WOTS TUES FEB 9 21
These are articles I discussed on My FX Buddies podcast at: https://anchor.fm/dashboard/episode/eq6vo9
The Iraqi government launches a new financial reform committee that includes the World Bank
Mubasher: The Iraqi government announced during its weekly meeting, headed by Mustafa Al-Kazemi, today, Tuesday, the inauguration of a new financial reform committee.
In a statement issued today, Tuesday, the Iraqi government stated that it had been decided to form a committee under the name of the "Supreme Committee for Reform", led by the Prime Minister.
The Council of Ministers indicated that the Supreme Committee for Reform will include:
- Minister of Finance as Vice President
- Minister of Planning as Member
- Minister of Oil as Member
- Secretary General of the Council of Ministers as Member
- Central Bank Governor as Member
- Executive Director of the Supreme Committee for Reform as Member and Rapporteur
- Adviser to the Prime Minister for Strategic Affairs as Member
- Adviser to the Prime Minister for Economic Affairs Member
- Head of the Legal Department In the General Secretariat of the Council of Ministers as a member
- two experts named by the Prime Minister as members
The Council of Ministers indicated that each of the two main international organizations (the International Contact Group, the World Bank Group) would be represented as observers, without either of them having the right to vote.
The Council stated that the Supreme Committee for Reform undertakes the following tasks:
-Supervising the implementation of the reform program as a whole, and the projects it consists of, according to the plans and timelines approved by the Supreme Committee for Reform, including adding, deleting or amending new projects.
Ensure the availability of administrative and financing approvals in a timely manner during the implementation of projects, and take the necessary measures to overcome emerging obstacles.
- Coordinating the work of the various bodies responsible for implementation and support, defining the duties of each and achieving integration between them.
Monitoring good performance and implementing accountability in accordance with the law.
Submit periodic reports on the progress of the reform program to the Council of Ministers.
The government stated that Cabinet Resolution No. (12) of 2020 will be canceled, and the Supreme Committee for Reform will replace the Emergency Cell for Financial Reform formed according to it.
She indicated that the meetings of the Supreme Committee for Reform will be held at the invitation of the president or his deputy with the approval of the president, and with the presence of at least half of its members, including the president or his deputy, in the absence of the president, provided that decisions are taken by the majority of attendees, including the session chair.
The government set some controls for the committee, which are as follows:
- Committee meetings are held quarterly at least.
- The Supreme Committee for Reform has an executive director concerned with the Prime Minister and linked directly to him and authorizes the necessary powers to implement the committee's decisions and achieve its goals, and is tasked with following up the implementation of its decisions and conducting its daily affairs under the supervision of its president.
- The Supreme Committee for Reform may form work teams or sub-committees to carry out specific tasks, and grant it the necessary powers to achieve its goals and facilitate its work.
- The supreme body has the right to host whomever it deems necessary to attend its meetings, in order to achieve its tasks.
- The Prime Minister authorizes the powers of the Council of Ministers for the purposes of the Supreme Committee for Reform.
The government indicated that a cell called "Reform Management Cell" would be formed, headed by the Executive Director of the Supreme Committee for Reform, to be located in the Prime Minister's Office and undertake the following tasks:
- Provide support to the officials of the reform program projects and the relevant executive teams, with the aim of improving performance and ensuring that the best implementation paths are chosen to achieve the set goals.
- Enhancing communication between project officials and work teams on matters pertaining to each project, and coordinating the interconnectedness of the various projects within the reform program in order to enhance integration and synchronization in implementation.
Dealing with developments directly as a first level for reporting and solving problems.
Tracking the implementation of basic activities, professionally assessing performance, and submitting periodic reports to the Supreme Committee for Reform, including reporting on progress rates, obstacles, anticipated risks and suggested solutions.
- Helping in determining the procedures required of the project official in the event that implementation is delayed or deviated from the correct path.
- Follow-up and accountability of the officials of the reform program projects in the event of delay in achieving the goals approved within the approved timetable.
- Any additional tasks assigned to the cell by the Supreme Committee for Reform.
The Council of Ministers indicated that the Executive Director of the Supreme Committee for Reform has the authority to contract with experts and executives without pay, and he has the right to duly contract for a fee with the approval of the Supreme Committee for Reform.
All government agencies are obligated to give the reform program priority, cooperate and coordinate with the Reform Administration Cell, and submit the required reports and data within the specified timeframes, including naming an official with a grade of no less than a general director for each project, according to the Council of Ministers.
The Cabinet concluded that the required work teams, human and material resources will be allocated to ensure that the reform program proceeds according to the approved plans.
Oil continues to rise, rising above $ 61 a barrel
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Oil prices continued to rise at the beginning of trading today, Tuesday, after hitting their highest level in a year during yesterday's trading session.
Brent crude futures rose on the London Stock Exchange above $ 61 a barrel, up 0.53%, after rising 9% during the past seven sessions, amid the recovery in oil demand after the damage it suffered due to the Corona epidemic.
The rise in US crude futures was greater, as it grew by 0.72%, to reach $ 58.39 a barrel.
Yesterday, oil futures rose 2% to their highest levels in more than a year, and the two benchmarks both reached their highest levels since January 2020.
Brent and US crude has jumped more than 60% since the beginning of November, supported by optimism about the distribution of anti-Coronavirus vaccines, as well as cuts in production by members of the OPEC + group.
Investors are watching a $ 1.9 trillion aid package to mitigate the repercussions of the Covid-19 pandemic in the United States, which is expected to be approved this month.
Oil prices were also supported by dwindling hopes that Iranian oil exports would soon return to the market after US President Joe Biden said the United States would not lift sanctions on Iran just to bring it back to the negotiating table.
Al-Abadi stresses to the US ambassador the need to keep Iraq out of conflicts
The leader of the Victory State Coalition, Haider al-Abadi, stressed to the US ambassador to Iraq, Matthew Toller, the need to keep the country out of conflict.
Al-Abadi’s office said in a statement received by the Tigris, that the latter “received in his office yesterday, Monday, the American ambassador in Baghdad, Mr. Matthew Toller, to discuss strengthening cooperation between the two countries and the situation in Iraq and the region, and the importance of keeping him away from the conflicts in them, as well as the many challenges he is going through. The country is economically, financially and security-friendly. "
Al-Abadi stressed, according to the statement, that "the stability of the region will be positively reflected in various fields on Iraq and the rest of the countries," stressing "the importance of serious work in order to achieve this matter."
He pointed out, "Iraq has many future entitlements and we are working hard to achieve what the citizen aspires to."
Movement to develop The Iraqi Stock Exchange
Enabling the Iraqi Stock Exchange represents the goal of the next phase of the Securities And Exchange Commission, as the volume of stock trading represents the mirror of economic activity in the country, and the commission's efforts look forward to reaching the volume of trading from $3-5 million per day to be a semi-emerging trading market.
"There is an active movement to develop the Iraqi stock market in accordance with Iraq's economic potential," Said Faisal al-Haym, chairman of the Securities Commission.
Weak trading
He added that "the reality of trading stocks within the market is below the level of ambition, which makes it imperative for us to work to study the causes of weak trading and the trend towards addressing them."
He pointed out that «Iraq has a significant economy in the region and the world and has the second oil reserves, and this large wealth in this sector along with wealth in other sectors, can be more effective and this reflects positively on the performance of the Iraqi stock market."
Re-trade
He revealed that «the Commission examined the reasons for the weakness of trading and found the suspension of trading a number of companies because of their failure to complete disclosure, and this prompted us to issue decisions based on the reality of the situation that Iraq and the world went through due to the Corona pandemic, which counted a compelling circumstance, and we were able to re-trade a number of companies, and work continues to consider the reasons for the suspension and address it and return a number of companies to circulation."
"This measure helped to move the hard money by re-trading the shares of the suspended companies after raising the reasons, and this brought the movement back to the reality of the shares," he said.
Maximize trading
"There are plans to maximize trading and its value, by creating a trading volume of $3-5 million, hence we have a semi-emerging trading market, which will attract foreign investment," he said. He pointed out that «this trend represents one of the most important goals that the Authority is working to achieve in the coming period."
He warned that "raising the level of foreign investments in the Iraqi stock market requires the presence of attractions that contribute to this and the most important element of making profits by the joint stock companies and taking advantage of the price variables in daily trading."
He explained that "the legal environment for the operation of the market is suitable and suitable for the work, especially since the market is not modern and has been working for a long time, and the country has wealth that makes us a large stock market."
Finance Committee submits a proposal related to Article 140 of the budget
The Parliamentary Finance Committee revealed, on Tuesday, the submission of a proposal to increase the allocations of Article 140 in the draft federal budget law for the year 2021.
Committee member Sherwan Mirza said, in a statement to Kurdish media: “We have submitted a proposal to the Parliamentary Finance Committee to increase the allocations of Article 140 in the draft federal budget law. For the year 2021 ”.
Mirza added, "The funds allocated to Article 140 in the budget amount to 12 billion and 800 million dinars, and these funds are few, so we presented a proposal to increase these funds in a way that covers the expenses of Article 140."
He continued, "The proposal is under study in the Parliamentary Finance Committee, and we hope that it will be approved soon and that the funds allocated to Article 140 will be increased."
Parliamentary Finance: If the budget discussions in the Council of Ministers were not delayed, Parliament will pass it next Saturday
The Parliamentary Finance Committee confirmed, today, Tuesday, that the House of Representatives will present the draft federal budget law for 2021 to a vote next Saturday, as it was not delayed discussion in the Council of Ministers.
Committee member Siham Al-Aqili said in a statement to "Tigris", "The Finance Committee has completed all the paragraphs in the budget, including the paragraph for the Kurdistan region and sent them to the Council of Ministers," noting that "the region's paragraph is in the process of discussion between the political blocs to agree on it politically before submitting it to the vote. ".
She added that "the House of Representatives will present the draft federal budget law for 2021 to a vote next Saturday, as discussion in the Council of Ministers has not been delayed," indicating that "the Council of Ministers will end the discussion of budget amendments at the end of this week."
Cabinet spokesman Hassan Nazim announced today, Tuesday, the formation of a committee in the cabinet to study amendments to the federal budget for 2021.
The WOTS report is below:
The selling prices of the dollar against the Iraqi dinar were relatively stable during today's trading in the local markets, .compared to yesterday's prices and before The sale price of $ 100 came to 146,250 , while the purchase price of $ 100 came to 145,250 , roughly speaking, in .most local banking offices
Favorite Currencies Forex Quotes
| Symbol | Bid | Ask | High | Low | Open | Change | Time |
|---|---|---|---|---|---|---|---|
| USD/IQD |  1430.3000 |  1480.0000 | 1457.9000 | 1457.9000 | 1457.9000 | 0.2000 | 00:02 |
| USD/VND | 23010.0000 | 23020.0000 | 22966.2700 | 22965.5100 | 22965.6600 | 0.1900 | 21:33 |
| USD/CNY | 6.4342 | 6.4362 | 6.4518 | 6.4321 | 6.4477 | -0.0136 | 05:02 |
| USD/KWD | 0.3020 | 0.3030 | 0.3026 | 0.3022 | 0.3026 | -0.0005 | 05:00 |
| GBP/USD |  1.3764 | 1.3766 | 1.3789 | 1.3734 | 1.3737 | 0.0027 | 05:05 |
| USD/IRR | 42000.0000 | 42210.0000 | 42097.5000 | 42097.5000 | 42097.5000 | -914.4000 | 07:13 |
| USD/IDR | 13982.0000 | 13988.0000 | 14025.0000 | 13973.0000 | 14002.0000 | -27.0000 | 05:05 |
The Foreign Minister meets his Kuwaiti counterpart, and they affirm the necessity of activating the decisions of the Iraq Reconstruction Conference
Foreign Minister Fuad Hussein met his Kuwaiti counterpart, Ahmed Nasser Al-Muhammad Al-Sabah, on the sidelines of the emergency meeting of the Arab League Council at the ministerial level in Cairo.
During the meeting, according to a statement by the Ministry of Foreign Affairs, bilateral relations between the two countries were discussed, stressing the need to deepen them in a way that achieves the interests of the two brotherly peoples, discussing issues of concern to Iraq, the State of Kuwait and the Arab region, and the need to activate the decisions of the Iraq Reconstruction Conference held in the State of Kuwait.
The two sides agreed on the importance of cooperation in all fields, the continuation of consultations, and the adoption of meaningful dialogues that would preserve Arab unity, face the challenges facing the region, and how to deal with the new administration’s policy in Washington.
The Kuwaiti Foreign Minister affirmed his support for the efforts of the Gulf states to Iraq in making the decision and not interfering in its internal affairs, indicating that the Iraqi-Kuwaiti committee will resume its meetings after the formation of the new Kuwaiti government.
A bomb exploded near a new bank bridge
A security source said, Tuesday, that a device exploded near the new bank bridge.
The source told "Tigris" that "an explosive device exploded near the new bank bridge."
The source added, "The security forces closed the roads leading to the explosion site and began to investigate the number of wounded and injured."
Parliamentary Finance clarifies to the NRT when the budget will be settled and how long the current dollar price will remain
The Parliamentary Finance Committee suggested, on Monday, that the federal budget for the current year will be decided next week to be ready for a vote on it inside the parliament, indicating that the dollar exchange rate will remain as it is now, until another budget comes, whether it is supplementary or the 2022 budget.
Committee member, Jamal Cougar, told NRT Arabia today (February 8, 2021), "The government submitted the budget to the House of Representatives late and because it is controversial, it takes a long time, because the House of Representatives has the right to scrutinize all the details of the budget and see its merits."
Cougar added, "There are many points that still need to be decided, including the proportion of the share of the Kurdistan region that has not been agreed upon until now," noting that "the issue of the oil-producing provinces has been resolved through the establishment of the petrodollar fund and their dues will be deposited in it, whether in cash or Aini, by utilizing the equivalent and equal of petrodollars of oil to be sold directly and transferring its revenues into projects.
With regard to dollar prices in the Iraqi market, Cougar said, "The price of the dollar will remain as it is now until another budget, whether supplementary or 2022 budget, comes, then the price will be changed if the government has a large abundance that helps to overcome budget pressure expenditures, because the sudden change It will confuse the market and cause people to worry about the central bank's decisions. "
And he added, "The committee agreed with the Prime Minister, Mustafa Al-Kazemi, during its meeting with him and with a number of ministers to monitor the spending of the budget in light of the economic crisis that the country is going through through three axes, the first of which is before the vote, and after approval to issue instructions, and the last to implement this budget to be This is the complementary part of the government in controlling the flow of the exchange process. "
CBI Update: Just a note:
including $0. CASH
ISX Update: Shares Traded: not updated for todayValue Traded: not updated for today
2-8-2021 Newshound Guru MilitiaMan Stock exchanges that need to be on the same page and able to clear trades with not only stock but one another's respective currencies, as they need to communicate. The timing of all this is not by a coincidence in my opinion it is by design. The platforms are in place and now will apparently start to connect in real international time and pricing. BUNA imo requires article 8 compliance with the IMF.
2-8-2021 Newshound Guru Jeff The World Bank and the IMF they started showing a large presence with Iraq around December. Why December? They're working with Iraq to bring forth the rate change. It's that simple. They're using the last quart of Iraq's 2020 fiscal year which is January through March to set the stage for the rate change. That's why they devalued the currency on December 20th...that was nothing more than a 90-day tool to reduce the note count physically within the country of Iraq.
2-8-2021 Intel Guru MarkZ [via PDK] ...there were a few small articles coming out of Iraq this weekend as they prepare for their new rate. This has been going on about 5 weeks as they ramped up news on the white papers, the budget, and impending value change...
2-8-2021 Newshound Guru Jeff This news is red hot. Article: "The World Bank: Iraq is experiencing its worst crisis since 2003...We put a large financial portfolio for it - Urgent" ...The World Bank just came out this morning releasing an article screaming at us that Iraq is about to change the rate...the World Bank and the IMF are working with Iraq to bring forth the rate change. It's over and done. All you're waiting on is the fiscal year [March 2021]...this is red hot news!
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