Tuesday, May 25, 2021

WOTS MON MAY 24 21 Parliamentary Finance confirms its optimism in the agreement between Erbil and Baghdad

 WOTS MON MAY 24 21
No My FX Buddies podcast today 

The exchange rates of the dollar in the local markets on Monday (May 24, 2021), according to the monitoring of specialists.    

 

Baghdad - Al-Kifah Stock Exchange  

148,850  

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Price in exchange (approximate)  

148,250  

149,250  

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Basra / Stock Exchange  

148,950  

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Erbil / Bursa  

148,925  

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Mosul / Stock Exchange  

148,950  




The Markets:
The Asian markets closed mixed NIK up by .17% HSI down by .16% SHANG up by .31%
The UK markets are currently trading in the green mostly from .05% to .66% OMX is .04% to the downside
Our futures are currently trading in the green  DOW at 34305 up  by .45% SNP at 4173. up by .51% NDX at 13492.75 up by .65%

Precious Metals:
Gold is red at 1881 Silver is green at 27.78 Copper is green at 450 Platinum is red at 1170 
Brent 67 WTI  64   Bitcoin: 36,049 10 yr yield: 1.62


Favorite Currencies Forex Quotes

SymbolBidAskHighLowOpenChangeTime
 USD/IQD  1439.0000  1488.2000 1458.0000 1457.5000 1457.5000  2.0000 15:56
 USD/VND  23056.0000  23058.0000 23042.9200 23037.4100 23037.4100  6.7900 22:52
 USD/CNY  6.4276  6.4296 6.4385 6.4276 6.4332  -0.0055 05:19
 USD/KWD  0.3003  0.3013 0.3004 0.3003 0.3004  0.0000 05:16
 GBP/USD  1.4127  1.4128 1.4171 1.4111 1.4157  -0.0020 05:25
 USD/IRR  42000.0000  42210.0000 42097.5000 42097.5000 42097.5000  0.0000 00:00
 USD/IDR  14353.0000  14354.0000 14370.0000 14323.0000 14363.0000  -12.0000 05:22


Iraqi Articles:

Expectations of reaching $ 80 .. Oil is rising with the recovery of major economies

link

Oil prices rose on Monday, as evidence mounted that the US economy is recovering quickly from the epidemic that overshadowed fears that reviving the Iran nuclear deal would lead to an increase in global supplies.

The spread of the Coronavirus in the United States has slowed further as death rates continue to decline in France and Italy, which bodes well for energy consumption.

Crude oil has risen this year as investors bet that the introduction of vaccines will turn the tide against outbreaks in major economies, however, this rally has lost some momentum since March, as new waves of infections disrupted Asian economies, at the same time, the Iranian talks are making progress. , The Organization of the Petroleum Exporting Countries (OPEC) and its allies ease joint production restrictions.

West Texas Intermediate crude for July delivery was up 0.60% at $ 63.95 a barrel on the New York Mercantile Exchange at 05:26 GMT.

Brent added in the July settlement 0.61 percent to $ 66.76 a barrel on the European Futures Exchange.

Goldman Sachs Group said that the price hike "continues", and expected Brent crude to reach $ 80 this year even if Iranian supplies were restored, and said in a note that the recovery in developed market demand helps offset weak consumption in South Asia and America. Latin.


Parliamentary Finance confirms its optimism in the agreement between Erbil and Baghdad

link

The Parliamentary Finance Committee stressed the need for a technical delegation from the Kurdistan Region to visit the capital, Baghdad, to agree on a mechanism for implementing the Kurdistan Region's articles in the budget law.

MP Sherwan Mirza, a member of the Parliamentary Finance Committee, said during a special statement to PUKmedia : A technical delegation from the Kurdistan Regional Government must visit the capital, Baghdad, to agree with the federal government on the implementation of the Kurdistan Region's articles in the Federal Budget Law for 2021.

He added: The technical delegation will consist of representatives of the ministries of natural and financial resources and representatives of the Office of Financial Supervision in the Kurdistan Region, and it will discuss the implementation of the budget items with the federal government.

He explained: The article on oil imports is deducted from the Ministry of Oil and the Ministry of Natural Resources, and the article on non-oil imports is decided by the two financial control offices in Erbil and Baghdad.

He explained: According to the federal budget law for the year 2021, the Kurdistan Regional Government must hand over 460 thousand barrels of oil per day and half of non-oil imports to the federal government, from which 210 thousand barrels are deducted to pay the dues of oil companies and internal use, and 250 thousand barrels shall be delivered to the SOMO company for export. Oil, and in return, the federal government pays the Kurdistan Region’s share, which is 13.9% of the budget, or about 11 trillion dinars.

Representative Shirwan Mirza expressed his optimism that a speedy agreement would be reached between the Kurdistan Regional Government and the federal government on the implementation of the budget provisions, and said: There are no technical or political problems obstructing the agreement between the two sides, so the discussions will be easy and the agreement is close.


Economic expert: 50 trillion dinars outside the banking belt .. And the Central Bank must take advantage of "balanced performance" to control the monetary supply

link

Economic expert, Raad Twaij, welcomed the launch of the Central Bank of Iraq, the Balanced Performance project, describing it as: "It is an important step in the Iraqi banking sector."

Twig said in a statement to the Iraqi National News Agency ( NINA ) that "launching the Balanced Performance Project or Quantitative Scale, which summarizes environmental, social and institutional governance standards based on a previous strategy that extended from the year 2016_2020 applied to commercial and Islamic banks, is an important step in the banking sector that will contribute to achieving Big economic goals. "

Twig called the Iraqi Central Bank to take advantage of this practice to achieve several goals, the first is to increase its control and control over cash issuance, as the cash levels indicate the presence of 50 trillion dinars outside the banking belt, and therefore it does not enter the economic cycle and it is within the framework of the hoarded monetary mass, which causes a rise in the level "General prices, which witnessed a rise in this month by 0.3%, and accordingly, this card will give the Central Bank more control and oversight of banking policies."

As for the second goal, and Tuwaij’s speech, it is to “follow the financial inclusion approach as part of the digital economy and reach the large, middle and poor segments of society, make bank accounts for them and enter the banking circle of deposits and loans, which will limit the phenomenon of hoarding and shift to alternatives in saving and investment as economic drivers. Diversifying and improving banking products to attract and attract deposits. "

He continued: "The third goal is to protect the consumer in ensuring his deposits from bankruptcy and banking manipulation."

On Sunday, the Central Bank of Iraq announced the completion of the Scorecard project for environmental, social and governance standards, in cooperation with the International Finance Corporation (IFC) affiliated with the World Bank Group to address regulatory issues in the banking sector.

It should be mentioned that work on this project was started at the end of 2019, as pilot tests for the scorecard were conducted during the period (2020-2021) with the participation of all commercial and Islamic banks operating in the Iraqi banking sector.



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

The currency auction For May 24th, 2021 total sales amount $ 183,012,060 . 

including   $41,400,000. CASH 

ISX Update:   

www.isx-iq.net/

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

5-24-2021   Intel Guru MarkZ  [via PDK]  ...there is someone posing to be me…using my picture on twitter and trying to aggregate peoples currency, serial numbers…posting as the originolmarkz with a o instead of an a in original.  Message reads “If anyone wants a higher exchange rate, please send me a private message and your currency serial number.”   This is absolutely false and criminal. This is not me. NEVER SHARE THAT INFORMATION.  You will take your currency to your exchange and NEVER let it leave your side until you are exchanging. BE SMART…We need to be careful here at the end guys…Anyone asking for this information is suspect in my book. Beware of scammers.  [Note: Always know who you are dealing with BEFORE you part with your currency...that goes for dollars, euros, dinars or whatever...]
5-23-2021   Newshound Guru MilitiaMan   "a large number of industrialists will start operating their factories when they are allowed to open credits with a subsidized dollar."... Think about that. ... "Also, selling subsidized dollars to industrialists on the condition that documents are opened through banks will greatly encourage the stalled factories and speed up their start-up, which ultimately leads to alleviating the unemployment problem that has become constantly exacerbated." ...They are going to a market economy. ..."The "industrial dollar" contributes to reviving the national product” ...They are saying a rate change is coming...

5-23-2021   Intel Guru MarkZ   [via PDK]   ...I have been getting quite a bit of information from banking centers around the world over this weekend which is unusual that they are working...At this point I do expect to have that golden egg –exciting moment very soon. In the next week or so based on what we are seeing. I hope and pray this is it…we are all ready for this thing to be over…Stay calm…

5-23-2021   Intel Guru Frank26   Vietnam, it's like its feet are moving and someone is holding him up [by a rope] and as soon as they let him go he's going to take off.  Vietnam way ahead of the schedule...Vietnam is exploding on the international scene...boom today we Bring you article and one of them said Vietnam has been taken off the currency manipulator according to Bloomberg news...

5-23-2021   Intel Guru MarkZ   [via PDK]  [YEARS AGO...FOLKS WARNED ABOUT USING THE WRONG TERM WHEN "EXCHANGING" TO AVOID TAXES...STILL TRUE?]  I am being told no…that we will not be popped based on our terminology…that the taxes are now covered in a treaty but years ago they were not. Before we could not use the word “invest” or we would get taxed more than if we used the terms exchange or redeem…my banking sources now do not believe that to be accurate…but hey…it doesn’t hurt.  [NOTE:  Always pay your taxes.  Consult your tax professionals at the appropriate time to determine your tax liability based on your unique circumstances.]


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

Prime Minister Mustafa Al-Kazemi receives the Palestinian Minister of Foreign Affairs

The Prime Minister, Mr. Mustafa Al-Kazemi, received today, Sunday, the Palestinian Minister of Foreign Affairs, Mr. Riyad Al-Maliki and his accompanying delegation. During the meeting, they discussed bilateral relations between the two countries, and the repercussions of the Israeli attacks on the Palestinian people, which caused many innocent victims, including a martyr or a wounded person, and caused destruction. Civilian infrastructures and installations.

Mr. Al-Kazemi stated that Iraq will not abandon the Palestinian cause and its principled and firm stance on it, and that Palestine, which inhabits the Iraqi conscience, enjoys popular, political and official support, and will not see from Iraq except direct support and support, and through regional and international positions and contacts.

His Excellency stressed the importance of encouraging dialogue, the unity of the Palestinian position, and Iraq’s support for such an approach. His Excellency the guest minister also conveyed his greetings to the Palestinian President and other members of the Palestinian leadership.

For his part, the Palestinian Foreign Minister conveyed the greetings of the President of the Palestinian Authority, Mahmoud Abbas, to the Prime Minister, Mustafa Al-Kazemi, and his appreciation for Iraq's brotherly position in support of Palestine and its support for the Palestinian people in facing the Israeli aggression.

The Palestinian Minister of Foreign Affairs stated that the escalating power of Iraq and its regional and international role, we regard it as a force for the Palestinian position.

Media Office of the Prime Minister
23-May-2021

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ARTICLE 2 (from Government of Iraq twitter account)

Protecting Iraq’s national security is an overriding priority of the Ministry of Interior and its various security formations. Watch this interview with Iraq’s Minister of Interior
@AlghanmiOthman for more details:
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ARTICLE 3

The President of the Republic presents a bill to recover the stolen money and hold the corrupt accountable
2021.05.23 - 11:53
Baghdad - People

On Sunday, the President of the Republic, Barham Salih, presented a bill to "recover the proceeds of corruption". To recover the corruption money, hold the corrupt accountable, and bring them to justice.

Saleh said in a speech he delivered on the files of administrative and financial corruption in Iraq that was followed by "People" (May 23, 2021), that "the draft law includes subsequent steps to recover corruption money, and includes support for financial and regulatory institutions and activating their tools."

He added, "Iraq has lost a lot of money due to corruption, as the value of its loss amounted to a thousand billion dollars since 2003 due to corruption."

He continued, "$ 150 billion has been smuggled from corruption deals abroad since 2003," noting "corruption cannot be dealt with locally."

He pointed out that "the above draft law seeks to recover corruption funds through agreements with states and cooperation with international bodies."

Saleh called for "the formation of an international coalition to combat corruption," stressing that "corruption is the political economy of violence, and is no less dangerous than terrorism."

He also noted that "millions of dollars, especially from the oil sector, were smuggled abroad."

The following is the text of the word:

"In the name of of Allah the Merciful

I present to the esteemed House of Representatives the draft law on "recovering the proceeds of corruption", as the draft law seeks to strengthen the work of the Iraqi state to recover the money of corruption, hold the corrupt accountable and bring them to justice. We hope that the House of Representatives will discuss and enrich the project, and approve it to help curb this dangerous scourge that deprived our people of Enjoy the wealth of their country for many years.

The draft law includes practical, deterrent, proactive measures and subsequent steps to recover the money of corruption, so that, in addition to the existing effort from the legal system and the relevant institutions, it is a step in the way to combat this dangerous scourge, providing support to financial and supervisory institutions and activating their tools in order to limit its effects that threaten the present. The country and its future.

Our country has faced during the past years the dangerous phenomenon of corruption that is closely linked to violence and terrorism, and while we have succeeded in confronting terrorism militarily with the strength and will of our people and through the sacrifices of our forces in all their formations, the challenge of corruption is no less dangerous, as it seeks to perpetuate its situation, fuel violence and divisions, threaten societal peace, and influence the will. Free for the Iraqis.

Corruption is a cross-border phenomenon, as a result of which Iraq has lost huge sums of money estimated in billions, and governmental and international statistics and data estimate that the total of Iraq's oil imports since 2003 are close to one thousand billion dollars, and there are data and indicators that estimate that no less than 150 billion dollars of corruption deals have been smuggled into the outside.

This illegal money was enough to put the country in a better condition. It cannot be dealt with in the domestic context only, and in this regard the bill seeks to recover these funds by concluding agreements with countries, strengthening cooperation with specialized international organizations and bodies, and benefiting from successful global experiences to curb this phenomenon.

Here I repeat our call, which we previously submitted to the United Nations General Assembly, to form an international coalition to fight corruption along the lines of the international coalition against ISIS. Whereas, terrorism can only be eliminated by drying up its sources of financing, which are based on corruption money, as a political economy of violence, as corruption and terrorism are interlinked and mutually reinforcing, and one perpetuates the other.

Corruption is the enemy of economic and social development, stealing the people's livelihood and livelihood, disrupting the people's will to progress and building, and preventing opportunities for development, prosperity and progress, and because of it, the masses of young demonstrators came out demanding a homeland ... a country free of corruption, whose wealth is protected and devoted to the service of the people and the elevation of the homeland.

This imposes on all of us, official institutions and social and civic actors, a serious, decisive and resolute stand to confront this scourge, and not be complacent in continuing the path of reform for the sake of a capable, capable and sovereign state that serves its citizens.

The achievement of this noble goal is the greatest appreciation of the sacrifices of the martyrs for the sake of this honorable country. Iraqis deserve the best, and have made great sacrifices for the sake of a free and decent life and a promising future for all its children.

Peace, mercy and blessings of God".

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ARTICLE 4

The Central Bank of Iraq launches a new project
2021.05.23 - 10:21
Baghdad - People

The Central Bank of Iraq announced, on Sunday, the completion of the scorecard project for environmental, social and governance standards, in cooperation with the International Finance Corporation (IFC) affiliated with the World Bank Group.

The bank said in a statement that "People" received a copy of it, (May 23, 2021), that “The Central Bank of Iraq has adopted the application of institutional governance in banks as a goal within the strategic plan for the period (2016-2020) to strengthen the control and supervision systems based on international best practices in this regard. The field, as well as keeping abreast of developments in banking services. "

He added, "The Scorecard project represents (a quantitative measure) of environmental, social and governance standards."

The bank stated that "work on this project was started at the end of 2019, when pilot tests for the scorecard were conducted during the period (2020-2021) with the participation of all commercial and Islamic banks operating in the Iraqi banking sector."

He concluded, "The project will be launched through a hypothetical meeting on the 26th of May, in the presence of relevant local and international institutions, relevant authorities and representatives of the Iraqi banking sector."

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ARTICLE 5

Parliament announces the agenda for next Saturday's session
2021.05.22 - 21:22
Baghdad - People

The House of Representatives announced, on Saturday, the agenda for its session, which is scheduled to take place tomorrow, Tuesday.

The Council’s Media Office published an agenda for next Saturday’s session, which was reviewed by “People,” (May 22, 2021), and included discussion of “the repeated Zionist attacks on the Palestinian Arab people, as well as voting on draft laws and general discussions.”

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