WOTS TUES AUG 18 2020
According to a reporter of The Shafq News Agency, the Central Struggle Stock Exchange in The capital Baghdad recorded, today, 122,700 Iraqi dinars compared to 100 U.S. dollars, while al-Harithiya Stock Exchange in Baghdad recorded 122,700 dinars against 100 dollars.
Favorite Currencies Forex Quotes
| Symbol | Bid | Ask | High | Low | Open | Change | Time |
|---|---|---|---|---|---|---|---|
| USD/IQD |  1163.5000 |  1214.0000 | 1190.9000 | 1190.9000 | 1190.9000 | -0.4000 | 04:42 |
| USD/VND | 23174.0000 | 23176.0000 | 23158.2900 | 23152.7600 | 23152.7600 | 7.1700 | 04:44 |
| USD/CNY |  6.9218 | 6.9238 | 6.9336 | 6.9201 | 6.9318 | -0.0100 | 05:02 |
| USD/KWD | 0.3050 | 0.3060 | 0.3056 | 0.3053 | 0.3056 | -0.0003 | 04:38 |
| GBP/USD | 1.3169 | 1.3170 | 1.3175 | 1.3092 | 1.3102 | 0.0066 | 05:02 |
| USD/IRR | 0.0000 | 0.0000 | 43011.9000 | 43011.9000 | 43011.9000 | -43.1000 | 00:00 |
| USD/IDR | 14791.0000 | 14791.0000 | 14871.0000 | 14702.0000 | 14833.0000 | -53.0000 | 05:01 |
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Parliamentary Finance warns of continued borrowing: an upcoming economic and financial collapse!
The Finance Committee in the House of Representatives warned, on Tuesday, of an expected economic and financial collapse in the event of continuing borrowing, while indicating that the volume of external borrowing of Iraq may reach about 2 billion dollars.
A member of the committee, Abdul Hadi Al-Saadawi, said, in a statement to the official newspaper affiliated with "People", (August 18, 2020), that "the committee has set a higher ceiling that cannot be exceeded for external borrowing in the law amounting to $ 5 billion," indicating that "the volume of external loans will range from 5 billion." 1-2 billion dollars, after many countries showed their willingness to lend. "
He added, "external borrowing is the worst for long periods until now," pointing out that "the Finance Committee was able to stop borrowing in the 2019 budget."
For its part, a member of the committee, Ikhas Al-Dulaimi, said that "many reasons have led to countries objecting to lending to Iraq during the previous period."
Al-Dulaimi explained, "The blurring of the economic vision, the resignation of the government, the continuation of demand demonstrations and the occurrence of a partial collapse in the country, led some countries to refuse to lend to Iraq, but the relative stability achieved after the formation of the government of Mustafa Al-Kadhimun did not lead to the extension of many countries. Iraq, especially since Iraq is able to pay because it is an oil-rich country. "
Al-Dulaimi added, "It is illogical for employees and other groups in Iraq to bear the delay in the deadline for salaries or social benefits due to the financial crisis, which led to the preparation of a law for external borrowing under strict conditions."
The federal government clarifies the details of the financial settlement with the Kurdistan region
The Ministry of Finance affirmed its commitment to its constitutional duties in economic and financial reform and public financial management, including its obligations towards the Kurdistan Regional Government, without the existence of the federal budget bill for 2020.
"When the government took over in May 2020, it was decided not to proceed immediately in drafting the 2020 budget until oil prices stabilize in world markets for the purpose of knowing the most obvious revenues," the ministry said in a statement seen by "Al-Eqtisad News". The ministry also had to compensate Revenues resulting from the collapse of oil prices, reduced demand for it, and Iraq's obligations under the OPEC Plus agreement. "
She pointed out that “the Coronavirus epidemic has led to the emergence of additional demands on state expenditures as well as very large additions to public salaries as a result of previous government commitments in the field of employment and employment, and the Ministry of Finance must also deal with the large number of new graduates who are waiting for jobs from The state in light of the instability of oil prices on the world markets and the decline in revenues from it.
The ministry added that "during the month of May 2020, the government agreed to transfer (400) billion dinars to the Kurdistan Regional Government in a state of emergency to meet the demands of the regional government employees who had not received their salaries for several months, and this funding was subject to entering into discussions with the regional government to solve all The outstanding issues between the federal government and the regional government regarding oil and non-oil revenues.
And she continued, "The negotiations have started in multiple rounds to reach a final agreement in light of the mutual obligations between the two sides and based on the original agreement, the Ministry of Finance has not made any financial transfers to the region since the April payment. However, the financial conditions of the Kurdistan Regional Government have deteriorated and requests have been submitted again to The Ministry of Finance to provide it with financing in order to meet the expenses of the salaries of its employees. "
The ministry indicated that “a seven-point agreement (attached) has been concluded between the prime minister and the prime minister of the regional government, which was concluded on 8/15/2020 on the basis of which the Ministry of Finance was invited to finance (320) billion dinars in August / 2020 to the region, And that this amount is based mainly on the ministry’s estimates of the region’s share of federal expenditures, and from it the estimates of the Ministry of Finance on the region’s oil and non-oil imports.
She added, "The Ministry considered that the aforementioned amount in light of the current circumstances and within the framework of the goodwill atmosphere that prevailed in the discussions between the federal government and the Kurdistan Regional Government, and based on the fact that the funding request submitted by the General Secretariat of the Council of Ministers, which includes the approval of the legal department therein, falls within the reasonable and will be amended later by an increase or The decrease in the final calculation between the federal government and the regional government, and based on all that, the Ministry of Finance approved this request on 8/17/2020 and authorized the financing of an amount of (320) billion dinars to the Kurdistan Regional Government for the month of August / 2020.
The Ministry of Finance affirmed "the necessity to proceed with the dialogue to implement the attached interim agreement regarding customs and oil revenues, the region’s commitment to the (OPEC Plus) agreement and settlement of the debts of the Iraqi Trade Bank TBI, and this must be done within 30 days."
She revealed that "the total funds made by the Ministry of Finance since the beginning of this year are (1,360) trillion dinars through the previous government and (720) billion dinars by the current government, with a total of (2.080) trillion dinars."
Finance concluded its statement by saying: “The Ministry of Finance will present the draft budget law for the year 2020 before the end of next September of this year, and the funds will be determined to the regional government. Allocated to the region, and the Ministry of Finance will finally clarify the financial basis for the funding for the regional government in the 2021 budget.
Al-Kazemi is heading to America at the head of a government delegation .. and his office reveals the schedule of the visit
the Prime Minister, Mustafa Al-Kazemi, headed to the United States of America, on Monday, at the head of a government delegation.
His media office stated, in a statement that Mawazine News received a copy of, that "the Prime Minister, Mustafa Al-Kazemi, left, today, the capital, Baghdad, heading to the United States of America, at the head of a government delegation, in response to an official invitation."
The statement added, "Al-Kazemi will meet with US President Donald Trump, on Thursday, and during the meeting, discussions will be held on strengthening bilateral relations between Baghdad and Washington, in addition to discussing current developments on the regional arena, and discussing issues of common interest."
He continued: "During his visit, Al-Kazemi will hold talks with senior US officials, which will include discussing bilateral relations between the two countries and enhancing joint cooperation in many fields, foremost among which are security, economy, health, and other sectors."
Source: Next September will be burdened with government decisions and the killers will be revealed
A source close to Prime Minister Mustafa Al-Kazemi revealed that the coming month will be burdened with government decisions.
The source told Al-Ikhbariya that "setting the date for early elections was only in consultation with the President of the Republic and indirectly eliciting the opinion of specialists, as it was a date for making decisions that are greater than the previous one and block the way for the bidders."
He explained that "next September will be burdened with decisions and steps that are the largest by Al-Kazemi, especially after his return from America, and whenever the date approaches, the steps will increase, as the steps will include an explicit disclosure of the killers, especially the perpetrators of the assassination of Al-Hashemi."
Stability of the Iraqi dinar
Central banks in the world mainly aim to achieve economic stability by stabilizing the monetary system and the financial system through their programs and strategies aimed at maintaining stability in the exchange of their domestic currencies against other foreign currencies and building enough foreign reserves to cover their domestic currency in Trading.
In accordance with special international standards issued by the International Monetary Fund and banks are evaluated based on other criteria related to the response to crises, challenges, economic, political and security shocks, natural and epidemiological disasters in their countries, control of stable rates of inflation and interest rates, application of compliance regulations and rules, anti-money laundering and terrorist financing scheduled internationally.
Since all the world's countries have been going through economic and epidemic crisis for the past 10 months, the world's oil prices have fallen, economic stagnation and slowing economic growth due to the Corona pandemic. The above circumstances have been suffered by Iraq and neighbouring regional countries such as Iran, Turkey, Lebanon and Syria, as well as the economic, political and security challenges in which all these countries have shared with Iraq, the result of which was the us dollar's devouring of the local currencies of the above-mentioned countries and their collapse in very large proportions, for example, the currency fell against the dollar, the Turkish lira became 7.30 lire per dollar and Iran's rial corresponds to 0.000024 dollars and the Lebanese pound 8,500 pounds and the Syrian lira 2250. The Iraqi dinar has been exchanged within its rates for the past two years.
So why was the exchange rate of the Iraqi dinar only affected by a slight relative increase in the exchange rate of the dollar and a decrease in the purchasing power of the Iraqi dinar, and the Central Bank has taken rapid monetary measures to restore the exchange rate as targeted before the events. In order for the economic analyses to be accurate and non-extreme to the reality of monetary stability in Iraq and the effects of the new and anticipated economic and epidemiological shock on the exchange rate of the Iraqi dinar, which has stabilized for more than two years and remains strong and stable, it will continue as well despite international and domestic political shocks.
In order not to take the expectations of media intimidation and create a state of fear among the public and the banking sector, I confirm, through an economic and analytical view of the stability of the exchange rate of the dinar and from a neutral and transparent point of view, we note that this positive stems from the independence and balanced management of the Central Bank and the availability of foreign reserves at the rate and in the case of which determines its adequacy to cover the monetary bloc in circulation and to cover imports, as the foreign monetary reserves are fully secured and Iraq occupies the fourth place in the Arab world.
In addition, the strength and recovery of the Iraqi dinar and the handling of responsibility and independence by the Central Bank
The implementation of the monetary policy adopted by the Central Bank, which has stabilized the exchange rate for more than two years, represents real guarantees to protect the local currency from collapse and face the new shock and will be overcome, as the economic and security shocks suffered by the Iraqi economy during previous years have been overcome. The Iraqi dinar will remain stable and maintain its purchasing power despite the challenges.
• Economic and financial advisor and bankers
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.
here.
The currency auction total sales amount $ 218,792,000 .
including $ 25,200,000 in cash
ISX Update: Shares Traded: not updated for todayValue Traded: not updated for today
8-18-2020 Intel/Newshound Guru Frank26 ...It seems to me somehow or another something has been set into motion. Something has been launched. It seems to me we are in the eye of the monetary reform storm because yesterday something huge happened. Today we're seeing what happened yesterday and today we're seeing what going to happen tomorrow and the next day and up to the 21st. We are in the eye of the monetary reform storm...
8-17-2020 Newshound Guru Jeff ...the end of September is red hot...because 10-1 is the second half of their fiscal year...as they have told you they will not be borrowing any more money. They only borrowed salary money up until August. They have not even borrowed money for September. Again the end of September is red hot...
8-17-2020 Intel Guru MarkZ [via PDK] There is a massive amount of dis-information being out on the RV front right now...stunning as they try to keep us in the dark, and cover us with smoke…don’t let it drive you nuts guys…
8-17-2020 Newshound Guru Pimpy ...once the restrictions are removed off of the currency and they are allowed to once again trade on the Forex that is going to cause a rush of people running over as speculators will now have access to the Iraqi dinar. Which is good for us because it will cause the exchange rate to go up. In addition to that, if the restrictions are removed then once again our banks should be able to buy and sell Iraqi dinar. This is good... [Post 2 of 2]
8-17-2020 Newshound Guru Pimpy ...we were saying Al-Kazemi was coming on the 20th. Nope! My man will be here tomorrow and I believe he's supposed to be here for four days...if Iraq gets their sovereignty that would be a huge step towards us wanting to get that rate change...I want to make something perfectly clear. Although to me it makes sense to do it at the same time, that does not mean their rate will have changed once the sovereignty has been restored. We need the restrictions removed off it. We need an announcement and then we should see shortly after that some type of announcement on the exchange rate... [Post 1 of 2....stay tuned]
8-17-2020 Newshound/Intel Guru David M. Witty Next round of US-Iraq strategic dialogue to begin evening of 18 AUG in Washington. Iraqi delegation includes PM & Defense, Foreign, Oil, Immigration, Oil & Electricity Ministers. PM Kadhimi to meet with US President on 19 AUG in White House.
8-17-2020 Intel Guru MarkZ [via PDK] ...so much is happening right now… This should be a big week. We have the Iraqi delegation arriving tomorrow for meetings on the 20th. [Most resets happen in October.] I am looking for one sooner than that. I think they may be stalling until later in this week or early next week. Just my guess because of what little happened in the banking world last weekend...everything is in place…..we just need somebody to pull the dang trigger.
8-17-2020 Newshound Guru Pimpy ...some of the delegation has already parted ways heading over to Washington ahead of Al-Kazemi's visit...some people are saying that this visit is going to be the reset of the IQD. Careful with those types of things...It would be nice if they obviously did the rate change but there's no evidence out there that this is gonna happen. Not that I can find...what I think would be a huge step towards accomplishing our goal is once Al-Kazemi is there we get the Iraqi sovereignty reinstated. Just having it reinstated of course then they're gonna have to remove the restrictions off the currency. In order for you to be a sovereign nation you have to have an international currency...
8-17-2020 Newshound Guru MilitiaMan Article: "A deputy denies the cancellation of the Kurdish delegation's visit to Baghdad and confirms: A comprehensive agreement will be signed during the coming period" Quote: "...the agreement is still in place, and there are some observations from the federal government and the conditions and work is underway to reform them, stressing that in the end an understanding will be made and a comprehensive agreement signed during the coming period." Interesting that they do talk about this today. So many things in motion that imo they had to! The agreement they have is still in effect. Thus, today is effective... Let that one simmer in the pot a few moments... They have a deal on the oil... imo.. That means they have an expectation of what is in the White Papers... Kahdimi and Allawi are holding close to their chest. Why? We all know why.. imo ~ RATE, comes to mind imo...
will hold talks with his US counterpart @SecPompeo as part of the second phase of the Strategic Dialogue between Iraq and the United States.
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