor at the appropriate time.]
4-23-2020 Newshound Guru Adam Montana OIL rocked our world over the last 7 days...there was an unprecedented...situation where WTI (OIL) went to $0, then negative. This has NEVER HAPPENED BEFORE. EVER. I even posted in a recent update that "oil will never be free", and the markets proved me wrong...because for a short window, negative prices means OIL was even better than free! :lol: Not that we could ever get paid to fill up our tanks, but I can admit when I am wrong. ...Today is the general start of Ramadan. In years past, I have always maintained the opinion that "nothing happens during Ramadan". I also stated that "oil will never be free", and I was wrong about that! I'm not going to say "two wrongs make a right", but this is a unique situation. The most unique, ever, in the history of the world, in fact. We are witnessing a financial shakeup never before seen, and barely even imagined. What is happening right now is so off-the-charts unexpected that I'm going to retract my former opinion...maybe something will get done during Ramadan!
4-23-2020 Newshound Guru Jeff Adnan Al-Zurfi just Tweeted on April 21st "The country is no longer stolen, they formed the government and comforted the people." ...99% of the media is all frickin lies. You want proof? Here you go. This guy was the former Prime Minister designate before the current one and he's telling you it's done and complete.
4-23-2020 Intel Guru Frank26 I don't know...but we do know that the ultimate goal is for e-commerce...the other goal is to position the Iraqi dinar with the three slots open that can all of a sudden add value to the Iraqi dinar...the 26th is when we're gonna get a better understanding of what they really did with this 1000% increase in the index value of the Iraqi dinar and the Iraqi Stock Exchange...this was a very strange move...This is a move by the Iraqi Stock Exchange in my opinion that is done before they reopen to combat speculators...it seems to me that what the Iraqi Stock Exchange on Monday did has let the secret out of the bag... [Post 2 of 2]
4-23-2020 Intel Guru Frank26 ...on Monday, actually it was Sunday, they said according to the Iraqi Dinar Index that they had increased...what was the 1000% increase for? ...deleting the zeros that's what we think it is for...They told everybody at the beginning of this month [April], 'We're closing down because of the coronavirus.' Today they tell everybody they're going to open back up on the 26th but not the floor only the e-commerce trading. They could have done the same thing on the beginning of the month. They closed the door so that you couldn't see what they were doing with their mathematics of whatever this index is about. [Post 1 of 2....stay tuned]]
4-23-2020 Intel Guru MarkZ [via PDK] I was told that some dates are being “leaked” to create smoke and that the exact date has not been decided on yet because of the logistic issues…But they are trying to speed up the roll out.
I am also being told they believe they have the oil market stabilized for now which gives them a few more days to work on those logistics. I also have some sources saying it’s this morning, it’s tonight, it’s tomorrow…but I don’t think those logistics have been worked out yet. So we keep watching for solid news. We know we are closer day by day but we can’t count on it until money is in our bank accounts...we just have to wait it out guys. It’s always been a “when” not an “if”...
4-23-2020 Newshound Guru Pimpy Article "The Iraqi Stock Exchange announced the resumption of trading this next Saturday", "...the board of governors decided to resume the activity of stock trading as of Sunday April 26..."
4-23-2020 Newshound Guru Jeff ...IMO because Iraq started the rate change process on March 17th that means they cannot turn the ISX back on until the rate change process has completed...and then about a week and a half ago I told you my opinion that they would resume the ISX and turn it on around Sunday April 26th. We got that confirmed...in the news just a few days later. They told us factually that yes they're going to reinstate the ISX on Sunday the 26th. They're basically telling us that because they shut the ISX down due to an impending rate change they kind of confirmed that they cannot reinstate the ISX until the rate has changed.
4-23-20 Newshound Guru Kaperoni ...there are no exchange centers, 800#s or cash in places...If and when the dinar ever begins to rise in value, IMO you will have to create a bank account with a currency broker (market maker) or some ECN (An ECN broker is a Forex financial expert who uses such a network to provide its clients direct access to other participants in the market) and manage it like any other foreign currency... [check with your financial advisor at the appropriate time.]
Catnip's Corner:
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ARTICLE 1-A (from PM Mahdi's website; posted only on Arabic side, not on English side)
Prime Minister Adel Abdul-Mahdi congratulates the Iraqis and the Islamic nation on the appearance of the blessed month of Ramadan
In the name of of Allah the Merciful
(The month of Ramadan in which the Qur’an was revealed is a guidance for people and evidence from the guidance and the Furqan)
Believe God Almighty
We offer the most sincere congratulations and blessings to all our honorable people and Muslims on the eve of the blessed month of Ramadan, the month of goodness, mercy and forgiveness, the month in which God made it the best month and revealed the Qur’an as guidance and good news to the worlds.
The blessed month of Ramadan is coming this year, and our people embody the best pictures and meanings of national unity and social solidarity and successfully and consciously face the Corona pandemic with unparalleled cooperation between ministries and state agencies and security forces and our people, asking God Almighty to grant to those with a speedy recovery and those who died with mercy and forgiveness and their families with patience and solace .
We pray to the righteous one, who would accept your fasting, resurrection, and obedience and free our people and all humanity.
and thank Allah the god of everything ,
Every year, Iraq and its people, a thousand good.
Adel Abdul-Mahdi
Prime Minister
23-April-2020
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ARTICLE 1-B (from PM Mahdi's website; posted only on Arabic side, not on English side)
Designated Prime Minister, Mr. Mustafa Al-Kazemi receives a phone call from His Majesty the King of Bahrain from 4 to 4-2020
The Prime Minister-designate Mr. Mustafa Al-Kazemi received a phone call from His Majesty the King of Bahrain Hamad bin Isa Al Khalifa, during which he expressed his sincere congratulations on assigning Mr. Mustafa Al-Kazemi to form the government and his wishes for relations between the two peoples and the two brotherly countries further development and cooperation.
For his part, Mr. Al-Kazemi expressed his thanks to the Kingdom of Bahrain as king and government
And his wishes to the brotherly Bahraini people for good and prosperity.
Media office of the Prime Minister-designate
23-4-2020
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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 deputy describes Al-Kazimi's government as "shocking" and its goal is to achieve interests
4/23/1920 18:26
[Baghdad-where]
On Thursday, MP Hamid al-Moussawi described the cabinet formation of the government in charge of Mustafa al-Kazemi as a "quota booth," noting that the names that were disclosed to take over the ministerial portfolios were "shocking."
Moussaoui said in a statement, "After the unanimous support and great political support from all political forces to assign to Al-Kazemi, which none of his predecessors have enjoyed since 2005, this assignment, which the blocs announced will allow the taxpayer to choose his ministerial cabinet from the national competencies outside the pressure of home and abroad."
He added, "Our optimism is good that we will see an ideal government and ministerial figures worthy of representing Iraq. We were surprised, as representatives of a people waiting for the government of hope, with the names of the candidates of Al-Kazemi's booster, shocking and disappointing, the names of their candidates and they have dozens of question marks."
"The fact that someone who reads the name of the Finance Ministry candidate will make sure that this ministerial cabinet is its slogan and its regional goal first and partisan interests primarily, as we fully know the Kurdish parties' insistence on nominating Mr. Fouad Hussein for a position that is the most dangerous and largest in the government cabin and restore the exact same name, not to mention the other names," he added. Some of which we know are known by the documents as how they are "corrupt and addicted" to the plunder of public money.
Moussaoui pointed out that "it is unfortunate that you hear the statements of this political team or that claiming that he left the freedom of choice to the taxpayer in choosing the names, but he is killed behind the scenes and strives under the table, bargaining and negotiating in order to push their candidate for the scandalous, oppressive patriotism, patriotism and homeland that political forces rant about. Only empty slogans and cheap statements. "
He clarified, "This cabin did not adhere to the one who approached and dealt unilaterally with the political blocs and nominated controversial personalities, some of whom did not possess the minimum qualifications and competence, and the Ministry of Foreign Affairs is an example. And the Iraqis reject this "farce."
In his Al-Kazemi statement, Al-Moussawi called for "an immediate apology for his assignment, so there is no need to judge him and wait for his evaluation. The names of his candidates are sufficient and compelling evidence for everyone who wants to know that he failed in this endeavor a resounding failure."
At the end of his statement, Al-Musawi confirmed that this cab is a corrupt political agreement that is doomed to failure and this cab is a betrayal of our people in all of Iraq, specifically in the center, south and west. Fear God in Iraq and prevent this catastrophe and farce.
He added, "Our optimism is good that we will see an ideal government and ministerial figures worthy of representing Iraq. We were surprised, as representatives of a people waiting for the government of hope, with the names of the candidates of Al-Kazemi's booster, shocking and disappointing, the names of their candidates and they have dozens of question marks."
"The fact that someone who reads the name of the Finance Ministry candidate will make sure that this ministerial cabinet is its slogan and its regional goal first and partisan interests primarily, as we fully know the Kurdish parties' insistence on nominating Mr. Fouad Hussein for a position that is the most dangerous and largest in the government cabin and restore the exact same name, not to mention the other names," he added. Some of which we know are known by the documents as how they are "corrupt and addicted" to the plunder of public money.
Moussaoui pointed out that "it is unfortunate that you hear the statements of this political team or that claiming that he left the freedom of choice to the taxpayer in choosing the names, but he is killed behind the scenes and strives under the table, bargaining and negotiating in order to push their candidate for the scandalous, oppressive patriotism, patriotism and homeland that political forces rant about. Only empty slogans and cheap statements. "
He clarified, "This cabin did not adhere to the one who approached and dealt unilaterally with the political blocs and nominated controversial personalities, some of whom did not possess the minimum qualifications and competence, and the Ministry of Foreign Affairs is an example. And the Iraqis reject this "farce."
In his Al-Kazemi statement, Al-Moussawi called for "an immediate apology for his assignment, so there is no need to judge him and wait for his evaluation. The names of his candidates are sufficient and compelling evidence for everyone who wants to know that he failed in this endeavor a resounding failure."
At the end of his statement, Al-Musawi confirmed that this cab is a corrupt political agreement that is doomed to failure and this cab is a betrayal of our people in all of Iraq, specifically in the center, south and west. Fear God in Iraq and prevent this catastrophe and farce.
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ARTICLE 4
Deputy: Most of the political blocs insist on the electoral merit of the Al-Kazemi government
4/23/23 18:29
[Baghdad-where]
On Thursday, the deputy of the Al-Fateh Alliance Fadel Jaber affirmed that most political blocs are still insisting on the electoral merit of the government of Prime Minister-designate Mustafa Al-Kazemi.
Jaber said in a statement, "The Sunni conflict is still ongoing between Muhammad Al-Halbousi, Osama Al-Nujaifi and Khamis Al-Khanjar regarding the ministerial portfolios of the Sunni component," pointing out that "the Shiite blocs support Al-Kazemi with a difference of views."
He added that "most of the political blocs insist on the electoral merit of Al-Kazemi's government and are not satisfied with his abdication," noting that "the issue of entitlement may affect political positions, but next Tuesday the Al-Kazemi government will pass within Parliament."
On Thursday, independent MP Bassem Khazaal revealed that there was a political retreat from the support of the government of Prime Minister-designate Mustafa Al-Kazemi, while he said that the Alliance of Sayron and the Alliance of Victory and the Al-Hikma Movement would stand against the passage of Al-Kazemi’s government.
He added that "most of the political blocs insist on the electoral merit of Al-Kazemi's government and are not satisfied with his abdication," noting that "the issue of entitlement may affect political positions, but next Tuesday the Al-Kazemi government will pass within Parliament."
On Thursday, independent MP Bassem Khazaal revealed that there was a political retreat from the support of the government of Prime Minister-designate Mustafa Al-Kazemi, while he said that the Alliance of Sayron and the Alliance of Victory and the Al-Hikma Movement would stand against the passage of Al-Kazemi’s government.
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ARTICLE 5
Integrity: 70 warrants of arrest and recruitment were issued against high-ranking and private accused persons
4/23/23 13:05
[Baghdad-where]
The Federal Integrity Commission announced the arrest and recruitment orders issued against accused of high and special degrees issued during the month of February.
The Investigations Department of the commission revealed, according to a statement of integrity, that the All Iraq News Agency received a copy of it "about the issuance of (70) arrest and recruitment orders against ministers, members of the House of Representatives, governors, members of provincial councils and general directors, as well as a deputy minister, based on cases I investigated it and referred it to the judiciary. "
The department explained that "arrest and recruitment orders were issued against five ministers, including a current minister, five members of the House of Representatives, including three current employees, a former deputy minister, former governors, and twenty-four general managers, of whom nine are current, in addition to (33) members of the provincial councils."
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