WOTS WED SEPT 9 2020
The exchange rate of the US dollar rose in Iraq today, Wednesday.
The Central Kifah Stock Exchange in the capital, Baghdad, recorded 1231 dinars for one dollar, or 123 thousand and 100 dinars for one hundred dollars, after the exchange rate in it yesterday was 1230 dinars to the dollar.
Al-Harithiya Stock Exchange in Baghdad also recorded the same struggle price.
The selling prices in the exchange shops of the local markets in Baghdad reached 1235 dinars for one dollar, or 123 thousand and 500 dinars for one hundred dollars, while the purchase prices were 1225 dinars per dollar, or 122 thousand and 500 dinars for one hundred dollars.
In the Kurdistan region, the Erbil Stock Exchange also witnessed a rise in the exchange rate, and the sale amounted to 1235 dinars per dollar, or 123 thousand and 500 dinars for one hundred dollars, and the purchase price was 1233 dinars per one dollar, or 123 thousand and 300 dinars per hundred dollars.
In Basra Governorate, the exchange rate of the dollar did not differ from what is in Erbil today, Wednesday.
The Markets:
The Asian markets closed NIK by % HSI by % SHANG by %
The UK market is currently trading in the green from .57% to .97%
Our markets are currently trading in the green DOW at 27709 up by .67% SNP at 3367 up by .94% NDX at 11278 up by 1.97%
Precious Metals:
Gold is red at 1927 Silver is red at 26.82 Copper is red at 302 Platinum is green at 909
Brent 40 WTi 37
Favorite Currencies Forex Quotes
| Symbol | Bid | Ask | High | Low | Open | Change | Time |
|---|
| USD/IQD |  1170.9000 |  1221.9000 | 1193.2000 | 1191.1000 | 1191.1000 |  0.0000 | 13:33 |
| USD/VND | 23175.0000 | 23177.0000 | 23165.2200 | 23165.2200 | 23165.2200 | 0.7600 | 00:19 |
| USD/CNY | 6.8444 | 6.8464 | 6.8546 | 6.8437 | 6.8456 | -0.0012 | 05:09 |
| USD/KWD | 0.3056 | 0.3066 | 0.3059 | 0.3057 | 0.3059 | -0.0002 | 03:32 |
| GBP/USD | 1.2946 | 1.2947 | 1.2989 | 1.2919 | 1.2981 | -0.0035 | 05:11 |
| USD/IRR | 42000.0000 | 42210.0000 | 43011.9000 | 43011.9000 | 43011.9000 | -43.1000 | 04:44 |
| USD/IDR | 14823.0000 | 14832.0000 | 14849.0000 | 14807.0000 | 14836.0000 | -11.0000 | 05:11 |
For the first time since June. Oil prices settle below $40
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Oil continued its losses, Wednesday, after its biggest one-day drop in more than two months as uncertainty mounted about the strength of global demand recovery along with continued weakness in stocks, which has confused the market. Oil
London futures fell 0.9% after falling 5.3% on Tuesday to settle below $40 a barrel for the first time since June 15, and Brent crude's break below $40 per barrel comes two months after the world benchmark crude settled largely between $42 and $45.
Crude oil has also been affected by deteriorating U.S.-China relations and declining global equities, driven in part by fears of a postponement of the Covid-19 vaccine.
The coronavirus pandemic is still rampant and Bank of America Merrill Lynch said it will take three years for oil demand to fully recover from the outbreak even if there is a vaccine.
Brent crude fell 0.9% to $39.42 a barrel on the European Ice Futures Exchange at 0600 GMT, and the price of global crude fell 13% this month.
West Texas Intermediate for October delivery fell 1.3% to $36.29 on the New York Mercantile Exchange and lost 7.6% from the end of Friday through Tuesday.
Prices were also affected by Abu Dhabi's move to cut official crude oil prices for October, following a similar Saudi move over the weekend, another bearish signal.
Parliamentary Finance: The 2020 budget is devoid of job grades ... and this is its fate
The Parliamentary Finance Committee confirmed, today, Wednesday, that the 2020 budget is devoid of job grades.
Committee member Chuan Mirza told {Euphrates News} that "the 2020 budget that was sent to the Council of Ministers is devoid of job grades," indicating that "the price of oil in the budget was approved at $ 40 a barrel."
He added, "It is not known if there are job ranks in the 2021 budget and how many there are."
The General Secretariat of the Council of Ministers announced that it had received the draft budget for 2020, at a time when Ahmed Mulla Talal, a spokesman for Prime Minister Mustafa Al-Kazemi, announced that the Council of Ministers will discuss the budget early next week.
Global expectations of reducing the current account deficit for Iraq next year
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The international "Fitch Solutions" Foundation expected, today, Wednesday, that the current account deficit of Iraq will shrink to 3.7% in 2021.
In a report seen by Shafaq News Agency, Fitch said, "It is expected that the current account deficit of Iraq will shrink from 6.3% of GDP in 2020 to 3.7% in 2021, mainly on the back of oil price gains . "
Fitch added, "It is also expected that commodity imports will face a gradual recovery as partial closure measures remain in effect, and fiscal control limits domestic demand," noting that "gradually reducing the trade deficit and large foreign exchange reserves will keep the risks of pegging the Iraqi dinar to the dollar in the past." Minimum ".
It pointed out that "the gradual rise in oil prices in the coming months will narrow the deficit, as the global economic recovery will boost energy demand in the near term, and higher prices, as oil prices are expected to average US $ 51 per barrel in 2021. "
And while prices will rise, we expect the volume of Iraq's oil production to stagnate. The easing of supply restrictions on OPEC + will allow Iraq to increase oil production, but this is unlikely to coincide with average production levels for 2020, which were supported by high production levels between January and April 2020. As such, we expect Iraqi merchandise exports - which are over nine-tenths of hydrocarbon exports - to grow by 17.0% in 2021 .
She pointed out that "gradually reducing the trade deficit and large foreign exchange reserves will keep the risks to the Iraqi dinar being linked to the dollar at a minimum ."
It indicated that "the net foreign assets of the central bank decreased by 5.1% on an annual basis in July 2020 in line with the decline in oil prices in the first half of 2020. However, we expect the trade balance to return to the surplus by 2023 on the back of higher energy prices and the decline in reductions." OPEC-led production that will boost hydrocarbon exports, and narrowing the current account deficit in the meantime will calm the decline of the foreign currency and reduce the risks of pegging the dinar to the dollar . "
Fitch International is a private credit rating agency, a wholly owned subsidiary of Hearst, one of the three major rating companies, along with Standard & Poor's and Moody's.
Baghdad and Erbil 'expected agreement'
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The governments of Baghdad and Erbil are likely to reach a "semi-final agreement" on the outstanding issues between the two sides, with international mediation to bring the views closer.
"The united nations is ready to take action to stop the terrorist attacks," he said. Al-Kadhimi stressed the need for full coordination between the federal government and the Kurdistan Regional Government in various fields, addressing the major challenges facing the country as a result of low global oil prices and contributing to the impact of the Corona pandemic.
The regional delegation held its first meeting with a high-level delegation from the federal government headed by Finance Minister Ali Allawi.
During the meeting, it was decided to form specialized and sub-committees to intensify discussions on issues (oil and gas, financial receivables, electricity, border crossings and debt).
"The Kurdistan Regional Government has shown its willingness to agree with the federal government on oil and non-oil revenues and border access revenues," said Samir Horami, spokesman for Kurdistan Deputy Prime Minister Samir Horami.
"Discussions with the federal government are continuing to resolve the outstanding issues and are continuing for three days, as it is hoped that an agreement will be reached between the two governments," he said.
Although there have been problems and obstacles between the two governments since 2003, Horami speaks of "international mediation" to bring Baghdad and Erbil closer to the outstanding issues." "Baghdad is in the process of drafting the 2021 budget and we aim through meetings and discussions to fix the region's financial dues in the general budget before sending it to the House of Representatives and then ratifying it, in order to have a clear vision for next year and avoid any problems or obstacles between Parties.
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 $ 233,902,819.
9-9-2020 Newshound Guru Adam Montana Article quote: "The visit of the regional government delegation headed by Talabani to Baghdad has been postponed until Monday or Tuesday of this week." [If Erbil doesn't reach a deal with this Iraqi government they never will.] This is the best GOI we have ever witnessed - one of the reasons I believe that agreement, and the results, are coming. Soon. I don't use that word lightly!
9-8-2020 Intel Guru MarkZ [via PDK] I am desperately trying to get in touch with contacts in Iraq today to find out if they are going to pass the budget or have already passed the budget…If they do I just may be able to post that golden egg!!!
9-8-2020 Newshound Guru Jeff Article: "The Minister of Finance stresses the necessity of reviewing the exchange rate of the dinar and reveals the size of the external debt" ...this one has rate change written all over it...they're ready to change the rate that's why they're ready to show you a budget. It all boils down to reforms...they are looking to start the budget next week and submit the reforms to parliament for approval around the end of the month. It has everything to do with the rate change...when you see a budget you'll see the rate change. They go together.
9-8-2020 Newshound Guru Pimpy ...I know you guys are asking me, 'Hey isn't it true that the rate change is in the 2020 budget?' ...Who told you that? Seriously there's no indication of that whatsoever. It'd be nice if that were true - all of a sudden they passed the budget, BOOM there's a rate change. Who of us don't want that to happen? I'm just saying there's nothing out there written anywhere that this is true...What are we looking for? Tangible proof. Something that tells us that that is true.
9-8-2020 Intel Guru Delta Article: "The House of Representatives has finished reading two laws and addresses an oral question to the Finance and Planning Ministers" Quote: "...the importance of reviewing the exchange rate so that the Iraqi economy enters the circle of competition with the interest of the International Monetary Fund in the issue of the exchange rate..." NOW WE ARE TALKING...FINALLY...AWESOME NEWS...
9-8-2020 Intel Guru RayRen98 PM Al-Kadhimi announced a special session of Parliament next week (this week) to pass the 2020 budget. The Kurds returned to Baghdad to meet with the Finance Minister to finalize deals. This move is essential and anticipated for this week.
9-8-2020 Intel Guru MarkZ [via PDK] [I had a great friend who sent me news that Iraq passed their budget on Saturday…in iraqs paper.] if that is true we may be in the 10 days of silence while it is rolling out. The last update I had was that they were expected to vote on Tuesday or Wed. of this week.
9-8-2020 Intel Guru Footforward [Some are saying the budget is important for the RV and others are saying it has no significance.] the budget has no affect on the timing of the rv at all. For years now they have had two budgets ready to go. One with a new rate and one without. This year they have done the same thing. When the RV happens they will simply go to their shadow budget.
9-8-2020 Intel Guru MarkZ [via PDK] Very disappointing news so far this morning… In Asia and Europe they are still sitting on their hands…waiting for a release that has not happened yet. I am told that all eyes are on Reno right now for updates right now. It may be late afternoon before I get those updates. The one contact I did speak with there said that all is still on track and all still looks great. He said to watch this week...it’s going to be a very important week. I assume they are talking about the budget in Iraq…and waiting to see when they pass it...then they can say…yaaay its great we can now revalue. I believe it will be an interesting day or two as we watch the news unfold. They are convinced that it is indeed happening…and it has already started.
9-8-2020 Newshound Guru Kaperoni ...guru Mtn Goat says Iraq is trying to fast-track into the WTO. That might be but they've got nothing to export. Until that changes I doubt we'll see a accession into the WTO. There was an article about a year ago direct from the WTO talking about Iraq and they pretty much said until Iraq has a private sector it makes little or no sense to join. They need to reduce the dependency on oil first...
Catnip's Corner:
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ARTICLE 1-A (from PM Kadhimi's website; posted only on Arabic side, not on English side)
Prime Minister Mustafa Al-Kazemi receives the Deputy Prime Minister of the Kurdistan Regional Government and his accompanying delegation
The Prime Minister, Mr. Mustafa Al-Kazemi, today, Tuesday, received the Deputy Prime Minister of the Kurdistan Regional Government, Mr. Qubad Talabani and his accompanying delegation.
During the meeting, they discussed strengthening cooperation between state institutions, and working in the spirit of one team that stems from a common vision to achieve the requirements and interests of the Iraqi people in general.
Al-Kazemi stressed the need for full coordination between the federal government and the Kurdistan Regional Government in various fields, in order to address the great challenges facing the country as a result of low global oil prices, and contribute to facing the effects of the repercussions of the Corona pandemic.
Media Office of the Prime Minister
8-Sep-2020
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ARTICLE 1-B (from PM Kadhimi's website; posted only on Arabic side, not on English side)
The Council of Ministers holds a regular session headed by the Prime Minister, Mr. Mustafa Al-Kazemi
The Prime Minister, Mr. Mustafa Al-Kazimi, chaired today, Tuesday, the regular session of the Council of Ministers, during which a number of issues and topics included in its agenda were discussed and several decisions were issued regarding them.
Mr. Al-Kazemi directed that an extraordinary session of the Council of Ministers be held at the beginning of next week, devoted to discussing the 2020 budget.
His Excellency also directed the competent authorities to expedite work on the e-government project, address the problems it faces as soon as possible, and prepare an integrated report on the measures taken next week, the stages of work and the diagnosis of ministries lagging in this regard, and the reasons for the delay.
The Minister of Health and Environment presented a detailed report on the latest developments in the Corona pandemic in Iraq, the ministry’s efforts to provide medical services to injured patients, its preparations to contain any potential increase, as well as its procedures in providing treatment supplies and in the field of preventive awareness programs.
While the Minister of Electricity reviewed the efforts of his ministry in providing electric power to citizens, improving its production level, addressing problems facing production lines, and also its procedures in maintenance and production work for the next stage.
After discussing the topics included in the agenda, the Council issued the following decisions:
First / Approval of the Ministry of Labor and Social Affairs, in coordination with the Ministry of Youth and Sports, to implement the national project for youth employment by making use of the guidebook prepared by the Ministry of Planning.
Second / Approval of the financial terms regarding the two loans of the Saudi Fund, the details of which are confirmed in the Ministry of Finance's letter No. 4430 dated 08/11/2020, and authorizing a representative of the Ministry of Finance to sign with the relevant authorities regarding the project loan for the construction of a mineral silo for wheat storage in the governorate Al-Diwaniyah, and a loan for the construction of Saqlawiyah Hospital in Anbar Governorate.
Third / Approval of the terms of the loan related to the National Electricity Company for Import and Export, which are confirmed in the Ministry of Finance’s book number: 4306, dated 07/27/2020, and authorizing the Minister of Finance, Mr. (Ali Haydar Abdul Amir Allawi) to sign a loan agreement between the Popular Mobilization Authority. And the China National Electric Power Company for Import and Export for a total amount of (78539,000) dollars, only seventy-eight million five hundred thirty-nine thousand dollars, guaranteed by the International Export Guarantee Corporation, for the purpose of equipping the aforementioned body with mechanisms of various types and sizes, based on the provisions of Article (2 / Second) of Law on domestic and external borrowing to finance the fiscal deficit (5 of 2020).
Fourth / Approval of the following:
1- Authorizing the General Director of the Civil Aviation Authority and the agency the authority to negotiate and sign a draft air transport agreement between the government of the Republic of Iraq and the government of the Kingdom of Bahrain, as amended by the State Council, based on the provisions of Article (80 / Clause Six) of the Constitution.
2- The Ministry of Foreign Affairs prepares the necessary authorization document in the name of the Republic of Iraq for the Director General of the Civil Aviation Authority as an agency according to the approved contexts, and submits it to the General Secretariat of the Council of Ministers in order to obtain the signature of the Prime Minister.
Fifth /
1- Approving the amendment of Article (6 / Second / B) of the Instructions to Facilitate the Implementation of the Law on Employment of Higher Degree Holders No. (3) of 2019, according to the following: (Auditing of staff and records of appointments in universities, colleges and private institutes, and the extent to which the ratio of teachers to students is taken into account to achieve The global ratios of teachers versus students for medical specialties are (1-12), for engineering and scientific majors, for (1-20), and for humanitarian specialties is (1-30).
2- Obliging universities, colleges and private institutes not to increase the percentage of retirees and to benefit from the total teaching staff over the owners.
Media Office of the Prime Minister
8-Sep-2020
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ARTICLE 2 (from Government of Iraq twitter account)
9-8-2020 around 1:45 Eastern PM Spokesperson: PM @MAKadhimi directed the Minister of Interior to investigate cases of attacks on members of the security forces, stressing the need to deal firmly with the perpetrators of such attacks, while respecting peaceful protesters and their legitimate demands. PM Spokesperson: The @IraqiGovt seeks to restrict weapons to state institutions; measures targeting weapons held by outlaws are being taken starting in Baghdad, and in Basra and Maysan provinces. PM Spokesperson: PM @MAKadhimi asked for a progress report to be submitted next week on the e-government project. Twelve ministries to date have completed their preparations in readiness for the implementation of this project. PM Spokesperson: The Cabinet gave the go-ahead for the implementation of the national project for youth employment. Loans will be made available through private banks to young people to start their own projects.
PM Spokesperson: The Cabinet approved a proposal from the Ministry of Higher Education and Scientific Research to create 2,500 posts for holders of post-graduate degrees at private universities and educational institutes.
PM Spokesperson: The Cabinet decided to hold a special meeting early next week to discuss
and approve the 2020 Federal Budget which was delayed because of the circumstances and events
in the country.
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ARTICLE 3
An economist reveals important information about the benefits of banks and the involvement of merchants and citizens in them
9/8/2020 21:59 •
[Baghdad_Where]
An economist revealed, on Tuesday, important information about the benefits of government banks and the involvement of merchants and citizens in them.
Abdul-Hussein al-Mandhari said, "The high interest of loans in the Rasheed and Al-Rafidain banks, as they are self-financing, generates revenues to meet operating expenses."
He added, "But this does not mean raising interest rates for citizens who complain about their reservation in payment," noting that "the Central Bank of Iraq on the issue of 6 trillion dinars, which divided 5 trillion dinars for government development banks (agriculture, industry and real estate), and one trillion was allocated to owners of small and medium enterprises." It was granted to private banks, which in turn reduced interest rates last month, after citizens were dissatisfied with their increase.
"Those who received his loan before the outbreak of the Corona pandemic became one of those involved after the cessation of their business and interests, and Al-Rasheed and Al-Rafidain bankers suffer from the failure of citizens and merchants to pay billions of dinars," Al-Muntheri added.
And that "the Central Bank, by order of the International Monetary Fund, raised interest rates at banks and gave them freedom to act according to their banking policy," noting that "the Rasheed Bank took the initiative today to reduce loan interest from 8% to 5%."
In his response about the difference between Islamic and commercial loans in terms of interest rates, Al-Mandhari explained, "The method of implementing loans in Islamic banks differs from the commercial ones that take the method of payment according to the internationally approved bank interest. As for the Islamic ones, they have sales banks (profit to buy) and participations (sale of reclamation and trade) and the two methods. Equal in proportion to the profits collected from the loans.
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ARTICLE 4
Iraq names a new ambassador to Kuwait
9/8/2020 21:32 •
[Baghdad-Where]
Iraqi Ambassador Al-Manhal Hussein Muhammad Reda Al-Safi presented, on Tuesday, accreditation papers to Kuwait.
Al-Safi said that "this morning, Tuesday, in the Amiri Diwan of the Deputy Emir and Crown Prince Nawaf Al-Ahmad, he presented his credentials as Ambassador Extraordinary and Plenipotentiary of the Republic of Iraq to the sisterly State of Kuwait."
The net price, according to the statement, is "a warm welcome," stressing his "keenness to consolidate brotherly relations and cooperation between the two brotherly countries."
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ARTICLE 5
Parliament raises its meeting to next Thursday
9/8/2020 19:03 •
[Baghdad-Where]
Parliament raised, on Tuesday, its session to next Thursday.
The Media Department of Parliament stated, in a statement, that "the House of Representatives adjourned its session to Thursday, 9-10-2020 at twelve noon."
The House of Representatives, during its session held today, Tuesday, noon, headed by its president, Muhammad al-Jalbousi, ended the first reading of the bill for the first amendment of the General Census of Population and Housing Law No. 40 of 2008.
He also ended the first reading of the proposed law to cancel the (dissolved) Revolutionary Command Council Resolution No. 218 of 2002.
Parliament hosted in its session, Finance Minister Ali Allawi and Planning Minister Khaled Battal, at the request of Representative Muhammad Sahib Al-Darraji to address an oral question to the Ministers of Finance and Planning to answer the reasons for the failure to reach the reform paper stipulated in the recent lending law, and it will be answered in a Tuesday or Thursday session.
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