Foreign currency markets in Iraq recorded, today, Monday, a decrease for the second day in the exchange rate of the US dollar against the Iraqi dinar.
The selling and buying prices of the dollar in banking companies and offices are 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 down NIK down by 2.30% HSI down by 1.01% SHANG down by .61%
The UK markets are currently trading in the green from .03 to .47%
Our futures are currently trading mixed DOW at 25022 up by .29% SNP at 3012 up by .18% NDX at 9851 down by .14%
Precious Metals:
Gold is red at 1768 Silver is red at 18.09 Copper is green at 269 Platinum is green at 812
Brent 40 WTi 38
Favorite Currencies Forex Quotes
Symbol | Bid | Ask | High | Low | Open | Change | Time |
---|---|---|---|---|---|---|---|
USD/IQD | | | 1192.3000 | 1191.3000 | 1192.3000 | | 14:54 |
USD/VND | | | 23194.7400 | 22672.6300 | 23194.7400 | | 16:00 |
USD/CNY | | | 7.0793 | 7.0744 | 7.0773 | | 05:01 |
USD/KWD | | | 0.3074 | 0.3074 | 0.3074 | | 03:04 |
GBP/USD | | | 1.2389 | 1.2314 | 1.2338 | | 05:01 |
USD/IRR | | | 42097.5000 | 42097.5000 | 42097.5000 | | 06:03 |
USD/IDR | | | 14392.0000 | 14127.0000 | 14179.0000 | | 04:59 |
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Iraqi Articles:
Vietnam’s Economy Unexpectedly Expands Amid Virus Outbreak
- Growth was slowest in at least a decade: statistics agency
- Inflation accelerated to 3.17% in June from 2.4% in May
Vietnam’s economy unexpectedly grew in the second quarter, though at the slowest pace in at least a decade, as exports slumped because of the coronavirus pandemic.
Gross domestic product rose 0.36% from a year earlier, compared with a revised 3.68% in the first quarter, the General Statistics Office said Monday in Hanoi. The median estimate in a Bloomberg survey of economists was for GDP to shrink 0.9%.
Key Insights
- Vietnam’s export-reliant economy is taking a knock as the virus disrupts global supply chains and hurts demand, but is still likely to be one of the better performers in Southeast Asia this year. Prime Minister Nguyen Xuan Phuc said last month the economy could sustain growth of 4%-5% this year as the government looks to attract more foreign investment from businesses adjusting supply chains
- With 1H GDP expansion at 1.81%, reaching the government’s 6.8% growth target for the full year is “impossible,” Duong Manh Hung, head of the statistics office’s GDP department, said during a briefing. The statistics office proposes a target revision to the prime minister, Hung said
- Exports fell 2% in June compared to a year earlier, while imports climbed 5.3%
Get More
- Consumer prices rose 3.17% in June from a year earlier, up from 2.4% in May. The government aims to cap average inflation at 4% this year
- Vietnam posted a trade surplus of $500 million in June, compared with a $900 million deficit the previous month. For a detailed breakdown of trade data, click here
Disclosure of the most prominent articles of the economic reform law: a private sector and decentralization
The Parliamentary Economy and Investment Committee revealed, on Monday, the most prominent articles of the economic reform law that the government seeks to present to parliament for a vote.
The committee member, Nehru Mahmoud Rawandzi, said in a statement to the official newspaper followed by "NASS" today, (June 29, 2020) that "the law seeks to transform the Iraqi economy into a market economy and give the private sector a fundamental role in developing and developing and raising the efficiency of economic projects and increasing their production and competitiveness." ".
Rawanduzi pointed out that "the aim is to diversify economic resources, improve efficiency in the management of natural resources in accordance with the principles of fair and legitimate competition, and diversify the sources of financing the federal budget."
He added that "this law will increase the revenues of companies, and facilitate the process of entering into partnerships between the public and private sectors, and the transition from the central administration of the economy to decentralization by granting a greater role to the regions and governorates that are not organized in a region, as well as financial decentralization in order to finance the needs of local economic development, to raise The standard of living for community members and increased job opportunities. "
A member of the Economic Committee pointed out that "this will ensure the creation of an investment climate to encourage local and foreign investors to manage the ownership of economic units, develop and expand the activities of financial markets and support the broad participation of the public in dealing in stocks, bonds and various securities, and achieve justice in the distribution of the returns of economic activities."
Rawandzi explained that "the law comes through a policy proposal to achieve economic goals that include the provision of public services, taxes and employment, while ensuring harmony between financial, monetary, fiscal, commercial and development policies and labor policies, and the implementation of this reform program in the laws and provisions."
The National Business Council calls for a review of the exchange rate based on the impact of the oil price decline
the Iraqi National Business Council responded to the advisor to the Speaker of Parliament, Humam Al-Shamaa, indicating that the dinar exchange rate against foreign currencies through the currency sale window for obligations imposed by itself due to the circumstances that Iraq is going through, in advance of a three-stage proposal to review the exchange rate pricing on the basis of The impact of low oil prices with setting priorities for the import of raw materials for local industries
The council said in a message seen by / Mawazine News that "the dinar exchange rate against foreign currencies through the currency sale window for obligations imposed itself due to the circumstances that Iraq is going through, which were unfortunately interpreted in a different way to distort the facts," "Going to say" and we are not surprised by such responses Skepticism and accusations, as we have become accustomed to it as a private sector to marginalize and underestimate our role, and this wrong behavior is what led Iraq to our donors because of the hegemony and bureaucracy of the government sector that failed over more than (17) years of managing the economic file.
"We were hoping for a direct dialogue with the decision-makers to discuss our proposals to find solutions to address the gaps that we need most in these difficult circumstances," he added.
"We were hoping for a direct dialogue with the decision-makers to discuss our proposals to find solutions to address the gaps that we need most in these difficult circumstances," he added.
The Council stated that it is a socio-economic organization that possesses field and theoretical capabilities and experiences and can express opinions and advice to all Iraqi state institutions to correct paths wherever they are found.
The Council pointed to the reference of the candle in its message about the theory of inflation and its repercussions, and the increase in poverty rates to (20%) of the oppressed people who fell below the poverty line, and the few were blessed with wealth.
The Council pointed to the reference of the candle in its message about the theory of inflation and its repercussions, and the increase in poverty rates to (20%) of the oppressed people who fell below the poverty line, and the few were blessed with wealth.
He believed that this diagnosis is "an affirmation that the wrong policies of successive governments after the year (2003) in managing the economy created the large gap in the standard of living between (the elected few?) And the majority of the people who suffer from poverty and neglect due to corruption and mismanagement."
He added, "You (Al-Shamaa) talked about the necessity of mobilizing resources because of the three challenges (falling oil prices, corona, and early elections), and that the rulers of the Iraqi people’s leader (according to the description of Al-Shamaa) do not bear more tensions for fear that the table will turn against them." The Council considered that this The offering is "strange logic."
He added, "You (Al-Shamaa) talked about the necessity of mobilizing resources because of the three challenges (falling oil prices, corona, and early elections), and that the rulers of the Iraqi people’s leader (according to the description of Al-Shamaa) do not bear more tensions for fear that the table will turn against them." The Council considered that this The offering is "strange logic."
"Changing the exchange rate we called for to achieve justice, eradicate corruption, collect taxes and customs duties, and protect the product will turn the table over the rulers," he asked.
He stressed that this "is to mobilize resources instead of exchange differences, tax and customs evasion go to the pockets of the corrupt and transfer without import."
He stressed that this "is to mobilize resources instead of exchange differences, tax and customs evasion go to the pockets of the corrupt and transfer without import."
He stated that "improving the social welfare network, increasing inclusiveness and compensating retirees through resources derived from accidental results from changing the exchange rate from the state's duties to raise injustice and reduce the level of poverty."
He also pointed out that "the social protection network is not a continuous state, as is the ration card, but rather a temporary case due to the lack of diversified sources of income and dependence only on oil imports."
He stressed the importance of "setting the right policies and strategies and implementing them to upgrade the industrial and agricultural realities and other economic sectors while providing climates for the growth of the private sector and involving it in the economic decision with a real fight against corruption and improving the investment environment will provide hundreds of thousands of jobs and thus the protection network will be reduced to unimportant levels and this is in place In all countries of the world. "
He stressed the importance of "setting the right policies and strategies and implementing them to upgrade the industrial and agricultural realities and other economic sectors while providing climates for the growth of the private sector and involving it in the economic decision with a real fight against corruption and improving the investment environment will provide hundreds of thousands of jobs and thus the protection network will be reduced to unimportant levels and this is in place In all countries of the world. "
He also saw that "the change in the exchange rate has nothing to do with the process of printing the currency and we do not need to recall its disadvantages, mixing the papers from the economic scripts, as printing the currency in an ill-considered and without cover will lead to inflation. We did not demand this for security, neither near nor far, but rather that This process on its own terms and conditions. "
He also asked about what is the equation on which the Central Bank relied on proving the exchange rate with the number (1190), knowing that a number of neighboring countries exporting to Iraq have floated their currency against the prices of the dollar
"Why do we cling to the fixation of the exchange rate and not allow it to change slightly to achieve additional imports into the state treasury while increasing the ability of the domestic product to compete and grow," he said.
"The job of selling the currency is not one of the duties of the central bank," Ann said, explaining that this was recognized by the governor of the central bank, who confirmed the Ministry of Finance's request to exempt it from this commission.
He presented a three-stage proposal to review the exchange rate pricing on the basis of the impact of the oil price drop, while setting priorities for the import of raw materials for local industries - and he said that "
As for the second stage, it requires "studying the exchange rate of the manufactured and exporting countries to Iraq in pricing the dollar against what is included in the development of industry and agriculture locally based on a standard situation for the purpose of fulfilling the market need of imported goods with locally produced goods."
"The job of selling the currency is not one of the duties of the central bank," Ann said, explaining that this was recognized by the governor of the central bank, who confirmed the Ministry of Finance's request to exempt it from this commission.
He presented a three-stage proposal to review the exchange rate pricing on the basis of the impact of the oil price drop, while setting priorities for the import of raw materials for local industries - and he said that "
As for the second stage, it requires "studying the exchange rate of the manufactured and exporting countries to Iraq in pricing the dollar against what is included in the development of industry and agriculture locally based on a standard situation for the purpose of fulfilling the market need of imported goods with locally produced goods."
He also stressed the setting of "priorities for the import of raw materials for local industries" and warned of what he called "black money", calling for the collection of customs, taxes and other fees such as product protection and others in addition to the exchange rate during the sale and transfer of currency, these foundations on which our mission and appeal appealed.
As for the third stage, it concerns the tax and customs duties, and the council said, "The central bank still apologizes for doing it, as it is not one of its tasks."
He concluded the question, "Why did the bank not apologize for selling the currency, which is one of the tasks of the Ministry of Finance?"
He concluded the question, "Why did the bank not apologize for selling the currency, which is one of the tasks of the Ministry of Finance?"
Oil prices continue to lose due to corona
Oil prices fell for the second consecutive session, on Monday, with high incidence of HIV in the United States and elsewhere, prompting some countries to resume partial closures that could harm fuel demand.
By 11:00 Baghdad time, Brent crude was down 70 cents, or 1.72% to $ 40.23 a barrel, while US crude fell 75 cents, or two percent, to $ 37.74.
Brent is heading towards achieving a monthly increase, which will be the third in a row in June, after global producers extended an unprecedented supply reduction of 9.7 million barrels per day until the end of July, while demand for oil improved after countries around the world eased comprehensive shutdown measures.
But cases of global infection with a virus Sk She exceeded ten million on Sunday as she struggled India AndBrazilAn outbreak exceeds ten thousand cases daily. And new infections appeared in countries such asChina AndNew ZealandAnd Australia, prompting governments to re-impose restrictions.
And he said Hui Lee"The second wave of contagion did not leave us ... This restricts the optimism that we have observed in the last six to eight weeks," the economist at Singapore's OCB Bank.
He added that other factors that limit the current high oil prices include weak refining margins, high crude stocks and the resumption of US production.
CBI, ISX,Dinar Guru:
CBI Update:
Click on the link above for the latest update.
The CBI for rate is 1190.
The currency auction total sales amount $ not updated for THUR.
including cash sold
ISX Update: At my last checking
Shares Traded: not updated for today
Value Traded: not updated for today
closed
6-29-2020 Newshound/Intel Guru Randy Koonce How are you makin it. Well, once again, we have had another long pause since I last gave an update to everyone. But, we have just now had a window open up, giving us another opportunity to finish up this investment. We are all weary...and none of us ever thought it would be this long. Many have asked me if I had gotten out. The answer is: NO!! I have not sold my dinar. And I have not exchanged any dinar...I am writing this letter to let everyone know - we have another window opening up. And this time, it is my opinion that the window will remain open until . . . we are done. "At least, if ALL the political parties keep playing nice." The story of this journey would make the greatest political thriller novel of all time! This time, it looks like the HCL is nearly done. If you have been keeping up with the articles coming out recently, then you know that Iraq has been signaling that they are going to pay people. And in the last week, they have let us know that the census that has been finished recently is on employees who will get paid. So what that means is . . . [post 1 of 2....stay tuned]
6-28-2020 Newshound Guru MilitiaMan Article: "Iraqi banks are waiting for a notice to launch salaries within 24 hours" They postponed the salaries for up to 24 hours... The government banks are awaiting a notice...One that is different than in the past...This imo sure looks like the agreement the Kurds have made and signed yesterday, in that they signed the comprehensive agreement, it suggests there was a need to adjust things for the electronic system to make payments...Keep in mind the adjustments at the borders are to have electronic adjustments in line by the 1st of July for shipping, border crossing, taxes, tariffs, fees, etc. Also take note that there will be a parliament session on Monday the 29th. The 2020 Budget is to be sorted by the 30th. The Kurds signing the comprehensive agreement yesterday, imo would have had the 2019 FMLA on the table. That 2019 FMLA is the mechanism or is imo the key to the RI. See the picture being painted? It surely looks promising this is coming to a head! imo It is all lining up! imo.
6-28-2020 Newshound Guru Kaperoni ...guru MarkZ thinks the CBI is stopping the auction. Wrong! ...it was stated yesterday that they're just going to clean up the corruption. The auctions will continue. And of course they have to under the current conditions.
6-28-2020 Newshound/Intel Guru Francis Albert I understand there's Dinar land excitement over Iraq 's PM going to Washington with the idea of Trump announcing Iraq 's National Sovereignty. And this may happen and of course is a good thing, and in now way is throwing a wet blanket on it helping the Dinar go International. This is good. But, please let's not believe that Iraq will ever be Sovereign. The war was about taking over the Country and doing a deal for cheap oil for a long, long time (oil credits), so you can say anything, but IMO U.S. runs the CBI and has Iraq on a leash until the people figure it out and kick U.S. out. So, whether it goes International at .10 or .86 or 1.00 the money, (dollars), that goes to currency investors will come from the oil, through the Treasury, through the banks that will monetize, (create), the dollars in exchange for the paper we have. It is the only possible way it can work.
6-28-2020 Intel Guru RayRen98 Weekend UPDATE...: On Saturday, Parliament stated that they have reform plans that will change the economy of Iraq and reiterating that all the reform plans will boost Iraq. These plans will be submitted within the next 3 months. Amir and Malaiki are on Iraqi TV trying to get the Shiites and the Sunnis to agree on dismissing PM Al-Kadhimi.
6-28-2020 Newshound Guru MilitiaMan Article: "Parliamentary Finance decision: Kurdistan has handed over its employee database to Baghdad...This is their exact number" Quote: "...this is what finally reached the signing of the comprehensive agreement..." ...This looks to be the comprehensive deal that is done now and what we have been waiting for...imo! Love it! imo It is timed right before the adjustments to be made at the borders with taxes, tariifs and fees that will be electronically monitored allocated accordingly...Wow...The timing is imo HUGE!! The HCL/2019 FMLA, salaries, etc, is in this...Wow!!
6-28-2020 Newshound Guru Kaperoni ...guru MarkZ thinks the CBI is stopping the auction. Wrong! ...it was stated yesterday that they're just going to clean up the corruption. The auctions will continue. And of course they have to under the current conditions.
6-28-2020 Newshound/Intel Guru Francis Albert I understand there's Dinar land excitement over Iraq 's PM going to Washington with the idea of Trump announcing Iraq 's National Sovereignty. And this may happen and of course is a good thing, and in now way is throwing a wet blanket on it helping the Dinar go International. This is good. But, please let's not believe that Iraq will ever be Sovereign. The war was about taking over the Country and doing a deal for cheap oil for a long, long time (oil credits), so you can say anything, but IMO U.S. runs the CBI and has Iraq on a leash until the people figure it out and kick U.S. out. So, whether it goes International at .10 or .86 or 1.00 the money, (dollars), that goes to currency investors will come from the oil, through the Treasury, through the banks that will monetize, (create), the dollars in exchange for the paper we have. It is the only possible way it can work.
6-28-2020 Intel Guru RayRen98 Weekend UPDATE...: On Saturday, Parliament stated that they have reform plans that will change the economy of Iraq and reiterating that all the reform plans will boost Iraq. These plans will be submitted within the next 3 months. Amir and Malaiki are on Iraqi TV trying to get the Shiites and the Sunnis to agree on dismissing PM Al-Kadhimi.
6-28-2020 Newshound Guru MilitiaMan Article: "Parliamentary Finance decision: Kurdistan has handed over its employee database to Baghdad...This is their exact number" Quote: "...this is what finally reached the signing of the comprehensive agreement..." ...This looks to be the comprehensive deal that is done now and what we have been waiting for...imo! Love it! imo It is timed right before the adjustments to be made at the borders with taxes, tariifs and fees that will be electronically monitored allocated accordingly...Wow...The timing is imo HUGE!! The HCL/2019 FMLA, salaries, etc, is in this...Wow!!
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 responds to the request of a child with cancer
Prime Minister Mustafa Al-Kazemi receives a number of medical staff in Dhi Qar Governorate who have been attacked
The Prime Minister, Mr. Mustafa Al-Kazemi, meets with the special committee for the project of establishing new cities
The Prime Minister, Mr. Mustafa Al-Kazemi, directs the officials of the ministries of Electricity and Finance to overcome obstacles to providing electrical energy to citizens
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ARTICLE 2 (from the Government of Iraq twitter account)
6-28-2020 around 10:45 am Eastern·
“Economic and financial reforms are necessary so that we create the right environment for all the other political, electoral and social reforms” says Iraq’s Deputy PM and Minister of Finance @AliH_Allawi:
“Economic and financial reforms are necessary so that we create the right environment for all the other political, electoral and social reforms” says Iraq’s Deputy PM and Minister of Finance @AliH_Allawi:
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ARTICLE 3
The Al-Fateh meeting ends with the delivery of two messages to Al-Kazemi .. dissatisfaction and dissatisfaction
Editing Date: 6/29/2020 0:55
Ayna News - Baghdad
A senior political source revealed that the meeting of the Shiite political forces at the home of the head of the Al-Fath coalition, Hadi al-Amiri, led to the necessity of delivering messages to Prime Minister Mustafa Al-Kazemi expressing "discontent" about the government's performance of the Corona crisis and "dissatisfaction" with regard to targeting the popular crowd
. Who preferred not to reveal his identity, that the meeting of the Shiite political forces in the house of the President of the Alliance of Fath Mr. Hadi al-Amiri and in the presence of the President of the State of Law coalition Mr. Nuri al-Maliki and Mr. Faleh al-Fayyad and most other political forces ended up delivering messages to the Prime Minister Mustafa Mustafa Al-Kazemi expressing “discontent” of lack of interest The government is tackling the Corona crisis and the economic crisis, as well as confirming the Shiite leaders that they are not satisfied with targeting the holy crowd. "
The Al-Fateh Alliance confirmed that the popular crowd was found to remain and will remain, while noting that the task of Al-Kazemi’s government is limited to restoring the prestige of the state and holding early elections.
"The popular crowd is here to stay and it will stay," said coalition spokesman MP Ahmad al-Asadi in a press statement followed by the Ain agency today, noting that "the popular crowd has been without budget for 6 months and has tackled Corona with its available capabilities."
Al-Asadi added, “The popular crowd ensured the burial of Corona victims after everyone was defeated.”
And on the issue of the separation of some of the brigades sacred thresholds from the Popular Mobilization Committee, al-Asadi explained, "The mobilization of thresholds was not linked to the defense but rather to the commander-in-chief of the armed forces."
To that, Al-Asadi called on the government to "move to prevent politicization of demonstrations and ride its wave by internal and external parties," noting that "the government has failed to contain the crisis of demonstrations and to protect demonstrators."
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ARTICLE 4
Planning confirms the government's progress in economic reforms
Editing Date: 6/28/2020 15:19
[Baghdad-Ain]
Minister of Planning Khaled Battal Al-Najm confirmed today, Sunday, that the government is proceeding to take economic measures and reforms.
His media office said in a statement that [Wayne] received a copy of it, "The star received the ambassador of the State of Kuwait to Iraq, Salem Ghassab Al-Zamanan, appreciating the stances of the State of Kuwait supporting Iraq, especially in the field of confronting the Corona pandemic, and supporting efforts of reconstruction operations and achieving stability and development in All of Iraq. "
The star pointed out that "the current situation that the countries of the region and the world go through requires further cooperation in order to cross the crisis and overcome the economic challenges resulting from the low oil prices," stressing that "the Iraqi government continues to take a series of economic measures and reforms, in the short term And the medium, through activating investment and creating an attractive environment for business. "
Called "Kuwaiti companies to take advantage of the investment opportunities available in many of the development sectors, according to economic priorities and development gaps indicated at the level of each of the governorates.
The statement added that "the two parties discussed a number of issues of common concern, especially with regard to strengthening bilateral relations in the economic and investment fields, among them, the rehabilitation and development of the Safwan border port, and the implementation of a number of service projects, in the health and education sectors and the implementation of Ya Hussein Road, the link Between the southern governorates and Karbala governorate, passing through a number of central governorates. "
He continued, "It was agreed to form joint committees, Iraqi - Kuwaiti, to follow up and activate the outcomes of the Kuwait Donors Conference, which was held at the initiative of the State of Kuwait, in the beginning of 2018."
For his part, Al-Zamanan welcomed the "directions of the Iraqi government to support investment and enhance fruitful cooperation relations with the State of Kuwait, expressing the Kuwaiti government's willingness to provide more support to the brotherly Iraqi people, in various fields, stressing the desire of many companies to work in Iraq."
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ARTICLE 5
The central bank clarifies regarding foreign reserves in it and the fact that it is a surplus invested abroad
Editing Date: 6/27/2020 14:14 •
[Baghdad_Eye] The
Governor of the Central Bank of Iraq, Ali Al-Alaq, explained about the foreign reserves in the bank and the fact that it is a surplus invested abroad.
Alaak said in a statement, about what some are deliberating regarding the uses and concept of foreign currency reserves (cash, deposits, bonds, gold) with the central bank, that "unfortunately some people understand the foreign reserves of the central bank as a surplus invested abroad."
He added that "the real financial surplus the government has from surplus funds that it invests in a variety of forms such as sovereign funds, investment funds, generational funds, etc. ... As for the reserves with the central bank, they correspond to the dinar issued to the government or others, it is a cover for the local currency and it should not be less than a specific level of adequacy. According to international principles, otherwise the value of the local currency (the dinar) will collapse, as happened in the previous system.
He continued: "As for how the reserve is managed in terms of the type of currencies and the type of instruments, they are governed by internationally recognized rules and in all central banks, and we follow the same rules and in the subject are complex and broad technical details.
He added: "It is worth noting that when the government borrows internally, it is tantamount to withdrawing from foreign reserves because the dinar that it borrows is pumped into the market and turns into a demand for mostly imported goods and goods and the payment of foreign liabilities, and it (the government) does not put a dollar in exchange for it leading to the withdrawal and reduction of reserves Foreign. "
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