WOTS THUR MAR 11 21
These are the articles I discussed on the My FX Buddies podcast at: https://anchor.fm/dashboard/episode/esbtsr
An economist expects a representative decision related to the exchange rate that paves the way for market stability
The economic expert, Rasim Al-Aqidi, predicted, today, Thursday, the date of price stability in the Iraqi market, while noting that the news and statements issued by political forces prompted many traders and importers to consider import operations.
"The markets are affected by rumors, news and statements related to the exchange rate of the US dollar against the Iraqi dinar, especially since some of them are issued by influential political blocs demanding the return of the exchange rate to its previous position," said Rasim Al-Aqidi.
Al-Aqidi added, "The change of the dollar’s exchange rate by the state and subjecting it to speculation through supply and demand came in order to alleviate the problem of foreign currency exiting outside the borders due to the low exchange rate by purchasing goods that the country does not need, which leads to a reduction in imports, and this allows space. The largest for domestic products in marketing and consumption. "
He continued, "The news and statements issued by political forces prompted them to refrain from withdrawing the dollar and replacing it with the local currency. It also prompted many merchants and importers to wait and deliberate in import operations, awaiting the settlement of the budget deferred for months, which created a recession in the Iraqi market."
The economic expert stressed, "The approval of the budget by a representative decision will end the debate, and the markets will return to normal, and everyone will absorb the shock and the emerging conditions that will impose its decision on the markets."
Parliament presidency excludes passing the budget law at a session next week
On Thursday, the second deputy speaker, Bashir Al-Haddad, ruled out passing the budget bill for 2021, at next week's session.
Al-Haddad said in a press interview, that "it is difficult to pass the financial budget in next Monday's session, because the Federal Court law has not yet been approved."
Al-Haddad added, "The parliament presidency must set another session for the budget, for the purpose of voting on it."
Last Monday, Parliament Speaker Muhammad al-Halbousi directed the inclusion of the budget bill on the agenda of next Monday’s session, based on a request submitted by Representative Yusef al-Kalabi and signed by 150 deputies.
A member of Parliamentary Finance explains the possibility of passing the budget and postponing the settlement of the Kurdistan quota and the exchange rate clauses
A member of the Parliamentary Finance Committee, Jamal Cougar, confirmed today, Thursday, March 11, 2021, that the Federal Budget Law for 2021 cannot be passed in part, in response to the requests to vote on the budget with the postponement of the .settlement of the exchange rate paragraph and Kurdistan’s share in it until final agreement regarding them
Cougar said in an interview with him (Baghdad Today), "Passing the budget bill with the postponement of the vote on the share of ".Kurdistan and the exchange rate due to deep disagreements about them is impossible
He added that "the dollar exchange rate is decided and the House of Representatives does not have any authority to pass it," pointing ".out that "the budget cannot be passed without deducting the share of the Kurdistan region in it Member of Parliament, Asaad Al-Morshedy, confirmed yesterday, Wednesday, that the session of the House of Representatives set for next Monday to put forward the budget bill for the year 2021 will be decisive, given that the only affected citizen is the delay in passing .the budget
Al-Morshidi said in an interview with (Baghdad Today), "The budget is ready for voting and the parliamentary finances have sent the bill ".to the Presidency in order to put it to vote next Monday
He added that "political differences between Baghdad and Erbil were behind the delay in approving the draft budget, and therefore it is ".inevitable to pass it in the next parliament session
And that "all economic projects are stalled in the country because of the delay in approving the budget, so the Iraqi citizen is the only ".one affected by what is happening," stressing that "the dismissal will be said to Parliament regarding the passing of the budget
A new manipulation of the dollar price in Iraq reaches "serious" stages .. An important decision may be taken after a month
The Iraqi street has entered a new deadline of one month, amid aspirations for government recommendations that will appear after 30 days, on the basis of which important decisions related to the dollar exchange rate may be taken.
As the Ministry of Planning discussed today, Thursday, with government agencies and the private sector, the implications of changing the currency exchange rate on investment projects.
A statement by the ministry said, "The committee formed under Cabinet Resolution No. 63 of 2021, which will study the consequences of changing the currency exchange rate, held its first meeting at the Ministry of Planning."
The Undersecretary of the Ministry of Planning confirmed, according to the statement, that "this committee was formed to study the effects of changing the exchange rate of the dollar against the dinar, and to propose the required solutions, as far as the matter is related to investment projects." To the Council of Ministers for a decision.
Restoring the price of the dollar .. An escalating movement
The movement of the dollar’s exchange rate began to return to its previous state or to reduce it from the price fixed in the 2021 budget, reaching the peak and tugging stages, which may complicate the issue and may lead to the creation of new problems and obstacles to the 2021 budget.
While the past few days witnessed vacillating parliamentary statements and calls about the need to restore the previous dollar exchange, the first Deputy Speaker of Parliament, Hassan Al Kaabi, called for a parliamentary stance to restore the exchange rate, triggering governmental reactions, on the basis of which a parliamentary “tightening” and escalation of positions were set in motion.
While Al-Kaabi demanded the need to find a serious stand by MPs to restore the exchange rate, Finance Minister Ali Allawi said that restoring the previous exchange rate is “difficult” and that it is not permissible to manipulate the price of the dollar and the value of the dinar daily, and that this decision was taken based on consultations with the Central Bank and the World Bank, as well as Political blocs in Parliament.
Hinting to amend the Central Bank Law
This clear rejection of the government position led to a parliamentary counter-escalation, as the representative of the National Approach bloc, Hussein Al-Oqabi, said in a statement that “we followed with great astonishment the minister's statements regarding the inability to change the dollar’s exchange rate because it is a reasonable price and that the decision was taken in consultation with the Central Bank and the Fund. International criticism and political blocs, and that the markets accepted it, and the government will work to compensate contractors who are affected by it.
While Al-punabi described this decision as “ill-considered,” he emphasized that “it led to a crazy increase in the prices of consumer goods - even locally produced - by more than 30%, which added another burden on the shoulders of the Iraqi family, and constituted great pressure on the living situation of the simple citizen. It caused obvious confusion in the market.
He continued by saying: “The Iraqi economy has been mortgaged by the IMF and the political blocs’ response to these dictates represents a dangerous turning point that affects the future of the country and puts its capabilities and wealth in the hands of foreign decisions that are the last thought of the interests of the country and its people. ”
He went on to say: “From here we demand and renew our previous demand to restore the dollar’s exchange rate to what it was previously, and we affirm that the legislative authority is the final word in all issues related to matters of conducting financial matters through legal legislation inside the parliament,” indicating that “raising The exchange rate of the dollar came according to a decision from the Central Bank and with governmental and external influence, but it is possible to correct the decision by the legislative authority, even if it is necessary to amend the Central Bank Law.
The parliamentary movement is "serious" to restore the exchange rate ... and the budget may be affected
A member of the Parliamentary Economic and Investment Committee, Nada Shaker Jawdat, confirmed the “seriousness” of the parliamentary movement to restore the previous exchange rate, as she stated in press statements that “The talk about the lack of a parliamentary majority rejecting the adjustment of the dollar’s exchange rate after it was raised by the Ministry of Finance and the Central Bank is inaccurate. Far from reality, but on the contrary, the majority with adjusting the exchange rate and returning it to what it was or reducing it from what was stated in the 2021 budget bill.
She added that "adjusting the exchange rate of the dollar against the Iraqi dinar remains within the authority of the Iraqi government. As for Parliament, it cannot make any amendment except with the approval of the government," noting that "until the moment there is no government approval for this amendment, but rather there is insistence on maintaining the exchange rate." Without any change, and this is what the majority of deputies reject.
While the Parliamentary Finance Committee indicated that the political movement is still continuing within the House of Representatives, with the presence of parliamentary signatures submitted to the Parliament in order to restore the exchange rate of the dollar against the dinar or reduce the current price, noting that “the government is difficult to go in this direction, Because changing the exchange rate or returning it to its previous rate needs to reformulate the 2021 budget bill anew
Al-Maliki: Iraq is in the process of forming a strong government capable of restoring the state's prestige
The head of the State of Law coalition, Nouri al-Maliki, confirmed today, Thursday, that Iraq is preparing to contest early elections and form a strong government capable of restoring state prestige, maintaining security and stability, and meeting the demands of Iraqis
A statement by the media office of the head of the Dallah Al --Law coalition reported to Alsumaria News stated, "Al-Maliki received the Ambassador of the People's Republic of China to Iraq, Mr. Zhang Tao, and the meeting dealt with the latest developments in the political and security situations in the country. Views were exchanged and various regional and international issues were reviewed
Al-Maliki stressed, according to the statement, "the importance of cooperation and coordination with brotherly and friendly countries of Iraq in order to reduce tension in the region and adopt dialogue to address crises," explaining that "IraqHe is preparing to run early elections and form a strong government capable of restoring the prestige of the state, maintaining security and stability, and meeting the demands of the Iraqis
The head of the State of Law coalition expressed his hope that participation in the elections would be wide and that international monitoring would be achieved," rejecting "the principle of supervision because it affects the sovereignty ofIraq, While called to "be for Republic of China The people have a stance in support of Iraq and a protector of its unity and sovereignty in the UN Security Council
In turn, the Chinese ambassador affirmed his country's commitment to support IraqAnd to enhance and expand the prospects for cooperation in various fields
The Ministry of Planning is discussing with government agencies and the private sector the implications of changing the currency exchange rate on investment projects
The committee formed according to Cabinet Resolution No. 63 of 2021, which will study the consequences of changing the currency exchange rate, held its first meeting at the Ministry of Planning.
A statement by the Ministry of Planning said today that the meeting was chaired by the technical representative of the ministry, Maher Hammad, in the presence of the Administrative Undersecretary Azhar Hussein Saleh, the President of the Iraqi Contractors Union, Ali Al-Sanafi, and representatives of the Ministries of Electricity, Finance, Housing, Reconstruction and Municipalities, the Central Bank of Iraq and the National Investment Authority.
The Undersecretary of the Ministry of Planning confirmed that this committee was formed to study the effects of changing the exchange rate of the dollar against the dinar, and to propose the required solutions, as far as the matter relates to investment projects, indicating that the committee’s work period will be one month, and after that it submits its recommendations to the Council of Ministers for decision. ".
The representatives of the parties participating in the meeting, according to the statement, presented a presentation of investment projects, methods of contracting with the implementing companies, and the mechanisms of payment of the dues of these companies, whether those dues were unpaid debts or unspent advances. ”The
statement indicated that the committee will continue its meetings during the coming days, To develop the required solutions and proposals, to address the effects of changing the exchange rate on investment projects
WORLD FOOD" COMMENTS ON THE DECISION TO REDUCE THE VALUE OF THE IRAQI DINAR
The representative of the United Nations World Food Organization in Iraq, Abdul Rahman Megaj, commented today, Wednesday, on the decision to reduce the value of the Iraqi dinar against the dollar, while measures to confront Corona have affected job opportunities.
"Iraq is facing challenges due to the ongoing epidemic, and the mitigation measures taken by the government affect job opportunities, as well as the devaluation of the Iraqi dinar," Megaj told the "News Center."
He added, "The Public Distribution System (PDS) is an important social safety net in Iraq that aims to provide four basic foodstuffs for almost all Iraqis every month."
Indicating that “according to the International Organization for Migration to track displacement, most of the displaced are located in the governorates of Nineveh, Dohuk, Erbil and Sulaymaniyah, while the returnees are concentrated in the governorates of Nineveh, Anbar, Salah al-Din and Diyala.”
He pointed out that "price increases in areas hosting vulnerable population groups are higher. The government's National Food Security Project (2020-2022), which was launched in April 2020, is designed to increase food self-sufficiency in Iraq."
The Minister of Trade, Alaa Al-Jubouri, revealed to the "News Center" this morning that the ministry had put in place an urgent plan to develop the ration card and overcome the obstacles in this file.
The WOTS report is below here:
The dollar's exchange rate rose on Thursday on the main stock exchange in Baghdad and kurdistan.According to a reporter for The Shafq News Agency, the al-Struggl and Al-Harthiya central banks in Baghdad registered 145,500 Iraqi dinars for $100.
The Central Struggle Stock Exchange opened at 145,400 Iraqi dinars 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 146,000 Iraqi dinars, while the purchase price reached 145,000 dinars per 100 U.S. dollars.
In Erbil, the capital of Kurdistan province, the dollar also rose, with the selling price of 145,800 dinars per 100 dollars, and the purchase at 145,400 dinars per 100 U.S. dollars.
Favorite Currencies Forex Quotes
| Symbol | Bid | Ask | High | Low | Open | Change | Time |
|---|---|---|---|---|---|---|---|
| USD/IQD |  1425.2000 |  1475.4000 | 1457.7000 | 1457.5000 | 1457.5000 | 0.4000 | 21:29 |
| USD/VND | 23051.0000 | 23054.0000 | 23034.0000 | 23028.2600 | 23028.2600 | 7.3500 | 01:00 |
| USD/CNY | 6.4858 | 6.4878 | 6.5051 | 6.4851 | 6.5047 | -0.0191 | 05:10 |
| USD/KWD | 0.3019 | 0.3029 | 0.3024 | 0.3021 | 0.3024 | -0.0003 | 04:47 |
| GBP/USD |  1.3960 | 1.3961 | 1.3963 | 1.3918 | 1.3932 | 0.0027 | 05:25 |
| USD/IRR | 42000.0000 | 42210.0000 | 42097.5000 | 42097.5000 | 42097.5000 | 0.0000 | 00:00 |
| USD/IDR | 14315.0000 | 14316.0000 | 14406.0000 | 14297.0000 | 14380.0000 | -66.0000 | 05:25 |
Washington: We have not given a green light to release Iranian funds held in Iraq
The US Secretary of State, Anthony Blinken, denied the validity of what was said that the US administration had given a green light to countries to release Iranian funds withheld due to US sanctions .
Blinken said during a hearing before the Foreign Affairs Committee in the House of Representatives, that what is said is that the US administration has given a green light to certain countries, such as South Korea or Iraq, to release billions of dollars of Iranian oil money frozen under the US sanctions, is nothing but information. "Wrong ."
Blinken stressed that any green light in this regard "will not be issued until after Iran returns to the nuclear deal." He said, "If Iran returns to fulfilling its obligations under the nuclear deal, we will do the same ."
Iranian President Hassan Rouhani called on Iraq to release billions of dollars that were frozen in Iraqi banks due to US sanctions
Suspicious" signs of making adjustments to the budget with "the secret"!
The economic expert, Abd al-Rahman al-Sheikhly, confirmed that the 85% of the amendments made to the budget by Parliament did not affect the life of the citizen, indicating that there are matters that took place in the corridors of the House of Representatives, the Finance Committee and members of Parliament that they are not aware of.
Al-Sheikhly said in a press statement that "Parliament has made amendments to the draft budget law and reached more than 85%, according to what the Finance Committee stated."
He added that "these amendments did not affect matters of concern to the citizen, including social welfare allocations, ration card allocations, and dollar exchange rates," noting that "secret agreements and amendments are taking place in the dark corridors and in the financial committee that even the committee members are not aware of according to deals prepared for that."
He explained that "the most important paragraph in the budget that the parliament overlooked is the ration card allocations," noting that "the budget came with allocations for the ration card twice as it was brought by previous budgets. The council did not ask the government where the allocations of previous years were, and the citizen did not receive any of the card items."
CBI Update: Just a note:
including $0. CASH
ISX Update: Shares Traded: not updated for todayValue Traded: not updated for today
3-10-2021 Newshound Guru Walkingstick [via Frank26] The HCL is being pushed dramatically right now. I mean it's being shoved. It's being pushed though and it's extremely important for us to understand the value of that because the HCL is going to allow the new exchange rate to come out...pushing the HCL is telling you and me as investors that they are very very close...
3-10-2021 Intel Guru Footforward [I was under the impression that there would be two rates one domestic in Iraq and a different rate international?] there will not be two different rates. That's been misinformation for a long time. You can't have two different rates. It doesn't work like that. Where people get confused is...that they will exchange dinar for US dollars on a one-to-one basis in country. That's not a rate that's just a note exchange. And in country they can do whatever sort of exchange they want. That should not be mistaken for a rate.
3-10-2021 Intel Guru MarkZ [via PDK] The news out of Iraq guys…wow, they are really pushing for it…they are going to drag this thing through kicking and screaming… The rest of the world cannot afford not to go when they go…hell or high water - Iraq is changing the value of their currency and forces the rest of the world to catch up...do things look fantastic…do they look like they are pushing forward? Yes… The biggest news right now is what is coming out of Iraq.
3-10-2021 Intel Guru Frank26 The meetings that we told you about between the FAB 4 before they raise the value...are really picking up the pace. It's really moving fast...in the last meeting Saturday they talked about the small category notes. They also talked about the Real Effective Exchange Rate...regarding the meeting about the new small category notes - that one is done. Regarding the meeting about the new exchange rate - that one is done...
3-10-2021 Newshound Guru Pimpy You don't need humanitarian projects, you don't need to go to redemption centers, you don't need to take your dinar and turn it in to anybody. So when they say they have these...they want you to give them your dinars because they're getting 'contract rates' that's really skittish. Be careful...don't get focused on just an announcement. There are other things we can be watching out for that would allow the Iraqi dinar to increase in value...Strong economy. Increase in Federal Reserves. Increase in gold holding. Decrease in money supply... [post 2 of 2]
3-10-2021 Newshound Guru Pimpy Many people are asking me, 'Hey Pimpy When do you think the RI/RV is going to happen? Will it be announced? What do you think the rate is going to be?' We don't do rates and we don't do dates. There's a reason for it. Because no body knows. Everything is speculation... there could be an announcement of an RV or an RI at anytime. No one knows. I don't care if you're talking about backroom screens, redemption centers on standby, waiting for magic codes, all that crap. I don't care what they say, it's all bull shit. [Post 1 of 2....stay tuned]
3-10-2021 Newshound Guru Jeff Article: "Al-Kazemi: We have succeeded in crossing the economic crisis and an international readiness to support Iraq in reform" Remember these reforms can only be launched and implemented after Iraq has changed their rate. That's why since last year they're still talking about reforms...anything that costs money within the reforms can only be launched and implemented after the rate change...That's why the bulk of the reform is still pending and outstanding because it's waiting on the rate change. That level of reforms requires Iraq's currency to be internationally recognized...
3-10-2021 Intel Guru Footforward [I believe you said in the past it has to come out min at 3.50$ right?] that is my opinion yes.
3-10-2021 Newshound/Intel Guru Petra It's just mind boggling to think of every step, every person, every integration, electronic integration, everything that had to be done to bring us to this point has just been absolutely amazing...the infrastructure they've built is absolutely phenomenal...the great thing is this is going to take them to a whole new level which they can build their country to be a recognized entity in the international markets...
3-10-2021 Newshound/Intel Guru Mnt Goat Article: "REPRESENTATIVE ECONOMIC: THE CONDITIONS ARE READY TO ADJUST THE EXCHANGE RATE AND THE OIL BARREL IN THE BUDGET" Quote: "...Al-Faily said, "THE CONDITIONS ARE IN PLACE TO RESTORE OR REDUCE THE EXCHANGE RATE OF THE DOLLAR AGAINST THE IRAQI DINAR IN THE DRAFT BUDGET" this article...is powerful. They are telling us that now that the “economic conditions are ready” they are ready to adjust the exchange rate. No more excuses. But they need the new rate in the budget. I know for a fact they will never put the rate in the budget until it is all completed. So Al-Faily knows what he knows but not what the CBI will ever do for security reasons.
3-10-2021 Newshound Guru MilitiaMan A process had to be brought fourth...a currency reform is complex...It's not an easy task to do what they're doing. They have to set up things. They've got decisions that need to be made. They have to set the stage for the economy to be able to do this. And they have to have components of psychology involved because the people can't adjust... ultimately they had to get everything in order...kicking the can? ...or were they really just stalling for the system to be in place? ...eventually they've got to finish it...I think the 2021 budget, the Kurds, Hydro Carbon Law - they're all waiting for the same thing - the time to get that phone call saying show up. It's show time!
Al-Fateh: There is no need for supplementary budgets, and a change is possible in the original budget
Al-Sheikhly: Amendments were made to the budget in the corridors of Parliament, the Finance Committee, and members do not know
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