WOTS TUE DEC 1 2020
Favorite Currencies Forex Quotes
| Symbol | Bid | Ask | High | Low | Open | Change | Time |
|---|---|---|---|---|---|---|---|
| USD/IQD |  1187.0000 |  1195.0000 | 1192.1000 | 1191.7000 | 1192.1000 | -0.8000 | 19:44 |
| USD/VND | 23129.0000 | 23131.0000 | 23128.8800 | 23125.7100 | 23125.7100 | 3.5300 | 03:19 |
| USD/CNY | 6.5714 | 6.5734 | 6.5855 | 6.5609 | 6.5781 | -0.0069 | 04:30 |
| USD/KWD | 0.3045 | 0.3055 | 0.3054 | 0.3046 | 0.3054 | -0.0008 | 05:13 |
| GBP/USD |  1.3341 | 1.3342 | 1.3406 | 1.3321 | 1.3322 | 0.0019 | 05:17 |
| USD/IRR | 42000.0000 | 42210.0000 | 42097.4000 | 42097.4000 | 42097.4000 | 0.0000 | 16:00 |
| USD/IDR | 14174.0000 | 14217.0000 | 14197.0000 | 14016.0000 | 14107.0000 | -21.0000 | 05:16 |
Animals return to Hanauma Bay during lockdown...
Hawaii seeks to be seen as a remote workplace with a view...
Iraqi Articles:
Oil falls as OPEC + delays talks and fears oversupply
Brent crude fell 38 cents, or 0.79%, to $ 47.50 a barrel by 06:50 GMT, after falling more than 1% on Monday. US West Texas Intermediate crude fell 34 cents, or 0.45%, to $ 45.02 a barrel, after dropping 0.4% in the previous session.
The two benchmarks rose nearly 27% after developments of a Covid-19 vaccine raised hopes for an economic recovery that could boost fuel demand.
OPEC + postponed talks on production policy for next year to Thursday, according to what some OPEC sources announced, as there is still a disagreement among the major producers over the amount of oil that they must pump in light of weak demand.
The group, which includes the Organization of the Petroleum Exporting Countries "OPEC", Russia and other allies, was due to hold its meeting on Tuesday after discussions of ministers from major countries on Sunday failed to reach a consensus.
Sources said that the UAE complicated the picture by indicating that it would want to support an extension of the supply cut only if the group members' compliance with the reduction pledges improved.
The group is set to ease the current production cuts of two million barrels per day from January, but as demand continues to come under pressure from the pandemic, sources say OPEC + is considering extending the existing cuts to the first months of next year, a position supported by Saudi Arabia, the largest producer in OPEC.
Warning against "floating currency" to raise the price of the dollar against the Iraqi dinar
The economist Rasim al-Akidi said that the floating of the dollar, or what is known as the liberalization of the exchange rate, takes place through two methods, the first is pure or free, and the second is the controlled or controlled method, and in both cases the price of the dollar will rise against the Iraqi dinar and will lead to the withdrawal of a large amount of the monetary mass in Markets.
Al-Akidi added that the withdrawal of a large cash block corresponds to 4 drawbacks at the same time, and the affected population will be large segments, including the increase in prices in the markets in addition to the factories ’reluctance to produce because the value of profits will decrease in front of the costs in addition to the absorption of per capita income and the increase in rental prices. Other damages.
According to Al-Aqidi, Iraq needs an economic rescue plan that starts from maximizing non-oil revenues, which are many, and keeping the influential parties away from them, because a large part of the financial resources does not go to the state treasury, and this is part of the causes of the current financial crisis in the country.
Economists ’opinions differed on the“ floating of the dinar ”in front of the dollar exchange to face the deficit crisis in the financial budget.
One party believes that the procedure will serve the Iraqi economy in the medium term by activating the industrial and agricultural sectors, but another party believes that it will eliminate the poor and middle classes.
The Central Bank of Iraq rejected the idea of "floating the dinar" during the next stage to increase government revenues and be able to pay employees' salaries during the coming days, citing its fear of increasing prices and harming the vulnerable classes.
The estimated budget for 2020 suffers from a large deficit of 50 trillion dinars. Observers expected the deficit to rise with the oil market losing about 50% of its prices.
Muhammad's appearance 'turns' the Iraqi economy: control 'chaos' and adopt the white paper 'a constitution'
Baghdad - People
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed that the White Paper is an economic constitution for the country, to build the country's future economic management in accordance with market efficiency.
Saleh said, in press statements, followed by "People" (1 December 2020) that "Iraq needs a new law to be adopted by Parliament for economic reform, as the financial crisis is fast and deep, due to the complete dependence on oil revenues in building the spending and spending structure in the country's budgets." It has expanded cumulatively for many decades. "
He added, "We rule out structural transformations within a short period of time by finding alternative and rapid sources of financing in a monolithic economy with weak diversification, unless borrowing is resorted to, to bridge the gap in sustainable expenditures."
Economic Constitution
Regarding the white paper, Saleh said: "I believe that the country needs a basic law that legislates economic reform, that is to be adopted by the legislative body. I mean here the white paper, considering it as an economic constitution for the country, to build the future of the country's economic management in accordance with market efficiency."
He continued, "The efficiency of governmental economic organizations is based on consistent public policies with well-known goals whose results can be measured in the calculation of the people's well-being. Based on the foregoing, the white paper is inevitable in need of legal framing in order to take its legitimate applications without hesitation or negligence, and become the basis for any program." Governmental, which will be adopted successively by future governments to continue to work on development and reform according to the long view. "
Movements of the Financial Commission
Turning to Saleh, the Finance Committee’s recent moves and proposals to overcome the financial crisis, saying: “I think it is necessary for the Finance Committee to discuss its proposals for financial and economic reform with the government, especially the Ministry of Finance, in order to set the appropriate times and evaluate the possibilities available for the implementation of the value-added tax, for example. For example, because it needs a capable cadre in applying value-added tax procedures and passing on tens of thousands of taxable transactions, including correct and accurate standing on the inputs, outputs and results of daily taxable economic activity, which requires material and human resources and a large organizational and digital structure in the tax system Knowing that 65 to 70% of the market activity is in the gray zone that evaded dealing with or dealing with the tax system.
Borrowing and its consequences
Regarding the government's resort to the borrowing project between Saleh, that "the financial crisis is fast and deep, due to the complete dependence on oil rents in building the structure of spending and spending in Iraq's budgets, and with a cumulative expansion for many decades, so it is difficult to make structural transformations by finding alternative and rapid sources of financing in the economy." Unilateral weak diversification unless borrowing is resorted to to fill the gap in sustainable expenditures. This is done by expanding public debt in the hope that budget resources will gradually improve, in addition to that restructuring and reducing expenditures is not an easy matter, as it is linked to obligations and legislations developed in the past, and it is difficult to amend them immediately as they may be It will bear unwanted social and economic impacts. "
Saleh talked about the size of employee salaries and the possibility of reducing spending, saying: "There are no immediate and essential solutions, but there is importance to control the expansion of this section, and to control its lack of escapism, and its expansion," noting that "there is no unified political will in choosing a unified roadmap." Economic reform. "
Industry, agriculture and the last screw!
Said Saleh: " The liberal adoption of the economy and opening up to the global economy over the last two decades and controls and policies of economic development and control of a weak internal economy is fragile, making the world 's economies are working high and competitive with great efficiency, which is hammering the final nail on the stage of another craftsman Iraqi actuation in the timber industry or shoes Or bags, and the last wheel takes off from the wheels of national industry after it deliberately flooded the national market or in ignorance with the cheap goods of Asian countries financed by the income of oil rent; therefore unemployment is still high in the country for two decades, and the manufacturing industry and agriculture still constitute only 7% of the output The gross domestic product of Iraq, which includes 37% of the workforce, and society, its bulk, subsists on government service jobs with low productivity or on government subsidies and subsidies paid from the budget of the oil resource revenues.
The price of the dollar and the Iraqi economy
Saleh explained that "the stability of the Iraqi dinar exchange represents the stability of the external value of the national currency, and then the stability of the standard of living, and defending the stability of the exchange rate is one of the most important duties of the Central Bank of Iraq in achieving its goals in building stability as a climate for economic growth, and despite the current account deficit for the balance Payments to the gross domestic product currently, which is about minus 8% according to initial estimates. However, the central bank defends the exchange rate through its foreign reserves, and that this defense depends on the sufficiency of foreign reserves that have not reached their red lines until now.
Saleh indicated that "regional trade has become entrenched at the level of the Arab and regional neighborhood countries since the imposition of the blockade, and the free zones of the neighboring countries in terms of durable goods, production supplies and consumer goods, especially food, the source of which does not exceed the neighboring countries, in general the import trade of the neighboring countries of Iraq dominates 60- 70% of total private sector imports, which means that regional commercial attraction has an upper hand. "
Parliamentary finance is targeting the currency auction: it does not exist in all countries of the world!
The Finance Committee in the House of Representatives confirmed, on Tuesday, the need to reconsider the currency auction, while calling for it to be transferred to the Ministry of Finance.
Committee member Ahmed Al-Saffar said in a statement to the official agency, followed by "Nass", (1 December 2020), that "the issue of the currency window of the central bank does not exist in all countries of the world except for Iraq," adding that "standards for transparency in work for the window are absent, and not There is a daily bulletin issued for auction operations, and we do not know the dollar amounts sold. "
He continued, "We stress the need to reconsider this window and transfer the matter to the Ministry of Finance, because there is confusion and overlap between the work of the central bank and the revenues generated from oil revenues."
Al-Saffar pointed out that "earlier it was proposed to open a customs tax office inside the bank and to complete the tax collection directly from the beneficiaries from the currency window, as the sums were paid against proof of actual imports, as the tax was transferred directly, so the government would have achieved good amounts of revenues."
here.
The currency auction total sales amount $ .
including $ 19,350,000. CASH
ISX Update: Shares Traded: not updated for todayValue Traded: not updated for today
11-30-2020 Intel Guru MarkZ [via PDK] I hear we may need a shutdown…I think we are inching closer to that over the next week. I am hearing after the 10th or so…I think during this shut down…this is when they will bring us in for our exchanges… [is this info from DC, just Chatter, rumors or intel?] Based on where it came from I would call it good intel at this point. Pretty solid.
11-30-2020 Newshound Guru Jeff History is repeating itself right now. Iraq is walking in Kuwait's footsteps. You are going to see a lot of things repeating itself as Iraq moves forward...Kuwait changed their rate on Sunday March 24th 1991...
11-30-2020 Newshound Guru Breitling ...Here's the bigger picture...remember Iraq under George Bush Jr. said they wanted to create a new currency [Iraqi dinar] that would be used as a foreign currency reserve in other countries...they'll want to get it to the $3.25 range and they'll want to get it so that it's going to be a foreign reserve currency for other countries...that was their original plan...What's the prediction? ...My prediction is they are going to revalue. My prediction is under Biden it's one plan and under Trump it's a different plan...
11-30-2020 Intel Guru MarkZ [via PDK] My contacts in Iraq are still exceptionally excited…I spoke to one who is a Sargent Major or an E9, and he brought up how close this is to finally happen…he talked about the education process ongoing with the Iraqi people...he is a dinar holder as many military leaders are…over the last 2 weeks in Iraq, they have the LD’s ready to go and have been actually training branch tellers and bank employees...it has reached a whole new level of training in Iraq...There has been a lot of movement over there.
11-30-2020 Intel Guru RayRen98 PM Kadhimi gave the order today to send the 2021 budget to the Council of Ministers for their immediate review. The Kurds are bringing a delegation to Baghdad tomorrow to resolve issues relating to the 2021 budget, based on it being presented to the Council of Ministers this week.
11-30-2020 Newshound Guru Jeff This is an amazing article "Representative Finance: The proposal for a "white paper" to replace the currency requires a lot of money" ...now they're talking about reviewing the exchange rate and replacing the currency...guys it doesn't get any better than that. They're blatantly telling you that they are ready to improve their exchange rate and delete the zeros from the currency...but again it takes them 3 to 4 months to do it. [Post 2 of 2]
11-30-2020 Newshound Guru Jeff They are pouring articles out left and right talking about deleting the zeros, new revenues, taxation, improving the exchange rate of the Iraq dinar. They're now telling you there's nothing left for them to change the rate...you're in the best position right now. Ever. They're blatantly telling you they have nothing left and they are ready to change the rate. But you got to remember when they put a new emphasis on something it takes them 3 to 4 months to do it... [Post 1 of 2....stay tuned]
11-30-2020 Newshound Guru Breitling ...People keep forgetting - the currency [Iraqi dinar] is undervalued. They devalued the currency. That's not a market rate. They kept printing the currency. They even said that they were going to do that. And they did that. So when they say they want to add value to the currency, I believe them because they followed through on everything... they are going to add value to their currency.
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