Foreign currency markets in Iraq recorded, today, Friday, a decrease in the exchange rate of the US dollar against the Iraqi dinar.
The selling and buying prices of the dollar in exchange companies and offices came as follows:
The selling price of one dollar is 1240 dinars, or 124 thousand dinars per hundred dollars.
The purchase price of the dollar is 1230 dinars, or 123 thousand dinars per hundred dollars.
Rich Americans Seize Historic Chance to Pass On Wealth Tax-Free
- Falling rates make May the best month ever for family loans
- Stuck at home, the wealthy have more time for estate planning
Rich Americans are taking advantage of an unprecedented opportunity, made possible by the coronavirus pandemic, to transfer money to their children and grandchildren tax-free.
Thanks to the 2017 Republican tax overhaul, it was already easier than ever to avoid the U.S. estate and gift tax, a 40% levy on the biggest fortunes. Now, plunging interest rates and volatile equity markets are creating a once-in-a-lifetime chance that’s keeping wealth advisers busy even as they work from home.
“Our phone is kind of ringing off the hook,” said Jordan Waxman, managing partner of Nucleus Advisors. “There really hasn’t been a better time to plan.”
Key interest rates set by the Internal Revenue Service for estate-planning purposes have never been as low as they are starting this month. For example, the so-called Section 7520 rate, determined each month based on a formula, fell to 0.8% in May from 1.2% in April. It had been well above 2% for most of last year. The previous low for the rate, which applies to many popular trust strategies, was 1% in January 2013.
The simplest way for the rich to take advantage of the low rates is to loan cash or other assets to family members. Heirs can borrow millions of dollars, then invest the money and profit from any upside.
Beneficiaries can lock in today’s ultra-low rates for years or even decades. The IRS-required rate on “mid-term” loans of 3 to 9 years is 0.58% in May. The rate on longer-term loans -- which can last 20 years or more -- is 1.15%.
Sophisticated Strategies
David Stein, a partner on the private client and tax team at Withersworldwide, said many people he helps are deciding to take out longer-term loans, preferring to pay a bit more in interest to guarantee a historically low rate for decades.
Falling rates enhance other sophisticated estate planning strategies, especially those that rely on loans to trusts. The advantage of these techniques, as well as simpler loans, is that they don’t eat into any of the U.S.’s estate and gift tax exemption -- the amount that Americans can transfer to heirs without triggering the tax. The 2020 exemption, which was doubled as part of 2017 tax law, is $11.6 million for individuals and more than $23 million for married couples.
An especially popular tool is the grantor retained annuity trust, or GRAT, which lets beneficiaries profit from any future investment gains -- with no risk of losing money -- as long as those returns are higher than the IRS-required interest rate. The lower the rates, the easier for heirs to make money.
Low rates aren’t the only reason advisers say they’re preoccupied re-arranging client estate plans. While volatile markets have dented many portfolios, low valuations also make it possible to transfer assets to heirs without using up as much of the gift-tax exemption.
November Elections
There’s also the threat that tax laws could change if President Donald Trump is defeated in the November elections. Former Vice President Joe Biden, the Democrats’ presumptive nominee, has proposed closing estate-tax loopholes.
Americans will inherit an estimated $764 billion in 2020, and pay an average tax of just 2.1% on that income, according to a study by New York University law professor Lily Batchelder earlier this year.
“If you think Trump is a one-term president, you would be doing even more of these transfers now,” said Megan M. Burke, an accounting professor at Marist College.
So far, the super-wealthy aren’t so hurt by the crisis that they worry about giving away too much, Stein said.
“For most of our clients, their assets are way more than sufficient to weather the storm and then some,” he said.
In fact, pandemic-induced lockdowns mean that many once-busy rich people find themselves with lots of time to maximize estate plans. Stuck at home, wealthy entrepreneurs finally have a moment to think about the next generation.
“It’s a little crazy -- I’m busier now than I was before this pandemic,” said Jim Bertles, managing director at Tiedemann Advisors. “It’s because clients and prospective clients reaching out to us have a lot of time on their hands.”
The Markets:
The Asian markets closed mixed NIK down by 2.84% at % HSI up by .28 at % SHANG up by 1.33%
Currently our futures are red DOW due to start down by 1.82% at 23789 SNP red at 1.94% NDX due to start down 2.30%
Currently the UK markets are trading down by like 2.33% across the board
Precious Metals:
Gold red at 1679 Silver green at 15 Copper red at 229.65 Platinum red at 767
Brent 26 WTI 18.85
Favorite Currencies Forex Quotes
| Symbol | Bid | Ask | High | Low | Open | Change | Time |
|---|---|---|---|---|---|---|---|
| USD/IQD |  1186.0000 |  1193.0000 | 1191.3000 | 1189.2000 | 1191.3000 | -2.6000 | 08:21 |
| USD/VND | 23408.0000 | 23458.0000 | 23431.2100 | 23412.6200 | 23412.6200 | 21.0100 | 08:21 |
| USD/CNY |  7.0613 | 7.0633 | 7.0614 | 7.0613 | 7.0614 | -0.0001 | 01:00 |
| USD/KWD | 0.3100 | 0.3104 | 0.3102 | 0.3089 | 0.3089 | 0.0013 | 08:20 |
| GBP/USD | 1.2520 | 1.2521 | 1.2599 | 1.2514 | 1.2592 | -0.0073 | 08:55 |
| USD/IRR | 0.0000 | 0.0000 | 42097.5000 | 42097.5000 | 42097.5000 | 97.5000 | 00:00 |
| USD/IDR | 15219.0000 | 15251.0000 | 15245.0000 | 14554.0000 | 15126.0000 | 93.0000 | 08:52 |
Things in the News:
After lockdown, a world of masks...
Iraqi Articles:
Deputies likely to pass the government of Al-Kazemi mid-next week
Member of the House of Representatives, Abbas Al-Zameli, suggested that the government of Prime Minister-designate Mustafa Al-Kazimi would pass in a parliamentary session to be held in the middle of next week, while he indicated that the government program was brief but "fulfills the purpose."
Al-Zamili said in an interview with Alsumaria News that "the government curriculum of the Prime Minister-designate focused on basic issues, including preparing for the elections away from the effects of arms, political money, the health aspect, and the economic crisis," noting that "the program is short but fulfills the purpose, considering that the next stage and duties The government does not have many ramifications. "
Al-Zamili added, "Although there are difficulties in the transit steps from inside the parliament dome of Al-Kazemi's booth, but public data currently indicate that it can cross, we believe that it will take place in the middle of next week," noting that "Al-Kazemi's failure to address in his program the issue of removing foreign forces, given that It is a parliamentary decision and the resigned government has already started these procedures and many forces have begun leaving our country, given that the survival of these forces is popular and political rejected. "
Al-Zamili affirmed that "in case the data changes and the session does not take place in the middle of next week, then things mean a negative trend, and there is a deep disagreement in the form of the government, which is a scenario we do not wish and exclude, given that there are some differences between the taxpayer and some political forces, but it can be overcome within the ceiling Constitutionally determined for the period of government presentation. "
Al-Zamili added, "Although there are difficulties in the transit steps from inside the parliament dome of Al-Kazemi's booth, but public data currently indicate that it can cross, we believe that it will take place in the middle of next week," noting that "Al-Kazemi's failure to address in his program the issue of removing foreign forces, given that It is a parliamentary decision and the resigned government has already started these procedures and many forces have begun leaving our country, given that the survival of these forces is popular and political rejected. "
Source: 19 ministries were decided in the Al-Kazemi government
On Friday, a political source revealed that 19 ministries had been decided in the government of Prime Minister-designate Mustafa Al-Kazemi.
The source told "Al-Ikhbaria", about "19 ministries that were decided in the government of Prime Minister Mustafa Al-Kazemi, with the exception of the ministries of the Interior, Finance and Oil."
He explained that "the political blocs agreed with Al-Kazemi to grant the Ministry of Interior the Alliance of Fateh and Oil to stream the wisdom and financial of the Kurds," noting that "the blocs have not identified the people nominated for these ministries yet."
The Kazemi video goes a long way towards forming a government
in a move affirming that the Prime Minister-designate has come a long way in the path of forming his government, which is expected to be announced in the middle of next week, Al-Kazemi handed his ministerial program to Parliament, which emphasized certain points, the most important of which are early elections, facing the Corona epidemic, and preparing an exceptional budget project in light of the collapse of oil prices.
At his request, signed by Prime Minister-designate Mustafa Al-Kazemi submitted his government program to the House of Representatives, which included seven addresses, the most prominent of which were the development of military institutions, the economy, foreign relations, and the fight against corruption, the most recent of which were protests, so that the House of Representatives began to form a committee headed by the First Deputy and the membership of a number of deputies and advisers, to study the curriculum and provide Report to the council on it.
According to political sources, after the stumbling in the level of private negotiations between Al-Kazemi on the one hand and the political blocs, especially the Shiite ones, that demanded him to work in accordance with the principle of one ruler, there has been progress during the past two days after granting both the Sunnis and the Al-Kazemi Kurds a full mandate to choose its formation, while I reached Shiite blocs that have been meeting for nearly a week, to pass the government, to understandings in which the prime minister-designate is free to choose his ministers.
With the countdown to the end of the constitutional deadline for forming the government beginning, parliamentary and political sources suggested holding a full quorum for Parliament before the middle of next week with the aim of giving confidence to the government of Al-Kazemi, who pledged to send the names of her cabinet formation before the end of the constitutional deadline, while the sources indicated that this date may not exceed the end of the day Thursday.
As for the Sunni blocs, according to sources from within it, they gave Al-Kazemi full authorization to choose his ministerial team, including the ministers who represent the component, adding that according to this authorization Al-Kazemi should present the names he chooses to the representatives of the component, because in the end they must have an opinion on Choose who represents them.The parliamentary wisdom bloc, for its part, announced that the understandings between Al-Kazemi and the political blocs regarding the formation of the government are proceeding flexibly, explaining that the position of the Kurdish and Sunni blocs are all positive.
In the end, the hands that will be raised within the parliament dome will be settled if a time for the session is decided. Discussions and disputes between the political forces and blocs on the fact of whether or not the cabinet is passed.
In the end, the hands that will be raised within the parliament dome will be settled if a time for the session is decided. Discussions and disputes between the political forces and blocs on the fact of whether or not the cabinet is passed.
Parliamentary finance .. solutions to secure the salaries of employees
On Friday, the head of the Parliamentary Finance Committee, Haitham al-Jubouri, announced solutions to secure employee salaries in the coming months, stressing that securing salaries alone without the rest of .the operating expenses requires selling a barrel of oil at 31 dollars, and this is not currently possible
Al-Jubouri said in a televised meeting followed by Digital Media NRT today (1 May 2020) that "Iraq may get 25% of the revenues of 2019 in 2020, and we need annually 138 trillion dinars, equivalent to $ 110 billion to meet all expenses, and we need 97 One trillion dinars, or 81 billion, to secure salaries and pay . external debt only
He added, a n "necessary expenses in Iraq worth up to $ 72 billion, related to staff salaries , social welfare and other expenses", MBE us that "Iraqi oil is currently sold at $ 16 , go half as the cost of ". extraction
On salary insurance during the next 4 months , Al-Jubouri said that it is possible to take advantage of cash for the state that is available in the Rafidain Bank and the Iraqi Bank for Trade, and we have a deposit of 4 billion dollars to buy weapons from America, we can negotiate and take half of it, as well as it is possible to negotiate with the World Bank To borrow $ 2.2 billion, and these solutions could solve the " . salary problem for the next 4 months
He pointed out that "salary insurance only requires the sale of an Iraqi barrel of oil at $ 31, and this is ". currently not possible due to low oil prices
He continued , "We must sell a barrel of oil at $ 71 to secure all expenses," noting that "border crossings can provide the budget with $ 8 billion, but what you get is half a billion because of corruption and illegal ". outlets
He pointed out that "the reserve of the difficult process in the central is 81 billion dollars, and it remains that 52 billion dollars in all cases to preserve the value of the Iraqi monetary currency. If we use storage, we should not exceed this number, and if we tamper with it, the Iraqi currency may be exposed to a great " . risk that causes it to collapse as It happened in Lebanon
Oil prices rise with the start of the "OPEC +" deal
Oil prices increased on Friday in the first day of trading in May by a noticeable rate, after a month of violent fluctuations in the oil markets in light of the decline in demand due to the pandemic of Corona and the fullness of global crude tanks.
By 08:42 Moscow time, US light crude futures for June rose 3.03% to $ 19.41 a barrel.
Meanwhile, Brent crude futures increased 2.11% to $ 27.05 a barrel, according to the Bloomberg website.
Last April, oil prices, especially US light crude contracts, recorded historic low levels, but recovered slightly after that.
On the last day, Brent contracts ended 12% higher, while US crude futures rose 25%.
Today, oil prices received support from the production reductions implemented by the "OPEC +" group, as the countries of the group will reduce their total production during this month by 9.7 million barrels per day.
In addition, prices received support from other producers' announcement that they would also reduce production. Norway has said it will cut production from June to December 2020 for the first time in 18 years.
NO CBI
NO ISX
4-30-2020 Intel Guru RayRen98 BANK SOURCES ARE "OPENING UP" INDICATING NEW RATES ARE FORTHCOMING...SO WE WAIT...PATIENTLY. POSITIVE..."VERY" POSITIVE!
4-30-2020 Intel Guru Footforward [Question: Does it matter wether we have circulated or uncirculated dinars? Does the value change?] No...It shouldn't. Money is money unless that series has been discontinued Or replaced
4-30-2020 Newshound Guru Adam Montana Day
6jillion7bazillion876,9876,
4-30-2020 Intel Guru MarkZ [via PDK] My folks in Iraq still think this could be our weekend…the banking side absolutely believe they are correct…that tonight is our night…I hope they are right…
4-30-2020 Intel Guru RayRen98 [Will executive order 13303 need to be renewed if the rv does not happen by May 20th? Will this change our chance of exchanging our currency?] NOTHING WILL CHANGE OUR CHANCE OF EXCHANGING...
4-30-2020 Intel Guru Bruce [via WiserNow] ...Usually our currencies can tell us something – so we know for example...Travel X stopped offering Vietnamese Dong for sale on their site -In other words – it disappeared – The Vietnamese Dong is no longer available...That is a great sign for us ...so why did that go away? It’s going away because the rate change is going to take place - and they don’t want to get caught in the middle of a rate change – so they have simply removed the Dong from the site – that is Big!...
4-30-2020 Newshound Guru Pimpy ...a nifty little tidbit of information that was brought to my attention that I had not paid attention to but might make a difference in our thought...from the White House, "Text of a Notice on the Continuation of the National Emergency with Respect to the Stabilization of Iraq" Executive Order 13303...this one was redone by Trump May 20, 2019...When they declared it [back in 2003] is when the currency was devalued. When this expires does this mean there are no longer any restriction on the Iraqi dinar? Does this mean we're finally going to see the Iraq dinar on forex? Does this means we're finally going to see the rate change?...On May 20, 2019 Trump extended it for one year. What does it mean when this expires? Trump might not extend this 13303...I don't want to get overhyped...does this mean that on May 20, 2020 if they don't extend this does that mean any restrictions on the currency is then lifted? ...I'm curious what this means.
4-30-2020 Intel Guru RayRen98 Al-Kazemi says in the coming hours, he will release all names of his cabinet and within two days, he will announce a special session of Parliament to vote sometime next week and that the virus and Ramadan will not affect this session.
4-30-2020 Newshound Guru Jeff ...We are now only waiting for Iraq to form the GOI to go International...the new GOI will be approved by the constitutional deadline of May 8th...
4-30-2020 Intel Guru Footforward [Question: Does it matter wether we have circulated or uncirculated dinars? Does the value change?] No...It shouldn't. Money is money unless that series has been discontinued Or replaced
4-30-2020 Newshound Guru Adam Montana Day
6jillion7bazillion876,9876,
4-30-2020 Intel Guru MarkZ [via PDK] My folks in Iraq still think this could be our weekend…the banking side absolutely believe they are correct…that tonight is our night…I hope they are right…
4-30-2020 Intel Guru RayRen98 [Will executive order 13303 need to be renewed if the rv does not happen by May 20th? Will this change our chance of exchanging our currency?] NOTHING WILL CHANGE OUR CHANCE OF EXCHANGING...
4-30-2020 Intel Guru Bruce [via WiserNow] ...Usually our currencies can tell us something – so we know for example...Travel X stopped offering Vietnamese Dong for sale on their site -In other words – it disappeared – The Vietnamese Dong is no longer available...That is a great sign for us ...so why did that go away? It’s going away because the rate change is going to take place - and they don’t want to get caught in the middle of a rate change – so they have simply removed the Dong from the site – that is Big!...
4-30-2020 Newshound Guru Pimpy ...a nifty little tidbit of information that was brought to my attention that I had not paid attention to but might make a difference in our thought...from the White House, "Text of a Notice on the Continuation of the National Emergency with Respect to the Stabilization of Iraq" Executive Order 13303...this one was redone by Trump May 20, 2019...When they declared it [back in 2003] is when the currency was devalued. When this expires does this mean there are no longer any restriction on the Iraqi dinar? Does this mean we're finally going to see the Iraq dinar on forex? Does this means we're finally going to see the rate change?...On May 20, 2019 Trump extended it for one year. What does it mean when this expires? Trump might not extend this 13303...I don't want to get overhyped...does this mean that on May 20, 2020 if they don't extend this does that mean any restrictions on the currency is then lifted? ...I'm curious what this means.
4-30-2020 Intel Guru RayRen98 Al-Kazemi says in the coming hours, he will release all names of his cabinet and within two days, he will announce a special session of Parliament to vote sometime next week and that the virus and Ramadan will not affect this session.
4-30-2020 Newshound Guru Jeff ...We are now only waiting for Iraq to form the GOI to go International...the new GOI will be approved by the constitutional deadline of May 8th...
Catnip's Corner:
***********
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.
***********
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.
***********
ARTICLE 3
The Ministerial Curriculum Study Committee agreed to include a number of proposals in the Al-Kazemi program
4/30/2020 17:43
[Baghdad-where]
Today, Thursday, First Deputy Speaker of Parliament Hassan Al-Kaabi chaired the first meeting of the committee to study and discuss the ministerial curriculum submitted by Prime Minister-designate Mustafa Al-Kazemi, in the presence of a number of deputies and advisers.
According to the media office of Al-Kaabi, "the meeting discussed all the details of the government curriculum [brief], and focus on its content to address the challenges that beset the country."
Al-Kaabi stressed that "an agreement was reached by the Parliamentary Committee to include a number of proposals in the ministerial program submitted by Al-Kazemi," noting that "the most prominent priorities and pillars set by the committee pertain to the budget law, the Corona crisis, early elections and the handling of the economic and health crisis in emergency," in addition to " Priorities of legislation, anti-corruption frameworks, encouraging the industrial and agricultural sector, activating investment, the private sector, and other important matters.
***********
ARTICLE 4
Other: The Al-Kazemi government’s passing session on Tuesday without three ministries
4/30/2016 16:14
[Baghdad-where]
The Saeron Alliance announced, on Thursday, that the Tuesday of next week will be set as the date for the parliament session to pass the government of Al-Kazemi, noting that all ministries have been decided, except for three ministries.
"The political blocs almost ended the agreement on the ministerial portfolios with the candidate, Mustafa Al-Kazemi, and the two candidates were settled," said MP Saeron Badr al-Ziyadi.
He added, "The House of Representatives will determine Tuesday's session next week to vote on the government of candidate Mustafa Al-Kazemi," noting that "Wednesday is the alternative if Tuesday is not specified."
Al-Ziyadi stated that "the remaining three ministries have not been decided and the cab will be presented without them in the event that they are not agreed upon in the coming hours," noting that "the three ministries are the interior, defense and finance."
***********
ARTICLE 5
Iraq announces the start of exporting pomegranate and eggplant to Germany, and contenting itself with 25 items
4/30/2020 17:00
[Baghdad-where]
Today, Thursday, the Ministry of Agriculture announced the export of pomegranate and eggplant to Germany, confirming the self-sufficiency of 25 agricultural materials.
Ministry spokesman Hamid Nayef said in a press statement, "Iraq has become self-sufficient in 25 different agricultural materials, with eggs, chicken, fish, dates, vegetables, wheat, barley and other agricultural crops."
He added that "Iraq exported pomegranate and eggplant earlier to Germany at the request of one of the companies," noting that "the ministry is working to achieve self-food security for citizens in the first degree."
Nayef pointed out that "Iraq currently only imports fruits, but there is a trend for the Ministry of Agriculture to reduce imported crops intensively and achieve self-sufficiency in fruits."
The Minister of Agriculture, Saleh Al-Hassani, confirmed earlier that Iraq has become dependent on its local production of vegetables by 90 percent, indicating that it intends to export tomatoes, cucumbers and potatoes abroad.
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.
***********
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.
***********
ARTICLE 3
The Ministerial Curriculum Study Committee agreed to include a number of proposals in the Al-Kazemi program
4/30/2020 17:43
[Baghdad-where]
Today, Thursday, First Deputy Speaker of Parliament Hassan Al-Kaabi chaired the first meeting of the committee to study and discuss the ministerial curriculum submitted by Prime Minister-designate Mustafa Al-Kazemi, in the presence of a number of deputies and advisers.
According to the media office of Al-Kaabi, "the meeting discussed all the details of the government curriculum [brief], and focus on its content to address the challenges that beset the country."
Al-Kaabi stressed that "an agreement was reached by the Parliamentary Committee to include a number of proposals in the ministerial program submitted by Al-Kazemi," noting that "the most prominent priorities and pillars set by the committee pertain to the budget law, the Corona crisis, early elections and the handling of the economic and health crisis in emergency," in addition to " Priorities of legislation, anti-corruption frameworks, encouraging the industrial and agricultural sector, activating investment, the private sector, and other important matters.
***********
ARTICLE 4
Other: The Al-Kazemi government’s passing session on Tuesday without three ministries
4/30/2016 16:14
[Baghdad-where]
The Saeron Alliance announced, on Thursday, that the Tuesday of next week will be set as the date for the parliament session to pass the government of Al-Kazemi, noting that all ministries have been decided, except for three ministries.
"The political blocs almost ended the agreement on the ministerial portfolios with the candidate, Mustafa Al-Kazemi, and the two candidates were settled," said MP Saeron Badr al-Ziyadi.
He added, "The House of Representatives will determine Tuesday's session next week to vote on the government of candidate Mustafa Al-Kazemi," noting that "Wednesday is the alternative if Tuesday is not specified."
Al-Ziyadi stated that "the remaining three ministries have not been decided and the cab will be presented without them in the event that they are not agreed upon in the coming hours," noting that "the three ministries are the interior, defense and finance."
***********
ARTICLE 5
Iraq announces the start of exporting pomegranate and eggplant to Germany, and contenting itself with 25 items
4/30/2020 17:00
[Baghdad-where]
Today, Thursday, the Ministry of Agriculture announced the export of pomegranate and eggplant to Germany, confirming the self-sufficiency of 25 agricultural materials.
Ministry spokesman Hamid Nayef said in a press statement, "Iraq has become self-sufficient in 25 different agricultural materials, with eggs, chicken, fish, dates, vegetables, wheat, barley and other agricultural crops."
He added that "Iraq exported pomegranate and eggplant earlier to Germany at the request of one of the companies," noting that "the ministry is working to achieve self-food security for citizens in the first degree."
Nayef pointed out that "Iraq currently only imports fruits, but there is a trend for the Ministry of Agriculture to reduce imported crops intensively and achieve self-sufficiency in fruits."
The Minister of Agriculture, Saleh Al-Hassani, confirmed earlier that Iraq has become dependent on its local production of vegetables by 90 percent, indicating that it intends to export tomatoes, cucumbers and potatoes abroad.
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