WOTS WED OCT 28 2020
Favorite Currencies Forex Quotes
| Symbol | Bid | Ask | High | Low | Open | Change | Time |
|---|---|---|---|---|---|---|---|
| USD/IQD |  1172.8000 |  1223.7000 | 1192.3000 | 1190.5000 | 1190.5000 | -0.6000 | 14:21 |
| USD/VND | 23176.0000 | 23177.0000 | 23179.0100 | 23177.7600 | 23179.0100 | -1.5600 | 00:07 |
| USD/CNY | 6.7102 | 6.7122 | 6.7166 | 6.7043 | 6.7043 | 0.0060 | 05:16 |
| USD/KWD |  0.3053 | 0.3063 | 0.3054 | 0.3053 | 0.3054 | -0.0001 | 05:11 |
| GBP/USD | 1.2976 | 1.2977 | 1.3063 | 1.2963 | 1.3043 | -0.0067 | 05:16 |
| USD/IRR | 42000.0000 | 42210.0000 | 43011.9000 | 43011.9000 | 43011.9000 | -43.1000 | 04:44 |
| USD/IDR | 14707.0000 | 14718.0000 | 14712.0000 | 14644.0000 | 14658.0000 | 47.0000 | 05:16 |
An economist calls on the government to restructure the rentier economy and move away from the option of devaluing the currency
The specialist in economic affairs, Hussein Shaker Tahilo, called on the government to resort to a comprehensive economic reform of the Iraqi economic structure by diversifying the production structure across various economic sectors such as industry, agriculture, services and even the oil sector, and moving away from the option of devaluing the Iraqi currency. "One of the most important problems facing the economies of different countries is the problem of the relationship between the national currency and other foreign currencies,
" Tuhilo , noting that the foreign exchange rate links prices to two different countries or several countries and is a standard through which all prices are translated.
He pointed out that "Iraq suffers from a three-dimensional crisis, which is (economic-political-health) and all of these crises have their negative effects on Iraq in general and on the economic structure in particular, indicating that what is being raised now in the corridors of the Iraqi government through its reform paper Al-Bayda on reducing the exchange rate of the Iraqi dinar that the reduction means (making the value of the monetary unit of the national currency equal to a smaller number of foreign exchange units), which is the currency whose value becomes higher after the reduction. That is, the gap in the exchange rate of the dollar against the dinar between the official and parallel markets is large, This will negatively affect the Iraqi economy. "
He explained, "The main reason that pushes Iraq to reduce its currency is the deficit in the balance of payments, and this is what Iraq suffers under the rentier state," stressing that the reduction will generate monetary inflation and lead to an increase in the prices of goods and services and that higher prices will be reflected in this currency relationship. The country has the rest of the currencies, which may push the government to devalue the currency.
The central bank enables direct transfer of funds between electronic cards
peer to peer payments like we can do?
A statement issued by the Central Bank, the Euphrates News Agency received a copy of it, stated that "seeking to implement its strategy in the transformation towards electronic payment, the Central Bank of Iraq confirms the adoption of electronic card-issuing banks and electronic payment service providers, the financial transfer service between electronic cards (from card to card). Other)
The statement emphasized that the one-time transfer ceiling does not exceed 400 thousand dinars or its equivalent in US dollars, while the limits of the amounts transferred during one month will reach (2) million dinars or its equivalent in US dollars.
Oil falls after u.S. crude inventories rise and supply increases
link
Oil prices fell nearly two percent on Wednesday, releasing most of the previous day's gains, as rising U.S. crude inventories and increased mers-CoV infections in the United States and Europe fuelled fears of a glut of oil supply and declining fuel demand.
Brent crude fell 75 cents, or 1.80%, to $40.86 a barrel by 0510 GMT, after climbing about 2% the day before. U.S. oil fell 87 cents, or 2.20%, to $38.70 a barrel, after rising 2.6% on Tuesday.
U.S. crude oil and gasoline inventories rose last week, data from the American Petroleum Institute showed, with crude inventories rising 4.6 million barrels to about 495.2 million barrels.
"The higher-than-expected rise in U.S. crude inventories led to new sales, while concerns about supply disruptions from Hurricane Zeta receded," said Hiroyuki Kikukawa, general manager of research at Nissan Securities.
Energy companies and ports along the U.S. Gulf Coast, Tuesday, prepared to face Zeta, the 11th hurricane of the season, as it entered the Gulf of Mexico.
"The rise in COVID-19 cases with the absence of a financial relief package for CORONA virus in the United States has also affected investors' willingness to take risks," Kikukawa said, predicting that gloomy sentiment will keep prices under pressure during the U.S. presidential election on November 3.
The United States, Russia, France and other countries have recorded record numbers of infections in recent days, and European governments have imposed new restrictions to try to curb the rapidly growing outbreak of the disease.
President Donald Trump acknowledged Tuesday that the economic relief agreement is likely to come from the Coronavirus after the election, as the White House cannot resolve differences with fellow Republicans in the U.S. Senate as well as congressional Democrats.
The Organization of Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, plan to reduce production cuts in January from 7.7 million barrels per day to about 5.7 million barrels per day. While this amount may not be enough to compensate for weak demand
Adding pressure, Libya's production is expected to rise to 1 million barrels per day in the coming weeks, complicating efforts by other OPEC members and allies to restrict production.
The Iraqi Government .. The Salaries Of The Employees Are Fully Insured
This confirmation comes after the circulation of many news about the delay in the delivery of salaries to employees and that the Central Bank of Iraq will resort to printing more currency to cover the deficit in salary insurance.
According to the reporter of the Finance Committee in the Iraqi Parliament, Ahmed Al-Saffar, the estimated information confirms that there are 8 million people in Iraq who receive salaries from the state, including an employee, a retired, social welfare and others, despite the prime minister's request to provide names with double salaries to stop this situation.
The official spokesman for the Iraqi Prime Minister, Ahmad Mulla Talal, confirmed that the employees ’salaries are fully insured.
And Mulla Talal said during a press conference held yesterday in Baghdad, that the news that spoke about the intention of the Central Bank to print a new currency is incorrect, because the monetary policy management of the Central Bank is a clear administration and aims to maintain the exchange rate.
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 $ 178,697,000.
including $ 21,200,000. CASH
ISX Update: Shares Traded: not updated for todayValue Traded: not updated for today
10-27-2020 Intel Guru Footforward [...$4.56/$1.00 US] that's in a ball park of what I'd be looking for.
10-27-2020 Intel Guru Frank26 There are 4 banks. This is my opinion...the #1 bank is Bank of America. Turns out they sold the Iraqi dinar wholesale to the next bank in the chain of command. That was JP Morgan Chase. Then they sold it retail. How many of you bought your dinars from JP Morgan Bank? ...Then there was a 3rd bank - Wells Fargo...they were supposed to exchange the dinar for you. They were going to make a 'mint'...then there was a 4th bank - CitiBank. They were linked internationally with Iraqi banks...they are the bride that's going to bring the currency back and forth at an International level...
10-27-2020 Newshound Guru Jeff ...This is what I think the chain of events will be...the borrowing law has to get done first. Then my opinion is I think they will change the rate...they haven't even started creating the 2020 budget because the rate hasn't changed yet...I don't think they will complete the borrowing law until very close to around November 21st. I have my eyes right now on around the second half of November...
10-27-2020 Newshound/Intel Guru Mnt Goat The news this period is all about Iraq not having the funds to pay October salaries. The borrowing law is not yet approved and many in parliament do not want to approve more borrowing. Also again more chatter about the currency auctions and what to do to fix them and create more transparency. But there will NEVER be full transparency since the process in the first place simply does not allow it. We all know these auctions need to be cancelled and Iraq needs to go back on the dinar for payment of imports. But the demand for the dinar must first be established or no one will want to accept the dinar for payment. This is important for us investors to understand.
10-27-2020 Intel Guru MarkZ ...This lack of RV news is driving me nuts. ...Banks are ready and on standby. They are prepared...They will get this done…the question is – will everything need to implode first?
10-27-2020 Intel Guru Frank26 ...the borrowing law...the new exchange rate is going to be used in calculations of what they need to borrow from... counties... the borrowing law will have its second reading tomorrow [Tuesday] and its third on Saturday...the borrowing law has to have a rate in it and it does.
10-27-2020 Newshound Guru Jeff We're in a great position...don't forget Iraq is at their highest level of stability that they've ever achieved. Kazemi has gotten more done than they've ever gotten done in a long long long time. Kazemi's gotten more done just in the short period of time he's been there then the entire country's gotten done since they released the new Iraqi dinar. So we're in a great position... stability is the most important thing before that rate can change...
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