Sunday, March 7, 2021

WOTS WED MAR 3 21

 WOTS WED MAR 3 21

Amending the interest of the Central Bank’s initiative of (1) trillion dinars

The dollar rose on Wednesday on the main stock exchange in Baghdad while falling in kurdistan province.

According to a reporter for The Shafq News Agency, the al-Struggl and Al-Harthiya central stock exchanges in Baghdad recorded 145,450 Iraqi dinars for $100.

The Central Struggle Stock Exchange opened at 145,300 Iraqi dinars on Tuesday morning.

Our correspondent pointed out that the prices of buying and selling increased 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 fell, with the selling price at 145,200 dinars per 100 dollars, and the purchase at 145,000 dinars per 100 U.S. dollars.



The Markets:
The Asian markets closed up NIK up by .51% HSI up by 2.70% SHANG up by 1.95%
The UK markets are currently trading in the green from .% to .%
Our futures are currently trading in the green the  DOW at 31574 up by .69% SNP at 3891 up by .61% NDX at 13144 up by 1.66%

Precious Metals:
Gold is red at 1722 Silver is red at 26.62 Copper is red at 418 Platinum is red at 1205 
Brent 64 WTI 60

Favorite Currencies Forex Quotes

SymbolBidAskHighLowOpenChangeTime
 USD/IQD  1460.0000  1465.0000 1457.9000 1457.9000 1457.9000  0.2000 01:19
 USD/VND  23020.0000  23030.0000 22993.8100 22972.3000 22972.3000  25.3400 01:19
 USD/CNY  6.4642  6.4664 6.4696 6.4561 6.4696  -0.0054 05:09
 USD/KWD  0.3021  0.3031 0.3025 0.3022 0.3025  -0.0003 05:09
 GBP/USD  1.3981  1.3982 1.4006 1.3937 1.3946  0.0035 05:15
 USD/IRR  42000.0000  42210.0000 42097.5000 42097.5000 42097.5000  0.0000 00:00
 USD/IDR  14264.0000  14268.0000 14340.0000 14235.0000 14251.0000  15.0000 05:15

Things in the News:





Iraqi Articles:

Parliamentary: Approval of the budget will take weeks due to disputes in Baghdad and Erbil

link

Member of Parliament, Fadel Jaber Al-Fatlawi, said, on Wednesday, that approving the budget will take weeks due to the existence of differences between the center and the region.

Fatlawi said, "It" was expected to vote on the budget this week, but the survival of the differences between the center and the region is what will cause to delay for several weeks. "

Between, that" the province resources of crude oil and border ports; They are the two main reasons for not voting on the budget until now. ”Al-Fatlawi ruled out,“ the existence of any tendency to block this year's budget, as happened in last year's budget. 

 Oil is returning to rise after losses that lasted for days

link

Oil prices rose, Wednesday, supported by hopes of demand for progress made in the introduction of US vaccines, while uncertainty about the size of supply that OPEC + will return to the market at its meeting on Thursday, and the rise in US inventories limited a significant rise in prices.

US West Texas Intermediate crude futures rose 28 cents, or 0.45%, to $ 59.95 a barrel by 05:06 GMT, recovering from three days of losses.

Brent crude futures rose 28 cents, or 0.46%, to $ 62.99 a barrel, up from four days of losses.

Analysts said that hopes for a recovery in demand thanks to the launch of the vaccine kept oil prices supported.

President Joe Biden said on Tuesday that the United States will have enough COVID-19 vaccine for every adult American by the end of May, after Merck & Co agreed to vaccinate competitors Johnson & Johnson.

Meanwhile, the market’s attention is focused on next Thursday’s meeting by the Organization of the Petroleum Exporting Countries (OPEC +). The market broadly expects that they will ease production cuts, which were the deepest ever, by about 1.5 million barrels per day, as Saudi Arabia, the OPEC leader, ended Reducing voluntary production of one million barrels per day.

The rise in US crude inventories also limited the price hike after the American Petroleum Institute Industry Group reported that US crude inventories rose by 7.4 million barrels in the week ending

Faik Sheikh Ali threatens to expose the loyalists of Iran

link

Member of Parliament, Faiq Sheikh Ali, threatened to reveal more facts about the political parties and groups loyal to Iran, which he and its leaders had previously accused of high treason for Iraq.

This comes in response to threats against MP Faik Sheikh Ali by groups affiliated with Iran, following a televised interview in which he accused leaders of pro-Iranian political blocs, including Nuri al-Maliki and Hadi al-Amiri, of high treason for Iraq.

In a tweet on Twitter, Sheikh Ali wrote, addressing what you know “Quarter of God”: Where are God and make it easy! I will not let you and your leaders regret you throughout your life. I swear by God! After Ali, Tali and Kut, from whom Abu Adai was treading with the heel of his shoe. And for you, I am after me, but I have not had so far except for only 1%! Waiting for your reactions until it attacked you like a hawk, to make a laughingstock of you in front of the world.

Iraq fined a Chinese company for violating the terms of employing foreign workers

link

On Wednesday, the Labor Court in Maysan decided to fine a Chinese company of more than 800 million dinars for violating the provisions of employing foreign workers.

The Supreme Judicial Council said in a statement seen by "Al-Eqtisad News", that "the Labor Court issued a decision to fine a Chinese oil company with an amount of (875364000) Iraqi dinars in favor of the Ministry of Labor and Social Affairs."

He added, "The ruling was issued due to the Chinese company’s violation of the terms of employing foreign workers, whose number is estimated at (613), which is equivalent to three times the minimum monthly wage in accordance with the provisions of Article (30) of Labor Law No. 37 of 2015."

He pointed out that "the amount of the fine was deposited in the fund of this court, to be deposited after that in the interest of the Ministry of Labor and Social Affairs



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

Amending the interest of the Central Bank’s initiative of (1) trillion dinars

link

Amending the interest of the Central Bank’s initiative of (1) trillion dinars

 

Central bank 's keenness of Iraq on the note that the current exceptional circumstances related to the financial and economic side and the implications of a pandemic Corona, so decided that the bank "reduce all the benefits imposed on the loans granted including Bank initiative of the Iraqi Central of 1 trillion dinars , " as in the below:

1. The reduction of interest The Central Bank of Iraq for large projects to be (1%) instead of (2%)
2- Reducing interest for banks on housing loans to be (2%) instead of (4%)
3- Adjusting the Central Bank commission (for housing loans) to be (5 per thousand) Instead of (7 per thousand)
4- All interests for banks and guarantor companies are "diminishing".
 
 
The Central Bank of Iraq
    Information Office
    March 3, 2021

The currency auction For  March 3, 2021 total sales amount $ 120,052,218. 

including   $0. CASH 

ISX Update:   

www.isx-iq.net/

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


3-3-2021   Newshound/Intel Guru Mnt Goat   ... Todays news is all about the budget and the refusal of the Kurdistan region to accept solutions presented to them. What do they want? They want a budget the recognizes and supports the people in the regions of article 140. They also want the oil and gas law... they have had enough of promises and want ACTION...they are also VERY upset over the devaluation of the dinar that took place in December. This move nearly destroyed their economy in Kurdistan...They want the full 17% plus the extra % under article 140. Under the law would guarantee them this but where is the law?
3-2-2021   Intel Guru Frank26   ...The Vietnamese dong is no longer under the thumb of China.  China would tell Vietnam you can't do this.  You can't export that.  Gotta do this, that.  Now Vietnam is exploding.  Their GDP, economy is exploding.  There's not much China can do about it and the reason why is China is going digitally with their currency and so is Vietnam.  China is about to let go of Vietnam and let Vietnam do what it wants.  I think Vietnam wants to enter an Asian basket.  A lot of people are saying the Vietnamese dong is going to be in a basket with the Iraqi dinar.  No!  The Iraqi dinar is going to be in a basket with Middle Eastern currency.  The Vietnamese currency will be in a basket with Asian currency...

3-2-2021   Intel Guru Footforward    [...How many baskets do you think there will be?...If I understand correctly, there will be one strong  hub currency in each basket...]   From what I've been told there are three baskets currently in play.  Every basket has what's called an anchor currency. The one that's going to have the biggest move and basically helps to create what's needed for the other evaluations to happen. The dong is one, it anchors the Asian basket. Even more so now. The Iraqi dinar...anchors the middle East basket.  The third basket I can't talk about yet. I may never be able to talk about it publicly...There could be more in time but at the moment there are plans in place for three.

3-2-2021   Intel Guru MarkZ   [via PDK]   [Kuwait’s RV was on a March 21st…]  They do like March for revaluations…taking advantage of the international accounting calendar.  Iraq continues to meet in parliament and again, they say they will continue to meet daily until the budget is complete and they have a new value…. 

3-2-2021   Newshound Guru Pimpy  This  [Recently discussed tweet from the Iraqi Government]  is old.  These were the words of the Finance Minister before the rate change happened {When they devalued in December}.  There's no date on this tweet...I'm pretty sure this is something that was said sometime in December or at least it was said in an article before the rate change happened when they first were talking about the White Paper reforms.  I don't want you to get down.  It's not bad news.  This is just  'look at everybody jumping on this like they're going to change the rate again' ...slow down sparky.  I got you.  I remember these words specifically.  These were said before they devalued the currency...

3-2-2021   Newshound Guru Jeff  They've pretty much almost stopped the currency auctions.  Not quite to 100% but there's down to probably about 95% reduction in country.  That's tremendous.  Remember I told you about the time they devalued the currency clear back on December 20th - this is one of those patterns we were looking for...they have done so.  That's just more confirmation they're in the progress of changing that exchange rate.

3-2-2021   Newshound/Intel Guru Petra  ...if they were going to have a budget at 1450 or even 1190 they'd have done it.  That's what's key to understand.  They are waiting for the rate because they know that's what they need to make all the changes.

3-2-2021   Intel Guru Frank26  The Iraqi dinar is pegged to the American Dollar.  You may say no it's not.  Trust me it is electronically.  It's already 1 to 1.  I know that's a bold statement to make...the Iraqi dinar is about to play fair with the American dollar.  It's pegged to it.  It has no choice.

3-2-2021   Newshound Guru Jeff   Question:  "Is the gain from this exchange rate considered taxable income?"  I know a lot of people think this isn't going to be taxable.  It's going to be a taxable event guys.  We live in the greediest country in the world - the United States.  I promise you this will not go untaxed.  Plan on paying your taxes and getting on with your life.  Keep it legal.  Keep it real.  [Note:  Always consult a tax professional at the appropriate time.]

3-2-2021   Newshound/Intel Guru Mnt Goat  Article:  "AL-KHALIDI IS SURPRISED THAT THE CABINET HAS FORMED A COMMITTEE TO STUDY THE CONSEQUENCES OF CHANGING THE CURRENCY EXCHANGE RATE"   So, is this proposal to change the exchange rate just to change it back to 1250 before the devaluation to 1450 or is it to 1:1 with the US dollar and give the Iraqi dinar the strength it really deserves? I believe, based on other articles... that it is a study to go to 1:1 and then to eventually raise it back to 3:1 and even higher... there is much pressure to finally get this done.


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

The Council of Ministers holds a regular session headed by the Prime Minister, Mr. Mustafa Al-Kazemi

Prime Minister Mustafa Al-Kazemi chaired today, Tuesday, a regular session of the Council of Ministers, during which the latest developments in the country were discussed, as well as the topics included in its agenda.

At the beginning of the session, Mr. Al-Kazemi stressed that there are attempts to obstruct the work of the government in light of the many challenges facing the country, and that the government has succeeded in preventing the collapse of the country economically and financially, and has taken an important reform step represented by the white paper, which contributed to the continued payment of salaries regularly after it was There are those who are betting on the collapse of the situation.
 
And his sovereignty indicated that the central bank’s reserves have grown and increased by four billion dollars, after accusations by the government that it will cause the reserve to bankrupt, stressing that the government has been able to reduce the corruption of the notorious currency auction, and it has become a thing of the past.
 
Mr. Al-Kazemi directed all ministers not to repeat the mistakes of previous governments in dealing with strategic files, and not to deal with bureaucracy with these important files, which leads to disrupting the provision of services to citizens and the completion of projects, stressing the importance of diagnosing challenges and not giving in to them, and working to overcome obstacles and move forward in Stages of completion.
 
The Prime Minister directed the ministries of health, finance and planning to work towards ending the file of hospitals that have been lagging since and before 2009, and to make the utmost efforts to accomplish them. He also directed his Excellency to deal with the purchase of vaccines directly with countries and manufacturers, and to prevent dealing absolutely with intermediary companies.
 
On foreign affairs, Mr. Al-Kazemi stressed that Iraq has succeeded in returning to its important role externally, and that there is great confidence in it now, for the important roles it played in the field of appeasement and dialogue.
 
The Minister of Health and Environment presented a report on the developments of the work of the committee to strengthen government measures in the areas of prevention and control of health and awareness in limiting the spread of the Coronavirus, and he also reviewed government efforts and the efforts of the Ministry of Health to confront the pandemic in light of the increasing number of cases of the disease.
 
After the Council of Ministers discussed what was included in its agenda, it issued the following decisions:
First / The Ministry of Finance finances the amount of trusts (11664921600) dinars, only eleven billion six hundred and sixty-four million nine hundred twenty-one thousand and six hundred dinars, for the purpose of spending them on hospital projects run by the Turkish company from the Ministry of Finance / Accounting Department as an exception from the instructions, and the Ministry of Health By completing the necessary legal procedures and settlement procedures.
 
Second: Approving the controls of replacing medical devices and equipment from the Ministry of Planning, and accompanying its letter numbered (4/7/1434 on 1/20/2021), as an exception to the public auction procedures stipulated in the Law of Sale and Leasing of State Funds (21 of 2013). Health and its departments. Replacement of medical devices and equipment after the existence of economic and technical feasibility, in a manner that guarantees advertising and competition between advanced companies.
 
Third / Approval of the recommendations with numbers (2,3,4) confirmed in the Ministry of Health book numbered number (1114) on 3/2/2021 attached to it.
 
Fourth / The Ministry of Finance financed an amount of (15,000) dollars from the allocations of the Ministry of Water Resources for the account of the Arab Ministerial Council for Water, for the value of the ministry’s participation in the council for the years (2019, 2020, 2021) as a voluntary contribution.
 
Fifth / Approval of the recommendation of the Ministerial Council for Human Development regarding the framework of the technical and professional qualifications framework system for Iraq, according to the following:
Approving the framework of the technical and professional qualifications framework system for Iraq, taking into consideration the comments of cabinet members during the session.
 
Sixth / Approval of the following:
1- Authorizing the Director General of the Iraqi Civil Aviation Authority, the agency of Mr. (Nael Saad Abdel-Hadi), the authority to negotiate and sign the amendment of Article (22) of the Air Transport Agreement between the Government of the Republic of Iraq and the Government of the Republic of Serbia, based on the provisions of Article (80 / Clause Six) of the Constitution.
2 - The Ministry of Foreign Affairs prepares the necessary authorization document in the name of the Government of the Republic of Iraq for the Director General of the Civil Aviation Authority and agency, according to the approved contexts, and submits it to the General Secretariat of the Council of Ministers in order to obtain the signature of the Prime Minister.
 
Media Office of the Prime Minister
2-March-2021

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ARTICLE 2 (from Government of Iraq twitter account)

Cabinet Spokesperson: The visit of His Holiness the Pope to Iraq is historic, and will raise awareness of Iraq’s rich diversity. Iraqis of all religious beliefs have deep roots in this land, contributed to Iraq’s history and will build its future.
Cabinet Spokesperson: We began to deliver the Covid-19 vaccines to designated vaccine centres in Baghdad and the rest of Iraq. They will be given first to the priority groups as set out by the Ministry of Health, starting with Iraqi health teams.
Cabinet Spokesperson: The demands of the protestors in Al-Nasiriyah and recent events in the city were discussed by the Cabinet; there is a determination on the part of the government to meet these demands.
Cabinet Spokesperson: PM @MAKadhimi also highlighted some of the successes of the government since it came to office, most notably preventing the collapse of the Iraqi economy and ending the disreputable foreign currency auction.
Cabinet Spokesperson: PM @MAKadhimi reaffirmed at today’s Cabinet meeting the position of the @IraqiGovt in relation to regional conflicts which is that of neutrality and of working to reduce tensions.
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ARTICLE 3

Al-Kazemi: We succeeded in stopping the collapse of the country, economically and financially

 3/2/2021 16:17 • 
[Baghdad-Where]
Prime Minister Mustafa Al-Kazemi called on the ministers not to repeat the mistakes of previous governments in dealing with the strategic files.
Al-Kazemi said during the cabinet session today, Tuesday, "The ministers must not repeat the mistakes of previous governments in dealing with strategic files, and not to deal with bureaucracy with these issues, which leads to disrupting the provision of services and the completion of projects."

He pointed out that "the country is going through multiple crises and there are attempts to obstruct the work of the government and we have succeeded in preventing the collapse of the country economically and financially, and we have taken an important reform step represented by the white paper, which contributed to the continued payment of salaries regularly after there were those who were betting on the collapse of the situation."
He indicated that "diagnosing the challenge is important to overcome obstacles and move forward in the stages of completion."
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ARTICLE 4

Khalati: We are not with the breaking of wills in passing the budget .. He hints at another option
3/2/2021 21:03 
[Baghdad_Where]

Hassan Hallati, a deputy for the parliamentary wisdom bloc affiliated with the Iraqi coalition, commented on the mechanism for passing the 2021 budget, declaring, "We are not with the breaking of the wills in passing it through the House of Representatives."

"Most of the points of contention regarding the 2021 budget have been overcome, and the last obstacle lies in the share of the Kurdistan region," Khalati said.

He added that "the ball is now in the court of the House of Representatives to pass the budget bill."
He indicated that "the Parliamentary Finance Committee is at a dangerous juncture, especially after the delay in approving the budget for two months," describing it as "a dangerous precedent despite a number of amendments."

"For more than a month, the delegations from the Kurdistan region have been meeting at the governmental and parliamentary levels, and the main goal is to reach a solution that satisfies all parties," he added, noting that "the dealings must be in accordance with the constitution."

With regard to passing the budget, Khalati explained, "The general principle is that consensus is present, and we are not with the breaking of wills, and we seek an understanding on a clear and fair formula that guarantees the rights of all."

He pointed out that "in the event that matters reached closed doors, the passage will be within the House of Representatives."

The Parliamentary Finance Committee announced its position on the draft federal budget law for 2021, confirming that it has completed all the articles of the law and delivered a letter to the Presidency of the Council of Representatives since 2/15/2021 for the purpose of setting a date for voting on it.

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ARTICLE 5

Al-Kazemi announces a rise in cash reserves by 4 billion dollars

 3/2/2021 16:36 
[Baghdad-Where]
The Prime Minister, Mustafa Al-Kazemi, announced, on Tuesday, an increase in cash reserves, by 4 billion dollars.
Al-Kazemi said, during the cabinet session, that "there is a veneration of the cash reserves, which increased by four billion dollars after accusations that the current government would cause the reserve to bankrupt."
He added, "Likewise, the notorious currency auction has been curbed and has become a thing of the past."
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