WOTS FRI JUN 11 21 The Central Bank of Iraq confirmed, on Friday, the stability of the dollar exchange rate and the absence of any intentions to change
These are the articles I discussed on the My FX Buddies Podcast:
Human rights demand that citizens be compensated for the rise in prices resulting from the rise in the exchange rate of the dollar
A member of the High Commission for Human Rights, Fadel Al-Gharawi, confirmed that vulnerable groups and people with limited income have been greatly affected by the government's policy to raise the price of the dollar against the Iraqi dinar, which has caused a significant increase in the prices of living materials for the citizen.
Al-Gharawi added in a statement that "the Iraqi citizen is exposed to many crises on a daily basis, whether with the lack of services, the lack of electricity and the health, educational and environmental repercussions, with the lack of job opportunities and the low incomes of citizens, especially those with limited income."
He continued, "The continuing rise in prices and the citizen's inability to meet his living needs calls us to ask the government to directly compensate citizens from the emergency budget for the damage they have suffered due to this rise."
The Central Bank of Iraq confirmed, on Friday, the stability of the dollar exchange rate and the absence of any intentions to change
According to a statement by the bank, “Nass” received a copy of it (June 11, 2021), “the dollar exchange rate is fixed and there are no intentions to change, and that what is being circulated is not true, as the price that was chosen at the end of 2020 to exchange the dollar was based on To in-depth studies of the requirements of the economic and financial situation and the objectives of monetary policy.
The bank indicated that "its foreign currency sales are based on the stability of its foreign reserves at excellent levels, as those sales have been increased to meet all legitimate requests, and the price will stabilize as a result of the measures that the Central Bank has recently taken and will take."
The bank pointed out that "statements related to the exchange rate are promoted for speculators to benefit from, and that the Central Bank has communication channels that represent official sources of information."
On Friday, the Central Bank denied statements attributed to the deputy governor regarding the value of the Iraqi dinar exchange rate.
And the bank stated in a statement, “Nass” received a copy of it, (June 11, 2021), that “the Deputy Governor of the Central Bank, Ihsan Shamran Al-Yasiri, is lying statements attributed to him,” stressing “there is no truth to the news circulated to me about the value of the Iraqi dinar exchange at a price of 2,400 dinars.”
The statement added, "This news is untrue and is the creation of the enemy's electronic armies of the Iraqi people, which do not want good for the economy in the country."
Ammar Tohme: Any new attempt to raise the exchange rate means maximizing profits for parasitic banks at the expense of the reserves
Head of the National Nahj bloc MP Ammar Tohme affirmed that any new attempt to raise the exchange rate means maximizing profits for parasitic banks at the expense of the reserves.
A press release quoted Tohma as saying, "The media carried a statement by a senior official in the Central Bank stating that the fair value of the exchange is 2,400 dinars per dollar!!
It is known and clear that the increase in the profit margin of parasitic banks increases with the increase in the exchange rate.
Such a step means draining more of the money." The difficult process for these banks to reap profits, and we explain this as follows:
1. When the selling price of the dollar from the Central Bank was (1,190) dinars for each dollar and its price in the market (1,200), the monthly profits of those banks with a selling rate of the bank (200) million dollars were the profits of those banks. Parasitic banks per month ranging from (50 to 60) billion dinars per month
2. After the failed decision to raise the exchange rate to (1450) and increase the sale of the dollar in the market to (1500) dinars, the profits of parasitic intermediary banks increased to approximately (300) billion dinars per month.
3. It seems that this statement, which justifies and paves the way for a new rise in the exchange rate of the dollar, will make the profits of these parasitic banks double and may approach a trillion dinars per month
4. All the justifications put forward by advocates for raising the exchange rate of the dollar and their supporters turned out to be unrealistic, so the justification for filling the deficit due to the drop in oil prices has disappeared With the rise in oil prices to unexpected levels, and the justification for supporting the national industry is unrealistic, they grant tax exemptions and exceptions to countries such as Jordan and hundreds of imported items, and even the national agricultural product that does not cost imported raw materials, decisions that harmed it were taken by allowing the import of a similar foreign product in the past 5 months . The justification for supporting the national industry by raising the price of the dollar is illogical and cannot be believed because most of the industries to be developed require imported raw materials, and then the cost of the product will be higher because importing them with the low price of the dinar will increase the cost of their manufacture, assuming that the state takes serious steps in creating an infrastructure for industries And the provision of its requirements of electrical energy, the imposition of control over the outlets, the activation of standardization and control, and other steps.
6. These banks, which illegally and illegally acquire these obscene profits, do not contribute to any tangible development or economic activity that justifies selling these large sums of hard currency. All indications confirm that the close interdependence of interests between the influential and the dominant on the political scene are the ones who benefit from this unjust equation of the Iraqi people. 7.
Washington lifts sanctions on former Iranian officials
Washington announced the lifting of sanctions it had imposed on former Iranian officials, but in return it imposed sanctions on a network accused of helping to finance the Houthi rebels in Yemen.
The United States, which has been conducting indirect talks to save the Iranian nuclear deal, has lifted sanctions that had been imposed on three former Iranian government officials and two companies, previously seen as being involved in the purchase, possession, sale, transfer or marketing of Iranian petrochemicals. .
On Thursday, the US Treasury said in a statement that it had lifted sanctions against three former Iranian officials, including the former head of the National Iranian Oil Company, Ahmad Qalibani, adding, “The removals from the sanctions list come as a result of a verified change in behavior or status on the part of the sanctioned parties, It shows the commitment of the US government to lift sanctions if there is a change.”
When asked at length about this issue during a press conference, US State Department spokesman Ned Price did not explain how the people and companies involved changed their “behavior or situation”, but stressed that there was “no connection whatsoever” between this decision, which he described as “technical” and the Talks related to the nuclear agreement in Vienna.
On the other hand, Washington said that it had imposed sanctions targeting the Houthis in Yemen, expressing its dissatisfaction with the Iranian-backed rebels' continued military attacks.
The Treasury Department said it imposed sanctions on entities and individuals, including Saeed al-Jammal, who from Iran runs a network that sells illegal oil to fund the Houthis and the Iranian Revolutionary Guard.
The ministry indicated that “this network, led by the Iranian-based Houthi financier Saeed Al-Jammal, generates tens of millions of dollars from the sale of raw materials such as Iranian oil,” adding that “a large part (of these revenues) is then redirected through a complex network of Mediators and exchanges in several countries, to the Houthis in Yemen.”
These sanctions target 11 people, companies, and a ship, according to a separate statement issued by the US State Department, which called on the Houthis to “accept a ceasefire” and urged “all parties to resume political talks.”
Secretary of State Anthony Blinken said he hoped to put pressure on the Houthis to end their offensive, which began in February, to seize Marib, the last government-controlled area in northern Yemen.
"It is time for the Houthis to accept a ceasefire and for all parties to resume political talks," Blinken added, stressing that "the United States will continue to put pressure on the Houthis, which includes imposing targeted sanctions."
In one of its first steps, the administration of Democratic US President Joe Biden decided to cancel the designation of the Houthis as a terrorist movement, a decision that former President Donald Trump had taken at the end of his term.
Biden is also seeking to revive the nuclear agreement with Iran, from which Trump unilaterally withdrew, but the ongoing negotiations in Vienna on this file are facing obstacles, including Iran's insistence on lifting all sanctions imposed on it.
Iran pays $16 million to the UN
Iran paid $16.2 million in dues to the United Nations, allowing it to regain its right to vote and participate Friday in the General Assembly's selection of five new members of the Security Council for the period 2022-2023, diplomats said.
"After more than six months of efforts to achieve this, the United Nations announced today that it has received the funds," Iran's ambassador to the United Nations, Majid Takht Ravanchi, wrote in a tweet today (June 11, 2021).
He blamed the delay in paying the debts on "illegal US sanctions", saying that they "not only deprived our people of medicine, but also deprived Iran of paying its dues to the United Nations."
This led to Iran's right to vote in the international body being suspended in January.
"All inhumane sanctions should be lifted now," the Iranian diplomat added.
A UN official said the money came mostly from an Iranian account based in Seoul, whose dealings have been blocked under US sanctions. Talks took place several months ago between the United Nations, Iran, South Korea and the United States with the aim of releasing this Iranian account in Seoul specifically so that Tehran could pay its debt.
And Iran's restoration of its right to vote allowed it to participate in a vote in the General Assembly on Friday to choose five new non-permanent members of the Security Council. The five nominated countries were the UAE, Brazil, Albania, Gabon and Ghana, and all won the seats.
Oil rises to $73 a barrel for the first time in two years
The price of Brent crude oil, on Friday, May 11, 2021, exceeded the level of $73 per barrel, for the first time in more than two years
The price of the August futures contract for the North Sea Brent mixture on the ICE Exchange in London rose by 0.79% to reach the level of $73.09 per .barrel
This is the first time that the price of Brent crude has exceeded the level of $73 a barrel since May 20, 2019
Favorite Currencies Forex Quotes
| Symbol | Bid | Ask | High | Low | Open | Change | Time |
|---|---|---|---|---|---|---|---|
| USD/IQD |  1433.2000 |  1482.5000 | 1457.1000 | 1456.9000 | 1456.9000 | -0.3000 | 15:26 |
| USD/VND | 22945.0000 | 22947.0000 | 22931.8400 | 22926.4600 | 22926.4600 | 6.9700 | 00:00 |
| USD/CNY |  6.3899 | 6.3919 | 6.3922 | 6.3846 | 6.3916 | -0.0024 | 05:09 |
| USD/KWD | 0.3003 | 0.3013 | 0.3004 | 0.3003 | 0.3004 | -0.0001 | 05:02 |
| GBP/USD | 1.4150 | 1.4151 | 1.4185 | 1.4142 | 1.4176 | -0.0026 | 05:19 |
| USD/IRR | 42000.0000 | 42210.0000 | 42097.5000 | 42097.5000 | 42097.5000 | 0.0000 | 00:00 |
| USD/IDR | 14192.0000 | 14199.0000 | 14257.0000 | 14158.0000 | 14250.0000 | -73.0000 | 05:18 |
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The American investment bank determines the expected price of a barrel of oil during the summer
US investment bank Goldman Sachs expects Brent crude prices to hit $80 a barrel this summer, and is betting that the recent rally in the oil market will continue as vaccinations boost global economic activity and demand for the commodity.
Brent crude prices reached $72.93 a barrel this week, their highest level in more than two years, buoyed by expectations of increased demand.
Brent crude futures were trading at $72.21 a barrel on Friday, while US West Texas Intermediate crude was at $70 a barrel.
“Higher vaccination rates are driving up mobility in the United States and Europe, with global demand estimated to increase by 1.5 million barrels per day last month to 96.5 million barrels per day,” the bank said in a late note.
Goldman, which has long experience in the commodities sector, expects oil demand to continue to recover and sees global demand at 99 million barrels per day in August.
The investment bank also said slow progress in negotiations on an Iran nuclear deal could also affect oil supplies, supporting prices.
Iran and world powers have been negotiating since April to lift sanctions on Tehran, which have hit its economy hard by cutting back its vital oil exports.
US Secretary of State Anthony Blinken said on Tuesday he expects that even if Iran and the United States return to compliance with the nuclear deal, hundreds of US sanctions on Tehran will remain in place.
"Recent headlines comfort us in our expectations that a possible recovery in Iranian exports will not occur until the fall," the bank said.
While there is spare capacity in both OPEC+ exploration and production and refining, we expect OPEC+ to lag behind the demand recovery.
Using $3 billion... Disclosure of a mechanism planned by the Central Bank to "control the market"
A member of the Parliamentary Finance Committee, Salim Cougar, confirmed that the rise in the oil price will provide cash liquidity, and the Central Bank has allocated three billion to control the market.
Cougar said in a press statement, "The rise in oil prices will provide cash liquidity, and the Central Bank has allocated three billion dollars to control the market and raise prices," noting that "financial liquidity will control the price of food and commercial products."
He added that "the central bank has sold 460 million dollars in the currency auction to control the market prices," noting that "the rise of the dollar is the result of supply and demand."
And he indicated that "the cash that will be available as a result of the rise in the price of a barrel of oil, which reached 72 dollars per barrel, will contribute to controlling the markets and increasing prices."
The markets, food and commercial products in Iraq are witnessing a significant increase in prices as a result of the high exchange rate of the dollar.
Abu Dhabi hosts the Iraqi Gulf Economic Forum
The Federation of Iraqi Chambers of Commerce announced, on Friday, that Iraq has obtained membership in the Executive Committee of the Federation of Arab Chambers of Commerce, while stressing that Baghdad will host the next meeting of the Federation.
The union said, in a press statement seen by "Al-Iqtisad News", that the Iraqi delegation held talks with the Federation of Gulf Chambers in the context of seeking to strengthen economic, trade and investment relations with all regional and international chambers of commerce.
The Union explained that it was agreed to hold the Iraqi Gulf Forum in Abu Dhabi at the beginning of next September, which will be the nucleus for the beginning of the Iraqi-Gulf work, with the participation of all Gulf countries and in the official presence of both sides from the ministers of the two countries, the General Secretariat and a large number of businessmen.
The head of the Federation of Iraqi Chambers of Commerce, Abdul Razzaq Al-Zuhairi, said that the Iraqi-Gulf Forum includes large sectors of infrastructure, agriculture, energy, transportation, banking, education and health, continuing, "We will have two months to prepare for this forum.
Disclosure of an upcoming tour for Al-Kazemi that includes European countries
Today, Friday, the Secretary-General of the Council of Ministers, Hamid Naim Al-Ghazi, discussed special preparations for the upcoming visit of Prime Minister Mustafa Al-Kazemi to Europe.
And the General Secretariat of the Council of Ministers stated in a statement received by Alsumaria News, that "Al-Ghazi received the Serbian ambassador to Iraq, Balov Oroch, and discussed with him strengthening bilateral relations between the two countries and joint cooperation files, in addition to special preparations for the upcoming visit that the Prime Minister, Mustafa Al-Kazemi, will make to Iraq." Serbia and other European countries
According to the statement, "the Secretary-General stressed, during the meeting, the depth of bilateral relations between Serbia and Iraq, and called for strengthening the bonds of communication to serve the common interests of the two countries.
He added that "Baghdad aspires for the Serbian diplomatic mission to play a greater role in terms of cooperation in the economic, trade and reconstruction efforts.
And the Secretary-General indicated, "The visit of Mr. Al-Kazemi comes within a program that includes several European countries, including Serbia, and if the date of the visit approaches, the Serbian side will be informed of it, to arrange a schedule of appointments and meetings.
He added, "The upcoming European tour is a responsible initiative by the Iraqi government and a serious effectiveness that demonstrates its commitment to international conventions, and its consideration of the approach of openness to global experiences, based on the principle of sovereignty and good dealing.
For his part, the Serbian ambassador praised Baghdad's unique cooperation and great effort with his country's government, and with the embassy team inside Iraq, stressing that relations between the two countries rest on a solid history that extends back to 63 years of distinguished diplomatic ties
He pointed out that "one of the priorities of his work is to activate economic, military and investment cooperation with Baghdad, and to develop the work of Serbian companies in it in accordance with the applicable agreements and joint memoranda of understanding
CBI Update: Just a note:
including $0. CASH
ISX Update: Shares Traded: not updated for todayValue Traded: not updated for today
6-10-2021 Newshound Guru Kaperoni One of the most frustrating things is to watch the Central Bank of Iraq and its new governor learn the procedures they need to maintain the exchange rate. This seems to happen every time they get a new governor. Maintaining the spread is a balance between dinars in dollars. The CBI needs to make sure that they are fully liberalized to provide that foreign currency per IMF guidelines. It's also a catch-22 of sorts because they don't want to just spend all of their reserves to fulfill the demand when the majority of the demand are people manipulating the system for profit. The solution is to curb this corruption not reduce the foreign exchange. But Iraq seems to have an inability to do so. As a result we see the foreign exchange at the auctions continually going up. And when they reduce the currency available then the spread begins to climb.
6-10-2021 Newshound/Intel Guru Walkingstick [via Frank26] I want you to notice something. These terms 'implementing a new mechanism' are being used for everything that's needing a new exchange rate. They are implementing a new mechanism...You know them all - the salaries, the budget, the HCL, the farmers, the white papers.
6-10-2021 Intel Guru MarkZ [via PDK] ...there is a lot of chatter about today through the 14th. All I can say is buckle up. I think we are right here at the end. And this has been difficult for all of us. Stay hopeful…we are in a great spot...At this point I believe we just need somebody to press the button.
6-10-2021 Newshound Guru Pimpy Article: "Dollar price close at 150 thousand dinars in Baghdad" For every dollar you get 1500 dinars. It's going in the wrong direction. This means people are losing faith in the dinar and they're getting away from it by grabbing US dollars. You don't want that to happen. You want people to stay confident in their currency. The government is going to have to do something about that and I think we're going to see that real quick.
6-10-2021 Intel Guru Frank26 Kazimi and Ghaleb are in cahoots. They are on the same floor. They are standing on the same terra firma. They understand exactly what they are doing with their reforms. One of them is in charge of one reform. And the other one is in charge of the other reform but ironically enough one reform can't be launched without the other reform going first or simultaneously. Ghaleb and Kazimi are in deep conversations with the Fab 4...they meet everyday...right now the topics they are having...are hot on the economic and monetary reforms...
6-10-2021 Intel Guru Bruce ...you know I don’t go into rates – don’t go into detail – I just tell you they are still very strong – better than we ever thought they would be...
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