WOTS THU APR 8 21
These are the articles I discussed on the My FX Buddies podcast at: https://anchor.fm/dashboard/episode/eui1b4
25 BILLION IRAQI DINARS ALLOCATED FOR ARTICLE 140 COMPENSATION IN BUDGET: OFFICIAL
SULAIMANI — Head of the Article 140 office in Wasit and Diyala governorates Adnan Masnur on Tuesday (April 6) told the Kurdistan Democratic Party’s (KDP) official media outlet that the federal government has allocated 25 billion Iraqi dinars ($17.2 million) in compensation for people historically displaced by the Arabization campaign as a part of the new 2021 Federal Budget Law.
Article 140 of the Iraqi Constitution of 2005 outlines how to settle the issue of the so-called disputed areas, a belt of territory stretching across several governorates from Nineveh through Saladin and Kirkuk into Diyala and northern Wasit that is claimed by both the Kurdistan Regional Government (KRG) and the federal government, but has never been fully implemented.
The article is based on Article 58 of the Transitional Administrative Law, which provides for “just compensation” of people who were displaced by the Ba’athist regimes Arabization campaign in the 1970s and 1980s, which replaced Kurds, Turkmens, and members of other ethnic groups living in the disputed areas with Arabs.
Some money has been disbursed, but the majority of historically displaced residents have not been compensated yet.
Mansur said that $750 million had been allocated in past years, but that the amount available steadily dropped over time, particularly following the events of October 2017 when the federal government took control of large swathes of territory that had been held by the KRG in the aftermath of the Kurdistan Region’s independence referendum. In the 2019 budget, the compensation fund dropped to 15 billion Iraqi dinars ($10.3 million).
Welcoming the additional funding in the new budget, Mansur called it “a good step” that would keep “Article 140 alive.”
“The disputed areas are now ready for the Iraqi government to begin implementing Article 140, as it is…a constitutional article and should be implemented,” he said.
Gunmen hold a family inside a house and steal 300 million dinars and gold jewelry
Today, Thursday (April 08, 2021), a security source reported that unknown gunmen detained a family inside a house, .along with the theft of 300 million dinars and gold jewelry, east of Baghdad In an interview with (Baghdad Today), the source said, "Three unknown and armed people robbed one of the houses ".on Palestine Street, by entering the house, and detaining the owners of the house inside it ".He explained, "The gunmen stole an amount of 300 million Iraqi dinars, and gold jewelry, to flee afterwards Baghdad and some Iraqi governorates are witnessing incidents of theft in some homes. The security forces arrest most .of the perpetrators, some of them within record time
Central Bank Governor and British Ambassador discuss a "significant" rise in reserves
Central Bank Governor Mustafa Ghaleb Makhif and British Ambassador Stephen Hickey discussed the noticeable increase in the bank’s reserves
The bank said in a statement, "The Governor of the Central Bank of Iraq Mustafa Ghaleb Frightening UK ambassador received in Iraq Stephen Hickey Today, Thursday, the meeting dealt with several matters, including the noticeable increase in the foreign reserves of the Central Bank of Iraq
The statement added, "The ambassador emphasized that the significant increase in the bank's foreign reserves supports the economic situation in Iraq." Iraq And puts it in a good and stable stage. "
The governor and the ambassador visited the new building of the Central Bank, which was designed by the late architecture," the statement noted Zaha HadidThey were briefed on the stages of development,
as the ambassador indicated that the new central bank statement would be a qualitative addition to the capital Baghdad"
Kurdistan Region businesspeople eye possibility of Iran nuclear deal revival
SULAIMANI, Kurdistan Region — Traders and businesspeople in the Kurdistan Region are eyeing international talks to revive the Iran nuclear deal with cautious optimism.
Sulaimani money exchange market is the main hub in Iraq and the Kurdistan Region where the Iranian currency is traded on a daily basis. Impacts of the talks for reviving the nuclear deal could first affect this market.
“We have a long-standing economic and political relationship with Iran, and every movement in the Iranian market has an impact on our markets as well,” Jabbar Goran, the spokesperson for Sulaimani money exchange market, told Rudaw on Wednesday.
“According to the agreement, if implemented, the value of toman will go up a lot. However, it will never go up to its previous value,” he added, noting the increase will be gradual.
Iranian negotiators and their American counterparts, along with other signatories to the Joint Comprehensive Plan of Actions (JCPOA) deal, gathered in Vienna on Tuesday to indirectly discuss how to revive the nuclear agreement, which former US President Donald Trump withdrew from in 2018. Two working groups meeting to hammer out differences.
Despite indirect talks resuming, business people say talks have yet to affect the Kurdistan Region.
“Iran and America attempting to get closer has not had any effects on the market as of now, because this news have been ongoing for six years now,” Farman Latif, a businessman that imports rice from Iran to the Kurdistan Region told Rudaw’s Peshawa Bakhtiar on Wednesday
“I have four partners from Iran, and none of them believe that America and Iran will reach an agreement,” he added.
President Hassan Rouhani has welcomed the indirect talks with the US and said the full implementation of the nuclear deal is the best way forward for all parties involved.
More than 2000 traders in the Kurdistan Region conduct business in Iran, according to a Kurdistan Region trade union leader.
“Our trade with the Islamic Republic of Iran amounts to six billion dollars every year, ” said Sheikh Mustafa Abdulrahman, the head of the Kurdistan Region’s Import and Export Union, noting that the revival of the deal would be beneficial for more than just Iran.
“When we notice the lifting of sanctions, the toman regains its value against the dollar and the factories restart working, for sure, the Kurdistan Region’s trade [with Iran] can amount to more,” he added.
However, some say the revival of the deal would make Iranian goods in the Kurdistan Region more expensive.
“Businessmen bring goods on credit, and when they pay later, they have to make up for the amount of money that increased, due to the increased rate of the Iranian Toman,” Latif said.
Thousands of citizens from Rojhelat (Iranian Kurdistan) have come to the Kurdistan Region to work in the wake of the deteriorating economic situation in Iran.
Sabir Fethullah, 35, has been working in Sulaimani for four years. He says he is waiting for a little bit of improvement in Iran’s economy to return to his hometown both to work and live a life with his family.
“I have come from the city of Paveh in Rojhelat. There is no work for us and the economic situation is not good. There is work here, but it is not that good,” said Fethullah.
“If the economy gets better, we will all go back to Iran. No one is happy to work in exile,” he added.
The members of the nuclear deal have decided to hold another meeting next Friday.
Both Washington and Tehran have reneged on their commitments under the deal. Iran has scaled back on measures and installed new advanced centrifuges and increased the enrichment of uranium since mid-2018 when the Trump administration withdrew from the deal and placed Iran under its most rigid sanction regime.
The Iranian side led by the Supreme Leader Ali Khamenei has said that Iran would come back into full compliance after the US lifts sanctions that have crippled the Iranian economy.
The Worst Contraction Of The Kuwaiti Economy In 13 Years
The Kuwaiti economy recorded the worst economic downturn in nearly 13 years, under pressure from the Corona pandemic and low oil prices.
The National Bank of Kuwait (the country's largest bank) report showed that Kuwait's economy declined by 8 percent year on year in 2020, in the worst contraction since the global financial crisis in 2008.
According to the report, the economic downturn has affected the closure of companies, reducing employment levels and stopping projects.
The report pointed to mounting pressure on revenues amid a sharp drop in oil prices.
The report notes that government support policies to contain the repercussions of the pandemic, especially those directed at small and medium-sized companies, were limited, as they focused mainly on debt repayment.
The report said that growth prospects improved with most of the restrictions being lifted.
The report showed that "consumer sentiment is more optimistic, and pent-up demand contributed to boosting consumer spending, with a growth of 20 percent year on year in February."
The report suggested that the non-oil sector in Kuwait will recover by 4 percent in 2021, and then by about 2.5 percent during the next year.
According to the report, the double shock caused by the Corona outbreak and the decline in oil prices led to the sixth record fiscal deficit of 8.9 billion dinars ($ 32 billion) during the last fiscal year.
He added that financing the deficit and achieving financial sustainability has become more urgent than ever, due to the near depletion of the assets of the General Reserve Fund, and the lack of access to the assets of the Future Generations Fund or the sovereign wealth fund.
Oil is the main source of more than 90 percent of government revenue in the country.
In 2008, the world witnessed the worst financial crisis, sparked by the collapse of the mortgage sector in the United States, and it spread to the rest of the world.
Here is the daily WOTS Word on the Street report below here:
The exchange rates of the dollar on the local markets on Thursday (April 8, 2021), according to the monitoring of specialists.
Favorite Currencies Forex Quotes
| Symbol | Bid | Ask | High | Low | Open | Change | Time |
|---|---|---|---|---|---|---|---|
| USD/IQD |  1436.9000 |  1487.4000 | 1457.8000 | 1457.8000 | 1457.8000 | 0.6000 | 06:11 |
| USD/VND | 23085.0000 | 23086.0000 | 23082.6400 | 23080.2200 | 23080.2200 | 2.9500 | 22:54 |
| USD/CNY |  6.5487 | 6.5507 | 6.5511 | 6.5407 | 6.5407 | 0.0073 | 05:20 |
| USD/KWD | 0.3014 | 0.3024 | 0.3016 | 0.3015 | 0.3016 | -0.0002 | 04:54 |
| GBP/USD | 1.3748 | 1.3748 | 1.3782 | 1.3719 | 1.3737 | 0.0011 | 05:20 |
| USD/IRR | 42000.0000 | 42210.0000 | 42097.5000 | 42097.5000 | 42097.5000 | 0.0000 | 00:00 |
| USD/IDR | 14575.0000 | 14575.0000 | 14600.0000 | 14541.0000 | 14567.0000 | 8.0000 | 05:20 |
HYPERSONIC MISSILE FAILS TEST LAUNCH...
City Paying Homeless To Clean Up After Themselves -- And It's Working!
Satellite technology puts into orbit swarms of spacecraft no bigger than loaf of bread...
Dimon Sees Economic Boom Coming...
Oil falls after unexpected u.S. event rises
Oil prices fell On Thursday after official figures showed a significant increase in U.S. gasoline inventories, causing concerns about weak demand for crude in the world's largest oil consumer at a time of increasing supplies around the world.
Brent crude fell 32 cents, or 0.51 percent, to $62.84 a barrel by 0504 GMT, and U.S. oil fell 38 cents, or 0.6 percent, to $59.39 a barrel.
U.S. crude oil inventories fell, while gasoline inventories jumped sharply, the U.S. Department of Energy said Wednesday, also against expectations.
Oil inventories fell by 3.5 million barrels last week to nearly 502 million barrels, while gasoline inventories increased by 4 million barrels, as refineries boosted production ahead of the summer driving season.
At the same time, traders said, supply is rising around the world as OPEC+ production increases this month and the next three months.
However, the IMF said earlier this week that massive public spending deployed to combat the COVID-19 pandemic could increase global growth to 6% this year, a rate not achieved since the 1970s.
High economic growth will boost demand for oil and its products, helping to reduce inventories.
Sources: Al-Kazemi Sent A Strong Message To Iran, Ready To Confront The Factions
Two Iraqi officials said that the Iraqi prime minister asked Iran's leaders to rein in the Iranian-backed militias in Iraq, stressing in a strongly-worded message to Tehran that he would confront the factions.
The website of Sky News Arabia quoted the officials as saying that Al-Kazemi threatened in the memo to "clearly announce whoever supports these groups" and said he was ready to confront them.
It was not immediately clear to whom the message was sent. The timing indicates that Al-Kazemi, who appeared incapable of confronting the militias, is seeking to appease the Americans as the talks take place.
The message was the reason behind the IRGC Quds Force commander Ismail Qaani's visit this week to Baghdad, where he met Iranian-backed militia leaders and political leaders and called for calm, according t
The Central Bank participates in the Arab Monetary Fund workshop
Within the framework of cooperation with the Arab Monetary Fund and their strategic partners from international organizations represented by the World Bank, the Global Alliance for Financial Inclusion and the German Agency for International Development within the Fund's initiative to promote financial inclusion in Arab countries FIARI
A remote workshop entitled (Building and Implementing the National Financial Inclusion Strategy) was held for 6/4 / 5-2021 with the participation of members of the Supreme Committee for Financial Inclusion and its sub-committees from the public and private sectors, in addition to a number of banks and payment service providers.
International and regional experiences in the field of launching financial inclusion strategies and effective methods of implementation, and the Central Bank of Iraq announced during the workshop its intention to launch the vision of the National Strategy for Financial Inclusion in Iraq in cooperation with all actors in the private and public sector at the end of 2021, and it will also lead the preparation of the draft of the national strategy For financial inclusion after the launch of the vision, with support from the Arab Monetary Fund, experts in the World Bank, the German Development Agency, and the Global Alliance for Financial Inclusion.
25 BILLION IRAQI DINARS ALLOCATED FOR ARTICLE 140 COMPENSATION IN BUDGET: OFFICIAL
SULAIMANI — Head of the Article 140 office in Wasit and Diyala governorates Adnan Masnur on Tuesday (April 6) told the Kurdistan Democratic Party’s (KDP) official media outlet that the federal government has allocated 25 billion Iraqi dinars ($17.2 million) in compensation for people historically displaced by the Arabization campaign as a part of the new 2021 Federal Budget Law.
Article 140 of the Iraqi Constitution of 2005 outlines how to settle the issue of the so-called disputed areas, a belt of territory stretching across several governorates from Nineveh through Saladin and Kirkuk into Diyala and northern Wasit that is claimed by both the Kurdistan Regional Government (KRG) and the federal government, but has never been fully implemented.
The article is based on Article 58 of the Transitional Administrative Law, which provides for “just compensation” of people who were displaced by the Ba’athist regimes Arabization campaign in the 1970s and 1980s, which replaced Kurds, Turkmens, and members of other ethnic groups living in the disputed areas with Arabs.
Some money has been disbursed, but the majority of historically displaced residents have not been compensated yet.
Mansur said that $750 million had been allocated in past years, but that the amount available steadily dropped over time, particularly following the events of October 2017 when the federal government took control of large swathes of territory that had been held by the KRG in the aftermath of the Kurdistan Region’s independence referendum. In the 2019 budget, the compensation fund dropped to 15 billion Iraqi dinars ($10.3 million).
Welcoming the additional funding in the new budget, Mansur called it “a good step” that would keep “Article 140 alive.”
“The disputed areas are now ready for the Iraqi government to begin implementing Article 140, as it is…a constitutional article and should be implemented,” he said.
CBI Update: Just a note:
including $0. CASH
ISX Update: Shares Traded: not updated for todayValue Traded: not updated for today
4-7-2021 Intel Guru RayRen98 A Shafq News source reported that President Saleh has ratified the 2021 Budget Law and returned it to the Ministry of Finance to start work on it for Thursday.
4-7-2021 Newshound/Intel Guru Petra This is the endgame. This is what we've been waiting for...once that thing [the 2021 passed budget] is signed that is game over...it's gonna be the last second and they'll release the parade. But they are officially on the clock so that's the good news. It's getting sweeter and sweeter every day because every day we're getting closer and closer to what we're waiting for. So yeah all very very exciting...
4-7-2021 Intel Guru Frank26 Article: "After weeks of delay, Iraq's council of representatives passes budget for 2021" The fact that this budget has been passed is only because they have a new exchange rate. They have never had one before...
4-7-2021 Intel Guru MarkZ [via PDK] We were hoping to see the budget in the Gazette this morning…we did not. I hear the President signed off on it to late last night to have it posted this morning but we are to expect it in the Saturday Morning Gazette. There just wasn’t enough time from approval to printing for it to be in today’s Gazette. I heard from my ministry contact in Iraq they expect to see it in the Gazette on Saturday. For those that don’t know…the Gazette- the National papers for Iraq publishes on Wednesdays and Saturdays. The Gazette comes after it done…but where we can see it, touch it, taste it, eat it…is in the Gazette. I am exceptionally upbeat and positive…not a bit worried.
4-7-2021 Newshound Guru Pimpy Again I have to bring this up because people are asking me. Again, no, there is no 1 for 1 exchange rate happening in Iraq. That's false. I told you guys what that would create. A huge large black market of the Iraqi dinar. You would have people buying cheap out of country smuggling the in country exchange the 1 for 1 grabbing their profits and running back out of country buying more dinar and going back in. When the exchange rate happens it happens inside country and out of country all at the same time...
4-7-2021 Intel Guru MarkZ [via PDK] [Do you think there will be taxes on this?] No I do not. I have been told repeatedly there will not be taxes… Could I be wrong-yes… [Remember, consult your tax professional at the appropriate time]
4-7-2021 Newshound/Intel Guru Petra Guess who's coming to Iraq in a couple days? Barzani the head of Kurdistan...his deal is done. He got his 13.97% which is a lot more than I thought he was going to get...he's coming to town. Why would he be coming to town? It's not to negotiate some more for his contract. He's got it. It's signed. It's done...the timing...it makes a lot of sense.
4-7-2021 Newshound Guru MilitiaMan Article: "US-Iraq strategic dialogue to take place on April 7" Quote: "The relationship between the US and Iraq, including its military presence in the country, is based on a strategic framework agreement signed in 2008. It called for close defense co-operation to deter threats to Iraq's “sovereignty, security and territorial integrity." The talks, due to take place next Wednesday, will focus on security, counterterrorism, economics and energy, political issues, and educational and cultural co-operation. Gotta love the timing of things...The economics and energy has my attention for obvious reasons... The oil deals we see of late are all about economics, yet, security is a part of that and big time too. The Tripartite with Jordan and Egyptis the following day... Watch and see... This is all for a purpose... I like it! imo...
The following statement was released by the Governments of the Republic of Iraq and the United States of America:
Begin Text:
The delegation of the Republic of Iraq, led by Dr. Fuad Hussein, Iraqi Minister of Foreign Affairs, and the delegation of the United States Government, led by Secretary of State Antony J. Blinken, co-chaired a meeting of the Higher Coordinating Committee via video teleconference today, in accordance with the 2008 Strategic Framework Agreement for a Relationship of Friendship and Cooperation between the United States of America and the Republic of Iraq. The two sides reaffirmed their strong bilateral relationship, which benefits the American and Iraqi people. The discussions covered security and counterterrorism, economics and energy and the environment, political issues, and cultural relations. The Iraqi delegation also included representatives of the Kurdistan Regional Government.
The two delegations reaffirmed the principles agreed upon by the two countries in the Strategic Framework Agreement (SFA). The United States reaffirmed its respect for Iraq’s sovereignty, territorial integrity, and relevant decisions of the Iraqi legislative and executive authorities.
Recognizing the difficulties brought about by the COVID-19 pandemic and the resulting global economic downturn, the United States and Iraq reaffirmed their strong economic partnership. The United States commended Iraq for its recent steps toward accession to the New York Convention on Arbitration and the introduction of a visas-on-arrival system to promote international trade and foreign investment. Both countries intend to work closely together as Iraq commits to implementing reforms to diversify its economy, improve the business climate, and help create a more vibrant private sector. The U.S. delegation reaffirmed that American companies can assist in this diversification by investing in projects that will create jobs, improve public services, and help develop the country’s energy resources.
The two countries also discussed greater cooperation to combat the COVID-19 pandemic and the management of water resources. The U.S. government contributed funds to renovate and equip Iraqi public health laboratories; donated test kits and personal protective equipment; and trained Iraqi epidemiologists to identify and respond to the current and future outbreaks.
The United States expressed its support for Iraq’s efforts to reform its power sector so that its citizens have cheaper and more reliable electricity, and fewer power shortages. Both countries affirmed their support for Iraq diversifying its sources of energy by building greater ties to its neighbors in Jordan and in the Gulf Cooperation Council, including by moving forward with electric grid interconnection projects.
Iraq and the United States noted their mutual intent to address the climate emergency and to work together to promote clean energy and combat climate change, including with the U.S. private sector, by implementing projects that promote clean energy development, improve electricity generation through solar energy and energy efficiency, and capture Iraq’s flared gas. Such projects should contribute to improving Iraq’s nationally determined contributions under the Paris Climate Accord, a development that is welcomed by the United States. The United States and Iraq discussed cooperation with U.S. scientific agencies on management and protection of Iraq’s environment and natural resources, including water. The United States welcomed progress between the Iraqi Federal Government and the Kurdistan Regional Government in reaching agreements on budgetary, energy, and other strategic issues.
The United States reaffirmed respect for Iraq’s sovereignty, territorial integrity, and freedom of expression guaranteed by Iraq’s constitution. The two delegations discussed how the United States could best support the Iraqi government to protect peaceful protesters and civil society activists and pursue judicial accountability. Iraq welcomed the United States government’s support for parliamentary elections through funding for the United Nations Assistance Mission for Iraq. The two countries have jointly moved to extend the maximum validity of visas for diplomatic travelers and government delegations to two years, reducing administrative delays on both sides. This ensures greater mobility and direct communication between our governments. The United States reaffirmed its continued intention to support Iraq in advancing durable solutions for internally displaced persons that are voluntary, safe, and dignified, and to help those communities that were targeted for genocide by ISIS. Both countries discussed their intention to achieve further progress in the field of judicial cooperation, in the recovery of stolen assets, and in combating and prosecuting corruption.
In the security and counterterrorism discussion, the United States and Iraq reaffirmed their mutual intention to continue bilateral security coordination and cooperation. Both countries reaffirmed that U.S. forces are in Iraq at the invitation of Iraqi Government to support the Iraqi Security Forces (ISF) in their fight against ISIS. Based on the increasing capacity of the ISF, the parties confirmed that the mission of U.S. and Coalition forces has now transitioned to one focused on training and advisory tasks, thereby allowing for the redeployment of any remaining combat forces from Iraq, with the timing to be established in upcoming technical talks. The transition of U.S. and other international forces away from combat operations to training, equipping, and assisting the ISF reflects the success of their strategic partnership and ensures support to the ISF’s continued efforts to ensure ISIS can never again threaten Iraq’s stability.
The Government of Iraq reaffirmed its commitment to protect the Global Coalition’s personnel, convoys, and diplomatic facilities. The two countries also emphasized that the bases on which U.S. and Coalition personnel are present are Iraqi bases and their presence is solely in support of Iraq’s effort in the fight against ISIS. The two countries intend to continue talks through the Joint Military Committee to ensure Global Coalition activities are aligned with and appropriately support the needs of the ISF, including the Peshmerga.
With regard to higher education, science, and culture, the two governments discussed U.S. support for Iraq’s efforts to strengthen higher education in cooperation with American universities through, inter alia, the Fulbright program, the U.S. Embassy’s Higher Education Partnership initiative, and expanded U.S. support to the Liberated Universities Initiative. The United States and Iraq intend to identify additional ways to support Iraq’s plans to reform higher education and strengthen U.S.-Iraqi university partnerships. The two delegations also reviewed progress on their mutual efforts to preserve Iraq’s rich cultural heritage and religious diversity and reaffirmed their intention to cooperating in the return of Iraqi cultural property illegally imported into the United States to its rightful place in Iraq.
Last August, the Government of Iraq took possession of the Ba’ath Party Archives from the temporary protective custody of the Hoover Institution. The Department of State helped to arrange this transfer, and the Department of Defense transported these 6.5 million documents back to Baghdad. These working files of the Ba’ath Party are part of the history of the people of Iraq and their return to Iraq can be viewed as tangible fruit of the recent U.S. Iraq Strategic Dialogue. The two countries also discussed progress on a U.S. grant to the Smithsonian Institution to continue and expand the Nimrud Rescue Project, which supports Iraqi objectives in cultural preservation. Finally, the two delegations discussed ways to share the cultural and historical accomplishments of the Iraqi people with the rest of the world through online exhibits.
The two countries reaffirmed the importance of the strategic relationship and their determination to continue to take steps to enhance it in the interest of both countries and to achieve security, stability, and prosperity in the region. The United States welcomed the opportunity to reaffirm and strengthen its partnership with Iraq. The two governments look forward to further discussions of the above issues at a Strategic Dialogue Higher Coordination Committee meeting to be held at a later date.
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ARTICLE 3
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