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Saturday, July 4, 2020

WOTS THUR JUL 2 2020

WOTS THUR JUL 2 2020

The exchange rates of the dollar stabilized on the Kifah Stock Exchange and local markets, on Thursday, (2 July 2020).

The prices of the Kifah Stock Exchange were recorded - Baghdad122,550 dinars per 100 dollars.
Buying and selling prices in banking shops:
the selling price of the dollar = 123,000 dinars per 100 dollars.
The purchase price of the dollar = 122.000 dinars per 100 dollars.

The Markets:
Headline on Blomberg  H.K Stocks Greet New Law with Gains
Asian markets closed up  NIK by .1%  HSI up by 2.85%  SHANG up by 2.13%
UK markets are currently trading in the green from .26% to 1.79%
Our futures are green Dow at 25782 up by .81%  SNP at 3120 at .57%  NDX at 10310 up by .41%
Precious Metals:
Gold is green at 1771  Silver is red at 18.20  Copper is green at 275  Platinum is green at 823
Brent is 42 WTi  40

Favorite Currencies Forex Quotes

SymbolBidAskHighLowOpenChangeTime
 USD/IQD  1162.2000  1215.6000 1193.6000 1184.6000 1191.1000  -0.4000 15:43
 USD/VND  23202.0000  23204.0000 23187.3900 23181.4900 23181.4900  12.2600 01:11
 USD/CNY  7.0659  7.0679 7.0702 7.0619 7.0702  -0.0043 05:01
 USD/KWD  0.3073  0.3083 0.3076 0.3074 0.3076  -0.0003 04:09
 GBP/USD  1.2516  1.2517 1.2527 1.2460 1.2472  0.0043 05:01
 USD/IRR  42000.0000  42210.0000 42000.0000 42000.0000 42000.0000  0.0000 04:23
 USD/IDR  14413.0000  14413.0000 14521.0000 14186.0000 14279.0000  138.0000 05:00
Saudis Threaten New Oil-Price War...
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Iraqi Articles:
Iraq requests a loan from the International Monetary Fund and seeks Saudi investments in gas fields
Iraq is in talks with the International Monetary Fund to obtain a loan, and is seeking Saudi investments in natural gas fields, at a time when Baghdad is trying to boost its economy in the face of the Corona virus and low energy prices.
The agency stated "BloombergAmerican according to Deputy Prime Minister and Minister of Finance Ali Allawi in an interview in Baghdad Tuesday evening, that International Monetary Fund AndIraq They are conducting "intensive" negotiations on a loan that could reach a maximum of $ 5 billion, and he has not decided whether Iraq He wants a quick credit facility, which will come with some attached strings, a conditional line, or both.
Allawi said, "There is no formal proposal from the Iraqi government and there is no official response from International Monetary Fund, But we are moving in this direction. "
Come talksInternational Monetary Fund And Saudi Arabia while trying Iraq Supporting his finances, while Allawi is speaking, the economy is likely to contract by 7% to 9% in 2020. This is more than expectations International Monetary FundAt 4.7%.
On the other hand, Allawi indicated that "Saudi Arabia has expressed interest in Iraqi gas projects, as the Iraqi government has proposed that the Saudis put money in the Akkas gas field in the west or Mansuriyya in the east." Allawi said that they can also invest in reserving gas from Ratawi's oil reserves. Southern.
And he said, "Kingdom of Saudi Arabia"They are very willing to support our energy projects." "At the end of the day, they will choose one field, and they are also interested in solar energy.
"International Monetary Fund, The budget deficit will reach 22% of GDP this year, which is higher than anywhere in the Middle East and North Africa. Allawi said that the government will not issue new Eurobonds to finance the gap because it will be very expensive.

Oil continues to rise

Oil prices continued their rise today, Thursday, after US data showed a sharp drop in crude stocks more than expected.
By 07:40 Moscow time, Brent crude futures rose 0.21% to $ 42.12 a barrel.
Whereas, US West Texas Intermediate crude futures increased 0.13% to $ 39.87 a barrel.
The US Energy Information Administration yesterday, said that crude stocks in the United States fell by 7.2 million barrels last week to reach 533.5 million barrels, compared with analysts forecasts indicated a decrease of 710 thousand
Central Bank: Staff salaries are secure for the next two months
On Thursday, the central bank announced the details of its contribution to facing the financial crisis, while it expected to pay the salaries of employees early next week .
Ihsan Shamran, Director General of Accounting at the bank, told the official agency that "the central bank has a big role in facing the current financial crisis, confirming the re-deduction of bonds in favor of the Ministry of Finance by about 8 trillion dinars ."
He added that "these bonds will enable the ministry to secure the salaries of employees for the months of July and August," noting that "the bank has made it easier for the Ministry of Finance to process the debt repayment for a period of 10 years ."
He continued, "The Ministry of Finance held talks with the Central Bank and some banks to re-discount these bonds," noting that "the bank met with the finance and banks and deducted these amounts and deposited them in the Rafidain and Al-Rasheed accounts and the retirement board ."
He suggested that "the salaries of employees be paid at the beginning of next week," noting that "the central bank stands with the government to support the public finances from any crisis that it may face ."
Shamran expected, "the financial crisis will ease with the recovery of global oil prices," noting that "the state is working towards improving public financial resources through the activation of taxes and customs in addition to oil resources ."
Lebanese banks apply to the Central Bank to settle their branches in Iraq
the bank of Francebank and the Lebanese credit came to the central bank to liquidate their branches in Iraq. The Lebanese newspaper, An-Nahar, reported that, in light of the economic conditions in Iraq, the 10 Lebanese banks in Iraq decided to re-evaluate the future of their existence, and a number of them found that there is no benefit in remaining in the Iraqi market. In this context, the newspaper said that the banks of "Fransabank" and "Lebanese Credit" applied to the Central Bank of Iraq to liquidate their branches in Iraq. In the details, the Banking Supervision Department informed the Commercial Banks Control Section in the Central Bank of Iraq of the decision of the two boards of directors of the Fransabank Bank and the Lebanese Credit Bank, which was taken on June 21 to liquidate and close the branches of these two banks in Iraq. On 28 of it the response came from the Central Bank of Iraq in two books, "An-Nahar" obtained a copy of them, addressed to the two banks' departments.

A deputy demands the two main parties in the region to return the smuggled oil money

The reform law for salaries and privileges of special grades comes into force
Sulaymaniyah - the new morning - Abbas Arkouzi
The reform law in the salaries and benefits of employees and special grades came into effect yesterday, Wednesday, after being approved by the regional parliament and the government's hand to start implementing it.
Governmental sources confirmed that the regional government seeks, through the application of this law, to achieve a degree of justice and equality between the segments of society, categories of employees, special grades and officials.
A member of the Finance Committee in the provincial parliament, Hefdar Ahmed, said that the application of the law would provide about 150 million dollars to the region's government, stressing that the law would end the multiplicity of salaries, privileges and allocations for special grades and some officials in the region's government.
To that, influential politicians and academics demanded the return of the money they seized from the oil revenues and the sums sent by the federal government during the previous years.
A member of the region’s parliament on behalf of the Islamic Union bloc, Abu Bakr Heldni, called for the union and the democracy to return two billion dollars each, by putting pressure on companies and merchants, distributing them to employees and important sectors in the region, revitalizing the markets and commercial movement that negatively affected the economic and financial reality of the region.
Heldeni also called for the implementation of comprehensive reforms in the various institutions and joints of the region's government, and for the two parties to start implementing those reforms from their ranks.
In turn, writer and journalist Aref Qurbani confirmed in an article entitled Where is the smuggled money, that the two main parties in the region received huge sums by selling oil, including 3 billion dollars in Iraqi money sent by the civil ruler Paul Bremer to the region seized by the two ruling parties, pointing out that the conditions The miserable economic and financial crises facing the provincial government require that both parties take the initiative to support the treasury of the provincial government and save it from the acute impasse it is going through.   
He pointed out that the two parties also divided in 2011 about 4 billion dollars accumulated from the money for selling oil that international oil companies were granting as service fees for the two parties in the region. 
The head of the regional government, Masroor Barzani, had said in a meeting held with the negotiating delegation of the regional government, that the Kurdistan region is determined to defend its legitimate rights and will not relinquish it, indicating that his government will continue its discussions with Baghdad with the aim of reaching an agreement that guarantees the region's constitutional rights and entitlements.

CBI, ISX,Dinar Guru:
CBI Update:  Just  a note:
They have been having auctions and the ISX has been trading regularly the sites just don't update in time to put the information in this report, unless it is
here.   
 
Click on the link above for the latest update.

The CBI for rate is 1190.

The currency auction total sales amount $ 164,172,000. 

   including NO cash sold  
ISX Update:   At my last checking 
Shares Traded: not updated for today
Value Traded: not updated for today
closed 

7-2-2020   Newshound Guru Breitling   ...they're worried about regionally having a currency that's valued too high.  The pressure cooker they're in is that they need to add value to their currency otherwise they're going to go broke.  If they add too much value to their currency they are going to go broke.    That's just the reality.  But what people don't understand is that other countries are in the same position...Iraq basically told everybody they want to get the value of their currency to $3.25.  [Wait a minute, you just said if their currency is too high in that region they are going to get their asses handed to them.]  That's true.  But if their currency was a global currency, then it wouldn't matter would it...   [Post 1 of 2....stay tuned]
7-1-2020   Guest Guru Petra  ...all the effort.  All the work.  All the development. All the mechanisms.  Everything that's been done.  Everything that we await.  Can it be done without a change in the rate?  It can't.  Everything we're talking about here is critical...Every single thing we've been talking about the last several weeks must have a rate change for it to be engaged...it's a time bomb and it's ticking down...

7-1-2020   Intel Guru Footforward   I realize it's July 1st. The RV still hasn't manifested in the natural yet. I'm not upset or discouraged. At all. I still believe we are in the timeline. That's my opinion.  Right now, things with the dinar, are going how they are supposed to go. We aren't off course...we are right where we are supposed to be...

7-1-2020   Intel Guru Bruce   ...I’ve had times before – I’ve probably put them out many times...before – so what makes this different? What really makes it different is the position that the whole system is in to begin to release...We are up against some kind of time line here – whereby we should get started... What about the rate changes? There have been some rates that have changed – we’ve heard about them from Forex people that they’re seeing Dinar and Dong in really good rates on the forex...What my understanding is...we’re going to get this party started...

7-1-2020   Intel Guru Walkingstick   [via Frank26] ...the meeting they had between the CBI and the Fab 4 they were discussing on how to make the IQD equal to the value of the USD.  What is the value of the USD?  About $1.19.  So the USD is actually more than 1 dollar...that's the reason why they're not going to introduce fractional banking at the beginning and they're going to round it off to one to one.  Their goal now is they are going to put the IQD on par with the USD.  That's 1 to 1...the float will come in later...

7-1-2020   Intel Guru Frank26  ...the intricacies of what can happen are complex.  We've taken you to the point of where it's at now.  It's coming up to on par 1 to 1 with the American dollar.  They say so.  What happens after that?  ...You think it's been difficult up to this point?  Just sitting having to wait?  That's all you had to do...it's gonna get even harder now.  For you to keep this money when you don't even know how to deal with money - good luck...don't you ever let your dinars out of your sight.  Never. 

7-1-2020   Newshound Guru Pimpy   Looks like the dinar rate is in review.  Article:  "The National Business Council calls for a review of the exchange rate based on the impact of the oil price decline".   I told you I seen some minutes between the IMF with the Central Bank of Iraq...the Government of Iraq wanted their exchange rate reinstated at $3.22...the IMF along with the Central Bank of Iraq was saying no that would be too big of a shock to the economy and they wanted something around $1.13 to $1.34.  The reason is they wanted a sweet spot.  They wanted it to be high enough where they had more purchasing power but they wanted it low enough where they could be competitive against other countries importing and exporting...I thought that's what the rate would be...nonetheless it looks like it's going to be reviewed.  This looks like what we were hoping for...

7-1-2020   Newshound Guru Adam Montana    These Weekly updates are getting more and more fun for me, because Iraq is moving faster and faster. The proof is coming daily, hourly...we are looking at an HCL move soon, and that's about all we need right now! Article quote:  "this week or next week may witness the return of the Kurdish delegation to Baghdad again in order to complete negotiations and dialogues with a view to resolving all outstanding contentious issues between the two sides," noting that "the two sides are still working to solve the oil and customs issue and Kurdistan's share of the federal budget."  That doesn't say "HCL tomorrow, RV by Friday"... but it's pretty darn close! ...hang tight...we are closing in... Go Iraq, go HCL, GO RV!!!

7-1-2020   Intel Guru MarkZ   What I received from bankers is nobody received dollars or were able to keep their appointments last night...they are being told it will now roll out over the next 6 days. They are being told to stay on call and could be called at any moment over the next 6 days...there is a lot of activity. I have always said that none of us know the exact timing, nor are we supposed to for security reasons.  I still believe we are very close. The next 6 days could absolutely see it. I am keeping my phone close.

7-1-2020   Newshound Guru MilitiaMan  ...they don't have any money...But they can get their money if they do what?  If they raise the value of the currency...

7-1-2020   Newshound Guru Kaperoni  Iraq has a lot of work to do but certainly there is promising developments. Opening their economy, creating a private sector, an encouraging foreign investment are the key ingredients to their success under the current circumstances. They seem to be aggressively trying to fix it.

7-1-2020   Newshound Guru Breitling  ...they are looking at how to tackle the financial problem they have inside of Iraq.  They looked at the reserve and they said, 'they probably could take out 11 billion dollars worth of the reserve and not really hurt the value of the currency and to be able to fix some of our problems.'  But you have a completely different group saying 'you don't need to do that.  Let's protect our reserve.  Add value to our currency.  And invest in the Western markets.'...these guys will never give you rates...they'll always avoid giving some sort of rate...you and I know what they need for the budget - for it to succeed.  My projected budget for what they needed at $53 to $56 a barrel was about 56 cents to the dollar.  Now it's about .63 cents to the U.S. dollar...see the trend?  It's going up... 

7-1-2020   Intel Guru MarkZ   [What about the dong rate? Still.47 cents to $2?]  That is something that has just changed. I am now hearing that the dong could come out at right around the $1 mark for the street rate and then up to $2 or so for the contract rate.



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

The Prime Minister, Mr. Mustafa Al-Kazemi, meets the Parliamentary Health and Environment Committee

The Prime Minister, Mr. Mustafa Al-Kazemi, held a meeting with the Chairman and members of the Parliamentary Health and Environment Committee.

At the beginning of the meeting, Mr. Al-Kazemi stressed the importance of integrating efforts between the government and parliament in facing the Corona pandemic, and that poor planning and the deterioration of the health system, as a direct result of the accumulated mismanagement, had increased the impact of the pandemic and its impact on citizens.

The meeting discussed the measures taken to enhance the response to the Corona pandemic, as well as His Excellency listened to a number of proposals submitted by members of Parliament members of the Parliamentary Health Committee.

Al-Kazemi indicated that the Higher Committee for Health and National Safety will witness the enhancement of the expertise of physicians and specialists to provide their scientific insight to enhance the current efforts.

The Prime Minister said that we follow daily, around the clock, all the details of the confrontation and the national efforts to reduce the effects of the pandemic, as we hold continuous meetings in order to overcome any obstacle that may arise in the way of treating the injured, and in order to limit the spread of the disease.

The Prime Minister added that the government apparatus is working with all its integrated efforts and coordination, in order to support the needs of the Ministry of Health, and in order to enable health and medical staff to provide their services, after these staffs demonstrated a performance that is less than its dedication to the duty, despite all the challenges and difficulties and lack of Supplies.

He stressed that the financial and economic crisis posed a new and added challenge to the efforts to confront the pandemic, but it is an opportunity to strengthen the solid resolve with which the Iraqis face their crisis, as it is a real arena to confront mismanagement and corruption, isolate it and prevent it from continuing to waste the efforts of the loyal, who have committed themselves and their people to Make the utmost effort.

Media office of the Prime Minister
  1. 1-July-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

Parliamentary finance reveals two reasons behind the delay in salaries

Editing Date: 1/7/2020 21:38 • 99 times read
Ayna News

- Baghdad Parliamentary Finance Committee revealed, Wednesday, the delay in paying salaries to employees.

Committee member Ahmed Al-Saffar said, "There are two reasons for delaying the payment of salaries, which I expect personally, the first due to the conversion of hard currency into the Iraqi dinar, and the government beginning to scrutinize some ministries with regard to double salaries."

He pointed out, "He revealed that 40,000 employees receive more than one salary in only 6 ministries, which delayed the payment of salaries to employees."
The page for the month of June was turned, bringing with it the hopes of Iraqi employees to receive their salaries, despite promises made by the official authorities to hand over salaries before the end of the month in the past days, but the month was gone, and salaries remained in the "government quarantine."

Commenting on the parliament’s approval of borrowing despite its objection to the law, Al-Saffar explained, “The committee has done its job through legislation, both internal and external borrowing, although it was a difficult choice for the committee to consider stopping external borrowing in the 2019 budget because it felt a danger and an increase in external debt.”

He pointed out that "the current crisis imposed on us to save the country and the government by agreeing to this law, provided that the government provides within 60 days a comprehensive reform paper so that we do not resort to borrowing again."

Al-Saffar added, "The law was supposed to be in effect from the date of its approval and the government starting the borrowing process and organizing the necessary arrangements to pay salaries and other important matters, but we follow the issue and expect that there are technical reasons that delayed salaries."
On the parties that benefit from borrowing, Al-Saffar concluded his speech by saying, "The reasons for approving this law are the financial and health crisis, salaries, ration card, and medicines, and everyone who falls within these reasons are considered beneficial parties."

The House of Representatives, passed last Wednesday, a draft law that allows the government to borrow internally and externally to cover the country's fiscal deficit.
The government presented the bill, which includes external borrowing worth $ 5 billion, and an internal amount of 15 trillion dinars to cover the fiscal deficit in the countr

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ARTICLE 4

Kurdistan informs Baghdad of its willingness to hand over oil revenues "on two conditions"

Editing Date: 1/7/2020 19:12 •
Where is the news - Kurdistan

The Kurdistan Regional Government announced, on Wednesday, that it informed the federal government of its readiness to hand over the proceeds of the sale of oil, subject to agreement first on two things.

"The territorial government informed Baghdad of its willingness to hand over the proceeds of the sale of oil after agreeing first to the dues of the companies investing in the oil fields, as well as the export expenses," said Gutiar Adel, a spokesman for the regional government, at a news conference in Erbil, followed by Ayna News.

Adel added, "The delegation of the Kurdistan Regional Government will return soon to Baghdad to resume discussions on the outstanding disputes," pointing out that "the Kurdistan Regional Government is working to unify the retirement directorates in the region."

He explained, "The competent bodies and committees are working to implement reforms in the region," stressing that "the region's government continues the reform process, and works to reduce salaries of the higher and private grades, as one of the reform procedures."

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ARTICLE 5

Minister of Planning: The government is proceeding with reforms to overcome the current crisis

Editing Date: 1/7/2020 20:56
Ayna News - Baghdad

Minister of Planning, Khaled Battal Al-Najim, confirmed on Wednesday that the government is continuing to take measures, treatments and reforms to overcome the current crisis.

A statement of the Ministry of Planning, which the agency received a copy of, stated that "the Minister of Planning, Khaled Battal, received at his office at the ministry's office today, the resident representative of the Secretary-General of the United Nations in Iraq, Jenin Blaskhardt, and the accompanying delegation."

Battal said, "The government is continuing to take a set of solutions, treatments and reforms, with the aim of overcoming the current crisis and its future repercussions," calling on the international community, represented by the United Nations and its various organizations, to "provide more support to Iraq in various fields, humanitarian and economic."

The two parties discussed the "General Population and Housing Census Project, and the challenges facing its implementation", stressing "the importance of providing information and data on the characteristics of the population's economic, housing, and service life at the national level, and at the level of administrative units, as well as using the census data to provide a technical framework For the next elections. "

The statement pointed out that "the meeting also discussed the issue of the displaced, and work to secure a safe and voluntary return for them, and the two parties agreed to arrange a close joint meeting between representatives of the United Nations agencies and the Ministry of Immigration and Displacement, with the aim of discussing a set of options to address the issue of displacement and camps for the displaced, in terms of Return to their areas, or find an alternative place for them, and secure the appropriate human conditions for the residents of these camps, which include providing education and health services and appropriate job pportunities. "
 
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