WOTS MON FEB 1 21
These are the articles I talked about on the podcast at https://anchor.fm/dashboard/episode/epqde5
Borrowing from the IMF is intended to link Iraq to the global capitalist system
Economic expert Nabil Al-Marsoumi affirmed: "The borrowing from the International Monetary Fund ... is intended to link Iraq with the global capitalist system."
He said in a statement to the Iraqi National News Agency / NINA /: “With all the indebtedness and internal and external borrowing fixed in the budget, the Ministry of Finance is conducting serious negotiations with the International Monetary Fund, in order to obtain urgent assistance of 6 billion dollars, which does not mean a loan, at a low interest rate. By 1%, with long terms. "
Al-Marsoumi added, "The ministry is preparing for another loan of 4 billion dollars in exchange for implementing a specific program in the agenda of the International Monetary Fund to which the White Paper referred."
He asked: “What are the reasons for the ministry’s great fondness for debt and indebtedness? Expressing his perception that the issue is intended to oblige Iraq to complete the fund’s procedures to privatize public projects, open foreign investment, cancel the ration card, liberalize prices, and link Iraq to the global capitalist system.
Sairun: raising or lowering the exchange rate of the currency is the exclusive authority of the government
Member of Parliament for the Saeron Alliance, Riad Al-Masoudi, affirmed that "raising or lowering the currency exchange rate is the exclusive authority of the government according to the law and the constitution."
Al-Masoudi said in a press statement by the Independent: “Articles 78 and 80 are clear about the government's authority to manage the country, economic planning and financial policy, which are all exclusive to the executive authority.”
He added, "The raising or lowering of the currency rate is an exclusive prerogative and part of the government's measures to reform the economy."
Al-Masoudi explained: “The role of the House of Representatives is legislative, supervisory, and representative exclusively in accordance with Article 68 and its constitutional paragraphs.”
He pointed out: “The parliament’s role is in relation to collecting signatures, either issuing representative orders to form committees or issuing decisions on a specific issue, which are not binding and give the representative opinion of Parliament.”
It is noteworthy that the parliamentary signatures exceeded 100 signatures requesting the government to reconsider reducing the price of the local currency against foreign currencies.
An economist talks about 3 jumps that the dollar will witness against the Iraqi dinar
The economic expert, Rasim Al-Aqidi, said today, Monday, that the exchange rate of the dollar in the Iraqi market will witness 3 .successive jumps, before it reaches the price of 1600 dinars per dollar The exchange rate of the dollar in the 2021 budget was set by the government at 1450 dinars, and it has witnessed fluctuations in" ".terms of ups and downs, but in any case, the decision to spend in the budget will not change
Al-Aqidi added, that the decision to change the exchange rate, "came to prevent neighboring countries from benefiting from the old exchange rate, which was an understatement, and to push most of the banks of neighboring countries or political forces to share " .economic interests, obtain Iraqi cash and collect the largest value of the dollar in past years as it is Hard currency
He continued, "The dollar exchange rate will jump to 1490 dinars after the budget is approved, and the exchange rate set by the government is fixed at 1450, then it will witness another rise after the launch of 50% of the financial allocations for projects and ministries, and it reaches from 1520-1550 and then witnesses a third increase. Of its kind when the exchange begins, that is, whenever cash is pumped into projects, whether investment, loans or salaries, it will pay to increase the withdrawal of the dollar, because the " .rates of purchase of materials from the various markets of all kinds will rise at higher rates
The economic expert pointed out that "a file to import will push forward in the rates of recovery of the dollar, and then the dollar ".exchange rate will escalate to perhaps 1600 dinars in exchange offices
The US Treasury reduces its borrowing estimates for the first quarter due to the increase in the cash balance
The US Treasury Department said on Monday that it plans to borrow $ 274 billion in the first quarter, which is much lower than November's estimate of $ 1.127 trillion, with the decrease due to the high cash balance of the ministry at the beginning of January.
The Treasury said in a statement that first-quarter estimates assume a cash balance at the end of March of $ 800 billion.
The Treasury also said it issued $ 597 billion in net debt in the fourth quarter, ending the three-month period with a cash balance of $ 1.729 trillion.
Deputy for Al-Fateh: Parliament will dissolve itself next August
the representative of the Al-Fateh Alliance, Abdul Amir Taiban, confirmed that the House of Representatives will dissolve itself next August, while noting that the United Nations oversight of all previous elections was only for the media.
Taeban said that all previous elections were supervised by the United Nations, stressing that there is skepticism about the results of all previous elections, despite the international supervision.
He added that the UN’s supervision of the elections was informational only, calling for an effective UN role in monitoring the elections.
He pointed out that one of the conditions for forming the Al-Kazemi government is to prepare for early elections, stressing that the Election Commission was not ready to hold the elections at the previous date, and requested to postpone them to another date.
Taeban indicated that the parliament has provided all the means to the government in order to hold the elections, noting that Parliament will dissolve itself next August, that is, two months after the elections are held according to the constitution.
Expectations of a significant increase in oil prices in 2021
American investment bank "Goldman Sachs" expects that oil prices will rise to $ 65 a barrel by next July, in light of a shortage of crude supplies in the market and a slow recovery of demand for crude.
The bank said in a note, that data indicate a deficit of 2.3 million barrels per day in the fourth quarter of 2020, against the background of high demand and a decline in supplies from producers outside the "OPEC +" group.
The bank expects a deficit of 900,000 barrels per day in the first half of 2021, a level higher than its previous forecast of 500,000 barrels per day.
The bank said that this could help raise Brent crude to $ 65 a barrel by next July, and for comparison, Brent surpassed $ 55 on Monday.
The bank expected demand to rise by 5.3 million barrels per day in the six months to next July, down from 6.8 million barrels per day in its previous forecast.
Saudi Arabia pledged to implement additional voluntary cuts to oil production in February and March 2020, while most members of the Organization of the Petroleum Exporting Countries (OPEC) and its allies within the framework of the "OPEC +" group agreed to keep production steady.
Al-Maliki stresses the importance of adopting a law that guarantees the fair distribution of natural wealth.
The head of the State of Law coalition, Nouri al-Maliki, confirmed, Monday (February 1, 2021), to the Vice President of the Kurdistan Regional Government, Qubad Talabani, that the talks between Baghdad and Erbil cannot be resolved without the approval of a national law that guarantees the equitable distribution of natural wealth to all components of the people, referring to the country No, it is preparing for early elections that enjoy integrity and transparency in order to form a strong government capable of meeting the demands of the Iraqis.
Al-Maliki’s office said in a statement received by the IQ NEWS website , “The latter received, today, the Kurdistan Region delegation headed by the Deputy Prime Minister of the Kurdistan Regional Government, Qubad Talabani,” indicating that “the meeting discussed developments in the political and security situations in the country, as well as issues related to the federal budget and dialogue.” What is going on between the federal government and the regional government in its regard. ”
Al-Maliki indicated, according to the statement, to “the importance of continuing the dialogue to reach an agreement that ends the debate on contentious issues under the constitution and the law,” reiterating his assertion that “discussions with the federal government cannot be resolved without the adoption of a national law that guarantees the equitable distribution of natural wealth. All components of the Iraqi people. ”
Al-Maliki called for “the necessity of concerted efforts to reach radical solutions to the outstanding issues between the Kurdistan region and the federal government through legislation of the oil and gas law, especially as the country is preparing to hold early elections with integrity and transparency in order to form a strong government capable of meeting the demands of all Iraqis.”
In turn, the head of the Kurdistan region’s delegation, Qubad Talabani, said during the meeting, that “there are many problems that require cooperation and agreement from everyone to solve them in the House of Representatives.”
Al-Maliki stresses the importance of adopting a law that guarantees the fair distribution of natural wealth.
The head of the State of Law coalition, Nouri al-Maliki, confirmed, Monday (February 1, 2021), to the Vice President of the Kurdistan Regional Government, Qubad Talabani, that the talks between Baghdad and Erbil cannot be resolved without the approval of a national law that guarantees the equitable distribution of natural wealth to all components of the people, referring to the country No, it is preparing for early elections that enjoy integrity and transparency in order to form a strong government capable of meeting the demands of the Iraqis.
Al-Maliki’s office said in a statement received by the IQ NEWS website , “The latter received, today, the Kurdistan Region delegation headed by the Deputy Prime Minister of the Kurdistan Regional Government, Qubad Talabani,” indicating that “the meeting discussed developments in the political and security situations in the country, as well as issues related to the federal budget and dialogue.” What is going on between the federal government and the regional government in its regard. ”
Al-Maliki indicated, according to the statement, to “the importance of continuing the dialogue to reach an agreement that ends the debate on contentious issues under the constitution and the law,” reiterating his assertion that “discussions with the federal government cannot be resolved without the adoption of a national law that guarantees the equitable distribution of natural wealth. All components of the Iraqi people. ”
Al-Maliki called for “the necessity of concerted efforts to reach radical solutions to the outstanding issues between the Kurdistan region and the federal government through legislation of the oil and gas law, especially as the country is preparing to hold early elections with integrity and transparency in order to form a strong government capable of meeting the demands of all Iraqis.”
In turn, the head of the Kurdistan region’s delegation, Qubad Talabani, said during the meeting, that “there are many problems that require cooperation and agreement from everyone to solve them in the House of Representatives.”
WOTS starts below here:
Exchange rates of the dollar in Iraqi local markets on Monday (February 1, 2021).
Baghdad - the price on the Kifah Stock Exchange
145,400
144,750
145,750
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High oil prices coincided with the continuing vaccination campaigns against Corona
Oil prices recorded, on Monday, a rise in global markets, despite the emergence of new infections with the virus, and the discovery of new variables that work to curb prices.
Brent crude futures rose 40 cents to $ 55.44 a barrel.
US West Texas Intermediate crude oil prices rose 28 cents, to $ 52.48 a barrel.
Oil prices were boosted by ongoing vaccination programs in hard-hit countries, and production cuts by major producers such as Iraq and Saudi Arabia.
Demand for oil and fuel is likely to rise as more of the world's population inoculated against COVID-19.
Borrowing from the IMF is intended to link Iraq to the global capitalist system
Economic expert Nabil Al-Marsoumi affirmed: "The borrowing from the International Monetary Fund ... is intended to link Iraq with the global capitalist system."
He said in a statement to the Iraqi National News Agency / NINA /: “With all the indebtedness and internal and external borrowing fixed in the budget, the Ministry of Finance is conducting serious negotiations with the International Monetary Fund, in order to obtain urgent assistance of 6 billion dollars, which does not mean a loan, at a low interest rate. By 1%, with long terms. "
Al-Marsoumi added, "The ministry is preparing for another loan of 4 billion dollars in exchange for implementing a specific program in the agenda of the International Monetary Fund to which the White Paper referred."
He asked: “What are the reasons for the ministry’s great fondness for debt and indebtedness? Expressing his perception that the issue is intended to oblige Iraq to complete the fund’s procedures to privatize public projects, open foreign investment, cancel the ration card, liberalize prices, and link Iraq to the global capitalist system.
Photo.. Demonstration in front of Rafidain Bank to protest the delay editing of advances and demand the dismissal of its director
Hundreds of Interior Ministry employees demonstrated monday in front of the General Administration building of Rafidain Bank in central Baghdad, protesting the six-month suspension of advances and loans, demanding the dismissal of the bank's director.
According to a reporter for Shafq News, the demonstrators demanded the dismissal of the director general of Rafidain Bank, speeding up the release of advances and smooth mechanisms and reducing the "outrageous" interest rate, which is equal to half the value of the advances granted.
The demonstrators threatened to change the settlement destination and transfer their salaries to other banks if their demands were not met.
They called on Prime Minister Mustafa Al-Kadhimi to intervene and pressure Rafidain Bank to release advances in light of the need for living and the difficult financial conditions for many employees in the country.
Rafidain Bank suspended the release of advances and loans several months ago for undisclosed reasons, and the bank interest it charges amounts to more than 50% of the loan amount because they are cumulative rather than decreasing.
New talks between Baghdad and Erbil regarding the region’s share and oil exports
The Kurdistan Region delegation, which arrived in the capital, Baghdad late Sunday evening, discussed the developments of the financial agreement between Baghdad and Erbil.
The agreement between Baghdad and Erbil stipulates in the 2021 budget that the Kurdistan Regional Government will deliver 250 thousand barrels per day to Baghdad in exchange for its share of 13.9 trillion dinars with the settlement of receivables from the year 2004 until 2020, in addition to 50% of the region's non-oil revenues, and Calculating the price of a barrel of oil of $ 45 in the 2021 budget, the Kurdistan region will contribute to supporting the budget of oil only 5.8 trillion dinars.
On the other hand, a member of the Sulaymaniyah Provincial Council of the Patriotic Union of Kurdistan, Rika Wat Zaki, said that "in the event that no agreement is reached between the region and Baghdad regarding the oil file, a paragraph can be installed in the budget law that legitimizes the possibility of the local government in Sulaymaniyah legally And constitutional with the federal government directly. "
He cautioned that "the local government in Sulaymaniyah will be able to deliver revenues to the federal government, and in turn Baghdad will distribute salaries among the governorate's employees," adding that "this is a legal provision for one year, and the two local governments in Erbil and Dohuk can do the same."
During the meeting, the region’s delegation expressed its readiness to hand over its oil file in full to the federal government in return for the latter to pay dues to foreign companies operating in the region. However, the federal government pledged its acceptance of the oil file by rewriting contracts with oil companies.
It is hoped that the current week will witness the passage of the budget bill for 2021 after resolving all the points of contention between the political blocs related to the region’s share and the mechanisms for dealing with the file.
In turn, a member of the Finance Committee, Haitham al-Jubouri, revealed that the House of Representatives canceled the paragraph on payment of the debts of the Kurdistan region from the budget law for 2021.
He added that "the federal government has given authority to the Federal Office of Supervision to audit the financial accounts of the region."
Al-Jubouri stressed that the government works according to the principle that oil and gas are a wealth for all groups of the Iraqi people, noting that "the Kurdish citizen pays the price of his government's mistakes and also the weakness of the federal government in holding accountable the negligent of the regional government."
He pointed out, "The presence of a proposal from the members of the Finance Committee supports direct dealing with the provinces of the region to pay the salaries of the employees of the province, which received its returns to the federal government
CBI Update: Just a note:
including $0. CASH
ISX Update: Shares Traded: not updated for todayValue Traded: not updated for today
1-31-2021 Intel Guru Footforward ...Based on my "opinion", 3.18 makes more sense as a date then it does as a rate. In my "opinion" the rate "can't" be that low. That's not financial or investment advice. My opinion (again not financial or investment advice) is that the dinar has to be over 3.50.
1-31-2021 Newshound Guru MilitiaMan Article: "Parliamentary Finance expects: Approval of the 2021 budget within the next two days" I cannot imagine, them not passing this week for a vote. They know there is to much at stake now. There is apparently no going back now... Way to much has been accomplished...imo.
1-31-2021 Newshound Guru Adam Montana [Iraq is trying to defer payment of debt to Kuwait because of their current financial crisis. What does this signify in regards to an RV? If the deferment is granted, does this affect the timing?] In regards to an RV, I say it signifies nothing. Iraq has always tried to plead poverty and defer payments and anything else they can do - just like we would expect any other country to do. The payments are in dollars, not Dinars... this means that after they RV, it will be easier for them to repay. In fact, it makes sense to stall payments until after the RV if possible, because they will effectively pay less that way. Or at least have more to pay with, but I don't think their payment schedule will change for them. It's just better for them all around that way.
1-31-2021 Newshound Guru NORV [aka Kaperoni] If we are to get excited about anything in Iraq of late read up on the Buna payment system. This will create demand and facilitate exchange in Middle East currencies. The end result could be growth of the Iraq economy and an increase in the exchange rate. Time will tell...
1-31-2021 Newshound Guru Adam Montana [I truly believe the "HCL" will be done simultaneously with the Budget 2021 or immediately afterwards...Your thoughts?] I'm mostly in agreement there! It certainly could be done simultaneously with the Budget, but that doesn't mean it has to be done simultaneous...however, the timing certainly is good. I'm hopeful.
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