WOTS TUES OCt 20 2020
The Iraqi Political Economic Center published today, Tuesday (10-20-2020), the prices of foreign currencies, gold and oil globally
The prices, according to the Iraqi Center, were as follows:
The sale price of the dollar is 124,500
The purchase price of the dollar is 123,500
The Markets:
The Asian markets closed mixed NIK down by .44% HSI up by .11% SHANGup by .47%
The UK markets are currently trading mixed up from .06% to 18 down from .26% to .59%
Our futures are currently trading in the green the DOW at 28234 up by .48% SNP at 3442 up by .58% NDX at 11722 up by .62%
Precious Metals:
Gold is green at 1907 Silver is green at 24.77 Copper is green at 311 Platinum is green at 862
Brent 42 WTi 40
Favorite Currencies Forex Quotes
| Symbol | Bid | Ask | High | Low | Open | Change | Time |
|---|---|---|---|---|---|---|---|
| USD/IQD |  1165.7000 |  1216.6000 | 1192.7000 | 1191.1000 | 1192.7000 | -0.3000 | 12:15 |
| USD/VND | 22787.4600 | 23465.8600 | 23162.4700 | 23157.1600 | 23157.1600 | 6.9100 | 23:24 |
| USD/CNY |  6.6779 | 6.6799 | 6.6918 | 6.6777 | 6.6807 | -0.0035 | 05:10 |
| USD/KWD | 0.3054 | 0.3064 | 0.3056 | 0.3055 | 0.3056 | -0.0002 | 04:52 |
| GBP/USD | 1.2970 | 1.2972 | 1.2978 | 1.2919 | 1.2940 | 0.0031 | 05:11 |
| USD/IRR | 42000.0000 | 42210.0000 | 43011.9000 | 43011.9000 | 43011.9000 | -43.1000 | 04:44 |
| USD/IDR | 14688.0000 | 14696.0000 | 14724.0000 | 14640.0000 | 14680.0000 | 7.0000 | 05:11 |
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Expert: Financial Reform Is The Most Important Step For Reforming The National Economy
The financial reform process is one of the most important steps in the reform of the national economy , as this process constitutes the main impetus for comprehensive economic and social reform, as it is a basic and necessary requirement to build a society on sound economic foundations that focus on private activity and activate it and give it the opportunity to participate in building the Iraqi society
Financial reform
Economic expert Imad Al-Ani stated that “the financial reform process includes a set of basic and radical steps that focus on two main directions. The first is measures to reform public expenditures through which the government can control public spending, which includes re-rationing of expenditures. , In a way that achieves the best use of the allocation, by following the path of alimony since its allocation and approval, through the stage of its implementation and exit from the government's financial responsibility, and monitoring the effects that result from it in all the stages through which it reaches its desired goal.
He continued, “This is based on reviewing the qualitative distribution of public spending in a way that achieves the best possible benefit. Spending is in the right place and time. In addition, the process of reducing public spending must begin gradually until its ratio to the national product begins to gradually decrease.
General revenue
Al-Ani added, "The second aspect is reforming public revenues, improving their collection, and devising new means to increase them. The most important paragraph in this aspect is focused on reforming the tax administration and its policies. Information on economic activities has become difficult to obtain, for many reasons, the most prominent of which is the increase in the number of activities that operate under the economy." The hidden and informal, due to the lack of monitoring of the responsible authorities, as well as the increase in the number of those subject to tax, the increase in tax evasion, weak tax administration and low efficiency.
He stated, "This situation requires radically changing the role of the state from wide and unlimited intervention in the economy, which is characterized by its weakness, to carrying out specific and clear tasks, provided that the state takes over social matters on a large scale and spends revenues more productively by reorienting them to finance development projects and more basic services. Productivity and the greatest economic and social return on economic growth, and those that contribute to alleviating poverty and raising the level of citizen's welfare
Specialists: Financial Inclusion Is An Important Step For The Advancement Of The Iraqi Family
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Financial inclusion represents an important step for the advancement of the Iraqi family, which must benefit from the financial services provided by the banking system.
Raghad Nabil Al-Alusi, a specialist in economic affairs, stressed "the importance of benefiting from regional and international experiences and starting a new stage, and from where the world ended," noting that "financial inclusion, in essence, means the delivery of all financial services to the weakest income groups in society."
Online payment
She added that "expanding the phenomenon of financial inclusion and reaching it to the largest segment within the local community, requires banking mechanisms and advantages resulting from the use of electronic payment methods close to the banking business, which will help achieve the goal." It is mentioned that the Central Bank of Iraq seeks to develop the financial and banking sector through the development Infrastructures that enable financial and banking institutions to improve services and facilitate access to them by all segments of society. Therefore, inclusiveness receives special attention and contributes to banking education for services for all segments of society, especially students.
Low income
Al-Alusi indicated that "financial inclusion in its general sense means spreading financial and banking products and services at reasonable costs to the largest segment of society, institutions and individuals, especially low-income segments of society, in contrast to financial exclusion that excludes these segments," noting that "society can benefit from services. That is provided by the banking system through the port of inclusion and invested in small and medium enterprises that suit the family's preferences.
Growth opportunities
Specialists in economic affairs have affirmed that financial inclusion “represents an important dimension in the comprehensive and sustainable development strategy because of its impact on improving growth opportunities and financial and social stability. The Group of Twenty (Financial Inclusion) has been identified as one of the main axes in the economic and financial development agenda, as identified by the bank. The international community has an ambitious goal, represented in universal financial services for all, for its effective role in fighting poverty and reducing unemployment worldwide.
The House of Representatives intends to reduce the amounts of internal borrowing
The House of Representatives announced its intention to reduce the amount of internal borrowing, within the law submitted by the government.
A member of the council’s finance committee, Jamal Cougar, said, "The local borrowing or deficit financing law will be presented to the vote, but not with the numbers sent by the government, as the committee will work to change them in line with the need."
He added that "the government requested loans for the four months amounting to 57 trillion, while it disbursed, according to its report, from the beginning of the year to mid-August, up to 51 trillion."
Cougar expected that "Parliament will resume its work next week due to the existence of important laws that need to be voted."
Vietnam new date (2020) 10,000-dong note (B343m) confirmed
Prime Minister Mustafa Al-Kazemi revealed, on Tuesday, that the second phase of the road map for the development of electricity in Iraq will soon be announced, indicating that this will be with the participation of German companies.
Al-Kazemi said in a joint press conference with German Chancellor Angela Merkel and "Al-Iktissad News" followed him, "We are approaching the announcement of the second phase of the road map for developing electricity in Iraq with the participation of German companies."
"We have embarked on an ambitious program to restructure and build the Iraqi economy," Al-Kazemi added, stressing, "looking forward to benefiting from financial support to organize free and fair elections."
And Al-Kazemi said that he "came to Berlin to confirm Iraq's commitment to its desire to establish close relations," noting that he "looks forward to a true partnership with Germany."
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.
here.
The currency auction total sales amount $ 190,000,000.
including $ 22,000,000. CASH
ISX Update: Shares Traded: not updated for todayValue Traded: not updated for today
10-19-2020 Newshound Guru Pimpy Article: "Indicators of the dollar war against the Iraqi dinar...The "latent" foreign currency reserve is a good number" I don't know you guys, man they're kind of skirting the edges here on what looks like an announcement of some type of rate change. Now don't quote me to this but they seem to be skirting that border there very carefully...I can understand why people are kind of bouncing around...I don't want to give people false hope. Don't get overly excited...but I do find it very interesting that these so called rumors are being leaked out by parliament. Very very interesting...until there is an official announcement from the central bank just assume all this is just rumors for now...it's exciting...
10-19-2020 Intel Guru MarkZ ...Most of my banking centers have been very, very quiet…especially IRAQ. I cannot get anything from there. I have reached out to many contacts with no response. I am hoping and praying that is a positive thing. The article in Iraq parliament was supposed to be voted on Saturday in a closed session and I cannot find out what happened…They are dead silent in the sandbox.
10-19-2020 Newshound Guru Jeff ...we're still in a very good position right now...right now we're on a week to week status with this investment. There's a very good chance that the rate change is going to catch us by surprise very simply because the level of news coming out...
10-19-2020 Newshound Guru Pimpy Article: "A director in the central bank sets his forecast for the dollar exchange rate within days and reveals a forthcoming measure" ...the last week or so there's no doubt there's been a lot of chatter. A lot of talks about the exchange rate. It's exciting. Sometimes it's good news. Sometimes it doesn't look like good news...what we want to see is action. Until they make some type of official announcement on the rate change just take everything with a grain of salt... This [article] gives the appearance that they're getting ready to make the rate change...I don't want us to get overly excited until the bank has made an official announcement. Right now they're just saying this is just talk...
10-19-2020 Newshound Guru Kaperoni Iraq central is in a catch 22 of sorts due to corruption and lack of revenue from the financial. Because they use the currency auctions as a means to maintain exchange rate stability as well as provide dollars for Imports, they cannot keep supplying the dollars...without depleting reserves. With no auction the spread/exchange rate collapes. This really messes with monetary policy and requirements of the IMF. Iraq needs to take action within parliament to stop corruption and at the same time make progress towards reforms.
10-19-2020 Intel Guru RayRen98 WAITAMINUTE - DIDN'T KUWAIT DENY REVALUING THEIR CURRENCY...AND THEN REVALUED IT? [They sure did Ray...had some friends who missed out because they said they weren't and did. They had already turned in their currency when it revalued by less than 1 week.]
10-18-2020 Newshound Guru Pimpy ...I cannot tell you why there is so much movement between governments that involve the purchasing of Iraqi dinar. We don't know why but what I can tell you is when I tell you that governments are buying Iraqi dinar they are buy BUYING Iraqi dinar! ...There's a lot of countries that are buying it for some reason. There's rumors that it's going to be the "poor man's" reserve dollar... there's no real "where are we?" It's kind of really up in the air. But IMO it can't stay this low in value. It's impossible. It just can't function this way.
10-18-2020 Intel Guru RayRen98 SATURDAY - BANKERS AND TREASURY HAD ANOTHER "POW WOW" THIS MORNING ... ♪♫•*¨IT'S GETTIN' HOT IN HERE...!!!¨•*♫♪ AFTER WAITING FOR US ALL DAY, BANKERS WENT HOME TODAY DISAPPOINTED...THAT THEY HAVE TO RETURN EARLY IN THE MORNING...GEE, I WONDER WHY? BANK EXCHANGE "CALL CENTER" EMPLOYEES ARE BOTHERED THEY HAD TO WORK TODAY...AND TOMORROW 2. WE'RE GETTING REPORTS THAT BANKING EMPLOYEES ARE BOTHERED ABOUT BEING SHORT-HANDED AND DEALING WITH THOSE WHO ARE NOT COMPLETELY TRAINED. IT IS BELIEVED THAT SOME BANKS (IF NOT ALL) WILL HAVE A "RANGE" OF RATES FOR THE CUSTOMER BASED ON FUTURE COMMITMENTS WITH BANK PRODUCTS AND SERVICING.
10-18-2020 Intel Guru Frank26 ...for the international world of investors for them to see this oil and gas company and the white papers introduced to parliament all in one day it will launch the economic reform in Iraq along with the monetary reform because they will be doing something with that soon and it will also allow them to have the HCL enacted so they can get their percentage rights from the oil and minerals in the ground. I'm excited can't you tell?
10-18-2020 Newshound Guru Pimpy ...I want to show you guys something because it's very important because even in Iraq they're talking about it now...there is a ton of concern about who wins our election... Article: "In Iraq...3 files await the outcome of the U.S. Elections" ...Biden is going to continue Obama's policies...when is the last time we saw a terrorist attack in the United States or even anywhere around the world? How many times has that happened under Trump? Let that sink in for a second...I just wanted to share this news because there is concern. There's a lot of people that really do want Trump to win. They do not want all the terrorist attacks to start up again all around the world...
10-18-2020 Newshound/Intel Guru Mnt Goat Ok so the status of the reinstatement has not changed. We are still waiting for articles to come out to verify earlier news that they are now re-educating the citizens in the newer denominations and coins. It is hard to trust sources even in Iraq as they are lying to us now. So we must verify and double check. Let’s all be patient and see how this plays out. It is mid-October and so we have to see something soon.
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