WOTS TUE APR 6 21
These are the articles I discussed on the My FX Buddies podcast at: https://anchor.fm/dashboard/episode/eudc79
Al-Haddad announces that the House of Representatives will refer the 2021 Budget Law to the President of the Republic for approval
The Second Deputy Speaker of Parliament, Bashir Al-Haddad, announced today, Tuesday, that the House of Representatives will refer .the 2021 Budget Law to the President of the Republic, Barham Salih, for approval
Al-Sabah newspaper quoted Al-Haddad as saying, "The House of Representatives referred today the 2021 Budget Law to the Presidency ".of the Republic for approval Last Wednesday, the House of Representatives voted to pass the 2021 budget of an estimated 130 trillion Iraqi dinars (89.65 billion .dollars), at a time when the country is suffering from an economic and financial crisis due to low oil prices
The vote was taken to approve the budget items by the majority of the votes of the members present at the session, as the number of .representatives attending reached 215 members out of 329 members, which is the number of members of Parliament According to the budget law, the total expenditures amount to 129 trillion Iraqi dinars, and the planned deficit rate is 28.7 trillion Iraqi dinars (19.79 billion dollars), while the ceiling for crude oil exports has been set at 3 million and 250 thousand barrels per day, including 250 thousand barrels from fields.
The Kurdistan region of Iraq at $ 45 per barrel. The draft budget also included fixing the .exchange rate of the US dollar at 1,450 Iraqi dinars
IFC predicts future oil prices for the rest of 2021
The International Finance Institute (IFC) on Monday predicted that oil prices will hover below $60 in the current world, as global oil demand is likely to return to 100 million barrels per day by 2023.
Before the emergence of the coronavirus and its spread around the world, the world was consuming about 100 million barrels per day in 2019.
In a report seen by Twilight News, the Us-based Institute attributed the fall in oil prices to "expectations of increased supply over demand for the rest of the year, as well as increased oil inventories as a result of a gradual recovery of oil supplies in conjunction with OPEC' agreement to increase production over the next three months and saudi arabia's gradual withdrawal of voluntary cuts."
"Global demand for oil will return to 100 million barrels per day by 2023," he said, adding that the reason for this is "the continuation of closures in Europe and the decline in oil demand, as a result of the spread of home-based work culture and reduced business volumes, as well as the support of major economies for future plans free of carbon emissions."
"The rise in oil prices currently witnessed by the world is due to a combination of factors that led to a significant reduction in world oil inventories, notably Saudi Arabia's decision in February to cut production by an additional 1 million barrels per day until the end of April, and the extension of OPEC+ production cuts, which coincided with oil production disruptions in the United States at the beginning of the year due to weather disturbances, as well as delays in the arrival of oil shipments due to the recent disruption of navigation in the Suez Canal," the International Institute said.
The International Finance Institute is a global financial industry consortium with more than 450 members from more than 70 countries, whose functions are to support the financial industry in prudent risk management.
An Iranian report warns of Iraq's insistence on the decision to amend the dinar exchange rate!
An Iranian report warned that the Central Bank of Iraq would proceed with the decision to adjust the exchange rate of the Iraqi dinar against the dollar, while it included a list of tweets transmitted from accounts related to the factions, calling for a reduction in the price of the dollar inside Iraq.
The report published by the semi-official Iranian channel Al-Alam and followed by "People" (March 22, 2021) quoted economic experts - whom he did not name - that the decision to amend the exchange rate of the dollar "restructured the banks because they do not participate in the currency auction and that the coming period may witness a merger process." For banks with each other. "
The report used tweets from accounts and "mob" figures who organized a campaign against the decision to amend the Iraqi dinar exchange rate against the US dollar.
Officials in the Iraqi government say that the decision to adjust the exchange rate has harmed the interests of many parties that were exploiting the auction of selling dollars to inflate their fortunes by using "banking interfaces" accused of facilitating the exit of hard currency outside Iraq.
The government also bets that the decision will, in the medium term, contribute to the recovery of agriculture and national industry, and reduce imports from neighboring countries and others.
The commander of the Iranian Quds Force, Ismail Qaani, arrives in Baghdad for a meeting with two sides
An informed political source said, on Tuesday, that the commander of the Iranian Quds Force, Ismail Qaani, had arrived on an unannounced visit.
The source told Shafaq News Agency that Qaani’s visit came to meet with a number of armed factions’ leaders and political figures, without knowing the rest of the details.
Nechirvan Barzani to visit Baghdad soon
An official in the Presidency of the Kurdistan Region announced: "The region's president, Nechirvan Barzani, will visit Baghdad soon to discuss a number of issues with the central government.
This is what the central bank governor discussed with Plasschaert
Governor of the Central Bank, Mustafa Ghaleb, discussed, on Tuesday, with the Special Representative of the Secretary-General of the United Nations in Iraq, Jeanine Hennes Blashardt, the financial and economic conditions that Iraq is going through.
A bank statement, of which Mawazine News received a copy, said, "Today, the Governor of the Central Bank of Iraq, Mustafa Ghaleb, received the Special Representative of the Secretary-General of the United Nations in Iraq, Jenin Hennes Blashardt."
The statement added, "The governor discussed during the meeting the financial and economic conditions that Iraq is going through and the measures that the management of this bank leads within the reform plan for the Iraqi banking sector."
For her part, the representative of the United Nations, Blashardt, affirmed "supporting the independence of the Central Bank of Iraq, like other international central banks, and its importance during the current and future period.
A source reveals that the auction sale of the work has stopped
An official in the Iraqi Central Bank said, Monday, that the currency auction has been suspended since last Wednesday, due to the failure of banks to buy the currency from the auction, fearing that the budget will be approved in a timely manner and its impact on the exchange rate.
The source said to "Tigris", that "banks have enough reserves to trade for a number of days without buying from the currency auction."
He added, "A number of banks have submitted the purchase request for currency from the auction, but the auction will resume on next Sunday, the beginning of the new week."
the other version:
On Monday, a government source revealed that the currency auction was suspended for a week due to banks ’fear of changing the dollar’s price.
The source said in an interview with Shafaq News that “banks have stopped participating in the currency auction that the Central Bank conducts daily during the past week, as a result of their fear of changing the dollar exchange rate in the budget that was approved last week.”
He added, “It is expected that banks will participate in the auction and submit their requests to the bank to buy the dollar, starting from the current week,” noting that “these requests will be implemented during the end of the week or the beginning of next week.”
On Wednesday (March 31, 2021), the Iraqi parliament voted on the federal budget law for the fiscal year 2021, with a deficit of more than 28 trillion dinars, and a tug of war that continued for months.
The general budget revenues amounted to more than 101 trillion Iraqi dinars, while expenditures were estimated at 129 trillion dinars.
And some political blocs had called for a reduction in the price of the dollar in the budget, which made the price of the dollar affected in the local markets between the ups and downs.
This is the regular WOTS Word on the Street report for the day:
The Markets:
Favorite Currencies Forex Quotes
| Symbol | Bid | Ask | High | Low | Open | Change | Time |
|---|---|---|---|---|---|---|---|
| USD/IQD |  1424.0000 |  1474.8000 | 1460.4000 | 1455.6000 | 1460.4000 | -6.0000 | 06:02 |
| USD/VND | 23090.0000 | 23091.0000 | 23041.0600 | 23024.8700 | 23024.8700 | 21.1300 | 00:14 |
| USD/CNY | 6.5512 | 6.5532 | 6.5660 | 6.5465 | 6.5659 | -0.0148 | 05:03 |
| USD/KWD | 0.3017 | 0.3027 | 0.3019 | 0.3018 | 0.3019 | -0.0002 | 04:45 |
| GBP/USD | 1.3824 | 1.3828 | 1.3918 | 1.3822 | 1.3885 | -0.0062 | 05:04 |
| USD/IRR | 42000.0000 | 42210.0000 | 42097.5000 | 42097.5000 | 42097.5000 |  0.0000 | 00:00 |
| USD/IDR | 14497.0000 | 14498.0000 | 14526.0000 | 14478.0000 | 14483.0000 | 13.0000 | 05:01 |
Putin signs law allowing him to run for TWO MORE terms...
Homes selling faster than ever as prices rise to record highs...
Palm Beach Mansions Surge 306%!
Border Patrol arrests terror suspects amid migrant surge...
OPEC oil prices drop slightly
OPEC oil basket prices fell slightly on Tuesday to $61.70 on other oil ores.
"Opec's basket price of 13 barrels of crude fell 7 cents to $61.70, compared with last Thursday's price of $61.77," OPEC said in a report seen by Shafq News.
Some specialists attributed the slight rise as a result of its impact on other materials, which were also affected by OPEC's gradual increase in oil production.
The OPEC reference basket consists of: Sahara Mix (Algeria), Gerasol (Angola), Djino (Congo), Zafiro (Equatorial Guinea), Rabie Light (Gabon), Heavy Iran (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), SS Seder (Libya), Bonnie Light (Nigeria), Arab Light (Saudi Arabia), Marban (United Arab Emirates) and Mary (Venezuela).
Nechirvan Barzani to visit Baghdad soon
An official in the Presidency of the Kurdistan Region announced: "The region's president, Nechirvan Barzani, will visit Baghdad soon to discuss a number of issues with the central government.
An Iranian report warns of Iraq's insistence on the decision to amend the dinar exchange rate!
An Iranian report warned that the Central Bank of Iraq would proceed with the decision to adjust the exchange rate of the Iraqi dinar against the dollar, while it included a list of tweets transmitted from accounts related to the factions, calling for a reduction in the price of the dollar inside Iraq.
The report published by the semi-official Iranian channel Al-Alam and followed by "People" (March 22, 2021) quoted economic experts - whom he did not name - that the decision to amend the exchange rate of the dollar "restructured the banks because they do not participate in the currency auction and that the coming period may witness a merger process." For banks with each other. "
The report used tweets from accounts and "mob" figures who organized a campaign against the decision to amend the Iraqi dinar exchange rate against the US dollar.
Officials in the Iraqi government say that the decision to adjust the exchange rate has harmed the interests of many parties that were exploiting the auction of selling dollars to inflate their fortunes by using "banking interfaces" accused of facilitating the exit of hard currency outside Iraq.
The government also bets that the decision will, in the medium term, contribute to the recovery of agriculture and national industry, and reduce imports from neighboring countries and others.
Economist: The International Monetary Fund suggested to Iraq that the exchange rate should remain at 1130
The economist, Hakim Al-Adly, said on Monday that the government's insistence on keeping the exchange rate at what it is in the budget at 1445 is illogical.
Al-Adli said, in a statement to the information agency, that “what the exchange rates have witnessed from rising may prompt the Iraqi citizen to return to the days of selling window curtains and house doors in order to provide a livelihood for children in light of the obscene price that Iraq will accept when the price of 100 dollars reached 150 thousand Iraqi Dinar".
He added, "The government's insistence is illogical regarding the dollar’s exchange rate remaining as it is, and there is no justification for its survival, especially since the International Monetary Bank Fund suggested to Iraq that the dollar price be at the limits of 1130 dinars and not as approved in the budget at 1445."
He pointed out that "the coming days may witness a big jump in prices, and it is likely that they will increase when the budget reaches the Presidency of the Republic and is approved," indicating that "we will not be surprised if the dollar price reaches 1550 dinars, as it is a government desire to exhaust the citizen."
CBI Update: Just a note: No Auctions Until Sunday
including $0. CASH
ISX Update: Shares Traded: not updated for todayValue Traded: not updated for today
[post 2 of 2]
4-5-2021 Newshound Guru MilitiaMan Article: "The currency auction stops for a week as a result of banks’ fear of changing the dollar’s price" They have enough dollar reserves to get them through until a new exchange rate is applied, hence the fear of buying now. We have been told that this would happen in the past. They told us dollars will get scarce before the new dollar will be used again. So by staying out of the market reduces risk. With all the international contracts coming in, they’ll need an international exchange rate applied for to facilitate the foreign exchange with freedom of capital. They also note that the budget will be applied in a timely manner while dealing with the exchange rate. All within this week or so... [post 1 of 2....stay tuned]
4-5-2021 Newshound Guru Kaperoni ...There is no RV, it's not how monetary policy works. All you have to do is read the IMF Article IV Consultation with Iraq to know there is no RV or change in the exchange rate expected...I assure you they'll be no change in the exchange rate in April, for that matter the entire year...
4-5-2021 Newshound Guru Pimpy ...there is a lot of chitter chatter going on with these middle eastern countries...there's some concern about the current administration being in there...what they hope doesn't happen is the same thing that happened under the O---- administration...while the United States is having dialogue and meetings with Iraq at the same time they are also negotiating with Iran on their nuclear deal...I'm thinking that a lot of these countries over there...want some type of reassurance...
4-5-2021 Intel Guru MarkZ [via PDK] [Mark do you think Iraq will RV first or do you all countries will go together after this weekend.] I believe we all go together…iraq is positioned to go by itself if we do not get our heads out of the sand. On the RV front…over the weekend...some audio straight out of Iraq...They are taking about changing the value of the dinar and the reforms. What they have done and what are doing... This is real and this is coming…. On the RV front I did not expect any news until later on today or Tuesday because the World Banking is shut down over Easter.
4-5-2021 Newshound Guru Pimpy ...It seems like every single day the exchange rate is in the news for one reason or another...just be careful about how you're reading these things...all it is simplified is they're trying to stop using dual currencies. Just use the Iraqi dinar to help strengthen the dinar...I really strongly still feel that the rate will change before the end of the year...
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