Wednesday, January 6, 2021

WOTS TUE JAN 5 2021

 WOTS TUE JAN 5 2021

The exchange rate of the dollar rose in the Baghdad markets, while it stabilized in the Kurdistan Region today, Tuesday, January 5, 2021.

Our correspondent said: The Al-Kifah Central Stock Exchange in Baghdad recorded 143900 Iraqi dinars for 100 US dollars, and Al-Harithiya Stock Exchange in Baghdad recorded 143950 dinars against 100 dollars.

Yesterday, Monday, Al-Kifah Central Stock Exchange recorded 143500 Iraqi dinars against 100 US dollars.

Our correspondent indicated that the buying and selling prices also increased in the banking shops in the local markets in Baghdad, where the selling price reached 145,000 Iraqi dinars, while the purchase prices reached 143,000 dinars per 100 US dollars.

As for Erbil, the capital of the Kurdistan Region, Erbil, dollar prices have witnessed stability, and the selling price reached 144,000 per hundred dollars, and the purchase was at 143,500 per hundred US dollars.


The Markets
Aisan markets closed mixed NIK down by .37%  HSI up by .64% SHANG up by .%
UK markets are currently trading mixed 3 are up from .24% to .50%  and 3 are down from .07% to .18%
Our futures are currently trading in the red  DOW at 30223 by 1.25% SNP at 3700 down by 1.48% NDX at 12698 down by 1.47% 

Precious Metals:
Gold is green at 1947 Silver is green at 27.64 Copper is green at 360 at Platinum is green at 1086 
Brent 51 WTi 48

Favorite Currencies Forex Quotes

SymbolBidAskHighLowOpenChangeTime
 USD/IQD  1439.7000  1488.7000 1458.4000 1456.7000 1457.5000  -2.3000 08:02
 USD/VND  23080.0000  23100.0000 23072.6500 23064.2100 23064.2100  10.8900 22:09
 USD/CNY  6.4613  6.4633 6.4660 6.4297 6.4604  0.0012 05:15
 USD/KWD  0.3031  0.3041 0.3035 0.3032 0.3035  -0.0004 05:00
 GBP/USD  1.3602  1.3602 1.3611 1.3554 1.3567  0.0035 05:17
 USD/IRR  42000.0000  42210.0000 42097.5000 42097.5000 42097.5000  -914.4000 07:13
 USD/IDR  13913.0000  13925.0000 13962.0000 13874.0000 13908.0000  7.0000 05:16

Things in the News:

Iraqi Articles:

Al-Rasheed resumes official hours: our doors are open and we have begun calculating the interest on deposit accounts

link

Al-Rasheed Bank announced Tuesday that it will resume work and open the bank's doors to receive customers.   

"The bank has begun calculating interest on all deposit accounts," the bank's press office said in a statement received by NAS.  

"The bank invites its customers to review the branches for the purpose of receiving them, noting that earlier it announced the granting of interest to savings accounts and fixed deposits of all kinds," he said. 

 

MP excludes rejecting the 2021 budget: We pass it so as not to create economic chaos

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Member of Parliament, Hassan Khati, was enslaved by the parliament returning the budget bill to the federal government during the coming period.

The House of Representatives intends to discuss the provisions of the 2021 budget next week after each deputy receives a copy of the bill.

Khatti said in a televised statement followed by "Al-Eqtisad News" that he ruled out the House of Representatives returning the 2021 budget bill to the government, because the parliament is "keen not to create financial chaos," as he put it.

He added, "Failure to pass the budget contributes to creating economic chaos similar to what happened in 2014."

He stressed that "the House of Representatives urged the current government to send the 2020 budget at the beginning of its assumption of power, but it adopted the principle of 1/12 in disbursing operational expenditures and internal and external borrowing."

He revealed that it is not possible to adopt the 1/12 method in disbursing operating expenses during the year 2021 because there is no budget for the previous year

The 2021 budget: “harsh orders” from the International Monetary Fund for Iraq “have been implemented”… “The next is worse” by laying off “thousands of employees”!

link

 

Today, Tuesday, economist Hussein al-Askari revealed the steps taken by the International Monetary Fund for the 2021 budget in Iraq, stressing that there are other steps ahead.

Al-Askari said, in his Facebook post: It seems that the advice (orders) of the International Monetary Fund of the Iraqi government has found its way easily into the budget: reducing salaries, retirement benefits and raising taxes.

He added that the next steps are to lift subsidies on electricity and fuel, dismantle government banks and give powers and more space to private banks, indicating that when the 2021 budget leads to a bigger crisis in the following year, the proposal will be to lay off non-productive employees and perhaps cancel the ration card and replace it with social aid for the classes. the poorest.

Al-Askari explained that when the situation worsens even more, the fund will propose privatizing oil and gas companies, airports and ports, selling state lands, etc. These have happened in many countries.

And between, that this situation can be changed easily, but without referring to the advice of the Fund and London Wall Street students, noting that Iraq's financial problems are easy to solve. The problem is in the rentier economy, and the lack of interest in infrastructure, agriculture, industry, education and health, which received the least share of the 2021 budget.

The IMF website had published a statement, in which it said that a team of International Monetary Fund experts, led by Tukhir Mirzoev, completed the 2020 Article IV consultation mission with the Iraqi authorities, which lasted from November 11 to December 10 Its sessions were held via electronic platforms.

At the end of the mission, Mirzoev made the following statement:

“The consequences of the Covid-19 virus pandemic, and the sharp decline in oil prices and in the volume of oil production, have exacerbated the vulnerabilities of the Iraqi economy. Real GDP growth is expected to decline to -11 percent in 2020, reflecting the contraction in the volume of oil production and the disruption of non-oil economic activity. The sharp decline in oil revenues is expected to increase the fiscal deficit and the external current account to 20 and 16 percent of GDP, respectively.

“A critical recalibration of near-term economic policies will be crucial to ensuring macroeconomic stability and protecting the most vulnerable. Overcoming the health crisis is the highest priority. The next phase of the pandemic will require additional financial resources - including access to an effective vaccine and widespread distribution, backed by a strong governance framework. The development of a comprehensive policy package aimed at reducing financial and external imbalances will be of great importance in easing financial restrictions and ensuring the sustainability of debt, while preserving international reserves. In this context, financial efforts in the 2021 budget should target the main areas of weaknesses in public finances, in particular stopping the unsustainable expansion of the salary and wages bill and the retirement bill, reducing subsidies that do not lead to energy rationing, and increasing non-oil revenues.

“Achieving sustainable and inclusive growth in the medium term, amid enormous challenges and vulnerabilities, will require continued implementation of broad-based structural reforms. These reforms should aim at strengthening public funds to enable critical health and social spending needs to be met, reforming the electricity sector, fighting corruption, and expanding institutional capacities. The uncertainty of the medium-term oil market outlook and strong population growth add to the urgent need to advance the reform program.

“Continuous strengthening of public finances, in the medium term, will create fiscal space (the spending space of public finances) that is much needed for development and social protection purposes. A comprehensive reform of the civil service system will enhance the efficiency of the public sector while reducing financial costs. There is a need to recalibrate the pension system to ensure its sustainability. Stopping the continuing escalating financial losses in the electricity sector, and reforming this sector will enhance the provision of services and ensure the continuity and soundness of the sector's financial position. Also, a comprehensive reform of tax and customs policies and administration will help diversify fiscal revenues. These efforts must be accompanied by improvements in public financial management to reduce financial risks arising from government guarantees and other contingent liabilities.

“Addressing weaknesses in the governance system and curbing corruption will be vital factors for Iraq's future economic development. Simplification, the use of digital technology, and the practice of a greater level of transparency in basic public services and institutions will reduce corruption risks, especially in the public procurement system. In addition, strengthening audits and reviews, improving legal and regulatory frameworks in line with international standards and agreements, expanding capabilities for risk-based oversight, and enforcing compliance requirements with AML / CFT rules will all help enhance public and investor confidence.

“A decisive strategy for reforming the large state-owned banks and creating a level playing field in the financial sector will enable the development of the private sector and secure financial stability. In addition, strengthening oversight over the governance methods of these banks, and exercising enhanced supervision over them, will require an international audit process for large state-owned banks to enrich the options available for their restructuring.

“The fund’s team of experts exchanged views with senior officials in the Central Bank of Iraq, the Ministry of Finance, members of the Parliamentary Finance Committee, as well as with other ministries and government agencies, and representatives of civil society.

The IMF team of experts would like to thank the Iraqi authorities for their frank and fruitful discussions with them throughout the mission.


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 1460

The currency auction For January 5, 2021 total sales amount $12,375,000. 

  including   $500,000. CASH 

ISX Update:   

www.isx-iq.net/

Shares Traded: not updated for today
Value Traded: not updated for today 

https://www.dinarguru.com/
1-5-2021   Intel Guru Austin-Powers-For-PM   Next two weeks are huge. They need to finish collecting as many 3-zero notes as possible and hit a "Sweet Spot" before releasing the New Small Category Notes and releasing the rate.
1-4-2021   Newshound Guru Jeff    Article:   "Kurdistan Finance Minster announces "illegal" salary cuts for more than 10,000 people"  They're still talking about reforms for the fiscal year 2020.  Their reforms are scheduled and are to start in the fiscal year 2020.  They're telling you right here that you're still in the 4th quarter of the fiscal year of 2020...

1-4-2021   Newshound Guru Pimpy   Article:  "The dollar is dropping in Iraq"  The dollar is dropping in Iraq. That's good.  That's what you want to see happen.  If the dollar value is dropping against the dinar that means what?  The dinar value is going up...this is based on the market's response to the dinar...

1-4-2021   Intel Guru MarkZ   I expected way more news over the weekend then we got…There are rumors that the Wanta-Reagan-Mitterand funds have been put in place. Just not released...These funds are real…do some research…if these funds are positioned for release…that is a good sign...that tells us we are close to a reset.  There are a number of articles about many countries moving toward an economic reset…this lets us know we are getting close and moving toward the final days.

1-4-2021   Newshound Guru Jeff   Article:  "The Central bank's sales of dollar are falling to the lowest level".  This is what I told you guys we were looking for for the rate change.  You guys are officially in the season for the rate change...they do have to change the rate by the end of March.

1-4-2021   Newshound Guru Pimpy   ...they're already complaining now about the fact that the Iraqi dinar needs to be revalued after they just devalued it...when they revalue it they're only talking about coming up just a little bit more.  They're going to do it in increments...my guess is you're going to see them go in increments. IMO...every six months or so you're going to start seeing increases in the value of the dinar. Not decreases.  It's not going to go crazy.  It's not going to be some huge RV.  Although that doesn't mean it won't happen.  I'm just saying IMO that it would go up in increments...This is a good start.  We like to see this...

1-4-2021   Newshound Guru Jeff   I know there were a fair amount of people that were hopeful that the rate would change December/January because they were under the impression that Iraq's fiscal year was started January 1st.  We haven't seen the rate change yet...On December 20th they devalued the currency.  If they had plans to change the rate in January, devaluing the currency at the end of December would not have served a purpose...the reason why they devalued the currency on December 20th was because they need 90 days to reduce the dinar note count and squeeze more dinar out of the citizens.  They need 90 days to do that...Iraq's fiscal year starts April 1st...

1-4-2021  Newshound/Intel Guru Mnt Goat  Article:  "PARLIAMENTARY FINANCE: RAISING THE PRICE OF THE DOLLAR WAS DIRECTED BY THE INTERNATIONAL MONETARY FUND AND THE WORLD BANK AND WITH THE KNOWLEDGE OF POLITICAL BLOCS, NOT THE GOVERNMENT."   the devaluation is a temporary solution, if you can even call it that. It will blow up in their faces, if they don’t now do the project to delete the zeros and reinstate. There is no turning back…








Catnip's Corner:
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ARTICLE 1 (from PM Kadhimi's website; posted only on Arabic side, not on Englist side)

Prime Minister Mustafa Al-Kazemi during the dialogue session with a number of ministers, university professors and political analysts

We start our year with hope, the ordeal has counted, and we open a new era in which we need cohesion and the continuation of the reform approach.

🔵 2020 was a difficult year for humanity with the outbreak of the Corona epidemic, the economic crisis, and security and political challenges, and in Iraq the crisis was more complex, we lost precious lives, and we suffered a lot.

🔵 The crisis and social mobility, with all that resulted from it, represent a warning bell for everyone, and that the country is in danger .. the people have lost their confidence not only in political forces, but in the state and its institutions.

The government that was honored to entrust its leadership came amid all these major crises, and worked from the first moment to dismantle these crises and reduce their effects on our people and the future of our generations, and we kept the specter of a regional and international conflict that could have entered the Iraqi in a long series of wars.

🔵 In the past 6 months, the state has regained its health and confidence in its capabilities. The security forces have become more confident and solid and have regained their relationship with the people, and the army is today more harmonious, and it is ready at any moment to protect the people against any danger.

🔵 At the level of foreign relations .. I say with confidence today that 6 months of the work of this government was sufficient for Iraq to enjoy the strongest system of regional and international relations and confidence in it and its government that it has not seen for many decades .. Today all our neighbors and the whole world are seeking to support Iraq and cooperate to its rise from its slump .. Everyone realized that regional and international balances need a strong, cohesive, and clear Iraq, and this did not come out of void, but rather from work, effort, goodwill, and frankness in dealing with everyone.

At the level of early elections, which were the demand of the masses and the reference, we have made great strides in it. We now have an electoral law, a completed commission, and an election financing law, and we are left with nothing but the formation of the Federal Court, which we are working on with all force.

🔵 Our people have been affected a lot by the financial crisis, just as the world has been affected by the economic crisis resulting from the Corona pandemic, but its impact on Iraq was more difficult ... and unfortunately previous governments did not plan for such crises.

🔵 Iraq has not witnessed any development. Rather, its industry, agriculture, education and health system have been destroyed in recent decades.

🔵 The Iraqi economy has become subject to oil prices, in a weak economic climate with the outbreak of the epidemic. Corruption had eaten everything and everything.

🔵 We were able to continue to provide salaries for employees, and we carried out reforms and prepared a white paper capable of facing this crisis and the coming crises, and we will not allow the collapse of Iraq or its bankruptcy as other countries have bankrupted.

🔵 We protect the poor classes in the budget, and we will start implementing the white paper, and the most important thing is to adopt the budget, work and invest in major projects that will provide job opportunities for young people, and the market will revive and Iraq becomes a source for industry and agriculture, not just oil.

🔵 We established the Committee to Combat Corruption and Exceptional Crimes, and for the first time big heads find themselves in prison that are not protected by a party or influential people.

🔵 We presented an ambitious budget that coincided with the reforms of the White Paper, and because of it, we were subjected to stabbing and auctions.

I have always assured that I have come for a fix, and the bids and shows will not stop me even if it costs me my life.

🔵 Enough bids at the expense of Iraq .. The budget and the white paper are not just cosmetic reforms to compliment each other, but rather an effort supported by all international economic institutions and all the respected experts. We have to touch the deep wounds of Iraq. It is enough to bleed Iraq's funds, capabilities and resources.

🔵 This is our last chance to get up and say before you and our people: I do not aspire to a ruling or position, and I place my interest and my political future as a price for reform.

We are 17 years late, and we will not be late after that, and every bidder must put the interest of Iraq before his conscience.

The year 2021 is the year of (the Iraqi achievement), we will all reach this achievement quickly and efficiently, and the state will triumph, Iraq will triumph over all challenges.

Media Office of the Prime Minister
2-January-2021

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ARTICLE 2 (from Government of Iraq twitter account)

Watch: Iraq’s Deputy PM and Minister of Finance @AliH_Allawi underscores the importance of implementing reforms to create an economy that is diverse and not dependent on oil: #WhitePaper #EconomicReforms

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ARTICLE 3

Central Bank: The launch of the "Buna" platform for intra-Arab payments

 01/04/2021 12:56 • 
[Baghdad-Where]
The Central Bank of Iraq announced, on Monday, the launch of the " Buna " platform for inter-Arab payments.
The bank said in a statement. It is "the actual launch and operation of the Bunaa inter-Arab payments platform, which is a platform that provides real-time clearing and settlement services for cross-border financial transfers between Arab countries and in Arab and international currencies."
He added, "The first movement was carried out through banks between the UAE and the Arab Republic of Egypt, in the currency of the UAE dirham."
The bank continued, "The Central Bank of Iraq and a number of local banks have already signed an agreement and completed the technical requirements to participate in the project in coordination with the Arab Monetary Fund, and work is underway to adopt the Iraqi dinar in the system for the next stage."
He pointed out, "The participating banks in the Arab countries will be able to send and receive payments between them in a safe and reliable manner, while this platform will help reduce the recourse to global centers of correspondent banks in clearing and settling Arab payments, which will contribute to reducing the time and costs associated with banks and their customers." ".

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ARTICLE 4

Integrity: The Prime Minister is the first to disclose his financial assets for the year 2021

01/04/2021 12:51 • 
[Baghdad-Where]

The Prevention Department of the Federal Integrity Commission revealed, on Monday, that the Prime Minister disclosed his financial disclosure for the year 2021.

The department said in a statement that it had "received a disclosure form for the current year of Prime Minister Mustafa Al-Kazemi."

She added, "The Prime Minister became the first of the heads of the three authorities to disclose their financial liabilities for the year 2021."

The commission had disclosed at the end of the year 2019 the details of the first amendment to its enforceable Law No. 30 of 2011, after the Parliament approved the amendment, in accordance with the provisions of Clause 1 of Article 61 and Clause Three of Article 73 of the Constitution, as Article 16 indicated. First / c), to oblige each of (the prime minister, deputy prime ministers, ministers and those of their rank), as well as others who occupy one of the official positions and positions as contained in the article in its other paragraphs, to submit a declaration on their financial assets

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ARTICLE 5

Al-Rafidain issues a directive regarding attracting investment companies and granting loans to them
1/3/2021 12:09 • 
[Baghdad-Where]

On Sunday, Rafidain Bank instructed its branches in Baghdad and the governorates to attract companies and investors who wish to obtain financing and grant loans to them for the purpose of completing their various investment projects.

The bank’s media office said in a statement. The bank’s general manager held an extended meeting with a number of branch managers and delegates in the country's governorates to discuss the mechanism of banking and the services provided to citizens.

The statement added that "the director general of the bank stressed the need for the banking sector to contribute to supporting and revitalizing the private sector in various fields."

He stressed "providing the best banking services to customers and working to facilitate their transactions procedures and to develop solutions to problems and obstacles that obstruct the completion of transactions as quickly as possible and without obstacles far from routine.

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