Thursday, May 28, 2020

WOTS THURS MAY 28 2020

Foreign currency markets in Iraq recorded, today, Thursday, a stability in the exchange rate of the US dollar against the Iraqi dinar.
The selling and buying prices of the dollar in banking companies and bureaus came as follows:
The selling price of one dollar is 1235 dinars, or 123 thousand and 500 dinars per hundred dollars.
The purchase price of the dollar is 1225 dinars, or 122 thousand and 500 dinars per hundred dollars.


The Markets:
The Asian markets closed  mixed  NIK up by 2.32%  HSI is red down by .72% SHANG up by .33% 
Currently the UK are trading trading in the green but none are even .50%

The DOW at 25573 up by .15% SNP down by .20% NDX down by .64%

Precious Metals: 

Gold is green at 1723 Silver is green at 17.92   Copper is green at  239 Platinum is red at 836

Brent red at 34    WTI  32

Favorite Currencies Forex Quotes

SymbolBidAskHighLowOpenChangeTime
 USD/IQD  0.0000  0.0000 1192.2000 1191.1000 1191.4000  -0.7000 00:00
 USD/VND  23309.0000  23312.0000 23293.4300 23293.4300 23293.4300  1.4300 02:13
 USD/CNY  7.1563  7.1583 7.1685 7.1522 7.1682  -0.0121 05:06
 USD/KWD  0.3082  0.3092 0.3084 0.3083 0.3084  -0.0002 05:07
 GBP/USD  1.2245  1.2248 1.2283 1.2240 1.2258  -0.0013 05:07
 USD/IRR  0.0000  0.0000 42097.5000 42097.5000 42097.5000  97.5000 00:00
 USD/IDR  14788.0000  14793.0000 14809.0000 14635.0000 14777.0000  4.0000 05:07

Things in the News:

IRaqi Articles:
Guterres calls Al-Kazemi and confirms the United Nations' readiness to work in constructive partnership with his government
 United Nations Secretary-General Antonio Guterres confirmed on Wednesday that the United Nations is ready to help identify opportunities and work in a constructive partnership with the new Iraqi government headed by Mustafa Al-Kazemi to stabilize the country.
Al-Kazemi’s office stated in a statement that Mawazine News received a copy of it. Congratulate Al-Kazemi and the Iraqis on the occasion of Eid Al-Fitr. "
The statement pointed out that "during the call, the implications of the Corona crisis sweeping the entire world, its economic impacts, and the government's efforts to combat this pandemic, were discussed as a humanitarian crisis that calls for solidarity and mobilizing all efforts to cross it, in addition to discussing the political, security and economic conditions in Iraq and the region."
Al-Kazemi called on the United Nations and its Secretary-General to "express the required cooperation in achieving and preparing legislative elections in Iraq, after completing the approval of the new election law, international cooperation by friendly countries and international organizations to help Iraq overcome its financial crisis, and the effects of the Corona pandemic on the Iraqi economy" .
Al-Kazemi stressed that "the new government team is making efforts to enhance the sovereignty and stability of Iraq, and it is continuing to address challenges that include providing services, developing the economy and fighting corruption, as well as establishing principles of justice and human rights and strengthening the rule of law."
For his part, Guterres affirmed, "The United Nations is ready to help in identifying opportunities and work in a constructive partnership with the Iraqi government to establish stability in the country, while expressing optimism about the steps taken by the Al-Kazemi government," describing them as "important, encouraging and wise steps."

Iraq and Russia displace Saudi Arabia in the world's largest market

Russia became the largest supplier of crude oil to China in April, bypassing Saudi Arabia, with an average of 1.75 million barrels per day compared to 1.26 million barrels for the Gulf monarchy.
According to Oil Price, Saudi Arabia fell last month to the third position among oil suppliers to China (the largest Asian economy), with Iraq ranked second.

In March, Russian oil exports to China amounted to 1.66 million barrels per day, compared to 1.7 million barrels per day for Saudi Arabia.

A comparison of monthly averages shows a significant decrease in Saudi oil supplies to China, which is the world's largest importer of crude.

As China's consumption of Russian crude in March was 31 percent higher than the previous year, and April's imports from Russia increased by 18 percent from a year ago.

However, analysts believe that Saudi Arabia's loss of market share against Russian oil is only a temporary loss.
Vortexa, a tracking company for oil tankers, said Saudi shipments of crude oil to China could double by the end of May.

Experts from IHS Markit, which is concerned with energy information analysis, confirmed that "it was clear that Saudi Arabia was aiming to increase its market share in the West during April."

"Saudi Arabia is now cutting production and shipments, but it is expected to focus on China again," they added.
The move sheds light on the competition taking place in the present oil markets between Russia and Saudi Arabia, as they wrestle over market shares in light of the decline in global demand for crude.
Washington places Tehran between two options: negotiation or economic collapse
Brian Hook, the American representative on Iranian affairs, said that President Donald Trump's "extreme pressure" policy is choosing Iran between negotiating with the United States, or facing an economic meltdown as a result of US sanctions.
"Given our pressure, he faces leaders," Hook said in a conference call, "Sputnik" Iran An option: either negotiate with us or deal with an economic meltdown. "
In May 2018, US President Donald Trump announced that his country would withdraw from the nuclear agreement concluded by the major powers Iran The year 2015, re-imposed severe economic sanctions on Tehran.


Made in Iraq" is thriving .. Iraqis praise Corona: save us from the importer
"Made in Iraq" is thriving .. Iraqis praise Corona: save us from the importer

Buying Turkish, Iranian or Jordanian products is normal in Iraq, the country of palm trees that imports even dates from the Gulf. 

But the global ban imposed by the Covid-19 epidemic is slowly changing the equation.
and say Amin Qasim "Frankly speaking, the epidemic that killed about 170 people in Iraq, Blessing".
 
 
The man who has owned an ice cream factory since 2006 points out Basra , That "the crisis allowed us to establish ourselves in the Iraqi market."
Previously, in front of foreign products, I had no "Made in." IraqAny chance, because of its high price, small quantities, and time-consuming production.
Consequently, the domestic product did not have all the attractions against the imported product chain.
Restore the market
 
But by closing those borders with the global embargo, Iraqi factories, whose numbers have declined dramatically during a decade of international blockades and years of repeated violence and wars, have managed to enter the game again.
 
According to Qasim, who runs 3,000 employees in his factories for ice cream and foodstuffs that he exports from Basra To the rest of the provinces Iraq "We were able to restore markets where exports were crushed."
 
"We no longer need to cut prices in the face of cheap Iranian ice cream to avoid loss," he says.
 
 
And the numbers are in Iraq Misleading, if the trade balance is still largely excess, it is because it is artificially inflated by oil.
 
In 2018, according to the World Trade Organization, it was exported Iraq $ 97.2 billion worth of goods and services, but it was 98 percent of oil and gas.
 
Meanwhile, he imported $ 70 billion worth of goods and services such as electricity, tomatoes, cars, and frozen chicken.
 
Oil and austerity
 
But today, with oil prices almost three times lower, Iraq Standing on the edge of a financial abyss.
 
Import taxes have already begun to be claimed by affected local producers years ago, so new income rose from $ 2.5 million in the first half of April to $ 7.3 million in May.
 
And to reduce its purchases abroad, Iraqi imports will drop from $ 92 billion in 2019 to $ 81 billion in 2021, according to the International Monetary Fund.
 
Indeed, in April, Chinese imports fell from nearly a billion dollars four months ago, barely reaching 775 million dollars, according to official figures from Beijing.
 
On the Iranian side, imports decreased from 450 million dollars a month to 300 million dollars, but only with the reopening of the border points from the Kurdistan side Iraq Recently.
 
In this context, the diversification of the economy and the resumption of the industry that was looted and stolen during wars is now necessary.
 
The state, which can no longer employ, is relying on the private sector to create wealth and jobs.
 
And it works Hadi AboudIn the production of plastic pipes. In addition to the almost non-existent private sector, the fluctuating banking system, and simple import taxes, it also has to face competitors in a declining currency like Iran, and production at minimal costs like China.
 
However, the carefully styled white-haired man asserts that the recovery in the midst of the Covid-19 crisis was astounding.
 
"Now I sell plastic pipes before they are manufactured," he tells France Press.
 
And with high demands for materials sealed with "Made in." Iraq"The situation has changed really well," said the factory manager today.
 
And more than touching change in a city Basra The country's only southern coastal city, are anglers and fish traders.
 
The fish seller says Mohammed Fadhel"About a month ago, the number of fish increased," which, on the Central Market's daily bases, is installed.
 
He explains that "the Kuwaitis and the Iranians are not leaving now," and therefore the Iraqi fishermen now control the water and its fish.
 
As a result, the price of fish decreased from 20 to 11 thousand dinars, "or about nine dollars.
 
And not only did the livelihood increase at sea, to meet the new demand, it was planned Hani Abboud To open recruitment doors, and raise the number of its employees close to one hundred to 150.
 NO CBI
NO ISX

5-27-2020   Newshound/Intel Guru Mnt Goat   Article:  "THE HOUSE OF REPRESENTATIVES AND BY AN ABSOLUTE MAJORITY TO GIVE CONFIDENCE TO THE PRIME MINISTER AND MEMBERS OF THE MINISTERS AND THEIR SWEARING-IN"  the three most important are now filled and not by proxy anymore...the Ministry of Defense...Minister of Interior...Minister of Finance...Let’s get to work!!! 

5-27-2020   Newshound Guru Adam Montana   A key part of the "more" is the Iraqi Budget, which is looming on the horizon. The Budget is a big deal, but do NOT expect to see an RV rate in it - in fact, I place very little importance on the Budget numbers. What IS important and relevant is a successful conclusion and announcement of the Budget. That can only happen when the bobbleheads in Parliament actually meet, pull out their pens, and sign the agreement.   When that happens, it shows that Iraq is doing something positive, moving forward, and clearing the table for bigger items.      [post 2 of 2]

5-27-2020   Newshound Guru Adam Montana    Lots of talk lately about the new PM (KaZAMi-Kablammie-Kademi-KaJustRValready!), exchange rate talk, the US pulling out of Iraqi bases, and of course - "more".  There was a time when there wasn't much "more", but lately things are picking up steam - Parliament blazing through tasks, the newly appointed PM seems to almost have entered the scene un-noticed...the fact that Kazammie is still in office, with no reports of (major) riots or protests, is an indicator that he could be "the one".    [post 1 of 2....stay tuned]

5-27-2020   Intel Guru MarkZ   [via PDK]  ...no new rate in Iraq.  Just lots of chatter and BS. Reality is nothing happened in the banking industry...They have to reset…it is inevitable. IMO if we are going to see the reset on June 1st...Something needs to break hard and heavy in the next 1 to 2 days...

5-27-2020   Newshound/Intel Guru Mnt Goat    I quote- “It is not in the interest of the financial system to raise the exchange rate of the dollar because it will lead to a decrease in the Iraqi dinar price and a decrease in purchasing power and will lead to inflation,” noting that “the classes with limited income and those with salaries will be the first affected by this decision”. This was taken right out of an article by   Parliamentary Finance Committee member, Ahmed Al-Saffar, on Wednesday (May 20, 2020). I would trust and respect his comments much more than the corrupt parliament member comments (and others)  that are coming out that say just the opposite. So relax. This financial crisis could lead to Iraq raising the value of the dinar in the long run.

5-27-2020   Newshound Guru Jeff  ...There's really only 3 things in the news right now.  The first would be Kurdistan and Baghdad to resolve their differences.  The 2nd one would be the completing of the government - the last 7 remaining ministers and then the 3rd one is all the economic articles.  That's it...so what they're telling you here is the two items - Kurdistan trying to resolve their differences with Baghdad and the 2nd one completing the formation of government...they're telling you what their delay is before they can launch their economy.  It doesn't get any more cut and dry and simplified than that.  They're telling you what the delay is.  They're saying, 'hey Kurdistan has to reach an agreement with Baghdad and Baghdad has to get the last 7 ministers in there.'  They're telling you what the delays are before they can launch the economy.  That's why now they're talking about the economy around those items.  That simple.  That's what you're waiting on...   


Catnip's Corner:
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ARTICLE 1 (from PM Kadhimi's website; posted only on Arabic side, not on English side)

Prime Minister Mustafa Al-Kazemi receives a phone call from the Secretary-General of the United Nations

The Prime Minister, Mr. Mustafa Al-Kazemi, received today, Wednesday, a phone call from the Secretary-General of the United Nations, Mr. Antonio Guterres.

At the beginning of the call, Mr. Guterres congratulated Mr. Al-Kazemi on the occasion of his assumption of his duties, expressing his wishes for the success of the government in facing the various challenges, as well as completing the cabinet.

He also congratulated Mr. Al-Kazemi and the Iraqis on the occasion of Eid Al-Fitr.

During the call, they discussed the repercussions of the Corona crisis that is sweeping the entire world, its economic effects, and the government's efforts in combating this pandemic, as a humanitarian crisis that requires solidarity and mobilizing all efforts to cross it, in addition to discussing the political, security and economic conditions in Iraq and the region.

Mr. Guterres affirmed the UN's readiness to help identify opportunities and work in constructive partnership with the Iraqi government to stabilize the country.

He also expressed optimism about the steps taken by the government of Mr. Al-Kazemi, describing them as important, encouraging and wise steps.

For his part, Mr. Al-Kazemi called on the United Nations and its Secretary-General to show the required cooperation in achieving the legislative elections in Iraq and prepare for them, after completing the approval of the new election law, calling for international cooperation by friendly countries and international organizations to help Iraq overcome its financial crisis, and the effects of the Corona pandemic on the economy Iraqi.

The Prime Minister also stressed to the Secretary-General that the new government team is making efforts to enhance the sovereignty and stability of Iraq, as it continues to address challenges that include providing services, developing the economy and fighting corruption, as well as establishing principles of justice and human rights and strengthening the rule of law.

Media office of the Prime Minister
May 27-2020

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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

Tomorrow ... Resumption of consultations to complete the government and proposals to pass 3 ministries
5/27/2020 13:23
[Baghdad-where]

It is expected that political forces will resume tomorrow, Thursday, their consultations with Prime Minister Mustafa Al-Kazemi regarding the completion of the government.

Al-Kazemi and 6 of his ministers run seven ministries that are still vacant in his 22-member cabinet.
Al-Kazemi took over the management of the Ministry of Foreign Affairs, in addition to his position as Prime Minister and Commander-in-Chief of the Armed Forces, while ministers shared the other six portfolios.

According to political and government sources, she said, "In his consultations with the political blocs, Al-Kazemi will abandon the government completion in one voting session of Parliament," noting that the names of two or three ministries of the disputed ministries may be passed if the Iraqi forces reach an agreement on them.

Parliament, on May 7, voted the government of Mustafa Al-Kazemi with its government program, which stipulated the holding of early elections in all cities of the country, and work to restore the prestige of the state and to stress that Iraq should spare the fragments of any American-Iranian escalation inside Iraq, in addition to alleviating the financial crisis. That ravaged the country after the collapse in oil prices.

The victory coalition led by former Prime Minister Haider al-Abadi said that "Al-Kazemi may send the names of the candidates of three or four vacant ministries to be agreed upon soon," noting that "there are sharp differences that still persist on the foreign and oil ministries, as well as justice, between the various political forces."

He noted in a victory in a parliamentarian who preferred not to be identified, that it is hoped that consultations will resume, tomorrow evening, Thursday, with the end of the Eid holiday.

It was not agreed on the ministries of commerce, agriculture, justice, culture, immigration, oil, and foreign affairs due to sharp political differences regarding the names of the candidates of those ministries and the blocs that nominate them for the position.

According to identical information, there is progress on three ministries that may soon be resolved, namely trade, agriculture and culture, while disputes continue over oil and foreign ministries and justice between the alliance blocs or one political component, as well as with other blocs that reserve, for example, the names provided by the Kurdish forces To fill the position of the Ministry of Foreign Affairs, or names submitted to the Ministry of Justice and Oil.

The parliamentarian stated that the government formation agreements granted the Ministry of Commerce to the Sunni forces, justice and foreign affairs for the Kurds, and the ministries of agriculture, culture and oil to the Shiites, provided that the Ministry of Immigration is granted to a Christian figure, indicating that there are differences regarding the way a Christian figure takes over the Ministry of Immigration, as a team sees it as a worthy of represented parties For the component, while others claim to be granted an independent Christian personality.

And he clarified that "the scene is complicated and needs consensus, which would pass the new names, in light of some parties' adherence to specific candidates", warning of pressure exerted by political blocs to impose names for the vacant ministries according to the principle of quotas.

On the other hand, the representative of the Christian component, Joseph Saliwa, said that successive Iraqi governments, up to the present time, are using minorities as a card to gain the support of the international community when they bring people who do not represent their components in real terms, but they are just names belonging to these components.
And he, in a press statement, stressed the necessity of granting positions to independent Christian figures, not to people working within the large parties that control the reins of government in Iraq.
Last week, Chaldean Patriarch Louis Saco said that the Christian component in Iraq lacks real representation in political forums, adding that their share in previous years was poor because of the crises that followed them, as well as the absence of constitutional articles that guarantee their rights.

Although Al-Kazemi had promised to complete the vacant bags before the Eid, his promise collided with the persistence of differences between the blocs over the remaining ministries.

The Ministry of Oil, which has become a share of Basra Governorate, because this province exports more than 80 per cent of Iraqi oil, and the political authorities in it did not agree on a specific name to take over this bag, which has increased the number of candidates from among the personalities of the province to 50 candidates so that the number will eventually be reduced to 10 names.

While a number of Basra representatives in Parliament were supposed to meet the Prime Minister one day before the holiday to choose 5 personalities from these names and leave him free choice, the results of the meeting have not yet emerged; Which means the differences persist.

The Ministry of Foreign Affairs, which has become a share of the Kurds, and in particular the Kurdistan Democratic Party, there is still disagreement over who is responsible for it. The Kurds, and in particular the leader of the Kurdistan Democratic Party, Massoud Barzani, adhere to the former Finance Minister Fouad Hussein to take over amid Shiite protests; Indeed, even the other potential candidate, former Minister of Foreign Affairs Hoshyar Zebari, was dismissed from his last position, which is finance in 2016, amid deep differences with many Shiite blocs, and therefore it is difficult to accept him to take over the foreign ministry again, which means difficulty in resolving immediately after the Eid, according to what he started declaring There are some deputies who do not express their statements about what is happening behind closed doorshn

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ARTICLE 4

Al-Lakash calls Al-Kazemi to schedule the early elections
27/5/2020 18:04
Where's the news - Baghdad

The former deputy, Muhammad Al-Lakash, called on Prime Minister Mustafa al-Kazimi to set a date for early elections.

Al-Lakash said in a statement, which Wayne received a copy of, that "the Prime Minister of the transitional government should fire a mercy bullet to Parliament by setting a date for the early elections in cooperation with the Electoral Commission and that this date does not exceed the first half of next year."

He added that "any date that is set after this date has no value for it because it is close to the end of the current legislative session, and this is what political blocs are working on to extend the life of Parliament."

Al-Lakash added that "for the option of his government, Al-Kazemi, to work to achieve this, especially as it came for this purpose, which is one of its first tasks, and this is the demand of the supreme religious authority, as well as the majority of citizens, including peaceful demonstrators. It out. "

He noted that "the failure to send the election law to date by the Presidency of the Parliament to the President of the Republic for the purpose of ratification on the pretext of not completing the schedules of the multiple constituencies is a dangerous precedent for circumventing the legislation in the future. Elections are those that are determined either for each administrative unit to have a degree of electoral district or for every hundred thousand voters with an electoral district.

Al-Lakash concluded his statement by saying that the recognition of some parliamentarians that this parliament died in secret is the validity of what we went to by demanding early elections and they should not allow the corrupt, fraudulent, and clowned deputies to revive this council and keep the situation as it is until the end of this legislative session.

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ARTICLE 5

Al-Hakim discusses with Allawi the remedies required to confront the financial crisis that Iraq is suffering from
5/27/2020 16:41
[Baghdad-where]

The President of the National Wisdom Stream, Mr. Ammar Al-Hakim, discussed with Minister of Finance Ali Abdul Amir Allawi the diversification of income sources and reclassification of exchange.

Mr. Hakim said in a statement received [where] a copy of it, "We discussed during our reception the Minister of Finance the financial and economic reality and the treatments required to confront the financial crisis that Iraq is suffering from."

Al-Hakim stressed that "Iraq is a rich country that possesses a lot of capabilities that need to be activated and good management, as it needs real remedies to end the phenomenon of a single source economy, and that this crisis in one of its aspects is an opportunity to get rid of the rentier state and diversify the sources of income by paying attention to agriculture, industry and tourism. And the rest of the sources, "stressing" the necessity that the remedies of the financial crisis be far from pressuring the owners of limited incomes and reclassifying the exchange in a way that is appropriate to the current stage.

He called for "approving the budget law in accordance with the verified resources so that the current year will not be without a budget, which makes it difficult to obtain the final accounts of the state and work on organizing the program budget," noting "the importance of upgrading the investment environment and reviewing the laws so that Iraq is an attractive environment for investment in all its dimensions."

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