WOTS FRI JUN 4 21
These are the articles I discussed on the MY FX Buddies Podcast
here is a picture of the older Barzani that I was talking about with the current Prime Minster Kazemi
BAGHDAD AND ERBIL REACH AGREEMENT ON BUDGET LAW IMPLEMENTATION, CLAIMS KRG DELEGATION
SULAIMANI — A negotiating delegation from the Kurdistan Regional Government (KRG) and officials from Iraq’s federal government have agreed to joint mechanisms to implement the 2021 Federal Budget Law passed two months ago, according to a statement from negotiators.
The delegation, which was led by KRG Deputy Prime Minister Qubad Talabani, said that the two sides officially signed a document agreeing to prepare reports for the federal Ministry of Finance on implementation. (This seems to be forward movement at least in articles)
“The Kurdistan Region’s delegation showed its readiness to make all facilities and preparations for federal financial supervision and to perform their duties within the framework of the mechanism they agreed on,” it said.
While news of an agreement would be welcome, the process has been littered with hang-ups over implementation.
On March 31, the Council of Representatives passed Iraq’s annual budget, which included a financial agreement between Erbil and Baghdad.
The KRG is supposed to receive 9.5 trillion Iraqi dinars ($6.5 billion) from the budget, which will be disbursed in monthly increments, in return for submitting 250,000 barrels of crude oil per day to Iraq's oil marketer SOMO for export and a portion of the income derived from customs duties at international border crossings with Iran and Turkey.
The KRG has sent no oil or customs duties to Baghdad and in response the federal government has not resumed cash transfers to Erbil.
Those budget transfers would theoretically enable the KRG to pay full public sector salaries. For more than a year it has either not paid public servants or cut their salaries by nearly a quarter, leading to widespread frustration among the Region’s middle class.
After exceeding 150 thousand dinars, the shock of the dollar paralyzes the Iraqi markets
A rise in the exchange rates of the dollar against the dinar, very significantly, until the exchange rate of the paper reached from 100 dollars to 150 thousand dinars, directly affecting the local market and the prices of food and construction commodities and the rest of the goods, which caused a state of resentment and anger among citizens and elites. At a time when a parliamentarian indicated that the government and the political forces that supported its decision to raise the price of the dollar are standing idly by and unable to stop this collapse, a parliamentarian confirmed that the market situation today confirms the government’s inability to address and instead of progress and economic prosperity we live today in a recession in markets.
Jawdat said in an interview with Alsumaria News, "The abnormally high exchange rate of the dollar, and the price of 150 thousand dinars for the 100-dollar bill, has become more impact on the poor and middle classes than necessary," noting that "the prices of goods and goods rose to 30% of the Its natural price, at a time when there is no increase in salaries or the living situation of citizens, on the contrary, things are getting worse at the standard of living and the government is watching without any measures to limit this deterioration
Jawdat added, "In the House of Representatives, we repeatedly demanded that the Minister of Finance and the Governor of the Central Bank be held accountable, but we did not find deaf ears, and there were hidden agreements to obstruct these interrogations," noting that "the political forces that agreed to the proposal to raise the price of the dollar against the dinar, Today I became responsible to the public for justifying the reasons for its acceptance at the time of the government's proposal, which today itself stands today as an obstacle to questioning the Minister of Finance and the rest of those responsible for this file.
She pointed out that "when the government made its decision to raise the price of the dollar with the blessing and encouragement of some political forces, it was better for it to conduct a study after a month or two to find out the pros and cons of the decision, in order to continue with it or undo it, but unfortunately, the government and the blocs that supported its decision look at the matter from One aspect is maximizing what it has of money away from the interest of the simple citizen,” noting that “the government, in case it was unable to open large corruption files or control the border crossings, or the tax, it must not throw its mistakes on the simple citizen to be the victim of any failures that occur.
She continued, "Iraq immersed in the import of Turkey And theIranAnd others, and the continuation of unemployment and the waste of hard currency.”
Member of the Parliamentary Committee on Economy and Investment Mazen Al-Faili He stressed that all the justifications set by the government in order to raise the exchange rate have disappeared and no longer exist.
Al-Faili said in an interview with Alsumaria News, "The government had previously set reasons for raising the exchange rate and proceeded with its decision in the light of those justifications," noting that "the first reason is the lack of financial liquidity to pay salaries as a result of the drop in the price of a barrel of oil, as this excuse ended with a rise in prices." Globally, oil exceeds what is in the budget, which currently stands at $71 per barrel.
Al-Faili added that "the third justification was the attempt to prevent the smuggling of currency and forged invoices, but sales amounted to more than 200 million dollars per day, which means that the government has no third justification for raising the exchange rate," noting that "if we wanted to compare the benefits achieved, we support them." Very few, they did not exceed eight trillion dinars, at a time when oil prices today globally have jumped to very good levels that cover normal expenses comfortably.
He stressed, "The repercussions of raising the exchange rate today are paid by the simple citizen, but we find the government's insistence on its position, without a real treatment, with insistence on not admitting the mistake and insisting on continuing with that policy that the citizen paid for, given that prices in the markets have doubled." With the sharp rise in the price of the dollar,” he said, noting that “the market situation today confirms the government’s inability to address, and instead of progress and economic prosperity, we live today in stagnation in the markets without finding any results from the white paper that the government talked about nearly a year ago.”
Parliament defers the oil and gas law for its next legislative session
The Parliamentary Oil and Energy Committee confirmed, on Friday, that the oil and gas law will be carried over to the next legislative session.
Committee member Amjad Hashem Al-Uqabi said, according to government media, that "the House of Representatives cannot initiate the oil and gas law," noting that "this law is still present in the parliament, and it can be voted on during the next legislative session."
He added that "the Council will vote in its next sessions on the draft law of the National Oil Company."
With regard to the issue of electricity, Al-Uqabi explained that "the coming days will witness the operation of the Al-Jasiyah station," noting that "the opening of this station is an achievement for the Ministry of Electricity."
He pointed out that "technical and engineering cadres in the Ministry of Electricity are able to address the problems that may occur in electric power during the summer and high temperatures, despite the presence of financial austerity," noting that "in the event that Iranian gas arrives, the electric power stations will work fully, The rate of supplying citizens with electricity will be 4 hours of operation compared to 2 hours of extinguishing
Bad news for Iraqis: temperatures will reach this level tomorrow
122 fahrenheit is what 50 celsius is
The weather forecaster, Sadiq Attia, revealed the level of temperatures that some governorates will reach on Saturday.
Attia said, "The hot mass will reach its peak tomorrow, Saturday, and reach the level of 50 degrees Celsius in some areas of the southern cities and less in the rest of the cities, and expectations indicate that, as of Sunday and Monday, temperatures will return to decrease again to be around their general rates."
He pointed out, "The winds will continue to northwesterly moderate speed in the cities of the country, with a tendency to be still in the north and southwest of the country, accompanied by some activity during the day."
Demands for the Ministry of Finance to expedite the financing of investment projects and the implementation of economic reform clauses
The Chairman of the Parliamentary Finance Committee, Haitham al-Jubouri, revealed on Thursday the details of the parliamentary meeting with Minister of Finance Ali Allawi, indicating that expediting the financing of investment projects and the development of the regions is the source of the discussions.
Al-Jubouri said in a statement received by Shafaq News Agency, that his committee discussed with the Minister of Finance, "accelerating the financing of investment projects, and the allocations for the development of regions and governorates with the amounts of money that enable ministries and governorates to carry out their duties and initiate referral of projects approved in them."
He added that the meeting also discussed "the amendment of the law of government banks and the internal system of those banks," noting that "communication took place between the Parliamentary Finance Committee and the Ministry of Finance to implement the financial and economic reform paragraphs that were contained in the Federal Budget Law."
The session of the House of Representatives was scheduled to be held at one o’clock this Thursday, but the lack of a quorum prompted the Presidency of the House of Representatives to convert the parliamentary session into a deliberative after the lack of a quorum prevented it from convening.
A parliamentary source told Shafak News Agency, that the House of Representatives converts its session into a deliberative session, due to the failure to achieve a quorum to hold the session, as the number of attendees did not exceed 65 deputies.
He pointed out that the deliberative session was held under the chairmanship of the Second Deputy Speaker of Parliament, Bashir Al-Haddad, in the absence of Parliament Speaker Muhammad Al-Halbousi and his first deputy, Hassan Al-Kaabi.
Anxiety prevails among Iraqis for fear of the deterioration of the purchasing value of the dinar
The Iraqi local markets witnessed a new rise in the exchange rate of the dollar against the Iraqi dinar, as the value of one dollar reached 1500 Iraqi dinars, a clear difference from the rate set by the Central Bank, which is 1450 dinars to the dollar.
And the new value of the rise was recorded in the Baghdad Stock Exchange for hard currencies and exchange companies in the Al-Kifah and Al-Harithiya areas in Baghdad, as well as Erbil, and in the event that the rise continues until the end of the day, this means that the price will remain unchanged until next Sunday, which is the date for the resumption of official working hours and the Central Bank offering new amounts of hard currency Within the policy of preserving the value of the dinar.
So far, the competent authorities have not provided any explanations for this rise, but experts and specialists attribute this to speculation within the market, which is carried out by merchants, businessmen and private banks.
The rise is not the first of its kind, but it is the highest, as the past days recorded a slight increase at 1460 and 1470 dinars to the dollar.
The reason for the rise in the exchange rate of the dollar in Iraq during the last period is a rise in the prices of goods, especially foodstuffs, and the markets and commercial centers in Iraq have been almost devoid of shoppers, for several days, due to the economic confusion from the high exchange rate of the dollar and the new rise in food prices and others.
And the Iraqi Ministry of Planning confirmed, earlier, that poverty indicators in the country had risen to 27%, due to the increase in prices, against the background of several government measures to bypass the financial crisis, including raising the dollar exchange rate, as the Al-Kazemi government raised the exchange rate from 1200 dinars to 1450, per dollar.
Member of the Economy and Investment Committee in the Iraqi parliament, Salem al-Tufaili, said, "The main reason for the continued rise in the dollar exchange rate is the lack of real government control over the Iraqi market, as well as the work of private banks and exchanges, which manipulate prices according to their interest without any oversight or accountability."
Al-Tufaili indicated that "the rise in the exchange rate of the dollar, as well as foodstuffs and other materials, is behind some greedy traders, bank owners and money transfer companies, among the influential figures, who have relations with some parties and political figures, who control the market as they wish according to government silence."
He added that "The Iraqi market has been witnessing great confusion for days due to the instability of the dollar exchange rate and the increase in the prices of materials again, and this matter requires the intervention of the competent government agencies, to control the situation, otherwise the Iraqi street will explode again in the face of the government and all the political class, because of what is going through from difficult economic conditions.
A member of the Finance Committee in the Iraqi parliament, Muhammad Al-Shabki, said, "The next few days will witness hosting the competent authorities in the Ministry of Finance and the Central Bank, to discuss the repercussions of the rise in the dollar exchange rate, above the amount decided in the 2021 budget."
Al-Shabki indicated that "the Iraqi Parliament's Finance Committee will present many proposals for the control of the competent government agencies over the exchange rate of the dollar, as well as to prevent traders from manipulating the prices of foodstuffs and others, this matter will lead to humanitarian disasters in Iraqi society, especially with the high rate of poverty and the rate of Unemployment is high.”
The Iraqi MP warned that "the economic situation in Iraq does not allow the continued rise in the dollar exchange rate and foodstuffs, as this matter will have major and dangerous repercussions, including the explosion of popular demonstrations as well as the increase in crime rates in Iraqi society, especially the lack of job opportunities in the government and private sectors, and the continuation of The unemployment rate among young people is high.
On the other hand, the economic expert Younis Al-Kaabi said, in press statements, that "the currency auction did not decrease in its sales, nor did the poor class improve its living conditions, and most importantly, it left an important segment of society under the weight of poverty, namely the employees and retirees."
Al-Kaabi explained that "the monthly income of employees and retirees has declined as a result of the change in the exchange rate on the one hand, and on the other hand, the increase in the prices of goods, medicines and basic commodities in the local markets."
The Iraqi expert revealed that "the data of the Ministry of Planning indicate that the poverty rate in Iraq has risen from 25% to 28%, and this is the biggest indication of the failure of fiscal and monetary policy in Iraq."
Below here is the daily WOTS "Word on the Street" report:
Today, Friday (June 04, 2021), Iraq news publishes the exchange rates of the dollar against the Iraqi dinar, in the capital, Baghdad, and five other governorates, with a slight increase after a temporary decline yesterday.
The exchange rate of (100) dollars on the Kifah Stock Exchange in the capital, Baghdad, came to (149.450) dinars, and the price of (100) dollars on the Al-Harithiya Stock Exchange was (149.450) dinars, and in other exchange offices, the selling price came (150,000) dinars, and the purchase price (149,000) dinars.
As for the Erbil Stock Exchange, it also increased, reaching a price of 100 dollars to (149,625) dinars, and in the Basra Stock Exchange, the price of 100 dollars (149,500) dinars, and in the Mosul Stock Exchange, the price of 100 dollars (149,600) dinars.
On the Stock Exchange of Sulaymaniyah Governorate, it rose to record a price of $100 (149,650) dinars. On the Stock Exchange of Duhok Governorate, the price of 100 dollars (149,600) dinars was recorded
Favorite Currencies Forex Quotes
| Symbol | Bid | Ask | High | Low | Open | Change | Time |
|---|---|---|---|---|---|---|---|
| USD/IQD |  1441.5000 |  1491.0000 | 1457.3000 | 1457.3000 | 1457.3000 | 0.3000 | 23:59 |
| USD/VND | 23044.0000 | 23048.0000 | 23037.4500 | 23035.1000 | 23035.1000 | 0.0300 | 22:38 |
| USD/CNY | 6.4087 | 6.4107 | 6.4108 | 6.4013 | 6.4027 | 0.0060 | 05:24 |
| USD/KWD |  0.3005 | 0.3015 | 0.3006 | 0.3006 | 0.3006 | 0.0000 | 04:55 |
| GBP/USD | 1.4123 | 1.4124 | 1.4131 | 1.4083 | 1.4101 | 0.0021 | 05:24 |
| USD/IRR | 42000.0000 | 42210.0000 | 42097.5000 | 42097.5000 | 42097.5000 | 0.0000 | 00:00 |
| USD/IDR | 14316.0000 | 14316.0000 | 14338.0000 | 14306.0000 | 14324.0000 | -10.0000 | 05:24 |
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Iraqi Articles:
Al-Rafidain: We continue to open savings and current accounts for citizens to deposit their money
Al-Rafidain Bank announced, on Friday, that it will continue to open savings and current accounts for citizens to deposit their money in the bank instead of hoarding it in homes and obtaining rewarding financial returns.
The bank’s media office said in a statement, of which “Nass” received a copy, (4 June 2021), that “it was decided to increase the interest rate on deposits for a period of six months to become 4.5 percent. Also, the interest rate on fixed deposits for a period of one year was increased to be 5.5 percent.”
The statement added, "The interest rate on deposits for two years has been increased to 6.5 percent."
After exceeding 150 thousand dinars, the shock of the dollar paralyzes the Iraqi markets
A rise in the exchange rates of the dollar against the dinar, very significantly, until the exchange rate of the paper reached from 100 dollars to 150 thousand dinars, directly affecting the local market and the prices of food and construction commodities and the rest of the goods, which caused a state of resentment and anger among citizens and elites. At a time when a parliamentarian indicated that the government and the political forces that supported its decision to raise the price of the dollar are standing idly by and unable to stop this collapse, a parliamentarian confirmed that the market situation today confirms the government’s inability to address and instead of progress and economic prosperity we live today in a recession in markets.
Jawdat said in an interview with Alsumaria News, "The abnormally high exchange rate of the dollar, and the price of 150 thousand dinars for the 100-dollar bill, has become more impact on the poor and middle classes than necessary," noting that "the prices of goods and goods rose to 30% of the Its natural price, at a time when there is no increase in salaries or the living situation of citizens, on the contrary, things are getting worse at the standard of living and the government is watching without any measures to limit this deterioration
Jawdat added, "In the House of Representatives, we repeatedly demanded that the Minister of Finance and the Governor of the Central Bank be held accountable, but we did not find deaf ears, and there were hidden agreements to obstruct these interrogations," noting that "the political forces that agreed to the proposal to raise the price of the dollar against the dinar, Today I became responsible to the public for justifying the reasons for its acceptance at the time of the government's proposal, which today itself stands today as an obstacle to questioning the Minister of Finance and the rest of those responsible for this file.
She pointed out that "when the government made its decision to raise the price of the dollar with the blessing and encouragement of some political forces, it was better for it to conduct a study after a month or two to find out the pros and cons of the decision, in order to continue with it or undo it, but unfortunately, the government and the blocs that supported its decision look at the matter from One aspect is maximizing what it has of money away from the interest of the simple citizen,” noting that “the government, in case it was unable to open large corruption files or control the border crossings, or the tax, it must not throw its mistakes on the simple citizen to be the victim of any failures that occur.
She continued, "Iraq immersed in the import of Turkey And theIranAnd others, and the continuation of unemployment and the waste of hard currency.”
Member of the Parliamentary Committee on Economy and InvestmentMazen Al-FailiHe stressed that all the justifications set by the government in order to raise the exchange rate have disappeared and no longer exist.
Al-Faili said in an interview with Alsumaria News, "The government had previously set reasons for raising the exchange rate and proceeded with its decision in the light of those justifications," noting that "the first reason is the lack of financial liquidity to pay salaries as a result of the drop in the price of a barrel of oil, as this excuse ended with a rise in prices." Globally, oil exceeds what is in the budget, which currently stands at $71 per barrel.
Al-Faili added that "the third justification was the attempt to prevent the smuggling of currency and forged invoices, but sales amounted to more than 200 million dollars per day, which means that the government has no third justification for raising the exchange rate," noting that "if we wanted to compare the benefits achieved, we support them." Very few, they did not exceed eight trillion dinars, at a time when oil prices today globally have jumped to very good levels that cover normal expenses comfortably.
He stressed, "The repercussions of raising the exchange rate today are paid by the simple citizen, but we find the government's insistence on its position, without a real treatment, with insistence on not admitting the mistake and insisting on continuing with that policy that the citizen paid for, given that prices in the markets have doubled." With the sharp rise in the price of the dollar,” he said, noting that “the market situation today confirms the government’s inability to address, and instead of progress and economic prosperity, we live today in stagnation in the markets without finding any results from the white paper that the government talked about nearly a year ago.”
CBI Update: Just a note:
including $0. CASH
ISX Update: Shares Traded: not updated for todayValue Traded: not updated for today
6-3-2021 Intel Guru BobTheTaxMan The IQD will be taxed as ordinary income since it does not qualify for the more favored long term tax options. [NOTE: At the appropriate time consult your tax professional about your investment and tax liability]
6-3-2021 Intel Guru Holly Thursday Rv News: I am still asked to be quiet and it is difficult because I see you all struggle. The table is being prepared for us. We will be called soon. The word is still this week.
6-3-2021 Newshound/Intel Guru Mnt Goat Article: "OIL PRICES CONTINUE TO RISE GLOBALLY" ...in the past they can’t implement the project to delete the zeros. They said it cost too much. Really…that was when oil was at $35. Now it reaching $80. So now what is your new excuse. We are on to your lame, corrupt excuses. We all should pack up our dinars and ship them back to Iraq for an exchange... This would be trillions of dinars. Let’s see how they would like that? They must take care of use long term investors… It is time.
6-3-2021 Intel Guru MarkZ [via PDK] I am told they are still ironing out communication issues on the banking tech side of this…So many banking stories from all the world…different banks around the globe…people not being able to do transactions…banks not able to do transactions. Banks getting updates…it appears to be a mad dash to fix these technical issues between now and fully implemented by the 15th…a mad dash! Very interesting to watch…
6-3-2021 Newshound Guru Pimpy The hard part is coming out here...keeping everybody informed on what's going on. What I'm up against is a slew of Youtubers out there saying 'Yeah I talked to my insider and they got inside rates.' Or you got that special 'contract rate' or those 800 numbers with those redemption centers and the back screens and the tier 1, tier 2 and the clones are taking over the world. That's kind of hard to deal with sometimes. There are people who believe what they're being told hook line and sinker. But I'm also the same person who says, 'hey, you should go listen to all the different...information...draw your own conclusion...'
6-3-2021 Newshound Guru Breitling A lot of people think Iraq has been dragging their feet. They haven't. They've been doing everything they can to add value to the currency but it's tough when their main source of income is in U.S. dollars...if you look at the countries around Iraq - Saudi Arabia 27 cents. Turkey 11 cents. Iran it's actually less than the dinar. Egypt it's 6 cents. Qatar it's 27 cents. Kuwait it's $3.32. Oman is $2.60. How is Iraq, the second biggest oil producer in the region...a tenth of a penny?
6-3-2021 Intel Guru Frank26 The CBI website was down about 12:15 EST [yesterday]. Normally I don't even talk about it/consider it. But because of so many things that are IMO coming together concerning the monetary and economic reform of the Iraqi dinar I find it very positive for our study. The CBI server you can find it in Texas here in the United States of America. There was nothing wrong with the server in Texas. So why would the CBI shut down their website? I don't think they're testing anything...I believe there are many things that are being implemented right now inside the CBI because of the movement of the exchange rate...
6-3-2021 Intel Guru MarkZ Contract rates…there was a program called “Oil for dinar” for the countries who came in and helped liberate Iraq from Saddam Hussein. These countries are allowed to purchase oil at a very discounted level...this allows the country of Iraq to pay over time but it also allows these countries who hold dinar in their treasuries to get the discount...China did not participate in the action so their way of getting the discount is to buy dinar from you and I and individuals...they can offer you and I a higher rate because the dinar they buy from us gets them much cheaper oil from Iraq. They can pay us 2 or 3 times higher then what the street rate is and it gets them dirt cheap oil...So China wants our dinar and that is where the contract rate comes in….
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