WOTS THUR FEB 18 21
These are the articles I covered in the My FX Buddies podcast at: https://anchor.fm/dashboard/episode/eqke11?wpshare=2
To the executive branch to the Central Bank of Iraq
Proposing the
need to amend the exchange rate of the Iraqi dinar towards the US dollar
1 - The devaluation of the national currency of the Iraqi dinar in favor of the US dollar and making the exchange rate of the dinar against the US dollar at 1450 is an unfair, ill-considered and urgent exchange rate, which is against the interest of the Iraqi people and economy, and that the first beneficiaries of that are regional and international countries and Arab and foreign companies And the ruling political elite ... as the wealth of the Iraqi people is bought cheaply according to the new exchange rate, and this means systematic plundering ((the law)) of the wealth of our Iraqi people, at a very low price, and he played in achieving this the failure of the Minister of Finance and the President of the Central Bank of Iraq according to Guidance from the International Monetary Fund and the World Bank.
2 ___ that the ruling authority today represents and applies an extremist and brutal neoliberal approach according to the directives of the International Monetary Fund and the World Bank, and that today's exchange rate of 1450 is in the interest of the ruling political elite, in the interest of the leaders of the parties, blocs and political currents influential today in governance and in cooperation and coordination with the administrative and bureaucratic bourgeoisie, the shadow economy forces, and the mafia-brokers ... so these people have acquired the wealth of the Iraqi people and have become millionaires and billionaires, in the American dollar and the Iraqi dinar, and with this stolen money, state institutions will be purchased from factories and large factories, oil and gas, agricultural land, fuel and electricity stations, and other state assets at a very low price and without oversight, and the well-known popular proverb applies (((( He eats without supervision and calculation.
(this is what we would love to see)
3 - A new exchange rate is required for the Iraqi dinar towards the US dollar, which is one dinar equals one US dollar. This requires deleting the three zeros, for example, the 1000 dinars become Iraqi dinars, and the million dinars (1,000,000) a thousand Iraqi dinars (1000), and according to the new exchange rate 1000 dinars equals 1000 US dollars, and this is in the interest of the Iraqi citizen and economy as a first stage and work in the future to return a new exchange rate Each dinar equals $ 3, as it was previously.
4— That this can be achieved because Iraq is rich in its natural wealth of oil, gas, gold and phosphates ... .. In addition to that, there is a realistic possibility to develop agricultural and industrial production ..., that is, to create material production in order not to import and this will be in the interest of the national economy by not buying goods Food, medicine, and durable goods in hard currency, and then Iraq can export goods and services abroad and obtain hard currency, as well as work to retrieve the stolen money and return it to the Iraqi people, which range between $ 850-trillion. One dollar for one US dollar
5- The Iraqi people, public and professional organizations, national, progressive and left-wing personalities, and professors of Iraqi universities and institutes, must demand a new exchange rate adjustment in the interest of the national economy
Urgent | The Kurdistan Region delegation announces signs of consensus between Erbil and Baghdad on the budget
no details yet
Urgent | The Kurdistan Region delegation announces signs of consensus between Erbil and Baghdad on the budget
An economist calls for a reduction in the dollar due to the rise in oil: the decision acquired a quarter of what a citizen owned
Antoine told {Al-Furat News}, "The decline in oil prices before Corona paralyzed the economic process in the country," noting that "after Corona treatments were found, economic activity began to recover and the demand for oil began to increase."
He explained, "Oil is supply and demand. When demand occurs, the price increases. We explained at the time of the budget, if oil rises, it will compensate for the deficit." A year, when we add this number, the budget deficit will decrease, and thus there is no need to reduce the ratio of the dinar. "
And he added, "If the dinar continues in this way, Iraq will get differences from the sale of oil to the budget," stressing that "the deficit should decrease and act in a scientific manner to allocate investment clauses, address unemployment, rising poverty rates, and expectations of a higher oil rate than the exchange rate was more than what is addressed." Economical. "
Antoine went on to say, "Is it reasonable for the Minister of Finance to ask the central bank to reduce the dinar, wondering? Where is the authority of the Central Bank of Iraq not the duties or rights of the Minister of Finance, as the financial policy is in the hands of the Minister of Finance, the government, and monetary policy is in the hands of the central bank," indicating, "We expect Over a period of six months, after it reduces 10% on the social and economic classes, the poor classes and the market. "
He concluded his speech by saying, "What happened now is high monetary inflation, so prices rose and became a high economic downturn, weakening the purchasing power because the government took from the pocket of every citizen a quarter of what he owned."
Mazhar Muhammad: 'forthcoming' amendments to the 2021 budget before submitting it to the government
The Prime Minister's Adviser for Financial Affairs, Mazhar Muhammad Salih, announced, on Thursday, that changes will be made by the Ministry of Finance to the General Budget Law for 2021.
Saleh said in a statement to the official agency affiliated with "Nass", (February 18, 2021), that "the Ministry of Finance will make the required adjustments and it is responsible for preparing the budget under the Financial Management Law before submitting the amendments to the Cabinet for approval and submitting it to the House of Representatives."
He added that "Iraq received strong support in the face of its double economic, health and financial crisis from the Financial Alliance Group following the success of Iraqi diplomacy in continuing its dialogues with international institutions."
He pointed out, "the formation of the Supreme Committee for Reform as the central executive force to administer economic reform and rehabilitation of the national economy with a unified vision and road milestones that seek its goals and according to the principles of the White Paper itself."
He explained that "the white paper came from the beginning as central principles of reform, and their application must bring about a change in the paths of the national economy and transform it from an economy of recurrent economic crises and stagnation to an economy of stability and sustainability in development."
He pointed out that "the international financial and economic community itself has begun to consider issues of promoting productive and investment activity and stabilizing sustainable development goals that deserve support from its multilateral institutions such as the World Bank and others and many United Nations development agencies."
He pointed out that "the establishment of a central national reference and implementation of economic reform will inevitably allow a positive deal with the international community in the attribution of development, economic progress and stability in Iraq."
Earlier, cabinet spokesman Hassan Nazim announced the formation of a committee in the cabinet to study amendments to the federal budget for 2021.
A "semi-final" agreement regarding the region's share ... Parliamentary Finance: Passing the budget next week
The Finance Committee in the House of Representatives revealed today, Thursday, that a semi-final agreement has been reached regarding the region's share in the current year budget, expected to vote on it next week.
Committee member Ikhlas Al-Dulaimi said in a press statement, "The political blocs have reached an almost final agreement on a new formula regarding the region's share in the budget."
She indicated, "The agreement satisfies the federal government and the region," adding that "there is a common understanding about oil imports and other revenues and the region's share."
Al-Dulaimi expected, "voting on the budget in the middle of next week after writing the final agreement within Article 10 of the budget and finalizing the drafting of tables and other attachments."
Advisor to Al-Kazemi: The Ministry of Finance will make a change to the 2021 budget
Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, revealed, on Thursday, February 18, 2021, that the .Ministry of Finance will make changes to the General Budget Law for 2021
The Ministry of Finance will make the required adjustments and it is responsible for preparing the budget under the Financial Management Law before" .submitting the amendments to the Cabinet for approval and submitting it to the House of Representatives," Saleh told Al-Obelah
He added that "Iraq received strong support in the face of its double economic crisis (health and financial) from the Financial Alliance Group following ".the success of Iraqi diplomacy in continuing its dialogues with international institutions
He pointed out, "the formation of the Supreme Committee for Reform as (the central executive force) to manage economic reform and rehabilitation of ".the national economy with a unified vision and road milestones that seek its goals and according to the principles of the White Paper itself
He explained that "the white paper came from the beginning as central principles of reform, and its application must bring about a change in the paths of the national economy and transform it from (recurrent economic crises and stagnation economy) to (a stable and sustainable development ".(economy
And he indicated that "the international financial and economic community itself has begun to consider issues of promoting productive and investment activity and stabilizing sustainable development goals that deserve support from its multilateral institutions such as the World Bank and others and many ".United Nations development agencies
He pointed out that "the establishment of a central national reference and implementation of economic reform will inevitably allow a positive deal with ".the international community in the attribution of development, economic progress and stability in Iraq
This is the complete WOTS report:
Dollar exchange rates stabilized on the main stock exchange in The Iraqi capital Baghdad and Kurdistan province on Thursday (February 18, 2020).
According to a reporter for The Shafq News Agency, the Central Al-Za'ayd and Al-Harthiya Stock Exchange in Baghdad recorded 146,100 Iraqi dinars today for $100.
These are the same prices that the Central Struggle Stock Exchange recorded during its opening on Wednesday morning.
Our correspondent pointed out that the buying and selling prices stabilized in the banking shops in the local markets in Baghdad where the selling price reached 146,500 Iraqi dinars, while the purchase price reached 145,500 dinars per 100 U.S. dollars.
In Erbil, the capital of Kurdistan province, the dollar also stabilized, with the selling price at 146,200 dinars per 100 dollars, and the purchase at 146,000 dinars per 100 U.S. dollars.
Favorite Currencies Forex Quotes
| Symbol | Bid | Ask | High | Low | Open | Change | Time |
|---|---|---|---|---|---|---|---|
| USD/IQD |  1459.0000 | 1464.0000 | 1457.9000 | 1457.8000 | 1457.8000 | 0.3000 | 00:37 |
| USD/VND | 23015.0000 | 23018.0000 | 22996.5100 | 22992.9100 | 22992.9100 | 4.1500 | 00:37 |
| USD/CNY |  6.4686 | 6.4706 | 6.4718 | 6.4488 | 6.4575 | 0.0111 | 05:18 |
| USD/KWD | 0.3022 | 0.3032 | 0.3023 | 0.3022 | 0.3023 |  -0.0001 | 05:10 |
| GBP/USD | 1.3938 | 1.3939 | 1.3939 | 1.3839 | 1.3862 | 0.0076 | 05:22 |
| USD/IRR | 42000.0000 | 42210.0000 | 42097.5000 | 42097.5000 | 42097.5000 | -914.4000 | 07:13 |
| USD/IDR | 14064.0000 | 14068.0000 | 14110.0000 | 14005.0000 | 14021.0000 | 47.0000 | 05:22 |
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PARLIAMENTARY WEIGHTS: VOTING IS BALANCED NEXT WEEK
The Parliamentary Finance Committee suggested, today, Thursday, that the vote on the 2021 budget will take place next week.
A member of the committee, Ikhlas Al-Dulaimi, said in a statement to the Iraqi News Agency, which was followed by Al-Naba.
Al-Dulaimi added, "The political blocs have reached an almost final agreement on a new formula regarding the region's share in the budget," indicating that "the agreement satisfies the federal government and the region."
She added, "There is a common understanding about oil imports and other revenues and the region's share."
Urgent | The Kurdistan Region delegation announces signs of consensus between Erbil and Baghdad on the budget
no details yet
Urgent | The Kurdistan Region delegation announces signs of consensus between Erbil and Baghdad on the budget
Al-Halbousi bloc: 48 hours to decide the region's share in the budget
Abdul Khaleq al-Azzawi, a member of the Iraqi Forces Bloc, said Thursday that discussions and political dialogues will continue to resolve the share of Kurdistan region by budget law, while pointing out that the next 48 hours will determine the share of the region.
"The parliamentary finance committee has resolved all the outstanding issues with the draft budget law and only the share of Kurdistan province remains, but discussions and political dialogues are continuing after a percentage of the region's dues file has been resolved," al-Azzawi told Shafq News.
"The budget law cannot be ignored in light of the current repercussions, the economic situation and the health crisis, especially after taking a series of preventive measures and imposing a curfew in the country," he said.
"The next 48 hours will be enough to reach a political agreement and resolve the share of Kurdistan region by budget law," said Mohammed al-Halbousi, a member of the Iraqi Forces Bloc, who is also expected to vote on the law next week.
Last December, Baghdad and Erbil reached an agreement on the budget, which provides for the region to hand over 250,000 barrels of oil per day, half of the revenues of border crossings and others to the federal government, in exchange for a budget share of 12.6 percent.
The agreement was included in the draft budget, but Shiite blocs in parliament reject the agreement, which hinders its passage in parliament.
Oil prices jump above $65 a barrel
Oil prices rose, on Thursday, to continue this week's gains to 13-month highs, as the severe cold spell closed texas and surrounding areas.
Brent crude jumped 93 cents, or 1.5 percent, to $65.27 a barrel by 0219 GMT, hitting its highest level since January 1. West Texas Intermediate futures rose 76 cents, or 1.2%, to $61.90 a barrel, their highest level since January 1. 8 ، 2020.
CBI Update: Just a note:
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