WOTS THUR OCT 29 2020
Favorite Currencies Forex Quotes
| Symbol | Bid | Ask | High | Low | Open | Change | Time |
|---|---|---|---|---|---|---|---|
| USD/IQD |  1166.1000 |  1217.2000 | 1193.0000 | 1192.1000 | 1193.0000 | 0.4000 | 15:49 |
| USD/VND | 23170.0000 | 23190.0000 | 23166.6600 | 23161.1900 | 23161.1900 | 6.6200 | 22:30 |
| USD/CNY | 6.7080 | 6.7100 | 6.7282 | 6.7019 | 6.7280 | -0.0201 | 05:09 |
| USD/KWD | 0.3053 | 0.3063 | 0.3056 | 0.3054 | 0.3056 | -0.0002 | 04:59 |
| GBP/USD | 1.3004 | 1.3005 | 1.3025 | 1.2978 | 1.2983 | 0.0020 | 05:13 |
| USD/IRR | 42000.0000 | 42210.0000 | 43011.9000 | 43011.9000 | 43011.9000 | -43.1000 | 04:44 |
| USD/IDR |  14760.0000 | 14791.0000 | 14792.0000 | 14692.0000 | 14773.0000 | -13.0000 | 05:10 |
Oil is settling under $ 40
Oil prices stabilized in early trade on Thursday, and regained some of the lost gains in a 5% drop overnight, amid a possible short-term supply tightening with two-thirds of US production shutting down in the Gulf of Mexico after Hurricane Zeta hit Louisiana.
West Texas Intermediate crude (WTI) rose 10 cents, or 0.28%, to $ 37.50 a barrel by 05:20 GMT, while Brent crude futures rose slightly by six cents to $ 39.70 a barrel.
Oil prices are facing pressures as signs of increased global supplies and a second wave of the Corona virus pandemic caused prices to drop in the previous session, but market observers said that technical support levels were a factor in trading on Thursday.
The impact of Hurricane Zita is expected to be short-lived, and the return of US production will lead to an increase in oil supply, in addition to Libya's rapid increase in production after eight months of the blockade and the increase in cases of Covid-19 virus in the United States and Europe, which led to new restrictions, all of which are worrying factors for prices.
France will require people to stay home for all activities except for essential activities from Friday, while Germany will close bars, restaurants and theaters from November 2 until the end of the month to stop the spread of the Coronavirus.
Data from the US Energy Information Administration on Wednesday provided evidence of the growing glut as US crude inventories rose by 4.3 million barrels in the week ending October 23, an increase far greater than expected.
The Organization of the Petroleum Exporting Countries and its allies, called the OPEC + community, plan to reduce production cuts in January 2021 from the current 7.7 million barrels per day to about 5.7 million barrels per day.
Iraq… state revenues were insufficient to distribute salaries
The official spokesman for the Iraqi Prime Minister, Ahmed Mulla Talal, said that the decline in revenues was not sufficient to pay the salaries of employees.
As Mulla Talal posted an explanation in a tweet he posted on Twitter, in which he said that “the decline in state revenues in the past several months is not sufficient to pay its salaries and other urgent obligations.” On this basis, the government requested from Parliament additional borrowing authority to bridge the financing gap until Presentation of the 2021 budget.
Mulla Talal stated that the 2021 budget will be a reform budget par excellence and based on the requirements of the white paper, and measures will be taken directly aimed at improving state revenues and controlling expenditures.
It is noteworthy that Mulla Talal had held a meeting last Tuesday in this regard and assured that the salaries would be secure.
Member of Parliamentary Finance: The Ministry of Finance has not yet launched financing for October salaries
A member of the Parliamentary Finance Committee, Sherwan Mirza, confirmed today, Thursday, that the salaries of employees are so far late because they have not reached the ministries and government institutions, stressing that the .task of providing them is by the government and not the House of Representatives Mirza said in an interview with (Baghdad Today), "The Ministry of Finance has not launched funding and allocations to ".all ministries so far, to pay employees' salaries for the month of October
He added, "The government is trying to throw the ball in the House of Representatives, and to show it to employees as the basis for their salaries being late, but in fact the task of providing salaries is a governmental task and ".parliament has nothing to do with it
It is noteworthy that Iraq has been suffering, since the spread of the Corona virus that led to the collapse of oil prices, .difficulty in providing the salaries of employees and retirees and the social protection network
Earlier, the government sent a draft law on financing the fiscal deficit to Parliament, which includes allocations to .finance salaries and necessary expenditures
The House of Representatives initiated in a previous session the first reading of the financing bill, the fiscal deficit. .However, the 41 trillion dinars contained in the law was an obstacle to its passage inside the parliament
On Wednesday, the Parliamentary Finance Committee announced, after a lengthy meeting with representatives of the .Finance Ministry, that it had reached a complete view on the government's needs The head of the committee, Haitham Al-Jubouri, said in a press statement that the committee will proceed towards .completing the second reading of the deficit financing bill
Indicators of the ability to save money without borrowing are increasing .. What is the mystery behind the insistence on borrowing!
Not a while ago, indicators and statements from the legislative and executive authorities continued, which exposed from time to time, the possibility of disbursing salaries in other ways and solutions without the need to borrow, which began to raise questions and raise questions about the reason for the government's insistence on borrowing and what is behind this trend despite the possibility Availability of salaries.
September salaries ... the first question mark
It is not far from what happened last September, when Finance Minister Ali Allawi surprised everyone by releasing salaries despite the parliament's failure to vote on the borrowing law, after a long round of tensions between the legislative and executive authorities over the necessity of borrowing. Without borrowing it came through "financial engineering", and that this matter the government will not be able to follow except for one time, and that the salaries of the coming months are directly linked to the approval of the House of Representatives to borrow.
“Difficult” solutions ... may save salaries without borrowing
However, Allawi, in other statements, confirmed the possibility of actually providing salaries without the need to borrow, indicating that the provision of salaries is linked to parliament's approval to borrow, and if this is not done, we will have to provide salaries in other ways, but with harsh solutions.
Indications of the possibility of providing salaries without borrowing began to increase day by day, as Prime Minister Ahmed Mulla Talal's spokesperson ignited the popular atmosphere as well as the corridors in the House of Representatives when he revealed in a press conference that the government has "two options" to provide salaries.
Mulla Talal said, in a press conference held in Baghdad, that "the salaries of employees will be funded through two options. The first is passing the fiscal deficit law or implementing other government solutions in the event that the law is not passed."
Question marks invade Parliament
Haitham al-Jubouri, head of the Parliament’s Finance Committee, in an urgent response to Mullah Talal’s recent statement, addressed an official letter to the Council of Ministers, inquiring about the Finance Ministry’s ability to find solutions to provide employees ’salaries by dispensing with resorting to the borrowing law.
A document issued by Al-Jubouri's office stated that “as long as there is a possibility to cover salaries without the need to legislate the deficit financing law and impose new financial burdens on the state that cast a shadow over the economic situation .. Please indicate your opinion on dispensing with legislation of the fiscal deficit financing law so that we can focus on economic reforms The desired ”.
This move prompted the Finance Committee, a spokesman for Prime Minister Ahmed Mulla Talal, to respond quickly by tweeting to deny what he had spoken at the press conference, stressing that “state revenues are insufficient to pay salaries, and on this basis, the government requested from Parliament additional borrowing authority to fill the financing gap. Until the 2021 budget presentation.
Previous parliamentary indicators .. The minister has powers
Earlier, a member of the Parliamentary Finance Committee, Jamal Cougar, had made it clear in press statements that the salaries of the current month had nothing to do with the government deficit financing bill and would not be delayed if it was passed late.
He indicated that “the issue of linking employees’ salaries to the fiscal deficit financing project that the government sent to Parliament and it was read in a first reading is incorrect, ”indicating that“ the Minister of Finance has the authority to borrow temporarily by issuing treasury bills to obtain the amount he needs to fill the deficit in financing the month’s salaries. Present".
Why borrow?
Cougar considered that "linking securing salary payments to state employees with approving the borrowing law is an attempt intended to charge the House of Representatives with the failure of the government in its inability to find immediate solutions and remedy the fragile economic situation."
Cougar explained that "it is assumed that the law dealing with deficits or the so-called borrowing law is concerned with running the country's financial affairs in the operational aspects and the necessary expenditures in the field of stalled projects and paying off critical debts and it is not a matter of employee salaries."
For his part, the specialist in economic affairs, Durgham Muhammad Ali, considered that "the government's use of the employee salaries file to pressure the passage of the borrowing law raises suspicion about the content of the law."
Muhammad Ali said in a press statement that the laws related to external borrowing must be carefully studied and devised for real economic feasibility, and if borrowing for salaries, the amount would be limited and do not need a law.
He pointed out that the government's behavior in linking the delivery of salaries with the approval of this law puts the Ministry of Finance in the circle of accusations that the borrowing process raises the question of why a large amount is requested despite the close of the fiscal year, and why salaries are linked to it.
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 $ 0. holiday
including $ 0. CASH holiday
ISX Update: Shares Traded: not updated for todayValue Traded: not updated for today
10-28-2020 Intel Guru Bruce I’ve been told by very good sources that at midnight...(Tuesday) the SWIFT System will no longer be used – that we will transition at 12:01 AM...(Wednesday) morning the 28th to QFS exclusively – I think that is important and could be quite significant – that that is taking place... I believe that we are moving forward and we can see things happening...we’re still trying to give you the best information that we can...the time is close – we just don’t know if there is anything else that needs to be done...We know that President Trump is doing a wonderful job keeping peace in the middle east...I know there are some saying that things won’t happen until after the election – how many times have I been told that? And yet I see progress that indicates that we could go any day now... we will see what happens in the next couple of days but you have to be realistic and say this is a day by day basis...
10-28-2020 Newshound Guru Walkingstick [via Frank26] All the benchmarks that Iraq had to meet for their 2 reforms - monetary & economic were met. That's why Chapter 7 was lifted and that's why the United Nations Security Council ain't got jack on Iraq...they met all the benchmarks. Congratulations Iraq ...government...central bank you met all the benchmarks for your two reforms. They were all met and now they're being shown to the citizens and to the international world. This is just amazing. [Post 2 of 2]
10-28-2020 Newshound Guru Walkingstick [via Frank26] the intention was not to not reinstate. It was to reinstate the IQD. The goal was to bring the IQD back globally internationally and add value Internationally for the citizens and for the citizens' purchasing power. This was the goal from the very beginning - to bring the Iraqi dinar back to the glory days. Old timers do you remember those words? The glory days are here but they've added more onto it...the mission has been accomplished. They have revalued. They are going to reinstate because they've already redenominated. No need to print more. The monetary reform of the Iraqi dinar, the plan, its intentions are right in front of your eyes right now. [Post 1 of 2]
10-28-2020 Intel Guru MarkZ [via PDK] On the banking side - no movement that I can find. I have reached out to all my contacts in Asia, the middle east, the west coast, the east coast…and nothing has moved yet. My military contacts are of the understanding that during unrest and lockdowns we are going to get this (reset)…and they are positioning for this weekend. ...We have always been told that the misinformation would be thick right before the end. They are trying to hide it just like they did with Kuwait and China…and all other times in the past.
10-28-2020 Intel Guru Delta She's saying no more sanctions number one. Number two is all the sanctions they had imposed on their currency it's lifted. So now it's just a matter of announcing the new rate - The one that is recognizable tradable...definitely this is more and more confirmation that something is up. Of course we don't know exactly the time frame but we know that something is up...this article you have to reread it 3, 4, 5 times because the 1st time you're gonna say huh? Then the 2nd time you read it is gonna shock you. And then the 3rd time is gonna knock you off to the floor! [Post 2 of 2]
10-28-2020 Intel Guru Delta Article: "A 'knockout' blow to the Iraqi dinar: currency printing in exchange for the end of the financial crisis ... What will Iraq do about 'international conditions'?" ...this one is confirming exactly what all of us have been saying for so many years...she basically let the cat out of the bag which is we know it's coming...this article is very telling...this guy [woman] is making it crystal clear that...We cannot devalue...because we have a contract with the IMF...and we cannot do that because it's going to collapse Iraq...they are about to do something with the currency to go internationally...a beautiful article... [Post 1 of 2...stay tuned]
10-28-2020 Intel Guru Frank26 We are under the expectations that...the basket where the Iraqi dinar will be involved 1 to 1 with the American dollar will be supported by nine peace accord agreements that Donald Trump is doing. It was set to 5 to 7 currencies in the basket...the Iraqi dinar will be backed by nine currencies in the Middle East that President Trump has made deals with for them to be able to come into Iraq and rebuild...
10-28-2020 Intel Guru Footforward [What does the borrowing law mean for the RV] ...This borrowing law everyone is talking about basically should state they can not borrow money and that they need to balance the budget.
10-28-2020 Newshound Guru Jeff We're very close guys. You have to look at the bigger picture with Iraq. Kazemi the new PM he's gotten more done in less than half of this year than the whole country of Iraq's gotten done in the last 15 years... they're at their highest level of stability...we are very close in this. Keep your eyes on the borrowing law and it'll walk you to the finish line...we're in a great spot. We don't have much more to go....
10-28-2020 Intel Guru MarkZ [Looks like Mr. C (Guru Mike Cottrell) may be right and no RV until after the election.] I think this would be an ideal time to do the RV while everybody is wrapped up watching so many other things. Especially with this election if riots break out…we would have martial law and we would safely be able to do our exchanges...
The Cabinet held its weekly meeting on Tuesday under the chairmanship of Prime Minister Mustafa Al-Kadhimi.
At the start of the meeting, the Prime Minister briefed the Cabinet on the outcome of his visit to France, Germany and the UK and his talks with the leaders of the three countries.
The Prime Minister told the Cabinet that the visit helped to strengthen Iraq’s international relations, and to widen opportunities for bilateral cooperation across several areas.
The Cabinet discussed the protests on Sunday 25/10/2020 which took place in Baghdad and in other cities in Iraq. The Cabinet noted that the protests were largely peaceful, and paid tribute to the protestors for their discipline and cooperation with the security forces.
The Cabinet expressed its gratitude to the Iraqi security forces for exercising the utmost restraint and professionalism in the face of provocation and attacks from some groups who sought to divert the protests from their peaceful path.
The Cabinet received a briefing from the Minister of Health on the latest Covid-19 developments, the ongoing national efforts to contain the spread of the Coronavirus, and the preparations underway to meet any increase in the number of new cases during Winter.
The Minister of Migration and Displaced presented a detailed report to the Cabinet on plans to close down all Internally Displaced People (IDP) camps in Iraq and to support the voluntary and dignified return of all IDPs to their home.
The Iraqi government made returning all IDPs to their home and closing down IDP camps in Iraq a top priority of its programme.
Following discussions, the Cabinet approved several measures and policies including:
- Authorising the Minister of Water Resources to negotiate and sign a protocol of cooperation between Iraq and Turkey on the management of the water resources of the Tigris River
- Releasing the payments due to staff on daily contracts at the Ministry of Water Resources
- Supplying the agricultural sector with wheat and barley seeds at the same supported price of the last agricultural season in order to reduce the financial burden on Iraqi farmers and to increase production of these crops
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